Caesar Bryan | Barbara G. Marcin, CFA | Vincent Roche |
Since | ||||||||||||||||||||||||
Year to | Inception | |||||||||||||||||||||||
Quarter | Date | 1 Year | 3 Year | 5 Year | (03/31/05) | |||||||||||||||||||
Gabelli Global Gold, Natural Resources & Income Trust |
||||||||||||||||||||||||
NAV Total Return (b) |
17.74 | % | 15.16 | % | 25.26 | % | (7.09 | )% | 4.83 | % | 7.15 | % | ||||||||||||
Investment Total Return (c) |
14.35 | 15.63 | 25.34 | (5.83 | ) | 4.80 | 6.59 | |||||||||||||||||
CBOE S&P 500 Buy/Write Index |
10.39 | 0.14 | 8.21 | (2.70 | ) | 1.25 | 2.22 | |||||||||||||||||
Philadelphia Gold & Silver Index |
11.13 | 17.75 | 19.94 | 6.14 | 12.81 | 15.55 | ||||||||||||||||||
Amex Energy Select Sector Index |
13.38 | (0.26 | ) | 6.06 | (7.54 | ) | 2.59 | 6.74 | ||||||||||||||||
Barclays Capital Government/Corporate Bond Index |
3.28 | 8.95 | 8.73 | 7.46 | 6.15 | 6.04 |
(a) | Returns represent past performance and do not guarantee future results. Investment returns
and the principal value of an investment will fluctuate. When shares are sold, they may be worth
more or less than their original cost. Current performance may be lower or higher than the
performance data presented. Visit www.gabelli.com for performance information as of the most recent
month end. Performance returns for periods of less than one year are not annualized. Investors
should carefully consider the investment objectives, risks, charges, and expenses of the Fund
before investing. The CBOE S&P 500 Buy/Write Index is an unmanaged benchmark index designed to
reflect the return on a portfolio that consists of a long position in the stocks in the S&P 500
Index and a short position in a S&P 500 (SPX) call option. The Philadelphia Gold & Silver Index is
an unmanaged indicator of stock market performance of large North American gold and silver
companies, while the Amex Energy Select Sector Index is an unmanaged indicator of stock market
performance of large U.S. companies involved in the development or production of energy products.
The Barclays Capital Government/Corporate Bond Index is an unmanaged market value weighted index that tracks the total return performance of fixed rate, publicly placed, dollar denominated obligations. Dividends and interest income are considered reinvested. You cannot invest directly in an index. |
|
(b) | Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex-dividend date and are net of expenses. Since inception return is based on an initial NAV of $19.06. | |
(c) | Total returns and average annual returns reflect changes in closing market values on the NYSE Amex and reinvestment of distributions. Since inception return is based on an initial offering price of $20.00. |
Market | ||||||||
Shares | Value | |||||||
COMMON STOCKS 83.8% |
||||||||
Energy and Energy Services 28.0% |
||||||||
72,000 | Apache Corp. |
$ | 7,038,720 | |||||
206,325 | Baker Hughes Inc. (a) |
8,789,445 | ||||||
402,000 | BG Group plc |
7,063,321 | ||||||
165,900 | BP plc, ADR (a) |
6,830,103 | ||||||
130,500 | Chesapeake Energy Corp. (a) |
2,955,825 | ||||||
165,000 | Chevron Corp. (a) |
13,373,250 | ||||||
307,692 | Comanche Energy Inc. (b)(c)(d) |
0 | ||||||
128,000 | ConocoPhillips (a) |
7,351,040 | ||||||
238,000 | Devon Energy Corp. (a) |
15,408,120 | ||||||
114,000 | Diamond Offshore Drilling Inc. (a) |
7,725,780 | ||||||
450,000 | El Paso Corp. |
5,571,000 | ||||||
161,980 | Exxon Mobil Corp. (a) |
10,008,744 | ||||||
65,000 | Galp Energia SGPS SA, Cl. B |
1,121,820 | ||||||
419,000 | Halliburton Co. (a) |
13,856,330 | ||||||
500,000 | Heritage Oil plc |
2,331,207 | ||||||
50,000 | Hess Corp. |
