N-Q 1 d348887dnq.htm GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST BY GABELLI <![CDATA[GAMCO Global Gold, Natural Resources & Income Trust by Gabelli]]>

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21698

 

 

GAMCO Global Gold, Natural Resources & Income Trust by Gabelli (formerly, The Gabelli Global

Gold, Natural Resources & Income Trust)

(Exact name of registrant as specified in charter)

 

 

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

 

 

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: March 31, 2012

Form N-Q is to be used by management investment companies, other than small business investment companies registered on

Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 


Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

First Quarter Report — March 31, 2012

 

LOGO   LOGO   LOGO

 

Caesar Bryan

 

 

Barbara G. Marcin, CFA

 

 

Vincent Hugonnard-Roche

 

To Our Shareholders,

For the quarter ended March 31, 2012, the net asset value (“NAV”) total return of the GAMCO Global Gold, Natural Resources & Income Trust by Gabelli (the “Fund”) was 2.8%, compared with total returns of 5.0% and (2.9)% for the Chicago Board Options Exchange (“CBOE”) Standard & Poor’s (“S&P”) 500 Buy/Write Index and the Philadelphia Gold & Silver Index, respectively. The total return for the Fund’s publicly traded shares was 17.7%. On March 31, 2012, the Fund’s NAV per share was $14.70, while the price of the publicly traded shares closed at $16.16 on the NYSE Amex.

Enclosed is the schedule of investments as of March 31, 2012.

Comparative Results

 

 

Average Annual Returns through March 31, 2012 (a) (Unaudited)

 

    Since
Inception
(03/31/05)
   
     Quarter     1 Year     3 Year     5 Year      

GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

            

NAV Total Return (b)

     2.77     (11.44 )%      22.39     (0.71)   5.74%  

Investment Total Return (c)

     17.65        (4.90     12.33        (0.11)      6.28    

CBOE S&P 500 Buy/Write Index

     4.99        9.38        14.95        2.21       4.09    

Barclays Government/Credit Bond Index

     (0.07     8.40        7.03        6.19       5.60    

Amex Energy Select Sector Index

     4.28        (8.40     21.32        5.40       9.43    

Philadelphia Gold & Silver Index

     (2.87     (19.05     9.27        5.07       9.37    
(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. Performance returns for periods of less than one year are not  annualized. 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. 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 Barclays Government/Credit Bond Index is a  market value weighted index that tracks the performance of fixed rate, publicly placed, dollar denominated obligations. 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. 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.

 

 


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

Schedule of Investments — March 31, 2012 (Unaudited)

 

 

Shares         

Market

Value

 
 

COMMON STOCKS — 84.5%

  
 

Energy and Energy Services — 36.1%

  

  280,000     

Anadarko Petroleum Corp.

   $ 21,935,200   
  159,500     

Apache Corp.

     16,020,180   
  586,325     

Baker Hughes Inc.(a)

     24,590,470   
  585,000     

BG Group plc

     13,548,943   
  385,000     

BP plc, ADR(a)

     17,325,000   
  410,000     

Cameron International Corp.†

     21,660,300   
  250,000     

Canadian Natural Resources Ltd.

     8,295,000   
  500,000     

Canadian Oil Sands Ltd.

     10,546,895   
  100,000     

Chevron Corp.

     10,724,000   
  250,000     

Cobalt International Energy Inc.†

     7,507,500   
  307,692     

Comanche Energy Inc.†(b)(c)(d)

     0   
  3,800     

CVR Energy Inc.†

     101,650   
  170,000     

Devon Energy Corp.

     12,090,400   
  200,000     

Encana Corp.

     3,930,000   
  100,000     

Ensco plc, ADR

     5,293,000   
  75,000     

EOG Resources Inc.

     8,332,500   
  400,000     

Forest Oil Corp.†.

     4,848,000   
  65,000     

Galp Energia SGPS SA, Cl. B

     1,069,766   
  666,600     

Halliburton Co.(a)

     22,124,454   
  140,000     

Hess Corp.

     8,253,000   
  250,000     

Marathon Petroleum Corp.

     10,840,000   
  380,000     

Nabors Industries Ltd.†

     6,646,200   
  250,000     

National Oilwell Varco Inc.

     19,867,500   
  100,000     

Newfield Exploration Co.†

     3,468,000   
  650,000     

Nexen Inc.

     11,927,500   
  156,800     

Noble Energy Inc.

     15,331,904   
  50,000     

Occidental Petroleum Corp.

     4,761,500   
  25,000     

Oil States International Inc.†

     1,951,500   
  507,000     

Petroleo Brasileiro SA, ADR(a)

     13,465,920   
  200,000     

Rowan Companies Inc.†(a)

     6,586,000   
  168,000     

Royal Dutch Shell plc, Cl. A

     5,867,370   
  430,000     

Schlumberger Ltd.

