UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21698
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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: June 30, 2006
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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 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. REPORTS TO STOCKHOLDERS.
The Report to Shareholders is attached herewith.
[LOGO OMITTED]
THE GABELLI
GLOBAL GOLD,
NATURAL RESOURCES
& INCOME TRUST
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
Semi-Annual Report
June 30, 2006
TO OUR SHAREHOLDERS,
During the second quarter of 2006, the Gabelli Global Gold, Natural
Resources & Income Trust's (the "Fund") total return was 3.0% on a net asset
value ("NAV") basis, compared to gains of 0.7%, 6.8%, and 4.6% for the Chicago
Board Options Exchange ("CBOE") S&P 500 Buy/Write Index, Philadelphia Gold &
Silver Index, and the Amex Energy Select Sector Index, respectively, and a
decline of 0.1% for the Lehman Brothers Government/Corporate Bond Index. For the
six month period ended June 30, 2006, the Fund's NAV total return was 10.0%
versus advances of 4.9%, 12.7%, and 13.6% for the CBOE S&P 500 Buy/Write Index,
Philadelphia Gold & Silver Index, and the Amex Energy Select Sector Index,
respectively, and a decline of 1.2% for the Lehman Brothers Government/Corporate
Bond Index. The Fund's market price on June 30, 2006 was $22.25, which equates
to a 4.6% discount to its NAV of $23.31. The Fund's market price declined 0.6%
during the second quarter but gained 6.0% during the six month period ended June
30, 2006.
Enclosed are the financial statements and the investment portfolio as of
June 30, 2006.
COMPARATIVE RESULTS
-----------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH JUNE 30, 2006 (A)
------------------------------------------------
Since
Year to Inception
Quarter Date 1 Year (3/31/05)
------- ------ ------ ---------
GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NAV RETURN (B) .......................................... 2.97% 10.03% 29.11% 26.49%
INVESTMENT RETURN (C) ................................... (0.55) 5.95 22.71 17.16
CBOE S&P 500 Buy/Write Index (BXM) ........................ 0.68 4.88 8.45 7.39
Philadelphia Gold and Silver Index ....................... 6.83 12.71 56.14 42.24
Amex Energy Select Sector Index ........................... 4.59 13.57 29.30 26.79
Lehman Brothers Gov't/Corporate Bond Index ................ (0.14) (1.15) (1.52) 1.50
(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 AN 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
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 IS CONSIDERED
REINVESTED.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN NAV AND
REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE, AND ARE NET
OF EXPENSES. SINCE INCEPTION RETURN 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 BASED ON AN INITIAL OFFERING PRICE OF $20.00.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
We have separated the portfolio manager's 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 manager's 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/funds.
--------------------------------------------------------------------------------
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)
The following table presents portfolio holdings as a percent of total
investments as of June 30, 2006:
LONG POSITIONS
Metals and Mining ................................ 61.5%
Energy and Energy Services ....................... 35.9%
Specialty Chemicals .............................. 1.1%
Paper and Forest Products ........................ 0.9%
Diversified Industrial ........................... 0.3%
U.S. Government Obligations ...................... 0.3%
------
100.0%
======
SHORT POSITIONS
Diversified Industrial ........................... (0.3)%
Call Options Written ............................. (5.4)%
------
(5.7)%
======
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST (THE "FUND") FILES A
COMPLETE SCHEDULE OF PORTFOLIO HOLDINGS WITH THE SEC FOR THE FIRST AND THIRD
QUARTERS OF EACH YEAR FISCAL YEAR ON FORM N-Q, THE LAST OF WHICH WAS FILED FOR
THE QUARTER ENDED MARCH 31, 2006. SHAREHOLDERS MAY OBTAIN THIS INFORMATION AT
WWW.GABELLI.COM OR BY CALLING THE FUND AT 800-GABELLI (800-422-3554). THE FUND'S
FORM N-Q IS AVAILABLE ON THE SEC'S WEBSITE AT WWW.SEC.GOV AND MAY ALSO BE
REVIEWED AND COPIED AT THE COMMISSION'S PUBLIC REFERENCE ROOM IN WASHINGTON, DC.
INFORMATION ON THE OPERATION OF THE PUBLIC REFERENCE ROOM MAY BE OBTAINED BY
CALLING 1-800-SEC-0330.
PROXY VOTING
The Fund files Form N-PX with its complete proxy voting record for the 12
months ended June 30th, no later than August 31st of each year. A description of
the Fund's proxy voting policies, procedures, and how the Fund voted proxies
relating to portfolio securities is available without charge, upon request, (i)
by calling 800-GABELLI (800-422-3554); (ii) by writing to The Gabelli Funds at
One Corporate Center, Rye, NY 10580-1422; and (iii) by visiting the Securities
and Exchange Commission's website at www.sec.gov.
SHAREHOLDER MEETING - MAY 15, 2006 - FINAL RESULTS
The Annual Meeting of Shareholders was held on May 15, 2006 at the
Greenwich Library in Greenwich, Connecticut. At that meeting, shareholders
elected James P. Conn, Salvatore M. Salibello, and Anthonie C. van Ekris as
Trustees of the Fund. There were 17,141,023 votes, 17,132,015 votes, and
17,108,871 votes cast in favor of each Trustee and 133,332 votes, 142,340 votes
and 165,484 votes withheld, respectively.
Anthony J. Colavita, Mario d'Urso, Vincent D. Enright, Frank J.
Fahrenkopf, Jr., Michael J. Melarkey, and Salvatore J. Zizza continue to serve
in their capacities as Trustees.
We thank you for your participation and appreciate your continued support.
