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, 2017

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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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, 2017

 

LOGO

To Our Shareholders,

For the quarter ended September 30, 2017, the net asset value (“NAV”) total return of the GAMCO Global Gold, Natural Resources & Income Trust (the “Fund”) was 1.8%, compared with total returns of 2.5% and 4.9% 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 4.6%. The Fund’s NAV per share was $5.48, while the price of the publicly traded shares closed at $5.61 on the NYSE American. See below for additional performance information.

Enclosed is the schedule of investments as of September 30, 2017.

Comparative Results

 

Average Annual Returns through September 30, 2017 (a) (Unaudited)

     Since  
                                        Inception  
     Quarter      1 Year      3 Year      5 Year      10 Year      (03/31/05)  

GAMCO Global Gold, Natural Resources & Income Trust

                 

NAV Total Return (b)

     1.83%         (0.63)%        (5.04)%        (6.26)%        (5.03)%        0.68%   

Investment Total Return (c)

     4.62            (1.08)           (3.24)           (5.86)           (4.50)           0.57      

CBOE S&P 500 Buy/Write Index

     2.54            12.84            7.10            7.64            4.84            5.56      

Bloomberg Barclays Government/Credit Bond Index

     0.76            (0.07)           2.84            2.09            4.31            4.30      

Energy Select Sector Index

     7.00            0.19            (6.15)           1.22            1.38            6.03      

XAU Index

     4.92            (9.47)           2.26            (13.98)           (5.57)           0.34      

 

  (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 Bloomberg 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 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 American 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, 2017 (Unaudited)

 

 

Shares

              

Market

Value

 
  

COMMON STOCKS — 86.3%

  
  

Energy and Energy Services — 38.3%

 

  135,000     

Anadarko Petroleum Corp.(a)

     $ 6,594,750  
  36,400     

Andeavor(a)

     3,754,660  
  113,000     

Apache Corp.(a)

     5,175,400  
  140,075     

Baker Hughes a GE Co.(a)

     5,129,547  
  328,800     

BP plc, ADR(a)

     12,635,784  
  140,500     

Cabot Oil & Gas Corp.

     3,758,375  
  40,000     

Cheniere Energy Inc.†

     1,801,600  
  214,000     

Chevron Corp.(a)

     25,145,000  
  28,000     

Cimarex Energy Co

     3,182,760  
  34,000     

Concho Resources Inc.†

     4,478,480  
  125,000     

ConocoPhillips(a)

     6,256,250  
  125,000     

Devon Energy Corp.(a)

     4,588,750  
  78,700     

Diamondback Energy Inc.†(a)

     7,709,452  
  117,620     

Enbridge Inc.

     4,921,221  
  450,001     

Eni SpA

     7,445,950  
  143,000     

EOG Resources Inc.(a)

     13,833,820  
  46,000     

EQT Corp.

     3,001,040  
  503,000     

Exxon Mobil Corp.(a)

     41,235,940  
  234,000     

Halliburton Co.(a)

     10,771,020  
  32,000     

Helmerich & Payne Inc.

     1,667,520  
  45,000     

Hess Corp.(a)

     2,110,050  
  420,000     

Kinder Morgan Inc.(a)

     8,055,600  
  210,000     

Marathon Oil Corp.

     2,847,600  
  122,500     

Marathon Petroleum Corp.(a)

     6,869,800  
  45,000     

Newfield Exploration Co.†

     1,335,150  
  119,854     

Noble Energy Inc.

     3,399,059  
  81,000     

Occidental Petroleum Corp.(a)

     5,201,010  
  75,500     

ONEOK Inc.

     4,183,455  
  30,000     

Patterson-UTI Energy Inc.

     628,200  
  114,500     

Phillips 66

     10,489,345  
  54,000     

Pioneer Natural Resources Co.(a)

     7,967,160  
  60,000     

Range Resources Corp.

     1,174,200  
  840,000     

Royal Dutch Shell plc, Cl. A

     25,309,070  
  303,766     

Schlumberger Ltd.(a)

     21,190,716  
  171,500     

Suncor Energy Inc.(a)

     6,007,645  
  80,900     

Sunoco LP

     2,515,990  
  113,000     

TechnipFMC plc†(a)

     3,154,960  
  254,500     

The Williams Companies Inc.(a)

     7,637,545  
  267,400     

Total SA, ADR(a)

     14,311,248  
  140,000     

Valero Energy Corp.(a)

     10,770,200  
        

 

 

 
          318,245,322  
        

 

 

 
  

Metals and Mining — 48.0%

  
  710,000     

Acacia Mining plc

     1,848,567  
  672,000     

Agnico Eagle Mines Ltd.(a)

     30,381,120  
  1,580,000     

Alacer Gold Corp.†

     2,760,489  
  2,510,045     

Alamos Gold Inc., Cl. A(a)

     16,967,904  
  723,000     

AngloGold Ashanti Ltd., ADR(a)

     6,716,670  
  300,180     

Antofagasta plc

     3,817,262  
  700,000     

Asanko Gold Inc.†

     661,992  
  3,086,656     

AuRico Metals Inc.†

     3,116,960  

Shares

              

Market

Value

 
  3,800,000     

B2Gold Corp.†

     $ 10,640,000  
  768,100     

Barrick Gold Corp.(a)

     12,358,729  
  2,400,000     

Belo Sun Mining Corp.†

     1,077,139  
  3,000,000     

Centamin plc

     5,824,970  
  1,725,000     

Continental Gold Inc.†

     4,175,115  
  1,010,000     

Detour Gold Corp.†

     11,138,129  
  1,579,800     

Eldorado Gold Corp.(a)

     3,475,560  
  506,434     

Eldorado Gold Corp.