2,956,000 | ||||||
320,000 | Imperial Oil Ltd. |
12,126,348 | ||||||
180,000 | Marathon Oil Corp. (a) |
5,958,000 | ||||||
255,000 | Murphy Oil Corp. (a) |
15,789,600 | ||||||
320,000 | Nabors Industries Ltd. (a) |
5,779,200 | ||||||
110,000 | Nexen Inc. |
2,211,000 | ||||||
442,100 | Noble Corp. (a) |
14,938,559 | ||||||
495,900 | Petroleo Brasileiro SA, ADR (a) |
17,986,293 | ||||||
200,000 | Rowan Companies Inc. (a) |
6,072,000 | ||||||
184,000 | Royal Dutch Shell plc, Cl. A |
5,538,093 | ||||||
151,200 | Sasol Ltd., ADR (a) |
6,772,248 | ||||||
138,400 | Statoil ASA, ADR (a) |
2,903,632 | ||||||
541,500 | Suncor Energy Inc. (a) |
17,625,825 | ||||||
100,000 | Technip SA |
8,041,825 | ||||||
409,000 | Tesoro Corp. (a) |
5,464,240 | ||||||
260,800 | The Williams Companies Inc. (a) |
4,983,888 | ||||||
75,000 | Total SA, ADR |
3,870,000 | ||||||
93,200 | Transocean Ltd. (a) |
5,991,828 | ||||||
390,000 | Tullow Oil plc |
7,805,144 | ||||||
20,000 | Ultra Petroleum Corp. |
839,600 | ||||||
301,100 | Valero Energy Corp. (a) |
5,272,261 | ||||||
552,000 | Weatherford International Ltd. (a) |
9,439,200 | ||||||
277,789,489 | ||||||||
Exchange Traded Funds 1.0% |
||||||||
63,500 | Oil Service HOLDRS (SM) Trust |
7,185,025 | ||||||
73,000 | United States Oil Fund LP |
2,543,320 | ||||||
9,728,345 | ||||||||
Metals and Mining 54.8% |
||||||||
448,500 | Agnico-Eagle Mines Ltd. (a) |
31,856,955 | ||||||
258,000 | Anglo American plc |
10,235,615 | ||||||
633,500 | AngloGold Ashanti Ltd., ADR (a) |
29,293,040 | ||||||
156,550 | Antofagasta plc |
3,039,614 | ||||||
575,400 | Barrick Gold Corp. (a) |
26,635,266 | ||||||
159,500 | BHP Billiton Ltd., ADR (a) |
12,173,040 | ||||||
770,000 | Centamin Egypt Ltd. |
2,110,409 | ||||||
110,000 | Compania de Minas Buenaventura SA,
ADR |
4,969,800 | ||||||
700,000 | Consolidated Thompson Iron Mines Ltd. |
6,000,583 | ||||||
83,000 | Detour Gold Corp. |
2,397,473 | ||||||
800,000 | Duluth Metals Ltd. |
1,982,700 | ||||||
450,000 | Eldorado Gold Corp. |
8,318,593 | ||||||
1,075,000 | Equinox Minerals Ltd. |
6,038,974 | ||||||
342,000 | Franco-Nevada Corp. |
10,759,588 | ||||||
228,731 | Freeport-McMoRan Copper &
Gold Inc. (a) |
19,531,340 | ||||||
538,500 | Fresnillo plc |
10,506,406 | ||||||
410,000 | Gem Diamonds Ltd. |
1,280,082 | ||||||
1,941,500 | Gold Fields Ltd., ADR (a) |
29,646,705 | ||||||
390,000 | Goldcorp Inc. (a) |
16,972,800 | ||||||
1,096,100 | Harmony Gold Mining Co. Ltd., ADR (a) |
12,374,969 | ||||||
1,779,700 | Hochschild Mining plc |
12,440,954 | ||||||
308,000 | HudBay Minerals Inc. |
4,385,460 | ||||||
285,000 | IAMGOLD Corp. |
5,047,350 | ||||||
412,000 | Impala Platinum Holdings Ltd. |
10,639,504 | ||||||
500,140 | Ivanhoe Mines Ltd. (a) |
11,708,277 | ||||||
88,000 | Kazakhmys plc |
2,007,226 | ||||||
255,000 | Keegan Resources Inc. |
1,940,568 | ||||||
200,000 | Kingsgate Consolidated Ltd. |
2,242,391 | ||||||
2,034,722 | Kinross Gold Corp. (a) |
38,206,798 | ||||||
250,600 | Lundin Mining Corp. (a) |
1,253,000 | ||||||
221,000 | MAG Silver Corp. |
1,683,973 | ||||||
1,184,725 | Newcrest Mining Ltd. |
45,425,862 | ||||||
452,500 | Newmont Mining Corp. (a) |
28,421,525 | ||||||
150,000 | Northern Dynasty Minerals Ltd. |
1,276,500 | ||||||
165,000 | Osisko Mining Corp. |
2,349,354 | ||||||
3,452,000 | OZ Minerals Ltd. |
4,854,642 | ||||||
12,537,555 | PanAust Ltd. |
7,876,797 | ||||||
61,300 | Peabody Energy Corp. (a) |
3,004,313 | ||||||
260,000 | Randgold Resources Ltd., ADR (a) |
26,379,600 | ||||||
293,600 | Rio Tinto plc, ADR (a) |
17,243,128 | ||||||
845,000 | Romarco Minerals Inc. |
1,847,847 | ||||||