2
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS
JUNE 30, 2006 (UNAUDITED)
MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS -- 99.7%
DIVERSIFIED INDUSTRIAL -- 0.3%
18,200 Greif Inc., Cl. B ...........$ 1,172,071 $ 1,259,440
------------ ------------
ENERGY AND ENERGY SERVICES -- 35.9%
135,600 BG Group plc, ADR ........... 5,374,556 9,068,928
148,000 BJ Services Co. ............. 4,644,195 5,514,480
71,000 BP plc, ADR ................. 4,763,155 4,942,310
20,000 Chesapeake
Energy Corp. ............... 574,300 605,000
99,600 Chevron Corp. ............... 5,796,878 6,181,176
97,000 ConocoPhillips (d) .......... 5,957,973 6,356,410
107,000 Devon Energy Corp. (d) ...... 6,165,803 6,463,870
30,000 Diamond Offshore
Drilling Inc. .............. 1,593,939 2,517,900
104,300 Exxon Mobil Corp. (d) ....... 6,074,100 6,398,805
196,800 GlobalSantaFe Corp. ......... 11,412,230 11,365,200
123,500 Halliburton Co. (d) ......... 7,418,610 9,164,935
50,000 James River Coal Co.+ ....... 1,753,537 1,324,500
31,600 Kerr-McGee Corp. ............ 1,630,908 2,191,460
68,500 Marathon Oil Corp. .......... 4,093,837 5,706,050
114,000 Murphy Oil Corp. (d) ........ 5,668,660 6,368,040
20,000 Nabors Industries Ltd.+ ..... 781,017 675,800
130,000 Noble Corp. (d) ............. 8,219,034 9,674,600
40,000 Oceaneering
International Inc.+ ........ 1,510,300 1,834,000
90,000 Rowan Companies Inc. ........ 2,779,713 3,203,100
15,000 Sasol Ltd., ADR ............. 558,334 579,600
84,400 Suncor Energy Inc. .......... 4,713,847 6,837,244
60,000 Tesoro Corp. ................ 3,427,597 4,461,600
113,800 Total SA, ADR ............... 7,142,330 7,456,176
75,000 Transocean Inc.+ ............ 3,836,298 6,024,000
163,500 Valero Energy Corp. (d) ..... 7,510,265 10,876,020
131,000 Weatherford
International Ltd.+ ........ 3,956,567 6,500,220
153,000 Williams Companies Inc. ..... 3,633,561 3,574,080
74,500 XTO Energy Inc. (d) ......... 2,412,829 3,298,115
------------ ------------
123,404,373 149,163,619
------------ ------------
METALS AND MINING -- 61.5%
471,900 Agnico-Eagle
Mines Ltd. (d) ............. 8,582,787 15,610,452
10,000 Alcoa Inc. .................. 323,780 323,600
150,000 Anglo American plc .......... 5,238,089 6,152,338
180,000 AngloGold Ashanti
Ltd., ADR .................. 8,014,582 8,661,600
90,000 Arch Coal Inc. .............. 3,712,093 3,813,300
421,800 Barrick Gold Corp.,
New York (d) ............... 11,663,206 12,485,280
100,000 BHP Billiton Ltd., ADR ...... 3,510,261 4,307,000
190,000 Birch Mountain
Resources Ltd.+ ............ 1,308,656 946,200
MARKET
SHARES COST VALUE
------ ---- -------
35,000 Cameco Corp. ................$ 1,252,914 $ 1,398,950
119,990 Compania de Minas
Buenaventura SA, ADR ....... 3,073,766 3,273,327
400,000 Eldorado Gold Corp.+ ........ 1,951,349 1,942,130
236,000 Freeport-McMoRan Copper
& Gold Inc., Cl. B (d) ..... 11,014,993 13,076,760
417,600 Glamis Gold Ltd.+ ........... 8,731,545 15,810,336
140,000 Gold Fields Ltd. ............ 2,877,140 3,163,180
740,700 Gold Fields Ltd.,
ADR (d) .................... 12,938,375 16,962,030
297,500 Goldcorp Inc. (d) ........... 6,692,212 8,990,450
185,800 Golden Star
Resources Ltd.+ ............ 550,486 549,968
748,200 Harmony Gold Mining
Co. Ltd., ADR+ ............. 10,638,477 12,188,178
25,341 Highland Gold
Mining Ltd.+ ............... 119,796 107,663
342,500 IAMGOLD Corp., Toronto ...... 3,067,632 3,043,626
28,500 Impala Platinum
Holdings Ltd. .............. 3,827,794 5,246,146
61,600 Inco Ltd. ................... 2,708,204 4,059,440
762,800 Ivanhoe Mines Ltd.,
New York+ .................. 5,517,323 5,202,296
98,000 Ivanhoe Mines Ltd.,
Toronto+ ................... 677,587 663,693
345,814 Kingsgate
Consolidated Ltd. .......... 1,325,683 1,320,852
1,089,700 Kinross Gold Corp.+ (d) ..... 6,630,986 11,866,833
4,015,000 Lihir Gold Ltd.+ ............ 4,378,486 8,592,637
451,000 Meridian Gold Inc.+ ......... 10,553,713 14,287,680
550,000 Newcrest Mining Ltd. ........ 7,179,163 8,615,525
349,400 Newmont Mining Corp. (d) .... 13,485,019 18,493,742
60,000 Peabody Energy Corp. ........ 2,191,120 3,345,000
80,000 Phelps Dodge Corp. .......... 6,330,902 6,572,800
668,200 Randgold Resources
Ltd., ADR+ ................. 10,697,175 14,032,200
45,768 Rio Tinto plc, ADR .......... 9,051,842 9,598,007
49,400 Teck Cominco Ltd.,
Cl. B ...................... 3,155,485 2,964,089
197,704 Xstrata plc ................. 7,308,755 7,494,743
------------ ------------
200,281,376 255,162,051
------------ ------------
PAPER AND FOREST PRODUCTS -- 0.9%
100,000 Plum Creek Timber
Co. Inc. ................... 3,521,762 3,550,000
------------ ------------
SPECIALTY CHEMICALS -- 1.1%
26,000 Dow Chemical Co. ............ 1,186,112 1,014,780
90,000 E.I. du Pont de
Nemours & Co. .............. 4,267,592 3,744,000
------------ ------------
5,453,704 4,758,780
------------ ------------
TOTAL COMMON STOCKS ......... 333,833,286 413,893,890
------------ ------------
See accompanying notes to financial statements.
