N-Q 1 d371077dnq.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: March 31, 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

First Quarter Report — March 31, 2017

(Y)our Portfolio Management Team

 

LOGO

    Caesar M. P. Bryan    Barbara G. Marcin, CFA    Vincent Hugonnard-Roche    

To Our Shareholders,

For the quarter ended March 31, 2017, the net asset value (“NAV”) total return of the GAMCO Global Gold, Natural Resources & Income Trust (the “Fund”) was 3.2%, compared with total returns of 4.0% and 6.2% 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 8.6%. The Fund’s NAV per share was $5.71, while the price of the publicly traded shares closed at $5.60 on the NYSE MKT. See below for additional performance information.

Enclosed is the schedule of investments as of March 31, 2017.

Comparative Results

                    Average Annual Returns through March 31, 2017 (a) (Unaudited)     Since  
                            Inception  
    Quarter     1 Year        5 Year        10 Year       (03/31/05)  

GAMCO Global Gold, Natural Resources & Income Trust

         

NAV Total Return (b)

    3.16%       11.08%       (6.18)%       (3.48)%       0.60%  

Investment Total Return (c)

    8.55          13.20          (7.90)           (4.08)           0.13     

CBOE S&P 500 Buy/Write Index

    4.01          12.20          7.04            4.60            5.31     

Bloomberg Barclays Government/Credit Bond Index

    0.90          0.47          2.45            4.30            4.27     

Energy Select Sector Index

    (6.53)         15.88          1.91            3.70            6.28     

XAU Index

    6.23          20.52          (13.75)          (4.80)           (0.93)    
   (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 Energy Select Sector Index is an unmanaged indicator of stock market performance of large U.S. companies involved in the development or production of energy products. The XAU Index is an unmanaged indicator of stock market performance of large North American gold and silver companies. 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 — March 31, 2017 (Unaudited)

 

Shares

              

Market

Value

 
  

COMMON STOCKS — 83.1%

  
  

Energy and Energy Services — 36.5%

 

  135,000     

Anadarko Petroleum Corp.(a)

   $ 8,370,000  
  113,000     

Apache Corp.(a)

     5,807,070  
  140,075     

Baker Hughes Inc.

     8,379,288  
  345,000     

BP plc, ADR(a)

     11,909,400  
  234,000     

Cabot Oil & Gas Corp.

     5,594,940  
  120,000     

Cheniere Energy Inc.†

     5,672,400  
  170,000     

Chevron Corp.(a)

     18,252,900  
  14,000     

Cimarex Energy Co.

     1,672,860  
  31,000     

Concho Resources Inc.†

     3,978,540  
  118,000     

ConocoPhillips(a)

     5,884,660  
  125,000     

Devon Energy Corp.(a)

     5,215,000  
  63,700     

Diamondback Energy Inc.†(a)

     6,606,646  
  177,120     

Enbridge Inc.

     7,410,701  
  450,000     

Eni SpA

     7,368,943  
  150,000     

EOG Resources Inc.(a)

     14,632,500  
  35,000     

EQT Corp.

     2,138,500  
  390,000     

Exxon Mobil Corp.(a)

     31,983,900  
  234,000     

Halliburton Co.(a)

     11,515,140  
  32,000     

Helmerich & Payne Inc.

     2,130,240  
  45,000     

Hess Corp.(a)

     2,169,450  
  420,000     

Kinder Morgan Inc.(a)

     9,130,800  
  210,000     

Marathon Oil Corp.

     3,318,000  
  90,000     

Marathon Petroleum Corp.(a)

     4,548,600  
  40,000     

Newfield Exploration Co.†

     1,476,400  
  119,854     

Noble Energy Inc.

     4,115,786  
  77,000     

Occidental Petroleum Corp.(a)

     4,878,720  
  40,000     

ONEOK Inc.

     2,217,600  
  30,000     

Patterson-UTI Energy Inc.

     728,100  
  74,900     

Phillips 66

     5,933,578  
  85,000     

Pioneer Natural Resources Co.(a)

     15,829,550  
  1     

Plains GP Holdings LP, Cl. A

     31  
  60,000     

Range Resources Corp.

     1,746,000  
  840,000     

Royal Dutch Shell plc, Cl. A

     22,059,011  
  303,766     

Schlumberger Ltd.(a)

     23,724,125  
  148,500     

Suncor Energy Inc.(a)

     4,566,375  
  80,900     

Sunoco LP

     1,955,353  
  123,000     

TechnipFMC plc†

     3,997,500  
  55,000     

Tesoro Corp.

