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
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: June 30, 2007
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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.
[GRAPHIC OMITTED]
THE GABELLI
GLOBAL GOLD,
NATURAL RESOURCES &
INCOME TRUST
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
Semi-Annual Report
June 30, 2007
TO OUR SHAREHOLDERS,
The Gabelli Global Gold, Natural Resources & Income Trust's (the "Fund")
net asset value ("NAV") total return was 15.48% during the first half of 2007,
compared with a gain of 3.76% for the Chicago Board Options Exchange ("CBOE")
S&P 500 Buy/Write Index and a decline of 3.97% for the Philadelphia Gold &
Silver Index. The Fund's NAV total return outperformed the benchmark CBOE S&P
500 Buy/Write and Philadelphia Gold & Silver Indices for this period, as well as
for each of the longer-term intervals shown in the comparative results table.
The total return for the Fund's publicly traded shares was 11.07% during the
first half of the year. On June 30, 2007, the Fund's NAV per share was $26.91,
while the price of the publicly traded shares closed at $26.43 on the American
Stock Exchange.
Enclosed are the financial statements and the investment portfolio as of
June 30, 2007.
COMPARATIVE RESULTS
--------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH JUNE 30, 2007 (A)
------------------------------------------------
Since
Year Inception
to Date 1 Year 2 Year (03/31/05)
------- ------ ------ ----------
GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NAV TOTAL RETURN (B) ............................................ 15.48% 24.15% 26.61% 25.44%
INVESTMENT TOTAL RETURN (C) ..................................... 11.07 27.75 25.21 21.74
CBOE S&P 500 Buy/Write Index ...................................... 3.76 12.12 10.27 9.28
Philadelphia Gold & Silver Index .................................. (3.97) (4.12) 22.39 19.38
Amex Energy Select Sector Index ................................... 18.54 23.79 26.56 25.48
Lehman Bros. Gov't/Corporate Bond Index ........................... 0.97 6.00 2.17 3.48
(a) 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 COMPRISING THE S&P 500 INDEX AND A SHORT POSITION IN A S&P 500 (SPX)
CALL OPTION. THE PHILADELPHIA GOLD & SILVER INDEX IS AN UNMANAGED INDICATOR
OF STOCK MARKET PERFORMANCE OF LARGE NORTH AMERICAN GOLD AND SILVER
COMPANIES, WHILE THE AMEX ENERGY SELECT SECTOR INDEX IS AN UNMANAGED
INDICATOR OF STOCK MARKET PERFORMANCE OF LARGE U.S. COMPANIES INVOLVED IN
THE DEVELOPMENT OR PRODUCTION OF ENERGY PRODUCTS. THE LEHMAN BROTHERS
GOVERNMENT/CORPORATE BOND INDEX IS AN UNMANAGED MARKET VALUE WEIGHTED INDEX
THAT TRACKS THE TOTAL RETURN PERFORMANCE OF FIXED RATE, PUBLICLY PLACED,
DOLLAR DENOMINATED OBLIGATIONS. DIVIDENDS AND INTEREST INCOME ARE
CONSIDERED REINVESTED. YOU CANNOT INVEST DIRECTLY IN AN INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN NAV PER SHARE
AND REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE AND ARE
NET OF EXPENSES. SINCE INCEPTION RETURN IS BASED ON AN INITIAL NAV OF
$19.06.
(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET
VALUES ON THE AMERICAN STOCK EXCHANGE AND REINVESTMENT OF DISTRIBUTIONS.
SINCE INCEPTION RETURN IS BASED ON AN INITIAL OFFERING PRICE OF $20.00.
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We have separated the portfolio managers' commentary from the financial
statements and investment portfolio due to corporate governance regulations
stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that
the content of the portfolio managers' commentary is unrestricted. The financial
statements and investment portfolio are mailed separately from the commentary.
Both the commentary and the financial statements, including the portfolio of
investments, will be available on our website at www.gabelli.com/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, 2007:
LONG POSITIONS
Metals and Mining ................................ 62.4%
Energy and Energy Services ....................... 37.6%
-----
100.0%
=====
SHORT POSITIONS
Call Options Written ............................. (3.3)%
THE FUND FILES A COMPLETE SCHEDULE OF PORTFOLIO HOLDINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION (THE "SEC") FOR THE FIRST AND THIRD QUARTERS OF EACH FISCAL
YEAR ON FORM N-Q, THE LAST OF WHICH WAS FILED FOR THE QUARTER ENDED MARCH 31,
2007. 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 SEC'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, by
(i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One
Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at
www.sec.gov.
SHAREHOLDER MEETING - MAY 14, 2007 - FINAL RESULTS
The Annual Meeting of Shareholders was held on May 14, 2007 at the
Greenwich Library in Greenwich, Connecticut. At that meeting, common
shareholders elected Mario d'Urso, Vincent D. Enright, and Michael J. Melarkey
as Trustees of the Fund. A total of 15,524,261 votes, 15,527,133 votes, and
15,527,237 votes were cast in favor of each Trustee and a total of 107,079
votes, 104,207 votes, and 104,103 votes were withheld for each Trustee,
respectively.
Anthony J. Colavita, James P. Conn, Frank J. Fahrenkopf, Jr., Salvatore M.
Salibello, Anthonie C. van Ekris, and Salvatore J. Zizza continue to serve in
their capacities as Trustees of the Fund.