3
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2006 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT COST VALUE
------ ---- -------
U.S. GOVERNMENT OBLIGATIONS -- 0.3%
$1,228,000 U.S. Treasury Bills,
4.854% to 4.923%++,
08/10/06 to 09/07/06 .......$ 1,217,717 $ 1,217,818
------------ ------------
TOTAL INVESTMENTS -- 100.0% ..............$335,051,003 415,111,708
============
SECURITIES SOLD SHORT
(Proceeds received $1,265,596) ....................... (1,364,272)
CALL OPTIONS WRITTEN
(Premiums received $20,103,961) ...................... (22,309,125)
OTHER ASSETS AND LIABILITIES (NET) ..................... 24,767,971
------------
NET ASSETS -- COMMON STOCK
(17,851,705 common shares outstanding) ...............$416,206,282
============
NET ASSET VALUE PER COMMON SHARE
($416,206,282 / 17,851,705 shares outstanding) ....... $23.31
======
SHARES
--------
COMMON STOCKS SOLD SHORT -- (0.3)%
DIVERSIFIED INDUSTRIAL -- (0.3)%
(18,200) Greif Inc., Cl. A .........................$ (1,364,272)
------------
TOTAL COMMON STOCKS SOLD SHORT
(Total Proceeds $1,265,596) .............$ (1,364,272)
============
OPTION CONTRACTS WRITTEN -- (5.4)%
NUMBER OF EXPIRATION DATE/
CONTRACTS EXERCISE PRICE
--------- ----------------
CALL OPTIONS WRITTEN -- (5.4)%
536 Agnico-Eagle Mines Ltd. .....Aug. 06/30 $ 246,560
1,635 Agnico-Eagle Mines Ltd. .....Aug. 06/35 310,650
1,300 Agnico-Eagle Mines Ltd. .....Nov. 06/30 780,000
248 Agnico-Eagle Mines Ltd. .....Nov. 06/35 91,760
1,000 Agnico-Eagle Mines Ltd. .....Nov. 06/40 220,000
50 Alcoa Inc. ..................Jul. 06/35 1,250
50 Alcoa Inc. ..................Jul. 06/37.50 375
150 Anglo American plc(b) .......Sep. 06/2179 515,237
650 AngloGold Ashanti Ltd., ADR .Jul. 06/45 253,500
750 AngloGold Ashanti Ltd., ADR .Jul. 06/50 82,500
150 AngloGold Ashanti Ltd., ADR .Aug. 06/50 32,250
250 AngloGold Ashanti Ltd., ADR .Oct. 06/55 52,500
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
--------- -------------- -----
400 Arch Coal Inc. ..............Jul. 06/40 $ 152,000
500 Arch Coal Inc. ..............Jul. 06/50 15,000
1,598 Barrick Gold Corp. ..........Jul. 06/27.50 359,550
1,220 Barrick Gold Corp. ..........Jul. 06/30 79,300
1,400 Barrick Gold Corp. ..........Jul. 06/35 7,000
750 BHP Billiton Ltd., ADR ......Aug. 06/45 112,500
250 BHP Billiton Ltd., ADR ......Aug. 06/50 12,500
480 BJ Services Co. .............Jul. 06/32.5 237,600
700 BJ Services Co. .............Jul. 06/40 28,000
300 BJ Services Co. .............Jul. 06/45 1,500
155 BP plc, ADR .................Jul. 06/65 79,050
100 BP plc, ADR .................Jul. 06/70 13,500
400 BP plc, ADR .................Jul. 06/80 2,000
55 BP plc, ADR .................Oct. 06/75 7,837
200 Chesapeake Energy Corp. .....Oct. 06/32.50 36,000
500 Chevron Corp. ...............Jul. 06/65 15,000
248 Chevron Corp. ...............Sep. 06/65 34,720
248 Chevron Corp. ...............Dec. 06/65 64,480
800 Compania de Minas
Buenaventura SA, ADR .......Jul. 06/27 140,160
400 ConocoPhillips ..............Jul. 06/65 80,000
320 ConocoPhillips ..............Jul. 06/70 9,600
250 ConocoPhillips ..............Aug. 06/70 27,500
220 Devon Energy Corp. ..........Jul. 06/55 127,600
300 Devon Energy Corp. ..........Jul. 06/60 70,500
250 Devon Energy Corp. ..........Jul. 06/65 18,750
300 Devon Energy Corp. ..........Oct. 06/65 108,000
300 Diamond Offshore
Drilling Inc. ..............Sep. 06/85 183,000
100 Dow Chemical Co. ............Jul. 06/40 3,500
160 Dow Chemical Co. ............Sep. 06/45 2,400
200 E.I. Du Pont de
Nemours & Co. ..............Jul. 06/42.50 10,000
700 E.I. Du Pont de
Nemours & Co. ..............Aug. 06/45 15,750
4,000 Eldorado Gold Corp.(a) ......Aug. 06/6.58 8,958
424 Exxon Mobil Corp. ...........Jul. 06/60 110,240
519 Exxon Mobil Corp. ...........Jul. 06/65 12,975
100 Exxon Mobil Corp. ...........Jul. 06/67.50 500
100 Freeport-McMoRan Copper &
Gold Inc., Cl. B ...........Jul. 06/40 155,500
900 Freeport-McMoRan Copper &
Gold Inc., Cl. B ...........Jul. 06/60 72,000
250 Freeport-McMoRan Copper &
Gold Inc., Cl. B ...........Aug. 06/55 105,000
255 Freeport-McMoRan Copper &
Gold Inc., Cl. B ...........Aug. 06/65 25,500
855 Freeport-McMoRan Copper &
Gold Inc., Cl. B ...........Nov. 06/60 376,200
500 Glamis Gold Ltd. ............Jul. 06/32.50 292,700
See accompanying notes to financial statements.