     30,069,900   
  150,000     

Seadrill Ltd.

     5,626,500   
  250,000     

Statoil ASA, ADR

     6,777,500   
  739,500     

Suncor Energy Inc.(a)

     24,181,650   
  1,000,000     

Talisman Energy Inc.

     12,600,000   
  510,000     

Total SA, ADR

     26,071,200   
  123,200     

Transocean Ltd.(a)

     6,739,040   
  1,235,500     

Weatherford International Ltd.†(a)

     18,643,695   
  175,000     

Whiting Petroleum Corp.†

     9,502,500   
    

 

 

 
         459,121,637   
    

 

 

 
 

Metals and Mining — 48.4%

  
  769,000     

Agnico-Eagle Mines Ltd.(a)

     25,669,220   
  300,000     

Alacer Gold Corp.†

     2,553,511   
  393,000     

Anglo American plc

     14,690,354   
  683,500     

AngloGold Ashanti Ltd., ADR(a)

     25,234,820   
  439,000     

Antofagasta plc

     8,089,059   
  273,750     

AuRico Gold Inc.†

     2,428,162   
  750,000     

Avocet Mining plc

     2,212,092   
  1,005,000     

Barrick Gold Corp.(a)

     43,697,400   
Shares         

Market

Value

 
  176,100     

BHP Billiton Ltd., ADR(a)

   $ 12,749,640   
  1,070,000     

Centamin plc†

     1,190,736   
  300,000     

Compania de Minas Buenaventura SA, ADR

     12,093,000   
  684,105     

Comstock Mining Inc.†

     1,340,846   
  83,000     

Detour Gold Corp.†

     2,069,487   
  1,100,000     

Duluth Metals Ltd.†

     2,503,384   
  1,650,000     

Eldorado Gold Corp.

     22,662,790   
  400,000     

Extorre Gold Mines Ltd.†

     2,406,136   
  670,000     

Franco-Nevada Corp.

     28,809,765   
  62,500     

Franco-Nevada Corp.(d)

     2,687,478   
  439,900     

Freeport-McMoRan Copper & Gold Inc.(a)

     16,733,796   
  538,500     

Fresnillo plc

     13,763,962   
  2,258,400     

Gold Fields Ltd., ADR(a)

     31,391,760   
  100,000     

Gold Resource Corp.

     2,431,000   
  790,000     

Goldcorp Inc.(a)

     35,597,400   
  1,141,600     

Harmony Gold Mining Co. Ltd.,
ADR(a)

     12,477,688   
  1,779,700     

Hochschild Mining plc

     13,213,958   
  195,000     

Hummingbird Resources plc†

     413,268   
  555,000     

IAMGOLD Corp.

     7,375,950   
  433,542     

Ivanhoe Mines Ltd.†

     6,823,951   
  2,115,500     

Kinross Gold Corp., New York(a)

     20,710,745   
  3,592     

Kinross Gold Corp., Toronto

     35,111   
  175,000     

Kirkland Lake Gold Inc.†

     2,529,951   
  500,000     

La Mancha Resources Inc.†

     1,594,065   
  250,600     

Lundin Mining Corp., OTC†(a)

     1,117,676   
  1,400,000     

Lundin Mining Corp., Toronto†

     6,273,999   
  321,000     

MAG Silver Corp.†

     3,250,389   
  375,000     

Medusa Mining Ltd.

     1,957,758   
  1,069,725     

Newcrest Mining Ltd.(c)

     32,808,466   
  649,500     

Newmont Mining Corp.(a)

     33,299,865   
  165,000     

Osisko Mining Corp.†

     1,915,585   
  2,847,511     

PanAust Ltd.†

     8,966,775   
  211,300     

Peabody Energy Corp.(a)

     6,119,248   
  850,000     

Perseus Mining Ltd.†(e)

     2,138,954   
  300,000     

Queenston Mining Inc.†

     1,347,436   
  340,000     

Randgold Resources Ltd., ADR(a)

     29,913,200   
  385,129     

Red 5 Ltd.†

     763,963   
  698,400     

Red 5 Ltd., ASE†

     1,385,384   
  400,000     

Rio Tinto plc, ADR(a)

     22,236,000   
  1,800,000     

Romarco Minerals Inc.†

     1,786,556   
  382,077     

Royal Gold Inc.

     24,919,062   
  500,000     

SEMAFO Inc.