271,700 | Royal Gold Inc. |
13,541,528 | ||||||
435,000 | Sandfire Resources Nl |
2,913,707 | ||||||
500,000 | SEMAFO Inc. |
4,723,491 | ||||||
200,115 | Vale SA, ADR (a) |
6,257,596 | ||||||
1,272,305 | Xstrata plc |
24,343,634 | ||||||
1,372,300 | Yamana Gold Inc. (a) |
15,644,220 | ||||||
543,783,197 | ||||||||
TOTAL COMMON STOCKS |
831,301,031 | |||||||
2
Market | ||||||||||
Shares | Value | |||||||||
CONVERTIBLE PREFERRED STOCKS 0.4% |
||||||||||
Metals and Mining 0.4% |
||||||||||
10,000 | Vale Capital II, 6.750%, Cv. Pfd.,
Ser. VALe |
$ | 880,400 | |||||||
35,000 | Vale Capital II, 6.750%, Cv. Pfd.,
Ser. VALE |
3,131,450 | ||||||||
TOTAL CONVERTIBLE
PREFERRED STOCKS |
4,011,850 | |||||||||
WARRANTS 0.1% |
||||||||||
Energy and Energy Services 0.0% |
||||||||||
34,091 | Comanche Energy Inc., Cl. A,
expire 06/18/13 (b)(c)(d) |
0 | ||||||||
36,197 | Comanche Energy Inc., Cl. B,
expire 06/18/13 (b)(c)(d) |
0 | ||||||||
82,965 | Comanche Energy Inc., Cl. C,
expire 06/18/13 (b)(c)(d) |
0 | ||||||||
0 | ||||||||||
Metals and Mining 0.1% |
||||||||||
62,500 | Franco-Nevada Corp.,
expire 03/13/12 (b) |
318,301 | ||||||||
87,500 | Franco-Nevada Corp.,
expire 06/16/17 |
688,842 | ||||||||
49,390 | Kinross Gold Corp. Cl. D,
expire 09/17/14 |
211,212 | ||||||||
1,218,355 | ||||||||||
TOTAL WARRANTS |
1,218,355 | |||||||||
Principal | ||||||||||
Amount | ||||||||||
CONVERTIBLE CORPORATE BONDS 1.4% |
||||||||||
Energy and Energy Services 0.5% |
||||||||||
$ | 1,500,000 | Chesapeake Energy Corp., Cv.,
2.250%, 12/15/38 |
1,160,625 | |||||||
2,000,000 | Nabors Industries Inc., Cv.,
0.940%, 05/15/11 |
1,992,500 | ||||||||
2,000,000 | Transocean Ltd., Ser. A, Cv.,
1.625%, 12/15/37 |
1,995,000 | ||||||||
5,148,125 | ||||||||||
Metals and Mining 0.9% |
||||||||||
5,000,000 | Newmont Mining Corp., Ser. B, Cv.,
1.625%, 07/15/17 |
7,400,000 | ||||||||
725,000 | (f) | Wesdome Gold Mines Ltd., Deb. Cv.,
7.000%, 05/31/12 (b)(e) |
743,391 | |||||||
8,143,391 | ||||||||||
TOTAL CONVERTIBLE
CORPORATE BONDS |
13,291,516 | |||||||||
CORPORATE BONDS 1.9% |
||||||||||
Energy and Energy Services 0.7% |
||||||||||
4,304,657 | Comanche Energy Inc., PIK,
15.500%, 06/13/13 (b)(c)(d) |
860,931 | ||||||||
2,500,000 | Compagnie Generale de Geophysique-Veritas,
7.500%, 05/15/15 |
2,556,250 | ||||||||
500,000 | Tesoro Corp.,
9.750%, 06/01/19 |
552,500 | ||||||||
2,500,000 | Weatherford International Ltd.,
9.625%, 03/01/19 |
3,266,303 | ||||||||
7,235,984 | ||||||||||
Metals and Mining 1.2% |
||||||||||
2,000,000 | Freeport-McMoRan Copper & Gold Inc.,
8.250%, 04/01/15 |
2,142,006 | ||||||||
4,000,000 | United States Steel Corp.,
6.050%, 06/01/17 |
3,985,000 | ||||||||
5,000,000 | Xstrata Canada Corp.,
7.250%, 07/15/12 |
5,438,630 | ||||||||
11,565,636 | ||||||||||
TOTAL CORPORATE BONDS |
18,801,620 | |||||||||
U.S. GOVERNMENT OBLIGATIONS 12.4% |
||||||||||
123,226,000 | U.S. Treasury Bills, 0.060% to 0.220%,
10/21/10 to 03/17/11 (a) |
123,187,656 | ||||||||
TOTAL INVESTMENTS 100.0% (Cost $932,061,577) |
$ | 991,812,028 | ||||||||
Aggregate tax cost |
$ | 932,127,065 | ||||||||
Gross unrealized appreciation |
$ | 104,931,306 | ||||||||
Gross unrealized depreciation |
(50,246,343 | ) | ||||||||
Net unrealized appreciation/depreciation |
$ | 54,684,963 | ||||||||
Number of | Expiration Date/ | Market | ||||||||
Contracts | Exercise Price | Value | ||||||||
OPTION CONTRACTS WRITTEN (g) (4.0)% | ||||||||||
Call Options Written (3.7)% |
||||||||||
1,000 | Agnico-Eagle Mines Ltd.
|
Nov. 10/65 | $ | 626,000 | ||||||
2,935 | Agnico-Eagle Mines Ltd.
|
Nov. 10/70 | 1,203,350 | |||||||
550 | Agnico-Eagle Mines Ltd.