4
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2006 (UNAUDITED)
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
--------- -------------- -----
OPTION CONTRACTS WRITTEN (CONTINUED)
CALL OPTIONS WRITTEN (CONTINUED)
1,250 Glamis Gold Ltd. ............Aug. 06/30 $ 1,075,000
650 Glamis Gold Ltd. ............Aug. 06/35 312,000
1,000 Glamis Gold Ltd. ............Aug. 06/40 210,000
776 Glamis Gold Ltd. ............Nov. 06/45 207,580
926 GlobalSantaFe Corp. .........Jul. 06/60 92,600
1,000 GlobalSantaFe Corp. .........Jul. 06/65 15,000
42 GlobalSantaFe Corp. .........Oct. 06/75 2,730
1,757 Gold Fields Ltd., ADR .......Jul. 06/20 544,670
1,500 Gold Fields Ltd., ADR .......Jul. 06/22.50 187,500
1,850 Gold Fields Ltd., ADR .......Jul. 06/25 64,750
1,200 Gold Fields Ltd., ADR .......Oct. 06/20 492,000
1,500 Gold Fields Ltd., ADR .......Oct. 06/25 270,000
1,000 Gold Fields Ltd., ADR .......Oct. 06/30 70,000
490 Goldcorp Inc. ...............Jul. 06/27.50 147,000
1,000 Goldcorp Inc. ...............Jul. 06/30 135,000
250 Goldcorp Inc. ...............Jul. 06/35 3,750
1,235 Goldcorp Inc. ...............Aug. 06/32.50 164,255
1,858 Golden Star
Resources Ltd. .............Jan. 07/5 55,740
233 Halliburton Co. .............Jul. 06/80 11,650
502 Halliburton Co. .............Jul. 06/85 5,020
500 Halliburton Co. .............Oct. 06/85 127,500
1,807 Harmony Gold Mining
Co. Ltd., ADR ..............Jul. 06/15 298,155
1,650 Harmony Gold Mining
Co. Ltd., ADR ..............Aug. 06/15 313,500
2,725 Harmony Gold Mining
Co. Ltd., ADR ..............Aug. 06/17.50 190,750
1,300 Harmony Gold Mining
Co. Ltd., ADR ..............Aug. 06/20 32,500
1,000 IAMGOLD Corp.(a) ............Aug. 06/10 29,114
2,425 IAMGOLD Corp.(a) ............Aug. 06/11 152,065
191 Inco Ltd. ...................Jul. 06/50 303,690
250 Inco Ltd. ...................Jul. 06/55 273,750
175 Inco Ltd. ...................Jul. 06/60 103,250
800 Ivanhoe Mines Ltd. ..........Jul. 06/7.50 10,000
6,000 Ivanhoe Mines Ltd. ..........Sep. 06/7.50 300,000
820 Ivanhoe Mines Ltd. ..........Sep. 06/8.50 23,534
988 Ivanhoe Mines Ltd. ..........Dec. 06/7.50 83,980
18 Kerr-McGee Corp. ............Jul. 06/50 35,280
116 Kerr-McGee Corp. ............Jul. 06/52.50 197,780
245 Kingsgate
Consolidated Ltd.(c) .......Sep. 06/
6.83319 1,882
4,000 Kinross Gold Corp. ..........Jul. 06/10 340,000
4,626 Kinross Gold Corp. ..........Aug. 06/10 485,730
2,000 Kinross Gold Corp. ..........Nov. 06/12.50 180,000
1,900 Lihir Gold Ltd.(c) ..........Aug. 06/2.30 705,947
115 Lihir Gold Ltd.(c) ..........Sep. 06/2.332 45,292
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
--------- -------------- -----
2,000 Lihir Gold Ltd.(c) ..........Sep. 06/2.50 $ 624,206
20 Marathon Oil Corp. ..........Jul. 06/80 9,800
300 Marathon Oil Corp. ..........Jul. 06/85 54,000
135 Marathon Oil Corp. ..........Aug. 06/85 51,300
100 Marathon Oil Corp. ..........Oct. 06/85 57,500
150 Marathon Oil Corp. ..........Oct. 06/90 54,000
2,316 Meridian Gold Inc. ..........Jul. 06/30 567,420
780 Meridian Gold Inc. ..........Oct. 06/30 370,500
1,414 Meridian Gold Inc. ..........Oct. 06/35 360,570
990 Murphy Oil Corp. ............Jul. 06/55 247,500
150 Murphy Oil Corp. ............Aug. 06/55 46,500
200 Nabors Industries Ltd. ......Jul. 06/35 10,000
350 Newcrest Mining Ltd. (c) ....Sep. 06/23.747 130,043
1,494 Newmont Mining Corp. ........Jul. 06/55 119,520
1,750 Newmont Mining Corp. ........Sep. 06/55 437,500
250 Newmont Mining Corp. ........Sep. 06/60 25,000
300 Noble Corp. .................Jul. 06/70 165,000
500 Noble Corp. .................Sep. 06/75 290,000
300 Noble Corp. .................Sep. 06/80 108,000
200 Noble Corp. .................Sep. 06/85 36,000
200 Oceaneering
International Inc. .........Jul. 06/40 102,000
200 Oceaneering
International Inc. .........Oct. 06/42.50 116,000
100 Peabody Energy Corp. ........Sep. 06/45 126,500
300 Peabody Energy Corp. ........Sep. 06/55 177,000
200 Peabody Energy Corp. ........Sep. 06/60 70,000
440 Phelps Dodge Corp. ..........Jul. 06/95 15,400
100 Phelps Dodge Corp. ..........Jul. 06/100 1,500
160 Phelps Dodge Corp. ..........Oct. 06/120 4,400
1,000 Plum Creek Timber Co. Inc. ..Aug. 06/40 10,000
2,267 Randgold Resources
Ltd., ADR ..................Jul. 06/20 374,055
1,915 Randgold Resources Ltd.,
ADR ........................Sep. 06/20 440,450
1,000 Randgold Resources Ltd.,
ADR ........................Sep. 06/22.50 145,000
1,500 Randgold Resources Ltd.,
ADR ........................Sep. 06/25 120,000
50 Rio Tinto plc, ADR ..........Jul. 06/210 40,000
400 Rowan Companies Inc. ........Jul. 06/40 8,000
300 Rowan Companies Inc. ........Jul. 06/45 3,000
200 Rowan Companies Inc. ........Oct. 06/45 15,000
150 Suncor Energy Inc. ..........Jul. 06/80 52,500
194 Suncor Energy Inc. ..........Jul. 06/85 25,220
500 Suncor Energy Inc. ..........Sep. 06/80 350,000
294 Teck Cominco Ltd.,
Cl. B(a) ...................Jul. 06/68 55,308
See accompanying notes to financial statements.
5
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2006 (UNAUDITED)
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
--------- -------------- -----
OPTION CONTRACTS WRITTEN (CONTINUED)
CALL OPTIONS WRITTEN (CONTINUED)
100 Teck Cominco Ltd.,
Cl. B(a) ...................Aug. 06/68 $ 33,369
100 Teck Cominco Ltd.,
Cl. B(a) ...................Aug. 06/70 26,203
300 Tesoro Corp. ................Jul. 06/70 162,000
300 Tesoro Corp. ................Aug. 06/75 135,000
389 Total SA, ADR ...............Jul. 06/65 75,855
429 Total SA, ADR ...............Aug. 06/65 120,120
200 Total SA, ADR ...............Aug. 06/70 20,000
120 Total SA, ADR ...............Aug. 06/140 30,300
350 Transocean Inc. .............Jul. 06/80 96,250
400 Transocean Inc. .............Jul. 06/85 34,000
300 Valero Energy Corp. .........Jul. 06/65 90,000
450 Valero Energy Corp. .........Sep. 06/62.50 324,000
585 Valero Energy Corp. .........Sep. 06/65 339,300
300 Valero Energy Corp. .........Sep. 06/70 93,000
454 Weatherford
International Ltd. .........Jul. 06/50 77,180
356 Weatherford
International Ltd. .........Aug. 06/50 101,460
300 Weatherford
International Ltd. .........Aug. 06/55 36,000
200 Weatherford
International Ltd. .........Aug. 06/60 8,000
230 Williams Companies Inc. .....Jul. 06/22.50 29,900
700 Williams Companies Inc. .....Aug. 06/22.50 126,000
600 Williams Companies Inc. .....Aug. 06/25 42,000
500 XTO Energy Inc. .............Aug. 06/45 100,000
245 XTO Energy Inc. .............Nov. 06/45 93,100
------------
TOTAL CALL OPTIONS WRITTEN
(Premiums received $20,103,961) ...........$ 22,309,125
============
------------------
(a) Exercise price denoted in Canadian dollars.