     1,112,105  
  900,000     

Fortuna Silver Mines Inc.†

     3,942,000  
  360,000     

Franco-Nevada Corp.(a)

     27,892,800  
  1,596,636     

Fresnillo plc

     30,059,812  
  587,000     

Gold Fields Ltd., ADR

     2,529,970  
  859,000     

Goldcorp Inc.(a)

     11,132,640  
  4,676,832     

Hochschild Mining plc

     14,382,636  
  500,000     

Klondex Mines Ltd.†

     1,823,282  
  40,000     

Labrador Iron Ore Royalty Corp.

     634,743  
  560,000     

MAG Silver Corp.†

     6,269,846  
  1,194,725     

Newcrest Mining Ltd.

     19,724,910  
  459,800     

Newmont Mining Corp.(a)

     17,247,098  
  596,100     

Northern Dynasty Minerals Ltd.†

     1,070,137  
  1,895,000     

Northern Star Resources Ltd.

     7,343,002  
  3,000,000     

OceanaGold Corp.

     9,064,316  
  590,000     

Osisko Gold Royalties Ltd.

     7,612,903  
  500,000     

Osisko Mining Inc.†

     1,759,167  
  150,000     

Osisko Mining Inc.†(b)

     501,362  
  850,000     

Perseus Mining Ltd.†

     224,805  
  40,000     

Polyus PJSC, GDR

     1,549,600  
  109,600     

Pretium Resources Inc., New York†

     1,014,896  
  150,400     

Pretium Resources Inc., Toronto†

     1,392,202  
  427,900     

Randgold Resources Ltd., ADR(a)

     41,788,714  
  762,200     

Richmont Mines Inc.†

     7,104,296  
  300,500     

Rio Tinto plc, ADR(a)

     14,180,595  
  285,000     

Royal Gold Inc.(a)

     24,521,400  
  2,954,500     

Saracen Mineral Holdings Ltd.†

     3,047,525  
  850,000     

SEMAFO Inc.†

     2,248,046  
  1,060,000     

Tahoe Resources Inc.(a)

     5,586,200  
  590,000     

Torex Gold Resources Inc.†

     9,244,240  
  600,000     

Wesdome Gold Mines Ltd.†

     1,048,287  
  360,700     

Wheaton Precious Metals Corp.(a)

     6,885,763  
        

 

 

 
          398,899,904  
        

 

 

 
  

TOTAL COMMON STOCKS

       717,145,226  
        

 

 

 
  

CONVERTIBLE PREFERRED STOCKS — 0.4%

 

  

Energy and Energy Services — 0.4%

 

  82,300     

Kinder Morgan Inc.,
9.750%, Series A

     3,501,865  
        

 

 

 
  

EXCHANGE TRADED FUNDS — 0.7%

 

  590,000     

United States Oil Fund LP†

     6,153,700  
        

 

 

 
 

 

See accompanying notes to schedule of investments.

 

2


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2017 (Unaudited)

 

 

Shares

            

Market

Value

 
 

WARRANTS — 0.0%

  
 

Metals and Mining — 0.0%

 

  150,000    

Osisko Mining Inc., expire
08/28/18†(b)(c)

   $ 45,125  
      

 

 

 

Principal
Amount

                
 

CONVERTIBLE CORPORATE BONDS — 0.8%

 

 

Metals and Mining — 0.8%

 

  $  1,600,000    

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

     1,663,000  
  4,800,000    

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

     4,824,000  
  250,000    

Pretium Resources Inc.,
2.250%, 03/15/22(b)

     233,437  
      

 

 

 
       6,720,437  
      

 

 

 
 

CORPORATE BONDS — 1.8%

  
 

Energy and Energy Services — 0.4%

 

  1,000,000    

CONSOL Energy Inc., 5.875%, 04/15/22

     1,015,000  
  1,000,000    

The Williams Companies Inc., 7.875%, 09/01/21

     1,180,000  
  1,000,000    

Weatherford International Ltd., 7.750%, 06/15/21

     1,043,750  
      

 

 

 
       3,238,750  
      

 

 

 
 

Metals and Mining — 1.4%

  
  2,000,000    

Cia Minera Ares SAC, 7.750%, 01/23/21(b)(c)

     2,107,500  
  2,000,000    

Freeport-McMoRan Inc., 3.550%, 03/01/22

     1,974,380  
  2,500,000    

Gold Fields Orogen Holdings BVI Ltd., 4.875%, 10/07/20(b)

     2,575,000  
  2,000,000    

IAMGOLD Corp., 7.000%, 04/15/25(b)

     2,117,500  
  600,000 (d)   

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

     588,555  
  2,000,000    

New Gold Inc., 6.250%, 11/15/22(b)

     2,082,500  
      

 

 

 
       11,445,435  
      

 

 

 
 

TOTAL CORPORATE BONDS

     14,684,185  
      

 

 

 
 

U.S. GOVERNMENT OBLIGATIONS — 15.0%

 

  125,200,000    

U.S. Treasury Bills,
0.972% to 1.145%††,
11/02/17 to 03/15/18(e)

     124,885,148  
      

 

 

 
 

PURCHASED OPTIONS — 0.0%
(Cost $241,745)

     33,000  
      

 

 

 
 

TOTAL INVESTMENTS BEFORE OPTIONS WRITTEN — 105.0%
(Cost $996,053,238)

   $ 873,168,686  
      

 

 

 
               

Market

Value

 
  

Aggregate tax cost

   $ 1,076,241,536  
  

Gross unrealized appreciation

   $ 14,193,719  
  

Gross unrealized depreciation

     (217,266,569
       

 

 

 
  

Net unrealized appreciation/depreciation

   $ (203,072,850
       

 

 

 
  

WRITTEN OPTIONS — (5.0)%
(Premiums received $38,452,930)

   $ (41,776,715
  

Aggregate premiums

   $ (38,452,930
       

 

 

 
  

Gross unrealized appreciation

   $ 10,804,660  
  

Gross unrealized depreciation

     (14,128,445
       

 

 

 
  

Net unrealized appreciation/depreciation

   $ (3,323,785
       

 

 

 
  

TOTAL INVESTMENTS — 100.0%
(Cost $957,600,308)

   $ 831,391,971  
       

 

 

 

 

 

(a)   

Securities, or a portion thereof, with a value of $308,673,345 were deposited with the broker as collateral for securities sold short and options written.