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, 2007 (UNAUDITED)
MARKET
SHARES COST VALUE
-------- -------- --------
COMMON STOCKS -- 100.0%
ENERGY AND ENERGY SERVICES -- 37.6%
30,000 Baker Hughes Inc. .................. $ 1,959,300 $ 2,523,900
228,000 BJ Services Co. .................... 6,476,712 6,484,320
71,000 BP plc, ADR ........................ 4,763,155 5,121,940
20,000 Chesapeake Energy Corp. ............ 574,300 692,000
54,600 Chevron Corp. ...................... 3,328,250 4,599,504
65,000 ConocoPhillips ..................... 4,066,891 5,102,500
140,000 Devon Energy Corp. (a) ............. 8,193,549 10,960,600
55,000 Diamond Offshore
Drilling Inc. .................... 3,422,679 5,585,800
60,000 Exxon Mobil Corp. (a) .............. 3,436,926 5,032,800
60,000 GlobalSantaFe Corp. ................ 4,029,144 4,335,000
247,000 Halliburton Co. (a) ................ 6,804,974 8,521,500
120,000 Imperial Oil Ltd. .................. 4,181,873 5,586,294
110,000 Marathon Oil Corp. ................. 3,230,867 6,595,600
174,000 Murphy Oil Corp. (a) ............... 8,655,362 10,342,560
120,000 Nabors Industries Ltd.+ ............ 4,132,517 4,005,600
100,000 Noble Corp. (a) .................... 6,500,094 9,752,000
40,000 Oceaneering
International Inc.+ .............. 1,510,300 2,105,600
110,000 Petroleo Brasileiro SA, ADR (a) .... 10,427,054 13,339,700
150,000 Rowan Companies Inc. ............... 4,521,478 6,147,000
150,000 Saipem SpA ......................... 3,412,319 5,148,542
115,000 Sasol Ltd., ADR .................... 4,013,414 4,317,100
150,000 Statoil ASA, ADR ................... 4,093,741 4,651,500
130,000 Suncor Energy Inc. (a) ............. 8,335,399 11,689,600
120,000 Tesoro Corp. ....................... 3,427,597 6,858,000
65,000 Transocean Inc.+ ................... 3,272,470 6,888,700
105,000 Valero Energy Corp. (a) ............ 5,389,104 7,755,300
170,000 Weatherford
International Ltd.+ (a) .......... 6,108,816 9,390,800
200,000 Williams Companies Inc. ............ 5,148,839 6,324,000
174,500 XTO Energy Inc. (a) ................ 7,139,578 10,487,450
------------ ------------
140,556,702 190,345,210
------------ ------------
METALS AND MINING -- 62.4%
471,900 Agnico-Eagle Mines Ltd. (a) ........ 8,582,787 17,224,350
160,000 Alcoa Inc. ......................... 5,185,916 6,484,800
85,000 Anglo American plc ................. 4,462,318 5,026,809
58,000 Anglo Platinum Ltd. ................ 7,719,185 9,552,540
120,000 AngloGold Ashanti Ltd., ADR ........ 4,724,742 4,538,400
100,000 Arch Coal Inc. ..................... 3,789,389 3,480,000
321,800 Barrick Gold Corp. (a) ............. 8,735,206 9,354,726
170,000 BHP Billiton Ltd., ADR ............. 6,283,353 10,157,500
35,000 Cameco Corp. ....................... 1,252,914 1,775,900
110,000 Companhia Vale do
Rio Doce, ADR .................... 3,603,555 4,900,500
26,737 Compania de Minas
Buenaventura SA, ADR ............. 966,370 1,001,568
2,269,341 Consolidated Minerals Ltd. ......... 4,611,316 6,041,209
MARKET
SHARES COST VALUE
-------- -------- --------
640,000 Eldorado Gold Corp.+ ............... $ 3,385,626 $ 3,748,979
320,000 Freeport-McMoRan Copper
& Gold Inc. (a) .................. 15,793,075 26,502,400
200,000 Gold Fields Ltd. ................... 3,819,747 3,095,861
702,300 Gold Fields Ltd., ADR (a) .......... 10,611,719 11,026,110
444,500 Goldcorp Inc. (a) .................. 4,873,099 10,530,205
714,200 Harmony Gold Mining Co.