(b) Exercise price denoted in British pounds.
(c) Exercise price denoted in Australian dollars.
(d) Securities, or a portion thereof, with a value of $103,919,119 pledged as
collateral for options written.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
% OF
MARKET MARKET
VALUE VALUE
------ -------
GEOGRAPHIC DIVERSIFICATION
LONG POSITIONS
North America ........................ 60.0% $249,109,449
Europe ............................... 14.2 58,852,365
South Africa ......................... 11.3 46,800,734
Latin America ........................ 9.0 37,513,147
Asia/Pacific ......................... 5.5 22,836,013
----- ------------
100.0% $415,111,708
===== ============
SHORT POSITIONS
North America ........................ (3.8)% $(15,960,668)
South Africa ......................... (0.7) (2,884,575)
Europe ............................... (0.5) (1,983,405)
Asia/Pacific ......................... (0.4) (1,632,369)
Latin America ........................ (0.3) (1,212,380)
----- ------------
(5.7)% $(23,673,397)
===== ============
See accompanying notes to financial statements.
6
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2006 (UNAUDITED)
ASSETS:
Investments, at value (cost $335,051,003) ................. $ 415,111,708
Cash ...................................................... 27,805,532
Receivable for investments sold ........................... 3,050,566
Dividends receivable ...................................... 136,912
Other assets .............................................. 7,331
-------------
TOTAL ASSETS .............................................. 446,112,049
-------------
LIABILITIES:
Call options written (premiums received $20,103,961) ...... 22,309,125
Securities sold short (proceeds received $1,265,596) ...... 1,364,272
Foreign currency, at value (cost $3,109,133) .............. 3,183,015
Payable for investments purchased ......................... 2,556,233
Payable for investment advisory fees ...................... 346,444
Payable for payroll expenses .............................. 25,147
Other accrued expenses and liabilities .................... 121,531
-------------
TOTAL LIABILITIES ......................................... 29,905,767
-------------
NET ASSETS applicable to 17,851,705
shares outstanding ....................................... $ 416,206,282
=============
NET ASSETS CONSIST OF:
Shares of beneficial interest, at
$.001 par value ......................................... $ 17,852
Additional paid-in capital ................................ 340,770,629
Accumulated distributions in excess of net
realized gain on investments,
securities sold short, options, and
foreign currency transactions ........................... (2,265,331)
Net unrealized appreciation on investments ................ 80,060,705
Net unrealized depreciation on options .................... (2,205,164)
Net unrealized depreciation on securities
sold short .............................................. (98,676)
Net unrealized depreciation on foreign
currency translations ................................... (73,733)
-------------
NET ASSETS ................................................ $ 416,206,282
=============
NET ASSET VALUE:
($416,206,282 / 17,851,705 shares outstanding;
unlimited number of shares authorized) .................... $23.31
======
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2006 (UNAUDITED)
INVESTMENT INCOME:
Dividends (net of foreign taxes of $56,526) .............. $ 2,215,995
Interest ................................................. 956,342
------------
TOTAL INVESTMENT INCOME .................................. 3,172,337
------------
EXPENSES:
Investment advisory fees ................................. 2,033,476
Payroll expenses ......................................... 79,008
Shareholder communications expenses ...................... 59,324
Trustees' fees ........................................... 33,381
Legal and audit fees ..................................... 30,373
Interest expense ......................................... 19,578
Custodian fees ........................................... 15,628
Shareholder services fees ................................ 10,151
Miscellaneous expenses ................................... 46,273
------------
TOTAL EXPENSES ........................................... 2,327,192
Less: Custodian fee credits .............................. (3,731)
------------
NET EXPENSES ............................................. 2,323,461
------------
NET INVESTMENT INCOME .................................... 848,876
------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS, SECURITIES SOLD SHORT,
OPTIONS, AND FOREIGN CURRENCY:
Net realized gain on investments ........................ 34,811,683
Net realized loss on securities
sold short ............................................. (1,847,586)
Net realized loss on options ............................. (16,452,982)
Net realized loss on foreign
currency transactions .................................. (30,322)
------------
Net realized gain on investments and
loss on securities sold short, options,
and foreign currency transactions ...................... 16,480,793
Net change in unrealized appreciation/
depreciation on investments, options,
securities sold short, and foreign
currency translations ................................. 21,258,104
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, SECURITIES SOLD SHORT,
OPTIONS, AND FOREIGN CURRENCY .......................... 37,738,897
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ........................................ $ 38,587,773
============
See accompanying notes to financial statements.
7
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
JUNE 30, 2006 PERIOD ENDED
(UNAUDITED) DECEMBER 31, 2005(A)
------------- --------------------
OPERATIONS:
Net investment income ............................................ $ 848,876 $ 1,253,495
Net realized gain on investments, securities sold short,
options, and foreign currency transactions ..................... 16,480,793 14,653,127
Net change in unrealized appreciation/depreciation on investments,
securities sold short, options, and foreign
currency translations .......................................... 21,258,104 56,425,028
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............. 38,587,773 72,331,650
------------- -------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ............................................ (863,349)* (1,321,765)
Net realized short-term gain on investments, securities
sold short, options, and foreign currency transactions ......... (14,112,230)* (19,204,278)
------------- -------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS ....................... (14,975,579) (20,526,043)
------------- -------------
FUND SHARE TRANSACTIONS:
Net increase in net assets from common shares issued upon
reinvestment of dividends and distributions and
common shares issued in offering ............................... 2,385,104 339,007,369
Offering costs for common shares charged to paid-in-capital ...... -- (704,000)
------------- -------------
NET INCREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS .......... 2,385,104 338,303,369
------------- -------------
NET INCREASE IN NET ASSETS ....................................... 25,997,298 390,108,976
NET ASSETS:
Beginning of period .............................................. 390,208,984 100,008
------------- -------------
End of period (including undistributed net
investment income of $0 and $14,473, respectively) ............. $ 416,206,282 $ 390,208,984
============= =============
----------------
(a) The Gabelli Global Gold, Natural Resources & Income Trust commenced
investment operations on March 31, 2005.