     4,458,300  
  276,700     

The Williams Companies Inc.(a)

     8,187,553  
  261,000     

Total SA, ADR(a)

     13,159,620  
  125,000     

Valero Energy Corp.(a)

     8,286,250  
        

 

 

 
          311,010,330  
        

 

 

 
  

Exchange Traded Funds — 0.9%

  
  690,000     

United States Oil Fund LP†

     7,341,600  
        

 

 

 
  

Metals and Mining — 45.7%

  
  1,420,000     

Acacia Mining plc

     7,997,118  
  637,000     

Agnico Eagle Mines Ltd.(a)

     27,034,280  
  1,580,000     

Alacer Gold Corp.†

     3,196,000  
  1,920,045     

Alamos Gold Inc., Cl. A(a)

     15,417,961  

 

Shares

         

Market

Value

 
  514,500     

AngloGold Ashanti Ltd., ADR(a)

   $ 5,541,165  
  900,180     

Antofagasta plc

     9,411,767  
  700,000     

Asanko Gold Inc.†

     1,837,049  
  3,086,656     

AuRico Metals Inc.†

     2,715,635  
  2,599,900     

B2Gold Corp.†

     7,357,717  
  715,000     

Barrick Gold Corp.(a)

     13,577,850  
  2,400,000     

Belo Sun Mining Corp.†

     1,534,008  
  3,000,000     

Centamin plc

     6,491,261  
  354,000     

Centerra Gold Inc.

     2,036,395  
  1,725,000     

Continental Gold Inc.†

     5,201,526  
  1,090,000     

Detour Gold Corp.†

     12,491,334  
  2,014,900     

Eldorado Gold Corp.(a)

     6,870,809  
  380,000     

Franco-Nevada Corp.(a)

     24,893,800  
  1,300,694     

Fresnillo plc

     25,357,137  
  1,412,200     

Gold Fields Ltd., ADR

     4,985,066  
  760,000     

Goldcorp Inc.(a)

     11,088,400  
  4,676,832     

Hochschild Mining plc

     16,283,801  
  2,800,000     

Integra Gold Corp.†

     1,916,006  
  1,440,000     

Klondex Mines Ltd.†

     5,619,882  
  40,000     

Labrador Iron Ore Royalty Corp.

     560,665  
  560,000     

MAG Silver Corp.†

     7,331,353  
  1,214,725     

Newcrest Mining Ltd.

     21,026,890  
  460,700     

Newmont Mining Corp.(a)

     15,184,672  
  596,100     

Northern Dynasty Minerals Ltd.†

     838,220  
  1,200,000     

Northern Star Resources Ltd.

     3,722,210  
  2,770,000     

OceanaGold Corp.

     8,206,790  
  387,500     

Osisko Gold Royalties Ltd.

     4,306,689  
  150,000     

Osisko Mining Inc(b)

     519,701  
  850,000     

Perseus Mining Ltd.†

     204,534  
  117,100     

Pretium Resources Inc., New York†

     1,254,141  
  150,400     

Pretium Resources Inc., Toronto†

     1,612,741  
  417,900     

Randgold Resources Ltd., ADR(a)

     36,474,312  
  285,000     

Richmont Mines Inc.†

     2,020,942  
  300,000     

Rio Tinto plc, ADR(a)

     12,204,000  
  275,000     

Royal Gold Inc.(a)

     19,263,750  
  2,954,500     

Saracen Mineral Holdings Ltd.†

     2,223,380  
  850,000     

SEMAFO Inc.†

     2,563,071  
  340,000     

Silver Wheaton Corp.(a)

     7,085,600  
  1,380,000     

Tahoe Resources Inc.(a)

     11,081,400  
  670,000     

Torex Gold Resources Inc.†

     13,210,061  
     

 

 

 
          389,751,089  
     

 

 

 
  

TOTAL COMMON STOCKS

       708,103,019  
     

 

 

 
  

CONVERTIBLE PREFERRED STOCKS — 0.5%

 

  

Energy and Energy Services — 0.5%

 

  82,300     

Kinder Morgan Inc.,
9.75%, Ser. A

     4,105,124  
     

 

 

 
  

WARRANTS — 0.0%

  
  

Metals and Mining — 0.0%

  
  150,000     

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

     99,785  
     

 

 

 
 

 

See accompanying notes to schedule of investments.

