N-Q 1 d87252dnq.htm GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST GAMCO Global Gold, Natural Resources & Income Trust

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                    

(Exact name of registrant as specified in charter)

One Corporate Center

                                             Rye, New York 10580-1422                                             

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

                                     Rye, New York 10580-1422                                    

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2015

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

Third Quarter Report — September 30, 2015

(Y)our Portfolio Management Team

 

LOGO

To Our Shareholders,

For the quarter ended September 30, 2015, the net asset value (“NAV”) total return of the GAMCO Global Gold, Natural Resources & Income Trust (the “Fund”) was (19.5)%, compared with total returns of (2.4)% and (26.8)% for the Chicago Board Options Exchange (“CBOE”) Standard & Poor’s (“S&P”) 500 Buy/Write Index and the Philadelphia Gold & Silver (“XAU”) Index, respectively. The total return for the Fund’s publicly traded shares was (20.3)%. The Fund’s NAV per share was $5.58, while the price of the publicly traded shares closed at $4.99 on the NYSE MKT. See below for additional performance information.

Enclosed is the schedule of investments as of September 30, 2015.

Comparative Results

 

Average Annual Returns through September 30, 2015 (a) (Unaudited)

  Since
    

Quarter

   

1 Year

   

5 Year

   

10 Year

 

Inception

(03/31/05)

GAMCO Global Gold, Natural Resources & Income Trust

          

NAV Total Return (b)

     (19.46 )%      (32.63 )%      (10.16 )%    (2.95)%   (1.47)%

Investment Total Return (c)

     (20.25     (38.46     (12.49   (4.24)   (2.96)

CBOE S&P 500 Buy/Write Index

     (2.38     0.36        7.32      4.24   4.62

Barclays Government/Credit Bond Index

     1.37        2.91        3.08      4.58   4.59

Amex Energy Select Sector Index

     (17.87     (30.46     3.95      3.32   5.45

XAU Index

     (26.75     (42.98     (25.16   (8.54)   (6.51)
  (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 Barclays Government/Credit Bond Index is a market value weighted index that tracks the performance of fixed rate, publicly placed, dollar denominated obligations. The XAU Index is an unmanaged indicator of stock market performance of large North American gold and silver companies. 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 MKT and reinvestment of distributions. Since inception return is based on an initial offering price of $20.00.

 


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments — September 30, 2015 (Unaudited)

 

 

 

Shares

         

Market

Value

 
   COMMON STOCKS — 84.1%   
   Energy and Energy Services — 30.6%   
  305,000       Anadarko Petroleum Corp.(a)    $ 18,418,950   
  150,000       Apache Corp.(a)      5,874,000   
  21,275       Baker Hughes Inc.      1,107,151   
  366,400       Cabot Oil & Gas Corp.(a)      8,009,504   
  255,000       Cameron International Corp.†(a)      15,636,600   
  130,000       Carrizo Oil & Gas Inc.†      3,970,200   
  100,000       Cheniere Energy Inc.†      4,830,000   
  950,000       Cobalt International Energy Inc.†(a)      6,726,000   
  80,000       Concho Resources Inc.†      7,864,000   
  130,000       CONSOL Energy Inc.(a)      1,274,000   
  80,000       Continental Resources Inc.†      2,317,600   
  336,000       CVR Refining LP      6,424,320   
  250,000       Devon Energy Corp.(a)      9,272,500   
  96,400       Diamondback Energy Inc.†      6,227,440   
  589,100       Encana Corp.      3,793,804   
  30,000       EOG Resources Inc.      2,184,000   
  16,800       FMC Technologies Inc.†      520,800   
  150,000       Halliburton Co.      5,302,500   
  50,100       Laredo Petroleum Inc.†      472,443   
  290,000       Marathon Oil Corp.(a)      4,466,000   
  350,000       Marathon Petroleum Corp.(a)      16,215,500   
  645,000       Nabors Industries Ltd.      6,095,250   
  15,000       Newfield Exploration Co.†      493,500   
  263,800       Noble Energy Inc.      7,961,484   
  50,000       Occidental Petroleum Corp.      3,307,500   
  430,000       Patterson-UTI Energy Inc.      5,650,200   
  23,200       Pioneer Natural Resources Co.      2,822,048   
  150,000       Plains GP Holdings LP, Cl. A      2,625,000   
  85,000       QEP Resources Inc.      1,065,050   
  142,500       Schlumberger Ltd.      9,828,225   
  290,000       SM Energy Co.(a)      9,291,600   
  70,000       Southwestern Energy Co.†      888,300   
  335,000       Suncor Energy Inc.(a)      8,951,200   
  170,000       Superior Energy Services Inc.      2,147,100   
  205,000       The Williams Companies Inc.      7,554,250   
  80,000       Total SA, ADR      3,576,800   
  300,000       Tullow Oil plc†      767,416   
  90,000       Valero Energy Corp.      5,409,000   
  500,000       Weatherford International plc†(a)      4,240,000   
  272,650       Whiting Petroleum Corp.†      4,163,366   
  200,000       WPX Energy Inc.†      1,324,000   
     