* Based on fiscal year to date book income. Amounts are subject to change and
recharacterization at fiscal year end.
See accompanying notes to financial statements.
8
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION. The Gabelli Global Gold, Natural Resources & Income Trust (the
"Fund") is a non-diversified closed-end management investment company organized
as a Delaware statutory trust on January 4, 2005 and registered under the
Investment Company Act of 1940, as amended (the "1940 Act"). The Fund sold 5,236
shares to Gabelli Funds, LLC (the "Adviser") for $100,008 on March 10, 2005.
Investment operations commenced on March 31, 2005 upon the settlement of the
sale of 16,600,000 shares of beneficial interest in the amount of $316,396,000
(net of underwriting fees and expenses of $15,604,000). In addition, on May 12,
2005, the Fund issued 1,000,000 shares of beneficial interest in the amount of
$19,060,000 (net of underwriting fees and expenses of $940,000) in conjunction
with the exercise of the underwriters' overallotment option. The Adviser agreed
to pay all the Fund's organizational costs and the amount by which the Fund's
offering costs (other than the underwriting fees) exceed $0.04 per common share.
The Fund's primary investment objective is to provide a high level of
current income. The Fund's secondary investment objective is to seek capital
appreciation consistent with the Fund's strategy and its primary objective.
Under normal market conditions, the Fund will attempt to achieve its objectives
by investing 80% of its assets in equity securities of companies principally
engaged in the gold and natural resources industries. As part of its investment
strategy, the Fund intends to earn income through an option strategy of writing
(selling) covered call options on equity securities in its portfolio. The Fund
anticipates that it will invest at least 25% of its assets in the equity
securities of companies principally engaged in the exploration, mining,
fabrication, processing, distribution, or trading of gold, or the financing,
managing and controlling, or operating of companies engaged in "gold-related"
activities ("Gold Companies"). In addition, the Fund anticipates that it will
invest at least 25% of its assets in the equity securities of companies
principally engaged in the exploration, production, or distribution of natural
resources, such as gas and oil, paper, food and agriculture, forestry products,
metals, and minerals as well as related transportation companies and equipment
manufacturers ("Natural Resources Companies"). The Fund may invest in the
securities of companies located anywhere in the world.
2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with United States ("U.S.") generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. 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 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
9
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
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. 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 to the
valuation and changes in valuation of similar securities, including a comparison
of foreign securities to 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.
REPURCHASE AGREEMENTS. The Fund may enter into repurchase agreements with
primary government securities dealers recognized by the Federal Reserve Board,
with member banks of the Federal Reserve System, or with other brokers or
dealers that meet credit guidelines established by the Adviser and reviewed by
the Board. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
The Fund will always receive and maintain securities as collateral whose market
value, including accrued interest, will be at least equal to 102% of the dollar
amount invested by the Fund in each agreement. The Fund will make payment for
such securities only upon physical delivery or upon evidence of book entry
transfer of the collateral to the account of the custodian. To the extent that
any repurchase transaction exceeds one business day, the value of the collateral
is marked-to-market on a daily basis to maintain the adequacy of the collateral.
If the seller defaults and the value of the collateral declines or if bankruptcy
proceedings are commenced with respect to the seller of the security,
realization of the collateral by the Fund may be delayed or limited. At June 30,
2006, there were no open repurchase agreements.
OPTIONS. The Fund may purchase or write call or put options on securities
or indices. 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.
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 expiration date, but only to the extent of the
premium paid.
In the case of call options, these exercise prices are referred to as
"in-the-money", "at-the-money", and "out-of-the-money", respectively. The Fund
may write (a) in-the-money call options when the Adviser expects that the price
of the underlying security will remain stable or decline moderately during the
option period, (b) covered at-the-money call options when the Adviser expects
that the price of the underlying security will remain stable 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.
10
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
SECURITIES SOLD SHORT. The Fund may enter into short sale transactions.
Short selling involves selling securities that may or may not be owned and, at
times, borrowing the same securities for delivery to the purchaser, with an
obligation to replace such borrowed securities at a later date. The proceeds
received from short sales are recorded as liabilities and the Fund records an
unrealized gain or loss to the extent of the difference between the proceeds
received and the value of an open short position on the day of determination.
The Fund records a realized gain or loss when the short position is closed out.
By entering into a short sale, the Fund bears the market risk of an unfavorable
change in the price of the security sold short. Dividends on short sales are
recorded as an expense by the Fund on the ex-dividend date and interest expense
is recorded on the accrual basis. Securities sold short at June 30, 2006 are
reported within the Schedule of Investments.
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 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 ability 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
those of 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.
CONCENTRATION RISKS. The Fund may invest a high percentage of its assets in
specific sectors of the market in order to achieve a potentially greater
investment return. As a result, the Fund may be more susceptible to economic,
political, and regulatory developments in a particular sector of the market,
positive or negative, and may experience increased volatility to the Fund's net
asset value and a magnified effect in its total return.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted for on the trade date with realized gain or loss on investments
determined by using the identified cost method. Interest income (including
amortization of premium and accretion of discount) is recorded on the accrual
basis. Premiums and discounts on debt securities are amortized using the
effective yield to maturity method. Dividend income is recorded on the
ex-dividend date except for certain dividends which are recorded as soon as the
Fund is informed of the dividend.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders are recorded
on the ex-dividend date. Distributions to shareholders are based on income and
capital gains as determined in accordance with Federal income tax regulations,
which may differ from income and capital gains as determined under U.S.
generally accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities and
foreign
11
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
currency transactions held by the Fund, timing differences, and differing
characterizations of distributions made by the Fund. Distributions from net
investment income include net realized gains on foreign currency transactions.
These book/tax differences are either temporary or permanent in nature. To the
extent these differences are permanent, adjustments are made to the appropriate
capital accounts in the period when the differences arise. These
reclassifications have no impact on the NAV of the Fund. For the fiscal year
ended December 31, 2005 reclassifications were made to increase accumulated net
investment income by $82,743 and to increase distributions in excess of net
realized gains on investments by $82,743.