Ltd., ADR+ (a) ................... 9,585,983 10,191,634
528,000 Hochschild Mining plc .............. 3,506,462 3,509,539
342,500 IAMGOLD Corp. ...................... 3,067,632 2,636,470
406,000 Impala Platinum Holdings Ltd. ...... 8,062,717 12,408,348
312,000 Independence Group NL .............. 2,045,879 1,838,374
742,000 Ivanhoe Mines Ltd.,
New York+ ........................ 5,406,170 10,566,080
50,000 Ivanhoe Mines Ltd.,
New York+ (b) .................... 337,123 712,000
48,000 Ivanhoe Mines Ltd., Toronto+ ....... 340,092 680,404
850,000 Kagara Zinc Ltd. ................... 4,502,423 4,597,630
100,000 Kazakhmys plc ...................... 2,286,064 2,540,263
349,656 Kingsgate Consolidated Ltd. ........ 1,325,683 1,645,237
1,080,900 Kinross Gold Corp.+ (a) ............ 6,534,934 12,624,912
6,483,488 Lihir Gold Ltd.+ ................... 12,218,692 16,490,142
151,000 Lonmin plc ......................... 9,385,275 12,189,647
325,900 Meridian Gold Inc.+ ................ 7,542,038 8,988,322
551,338 Newcrest Mining Ltd. ............... 7,199,856 10,680,672
359,400 Newmont Mining Corp. (a) ........... 14,026,543 14,038,164
1,545,000 Oxiana Ltd. ........................ 4,470,568 4,623,785
4,580,000 Pan Australian Resources Ltd.+ ..... 1,976,255 2,407,419
70,000 Peabody Energy Corp. ............... 2,137,497 3,386,600
667,600 Randgold Resources Ltd., ADR ....... 10,685,286 14,814,044
16,833 Rio Tinto plc, ADR ................. 4,261,849 5,152,918
141,600 Teck Cominco Ltd., Cl. B ........... 4,983,223 6,008,280
254,028 Xstrata plc ........................ 15,529,452 15,237,193
191,400 Yamana Gold Inc., New York ......... 1,696,340 2,128,368
100,000 Yamana Gold Inc., Toronto .......... 892,061 1,110,537
------------ ------------
242,406,414 315,648,839
------------ ------------
TOTAL
COMMON STOCKS .................... 382,963,116 505,994,049
------------ ------------
TOTAL INVESTMENTS -- 100.0% ....................... $382,963,116 505,994,049
============
CALL OPTIONS WRITTEN
(Premiums received $17,706,821) ............................. (16,604,757)
OTHER ASSETS AND LIABILITIES (NET) ............................ (2,911,413)
------------
NET ASSETS -- COMMON SHARES
(18,076,875 common shares outstanding) ...................... $486,477,879
============
NET ASSET VALUE PER COMMON SHARE
($486,477,879 / 18,076,875 shares outstanding) .............. $26.91
======
See accompanying notes to financial statements.
3
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2007 (UNAUDITED)
OPTION CONTRACTS WRITTEN -- (3.3)%
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
--------- ---------------- -------
CALL OPTIONS WRITTEN -- (3.3)%
500 Agnico-Eagle Mines Ltd. ........ Jul. 07/35 $ 105,000
300 Agnico-Eagle Mines Ltd. ........ Aug. 07/35 93,000
2,500 Agnico-Eagle Mines Ltd. ........ Aug. 07/40 225,000
1,419 Agnico-Eagle Mines Ltd. ........ Nov. 07/40 340,560
80 Alcoa Inc. ..................... Oct. 07/45 13,200
1,520 Alcoa Inc. ..................... Jan. 09/40 995,600
85 Anglo American plc(c) .......... Sep. 07/3200 167,703
1,200 AngloGold Ashanti Ltd.,ADR ..... Aug. 07/40 108,000
1,000 Arch Coal Inc. ................. Jul. 07/35 105,000
300 Baker Hughes Inc. .............. Aug. 07/85 108,000
859 Barrick Gold Corp. ............. Jul. 07/30 34,360
2,359 Barrick Gold Corp. ............. Aug. 07/32.50 58,975
500 BHP Billiton Ltd., ADR ......... Jul. 07/55 270,000
1,200 BHP Billiton Ltd., ADR ......... Nov. 07/55 948,000
500 BJ Services Co. ................ Jul. 07/30 17,500
800 BJ Services Co. ................ Jul. 07/32.50 4,000
980 BJ Services Co. ................ Jul. 07/35 4,900
500 BP plc, ADR .................... Jul. 07/70 137,500
210 BP plc, ADR .................... Aug. 07/70 73,500
350 Cameco Corp. ................... Sep. 07/50 150,500
200 Chesapeake Energy Corp. ........ Jul. 07/35 13,000
546 Chevron Corp. .................. Jul. 07/85 70,980
1,100 Companhia Vale do
Rio Doce-ADR ................. Sep. 07/50 154,000
200 ConocoPhillips ................. Aug. 07/75 100,000
450 ConocoPhillips ................. Aug. 07/80 87,750
700 Devon Energy Corp. ............. Jul. 07/75 315,000
700 Devon Energy Corp. ............. Aug. 07/80 203,000
550 Diamond Offshore
Drilling Inc. ................ Sep. 07/100 462,000
600 Exxon Mobil Corp. .............. Jul. 07/85 69,000
3,200 Freeport-McMoRan
Copper & Gold Inc. ........... Aug. 07/90 752,000
200 GlobalSantaFe Corp. ............ Jul. 07/70 64,000
400 GlobalSantaFe Corp. ............ Jul. 07/75 36,000
2,979 Gold Fields Ltd., ADR .......... Jul. 07/17.50 22,342
3,044 Gold Fields Ltd., ADR .......... Aug. 07/17.50 76,100