     2,666,800   
  1,060,000     

Silver Lake Resources Ltd.†

     3,744,187   
  457,015     

Vale SA, ADR(a)

     10,662,160   
  207,000     

Witwatersrand Consolidated Gold Resources Ltd.†

     1,092,882   
  1,008,305     

Xstrata plc

     17,224,402   
  1,400,000     

Yamana Gold Inc.(a)

     21,868,000   
    

 

 

 
       615,639,232   
    

 

 

 
 

TOTAL COMMON STOCKS

     1,074,760,869   
    

 

 

 
 

 

See accompanying notes to schedule of investments.

 

2


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

 

 

Shares         

Market

Value

 
 

CONVERTIBLE PREFERRED STOCKS — 0.3%

  

 

Metals and Mining — 0.3%

  
 

Vale Capital II

  
  10,000     

6.750% Cv. Pfd., Ser. VALE

   $ 634,200   
  35,000     

6.750% Cv. Pfd., Ser. VALP

           2,491,300   
    

 

 

 
 

TOTAL CONVERTIBLE PREFERRED STOCKS

     3,125,500   
    

 

 

 
 

WARRANTS — 0.0%

  
 

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 — 0.0%

  
  66,667     

Duluth Metals Ltd., expire 01/18/13†(c)

     0   
  87,500     

Franco-Nevada Corp., expire, expire
06/16/17†

     482,480   
    

 

 

 
       482,480   
    

 

 

 
 

TOTAL WARRANTS

     482,480   
    

 

 

 
Principal
Amount
            
 

CONVERTIBLE CORPORATE BONDS — 0.3%

  

 

Metals and Mining — 0.3%

  
$  2,800,000     

Detour Gold Corp., Cv.
5.500%, 11/30/17

     2,853,312   
  725,000 (f)   

Wesdome Gold Mines Ltd., Deb. Cv.
7.000%, 05/31/12(b)(c)(e)

     730,524   
    

 

 

 
 

TOTAL CONVERTIBLE CORPORATE BONDS

     3,583,836   
    

 

 

 
 

CORPORATE BONDS — 0.6%

  
 

Energy and Energy Services — 0.2%

  

  4,144,074     

Comanche Energy Inc., PIK,
15.500%, 10/01/12†(b)(c)(d)

     0   
  2,000,000     

OGX Petroleo e Gas Participacoes SA,
8.500%, 06/01/18(e)

     2,088,000   
  500,000     

Tesoro Corp.,
9.750%, 06/01/19

     572,500   
    

 

 

 
       2,660,500   
    

 

 

 
 

Metals and Mining — 0.4%

  
  5,000,000     

Xstrata Canada Corp.,
7.250%, 07/15/12

     5,092,715   
    

 

 

 
 

TOTAL CORPORATE BONDS

     7,753,215   
    

 

 

 
Principal
Amount
             

Market

Value

 
 

U.S. GOVERNMENT OBLIGATIONS — 14.3%

  

$ 182,320,000     

U.S. Treasury Bills,
0.010% to 0.130%††,
04/05/12 to 09/20/12(g)

    

  $ 182,278,779   
     

 

 

 
 

TOTAL INVESTMENTS — 100.0%
(Cost $1,380,654,333)

   

  $ 1,271,984,679   
     

 

 

 
 

Aggregate tax cost

  

  $ 1,393,705,555   
     

 

 

 
 

Gross unrealized appreciation

  

  $ 35,308,437   
 

Gross unrealized depreciation

  

    (157,029,313
     

 

 

 
 

Net unrealized appreciation/depreciation

   

  $ (121,720,876
     

 

 

 
Number of
Contracts
       

Expiration Date/

Exercise Price

   

Market

Value

 
 

OPTIONS CONTRACTS WRITTEN (h) — (2.0)%

  

 

Call Options Written — (1.5)%

  

  500     

Agnico-Eagle Mines Ltd.

    May 12/37.50      $ 28,500   
  3,000     

Alacer Gold Corp.(i)

    Jul. 12/11        45,115   
  2,300     

Anadarko Petroleum Corp.

    May 12/92.50        64,400   
  500     

Anadarko Petroleum Corp.

    Aug. 12/90        103,250   
  393     

Anglo American
plc(j)

    Jun. 12/2800        113,148   
  500     

AngloGold Ashanti Ltd., ADR

    Apr. 12/47        5,000   
  4,000     

AngloGold Ashanti Ltd., ADR

    Apr. 12/48        30,000   
  2,335     

AngloGold Ashanti Ltd., ADR

    Jul. 12/48        23,350   
  439     

Antofagasta plc(j)

    Jun. 12/1400        80,750   
  1,300     

Apache Corp.

    Apr. 12/105        122,200   
  2,700     

AuRico Gold Inc.

    Jun. 12/11        40,500   
  1,500     

Baker Hughes Inc.

