UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

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: December 31, 2019

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. Reports to Stockholders.

The Report to Shareholders is attached herewith.


GAMCO Global Gold, Natural Resources & Income Trust

Annual Report — December 31, 2019

(Y)our Portfolio Management Team

 

LOGO        LOGO
Caesar M. P. Bryan     Vincent Hugonnard-Roche

To Our Shareholders,

For the year ended December 31, 2019, the net asset value (NAV) total return of the GAMCO Global Gold, Natural Resources & Income Trust (the Fund) was 18.8%, compared with total returns of 15.7% and 52.9% 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 36.7%. The Fund’s NAV per share was $4.31, while the price of the publicly traded shares closed at $4.40 on the NYSE American. See page 2 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2019.

 

 

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.


Comparative Results

Average Annual Returns through December 31, 2019 (a) (Unaudited)            

 

         
Since
Inception

     1 Year   3 Year   5 Year   10 Year   (03/31/05)

GAMCO Global Gold, Natural Resources & Income Trust

                    

NAV Total Return (b)

       18.82 %       3.22 %       2.14 %       (1.03 )%       0.92%

Investment Total Return (c)

       36.72       6.48       3.99       (0.85 )       0.83   

CBOE S&P 500 Buy/Write Index

       15.68       7.58       7.00       7.05       5.58   

Bloomberg Barclays Government/Credit Bond Index

       9.70       4.31       3.23       3.93       4.29   

Energy Select Sector Index

       12.08       (3.09 )       (1.75 )       3.44       4.90   

XAU Index

       52.88       11.58       10.10       (3.32 )       2.01   
  (a)

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. 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. 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.

 

 

2


Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments before options written as of December 31, 2019:

GAMCO Global Gold, Natural Resources & Income Trust

 

Long Positions

  

Metals and Mining

     54.0

Energy and Energy Services

     30.6

U.S. Government Obligations

     15.4

Exchange Traded Call Options Purchased

     0.0 %* 
  

 

 

 
         100.0
  

 

 

 

Short Positions

  

Call Options Written

     (5.0 )% 

Put Options Written

           (0.0 )%** 
  

 

 

 
     (5.0 )% 
  

 

 

 

 

*

Amount represents less than 0.05%.

**

Amount represents greater than (0.05)%.

 

 

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

 

3


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments — December 31, 2019

 

 

 

 

Shares

         

Cost

    

Market

Value

 
   COMMON STOCKS — 83.6%

 

   Energy and Energy Services — 30.6%

 

  88,000      Apache Corp.(a)    $ 7,441,980      $ 2,251,920  
  103,375      Baker Hughes Co.(a)      5,776,579        2,649,501  
  317,000      BP plc, ADR(a)      14,483,850        11,963,580  
  115,000      Cabot Oil & Gas Corp.(a)      3,223,629        2,002,150  
  219,500      Chevron Corp.(a)      28,102,010        26,451,945  
  26,000      Cimarex Energy Co.      2,519,747        1,364,740  
  47,300      Concho Resources Inc.      6,068,086        4,142,061  
  100,200      ConocoPhillips(a)      7,041,922        6,516,006  
  50,000      Devon Energy Corp.(a)      2,965,050        1,298,500  
  32,000      Diamondback Energy Inc.      3,317,781        2,971,520  
  450,000      Eni SpA      8,638,972        6,989,007  
  113,000      EOG Resources Inc.(a)      13,457,585        9,464,880  
  453,000      Exxon Mobil Corp.(a)      40,209,047        31,610,340  
  136,300      Halliburton Co.(a)      7,597,247        3,335,261  
  41,200      Helmerich & Payne Inc.(a)      3,106,017        1,871,716  
  33,500      Hess Corp.(a)      2,307,645        2,238,135  
  45,500      HollyFrontier Corp.(a)      3,158,830        2,307,305  
  440,008      Kinder Morgan Inc.(a)      9,459,805        9,314,969  
  197,000      Marathon Oil Corp.(a)      4,219,893        2,675,260  
  154,994      Marathon Petroleum Corp.      10,412,962        9,338,390  
  110,254      Noble Energy Inc.      4,323,329        2,738,709  
  26,661      Occidental Petroleum
Corp.(a)
     1,249,068        1,098,700  
  95,800      ONEOK Inc.(a)      6,902,608        7,249,186  
  96,000      Phillips 66(a)      11,188,156        10,695,360  
  37,800      Pioneer Natural Resources Co.(a)      7,412,209        5,721,786  
  841,000      Royal Dutch Shell plc, Cl. A      28,750,214        24,897,806  
  263,666      Schlumberger Ltd.(a)      19,913,211        10,599,373  
  165,500      Suncor Energy Inc.(a)      6,614,557        5,428,400  
  120,000      Sunoco LP(a)      2,397,027        3,672,000  
  100,000      TechnipFMC plc(a)      3,451,030        2,144,000  
  259,000      The Williams Companies
Inc.(a)
     12,507,305        6,143,480  
  290,500      TOTAL SA, ADR(a)      17,863,128        16,064,650  
  98,700      Valero Energy Corp.(a)      11,311,052        9,243,255  
     