The tax character of distributions paid during the fiscal year ended
December 31, 2005 was $20,526,043 of ordinary income (inclusive of short-term
capital gains).
PROVISION FOR INCOME TAXES. The Fund intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended (the "Code"). It is the policy of the Fund to comply with the
requirements of the Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.
As of December 31, 2005, the components of accumulated earnings/(losses) on
a tax basis were as follows:
Net unrealized appreciation on investments,
foreign payables and receivables .......... $ 63,215,442
Net unrealized depreciation on options ...... (12,758,273)
Net unrealized depreciation on
foreign currency .......................... (40,450)
Undistributed ordinary income
(inclusive of short-term capital gain) .... 1,287,437
Undistributed long-term gain ................ 101,451
------------
Total ....................................... $ 51,805,607
============
The following summarizes the tax cost of investments and related unrealized
appreciation/depreciation at June 30, 2006:
GROSS GROSS NET UNREALIZED
COST/ UNREALIZED UNREALIZED APPRECIATION/
PREMIUMS APPRECIATION DEPRECIATION (DEPRECIATION)
-------- ------------ ------------ ------------
Investments ........$339,311,024 $82,330,055 $ (6,529,371) $75,800,684
Options written .... (20,103,961) 5,917,496 (8,122,660) (2,205,164)
Short sales ........ (1,265,596) -- (98,676) (98,676)
----------- ------------ -----------
$88,247,551 $(14,750,707) $73,496,844
=========== ============ ===========
3. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES. The Fund has entered into an
investment advisory agreement (the "Advisory Agreement") with the Adviser which
provides that the Fund will pay the Adviser on the first business day of each
month a fee for the previous month equal on an annual basis to 1.00% of the
value of the Fund's average weekly net assets. In accordance with the Advisory
Agreement, the Adviser provides a continuous investment program for the Fund's
portfolio and oversees the administration of all aspects of the Fund's business
and affairs.
The cost of calculating the Fund's net asset value ("NAV") per share is a
Fund expense pursuant to the Investment Advisory Agreement between the Fund and
the Adviser. During the six months ended June 30, 2006, the Fund paid or accrued
$22,500 to the Adviser in connection with the cost of computing the Fund's NAV,
which is included in miscellaneous expenses in the Statement of Operations.
The Fund is assuming its portion of the allocated cost of the Gabelli
Funds' Chief Compliance Officer in the amount of $4,052 for the six months ended
June 30, 2006, which is included in payroll expenses in the Statement of
Operations.
12
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
4. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the six months ended June 30, 2006, other than short-term securities, aggregated
$244,405,865 and $237,253,046, respectively.
Options activity for the Fund for the six months ended June 30, 2006 was as
follows:
NUMBER OF
CONTRACTS PREMIUMS
--------- --------
Options outstanding at December 31, 2005 ... 114,275 $ 14,725,899
Stock splits on options .................... 1,830 --
Options written ............................ 314,289 40,476,381
Options closed ............................. (125,855) (21,990,659)
Options expired ............................ (108,016) (7,077,482)
Options exercised .......................... (80,346) (5,859,046)
Options purchased .......................... (3,402) (590,250)
Options sold ............................... 2,448 419,118
-------- ------------
Options outstanding at June 30, 2006 ....... 115,223 $ 20,103,961
======== ============
5. CAPITAL. The Fund is authorized to issue an unlimited number of common shares
of beneficial interest (par value $0.001). The Board has authorized the
repurchase of its shares in the open market when the shares are trading at a
discount of 7.50% or more (or such other percentage as the Board may determine
from time to time) from the NAV of the shares. During the six months ended June
30, 2006, the Fund did not repurchase any shares of beneficial interest in the
open market.
Transactions in shares of beneficial interest were as follows:
SIX MONTHS ENDED
JUNE 30, 2006 PERIOD ENDED
(UNAUDITED) DECEMBER 31, 2005 (A)
----------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
------- ---------- ---------- -----------
Initial seed capital, March 10, 2005 ... -- -- 5,236 $ 100,008
Shares issued in offering .............. -- -- 17,600,000 335,456,000
Shares issued upon reinvestment of
dividends and distributions .......... 105,724 $2,385,104 140,745 2,847,369
------- ---------- ---------- ------------
Net increase ........................... 105,724 $2,385,104 17,745,981 $338,403,377
======= ========== ========== ============
-----------------
(a) The Gabelli Global Gold, Natural Resources & Income Trust commenced
investment operations on March 31, 2005.
6. INDEMNIFICATIONS. The Fund enters into contracts that contain a variety of
indemnifications. The Fund's maximum exposure under these arrangements is
unknown. However, the Fund has not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.
7. OTHER MATTERS. The Adviser and/or affiliates have received subpoenas from the
Attorney General of the State of New York and the SEC requesting information on
mutual fund trading practices involving certain funds managed by the Adviser.
GAMCO Investors, Inc. ("GAMCO"), the Adviser's parent company, is responding to
these requests for documents and testimony. In June 2006, GAMCO began
discussions with the SEC regarding a possible resolution of their inquiry. Since
these discussions are ongoing, it cannot be determined at this time whether they
will ultimately result in a settlement of this matter. On a separate matter, in
September 2005, the Adviser was informed by the staff of the SEC that the staff
may recommend to the Commission that an administrative remedy and a monetary
penalty be sought from the Adviser in connection with the actions of two of
seven closed-end funds managed by the Adviser relating to Section 19(a) and Rule
19a-1 of the 1940 Act. These provisions require registered investment companies
to provide written statements to shareholders when a dividend is made from a
source other than net investment income. While the two closed-end funds sent
annual statements and provided other materials containing this information, the
funds did not send written statements to shareholders with each distribution in
2002 and 2003. The Adviser believes that all of the funds are now in compliance.
The Adviser believes that these matters would have no effect on the Fund or any
material adverse effect on the Adviser or its ability to manage the Fund. The
staff's notice to the Adviser did not relate to the Fund.