3,000 Gold Fields Ltd., ADR .......... Oct. 07/20 45,000
2,345 Goldcorp Inc. .................. Aug. 07/27.50 58,625
2,100 Goldcorp Inc. .................. Oct. 07/27.50 168,000
1,270 Halliburton Co. ................ Jul. 07/37.50 12,700
4,792 Harmony Gold Mining
Co. Ltd., ADR ................ Aug. 07/15 239,600
2,350 Harmony Gold Mining
Co. Ltd., ADR ................ Aug. 07/17.50 35,250
1,925 IAMGOLD Corp.(d) ............... Aug. 07/9 54,213
1,500 IAMGOLD Corp.(d) ............... Nov. 07/10 66,886
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
--------- ---------------- -------
1,200 Imperial Oil Ltd.(d) ........... Jul. 07/50 $ 112,650
1,600 Ivanhoe Mines Ltd. ............. Jul. 07/12.50 308,000
3,400 Ivanhoe Mines Ltd. ............. Dec. 07/15 595,000
3,400 Ivanhoe Mines Ltd. ............. Dec. 07/17.50 323,000
2,000 Kinross Gold Corp. ............. Jul. 07/12.50 30,000
2,000 Kinross Gold Corp. ............. Aug. 07/12.50 80,000
6,809 Kinross Gold Corp. ............. Aug. 07/15 51,067
6,000 Lihir Gold Ltd.(e) ............. Sep. 07/3.50 452,930
1,100 Marathon Oil Corp. ............. Oct. 07/62.50 363,000
1,259 Meridian Gold Inc. ............. Jul. 07/25 377,700
2,000 Meridian Gold Inc. ............. Oct. 07/30 290,000
1,000 Murphy Oil Corp. ............... Jul. 07/60 127,500
740 Murphy Oil Corp. ............... Jul. 07/65 18,500
600 Nabors Industries Ltd. ......... Jul. 07/35 18,000
600 Nabors Industries Ltd. ......... Sep. 07/40 15,000
1,000 Newmont Mining Corp. ........... Sep. 07/42.50 85,000
2,594 Newmont Mining Corp. ........... Sep. 07/45 90,790
200 Noble Corp. .................... Jan. 08/90 310,000
800 Noble Corp. .................... Jan. 08/95 976,000
400 Oceaneering
International Inc. ........... Jul. 07/50 130,000
700 Peabody Energy Corp. ........... Sep. 07/55 101,500
1,100 Petroleo Brasileiro SA,
ADR .......................... Aug. 07/120 759,000
3,500 Randgold Resources Ltd.,
ADR .......................... Jul. 07/25 17,500
2,762 Randgold Resources Ltd.,
ADR .......................... Aug. 07/25 69,050
414 Randgold Resources Ltd.,
ADR .......................... Sep. 07/30 4,140
1,000 Rowan Companies Inc. ........... Jul. 07/40 175,000
500 Rowan Companies Inc. ........... Jul. 07/42.50 27,500
300 Saipem SpA(f) .................. Jul. 07/25 117,751
1,150 Sasol Ltd., ADR ................ Sep. 07/40 189,750
500 Statoil ASA, ADR ............... Jul. 07/30 70,000
700 Suncor Energy Inc. ............. Sep. 07/85 637,000
600 Suncor Energy Inc. ............. Sep. 07/90 348,000
1,416 Teck Cominco Ltd., Cl. B(d) .... Aug. 07/95 169,481
1,200 Tesoro Corp. ................... Aug. 07/60 312,000
350 Transocean Inc. ................ Aug. 07/100 304,500
300 Transocean Inc. ................ Aug. 07/105 177,000
435 Valero Energy Corp. ............ Sep. 07/70 304,500
615 Valero Energy Corp. ............ Sep. 07/75 252,150
1,700 Weatherford
International Ltd. ........... Aug. 07/60 225,250
1,000 Williams Companies Inc. ........ Jul. 07/32.50 60,000
1,745 XTO Energy Inc. ................ Aug. 07/60 458,062
1,914 Yamana Gold Inc. ............... Jul. 07/15 5,742
------------
TOTAL CALL OPTIONS WRITTEN
(Premiums received $17,706,821) ................ $ 16,604,757
============
See accompanying notes to financial statements.
4
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2007 (UNAUDITED)
------------------
(a) Securities, or a portion thereof, with a value of $162,424,290 are pledged
as collateral for options written.
(b) At June 30, 2007, the Fund held an investment in a restricted security
amounting to $712,000 or 0.14% of total investments.
(c) Exercise price denoted in British pounds.
(d) Exercise price denoted in Canadian dollars.
(e) Exercise price denoted in Australian dollars.
(f) Exercise price denoted in Euros.
+ Non-income producing security.
ADR American Depository Receipt
% OF
MARKET MARKET
VALUE VALUE
------ ------
GEOGRAPHIC DIVERSIFICATION
LONG POSITIONS
North America ..................... 52.4% $265,375,826
Europe ............................ 14.5 73,392,394
Asia/Pacific ...................... 11.6 58,481,967
South Africa ...................... 10.9 55,129,994
Latin America ..................... 10.6 53,613,868
----- ------------
100.0% $505,994,049
===== ============
SHORT POSITIONS
North America ..................... (2.1)% $(10,659,391)
Latin America ..................... (0.6) (3,038,750)
Asia/Pacific ...................... (0.3) (1,670,930)
South Africa ...................... (0.2) (716,043)
Europe ............................ (0.1) (519,643)
----- ------------
(3.3)% $(16,604,757)
===== ============
See accompanying notes to financial statements.