 

 

 
        219,068,601   
     

 

 

 
   Metals and Mining — 53.5%   
  1,226,000       Agnico Eagle Mines Ltd.(a)      31,042,320   
  2,567,045       Alamos Gold Inc., Cl. A      9,472,396   
  1,891,000       AngloGold Ashanti Ltd., ADR†(a)      15,487,290   
  879,180       Antofagasta plc      6,645,885   
  1,086,656       AuRico Metals Inc.†      537,424   
  3,868,500       B2Gold Corp.†      4,061,925   
  2,564,000       Barrick Gold Corp.(a)      16,307,040   

Shares

        

Market

Value

 
  155,000      BHP Billiton Ltd., ADR    $ 4,901,100   
  2,206,000      Centerra Gold Inc.      12,464,024   
  859,105      Comstock Mining Inc.†      532,645   
  1,171,700      Detour Gold Corp.†      12,494,036   
  3,029,700      Eldorado Gold Corp.(a)      9,755,634   
  761,700      Franco-Nevada Corp.      33,530,034   
  300,000      Freeport-McMoRan Inc.(a)      2,907,000   
  2,741,010      Fresnillo plc      24,526,245   
  2,885,000      Goldcorp Inc.(a)      36,120,200   
  333,566      Hochschild Mining plc†      353,220   
  40,000      Labrador Iron Ore Royalty Corp.      428,625   
  472,000      MAG Silver Corp.†      3,360,060   
  182,225      Newcrest Mining Ltd.†      1,621,803   
  1,149,800      Newmont Mining Corp.(a)      18,477,286   
  600,000      Osisko Gold Royalties Ltd.      6,339,453   
  850,000      Perseus Mining Ltd.†      178,344   
  1,147,200      Primero Mining Corp.†      2,672,976   
  906,500      Randgold Resources Ltd., ADR(a)      53,565,085   
  311,000      Rio Tinto plc, ADR(a)      10,518,020   
  2,800,000      Romarco Minerals Inc.†      986,137   
  573,577      Royal Gold Inc.(a)      26,946,648   
  5,909,090      Saracen Mineral Holdings Ltd.†      2,073,801   
  500,000      SEMAFO Inc.†      1,082,802   
  570,000      Sibanye Gold Ltd., ADR      2,644,800   
  1,428,500      Silver Wheaton Corp.      17,156,285   
  1,208,000      Tahoe Resources Inc.      9,349,920   
  3,121,000      Torex Gold Resources Inc.†      2,923,380   
  80,000      US Silica Holdings Inc.      1,127,200   
  108,475      Vale SA, Cl. P, ADR      363,391   
    

 

 

 
       382,954,434   
    

 

 

 
  TOTAL COMMON STOCKS      602,023,035   
    

 

 

 

Principal

Amount

            
  CONVERTIBLE CORPORATE BONDS — 1.0%   
  Metals and Mining — 1.0%   
$ 1,600,000     

B2Gold Corp., 3.250%, 10/01/18

     1,327,000   
  4,800,000     

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

     4,656,000   
  1,500,000 (b)   

Wesdome Gold Inc.,
7.000%, 05/24/17(c)(d)

     1,099,535   
    

 

 

 
       7,082,535   
    

 

 

 
 

TOTAL CONVERTIBLE
CORPORATE BONDS

     7,082,535   
    

 

 

 
  CORPORATE BONDS — 0.3%   
  Metals and Mining — 0.3%   
  1,725,000     

AuRico Gold Inc.,
Ser. 144A, 7.750%, 04/01/20(c)

     1,496,438   
 

 

See accompanying notes to schedule of investments.

 

2


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2015 (Unaudited)

 

 

 

Principal
Amount

         

Market

Value

 
   CORPORATE BONDS (Continued)   
   Metals and Mining (Continued)   
$ 600,000      

Kirkland Lake Gold Inc.,
7.500%, 12/31/17

   $ 433,870   
     

 

 

 
        1,930,308   
     

 

 

 
   TOTAL CORPORATE BONDS      1,930,308   
     

 

 

 
   U.S. GOVERNMENT OBLIGATIONS — 14.6%   
  104,950,000       U.S. Treasury Bills,
  0.000% to 0.240%††,
  10/01/15 to 03/31/16(e)
     104,942,705   
     

 

 

 
  