(b)   

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, 2017, the market value of Rule 144A securities amounted to $9,662,424 or 1.16% of total investments.

(c)   

At September 30, 2017, the Fund held investments in restricted and illiquid securities amounting to $ 2,152,625 or 0.26% of total investments, which were valued under methods approved by the Board of Trustees as follows:

 

Acquisition
Shares/
Principal
Amount

   

Issuer

  Acquisition
Dates
  Acquisition
Cost
    09/30/17
Carrying
Value

Per
Share/
Bond
 
  $2,000,000    

Cia Minera Ares SAC.
7.750%, 01/23/21

  03/18/16-
03/31/16
  $ 1,981,837       1,053.7500  
  150,000    

Osisko Mining Inc., expire 08/28/18

  02/17/17     68,706       0.3008  

 

(d)

  Principal amount denoted in Canadian Dollars.

(e)

  At September 30, 2017, $57,805,000 of the principal amount was pledged as collateral for options written.

  Non-income producing security.

††

  Represents annualized yield at date of purchase.

ADR

  American Depositary Receipt

GDR

  Global Depositary Receipt
 

 

See accompanying notes to schedule of investments.

 

3


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2017 (Unaudited)

 

 

Geographic Diversification

   % of Total
Investments
 

Market
Value

Long Positions

        

United States

       48.6 %     $ 403,780,341

Canada

       27.2       226,575,351

Europe.

       21.2       176,309,146

Asia/Pacific

       3.7       30,340,242

Latin America

       3.2       26,916,966

South Africa

       1.1       9,246,640
    

 

 

     

 

 

 

Total Investments

       105.0 %     $ 873,168,686
    

 

 

     

 

 

 

Geographic Diversification

   % of Total
Investments
 

Market
Value

Short Positions

        

United States

       (4.4 )%     $ (37,056,386 )

Europe.

       (0.3 )       (2,201,939 )

Canada

       (0.2 )       (1,735,925 )

Asia/Pacific Rim

       (0.1 )       (782,465 )
    

 

 

     

 

 

 

Total Investments

       (5.0 )%     $ (41,776,715 )
    

 

 

     

 

 

 
 

 

As of September 30, 2017, options purchased outstanding were as follows:

 

Description    Number of
Contracts
     Notional
Amount
     Exercise
Price
     Expiration
Date
     Market
Value
 

 

 

Exchange Traded Call Options Purchased — 0.0%

              

VanEck Vectors Gold Miners ETF

     3,000        USD     6,888,000        USD     26.00        11/17/17      $ 33,000  
              

 

 

 

TOTAL EXCHANGE TRADED CALL OPTIONS PURCHASED

               $ 33,000  
              

 

 

 

As of September 30, 2017, options written outstanding were as follows:

 

Description    Counterparty    Number of
Contracts
    

Notional

Amount

    

Exercise

Price

    

Expiration

Date

  

Market

Value

 

 

 

OTC Call Options Written — (2.0)%

                    

Agnico Eagle Mines Ltd.

   Pershing LLC      2,090      USD      9,448,890      USD      52.50      12/15/17    $ 104,085  

Alacer Gold Corp.

   Pershing LLC      7,200      USD      4,867,200      USD      8.50      11/17/17      35,352  

Anadarko Petroleum Corp.

   Pershing LLC      200      USD      977,000      USD      42.50      12/15/17      143,570  

Andeavor

   Pershing LLC      105      USD      1,083,075      USD      95.00      10/20/17      81,817  

AngloGold Ashanti Ltd., ADR

   Pershing LLC      1,680      USD      1,560,720      USD      10.00      12/15/17      70,074  

Antofagasta plc

   Morgan Stanley      300      GBp      2,847,000      GBp      920.00      11/17/17      207,552  

Apache Corp.

   Pershing LLC      375      USD      1,717,500      USD      42.50      11/17/17      149,839  

Apache Corp.

   Pershing LLC      380      USD      1,740,400      USD      42.50      12/15/17      169,814  

B2Gold Corp.

   The Goldman Sachs Group, Inc.      4,050      USD      1,134,000      USD      3.93           135,473  

B2Gold Corp.

   Pershing LLC      9,000      USD      2,520,000      USD      2.75      12/15/17      232,343  

B2Gold Corp.

   Pershing LLC      6,000      USD      1,680,000      USD      3.00      12/15/17      95,703  

Baker Hughes, a GE Co.

   Pershing LLC      450      USD      1,647,900      USD      35.00      11/17/17      117,788  

Baker Hughes, a GE Co.

   Pershing LLC      450      USD      1,647,900      USD      37.50      12/15/17      58,682  

Barrick Gold Corp.

   Pershing LLC      2,150      USD      3,459,350      USD      15.50      11/17/17      239,489  

Barrick Gold Corp.

   Pershing LLC      2,230      USD      3,588,070      USD      17.00      12/15/17      109,244  

BP plc, ADR

   Pershing LLC      988      USD      3,796,884      USD      35.00      11/17/17      301,093  

BP plc, ADR

   Pershing LLC      1,250      USD      4,803,750      USD      37.00      12/15/17          206,682  

 

See accompanying notes to schedule of investments.