5
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2007 (UNAUDITED)
ASSETS:
Investments, at value (cost $382,963,116) ............ $505,994,049
Receivable for investments sold ...................... 11,449,093
Unrealized appreciation on swap contracts ............ 3,993,661
Dividends receivable ................................. 313,228
Prepaid expense ...................................... 7,627
------------
TOTAL ASSETS ......................................... 521,757,658
------------
LIABILITIES:
Call options written (premiums received $17,706,821) . 16,604,757
Foreign currency, at value (cost $108,480) ........... 109,040
Payable to brokers ................................... 7,381,612
Payable to custodian ................................. 4,257,724
Payable for investments purchased .................... 5,781,247
Distributions payable ................................ 628,726
Payable for investment advisory fees ................. 413,265
Payable for payroll expenses ......................... 8,494
Payable for accounting fees .......................... 3,969
Other accrued expenses and liabilities ............... 90,945
------------
TOTAL LIABILITIES .................................... 35,279,779
------------
NET ASSETS applicable to 18,076,875
shares outstanding ................................. $486,477,879
============
NET ASSETS CONSIST OF:
Paid-in capital, at $.001 par value .................. $346,158,582
Accumulated net investment income .................... 806,255
Accumulated net realized gain on investments, swap
contracts, securities sold short, written options,
and foreign currency transactions .................. 11,384,182
Net unrealized appreciation on investments ........... 123,030,933
Net unrealized appreciation on swap contracts ........ 3,993,661
Net unrealized appreciation on written options ....... 1,102,064
Net unrealized appreciation on foreign
currency translations .............................. 2,202
------------
NET ASSETS ........................................... $486,477,879
============
NET ASSET VALUE PER COMMON SHARE:
($486,477,879 / 18,076,875 shares outstanding;
unlimited number of shares authorized) ............... $26.91
======
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)
INVESTMENT INCOME:
Dividends (net of foreign taxes of $156,904) ......... $ 2,711,374
Interest ............................................. 343,712
-----------
TOTAL INVESTMENT INCOME .............................. 3,055,086
-----------
EXPENSES:
Investment advisory fees ............................. 2,271,611
Shareholder communications expenses .................. 90,922
Interest expense ..................................... 85,811
Payroll expenses ..................................... 81,380
Trustees' fees ....................................... 32,138
Legal and audit fees ................................. 29,427
Accounting fees ...................................... 22,621
Dividends on securities sold short ................... 10,692
Shareholder services fees ............................ 3,054
Custodian fees ....................................... 792
Miscellaneous expenses ............................... 30,891
-----------
TOTAL EXPENSES ....................................... 2,659,339
Less: Custodian fee credits .......................... (4,544)
-----------
NET EXPENSES ......................................... 2,654,795
-----------
NET INVESTMENT INCOME ................................ 400,291
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, SWAP CONTRACTS, SECURITIES SOLD SHORT,
WRITTEN OPTIONS, AND FOREIGN CURRENCY:
Net realized gain on investments ..................... 21,155,993
Net realized gain on swap contracts .................. 6,533,217
Net realized loss on securities sold short ........... (1,142,451)
Net realized loss on written options ................. (3,376,973)
Net realized gain on foreign currency transactions ... 187,857
-----------
Net realized gain on investments, swap contracts,
securities sold short, written options, and foreign
currency transactions ................................ 23,357,643
-----------
Net change in unrealized appreciation/depreciation:
on investments ..................................... 38,747,216
on swap contracts .................................. 3,430,600
on securities sold short ........................... 1,399,484
on written options ................................. (1,377,651)
on foreign currency translations ................... 3,568
-----------
Net change in unrealized appreciation/depreciation on
investments, swap contracts, securities sold short,
written options, and foreign currency translations 42,203,217
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, SWAP CONTRACTS, SECURITIES SOLD
SHORT, WRITTEN OPTIONS, AND FOREIGN CURRENCY ....... 65,560,860
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS .................................... $65,961,151
===========
See accompanying notes to financial statements.
6
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
JUNE 30, 2007 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2006
---------------- -----------------
OPERATIONS:
Net investment income ................................................ $ 400,291 $ 1,730,970
Net realized gain on investments, swap contracts,
securities sold short, written options,
and foreign currency transactions .................................. 23,357,643 37,539,820
Net change in unrealized appreciation/depreciation
on investments, swap contracts,
securities sold short, written options,
and foreign currency translations .................................. 42,203,217 29,500,615
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................. 65,961,151 68,771,405
------------ ------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ................................................ (1,001,832)* --
Net realized gain on investments, swap contracts,
securities sold short, written options,
and foreign currency transactions .................................. (14,145,711)* (31,071,323)
------------ ------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS ........................... (15,147,543) (31,071,323)
------------ ------------
FUND SHARE TRANSACTIONS:
Net increase in net assets from common shares
issued upon reinvestment of distributions ........................ 2,923,390 4,831,815
------------ ------------
NET INCREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS .............. 2,923,390 4,831,815
------------ ------------
NET INCREASE IN NET ASSETS ........................................... 53,736,998 42,531,897
NET ASSETS:
Beginning of period .................................................. 432,740,881 390,208,984
------------ ------------
End of period (including undistributed net investment income of
$806,255 and $1,407,796, respectively) ............................. $486,477,879 $432,740,881
============ ============
-----------------------
* 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.
7
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"). Investment
operations commenced on March 31, 2005.
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 Gabelli Funds, LLC (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. 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.
8
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
In September 2006, the Financial Accounting Standards Board (the "FASB")
issued Statement of Financial Accounting Standards ("SFAS") 157, Fair Value
Measurements, which clarifies the definition of fair value and requires
companies to expand their disclosure about the use of fair value to measure
assets and liabilities in interim and annual periods subsequent to initial
recognition. Adoption of SFAS 157 requires the use of the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. SFAS 157 is
effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. At this time,
management is in the process of reviewing the requirements of SFAS 157 against
its current valuation policies to determine future applicability.