 

2


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

 

 

Principal
Amount

               

Market

Value

 
 

CONVERTIBLE CORPORATE BONDS — 1.0%

 

 

Metals and Mining — 1.0%

 

$ 1,600,000    

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

 

   $ 1,708,000  
  4,800,000    

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

 

     4,884,000  
  250,000    

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

 

     252,344  
  1,500,000 (d)   

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

 

     1,850,983  
       

 

 

 
          8,695,327  
       

 

 

 
 

CORPORATE BONDS — 2.8%

 

  
 

Energy and Energy Services — 0.4%

 

  1,000,000    

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

 

     993,750  
  1,000,000    

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

 

     1,157,500  
  1,000,000    

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

        1,081,250  
       

 

 

 
          3,232,500  
       

 

 

 
 

Metals and Mining — 2.4%

 

  
  5,000,000    

AuRico Gold Inc., 7.750%, 04/01/20(b)

 

     5,193,750  
  2,000,000    

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

 

     2,155,000  
  2,000,000    

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

 

     1,865,000  
  2,500,000    

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

 

     2,525,000  
  4,000,000    

IAMGOLD Corp., 6.750%, 10/01/20(b)

 

     4,135,000  
  2,000,000    

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

 

     1,985,000  
  600,000 (d)   

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

 

     466,970  
  2,000,000    

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

 

     2,015,000  
       

 

 

 
          20,340,720  
       

 

 

 
 

TOTAL CORPORATE BONDS

 

     23,573,220  
       

 

 

 
 

U.S. GOVERNMENT OBLIGATIONS — 12.6%

 

  107,787,000    

U.S. Treasury Bills,
0.491% to 0.761%††,
04/20/17 to 08/03/17(e)

 

     107,617,561  
       

 

 

 
 

TOTAL INVESTMENTS — 100.0%
(Cost $968,474,212)

 

   $ 852,194,036  
       

 

 

 
 

Aggregate tax cost

      $ 1,060,323,547  
       

 

 

 
 

Gross unrealized appreciation

      $ 12,527,526  
 

Gross unrealized depreciation

        (220,657,037
       

 

 

 
 

Net unrealized appreciation/depreciation

      $ (208,129,511
       

 

 

 

Number of
 Contracts

         

Expiration Date/
 Exercise Price

    

Market
 Value

 
  

OPTIONS CONTRACTS WRITTEN (f) — (4.2)%

 

  

Call Options Written — (4.1)%

 

  
  2,100     

Agnico Eagle
Mines Ltd.

     Apr. 17/42      $ 302,400  
  520     

Agnico Eagle
Mines Ltd.

     May 17/44               81,120  
  2,000     

Agnico Eagle
Mines Ltd.

     May 17/45               290,000  
  750     

Agnico Eagle
Mines Ltd.

     Jun. 17/42        227,610  
  1,000     

Agnico Eagle
Mines Ltd.

     Jun. 17/42        303,480  
  4,250     

Alacer Gold
Corp.(g)

     Apr. 17/2.50        79,896  
  8,000     

Alacer Gold
Corp.(g)

     May 17/2.50        180,470  
  6,200     

Alamos Gold Inc.

     May 17/8.25        371,938  
  5,800     

Alamos Gold Inc.

     Jun. 17/7.50        710,500  
  6,200     

Alamos Gold Inc.

     Jul. 17/7.50        834,396  
  400     

Anadarko
Petroleum Corp.

     Apr. 17/70        1,000  
  450     

Anadarko
Petroleum Corp.

     May 17/67.50        28,350  
  500     

Anadarko
Petroleum Corp.

     Jun. 17/62.50        153,000  
  1,790     

AngloGold Ashanti Ltd.

     Apr. 17/12        14,320  
  1,600     

AngloGold Ashanti Ltd.

     May 17/11        136,976  
  1,700     

AngloGold Ashanti Ltd.

     Jun. 17/10        218,858  
  300     

Antofagasta plc(h)

     Apr. 17/720        457,959  
  300     

Antofagasta plc(h)

     May 17/820        181,019  
  300     

Antofagasta plc(h)

     Jun. 17/800        258,598  
  300     

Apache Corp.

     Apr. 17/55        5,400  
  430     

Apache Corp.

     May 17/55        41,818  
  400     

Apache Corp.

     Jun. 17/52.50        98,912  
  3,500     

Asanko Gold
Inc.(g)

     Apr. 17/5        6,580  
  5,999     

B2Gold Corp.

     Apr. 17/2.50        209,965  
  6,000     

B2Gold Corp.

     May 17/3        85,920  
  5,000     

B2Gold Corp.

     May 17/3.50        20,800  
  9,000     

B2Gold Corp.

     Jun. 17/2.75        273,240  
  4,050     

B2Gold Corp.

     Oct. 18/3.93        248,670  
  600     

Baker Hughes Inc.

     Apr. 17/62.50        18,000  
  450     

Baker Hughes Inc.