TOTAL INVESTMENTS — 100.0%
(Cost $1,309,263,068)

   $ 715,978,583   
     

 

 

 
  

Aggregate tax cost

   $ 1,342,224,501   
     

 

 

 
  

Gross unrealized appreciation

   $ 1,532,961   
  

Gross unrealized depreciation

     (627,778,879
     

 

 

 
  

Net unrealized appreciation/depreciation

   $ (626,245,918
     

 

 

 

 

Number of

Contracts

       

Expiration Date/
Exercise Price

  

Market

Value

 
 

OPTIONS CONTRACTS WRITTEN (f) — (2.6)%

  

 

Call Options Written — (2.0)%

  

  3,400     

Agnico Eagle Mines Ltd.

  Oct. 15/37    $ 13,600   
  1,650     

Agnico Eagle Mines Ltd.

  Nov. 15/34      42,900   
  2,560     

Agnico Eagle Mines Ltd.

  Dec. 15/31      191,539   
  650     

Agnico Eagle Mines Ltd.

  Jan. 16/27.50      145,275   
  2,500     

Agnico Eagle Mines Ltd.

  Jan. 16/34      182,500   
  1,500     

Agnico Eagle Mines Ltd.

  Jan. 16/35      87,000   
  2,800     

Alamos Gold Inc.

  Dec. 15/7.50      21,000   
  6,300     

Alamos Gold Inc.

  Dec. 15/36      337,806   
  1,500     

Alamos Gold Inc.

  Mar. 16/5      97,500   
  1,050     

Anadarko Petroleum Corp.

  Oct. 15/80      3,150   
  1,000     

Anadarko Petroleum Corp.

  Nov. 15/90      6,000   
  1,000     

Anadarko Petroleum Corp.

  Dec. 15/77.50      43,190   
  2,459     

AngloGold Ashanti Ltd., ADR

  Oct. 15/12      6,148   
  3,541     

AngloGold Ashanti Ltd., ADR

  Oct. 15/13      8,852   
  3,184     

AngloGold Ashanti Ltd., ADR

  Jan. 16/12      63,680   
  3,185     

AngloGold Ashanti Ltd., ADR

  Jan. 16/13      31,850   
  6,541     

AngloGold Ashanti Ltd., ADR

  Apr. 16/10      523,280   
  879     

Antofagasta plc(g)

  Oct. 15/780      0   
  325     

Apache Corp.

  Oct. 15/65      975   
  250     

Apache Corp.

  Oct. 15/75      250   
  460     

Apache Corp.

  Nov. 15/57.50      1,201   
  465     

Apache Corp.

  Jan. 16/50      37,200   
  5,000     

AuRico Gold Inc.

  Oct. 15/4.30      50   

Number of
Contracts

       

Expiration Date/
Exercise Price

  

Market

Value

 
  19,340     

B2Gold Corp.

  Nov. 15/1.75    $ 8,123   
  19,345     

B2Gold Corp.

  Jan. 16/1.50      49,717   
  4,058     

Barrick Gold Corp.

  Oct. 15/14      2,029   
  4,080     

Barrick Gold Corp.

  Oct. 15/15      4,080   
  5,000     

Barrick Gold Corp.

  Nov. 15/8      70,000   
  3,500     

Barrick Gold Corp.

  Nov. 15/10      12,250   
  5,440     

Barrick Gold Corp.

  Dec. 15/8      127,840   
  3,562     

Barrick Gold Corp.

  Dec. 15/9      42,744   
  275     

BHP Billiton Ltd., ADR

  Nov. 15/52.50      12,237   
  500     

BHP Billiton Ltd., ADR

  Nov. 15/55      22,250   
  775     

BHP Billiton Ltd., ADR

  Dec. 15/36      52,311   
  325     

Bill Barrett Corp.

  Dec. 15/8      1,625   
  1,221     

Cabot Oil & Gas Corp.

  Oct. 15/30      3,052   
  1,543     

Cabot Oil & Gas Corp.

  Nov. 15/30      15,430   
  900     

Cabot Oil & Gas Corp.

  Jan. 16/27.50      36,000   
  1,275     

Cameron International Corp.

  Nov. 15/55      1,007,250   
  640     

Cameron International Corp.

  Jan. 16/50      761,600   
  500     

Carrizo Oil & Gas Inc.

  Oct. 15/40      8,750   
  300     

Carrizo Oil & Gas Inc.

  Oct. 15/47.50      4,500   
  500     

Carrizo Oil & Gas Inc.

  Oct. 15/57.50      6,250   
  500     

Carrizo Oil & Gas Inc.