 

4


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2017 (Unaudited)

 

 

Description    Counterparty    Number of
Contracts
    

Notional

Amount

    

Exercise

Price

    

Expiration

Date

  

Market

Value

 

 

 

Chevron Corp.

   Pershing LLC      780      USD      9,165,000      USD      105.00      10/20/17    $     990,717  

Chevron Corp.

   Pershing LLC      600      USD      7,050,000      USD      107.50      11/17/17      577,986  

Chevron Corp.

   Pershing LLC      760      USD      8,930,000      USD      105.00      12/15/17      923,962  

Deere & Co.

   Pershing LLC      470      USD      2,352,350      USD      46.00      12/15/17      217,589  

Devon Energy Corp.

   Pershing LLC      400      USD      1,468,400      USD      35.00      12/15/17      123,348  

Enbridge Inc.

   Pershing LLC      600      USD      2,510,400      USD      40.00      12/15/17      117,906  

Eni SpA

   Morgan Stanley      300      EUR      2,100,000      EUR      13.00      10/20/17      170,760  

Eni SpA

   Morgan Stanley      300      EUR      2,100,000      EUR      13.50      11/17/17      109,420  

Eni SpA

   Morgan Stanley      300      EUR      2,100,000      EUR      14.00      12/15/17      79,797  

EOG Resources Inc.

   Pershing LLC      470      USD      4,546,780      USD      92.50      12/15/17      310,398  

Exxon Mobil Corp.

   Pershing LLC      1,680      USD      13,772,640      USD      78.00      11/17/17      693,806  

Exxon Mobil Corp.

   Pershing LLC      1,670      USD      13,690,660      USD      80.00      12/15/17      465,217  

Franco-Nevada Corp.

   Pershing LLC      1,200      USD      9,297,600      USD      80.00      12/15/17      307,362  

Gold Fields Ltd., ADR

   Pershing LLC      970      USD      418,070      USD      4.00      10/20/17      35,706  

Goldcorp Inc.

   Pershing LLC      1,250      USD      1,620,000      USD      14.00      12/15/17      38,973  

Halliburton Co.

   Pershing LLC      740      USD      3,406,220      USD      42.50      11/17/17      292,041  

Halliburton Co.

   Pershing LLC      800      USD      3,682,400      USD      40.00      12/15/17      493,672  

Helmerich & Payne Inc.

   Pershing LLC      160      USD      833,760      USD      57.50      10/20/17      3,475  

Hess Corp.

   Pershing LLC      150      USD      703,350      USD      42.50      10/20/17      64,010  

Hess Corp.

   Pershing LLC      150      USD      703,350      USD      42.50      12/15/17      75,681  

Kinder Morgan Inc.

   Pershing LLC      1,400      USD      2,685,200      USD      20.00      10/20/17      17,024  

Kinder Morgan Inc.

   Pershing LLC      1,400      USD      2,685,200      USD      19.00      11/17/17      92,610  

Marathon Oil Corp.

   Pershing LLC      700      USD      949,200      USD      12.00      11/17/17      118,391  

Marathon Oil Corp.

   Pershing LLC      700      USD      949,200      USD      12.50      12/15/17      101,414  

Marathon Petroleum Corp.

   Pershing LLC      400      USD      2,243,200      USD      52.50      11/17/17      144,696  

Marathon Petroleum Corp.

   Pershing LLC      375      USD      2,103,000      USD      55.00      12/15/17      107,957  

Newcrest Mining Ltd.

   The Goldman Sachs Group, Inc.      2,200      AUD      4,630,546      AUD      22.00      10/26/17      42,745  

Newcrest Mining Ltd.

   The Goldman Sachs Group, Inc.      2,200      AUD      4,630,546      AUD      21.50      11/17/17      110,340  

Newcrest Mining Ltd.

   The Goldman Sachs Group, Inc.      2,200      AUD      4,630,546      AUD      23.00      11/17/17      33,357  

Newcrest Mining Ltd.

   Morgan Stanley      4,500      AUD      9,471,572      AUD      22.50      12/15/17      141,734  

Noble Energy Inc.

   Pershing LLC      400      USD      1,134,400      USD      30.00      10/20/17      7,992  

Noble Energy Inc.

   Pershing LLC      400      USD      1,134,400      USD      25.00      12/15/17      149,212  

Northern Star Resources Ltd.

   The Goldman Sachs Group, Inc.      4,800      AUD      2,371,200      AUD      4.50      10/26/17      164,122  

Northern Star Resources Ltd.

   The Goldman Sachs Group, Inc.      7,800      AUD      3,853,200      AUD      5.00      10/26/17      85,351  

Northern Star Resources Ltd.

   The Goldman Sachs Group, Inc.      6,350      AUD      3,136,900      AUD      4.75      12/15/17      204,816  

Occidental Petroleum Corp.

   Pershing LLC      260      USD      1,669,460      USD      62.50      10/20/17      74,222  

 

See accompanying notes to schedule of investments.

 

5


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2017 (Unaudited)

 

 

Description    Counterparty    Number of
Contracts
    

Notional

Amount

    

Exercise

Price

    

Expiration

Date

  

Market

Value

 

 

 

Occidental Petroleum Corp.

   Pershing LLC      250      USD      1,605,250      USD      60.00      11/17/17    $ 138,458  

Occidental Petroleum Corp.

   Pershing LLC      300      USD      1,926,300      USD      62.50      12/15/17      91,075  

ONEOK Inc.

   Pershing LLC      200      USD      1,108,200      USD      52.50      10/20/17      62,772  

ONEOK Inc.