     May 17/60        105,795  
  350     

Baker Hughes Inc.

     Jun. 17/60        75,425  
  1,250     

Barrick Gold Corp.

     Apr. 17/15        520,000  
  1,250     

Barrick Gold Corp.

     Apr. 17/16        393,750  
  2,400     

Barrick Gold Corp.

     May 17/17        564,000  
  2,250     

Barrick Gold Corp.

     Jun. 17/18        414,000  
  1,050     

BP plc, ADR

     Apr. 17/37        1,050  
  1,150     

BP plc, ADR

     May 17/34        102,327  
  500     

BP plc, ADR

     Jun. 17/34        59,000  
  750     

BP plc, ADR

     Jun. 17/34        84,638  
  780     

Cabot Oil & Gas Corp.

     Apr. 17/23        89,700  
  780     

Cabot Oil & Gas Corp.

     May 17/23        91,517  
  780     

Cabot Oil & Gas Corp.

     Jun. 17/22        171,881  
  3,500     

Centerra Gold
Inc.(g)

     Apr. 17/7        203,970  
  400     

Cheniere Energy Inc.

     Apr. 17/42.50        168,000  
  400     

Cheniere Energy Inc.

     Jun. 17/45        160,000  
  600     

Chevron Corp.

     Apr. 17/115        2,400  
  600     

Chevron Corp.

     May 17/110        72,078  
  500     

Chevron Corp.

     Jun. 17/110        87,000  
  70     

Cimarex Energy Co.

     Apr. 17/130        1,400  
  70     

Cimarex Energy Co.

     Jun. 17/125        27,300  
 

 

See accompanying notes to schedule of investments.

 

3


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

 

 

Number of
 Contracts

         

Expiration Date/

Exercise Price

    

Market
 Value

 
  

OPTIONS CONTRACTS WRITTEN (f) (Continued)

 

  

Call Options Written (Continued)

 

  
  110     

Concho Resources Inc.

     Apr. 17/135      $   8,250  
  100     

Concho Resources Inc.

     May 17/140        30,249  
  100     

Concho Resources Inc.

     Jun. 17/130        64,000  
  400     

ConocoPhillips

     Apr. 17/50        39,600  
  380     

ConocoPhillips

     May 17/49        86,640  
  400     

ConocoPhillips

     Jun. 17/46        186,424  
  2,400     

Detour Gold Corp.(g)

     Apr. 17/19        9,024  
  1,000     

Detour Gold Corp.(g)

     Apr. 17/20        1,880  
  2,000     

Detour Gold Corp.(g)

     May 17/16        111,291  
  2,000     

Detour Gold Corp.(g)

     May 17/20        14,287  
  3,500     

Detour Gold Corp.(g)

     Jun. 17/14        543,482  
  1,000     

Detour Gold Corp.(g)

     Jul. 17/19        42,110  
  450     

Devon Energy Corp.

     Apr. 17/45        6,300  
  400     

Devon Energy Corp.

     May 17/45        27,740  
  400     

Devon Energy Corp.

     Jun. 17/45        44,444  
  250     

Diamondback Energy Inc.

     Apr. 17/100        125,000  
  387     

Diamondback Energy Inc.

     Jun. 17/105          205,110  
  10,351     

Eldorado Gold Corp.

     Apr. 17/3.50        113,861  
  3,000     

Eldorado Gold Corp.

     May 17/3.50        30,990  
  3,000     

Eldorado Gold Corp.

     May 17/4        9,450  
  3,798     

Eldorado Gold Corp.

     Jun. 17/3        228,412  
  600     

Enbridge Inc.

     Apr. 17/43        14,700  
  600     

Enbridge Inc.

     May 17/42        42,924  
  595     

Enbridge Inc.

     Jul. 17/41        105,779  
  1,060     

Energy Select Sector SPDR Fund

     May 17/66.50        424,000  
  300     

Eni SpA(i)

     Apr. 17/15        71,913  
  300     

Eni SpA(i)

     May 17/14        178,759  
  300     

Eni SpA(i)

     Jun. 17/15        95,852  
  500     

EOG Resources Inc.

     Apr. 17/105        9,000  
  460     

EOG Resources Inc.

     May 17/100        114,434  
  535     

EOG Resources Inc.

     Jun. 17/97.50        249,240  
  175     

EQT Corp.

     May 17/65        13,162  
  175     

EQT Corp.

     Jun. 17/55        129,500  
  1,300     

Exxon Mobil Corp.

     Apr. 17/87.50        3,900  
  1,300     

Exxon Mobil Corp.

     May 17/82.50        270,725  
  835     

Exxon Mobil Corp.