  Nov. 15/45      8,750   
  7,500     

Centerra Gold Inc.(h)

  Oct. 15/7      379,356   
  1,060     

Centerra Gold Inc.(h)

  Oct. 15/8      15,886   
  2,500     

Centerra Gold Inc.(h)

  Jan. 16/7      229,487   
  11,000     

Centerra Gold Inc.(h)

  Jan. 16/8      638,816   
  3,500     

Cobalt International Energy Inc.

  Oct. 15/12      8,750   
  2,500     

Cobalt International Energy Inc.

  Nov. 15/9      31,250   
  400     

Concho Resources Inc.

  Dec. 15/130      26,000   
  200     

Concho Resources Inc.

  Jan. 16/115      70,000   
  200     

Concho Resources Inc.

  Mar. 16/115      107,000   
  1,000     

CONSOL Energy Inc.

  Oct. 15/20      5,500   
  300     

CONSOL Energy Inc.

  Oct. 15/32      1,800   
  500     

CONSOL Energy Inc.

  Dec. 15/20      1,220   
  300     

CONSOL Energy Inc.

  Jan. 16/13      18,300   
  800     

Continental Resources Inc.

  Jan. 16/35      126,000   
  587     

Denbury Resources Inc.

  Dec. 15/8      1,468   
  1,000     

Detour Gold Corp.(h)

  Oct. 15/13      115,774   
  6,717     

Detour Gold Corp.(h)

  Oct. 15/14      437,901   
  4,000     

Detour Gold Corp.(h)

  Dec. 15/15      406,145   
  700     

Devon Energy Corp.

  Oct. 15/62.50      1,050   
  200     

Devon Energy Corp.

  Oct. 15/65      300   
  700     

Devon Energy Corp.

  Oct. 15/70      1,050   
  450     

Devon Energy Corp.

  Nov. 15/55      1,125   
  450     

Devon Energy Corp.

  Nov. 15/57.50      1,674   
  800     

Diamondback Energy Inc.

  Dec. 15/80      64,000   
  164     

Diamondback Energy Inc.

  Jan. 16/77.50      31,160   
  9,432     

Eldorado Gold Corp.

  Oct. 15/6      23,580   
  8,432     

Eldorado Gold Corp.

  Jan. 16/6      42,160   
 

 

See accompanying notes to schedule of investments.

 

3


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2015 (Unaudited)

 

 

 

Number of
Contracts

       

Expiration Date/
Exercise Price

  

Market
Value

 
 

OPTIONS CONTRACTS WRITTEN (f) (Continued)

  

 

Call Options Written (Continued)

  

  3,098     

Eldorado Gold Corp.

  Apr. 16/4.50    $ 69,705   
  1,250     

Encana Corp.

  Oct. 15/11      3,125   
  1,250     

Encana Corp.

  Oct. 15/15      3,125   
  3,391     

Encana Corp.

  Dec. 15/11.50      8,003   
  300     

EOG Resources Inc.

  Oct. 15/100      900   
  161     

FMC Technologies Inc.

  Oct. 15/40      1,208   
  237     

FMC Technologies Inc.

  Oct. 15/42.50      1,778   
  168     

FMC Technologies Inc.

  Nov. 15/39      2,940   
  1,000     

Franco-Nevada Corp.

  Oct. 15/50      20,000   
  930     

Franco-Nevada Corp.

  Oct. 15/52      1,795   
  1,000     

Franco-Nevada Corp.

  Nov. 15/47.50      120,090   
  1,937     

Franco-Nevada Corp.

  Dec. 15/45      487,562   
  1,000     

Franco-Nevada Corp.

  Jan. 16/45      340,000   
  1,750     

Franco-Nevada Corp.

  Feb. 16/50      366,275   
  400     

Freeport-McMoRan Inc.

  Nov. 15/21      2,000   
  700     

Freeport-McMoRan Inc.

  Nov. 15/22      2,100   
  400     

Freeport-McMoRan Inc.

  Nov. 15/25      2,600   
  1,500     

Freeport-McMoRan Inc.

  Jan. 16/10      208,500   
  400     

Freeport-McMoRan Inc.

  Jan. 16/15      12,000   
  950     

Fresnillo plc(g)

  Oct. 15/800      0   
  398     

Fresnillo plc(g)

  Nov. 15/640      75,259   
  175     

Fresnillo plc(g)

  Nov. 15/660      22,502   
  68     

Fresnillo plc(g)

  Nov. 15/680      5,143   
  730     

Fresnillo plc(g)

  Nov. 15/700      27,608   
  420     

Fresnillo plc(g)

  Dec. 15/720      28,591   
  1,750     

Goldcorp Inc.

  Oct. 15/20      5,250   
  5,000     

Goldcorp Inc.

  Oct. 15/21      7,500   
  6,350     

Goldcorp Inc.