|
Jan. 11/65 | 431,750 | |||||||
258 | Anglo American plc (h)
|
Dec. 10/28 | 251,280 | |||||||
5,635 | AngloGold Ashanti Ltd.,
ADR
|
Oct. 10/45 | 1,042,475 | |||||||
700 | AngloGold Ashanti Ltd.,
ADR
|
Jan. 11/47 | 201,600 |
3
Number of | Expiration Date/ | Market | ||||||||
Contracts | Exercise Price | Value | ||||||||
OPTION CONTRACTS WRITTEN (Continued) | ||||||||||
Call Options Written (Continued) | ||||||||||
160 | Antofagasta plc (h) |
Dec. 10/9.50 | $ | 760,617 | ||||||
250 | Apache Corp. |
Oct. 10/95 | 102,500 | |||||||
250 | Apache Corp. |
Oct. 10/100 | 30,250 | |||||||
220 | Apache Corp. |
Jan. 11/100 | 116,600 | |||||||
633 | Baker Hughes Inc. |
Oct. 10/45 | 32,283 | |||||||
1,430 | Baker Hughes Inc. |
Oct. 10/50 | 12,870 | |||||||
4,254 | Barrick Gold Corp. |
Oct. 10/46 | 531,750 | |||||||
750 | Barrick Gold Corp. |
Jan. 11/45 | 284,250 | |||||||
750 | Barrick Gold Corp. |
Jan. 11/49 | 156,000 | |||||||
402 | BG Group plc (h) |
Dec. 10/12 | 189,450 | |||||||
520 | BHP Billiton Ltd., ADR |
Nov. 10/70 | 436,800 | |||||||
500 | Chevron Corp. |
Dec. 10/80 | 172,000 | |||||||
500 | Chevron Corp. |
Jan. 11/70 | 565,000 | |||||||
650 | Chevron Corp. |
Jan. 11/85 | 124,150 | |||||||
1,100 | Compania de Minas
Buenaventura SA,
ADR |
Dec. 10/40 | 627,000 | |||||||
980 | ConocoPhillips |
Nov. 10/57.50 | 189,140 | |||||||
300 | ConocoPhillips |
Jan. 11/60 | 51,300 | |||||||
6,900 | Consolidated Thompson
Iron Mines Ltd. (i) |
Oct. 10/11 | 67,062 | |||||||
1,888 | Devon Energy Corp. |
Oct. 10/70 | 15,104 | |||||||
200 | Devon Energy Corp. |
Oct. 10/75 | 600 | |||||||
500 | Devon Energy Corp. |
Jan. 11/67.50 | 138,000 | |||||||
450 | Diamond Offshore
Drilling Inc. |
Dec. 10/69.25 | 162,000 | |||||||
500 | El Paso Corp. |
Oct. 10/12 | 27,250 | |||||||
4,000 | El Paso Corp. |
Jan. 11/12.50 | 360,000 | |||||||
3,500 | Eldorado Gold Corp. (i) |
Nov. 10/19 | 375,887 | |||||||
1,000 | Eldorado Gold Corp. (i) |
Nov. 10/22 | 22,840 | |||||||
1,750 | Equinox Minerals Ltd. (i) |
Oct. 10/4 | 301,900 | |||||||
700 | Exxon Mobil Corp. |
Oct. 10/62.50 | 42,000 | |||||||
910 | Exxon Mobil Corp. |
Oct. 10/70 | 2,730 | |||||||
1,670 | Franco-Nevada Corp. (i) |
Oct. 10/32 | 137,963 | |||||||
1,200 | Freeport-McMoRan
Copper & Gold Inc. |
Nov. 10/80 | 966,000 | |||||||
7,500 | Gold Fields Ltd., ADR |
Oct. 10/14 | 855,000 | |||||||
6,915 | Gold Fields Ltd., ADR |
Jan. 11/14 | 1,261,987 | |||||||
5,000 | Gold Fields Ltd., ADR |
Jan. 11/16 | 380,000 | |||||||
2,900 | Goldcorp Inc. |
Oct. 10/45 | 139,200 | |||||||
1,000 | Goldcorp Inc. |
Oct. 10/46 | 22,000 | |||||||
1,300 | Halliburton Co. |
Oct. 10/30 | 429,000 | |||||||
2,000 | Halliburton Co. |
Oct. 10/34 | 106,000 | |||||||
3,461 | Harmony Gold Mining Co.