     Jun. 17/80        279,725  
  465     

Exxon Mobil Corp.

     Jun. 17/82.50        87,420  
  1,200     

Franco-Nevada Corp.

     Apr. 17/65        234,000  
  500     

Franco-Nevada Corp.

     May 17/60        307,620  
  700     

Franco-Nevada Corp.

     May 17/65        219,163  
  1,200     

Franco-Nevada Corp.

     Jun. 17/61.50        685,164  
  4,984     

Gold Fields Ltd., ADR

     Apr. 17/3        269,136  
  4,138     

Gold Fields Ltd., ADR

     May 17/3.50        113,919  
  5,000     

Gold Fields Ltd., ADR

     Jun. 17/3.50        166,750  
  2,600     

Goldcorp Inc.

     Apr. 17/14        223,600  
  2,500     

Goldcorp Inc.

     May 17/15        274,800  
  2,500     

Goldcorp Inc.

     Jun. 17/14        331,100  
  800     

Halliburton Co.

     Apr. 17/55        4,000  
  740     

Halliburton Co.

     May 17/55        21,460  

Number of
 Contracts

         

Expiration Date/

Exercise Price

    

Market
 Value

 
  400     

Halliburton Co.

     Jun. 17/47.50      $   77,268  
  400     

Halliburton Co.

     Jun. 17/50        31,796  
  25     

Helmerich & Payne Inc.

     Apr. 17/70        1,500  
  80     

Helmerich & Payne Inc.

     Apr. 17/75        405  
  110     

Helmerich & Payne Inc.

     May 17/70        14,102  
  105     

Helmerich & Payne Inc.

     Jun. 17/70        21,000  
  50     

Hess Corp.

     Apr. 17/52.50        1,000  
  100     

Hess Corp.

     Apr. 17/55        600  
  150     

Hess Corp.

     May 17/52.50        10,800  
  150     

Hess Corp.

     Jun. 17/50        33,430  
  1,400     

Kinder Morgan Inc.

     Apr. 17/22        26,754  
  1,400     

Kinder Morgan Inc.

     May 17/22        57,848  
  1,400     

Kinder Morgan Inc.

     Jun. 17/22        105,000  
  5,000     

Klondex Mines Ltd.(g)

     Apr. 17/7        9,400  
  2,250     

Klondex Mines Ltd.(g)

     May 17/6        33,838  
  2,250     

Klondex Mines Ltd.(g)

     May 17/7        12,689  
  2,300     

Klondex Mines Ltd.(g)

     Jun. 17/6        43,238  
  2,600     

Klondex Mines Ltd.(g)

     Jun. 17/7        21,506  
  1,900     

MAG Silver Corp.(g)

     Apr. 17/20        25,003  
  1,900     

MAG Silver Corp.(g)

     May 17/20        67,865  
  1,800     

MAG Silver Corp.(g)

     Jun. 17/18        182,727  
  700     

Marathon Oil Corp.

     Apr. 17/18        2,100  
  700     

Marathon Oil Corp.

     May 17/16        62,867  
  700     

Marathon Oil Corp.

     Jun. 17/16        72,240  
  500     

Marathon Petroleum Corp.

     Apr. 17/45        287,500  
  400     

Marathon Petroleum Corp.

     Jun. 17/50        116,000  
  3,100     

Newcrest Mining Ltd.(j)

     Apr. 17/22        214,577  
  3,000     

Newcrest Mining Ltd.(j)

     May 17/23        186,867  
  3,000     

Newcrest Mining Ltd.(j)

     Jun. 17/23          287,669  
  3,000     

Newcrest Mining Ltd.(j)

     Jul. 17/21        573,000  
  100     

Newfield Exploration Co.

     Apr. 17/41        1,000  
  150     

Newfield Exploration Co.

     May 17/43        1,953  
  150     

Newfield Exploration Co.

     Jun. 17/36        43,875  
  1,500     

Newmont Mining Corp.

     Apr. 17/33        135,000  
  1,600     

Newmont Mining Corp.

     May 17/35        150,400  
  1,500     

Newmont Mining Corp.

     Jun. 17/30        616,500  
  400     

Noble Energy Inc.

     Apr. 17/40        2,000  
  410     

Noble Energy Inc.

     May 17/38        10,270  
  400     

Noble Energy Inc.

     Jun. 17/36        44,184  
  400     

Noble Energy Inc.

     Jul. 17/21        78,288  
  6,000     

Northern Star Resources Ltd(j)

     Jun. 17/4        130,965  
  6,000     

Northern Star Resources Ltd(j)

     Jul. 17/4        160,761  
  260     

Occidental Petroleum Corp.