    Apr. 12/55        6,750   
  1,863     

Baker Hughes Inc.

    Apr. 12/60        7,452   
  1,500     

Baker Hughes Inc.

    Apr. 12/65        1,500   
  1,000     

Baker Hughes Inc.

    Jul. 12/60        4,500   
  8,370     

Barrick Gold Corp.

    Jul. 12/49        669,600   
  1,680     

Barrick Gold Corp.

    Jul. 12/52.50        55,440   
  260     

BG Group plc(j)

    Apr. 12/1500        58,221   
  325     

BG Group plc(j)

    Sep. 12/1600        262,516   
  1,761     

BHP Billiton Ltd., ADR

    May 12/85        19,371   
  1,350     

BP plc, ADR

    Apr. 12/46        67,500   
  2,500     

BP plc, ADR

    Apr. 12/48        25,000   
  4,100     

Cameron International Corp.

    May 12/57.50        287,000   
  2,500     

Canadian Natural Resources Ltd.

    Jun. 12/44        18,750   
  5,000     

Canadian Oil Sands Ltd.(i)

    Jul. 12/25        87,724   
  1,000     

Chevron Corp.

    Jun. 12/110        187,000   
  2,500     

Cobalt International Energy Inc.

    Jul. 12/35        518,750   
 

 

See accompanying notes to schedule of investments.

 

3


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

 

 

Number of

Contracts

       

Expiration Date/

Exercise Price

   

Market

Value

 
 

OPTIONS CONTRACTS WRITTEN (h) (Continued)

  

 

Call Options Written (Continued)

  

 
  3,000     

Compania de Minas Buenaventura SA, ADR

    Jun. 12/44      $ 180,000   
  1,700     

Devon Energy Corp.

    Apr. 12/67.50        705,500   
  13,500     

Eldorado Gold Corp.(i)

    May 12/17        67,672   
  1,600     

Eldorado Gold Corp.(i)

    Aug. 12/12        96,245   
  3,000     

Eldorado Gold Corp.(i)

    Aug. 12/18        12,031   
  2,000     

Encana Corp.

    Jul. 12/21        150,000   
  1,000     

Ensco plc, ADR

    Jun. 12/57.50        128,000   
  750     

EOG Resources Inc.

    Apr. 12/85            1,940,625   
  4,000     

Forest Oil Corp.

    Aug. 12/15        250,000   
  1,600     

Franco-Nevada Corp.(i)

    Apr. 12/42        220,562   
  2,825     

Franco-Nevada Corp.(i)

    Jul. 12/42        785,942   
  1,300     

Franco-Nevada Corp.(i)

    Jul. 12/44        228,082   
  1,600     

Franco-Nevada Corp.(i)

    Oct. 12/46        312,798   
  2,200     

Freeport-McMoRan Copper & Gold Inc.

    May 12/45        41,800   
  2,199     

Freeport-McMoRan Copper & Gold Inc.

    May 12/49        15,393   
  2,700     

Gold Fields Ltd., ADR

    Apr. 12/17        8,100   
  7,484     

Gold Fields Ltd., ADR

    Jul. 12/16        172,132   
  12,400     

Gold Fields Ltd., ADR

    Jul. 12/18        74,400   
  1,400     

Goldcorp Inc.

    Apr. 12/50        15,400   
  5,100     

Goldcorp Inc.

    Jul. 12/50        586,500   
  1,400     

Goldcorp Inc.

    Jul. 12/55        55,300   
  2,500     

Halliburton Co.

    Apr. 12/45        7,500   
  1,400     

Halliburton Co.

    Apr. 12/47        3,500   
  2,000     

Harmony Gold Mining Co. Ltd., ADR

    May 12/12        40,000   
  1,000     

Harmony Gold Mining Co. Ltd., ADR

    Aug. 12/13        32,500   
  8,416     

Harmony Gold Mining Co. Ltd., ADR

    Aug. 12/15        84,160   
  500     

Hess Corp.

    May 12/65        31,750   
  900     

Hess Corp.

    May 12/70        15,300   
  2,700     

IAMGOLD Corp.

    Sep. 12/18        67,500   
  2,335     

Ivanhoe Mines Ltd.

    Jun. 12/21        46,700   
  2,000     

Ivanhoe Mines Ltd.

    Sep. 12/22        80,000   
  2,000     

Kinross Gold Corp.

    May 12/15        2,000   
  5,800     

Kinross Gold Corp.

    Aug. 12/13        110,200   
  750     

Kirkland Lake Gold Inc.(i)

    Jul. 12/17        22,558   
  8,000     

Lundin Mining Corp.(i)

    Apr. 12/5        52,133   
  8,506     

Lundin Mining Corp.(i)

    Jul. 12/6        59,694   
  500     

Marathon Petroleum Corp.