Ltd., ADR |
Oct. 10/10.50 | 334,921 | |||||||
1,500 | Harmony Gold Mining
Co. Ltd., ADR |
Nov. 10/11 | 97,500 | |||||||
1,000 | Harmony Gold Mining
Co. Ltd., ADR |
Jan. 11/10 | 162,500 | |||||||
5,000 | Harmony Gold Mining
Co. Ltd., ADR |
Jan. 11/11 | 487,500 | |||||||
3,080 | HudBay Minerals Inc. (i) |
Mar. 11/15 | 389,153 | |||||||
2,850 | IAMGOLD Corp. |
Jan. 11/20 | 228,000 | |||||||
2,000 | Ivanhoe Mines Ltd. |
Dec. 10/12 | 2,310,000 | |||||||
3,000 | Ivanhoe Mines Ltd. |
Jan. 11/15 | 2,595,000 | |||||||
7,464 | Kinross Gold Corp. |
Nov. 10/19 | 694,152 | |||||||
3,300 | Kinross Gold Corp. |
Nov. 10/21 | 99,000 | |||||||
1,600 | Kinross Gold Corp. |
Jan. 11/21 | 116,800 | |||||||
1,800 | Marathon Oil Corp. |
Oct. 10/34 | 54,000 | |||||||
2,250 | Murphy Oil Corp. |
Oct. 10/60 | 618,750 | |||||||
3,200 | Nabors Industries Ltd. |
Dec. 10/20 | 196,800 | |||||||
500 | Newcrest Mining Ltd. (j) |
Dec. 10/40 | 940,693 | |||||||
115 | Newcrest Mining Ltd. (j) |
Dec. 10/42 | 126,703 | |||||||
1,300 | Newmont Mining Corp. |
Dec. 10/60 | 617,500 | |||||||
1,300 | Newmont Mining Corp. |
Jan. 11/62.50 | 676,000 | |||||||
1,075 | Newmont Mining Corp. |
Jan. 11/67.50 | 268,750 | |||||||
900 | Newmont Mining Corp. |
Jan. 11/70 | 197,100 | |||||||
1,350 | Noble Corp. |
Dec. 10/35 | 244,350 | |||||||
2,430 | Noble Corp. |
Dec. 10/43 | 35,235 | |||||||
600 | Noble Corp. |
Jan. 11/40 | 36,300 | |||||||
613 | Peabody Energy Corp. |
Dec. 10/46 | 337,150 | |||||||
750 | Petroleo Brasileiro SA,
ADR |
Oct. 10/40 | 4,500 | |||||||
600 | Randgold Resources Ltd.,
ADR |
Dec. 10/100 | 399,000 | |||||||
2,000 | Randgold Resources Ltd.,
ADR |
Dec. 10/105 | 720,000 | |||||||
4,490 | Red Back Mining Inc. (i) |
Nov. 10/30 | 2,225,581 | |||||||
500 | Rio Tinto plc, ADR |
Oct. 10/55 | 245,000 | |||||||
336 | Rio Tinto plc, ADR |
Oct. 10/57.50 | 84,000 | |||||||
336 | Rio Tinto plc, ADR |
Oct. 10/60 | 38,304 | |||||||
600 | Rio Tinto plc, ADR |
Dec. 10/57.50 | 308,880 | |||||||
1,164 | Rio Tinto plc, ADR |
Jan. 11/60 | 558,720 | |||||||
2,000 | Rowan Companies Inc. |
Oct. 10/25 | 1,090,000 | |||||||
92 | Royal Dutch Shell plc,
Cl. A (h) |
Dec. 10/19 | 110,559 | |||||||
92 | Royal Dutch Shell plc,
Cl. A (h) |
Dec. 10/20 | 49,138 | |||||||
600 | Royal Gold Inc. |
Jan. 11/50 | 192,000 | |||||||
2,117 | Royal Gold Inc. |
Jan. 11/55 | 309,082 | |||||||
800 | Sasol Ltd., ADR |
Dec. 10/40 | 330,000 | |||||||
712 | Sasol Ltd., ADR |
Dec. 10/45 | 124,600 | |||||||
1,384 | Statoil ASA, ADR |
Nov. 10/21.25 | 107,371 | |||||||
2,765 | Suncor Energy Inc. |
Oct. 10/34 | 60,830 | |||||||
650 | Suncor Energy Inc. |
Dec. 10/36 | 39,650 | |||||||
2,000 | Suncor Energy Inc. |
Jan. 11/35 | 248,000 | |||||||
400 | Technip SA (k) |
Dec. 10/56 | 279,739 | |||||||
600 | Technip SA (k) |
Dec. 10/59 | 255,201 | |||||||
1,429 | Tesoro Corp. |
Nov. 10/18 | 2,858 | |||||||
1,290 | Tesoro Corp. |
Jan. 11/17.50 | 14,835 |
4
Number of | Expiration Date/ | Market | ||||||||
Contracts | Exercise Price | Value | ||||||||
OPTION CONTRACTS WRITTEN (Continued) | ||||||||||
Call Options Written (Continued) | ||||||||||
2,608 | The Williams
Companies Inc. |
Nov. 10/21 | $ | 49,552 | ||||||
1,355 | Transocean Ltd. |
Nov. 10/80 | 40,650 | |||||||
10 | Tullow Oil plc (h) |
Dec. 10/12 | 19,950 | |||||||
130 | Tullow Oil plc (h) |
Dec. 10/13 | 147,036 | |||||||
250 | Tullow Oil plc (h) |
Mar. 11/14 | 294,543 | |||||||
190 | Ultra Petroleum Corp. |
Dec. 10/45 | 27,550 | |||||||
500 | Vale SA, ADR |
Oct. 10/30 | 67,500 | |||||||
1,387 | Vale SA, ADR |
Dec. 10/32 | 177,536 | |||||||
3,011 | Valero Energy Corp. |
Dec. 10/19 | 129,473 | |||||||
1,605 | Weatherford
International Ltd. |
Nov. 10/17 | 163,710 | |||||||
3,915 | Weatherford
International Ltd. |
Nov. 10/18 | 223,155 | |||||||
300 | Xstrata plc (h) |