     Apr. 17/65        9,880  
  250     

Occidental Petroleum Corp.

     May 17/70        3,750  
  260     

Occidental Petroleum Corp.

     Jun. 17/65        43,423  
  7,700     

OceanaGold Corp.(g)

     Apr. 17/4        144,753  
  10,000     

OceanaGold Corp.(g)

     May 17/4        263,188  
 

 

See accompanying notes to schedule of investments.

 

4


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

 

 

Number of
 Contracts

         

Expiration Date/

Exercise Price

    

Market
 Value

 
  

OPTIONS CONTRACTS WRITTEN (f) (Continued)

 

  

Call Options Written (Continued)

 

  
  10,000     

OceanaGold
Corp.(g)

     Jun. 17/3.50      $     545,174  
  200     

ONEOK Inc.

     Apr. 17/59        1,844  
  200     

ONEOK Inc.

     May 17/54        52,994  
  1,275     

Osisko Gold
Royalties
Ltd.(g)

     Apr. 17/15        33,556  
  1,300     

Osisko Gold
Royalties
Ltd.(g)

     May 17/16        26,883  
  1,300     

Osisko Gold
Royalties
Ltd.(g)

     Jun. 17/14        129,526  
  300     

Patterson-UTI
Energy Inc.

     Apr. 17/25        15,000  
  250     

Phillips 66

     Apr. 17/82.50        4,472  
  199     

Phillips 66

     May 17/80        33,034  
  300     

Phillips 66

     Jun. 17/80        66,000  
  300     

Pioneer Natural
Resources Co.

     Apr. 17/180        237,600  
  250     

Pioneer Natural Resources Co.

     May 17/195        117,235  
  300     

Pioneer Natural Resources Co.

     Jun. 17/190        233,400  
  850     

Pretium Resources Inc.

     Apr. 17/12        12,750  
  925     

Pretium Resources Inc.

     Jun. 17/8        268,250  
  900     

Pretium Resources Inc.

     Jun. 17/10        139,500  
  1,400     

Randgold Resources
Ltd., ADR

     Apr. 17/85        518,000  
  550     

Randgold Resources
Ltd., ADR

     May 17/82.50        382,250  
  800     

Randgold Resources
Ltd., ADR

     May 17/87.50        464,032  
  1,350     

Randgold Resources
Ltd., ADR

     Jun. 17/82.50            1,039,500  
  300     

Range Resources Corp.

     Apr. 17/29        28,500  
  300     

Range Resources Corp.

     Jun. 17/32        28,500  
  1,000     

Rio Tinto plc, ADR

     Apr. 17/45        10,000  
  1,000     

Rio Tinto plc, ADR

     May 17/45        62,560  
  1,000     

Rio Tinto plc, ADR

     Jun. 17/45        103,570  
  280     

Royal Dutch
Shell plc(h)

     Apr. 17/2200        20,522  
  280     

Royal Dutch
Shell plc(h)

     May 17/2100        176,633  
  280     

Royal Dutch
Shell plc(h)

     Jun. 17/2200        101,841  
  924     

Royal Gold Inc.

     Apr. 17/67.50        311,388  
  900     

Royal Gold Inc.

     May 17/75        74,871  
  926     

Royal Gold Inc.

     Jun. 17/67.50        476,779  
  550     

Schlumberger Ltd.

     Apr. 17/82.50        7,145  
  550     

Schlumberger Ltd.

     Apr. 17/85        1,392  
  300     

Schlumberger Ltd.

     May 17/80        40,800  
  638     

Schlumberger Ltd.

     May 17/85        14,036  
  600     

Schlumberger Ltd.

     Jun. 17/77.50        165,600  
  400     

Schlumberger Ltd.

     Jun. 17/80        72,800  
  773     

Silver Wheaton Corp.

     Apr. 17/20        56,429  
  227     

Silver Wheaton Corp.

     Apr. 17/21        12,031  
  200     

Silver Wheaton Corp.

     May 17/20        31,000  

Number of
 Contracts

         

Expiration Date/
 Exercise Price

    

Market
 Value

 
  1,100     

Silver Wheaton Corp.

     May 17/21      $       111,100  
  1,100     

Silver Wheaton Corp.

     Jun. 17/18        301,323  
  585     

Suncor Energy Inc.

     Apr. 17/31        30,479  
  500     

Suncor Energy Inc.

     May 17/32        27,370  
  400     

Suncor Energy Inc.

     Jun. 17/31        50,400  
  4,000     

Tahoe Resources Inc.

     Apr. 17/8.50        53,280  
  4,000     

Tahoe Resources Inc.