    Apr. 12/41        136,350   
  2,000     

Marathon Petroleum Corp.

    Jul. 12/42.50        700,000   
  1,800     

Nabors Industries Ltd.

    Sep. 12/24        68,400   
  2,000     

Nabors Industries Ltd.

    Sep. 12/25        58,000   
  2,100     

National Oilwell Varco Inc.

    May 12/80        693,000   
  400     

National Oilwell Varco Inc.

    Aug. 12/90        90,000   
  1,000     

Newfield Exploration Co.

    Sep. 12/40        167,500   
  3,250     

Newmont Mining Corp.

    Jun. 12/60        139,750   

Number of

Contracts

       

Expiration Date/

Exercise Price

   

Market

Value

 
  2,500     

Nexen Inc.

    Sep. 12/21      $         193,750   
  4,000     

Nexen Inc.

    Sep. 12/22        210,000   
  1,068     

Noble Energy Inc.

    May 12/100        312,390   
  500     

Noble Energy Inc.

    Aug. 12/105        187,500   
  250     

Occidental Petroleum Corp.

    Aug. 12/105        62,750   
  250     

Occidental Petroleum Corp.

    Aug. 12/110        36,000   
  250     

Oil States International Inc.

    Jun. 12/90        28,750   
  2,500     

PanAust Ltd.(k)

    Apr. 12/2.80        746,590   
  1,000     

Peabody Energy Corp.

    Jun. 12/36        43,000   
  1,550     

Randgold Resources Ltd., ADR

    Jun. 12/105        143,375   
  1,250     

Randgold Resources Ltd., ADR

    Jun. 12/115        31,250   
  600     

Randgold Resources Ltd., ADR

    Sep. 12/100        240,000   
  2,500     

Rio Tinto plc, ADR

    Apr. 12/60        75,000   
  1,500     

Rio Tinto plc, ADR

    Jul. 12/65        135,000   
  2,000     

Rowan Companies Inc.

    Apr. 12/34        110,000   
  168     

Royal Dutch Shell plc(j)

    Jun. 12/2200        151,823   
  597     

Royal Gold Inc.

    Jul. 12/67.50        179,100   
  500     

Royal Gold Inc.

    Jul. 12/70        103,750   
  600     

Royal Gold Inc.

    Jul. 12/72.50        85,500   
  2,123     

Royal Gold Inc.

    Jul. 12/77.50        132,687   
  2,300     

Schlumberger Ltd.

    May 12/75        234,600   
  1,200     

Schlumberger Ltd.

    May 12/75        122,400   
  800     

Schlumberger Ltd.

    May 12/80        19,200   
  1,500     

Seadrill Ltd.

    Jul. 12/36        412,500   
  2,500     

Statoil ASA, ADR

    Apr. 12/25        562,500   
  7,395     

Suncor Energy Inc.

    Jun. 12/37        343,868   
  2,500     

Talisman Energy Inc.

    Apr. 12/15        18,750   
  5,000     

Talisman Energy Inc.

    Apr. 12/17        37,500   
  2,600     

Total SA, ADR

    Aug. 12/55        325,000   
  2,500     

Total SA, ADR

    Aug. 12/57.50        162,500   
  1,232     

Transocean Ltd.

    May 12/55        343,728   
  1,320     

Vale SA, ADR

    Jun. 12/25        56,100   
  1,250     

Vale SA, ADR

    Jun. 12/27        17,500   
  2,000     

Vale SA, ADR

    Sep. 12/26        148,000   
  4,500     

Weatherford International Ltd.

    May 12/17        189,000   
  1,855     

Weatherford International Ltd.

    May 12/18        46,375   
  6,000     

Weatherford International Ltd.

    May 12/21        39,000   
  1,750     

Whiting Petroleum Corp.

    Jun. 12/57.50        433,125   
  756     

Xstrata plc(j)

    Mar. 12/1350        3,023   
  252     

Xstrata plc(j)

    May 12/1250        19,146   
  9,500     

Yamana Gold Inc.

    Apr. 12/17        104,500   
  4,500     

Yamana Gold Inc.

    Oct. 12/17        504,000   
     

 

 

 
 

TOTAL CALL OPTIONS WRITTEN
(Premiums received $39,683,986)

   

    19,038,794   
     

 

 

 
 

 

See accompanying notes to schedule of investments.

 

4


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

 

 

Number of

Contracts

       

Expiration Date/

Exercise Price

   

Market

Value

 
 

OPTIONS CONTRACTS WRITTEN (h) (Continued)

  

 

Put Options Written — (0.5)%

  

  700     

Apache Corp.