  Oct. 15/22      9,525   
  5,000     

Goldcorp Inc.

  Oct. 15/23      5,000   
  2,500     

Goldcorp Inc.

  Dec. 15/17      36,575   
  8,250     

Goldcorp Inc.

  Jan. 16/17      206,250   
  212     

Halliburton Co.

  Oct. 15/45      636   
  500     

Halliburton Co.

  Oct. 15/47      1,500   
  500     

Halliburton Co.

  Nov. 15/43      11,000   
  200     

Halliburton Co.

  Jan. 16/43      11,800   
  1,120     

Icahn Enterprises LP

  Dec. 15/21      23,050   
  750     

Icahn Enterprises LP

  Jan. 16/20      58,500   
  501     

Laredo Petroleum Inc.

  Oct. 15/8      52,605   
  2,000     

MAG Silver Corp.(h)

  Jan. 16/10      97,415   
  450     

Marathon Oil Corp.

  Oct. 15/28      450   
  500     

Marathon Oil Corp.

  Oct. 15/33      250   
  950     

Marathon Oil Corp.

  Nov. 15/25      950   
  2,500     

Marathon Oil Corp.

  Dec. 15/57.50      83,750   
  1,000     

Marathon Petroleum Corp.

  Oct. 15/50      25,000   
  2,400     

Nabors Industries Ltd.

  Oct. 15/16      1,200   
  800     

Nabors Industries Ltd.

  Dec. 15/14      7,200   
  1,250     

Nabors Industries Ltd.

  Dec. 15/17      1,250   
  2,000     

Nabors Industries Ltd.

  Jan. 16/12      83,000   
  2,500     

Newmont Mining Corp.

  Oct. 15/19      13,750   
  3,000     

Newmont Mining Corp.

  Dec. 15/20      114,000   

Number of
Contracts

       

Expiration Date/
Exercise Price

  

Market
Value

 
  2,000     

Newmont Mining Corp.

  Dec. 15/25    $ 13,000   
  1,000     

Newmont Mining Corp.

  Jan. 16/19      63,000   
  3,000     

Newmont Mining Corp.

  Jan. 16/20      153,000   
  500     

Noble Corp. plc

  Oct. 15/15      1,000   
  425     

Noble Energy Inc.

  Nov. 15/47.50      1,062   
  700     

Noble Energy Inc.

  Nov. 15/50      1,750   
  500     

Noble Energy Inc.

  Jan. 16/37.50      32,500   
  250     

Occidental Petroleum Corp.

  Nov. 15/77.50      3,625   
  250     

Occidental Petroleum Corp.

  Jan. 16/75      21,500   
  3,000     

Osisko Gold Royalties Ltd.(h)

  Jan. 16/15      213,563   
  3,000     

Osisko Gold Royalties Ltd.(h)

  Jan. 16/16      140,502   
  1,500     

Patterson-UTI Energy Inc.

  Nov. 15/23      7,500   
  1,600     

Patterson-UTI Energy Inc.

  Dec. 15/16      130,752   
  600     

Patterson-UTI Energy Inc.

  Feb. 16/16      63,000   
  600     

Patterson-UTI Energy Inc.

  Feb. 16/17      51,000   
  150     

Pioneer Natural Resources Co.

  Dec. 15/155      16,350   
  1,500     

Plains GP Holdings LP, Cl. A

  Nov. 15/25      18,750   
  3,704     

Primero Mining Corp.

  Oct. 15/35      10,149   
  2,778     

Primero Mining Corp.

  Dec. 15/5      13,696   
  5,000     

Primero Mining Corp.

  Jan. 16/3      114,950   
  425     

QEP Resources Inc.

  Dec. 15/16      14,875   
  425     

QEP Resources Inc.

  Jan. 16/16      20,188   
  1,450     

Randgold Resources Ltd., ADR

  Oct. 15/70      18,125   
  1,500     

Randgold Resources Ltd., ADR

  Oct. 15/72.50      7,500   
  1,000     

Randgold Resources Ltd., ADR

  Dec. 15/67.50      167,500   
  1,000     

Randgold Resources Ltd., ADR

  Dec. 15/80      30,000   
  965     

Randgold Resources Ltd., ADR

  Dec. 15/82.50      21,712   
  2,650     

Randgold Resources Ltd., ADR

  Jan. 16/67.50      589,625   
  500     

Randgold Resources Ltd., ADR

  Jan. 16/82.50      20,000   
  1,010     

Rio Tinto plc, ADR

  Nov. 15/42.50      15,150   
  1,100     

Rio Tinto plc, ADR

  Dec. 15/40      51,953   
  1,000     

Rio Tinto plc, ADR

  Jan. 16/47.50      17,500   
  1,000     

Rosetta Resources Inc.