Oct. 10/11 | 603,223 | |||||||
600 | Xstrata plc (h) |
Oct. 10/12 | 508,970 | |||||||
150 | Xstrata plc (h) |
Dec. 10/11 | 391,742 | |||||||
150 | Xstrata plc (h) |
Dec. 10/12 | 243,881 | |||||||
5,723 | Yamana Gold Inc. |
Oct. 10/11 | 297,596 | |||||||
8,000 | Yamana Gold Inc. |
Oct. 10/12 | 88,000 | |||||||
TOTAL CALL OPTIONS WRITTEN (Premiums received $26,802,916) |
37,086,710 | |||||||||
Put Options Written (0.3)% | ||||||||||
1,000 | Agnico-Eagle Mines Ltd. |
Nov. 10/50 | 13,000 | |||||||
100 | AngloGold Ashanti Ltd.,
ADR |
Oct. 10/35 | 500 | |||||||
500 | AngloGold Ashanti Ltd.,
ADR |
Oct. 10/36 | 15 | |||||||
125 | Apache Corp. |
Jan. 11/80 | 19,000 | |||||||
350 | Baker Hughes Inc. |
Oct. 10/36 | 2,450 | |||||||
475 | Barrick Gold Corp. |
Oct. 10/36 | 1,425 | |||||||
250 | BP plc, ADR |
Jan. 11/35 | 23,750 | |||||||
420 | Cameron International
Corp. |
Nov. 10/35 | 18,900 | |||||||
450 | Chesapeake Energy Corp. |
Jan. 11/17.50 | 14,850 | |||||||
400 | Chevron Corp. |
Jan. 11/65 | 28,400 | |||||||
300 | Compania de Minas
Buenaventura SA,
ADR |
Dec. 10/30 | 4,500 | |||||||
300 | Devon Energy Corp. |
Oct. 10/65 | 52,500 | |||||||
150 | Diamond Offshore
Drilling Inc. |
Dec. 10/54.25 | 12,900 | |||||||
220 | Diamond Offshore
Drilling Inc. |
Jan. 11/67.25 | 116,050 | |||||||
500 | Eldorado Gold Corp. (i) |
Nov. 10/15 | 5,588 | |||||||
230 | Exxon Mobil Corp. |
Jan. 11/65 | 104,650 | |||||||
850 | Franco-Nevada Corp. (i) |
Oct. 10/25 | 8,261 | |||||||
500 | Freeport-McMoRan
Copper & Gold Inc. |
Jan. 11/60 | 55,250 | |||||||
500 | Freeport-McMoRan
Copper & Gold Inc. |
Jan. 11/65 | 88,000 | |||||||
4,500 | Gold Fields Ltd., ADR |
Oct. 10/11 | 18,000 | |||||||
1,200 | Goldcorp Inc. |
Oct. 10/34 | 3,600 | |||||||
700 | Halliburton Co. |
Oct. 10/29 | 7,700 | |||||||
1,000 | Halliburton Co. |
Jan. 11/25 | 59,000 | |||||||
1,750 | Harmony Gold Mining
Co. Ltd., ADR |
Jan. 11/9 | 26,250 | |||||||
250 | Hess Corp. |
Nov. 10/45 | 5,375 | |||||||
400 | IAMGOLD Corp. (i) |
Nov. 10/15 | 7,775 | |||||||
1,000 | Ivanhoe Mines Ltd. |
Mar. 11/17 | 85,000 | |||||||
1,600 | Kinross Gold Corp. |
Nov. 10/15 | 20,800 | |||||||
665 | Kinross Gold Corp. |
Jan. 11/15 | 22,610 | |||||||
500 | Murphy Oil Corp. |
Oct. 10/55 | 6,250 | |||||||
700 | Nabors Industries Ltd. |
Dec. 10/19 | 131,600 | |||||||
225 | Nexen Inc. |
Dec. 10/20 | 26,438 | |||||||
225 | Noble Corp. |
Dec. 10/28 | 11,138 | |||||||
420 | Noble Corp. |
Dec. 10/36 | 132,300 | |||||||
350 | Oil Service HOLDRS
(SM) Trust |
Jan. 11/99.10 | 117,250 | |||||||
330 | Oil Service HOLDRS
(SM) Trust |
Jan. 12/104.10 | 458,700 | |||||||
500 | PetroHawk Energy Corp. |
Jan. 11/16 | 72,000 | |||||||
706 | Petroleo Brasileiro SA,
ADR |
Oct. 10/40 | 289,460 | |||||||
800 | Petroleo Brasileiro SA,
ADR |
Jan. 11/33 | 103,600 | |||||||
100 | Randgold Resources Ltd.,
ADR |
Dec. 10/75 | 3,750 | |||||||
400 | Randgold Resources Ltd.,
ADR |
Dec. 10/90 | 78,000 | |||||||
500 | Randgold Resources Ltd.,
ADR |
Mar. 11/90 | 232,500 | |||||||
400 | Red Back Mining Inc. (i) |
Jan. 11/21 | 11,663 | |||||||
500 | Rio Tinto plc, ADR |
Jan. 11/40 | 23,750 | |||||||
1,200 | Rowan Companies Inc. |
Oct. 10/27.50 | 18,000 | |||||||
500 | Royal Gold Inc. |
Oct. 10/45 | 7,500 | |||||||
500 | Transocean Ltd. |
Jan. 11/50 | 69,000 | |||||||
400 | Vale SA, ADR |
Jan. 11/22.50 | 13,000 | |||||||
600 | Weatherford
International Ltd. |
Jan. 11/12.50 | 13,200 | |||||||
1,350 | Yamana Gold Inc. |
Jan. 11/9 | 25,650 | |||||||
TOTAL PUT OPTIONS WRITTEN (Premiums received $8,028,586) |
2,670,848 | |||||||||
TOTAL OPTION CONTRACTS WRITTEN (Premiums received $34,831,502) |
$ | 39,757,558 | ||||||||
Aggregate premiums | $ | 34,831,502 | ||||||||
Gross unrealized appreciation | $ | 10,517,686 | ||||||||
Gross unrealized depreciation | (15,443,742 | ) | ||||||||