     May 17/9        94,160  
  5,800     

Tahoe Resources Inc.

     Jun. 17/7.50        545,200  
  3,800     

Tahoe Resources Inc.

     Jun. 17/67.50        352,830  
  300     

TechnipFMC plc

     Apr. 17/34        6,000  
  330     

TechnipFMC plc

     May 17/31        79,200  
  300     

TechnipFMC plc

     May 17/34        33,543  
  300     

TechnipFMC plc

     Jun. 17/34        33,786  
  140     

Tesoro Corp.

     Apr. 17/87.50        3,364  
  130     

Tesoro Corp.

     May 17/80        50,700  
  140     

Tesoro Corp.

     May 17/90        8,820  
  140     

Tesoro Corp.

     Jun. 17/85        33,137  
  700     

The Williams
Companies Inc.

     Apr. 17/27        157,157  
  1,380     

The Williams
Companies Inc.

     May 17/29        199,410  
  687     

The Williams
Companies Inc.

     Jun. 17/29        112,668  
  1,500     

Torex Gold
Resources
Inc.(g)

     Apr. 17/29        45,118  
  1,900     

Torex Gold
Resources
Inc.(g)

     May 17/30        107,155  
  2,100     

Torex Gold
Resources
Inc.(g)

     Jun. 17/24        572,433  
  1,200     

Torex Gold
Resources
Inc.(g)

     Jul. 17/22        473,738  
  900     

Total SA, ADR

     Apr. 17/50        80,037  
  810     

Total SA, ADR

     May 17/50        137,700  
  900     

Total SA, ADR

     Jun. 17/50        147,654  
  2,800     

United States
Commodities Fund LLC

     Apr. 17/12        2,800  
  1,800     

United States
Commodities Fund LLC

     May 17/11.50        19,800  
  2,300     

United States Commodities Fund LLC

     Jun. 17/11.50        48,300  
  375     

Valero Energy Corp.

     Apr. 17/65        76,759  
  375     

Valero Energy Corp.

     May 17/65        106,628  
  500     

Valero Energy Corp.

     Jun. 17/70        68,000  
  2,500     

VanEck Vectors Gold Miners ETF

     Apr. 17/20.50        616,250  
  2,500     

VanEck Vectors Gold Miners ETF

     Apr. 17/21        520,000  
  2,500     

VanEck Vectors Gold Miners ETF

     Apr. 17/21.50        410,000  
  1,500     

VanEck Vectors Gold Miners ETF

     May 17/20        466,500  
 

 

See accompanying notes to schedule of investments.

 

5


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

 

 

Number of
 Contracts

         

Expiration Date/
 Exercise Price

    

Market
 Value

 
  

OPTIONS CONTRACTS WRITTEN (f) (Continued)

 

  

Call Options Written (Continued)

 

  
  1,500     

VanEck Vectors
Gold Miners ETF

     May 17/21      $ 354,000  
  4,000     

VanEck Vectors
Gold Miners ETF

     May 17/24        276,000  
  2,500     

VanEck Vectors
Gold Miners ETF

     Jun. 17/21        647,500  
  2,500     

VanEck Vectors
Gold Miners ETF

     Jun. 17/22        482,500  
  2,500     

VanEck Vectors
Gold Miners ETF

     Jun. 17/23        355,000  
        

 

 

 
  

TOTAL CALL OPTIONS WRITTEN
(Premiums received $49,543,288)

 

     34,942,690  
        

 

 

 
  

Put Options Written — (0.1)%

 

  
  5,000     

B2Gold Corp.

     Jul. 17/2.50        112,500  
  1,000     

Centerra Gold Inc.(g)

     Apr. 17/6        1,880  
  1,800     

Energy Select Sector SPDR Fund

     May 17/67.50        129,600  
  1,800     

Energy Select Sector SPDR Fund

     Jun. 17/67        226,800  
  1,500     

Franco-Nevada Corp.

     Apr. 17/55        7,500  
  1,400     

Randgold Resources Ltd.

     Sep. 17/75        417,200  
  250     

Royal Gold Inc.

     Apr. 17/60        1,250  
  500     

United States Commodities Fund LLC

     Apr. 17/10        3,500  
  3,200     

VanEck Vectors Gold Miners ETF

     Jun. 17/20        124,800  
  3,500     

VanEck Vectors Gold Miners ETF

     Sep. 17/19        245,000  
        

 

 

 
  

TOTAL PUT OPTIONS WRITTEN
(Premiums received $1,719,258)

 

     1,270,030  
        

 

 

 
  

TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received $51,262,546)

 

   $   36,212,720  
        

 

 

 
   Aggregate premiums      $ (51,262,546
        

 

 

 
   Gross unrealized appreciation      $   18,617,225  
   Gross unrealized depreciation        (3,567,399
        

 

 

 
   Net unrealized appreciation/depreciation      $   15,049,826  
        

 

 

 

 

 

(a)

Securities, or a portion thereof, with a value of $269,538,556 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 March 31, 2017, the market value of Rule 144A securities amounted to $20,731,563 or 2.43% of total investments.