  Oct. 15/20      15,000   
  1,000     

Royal Gold Inc.

  Oct. 15/70      2,500   
  1,000     

Royal Gold Inc.

  Oct. 15/72.50      2,500   
  1,000     

Royal Gold Inc.

  Nov. 15/60      33,000   
  2,000     

Royal Gold Inc.

  Dec. 15/57.50      167,220   
  736     

Royal Gold Inc.

  Jan. 16/52.50      150,880   
  800     

Schlumberger Ltd.

  Nov. 15/90      3,200   
 

 

See accompanying notes to schedule of investments.

 

4


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2015 (Unaudited)

 

 

 

Number of
Contracts

       

Expiration Date/
Exercise Price

  

Market
Value

 
 

OPTIONS CONTRACTS WRITTEN (f) (Continued)

  

 

Call Options Written (Continued)

  

  325     

Schlumberger Ltd.

  Jan. 16/80    $ 25,025   
  5,000     

SEMAFO Inc.(h)

  Oct. 15/4.63      36   
  2,850     

Sibanye Gold Ltd., ADR

  Oct. 15/7.50      14,250   
  2,850     

Sibanye Gold Ltd., ADR

  Dec. 15/7.50      3,734   
  2,455     

Silver Wheaton Corp.

  Dec. 15/18      19,640   
  5,000     

Silver Wheaton Corp.

  Dec. 15/20      20,000   
  1,773     

Silver Wheaton Corp.

  Jan. 16/15      78,898   
  2,989     

Silver Wheaton Corp.

  Jan. 16/17      61,274   
  2,068     

Silver Wheaton Corp.

  Feb. 16/15      113,244   
  869     

SM Energy Co.

  Nov. 15/65      9,559   
  1,231     

SM Energy Co.

  Jan. 16/55      40,008   
  800     

SM Energy Co.

  Feb. 16/45      116,000   
  350     

Southwestern Energy Co.

  Dec. 15/22      875   
  1,675     

Suncor Energy Inc.

  Dec. 15/30      61,975   
  1,000     

Suncor Energy Inc.

  Jan. 16/29      85,000   
  675     

Suncor Energy Inc.

  Mar. 16/27      124,875   
  400     

Superior Energy Services Inc.

  Nov. 15/15      18,000   
  850     

Superior Energy Services Inc.

  Dec. 15/22.50      10,625   
  850     

Superior Energy Services Inc.

  Mar. 16/17.50      46,750   
  4,000     

Tahoe Resources Inc.

  Dec. 15/15      30,000   
  2,080     

Tahoe Resources Inc.

  Jan. 16/11      54,642   
  6,000     

Tahoe Resources Inc.

  Mar. 16/10      360,000   
  500     

The Williams Companies Inc.

  Nov. 15/57.50      12,500   
  700     

The Williams Companies Inc.

  Dec. 15/60      22,750   
  425     

The Williams Companies Inc.

  Jan. 16/44      27,625   
  15,000     

Torex Gold Resources Inc.(h)

  Jan. 16/1.50      131,847   
  400     

Total SA, ADR

  Nov. 15/52.50      6,000   
  400     

Total SA, ADR

  Jan. 16/50      30,400   
  150     

Tullow Oil plc(g)

  Oct. 15/460      0   
  150     

Tullow Oil plc(g)

  Nov. 15/460      0   
  200     

US Silica Holdings Inc.

  Dec. 15/22      6,000   
  100     

US Silica Holdings Inc.

  Dec. 15/34      1,250   
  100     

US Silica Holdings Inc.

  Dec. 15/35      1,250   
  200     

US Silica Holdings Inc.

  Jan. 16/25      5,500   
  500     

Valero Energy Corp.

  Dec. 15/67.50      62,500   
  400     

Valero Energy Corp.

  Jan. 16/65      96,000   
  2,500     

Weatherford International plc

  Oct. 15/14      2,500   
  1,250     

Weatherford International plc

  Nov. 15/10      42,500   
  1,250     

Weatherford International plc

  Dec. 15/11      40,000   
  350     

Whiting Petroleum Corp.

  Dec. 15/26      7,000   

Number of
Contracts

       

Expiration Date/
Exercise Price

  

Market
Value

 
  392     

Whiting Petroleum Corp.

  Dec. 15/39    $ 2,940   
  215     

Whiting Petroleum Corp.

  Jan. 16/25      9,138   
  115     

Whiting Petroleum Corp.

  Jan. 16/32.50      1,150   
  400     

Whiting Petroleum Corp.

  Jan. 16/37.50      3,000   
  450     

Whiting Petroleum Corp.

  Mar. 16/25      36,000   
  805     

Whiting Petroleum Corp.