Net unrealized appreciation/depreciation | $ | (4,926,056 | ) | |||||||
5
(a) | Securities, or a portion thereof, with a value of $261,216,392 were pledged as collateral for options written. | |
(b) | Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At September 30, 2010, the market value of fair valued securities amounted to $1,922,623 or 0.19% of total investments. | |
(c) | At September 30, 2010, the Fund held investments in restricted securities amounting to $860,931 or 0.09% of total investments, which were value under methods approved by the Board of Trustees as follows: |
Acquisition | ||||||||||||||||
Shares/ | 09/30/10 | |||||||||||||||
Principal | Acquisition | Acquisition | Carrying Value | |||||||||||||
Amount | Issuer | Date | Cost | Per Unit | ||||||||||||
307,692 | Comanche Energy Inc. |
06/17/08 | $ | 1,849,998 | | |||||||||||
34,091 | Comanche Energy Inc., Cl. A,
Warrants expire 06/18/13 |
06/17/08 | 93,750 | | ||||||||||||
36,197 | Comanche Energy Inc., Cl. B,
Warrants expire 06/18/13 |
06/17/08 | 93,750 | | ||||||||||||
82,965 | Comanche Energy Inc., Cl. C,
Warrants expire 06/18/13 |
06/17/08 | 187,501 | | ||||||||||||
$ | 4,304,657 | Comanche Energy Inc., PIK,
15.500%, 06/13/13 |
06/17/08 | 4,079,657 | $ | 20.0000 |
(d) | Illiquid security. | |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2010, the market value of the Rule 144A security amounted to $743,391 or 0.07% of total investments. | |
(f) | Principal amount denoted in Canadian dollars. | |
(g) | At September 30, 2010, the Fund has entered into Option Contracts Written with Pershing LLC and Morgan Stanley. | |
(h) | Exercise price denoted in British Pounds. | |
(i) | Exercise price denoted in Canadian dollars. | |
(j) | Exercise price denoted in Australian dollars. | |
(k) | Exercise price denoted in Euros. | |
| Non-income producing security. | |
| Represents annualized yield at date of purchase. | |
ADR | American Depositary Receipt | |
PIK | Payment-in-kind |
% of | ||||||||
Market | Market | |||||||
Geographic Diversification | Value | Value | ||||||
Long Positions |
||||||||
North America |
59.4 | % | $ | 589,276,459 | ||||
Europe |
17.0 | 168,221,182 | ||||||
South Africa |
9.0 | 88,726,466 | ||||||
Asia/Pacific |
8.4 | 83,635,822 | ||||||
Latin America |
6.2 | 61,952,099 | ||||||
Total Investments |
100.0 | % | $ | 991,812,028 | ||||
Short Positions |
||||||||
North America |
(2.4 | )% | $ | (24,112,641 | ) | |||
Europe |
(0.8 | ) | (7,897,391 | ) | ||||
South Africa |
(0.5 | ) | (5,322,334 | ) | ||||
Asia/Pacific |
(0.2 | ) | (1,504,196 | ) | ||||
Latin America |
(0.1 | ) | (920,996 | ) | ||||
Total Investments |
(4.0 | )% | $ | (39,757,558 | ) | |||
6
| Level 1 quoted prices in active markets for identical securities; | ||
| Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and | ||
| Level 3 significant unobservable inputs (including the Funds determinations as to the fair value of investments). |
7
Valuation Inputs | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Quoted | Other Significant | Significant | Market Value | |||||||||||||
Prices | Observable Inputs | Unobservable Inputs | at 9/30/10 | |||||||||||||
INVESTMENTS IN SECURITIES: |
||||||||||||||||
ASSETS (Market Value): |
||||||||||||||||
Common Stocks: |
||||||||||||||||
Energy and Energy Services |
$ | 277,789,489 | | $ | 0 | $ | 277,789,489 | |||||||||
Other Industries (a) |
553,511,542 | | | 553,511,542 | ||||||||||||
Total Common Stocks |
831,301,031 | | 0 | 831,301,031 | ||||||||||||
Convertible Preferred Stocks (a) |
4,011,850 | | | 4,011,850 | ||||||||||||
Warrants: |
||||||||||||||||
Energy and Energy Services |
| | 0 | 0 | ||||||||||||
Metals and Mining |
529,513 | $ | 688,842 | | 1,218,355 | |||||||||||
Total Warrants |