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,
2007, there were no open repurchase agreements.
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 for the common shares. 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 on the common shares.
The use of derivative instruments involves, to varying degrees, elements of
market and counterparty risk in excess of the amount recognized in the Statement
of Assets and Liabilities.
Unrealized gains related to swaps are reported as an asset and unrealized
losses are reported as a liability in the Statement of Assets and Liabilities.
The change in value of swaps, including the accrual of periodic amounts of
interest to be paid or received on swaps is reported as unrealized gains or
losses in the Statement of Operations. A realized gain or loss is recorded upon
payment or receipt of periodic payment or termination of swap agreements.
9
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
The Fund has entered into equity swap agreements with Morgan Stanley & Co.
Incorporated. Details of the swaps at June 30, 2007 are as follows:
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION NET UNREALIZED
AMOUNT RECEIVED EQUITY SECURITY PAID DATE APPRECIATION
-------- --------------- -------------------- ----------- --------------
3 Month LIBOR plus
Market Value 45 bps plus Market Value
Appreciation on: Depreciation on:
$ 238,941 (1,300 Shares) MMX Mineraco e MMX Mineraco e 08/06/07 $ 455,934
5,394,698 (16,700 Shares) Metalicos SA Metalicos SA 08/06/07 3,537,727
----------
$3,993,661
==========
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) 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. Option positions at June 30, 2007
are presented within the Schedule of Investments.
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. At June 30, 2007, there were no open
securities sold short.
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
10
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
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 NAV
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.
CUSTODIAN FEE CREDITS AND INTEREST EXPENSE. When cash balances are
maintained in the custody account, the Fund receives credits which are used to
offset custodian fees. The gross expenses paid under the custody arrangement are
included in custodian fees in the Statement of Operations with the corresponding
expense offset, if any, shown as "custodian fee credits". When cash balances are
overdrawn, the Fund is charged an overdraft fee equal to 110% of the 90 day
Treasury Bill rate. This amount, if any, would be shown as "interest expense" in
the Statement of Operations.
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 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.
The tax character of distributions paid during the fiscal year ended
December 31, 2006 were estimated to be $25,953,340 of ordinary income (inclusive
of short-term capital gains), and $5,117,983 of long-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.
11
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
As of December 31, 2006, the components of accumulated earnings/(losses) on
a tax basis were estimated as follows:
Net unrealized appreciation on investments, swap
contracts, securities sold short, written options,
and foreign payables and receivables ............. $83,005,641
Net unrealized depreciation on foreign currency .... (1,366)
Undistributed ordinary income
(inclusive of short-term capital gain) ........... 4,797,946
Undistributed long-term gain ....................... 1,772,474
Other temporary differences ........................ (69,006)
-----------
Total .............................................. $89,505,689
===========
The following summarizes the tax cost of investments, short sales, written
options, and the related unrealized appreciation/(depreciation) at June 30,
2007:
GROSS GROSS
COST/ UNREALIZED UNREALIZED NET UNREALIZED
PREMIUMS APPRECIATION DEPRECIATION APPRECIATION
-------- ------------ ------------ --------------
Investments ............. $384,427,990 $125,308,393 $(3,742,334) $121,566,059
Written options ......... 17,706,821 4,793,058 (3,690,994) 1,102,064
Swap contracts .......... -- 3,993,661 -- 3,993,661
------------ ------------ ----------- ------------
$402,134,811 $134,095,112 $(7,433,328) $126,661,784
============ ============ =========== ============
In July 2006, the FASB issued Interpretation No. 48, "Accounting for
Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109" ("the
Interpretation"). The Interpretation established for all entities, including
pass-through entities such as the Fund, a minimum threshold for financial
statement recognition of the benefit of positions taken in filing tax returns
(including whether an entity is taxable in a particular jurisdiction), and
required certain expanded tax disclosures. The Interpretation was implemented by
the Fund on June 29, 2007 and applied to all open tax years as of the effective
date. Management has evaluated the application of the Interpretation to the
Fund, and the adoption of the Interpretation had no impact on the amounts
reported in the financial statements.
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 a fee, computed weekly and paid
monthly, equal on an annual basis to 1.00% of the value of the Fundaverage
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 NAV per share is a Fund expense pursuant
to the Advisory Agreement between the Fund and the Adviser. During the six
months ended June 30, 2007, the Fund paid or accrued $22,621 to the Adviser in
connection with the cost of computing the Fund's NAV.
The Fund is assuming its portion of the allocated cost of the Gabelli
Funds' Chief Compliance Officer in the amount of $4,128 for the six months ended
June 30, 2007, which is included in payroll expenses in the Statement of
Operations.
As per the approval of the Board, the Fund compensates officers of the Fund
that are employed by the Fund and are not employed by the Adviser (although
officers may receive incentive-based variable compensation from affiliates of
the Adviser). For the six months ended June 30, 2007, the Fund paid or accrued
$77,252, which is included in payroll expenses in the Statement of Operations.
The Fund pays each Trustee that is not considered to be an affiliated
person an annual retainer of $3,000 plus $1,000 for each Board meeting attended
in person and $500 per telephonic meeting, and they are reimbursed for any out
of pocket expenses incurred in attending meetings. All Board committee members
receive $500 per committee meeting attended. Trustees who are directors or
employees of the Adviser or an affiliated company receive no compensation or
expense reimbursement from the Fund.