    Apr. 12/87.50      $ 11,900   
  1,000     

Baker Hughes Inc.

    Jul. 12/44        445,000   
  350     

Barrick Gold Corp.

    Apr. 12/43        35,350   
  140     

BG Group plc(j)

    Jun. 12/1450        183,442   
  1,000     

Cabot Oil & Gas Corp.

    Apr. 12/27.50        20,000   
  1,000     

Cabot Oil & Gas Corp.

    Apr. 12/30        68,000   
  4,000     

Cheniere Energy Inc.

    Jun. 12/10        160,000   
  6,000     

Cheniere Energy Inc.

    Jun. 12/11        390,000   
  1,000     

Chevron Corp.

    Jun. 12/100        165,000   
  1,000     

Devon Energy Corp.

    Apr. 12/55        3,500   
  2,500     

Encana Corp.

    Jul. 12/18        187,500   
  1,000     

FMC Technologies Inc.

    Apr. 12/42.50        12,500   
  1,500     

FMC Technologies Inc.

    Jul. 12/45        225,000   
  700     

Freeport-McMoRan Copper & Gold Inc.

    May 12/38        152,600   
  700     

Freeport-McMoRan Copper & Gold Inc.

    Aug. 12/38        276,500   
  6,000     

Gold Fields Ltd.

    Apr. 12/14        366,000   
  1,400     

Halliburton Co.

    Apr. 12/30        23,800   
  1,800     

Harmony Gold Mining Co. Ltd., ADR

    Aug. 12/11        189,000   
  1,000     

Hess Corp.

    May 12/50        38,500   
  2,800     

IAMGOLD Corp.

    Jun. 12/15        581,000   
  450     

Inmet Mining Corp.(i)

    Apr. 12/48        6,542   
  1,100     

Ivanhoe Mines Ltd.

    Sep. 12/16        244,750   
  1,100     

Ivanhoe Mines Ltd.

    Jan. 13/17.50        418,000   
  1,500     

Murphy Oil Corp.

    Jul. 12/55        465,000   
  1,500     

Nabors Industries Ltd.

    Jun. 12/17        173,250   
  3,000     

Nabors Industries Ltd.

    Sep. 12/16        418,500   
  500     

National Oilwell Varco Inc.

    Aug. 12/72.50        200,000   
  137,000     

Newcrest Mining Ltd.(k)

    Jun. 12/33.11        522,916   
  500     

Pioneer Natural Resources Co.

    Jun. 12/90        73,000   
  500     

Randgold Resources Ltd., ADR

    Sep. 12/85        405,000   
  300     

Royal Gold Inc.

    Jul. 12/65        121,500   
  1,000     

Transocean Ltd.

    May 12/40        10,000   
     

 

 

 
 

TOTAL PUT OPTIONS WRITTEN
(Premiums received $8,405,864)

   

    6,593,050   
     

 

 

 
 

 

TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received $48,089,850)

    

  $     25,631,844   
     

 

 

 
    

Market

Value

 

Aggregate premiums

   $     48,089,850   
  

 

 

 

Gross unrealized appreciation

   $ 27,534,240   

Gross unrealized depreciation

     (5,076,234
  

 

 

 

Net unrealized appreciation/depreciation

   $ 22,458,006   
  

 

 

 

 

(a)

Securities, or a portion thereof, with a value of $249,336,345 were pledged as collateral for options written.

(b)

Illiquid security.

(c)

Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At March 31, 2012, the market value of fair valued securities amounted to $33,538,990 or 2.64% of total investments.

(d)

At March 31, 2012, the Fund held investments in restricted securities amounting to $2,687,478 or 0.21% of investments, which were valued under methods approved by the Board of Trustees as follows:

 

Acquisition
Shares/
Principal

  Amount  

    Issuer   Acquisition
    Date    
  Acquisition
        Cost        
    03/31/12
Carrying
Value
  Per Unit  
 
  307,692     

Comanche Energy Inc.

  06/17/08   $ 1,849,998        —    
  62,500     

Franco-Nevada Corp.

  03/02/10     1,701,244      $   42.9996   
  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        —    
$ 4,144,074     

Comanche Energy Inc., PIK, 15.50%, 10/01/12

  06/17/08     4,078,464        —    
(e)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2012, the market value of Rule 144A securities amounted to $4,957,478 or 0.39% of total investments. Except as noted in (b), these securities are liquid.

(f)

Principal amount denoted in Canadian Dollars.

(g)

At March 31, 2012, $143,585,000 of the principal amount was pledged as collateral for options written.

(h)

At March 31, 2012, the Fund had entered into over-the-counter Option Contracts Written with Pershing LLC and Morgan Stanley.

(i)

Exercise price denoted in Canadian dollars.