529,513 | 688,842 | 0 | 1,218,355 | ||||||||||||
Convertible Corporate Bonds |
743,391 | 12,548,125 | | 13,291,516 | ||||||||||||
Corporate Bonds |
| 17,940,689 | 860,931 | 18,801,620 | ||||||||||||
U.S. Government Obligations |
| 123,187,656 | | 123,187,656 | ||||||||||||
TOTAL INVESTMENTS IN SECURITIES ASSETS |
$ | 836,585,785 | $ | 154,365,312 | $ | 860,931 | $ | 991,812,028 | ||||||||
OTHER FINANCIAL INSTRUMENTS: |
||||||||||||||||
LIABILITIES (Market Value): |
||||||||||||||||
EQUITY CONTRACTS: |
||||||||||||||||
Call Options Written |
$ | (27,066,315 | ) | $ | (10,020,395 | ) | $ | | $ | (37,086,710 | ) | |||||
Put Options Written |
(1,088,670 | ) | (1,582,178 | ) | | (2,670,848 | ) | |||||||||
TOTAL OTHER FINANCIAL INSTRUMENTS
LIABILITIES |
$ | (28,154,985 | ) | $ | (11,602,573 | ) | $ | | $ | (39,757,558 | ) | |||||
(a) | Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings. |
8
Net change | ||||||||||||||||||||||||||||||||||||
in unrealized | ||||||||||||||||||||||||||||||||||||
appreciation/ | ||||||||||||||||||||||||||||||||||||
depreciation | ||||||||||||||||||||||||||||||||||||
Change in | during the | |||||||||||||||||||||||||||||||||||
Balance | Accrued | Realized | unrealized | Net | Transfers | Transfers | Balance | period on Level 3 | ||||||||||||||||||||||||||||
as of | discounts/ | gain/ | appreciation/ | purchases/ | into | out of | as of | investments held | ||||||||||||||||||||||||||||
12/31/09 | (premiums) | (loss) | depreciation | (sales) | Level 3 | Level 3 | 9/30/10 | at 9/30/10 | ||||||||||||||||||||||||||||
INVESTMENTS IN SECURITIES: |
||||||||||||||||||||||||||||||||||||
ASSETS (Market Value): |
||||||||||||||||||||||||||||||||||||
Common Stocks: |
||||||||||||||||||||||||||||||||||||
Energy and Energy Services |
$ | 0 | $ | | $ | | $ | | $ | | $ | | $ | | $ | 0 | $ | | ||||||||||||||||||
Warrants: |
||||||||||||||||||||||||||||||||||||
Energy and Energy Services |
0 | | | | | | | 0 | | |||||||||||||||||||||||||||
Corporate Bonds |
768,131 | 33,361 | | (404,561 | ) | 464,000 | | | 860,931 | (404,561 | ) | |||||||||||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES |
$ | 768,131 | $ | 33,361 | $ | | $ | (404,561 | ) | $ | 464,000 | $ | | $ | | $ | 860,931 | $ | (404,561 | ) | ||||||||||||||||
| The Funds policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period. |
9
10
Number of | ||||||||
Contracts | Premiums | |||||||
Options outstanding at December 31, 2009 |
164,312 | $ | 20,812,335 | |||||
Stock splits on options |
450 | | ||||||
Options written |
577,841 | 74,089,685 | ||||||
Options repurchased |
(235,835 | ) | (26,443,283 | ) | ||||
Options expired |
(263,762 | ) | (30,019,340 | ) | ||||
Options exercised |
(25,326 | ) | (3,607,895 | ) | ||||
Options outstanding at September 30, 2010 |
217,680 | $ | 34,831,502 | |||||
Liability Derivatives: | Market Value | |||
Equity Contracts |
$ | (39,757,558 | ) |
11
12
13
| Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information. |
| Information about your transactions with us. This would include information about the shares that you buy or sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide serviceslike a transfer agentwe will also have information about the transactions that you conduct through them. |
6.625% | ||||||||
Common | Preferred | |||||||
NYSE AmexSymbol: |
GGN | GGN PrA | ||||||
Shares Outstanding: |
50,202,965 | 3,955,687 |
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants 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 registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
By (Signature and Title)*
|
/s/ Bruce N. Alpert
|
By (Signature and Title)*
|
/s/ Bruce N. Alpert
|
By (Signature and Title)*
|
/s/ Agnes Mullady
|
* | Print the name and title of each signing officer under his or her signature. |