  Mar. 16/26      48,300   
  1,000     

WPX Energy Inc.

  Nov. 15/15      2,500   
  1,000     

WPX Energy Inc.

  Feb. 16/7.50      95,000   
  19,625     

Yamana Gold Inc.

  Oct. 15/3.50      9,811   
  14,000     

Yamana Gold Inc.

  Dec. 15/2.75      61,740   
  5,000     

Yamana Gold Inc.

  Jan. 16/4      12,500   
      

 

 

 
 

TOTAL CALL OPTIONS WRITTEN
(Premiums received $41,651,647)

     14,049,889   
      

 

 

 
  Put Options Written — (0.6)%   
  500     

Continental Resources Inc.

  Jan. 16/20      52,500   
  2,000     

Detour Gold Corp.(h)

  Dec. 15/10      312,477   
  3,500     

Eldorado Gold Corp.

  Jan. 16/5      673,750   
  1,000     

Exxon Mobil Corp.

  Oct. 15/80      630,000   
  1,000     

Franco-Nevada Corp.

  Oct. 15/45      235,000   
  800     

Marathon Petroleum Corp.

  Oct. 15/48.75      257,600   
  1,500     

Oasis Petroleum Inc.

  Nov. 15/13      690,000   
  2,000     

Osisko Gold Royalties Ltd.(h)

  Jan. 16/13      134,882   
  4,000     

Silver Wheaton Corp.

  Dec. 15/11      304,000   
  250     

SM Energy Co.

  Nov. 15/55      597,500   
  250     

SM Energy Co.

  Jan. 16/55      602,500   
      

 

 

 
 

TOTAL PUT OPTIONS WRITTEN
(Premiums received $2,077,495)

     4,490,209   
      

 

 

 
 

TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received $43,729,142)

   $ 18,540,098   
      

 

 

 
 

Aggregate premiums

   $ (43,729,142
      

 

 

 
 

Gross unrealized appreciation

   $ 30,105,309   
 

Gross unrealized depreciation

     (4,916,265
      

 

 

 
 

Net unrealized appreciation/depreciation

   $ 25,189,044   
      

 

 

 

 

(a)

Securities, or a portion thereof, with a value of $235,774,889 were deposited with the broker as collateral for options written.

(b)

Principal amount denoted in Canadian Dollars.

(c)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015, the market value of Rule 144A securities amounted to $2,595,973 or 0.36% of total investments.

 

 

See accompanying notes to schedule of investments.

 

5


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2015 (Unaudited)

 

 

 

(d)

At September 30, 2015, the Fund held an investment in a restricted and illiquid security amounting to $1,099,535 or 0.15% of total investments, which was valued under methods approved by the Board of Trustees as follows:

 

Acquisition
Principal
Amount
 

Issuer

 

Acquisition

Date

 

Acquisition

Cost

   

09/30/15

Carrying

Value

Per Bond

 
$1,500,000(b)  

Wesdome Gold Inc. 7.000%, 05/24/17

  05/18/12   $ 1,473,695      $ 73.3023   

 

(e)

At September 30, 2015, $85,087,000 of the principal amount was pledged as collateral for options written.

(f)

At September 30, 2015, the Fund had written over-the-counter Option Contracts with Pershing LLC and Morgan Stanley.

(g)

Exercise price denoted in British pence.

(h)

Exercise price denoted in Canadian dollars.

Non-income producing security.

††

Represents annualized yield at date of purchase.

ADR

American Depositary Receipt

 

Geographic Diversification

  

%of

Total
Investments

   

Market

Value

 

Long Positions

    

North America

     79.4   $ 568,591,908   

Europe

     14.5        103,839,451   

South Africa

     2.6        18,132,090   

Latin America

     2.3        16,640,086   

Asia/Pacific

     1.2        8,775,048   
  

 

 

   

 

 

 

Total Investments

     100.0   $ 715,978,583   
  

 

 

   

 

 

 

Short Positions

    

North America

     (2.5 )%    $ (17,967,350

China

     (0.1     (406,145

Europe

     (0.0     (166,603
  

 

 

   

 

 

 

Total Investments

     (2.6 )%    $ (18,540,098
  

 

 

   

 

 

 
 

 

See accompanying notes to schedule of investments.

 

6


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited)

 

 

 

As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (“GAAP”) that may require the use of management estimates and assumptions in the preparation of its schedule of investments. 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 non-financial 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 American Depositary Receipt 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 Board’s determinations as to the fair value of investments).