 

 

    

 

 

 
        317,391,531        246,453,891  
     

 

 

    

 

 

 
   Metals and Mining — 53.0%

 

  543,500      Agnico Eagle Mines Ltd.(a)      28,419,169        33,485,035  
  3,962,692      Alamos Gold Inc., Cl. A(a)      30,015,305        23,855,406  
  480,000      AngloGold Ashanti Ltd.,
ADR(a)
     9,651,144        10,723,200  
  4,821,900      B2Gold Corp.      17,067,289        19,335,819  
  1,967,544      Barrick Gold Corp.(a)      33,266,469        36,576,643  
  2,400,000      Belo Sun Mining Corp.†      1,821,022        942,590  
  172,600      BHP Group Ltd., ADR(a)      9,204,121        9,442,946  
  5,165,000      Centamin plc      9,374,195        8,688,836  
  1,725,000      Continental Gold Inc.†      5,298,853        7,106,965  
  845,900      Detour Gold Corp.†      11,568,578        16,376,671  
  342,500      Endeavour Mining Corp.†      6,795,306        6,469,928  
  1,275,000      Evolution Mining Ltd.      3,722,143        3,399,976  
  600,000      Fortuna Silver Mines Inc.†      3,149,010        2,448,000  
  342,800      Franco-Nevada Corp.(a)      28,639,481        35,411,240  
  798,318      Fresnillo plc      15,426,260        6,769,852  

Shares

         

Cost

    

Market

Value

 
  1,500,000      Harmony Gold Mining Co. Ltd., ADR†    $ 4,786,732      $ 5,445,000  
  3,076,832      Hochschild Mining plc      10,518,478        7,458,344  
  156,000      Kirkland Lake Gold Ltd.      7,544,860        6,874,920  
  40,000      Labrador Iron Ore Royalty Corp.      729,070        758,384  
  272,000      MAG Silver Corp.†(a)      3,778,989        3,220,480  
  1,116,299      Newcrest Mining Ltd.      27,033,700        23,699,028  
  923,296      Newmont Goldcorp Corp.(a)      41,049,413        40,117,211  
  410,015      Northern Dynasty Minerals Ltd.†      871,620        175,486  
  1,531,575      Northern Star Resources Ltd.      11,181,672        12,155,784  
  2,080,000      OceanaGold Corp.      7,471,210        4,084,556  
  660,000      Osisko Gold Royalties Ltd.      8,634,928        6,414,231  
  223,500      Pan American Silver Corp.      8,233,849        5,294,715  
  990,500      Pretium Resources Inc.†      9,415,631        11,024,265  
  300,000      Rio Tinto plc, ADR(a)      17,727,870        17,808,000  
  104,800      Royal Gold Inc.(a)      11,945,127        12,811,800  
  1,725,000      Saracen Mineral Holdings Ltd.†      3,473,834        4,006,814  
  620,000      SEMAFO Inc.†      2,238,294        1,289,130  
  353,300      SSR Mining Inc.†      5,493,455        6,804,558  
  349,000      Torex Gold Resources Inc.†      8,336,174        5,514,982  
  600,000      Wesdome Gold Mines Ltd.†      1,478,545        4,699,087  
  849,550      Wheaton Precious Metals Corp.(a)      22,939,030        25,274,114  
     