   Pershing LLC      355      USD      1,967,055      USD      55.00      12/15/17      75,421  

Phillips 66

   Pershing LLC      370      USD      3,389,570      USD      80.00      10/20/17      438,467  

Phillips 66

   Pershing LLC      400      USD      3,664,400      USD      82.50      11/17/17      362,416  

Phillips 66

   Pershing LLC      375      USD      3,435,375      USD      85.00      12/15/17      266,146  

Range Resources Corp.

   Pershing LLC      150      USD      293,550      USD      17.50      12/15/17      44,330  

Royal Dutch Shell plc

   Morgan Stanley      280      GBp      6,295,800      GBp      2,100.00      10/20/17      545,615  

Royal Dutch Shell plc

   Morgan Stanley      280      GBp      6,295,800      GBp      2,100.00      11/17/17      476,241  

Royal Dutch Shell plc

   Morgan Stanley      280      GBp      6,295,800      GBp      2,150.00      12/15/17      383,254  

Royal Gold Inc.

   Pershing LLC      870      USD      7,485,480      USD      85.00      11/17/17      351,906  

Royal Gold Inc.

   Pershing LLC      980      USD      8,431,920      USD      87.50      12/15/17      326,486  

Schlumberger Ltd.

   Pershing LLC      938      USD      6,543,488      USD      69.00      10/20/17      131,583  

Schlumberger Ltd.

   Pershing LLC      1,000      USD      6,976,000      USD      70.00      12/15/17      208,665  

Silver Wheaton Corp.

   Pershing LLC      1,200      USD      2,290,800      USD      21.00      10/20/17      4,980  

Silver Wheaton Corp.

   Pershing LLC      1,272      USD      2,428,248      USD      18.50      11/17/17      159,038  

Suncor Energy Inc.

   Pershing LLC      585      USD      2,049,255      USD      31.00      10/20/17      227,202  

Tahoe Resources Inc.

   Pershing LLC      4,000      USD      2,108,000      USD      6.50      11/17/17      64,240  

TechnipFMC plc

   Pershing LLC      400      USD      1,116,800      USD      27.00      12/15/17      79,464  

The Williams Companies Inc.

   Pershing LLC      900      USD      2,700,900      USD      30.00      10/20/17      46,107  

TOTAL SA, ADR

   Pershing LLC      700      USD      3,746,400      USD      50.00      10/20/17      243,523  

TOTAL SA, ADR

   Pershing LLC      960      USD      5,137,920      USD      52.50      12/15/17      209,523  

TOTAL SA, ADR

   Pershing LLC      1,000      USD      5,352,000      USD      55.00      01/19/18      90,099  

Valero Energy Corp.

   Pershing LLC      500      USD      3,846,500      USD      65.00      10/20/17      593,995  

Valero Energy Corp.

   Pershing LLC      500      USD      3,846,500      USD      67.50      11/17/17      452,995  

The Williams Companies Inc.

   Pershing LLC      745      USD      2,235,745      USD      30.50      12/15/17      58,460  
                       

 

 

 

TOTAL OTC CALL OPTIONS WRITTEN

                     $ 16,278,870  
                       

 

 

 

OTC Put Options Written — (0.0)%

                    

Antofagasta plc

   Morgan Stanley      300      GBp      2,847,000      GBp      920.00      12/15/17    $ 229,300  
                       

 

 

 

TOTAL OTC PUT OPTIONS WRITTEN

                     $ 229,300  
                       

 

 

 

 

See accompanying notes to schedule of investments.

 

6


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2017 (Unaudited)

 

 

Description    Number of
Contracts
    

Notional

Amount

    

Exercise

Price

    

Expiration

Date

    

Market

Value

 

 

 

Exchange Traded Call Options Written — (2.9)%

                    

Agnico Eagle Mines Ltd.

     2,250        USD        10,172,250        USD        43.00        10/20/17      $     623,250  

Agnico Eagle Mines Ltd.

     2,000        USD        9,042,000        USD        46.00        11/17/17        340,000  

Agnico Eagle Mines Ltd.

     380        USD        1,717,980        USD        49.00        11/17/17        28,880  

Alacer Gold Corp.

     8,000        CAD        1,744,000        CAD        2.50        10/20/17        16,029  

Alacer Gold Corp.

     6,200        USD        4,191,200        USD        7.50        10/20/17        62,000  

Alacer Gold Corp.

     7,800        CAD        1,700,400        CAD        2.50        11/17/17        37,508  

Alacer Gold Corp.

     6,200        USD        4,191,200        USD        7.50        12/15/17        179,800  

Alamos Gold Inc.

     2,900        USD        1,960,400        USD        7.50        11/17/17        126,875  

Anadarko Petroleum Corp.

     400        USD        1,954,000        USD        44.00        10/20/17        52,900  

Anadarko Petroleum Corp.

     300        USD        1,465,500        USD        45.00        10/20/17        123,000  

Anadarko Petroleum Corp.

     450        USD        2,198,250        USD        45.00        11/17/17        207,900  

Andeavor

     67        USD        691,105        USD        92.50        11/17/17        75,878  

Andeavor

     67        USD        691,105        USD        95.00        11/17/17        61,473  

Andeavor

     125        USD        1,289,375        USD        100.00        01/19/18        84,375  

AngloGold Ashanti Ltd., ADR

     1,750        USD        1,625,750        USD        9.00        10/20/17        101,500  

AngloGold Ashanti Ltd., ADR

     1,750        USD        1,625,750        USD        10.00        10/20/17        17,500  

AngloGold Ashanti Ltd., ADR

     3,800        USD        3,530,200        USD        10.00        11/17/17        173,052  

Apache Corp.

     375        USD        1,717,500        USD        42.50        10/20/17        123,750  

Asanko Gold Inc.