(j)

Exercise price denoted in British pence.

(k)

Exercise price denoted in Australian dollars.

Non-income producing security.

††

Represents annualized yield at date of purchase.

ADR

American Depositary Receipt

PIK

Payment-in-kind

 

 

See accompanying notes to schedule of investments.

 

5


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

 

 

Geographic Diversification    % of
Market
Value
   

Market

Value

 

 

Long Positions

    

 

North America

     67.5   $ 859,282,577   

 

Europe

     16.5        209,327,846   

 

South Africa

     5.5        70,197,150   

 

Latin America

     5.3        67,471,242   

 

Asia/Pacific

     5.2        65,705,864   
  

 

 

   

 

 

 

Total Investments

     100.0   $ 1,271,984,679   
  

 

 

   

 

 

 

Short Positions

    

 

North America

     (1.8 )%    $ (22,983,536

 

Asia/Pacific

     (0.1     (1,269,506

 

Europe

     (0.1     (1,131,670

 

Latin America

     (0.0     (247,132
  

 

 

   

 

 

 

Total Investments

     (2.0 )%    $ (25,631,844
  

 

 

   

 

 

 
 

 

See accompanying notes to schedule of investments.

 

6


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

Notes to Schedule of Investments (Unaudited)

 

The Fund’s schedule of investments is prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), which may require the use of management estimates and assumptions. 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 schedule of investments.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the “Adviser”).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty 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 sixty 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

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 nonfinancial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with 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.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

   

Level 1 — quoted prices in active markets for identical securities;

   

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

   

Level 3 — significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

 

7


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2012 is as follows:

 

    Valuation Inputs        
    Level 1
 Quoted Prices 
    Level 2 Other Significant
Observable Inputs
    Level 3 Significant
Unobservable Inputs
    Total Market Value
at 3/31/12
 

INVESTMENTS IN SECURITIES:

       

ASSETS (Market Value):

       

Common Stocks:

       

Energy and Energy Services

    $  459,121,637         —                 $ 0                        $  459,121,637    

Metals and Mining

    582,830,766         $ 32,808,466                 —                        615,639,232    

 

 

Total Common Stocks

    1,041,952,403         32,808,466                 0                        1,074,760,869    

 

 

Convertible Preferred Stocks(a)

    3,125,500         —                 0                        3,125,500    

 

 

Warrants:

       

Energy and Energy Services

    —         —                 0                          

Metals and Mining

    482,480         —                 0                        482,480    

 

 

Total Warrants

    482,480         —                 0                        482,480    

 

 

Convertible Corporate Bonds(a)

    —         3,583,836                 —                        3,583,836    

Corporate Bonds(a)

    —         7,753,215                 0                        7,753,215    

U.S. Government Obligations

    —         182,278,779                 —                        182,278,779    

 

 

TOTAL INVESTMENTS IN SECURITIES – ASSETS

    $1,045,560,383         $226,424,296                 $ 0                        $1,271,984,679    

 

 

INVESTMENTS IN SECURITIES:

       

LIABILITIES (Market Value):

       

EQUITY CONTRACTS:

       

Call Options Written

    $     (9,783,606)        $   (9,255,188)                $—                        $   (19,038,794)   

Put Options Written

    (2,258,834)        (4,334,216)                —                        (6,593,050)   

 

 

TOTAL INVESTMENTS IN SECURITIES – LIABILITIES

    $   (12,042,440)        $ (13,589,404)                $—                        $   (25,631,844)   

 

 

 

(a) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

The Fund did not have material transfers between Level 1 and Level 2 during the period ended March 31, 2012. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

Additional Information to Evaluate Quantitative Information.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds is ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not

 

8


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

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. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At March 31, 2012, there were no short sales outstanding.

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 current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase 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 inability 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 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.

 

9


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of increasing the income of the Fund. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at March 31, 2012, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Swap Agreements. The Fund may enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an equity contract for difference swap, a set of future cash flows is 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. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at the time a 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. At March 31, 2012, the Fund held no investments in equity contract for difference swap agreements.

Options. The Fund may purchase or write call or put options on securities or indices for the purpose of increasing the income of the Fund. 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. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security.

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 the expiration date, but only to the extent of the premium paid.

 

10


GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

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 during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, 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 March 31, 2012 are reflected within the Schedule of Investments.

Tax Information. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

Under the Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward for an unlimited period capital losses incurred in years beginning after December 22, 2010. As a result of the rule, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

 

 

The Fund intends to generate current income from short-term gains primarily through its strategy of writing (selling) covered call options on the equity securities in its portfolio. Because of its primary strategy the Fund forgoes the opportunity to participate fully in the appreciation of the underlying equity security above the exercise price of the option. It also is subject to the risk of depreciation of the underlying equity security in excess of the premium received.