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, 2007, other than short-term and U.S. Government
securities, aggregated $208,559,610 and $165,040,096, respectively.
Written options activity for the Fund for the six months ended June 30,
2007 was as follows:
NUMBER OF
CONTRACTS PREMIUMS
--------- --------
Options outstanding at December 31, 2006 ...... 108,400 $ 14,214,588
Stock splits on options ....................... 1,600 --
Options written ............................... 359,645 49,982,024
Options sold .................................. 500 3,250
Options purchased ............................. (560) (3,855)
Options repurchased ........................... (196,804) (31,126,384)
Options expired ............................... (152,687) (13,921,460)
Options exercised ............................. (6,178) (1,441,342)
------- ------------
Options outstanding at June 30, 2007 .......... 113,916 $ 17,706,821
======= ============
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 7.5% 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, 2007, 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, 2007 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2006
---------------------- ---------------------
SHARES AMOUNT SHARES AMOUNT
-------- -------- -------- --------
Shares issued upon reinvestment of distributions ....... 118,303 $2,923,390 212,591 $4,831,815
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 received subpoenas from the
Attorney General of the State of New York and the SEC requesting information on
mutual fund share trading practices involving certain funds managed by the
Adviser. GAMCO Investors, Inc. ("GAMCO"), the Adviser's parent company,
responded to these requests for documents and testimony. In June 2006, GAMCO
began discussions with the SEC regarding a possible resolution of their inquiry.
In February 2007, the Adviser made an offer of settlement to the staff of the
SEC for communication to the Commission for its consideration to resolve this
matter. This offer of settlement is subject to agreement regarding the specific
language of the SEC's administrative order and other settlement documents. 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, 2007 YEAR ENDED PERIOD ENDED
(UNAUDITED) DECEMBER 31, 2006 DECEMBER 31, 2005(D)
-------------- ----------------- --------------------
OPERATING PERFORMANCE:
Net asset value, beginning of period .................................... $ 24.10 $ 21.99 $ 19.06(e)
------- ------- -------
Net investment income ................................................... 0.02 0.08 0.08
Net realized and unrealized gain on
investments, swap contracts,
securities sold short, written options,
and foreign currency transactions ..................................... 3.63 3.77 4.01
------- ------- -------
Total from investment operations ........................................ 3.65 3.85 4.09
------- ------- -------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ................................................... (0.06)* -- (0.07)
Net realized gains on investments, swap contracts,
securities sold short, written options, and
foreign currency transactions ......................................... (0.78)* (1.74) (1.09)
------- ------- -------
Total distributions to common shareholders .............................. (0.84) (1.74) (1.16)
------- ------- -------
FUND SHARE TRANSACTIONS:
Increase (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 .......................................... $ 26.91 $ 24.10 $ 21.99
======= ======= =======
NAV total return + ...................................................... 15.48% 18.29% 22.0%**
======= ======= =======
Market value, end of period ............................................. $ 26.43 $ 24.60 $ 21.80
======= ======= =======
Investment total return ++ .............................................. 11.07% 21.86% 15.2%***
======= ======= =======
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:
Net assets end of period (in 000's) ..................................... $486,478 $432,741 $390,209
Ratio of net investment income to average net assets .................... 0.18%(c) 0.42% 0.47%(c)
Ratio of operating expenses to average net assets (a) ................... 1.17%(c) 1.17% 1.15%(c)
Portfolio turnover rate ................................................. 36.3% 114.8% 142.5%
------------------
+ Based on net asset value per share, adjusted for reinvestment of
distributions at the net asset value per share on the ex-dividend dates.
Total return for a period of less than one year is not annualized.
++ Based on market value per share, adjusted for reinvestment of distributions
at prices obtained under the Fund's dividend reinvestment plan. Total return
for a period of less than one year is not annualized.
(a) The Fund incurred interest expense during the six months ended June 30, 2007
and the year ended December 31, 2006. If interest expense had not been
incurred, the ratios of operating expenses to average net assets would have
been 1.14% and 1.16%, respectively.
(b) Amount represents less than $0.005 per share.
(c) Annualized.
(d) The Fund commenced investment operations on March 31, 2005.
(e) The beginning of period NAV reflects a $0.04 reduction for costs associated
with the initial public offering.
* Based on fiscal year to date book income. Amounts are subject to change and
recharacterization at fiscal year end.
** Based on net asset value per share at commencement of operations of $19.06
per share.
*** Based on market value per share at initial public offering of $20.00 per
share.
See accompanying notes to financial statements.
14
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)
At its meeting on February 22, 2007, the Board of Trustees ("Board") of the Fund
approved the continuation of the investment advisory agreement with the Adviser
for the Fund on the basis of the recommendation by the trustees who are not
"interested persons" of the Fund (the "Independent Board Members"). The
following paragraphs summarize the material information and factors considered
by the Independent Board Members as well as their conclusions relative to such
factors.
NATURE, EXTENT AND QUALITY OF SERVICES. The Independent Board Members considered
information regarding the portfolio manager, the depth of the analyst pool
available to the Adviser and the portfolio manager, the scope of administrative,
shareholder, and other services supervised or provided by the Adviser, and the
absence of significant service problems reported to the Board. The Independent
Board Members noted the experience, length of service, and reputation of the
portfolio manager.