     3,500        CAD        413,000        CAD        4.00        10/20/17        2,805  

B2Gold Corp.

     12,000        USD        3,360,000        USD        2.50        10/20/17        360,000  

B2Gold Corp.

     11,000        USD        3,080,000        USD        2.50        11/17/17        309,650  

Baker Hughes, a GE Co.

     500        USD        1,831,000        USD        37.50        10/20/17        27,500  

Barrick Gold Corp.

     2,300        USD        3,700,700        USD        15.00        10/20/17        271,400  

Barrick Gold Corp.

     1,000        USD        1,609,000        USD        17.00        11/17/17        36,000  

BP plc, ADR

     1,050        USD        4,035,150        USD        36.00        10/20/17        263,550  

Cabot Oil & Gas Corp.

     655        USD        1,752,125        USD        25.00        10/20/17        129,363  

Cabot Oil & Gas Corp.

     750        USD        2,006,250        USD        25.00        01/19/18        211,875  

Cheniere Energy Inc.

     400        USD        1,801,600        USD        47.50        12/15/17        56,000  

Cimarex Energy Co.

     140        USD        1,591,380        USD        100.00        10/20/17        192,500  

Cimarex Energy Co.

     70        USD        795,690        USD        100.00        12/15/17        107,100  

Cimarex Energy Co.

     70        USD        795,690        USD        105.00        12/15/17        79,100  

Concho Resources Inc.

     110        USD        1,448,920        USD        130.00        10/20/17        41,250  

Concho Resources Inc.

     100        USD        1,317,200        USD        110.00        11/17/17        146,302  

Concho Resources Inc.

     65        USD        856,180        USD        120.00        12/15/17        93,925  

Concho Resources Inc.

     65        USD        856,180        USD        125.00        12/15/17        70,200  

ConocoPhillips

     400        USD        2,002,000        USD        44.00        11/17/17        245,200  

ConocoPhillips

     380        USD        1,901,900        USD        45.00        11/17/17        198,550  

Detour Gold Corp.

     3,400        CAD        4,678,400        CAD        14.00        10/20/17        130,795  

Detour Gold Corp.

     3,200        CAD        4,403,200        CAD        16.00        11/17/17        76,938  

Detour Gold Corp.

     3,500        CAD        4,816,000        CAD        16.00        12/15/17        117,812  

Devon Energy Corp.

     400        USD        1,468,400        USD        31.00        10/20/17        224,400  

Devon Energy Corp.

     400        USD        1,468,400        USD        32.00        11/17/17        190,000  

 

See accompanying notes to schedule of investments.

 

7


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2017 (Unaudited)

 

 

Description    Number of
Contracts
    

Notional

Amount

    

Exercise

Price

    

Expiration

Date

    

Market

Value

 

 

 

Diamondback Energy Inc.

     400        USD        3,918,400        USD        92.50        10/20/17      $     242,000  

Diamondback Energy Inc.

     387        USD        3,791,052        USD        97.50        12/15/17        212,850  

Eldorado Gold Corp.

     6,000        USD        1,320,000        USD        2.50        10/20/17        15,000  

Enbridge Inc.

     576        USD        2,409,984        USD        42.50        10/20/17        14,400  

EOG Resources Inc.

     500        USD        4,837,000        USD        94.00        10/20/17        88,415  

EOG Resources Inc.

     460        USD        4,450,040        USD        85.00        11/17/17        557,750  

EQT Corp.

     230        USD        1,500,520        USD        60.00        10/20/17        123,970  

EQT Corp.

     230        USD        1,500,520        USD        67.50        12/15/17        52,900  

Exxon Mobil Corp.

     1,680        USD        13,772,640        USD        82.50        10/20/17        85,680  

Fortuna Silver Mines Inc.

     4,500        USD        1,971,000        USD        5.00        12/15/17        56,250  

Fortuna Silver Mines Inc.

     4,500        USD        1,971,000        USD        5.00        01/19/18        90,000  

Franco-Nevada Corp.

     1,200        USD        9,297,600        USD        80.00        10/20/17        98,400  

Franco-Nevada Corp.

     1,200        USD        9,297,600        USD        75.00        11/17/17        799,644  

Gold Fields Ltd., ADR

     1,700        USD        732,700        USD        4.50        01/19/18        54,400  

Goldcorp Inc.

     2,500        USD        3,240,000        USD        14.00        10/20/17        12,500  

Goldcorp Inc.

     3,440        USD        4,458,240        USD        13.00        11/17/17        199,520  

Goldcorp Inc.

     1,400        USD        1,814,400        USD        14.00        11/17/17        30,800  

Halliburton Co.

     400        USD        1,841,200        USD        42.50        10/20/17        140,000  

Halliburton Co.

     400        USD        1,841,200        USD        45.00        10/20/17        60,000  

Helmerich & Payne Inc.

     160        USD        833,760        USD        52.50        12/15/17        37,600  

Hess Corp.

     150        USD        703,350        USD        42.50        11/17/17        75,450  

Kinder Morgan Inc.

     1,400        USD        2,685,200        USD        20.00        12/15/17        43,400  

Klondex Mines Ltd.

     5,000        CAD        2,275,000        CAD        4.50        10/20/17        80,144  

MAG Silver Corp.

     1,900        CAD        2,126,100        CAD        18.00        10/20/17        7,614  

MAG Silver Corp.

     1,900        CAD        2,654,300        CAD        16.00        11/17/17        41,875  

MAG Silver Corp.

     1,800        CAD        2,014,200        CAD        17.00        12/15/17        46,884  

Marathon Oil Corp.

     350        USD        474,600        USD        11.00        10/20/17        90,125  

Marathon Oil Corp.