 

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.

 

11


AUTOMATIC DIVIDEND REINVESTMENT

AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

It is the policy of GAMCO Global Gold, Natural Resources & Income Trust by Gabelli (the “Fund”) to automatically reinvest dividends payable to common shareholders. As a “registered” shareholder, you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”). The Plan authorizes the Fund to credit shares of common stock 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 stock certificates to American Stock Transfer (“AST”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distribution in cash must submit this request in writing to:

GAMCO Global Gold, Natural Resources & Income Trust by Gabelli

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 dividends 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 shares 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 shares of 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 stock. The valuation date is the dividend or distribution payment date or, if that date is not a New York Stock Exchange (“NYSE”) 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 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 stock in the open market, or on the NYSE 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.

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 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 1st and 15th of the month. Funds not received at least five days before the investment date shall be held for investment until the next purchase date. A payment may be withdrawn without charge if notice is received by AST at least 48 hours before such payment is to be invested.

Shareholders wishing to liquidate shares held at AST must do so in writing or by telephone. Please submit your request to the above mentioned address or telephone number. Include in your request your name, address, and account number. The cost to liquidate shares is $1.00 per transaction as well as the brokerage commission incurred. Brokerage charges are expected to be less than the usual brokerage charge for such transactions.

For more information regarding the Dividend Reinvestment Plan and Voluntary Cash Purchase Plan, brochures are available by calling (914) 921-5070 or by writing directly to the Fund.

The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to the members of the Plan at least 90 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by AST on at least 90 days written notice to participants in the Plan.

 

12


GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST by Gabelli

AND YOUR PERSONAL PRIVACY

Who are we?

The GAMCO Global Gold, Natural Resources & Income Trust by Gabelli (the “Fund”) is a closed-end management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients.

What kind of non-public information do we collect about you if you become a Fund shareholder?

When you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer agent in order, for example, to participate in our dividend reinvestment plan.

 

 

Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

 

 

Information about your transactions with us. This would include information about the shares that you buy or sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the Fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

 

 

 


 

 

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LOGO

TRUSTEES AND OFFICERS

GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST by Gabelli

One Corporate Center, Rye, NY 10580-1422

 

Trustees

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

James P. Conn

Former Managing Director &

Chief Investment Officer,

Financial Security Assurance Holdings Ltd.

Mario d’Urso

Former Italian Senator

Vincent D. Enright

Former Senior Vice President &

Chief Financial Officer,

KeySpan Corp.

Frank J. Fahrenkopf, Jr.

President & Chief Executive Officer,

American Gaming Association

Michael J. Melarkey

Attorney-at-Law,

Avansino, Melarkey, Knobel & Mulligan

Salvatore M. Salibello

Certified Public Accountant,

Salibello & Broder, LLP

Anthonie C. van Ekris

Chairman, BALMAC International, Inc.

Salvatore J. Zizza

Chairman, Zizza & Associates Corp.

Officers

Bruce N. Alpert

President and Acting Chief Compliance Officer

Agnes Mullady

Treasurer & Secretary

Carter W. Austin

Vice President

Molly A.F. Marion

Vice President & Ombudsman

Laurissa M. Martire

Vice President & Ombudsman

David I. Schachter

Vice President

Investment Adviser

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

Custodian

The Bank of New York Mellon

Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

Transfer Agent and Registrar

American Stock Transfer and Trust Company

Stock Exchange Listing

 

    

Common

 

6.625%
Preferred

NYSE Amex–Symbol:

   GGN   GGN PrA

Shares Outstanding:

   78,023,199   3,955,687
 

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.

The NASDAQ symbol for the Net Asset Value is “XGGNX.”

 

For general information about the Gabelli Funds, call 800-GABELLI (800-422-3554), fax us at 914-921-5118, visit Gabelli Funds’ Internet homepage at: www.gabelli.com, or e-mail us at: closedend@gabelli.com

 

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may, from time to time, purchase its common shares in the open market when the Fund’s shares are trading at a discount of 7.5% or more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.


 

LOGO


Item 2. Controls and Procedures.

 

  (a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).  

 

  (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) GAMCO Global Gold, Natural Resources & Income Trust by Gabelli (formerly, The Gabelli Global Gold, Natural Resources & Income Trust)

By (Signature and Title)*   

/s/ Bruce N. Alpert

   Bruce N. Alpert, Principal Executive Officer
Date 5/30/12   

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 5/30/12   
By (Signature and Title)*   

/s/ Agnes Mullady

   Agnes Mullady, Principal Financial Officer and Treasurer
Date 5/30/12   

 

* Print the name and title of each signing officer under his or her signature.