INVESTMENT PERFORMANCE. The Independent Board Members reviewed the short,
medium, and long-term performance of the Fund against a peer group of sector
funds. The Independent Board Members noted that the Fund's performance was
ranked 26 out of 69 funds in its category for the prior one period.
PROFITABILITY. The Independent Board Members reviewed summary data regarding the
profitability of the Fund to the Adviser both with an administrative overhead
charge and without such a charge.
ECONOMIES OF SCALE. The Independent Board Members discussed the major elements
of the Adviser's cost structure and the relationship of those elements to
potential economies of scale. The Independent Board Members noted that the Fund
was a closed-end fund and unlikely to realize any economies of scale potentially
available through growth.
SHARING OF ECONOMIES OF SCALE. The Independent Board Members noted that the
investment advisory fee schedule for the Fund does not take into account any
potential economies of scale.
SERVICE AND COST COMPARISONS. The Independent Board Members compared the expense
ratios of the investment advisory fee, other expenses, and total expenses of the
Fund to similar expense ratios of the peer group of equity closed-end funds and
noted that the Adviser's advisory fee includes substantially all administrative
services of the Fund as well as investment advisory services. The Independent
Board Members noted that the Fund's expense ratios were lower and the Fund's
size was average within this group. The Independent Board Members also noted
that the advisory fee structure was the same as that in effect for most of the
Gabelli funds, except for the presence of leverage and fees chargeable as assets
attributable to leverage in certain circumstances.
CONCLUSIONS. The Independent Board Members concluded that the Fund enjoyed
highly experienced portfolio management services and good ancillary services and
that the performance record was satisfactory. The Independent Board Members
concluded that the profitability to the Adviser of managing the Fund was
reasonable and that, in part due to the Fund's structure as a closed-end fund,
economies of scale were not a significant factor in their thinking. The
Independent Board Members did not view the potential profitability of ancillary
services as material to their decision. On the basis of the foregoing and
without assigning particular weight to any single conclusion, the Independent
Board Members determined to recommend continuation of the investment advisory
agreement to the full Board of Trustees.
15
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 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.
16
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.
17
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18
[GRAPHIC OMITTED]
PICTURE OF FLAGS
TRUSTEES AND OFFICERS
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422
TRUSTEES OFFICERS
Anthony J. Colavita Bruce N. Alpert
ATTORNEY-AT-LAW, PRESIDENT
ANTHONY J. COLAVITA, P.C.
Carter W.Austin
James P. Conn VICE PRESIDENT
MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER, Peter D. Goldstein
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD. CHIEF COMPLIANCE OFFICER
Mario d'Urso Molly A.F. Marion
CHAIRMAN, MITTEL CAPITAL MARKETS SPA ASSISTANT VICE PRESIDENT & OMBUDSMAN
Vincent D. Enright James E. McKee
FORMER SENIOR VICE PRESIDENT & SECRETARY
CHIEF FINANCIAL OFFICER,
KEYSPAN CORP. Agnes Mullady
TREASURER
Frank J. Fahrenkopf,Jr.
PRESIDENT & CHIEF EXECUTIVE OFFICER, INVESTMENT ADVISER
AMERICAN GAMING ASSOCIATION Gabelli Funds, LLC
One Corporate Center
Michael J. Melarkey Rye, New York 10580-1422
ATTORNEY-AT-LAW,
AVANSINO, MELARKEY, KNOBEL & MULLIGAN CUSTODIAN
The Bank of New York Mellon
Salvatore M.Salibello
CERTIFIED PUBLIC ACCOUNTANT, COUNSEL
SALIBELLO & BRODER, LLP Skadden, Arps, Slate, Meagher & Flom LLP
Anthonie C. van Ekris TRANSFER AGENT AND REGISTRAR
CHAIRMAN, BALMAC INTERNATIONAL, INC. American Stock Transfer and Trust Company
Salvatore J. Zizza STOCK EXCHANGE LISTING
CHAIRMAN,
ZIZZA & CO., LTD. Common
--------
Amex-Symbol: GGN
Shares Outstanding: 18,076,875
The Net Asset Value per share appears
in the Publicly Traded Funds column,
under the heading "Specialized Equity
Funds," in Monday's The Wall Street
Journal. It is also listed in Barron's
Mutual Funds/Closed End Funds section
under the heading "Specialized Equity
Funds".
The Net Asset Value per share may be
obtained each day by calling (914)
921-5070 or visiting www.gabelli.com.
--------------------------------------------------------------------------------
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, 2007
GGN Q2/2007
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 - 17,997,459
01/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
01/31/07
=============================================================================================================================
Month #2 Common - N/A Common - N/A Common - N/A Common - 18,023,385
02/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
02/28/07
=============================================================================================================================
Month #3 Common - N/A Common - N/A Common - N/A Common - 18,051,745
03/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
03/31/07
=============================================================================================================================
Month #4 Common - N/A Common - N/A Common - N/A Common - 18,076,875
04/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
04/30/07
=============================================================================================================================
Month #5 Common - N/A Common - N/A Common - N/A Common - 18,076,875
05/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
05/31/07
=============================================================================================================================
Month #6 Common - N/A Common - N/A Common - N/A Common - 18,076,875
06/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
06/30/07
=============================================================================================================================
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 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) 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 August 31, 2007
----------------------------------------------------------------------------
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 August 31, 2007
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady, Principal Financial Officer
and Treasurer
Date August 31, 2007
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.