(c)

At March 31, 2017, the Fund held investments in restricted and illiquid securities amounting to $ 4,105,768 or 0.48% which were valued under methods approved by the Board of Trustees as follows:

 

Acquisition
  Principal
   Amount

   

Issuer

  

Acquisition
    Dates    

    

Acquisition
    Cost    

    

03/31/17
Carrying
Value

Per Bond

 
$     1,500,000 (c)   

Wesdome Gold Inc. 7.00%, 05/24/17

     05/18/12      $ 1,473,645        $1,233.9887  
        2,000,000    

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

    
03/18/16-
03/31/16
 
 
     1,981,837        1,077.5000  
        150,000    

Osisko Mining Inc., expire 08/28/18

     02/17/17        320,635        0.6652  

 

(d)

Principal amount denoted in Canadian Dollars.

(e)

At March 31, 2017, $55,500,000 of the principal amount was pledged as collateral for options written.

(f)

At March 31, 2017, the Fund had written over-the-counter Option Contracts with Pershing LLC, Morgan Stanley, and The Goldman Sachs Group, Inc.

(g)

Exercise price denoted in Canadian dollars.

(h)

Exercise price denoted in British pence.

(i)

Exercise price denoted in Euros.

(j)

Exercise price denoted in Australian 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

    

United States

     43.9   $ 374,343,611  

Canada

     27.9       237,947,934  

Europe

     20.3       172,713,871  

Latin America

     3.5       29,485,375  

Asia/Pacific Rim

     3.2       27,177,014  

South Africa

     1.2       10,526,231  
  

 

 

   

 

 

 

Total Investments

     100.0   $ 852,194,036  
  

 

 

   

 

 

 

Short Positions

    

United States

     (3.4 )%    $ (29,183,123

Canada

     (0.4     (3,932,662

Europe

     (0.2     (1,543,096

Asia/Pacific Rim

     (0.2     (1,553,839
  

 

 

   

 

 

 

Total Investments

     (4.2 )%    $ (36,212,720
  

 

 

   

 

 

 
 

 

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 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. Such debt obligations are valued through prices provided by a Pricing Service approved by the Board. 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).

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.

 

7


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

 

     Valuation Inputs         
     Level 1
Quoted Prices
     Level 2 Other Significant
Observable Inputs
     Total Market Value
at 3/31/17
 

INVESTMENTS IN SECURITIES:

        

ASSETS (Market Value):

        

Common Stocks:

        

Metals and Mining

     $368,204,498        $    21,546,591        $389,751,089  

Other (a)

     318,351,930               318,351,930  

Total Common Stocks

     686,556,428        21,546,591        708,103,019  

Warrants (a)

        99,785        99,785  

Convertible Preferred Stocks (a)

     4,105,124               4,105,124  

Convertible Corporate Bonds (a)

            8,695,327        8,695,327  

Corporate Bonds (a)

            23,573,220        23,573,220  

U.S. Government Obligations

            107,617,561        107,617,561  

TOTAL INVESTMENTS IN SECURITIES – ASSETS

     $690,661,552        $161,532,484        $852,194,036  

INVESTMENTS IN SECURITIES:

        

LIABILITIES (Market Value)

        

EQUITY CONTRACTS:

        

Call Options Written

     $ (14,008,043)        $ (20,934,647)        $ (34,942,690)  

Put Options Written

     (137,050)        (1,132,980)        (1,270,030)  

TOTAL INVESTMENTS IN SECURITIES – LIABILITIES

     $ (14,145,093)        $ (22,067,627)        $ (36,212,720)  

 

(a)

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

At March 31, 2017, 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, 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.

 

8


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

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 March 31, 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 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

 

9


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. Option positions at March 31, 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. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At March 31, 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

 

10


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

 

 

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 March 31, 2017, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was 2 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 March 31, 2017, 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

 

     LOGO

 

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

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 Q1/2017        
       
       
       
       


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  

    5/25/2017

 

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  

    5/25/2017

 

 

By (Signature and Title)*

 

   /s/ Agnes Mullady

 
 

       Agnes Mullady, Principal Financial Officer and Treasurer

 

 

Date  

    5/25/2017

 

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