     350        USD        474,600        USD        12.00        10/20/17        56,000  

Marathon Petroleum Corp.

     450        USD        2,523,600        USD        55.00        10/20/17        84,150  

Newfield Exploration Co.

     150        USD        445,050        USD        29.00        10/20/17        19,500  

Newfield Exploration Co.

     150        USD        445,050        USD        26.00        11/17/17        40,797  

Newfield Exploration Co.

     150        USD        445,050        USD        26.00        12/15/17        66,000  

Newmont Mining Corp.

     1,538        USD        5,769,038        USD        32.00        10/20/17        853,590  

Newmont Mining Corp.

     1,465        USD        5,495,215        USD        35.00        11/17/17        446,825  

Newmont Mining Corp.

     1,580        USD        5,926,580        USD        38.00        12/15/17        248,060  

Noble Energy Inc.

     400        USD        1,134,400        USD        25.00        11/17/17        142,000  

OceanaGold Corp.

     10,000        CAD        3,770,000        CAD        4.00        10/20/17        80,144  

OceanaGold Corp.

     10,000        CAD        3,770,000        CAD        3.75        11/17/17        240,433  

OceanaGold Corp.

     10,000        CAD        3,770,000        CAD        4.00        12/15/17        200,361  

ONEOK Inc.

     200        USD        1,108,200        USD        55.00        10/20/17        23,400  

Osisko Gold Royalties Ltd.

     2,000        CAD        3,220,000        CAD        16.00        10/20/17        60,108  

Osisko Gold Royalties Ltd.

     1,900        CAD        3,059,000        CAD        16.00        11/17/17        98,978  

Osisko Gold Royalties Ltd.

     2,000        CAD        3,220,000        CAD        17.00        12/15/17        60,108  

 

See accompanying notes to schedule of investments.

 

8


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2017 (Unaudited)

 

 

Description    Number of
Contracts
    

Notional

Amount

    

Exercise

Price

    

Expiration

Date

    

Market

Value

 

 

 

Osisko Mining Inc.

     5,000        CAD        2,195,000        CAD        4.00        10/20/17      $ 190,343  

Patterson-UTI Energy Inc.

     300        USD        628,200        USD        16.00        11/17/17        154,500  

Pioneer Natural Resources Co.

     150        USD        2,213,100        USD        160.00        10/20/17        4,200  

Pioneer Natural Resources Co.

     150        USD        2,213,100        USD        170.00        10/20/17        750  

Pioneer Natural Resources Co.

     240        USD        3,540,960        USD        135.00        12/15/17        388,800  

Pretium Resources Inc.

     850        USD        787,100        USD        10.00        10/20/17        12,750  

Pretium Resources Inc.

     900        USD        833,400        USD        10.00        12/15/17        51,300  

Pretium Resources Inc.

     850        USD        787,100        USD        10.00        01/19/18        63,750  

Randgold Resources Ltd., ADR

     1,500        USD        14,649,000        USD        90.00        10/20/17          1,200,000  

Randgold Resources Ltd., ADR

     1,400        USD        13,672,400        USD        90.00        11/17/17        2,002,308  

Randgold Resources Ltd., ADR

     1,379        USD        13,467,314        USD        100.00        12/15/17        562,632  

Range Resources Corp.

     450        USD        880,650        USD        22.00        10/20/17        5,400  

Rio Tinto plc, ADR

     1,005        USD        4,742,595        USD        42.50        10/20/17        482,400  

Rio Tinto plc, ADR

     1,000        USD        4,719,000        USD        45.00        10/20/17        259,000  

Rio Tinto plc, ADR

     1,000        USD        4,719,000        USD        45.00        12/15/17        355,000  

Royal Gold Inc.

     1,000        USD        8,604,000        USD        80.00        10/20/17        666,000  

Schlumberger Ltd.

     550        USD        3,836,800        USD        65.00        11/17/17        291,500  

Schlumberger Ltd.

     550        USD        3,836,800        USD        67.50        11/17/17        170,500  

Silver Wheaton Corp.

     1,135        USD        2,166,715        USD        20.00        12/15/17        70,370  

Suncor Energy Inc.

     500        USD        1,751,500        USD        31.00        12/15/17        217,500  

Suncor Energy Inc.

     630        USD        2,206,890        USD        34.00        12/15/17        117,495  

Tahoe Resources Inc.

     4,000        USD        2,108,000        USD        7.50        12/15/17        60,000  

TechnipFMC plc

     150        USD        418,800        USD        26.00        10/20/17        30,375  

TechnipFMC plc

     250        USD        698,000        USD        27.00        10/20/17        31,250  

TechnipFMC plc

     430        USD        1,200,560        USD        26.00        11/17/17        85,144  

The Williams Companies Inc.

     900        USD        2,700,900        USD        30.00        11/17/17        78,750  

Torex Gold Resources Inc.

     1,000        CAD        1,955,000        CAD        23.00        10/20/17        13,625  

Torex Gold Resources Inc.

     1,000        CAD        1,566,000        CAD        26.00        10/20/17        4,007  

Torex Gold Resources Inc.

     2,300        CAD        4,496,500        CAD        21.00        11/17/17        142,857  

Torex Gold Resources Inc.

     1,600        CAD        3,128,000        CAD        23.00        12/15/17        86,556  

TOTAL SA, ADR

     9        USD        48,168        USD        50.00        11/17/17        3,600  

United States Commodities Fund LLC

     2,300        USD        2,398,900        USD        10.00        10/20/17        115,000  

United States Commodities Fund LLC

     2,800        USD        2,920,400        USD        10.50        11/17/17        98,000  

United States Commodities Fund LLC

     800        USD        834,400        USD        10.00        12/15/17        62,400  

Valero Energy Corp.