 

7


GAMCO Global Gold, Natural Resources & Income Trust

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 September 30, 2015 is as follows:

 

     Valuation Inputs         
     Level 1
Quoted Prices
     Level 2 Other Significant
Observable Inputs
     Total Market Value
at 9/30/15
 

INVESTMENTS IN SECURITIES:

        

ASSETS (Market Value):

        

Common Stocks:

        

Energy and Energy Services

     $219,068,601          —          $219,068,601    

Metals and Mining

     381,332,631          $      1,621,803          382,954,434    

Total Common Stocks

     600,401,232          1,621,803          602,023,035    

Convertible Corporate Bonds(a)

     —          7,082,535          7,082,535    

Corporate Bonds(a)

     —          1,930,308          1,930,308    

U.S. Government Obligations

     —          104,942,705          104,942,705    

TOTAL INVESTMENTS IN SECURITIES – ASSETS

     $600,401,232          $  115,577,351          $715,978,583    

INVESTMENTS IN SECURITIES:

        

LIABILITIES (Market Value):

        

EQUITY CONTRACTS:

        

Call Options Written

     $  (7,455,043)         $    (6,594,846)         $(14,049,889)   

Put Options Written

     (4,042,850)         (447,359)         (4,490,209)   

TOTAL INVESTMENTS IN SECURITIES – LIABILITIES

     $(11,497,893)         $    (7,042,205)         $(18,540,098)   
(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 September 30, 2015. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

There were no Level 3 investments at September 30, 2015.

Additional Information to Evaluate Qualitative 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 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. A significant change in the unobservable inputs could result in a lower or higher value in

 

8


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

 

Level 3 securities. 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.

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 September 30, 2015, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

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.

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.

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. 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,

 

9


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

 

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 September 30, 2015 are reflected within the Schedule of Investments.

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (“CFTC”). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (“CEA”), the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund as of January 1, 2013. These trading restrictions permit the Fund to engage in commodity interest transactions that include (i) “bona fide hedging” transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the Fund’s commodity interest transactions would not exceed 100% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures, and financial futures contracts). As a result, in the future, the Fund will be more limited in its ability to use these instruments than in the past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund’s performance.

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 September 30, 2015, 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

 

10


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

 

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.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of September 30, 2015, refer to 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.

 

11


GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Caesar M. P. Bryan joined GAMCO Asset Management in 1994. He is a member of the global investment team of Gabelli Funds, LLC and portfolio manager of several funds within the Gabelli/GAMCO Fund Complex. Prior to joining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began his investment career at Samuel Montagu Company, the London based merchant bank. Mr. Bryan graduated from the University of Southampton in England with a Bachelor of Law and is a member of the English Bar.

Barbara G. Marcin, CFA, joined GAMCO Investors, Inc. in 1999 and currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Prior to joining GAMCO, Ms. Marcin was head of value investments at Citibank Global Asset Management. Ms. Marcin graduated with Distinction as an Echols Scholar from the University of Virginia and holds an MBA degree from Harvard University’s Graduate School of Business.

Vincent Hugonnard-Roche joined GAMCO Investors, Inc. in 2000. He is Director of Quantitative Strategies, head of the Gabelli Risk Management Group, serves as a portfolio manager of Gabelli Funds, LLC, and manages several funds within the Gabelli/GAMCO Fund Complex. He received a Master’s degree in Mathematics of Decision Making from EISITI, France and an MS in Finance from ESSEC, France.

 

 

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. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

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.”

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.


GAMCO GLOBAL GOLD, NATURAL RESOURCES

& INCOME TRUST

One Corporate Center

Rye, NY 10580-1422

t  800-GABELLI (800-422-3554)

f  914-921-5118

e  info@gabelli.com

    GABELLI.COM

 

 

 

TRUSTEES   OFFICERS

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

 

James P. Conn

Former Managing Director &

Chief Investment Officer,

Financial Security Assurance

Holdings Ltd.

 

Vincent D. Enright

Former Senior Vice President &

Chief Financial Officer,

KeySpan Corp.

 

Frank J. Fahrenkopf, Jr.

Former President &

Chief Executive Officer,

American Gaming Association

 

Michael J. Melarkey

Of Counsel,

McDonald Carano Wilson LLP

 

Salvatore M. Salibello, CPA

Partner,

Salibello & Company

 

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

 

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

 

Bruce N. Alpert

President

 

Andrea R. Mango

Secretary & Vice President

 

Agnes Mullady

Treasurer

 

Richard J. Walz

Chief Compliance Officer

 

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

 

 

GGN Q3/2015

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 (Signature and Title)*

 

  /s/ Bruce N. Alpert

 

      Bruce N. Alpert, Principal Executive Officer

 

Date

 

    11/25/2015

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

 

    11/25/2015

 

By (Signature and Title)*

 

  /s/ Agnes Mullady

 

       Agnes Mullady, Principal Financial Officer and Treasurer

 

Date

 

    11/25/2015

 

* 

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