13
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT
EACH PERIOD:
SIX MONTHS ENDED
JUNE 30, 2006 PERIOD ENDED
(UNAUDITED) DECEMBER 31, 2005(E)
------------- --------------------
OPERATING PERFORMANCE:
Net asset value, beginning of period ...................... $ 21.99 $ 19.06(f)
Net investment income ..................................... 0.05 0.08
Net realized and unrealized gain on investments ........... 2.11 4.01
-------- --------
Total from investment operations .......................... 2.16 4.09
-------- --------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ..................................... (0.05)* (0.07)
Net realized short-term gains on investments,
securities sold short, options, and foreign
currency transactions ................................... (0.79)* (1.09)
-------- --------
Total distributions to common shareholders ................ (0.84) (1.16)
-------- --------
FUND SHARE TRANSACTIONS:
Decrease in net asset value from
common share transactions ............................... (0.00)(b) (0.00)(b)
-------- --------
Total fund share transactions ............................. (0.00)(b) (0.00)(b)
-------- --------
NET ASSET VALUE, END OF PERIOD ............................ $ 23.31 $ 21.99
======== ========
Net asset value total return + ............................ 10.0% 22.0%
======== ========
Market value, end of period ............................... $ 22.25 $ 21.80
======== ========
Total investment return ++ ................................ 6.0% 15.2%
======== ========
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:
Net assets end of period (in 000's) ....................... $416,206 $390,209
Ratio of net investment income to average net assets ...... 0.42%(c) 0.47%(c)
Ratio of operating expenses to average net assets (a) ..... 1.15%(c)(d) 1.15%(c)
Portfolio turnover rate ................................... 60.3% 142.5%
------------------
+ Based on net asset value per share at commencement of operations of $19.06
per share, adjusted for reinvestment of distributions at the net asset
value per share on the ex-dividend dates. Total return for the period of
less than one year is not annualized.
++ Based on market value per share at initial public offering of $20.00 per
share, adjusted for reinvestments of distributions. Total return for the
period of less than one year is not annualized.
* Based on fiscal year to date book income. Amounts are subject to change and
recharacterization at fiscal year end.
(a) The Fund incurred interest expense during the six months ended June 30,
2006. If interest expense had not been incurred, the ratio of operating
expenses to average net assets would have been 1.13%.
(b) Amount represents less than $0.005 per share.
(c) Annualized.
(d) The ratio does not include a reduction of expenses for custodian fee
credits on cash balances maintained with the custodian. Including such
custodian fee credits, the expense ratio for the six months ended June 30,
2006 would have been 1.14%.
(e) The Gabelli Global Gold, Natural Resources & Income Trust commenced
investment operations on March 31, 2005.
(f) The beginning of period NAV reflects a $0.04 reduction for costs associated
with the initial public offering.
See accompanying notes to financial statements.
14
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 ("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 issue 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 distribution 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 ("ASE") 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 ASE, 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.
15
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 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.
16
--------------------------------------------------------------------------------
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 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.
GAMCOInvestors, 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
GABELLI CUSTOMER?
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 web site, 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.
--------------------------------------------------------------------------------
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 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 ENERGY 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, HALLMARK ELECTRICAL SUPPLIES CORP.
OFFICERS
Bruce N. Alpert
PRESIDENT
Carter W. Austin
VICE PRESIDENT
Peter D. Goldstein
CHIEF COMPLIANCE OFFICER
Molly A.F. Marion
VICE PRESIDENT AND 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
--------
Amex -Symbol: GGN
Shares Outstanding: 17,851,705
The Net Asset Value appears in the Publicly Traded Funds column, under the
heading "Specialized Equity Funds," in Sunday's The New York Times and 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 may be obtained each day by calling (914) 921-5070.
--------------------------------------------------------------------------------
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 GABELLI GLOBAL GOLD, NATURAL
RESOURCES & INCOME TRUST
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM
SEMI-ANNUAL REPORT
JUNE 30, 2006
GGN SA 2006
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
There has been no change, as of the date of this filing, in any of the portfolio
managers identified in response to paragraph (a)(1) of this Item in the
registrant's most recently filed annual report on Form N-CSR.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
REGISTRANT PURCHASES OF EQUITY SECURITIES
=============================================================================================================================
(C) TOTAL NUMBER OF (D) MAXIMUM NUMBER (OR
SHARES (OR UNITS) APPROXIMATE DOLLAR VALUE) OF
(A) TOTAL NUMBER OF PURCHASED AS PART OF SHARES (OR UNITS) THAT MAY YET
SHARES (OR UNITS) (B) AVERAGE PRICE PAID PUBLICLY ANNOUNCED PLANS BE PURCHASED UNDER THE PLANS
PERIOD PURCHASED PER SHARE (OR UNIT) OR PROGRAMS OR PROGRAMS
=============================================================================================================================
Month #1 Common - N/A Common - N/A Common - N/A Common - 17,815,487
01/01/06
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
01/31/06
=============================================================================================================================
Month #2 Common - N/A Common - N/A Common - N/A Common - 17,851,705
02/01/06
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
02/28/06
=============================================================================================================================
Month #3 Common - N/A Common - N/A Common - N/A Common - 17,851,705
03/01/06
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
03/31/06
=============================================================================================================================
Month #4 Common - N/A Common - N/A Common - N/A Common - 17,851,705
04/01/06
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
04/30/06
=============================================================================================================================
Month #5 Common - N/A Common - N/A Common - N/A Common - 17,851,705
05/01/06
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
05/31/06
=============================================================================================================================
Month #6 Common - N/A Common - N/A Common - N/A Common - 17,851,705
06/01/06
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
06/30/06
=============================================================================================================================
Total Common - N/A Common - N/A Common - N/A N/A
Preferred - N/A Preferred - N/A Preferred - N/A
=============================================================================================================================
Footnote columns (c) and (d) of the table, by disclosing the following
information in the aggregate for all plans or programs publicly announced:
a. The date each plan or program was announced - The notice of the
potential repurchase of common and preferred shares occurs quarterly in
the Fund's quarterly report in accordance with Section 23(c) of the
Investment Company Act of 1940, as amended.
b. The dollar amount (or share or unit amount) approved - Any or all
common shares outstanding may be repurchased when the Fund's common
shares are trading at a discount of 7.5% or more from the net asset
value of the shares.
Any or all preferred shares outstanding may be repurchased when the
Fund's preferred shares are trading at a discount to the liquidation
value of $25.00.
c. The expiration date (if any) of each plan or program - The Fund's
repurchase plans are ongoing.
d. Each plan or program that has expired during the period covered by the
table - The Fund's repurchase plans are ongoing.
e. Each plan or program the registrant has determined to terminate prior
to expiration, or under which the registrant does not intend to make
further purchases. - The Fund's repurchase plans are ongoing.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's Board of Trustees, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR
240.14a-101), or this Item.
ITEM 11. 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 second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 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 September 1, 2006
----------------------------------------------------------------------------
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 September 1, 2006
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Financial Officer and Treasurer
Date September 1, 2006
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.