     400        USD        3,077,200        USD        70.00        12/15/17        306,400  

VanEck Vectors Gold Miners ETF

     6,000        USD        13,776,000        USD        22.00        10/20/17        720,000  

VanEck Vectors Gold Miners ETF

     6,000        USD        13,776,000        USD        23.00        10/20/17        294,000  

VanEck Vectors Gold Miners ETF

     6,000        USD        27,552,000        USD        22.00        11/17/17        864,000  

VanEck Vectors Gold Miners ETF

     2,000        USD        4,592,000        USD        23.00        11/17/17        168,000  

VanEck Vectors Gold Miners ETF

     4,000        USD        9,184,000        USD        22.00        12/15/17        664,000  

VanEck Vectors Gold Miners ETF

     4,000        USD        9,184,000        USD        23.00        12/15/17        448,000  

 

See accompanying notes to schedule of investments.

 

9


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — September 30, 2017 (Unaudited)

 

 

Description    Number of
Contracts
    

Notional

Amount

    

Exercise

Price

    

Expiration

Date

    

Market

Value

 

 

 

VanEck Vectors Gold Miners ETF

     6,000        USD        13,776,000        USD        24.00        12/15/17      $ 414,000  
                    

 

 

 

TOTAL EXCHANGE TRADED CALL OPTIONS WRITTEN

                     $ 24,052,372  
                    

 

 

 

Exchange Traded Put Options Written — (0.1)%

                    

Energy Select Sector SPDR ETF

     780        USD        5,341,440        USD        61.00        10/20/17      $ 780  

Energy Select Sector SPDR ETF

     250        USD        1,712,000        USD        64.00        10/20/17        1,250  

Energy Select Sector SPDR ETF

     1,700        USD        11,641,600        USD        63.50        12/15/17        97,750  

Franco-Nevada Corp.

     800        USD        6,198,400        USD        60.00        10/20/17        4,000  

Royal Gold Inc.

     250        USD        2,151,000        USD        60.00        10/20/17        625  

Sunoco LP

     391        USD        1,216,010        USD        30.00        12/15/17        36,168  

VanEck Vectors Gold Miners ETF

     3,500        USD        8,036,000        USD        20.00        10/20/17        3,500  

VanEck Vectors Gold Miners ETF

     1,050        USD        2,410,800        USD        20.50        10/20/17        2,100  

VanEck Vectors Gold Miners ETF

     7,000        USD        16,072,000        USD        22.50        11/17/17        392,000  

VanEck Vectors Gold Miners ETF

     3,000        USD        6,888,000        USD        20.50        12/15/17        69,000  

VanEck Vectors Gold Miners ETF

     1,500        USD        3,444,000        USD        23.00        12/15/17        153,000  

VanEck Vectors Gold Miners ETF

     2,000        USD        4,592,000        USD        25.00        12/15/17        456,000  
                    

 

 

 

TOTAL EXCHANGE TRADED PUT OPTIONS WRITTEN

                     $ 1,216,173  
                    

 

 

 

TOTAL OPTIONS WRITTEN

                     $ 41,776,715  
                    

 

 

 

 

See accompanying notes to schedule of investments.

 

10


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 obligations 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, 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. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

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).

 

11


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, 2017 is as follows:

 

     Valuation Inputs         
     Level 1
Quoted Prices
     Level 2 Other Significant
Observable Inputs
     Total Market Value
at 9/30/17
 

INVESTMENTS IN SECURITIES:

        

ASSETS (Market Value):

        

Common Stocks:

        

Metals and Mining

     $378,673,632        $  20,226,272              $398,899,904        

Energy and Energy Services

     318,245,322        —              318,245,322        

Total Common Stocks

     696,918,954        20,226,272              717,145,226        

Convertible Preferred Stocks (a)

     3,501,865        —              3,501,865        

Exchange Traded Funds

     6,153,700        —              6,153,700        

Warrants (a)

            45,125              45,125        

Convertible Corporate Bonds (a)

            6,720,437              6,720,437        

Corporate Bonds (a)

            14,684,185              14,684,185        

U.S. Government Obligations

            124,885,148              124,885,148        

EQUITY CONTRACTS:

                          

Put Options Purchased

     33,000        —              33,000        

TOTAL INVESTMENTS IN SECURITIES – ASSETS

     $706,607,519        $166,561,167              $873,168,686        

INVESTMENTS IN SECURITIES:

        

LIABILITIES (Market Value)

        

EQUITY CONTRACTS:

        

Call Options Written

   $  (11,452,537)      $  (28,878,705)           $  (40,331,242)       

Put Options Written

     (1,074,130)        (371,343)             (1,445,473)       

TOTAL INVESTMENTS IN SECURITIES – LIABILITIES

     $ (12,526,667)        $ (29,250,048)             $ (41,776,715)       

 

(a)

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

At September 30, 2017 and December 31, 2016, the Fund held no Level 3 investments.

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 are 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 or preferred equities, warrants, options, rights, or 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. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models,

 

12


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

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 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 may include backtesting 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 derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. 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, 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, 2017, if any, 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, the 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

 

13


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

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 September 30, 2017 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.

 

14


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

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, 2017, there were no short sales outstanding.

Investments in other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. At September 30, 2017, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than 1 basis points.

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.

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 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, 2017, refer to the Schedule of Investments.

 

15


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

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.

 

16


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.

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

Senior Partner,

Bright Side Consulting

 

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

Vice President

 

John C. Ball

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 Q3/2017   

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 11/28/2017                                                                                                                                            

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 11/28/2017                                                                                                                                        

By (Signature and Title)*   /s/ John C. Ball                                                                                               

                                                 John C. Ball, Principal Financial Officer and Treasurer

Date 11/28/2017                                                                                                                                        

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