 

 

    

 

 

 
        428,300,826        425,963,996  
     

 

 

    

 

 

 
   TOTAL COMMON STOCKS      745,692,357        672,417,887  
     

 

 

    

 

 

 
   RIGHTS — 0.0%

 

  
   Metals and Mining — 0.0%

 

  
  305,400      Pan American Silver Corp., CVR†      69,336        229,050  
     

 

 

    

 

 

 
Principal
Amount
                    
   CONVERTIBLE CORPORATE BONDS — 0.5%

 

   Metals and Mining — 0.5%

 

  $1,300,000      Fortuna Silver Mines Inc.,     4.650%, 10/31/24(b)(c)      1,300,000        1,463,826  
  2,000,000      Osisko Gold Royalties Ltd.,     4.000%, 12/31/22      1,565,384        1,557,969  
  1,000,000      Pretium Resources Inc.,     2.250%, 03/15/22      1,000,000        1,040,100  
     

 

 

    

 

 

 
        3,865,384        4,061,895  
     

 

 

    

 

 

 
   TOTAL CONVERTIBLE     CORPORATE BONDS      3,865,384        4,061,895  
     

 

 

    

 

 

 
   CORPORATE BONDS — 0.5%

 

   Metals and Mining — 0.5%

 

  2,000,000      IAMGOLD Corp.,
    7.000%, 04/15/25(c)
     2,000,000        2,089,550  
 

 

See accompanying notes to financial statements.

 

4


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — December 31, 2019

 

 

 

 

Principal

Amount

        Cost     

Market

Value

 
   CORPORATE BONDS (Continued)

 

  
   Metals and Mining (Continued)

 

  
$2,000,000    New Gold Inc.,
    6.250%, 11/15/22(c)
   $ 2,008,727 $         1,995,613  
     

 

 

    

 

 

 
        4,008,727        4,085,163  
     

 

 

    

 

 

 
   TOTAL CORPORATE     BONDS      4,008,727        4,085,163  
     

 

 

    

 

 

 
   U.S. GOVERNMENT OBLIGATIONS — 15.4%

 

123,486,000    U.S. Treasury Bills,
    1.487% to 1.888%††,     01/16/20 to 03/26/20(d)
     123,242,029        123,255,577  
     

 

 

    

 

 

 
   PURCHASED     OPTIONS — 0.0%      90,262        15,010  
     

 

 

    

 

 

 

TOTAL INVESTMENTS BEFORE OPTIONS WRITTEN — 100.0%

   $ 876,968,095        804,064,582  
     

 

 

    

OPTIONS WRITTEN — (5.0)%

    

  (Premiums received $30,570,269)

       (40,505,389

Other Assets and Liabilities (Net)

       (4,449,356

PREFERRED STOCK
(3,465,849 preferred shares outstanding)

       (86,646,225
        

 

 

 

NET ASSETS — COMMON STOCK
(155,860,800 common shares outstanding)

     $ 672,463,612  
        

 

 

 

NET ASSET VALUE PER COMMON SHARE
($672,463,612 ÷ 155,860,800 shares outstanding)

     $ 4.31  
        

 

 

 

 

(a)

Securities, or a portion thereof, with a value of $370,247,505 were deposited with the broker as collateral for options written.

(b)

At December 31, 2019, the Fund held an investment in a restricted and illiquid security amounting to $1,463,826 or 0.18% of total investments before options written, which was valued under methods approved by the Board of Trustees as follows:

 

Acquisition
Principal
    Amount    

 

Issuer

  Acquisition
Date
    Acquisition
Cost
    12/31/19
Carrying
Value
Per Bond
 
$1,300,000  

Fortuna Silver Mines Inc., 4.650%, 10/31/24

    09/25/19       $ 1,300,000     $ 1,126.02  
(c)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d)

At December 31, 2019, $75,964,000 of the principal amount was pledged as collateral for options written.

Non-income producing security.

††

Represents annualized yields at dates of purchase.

ADR

  American Depositary Receipt

CVR

  Contingent Value Right

Geographic Diversification

   % of Total
Investments*
 

Market

Value

Long Positions

        

United States

       44.2 %     $ 355,395,096

Canada

       33.1       266,458,179

Europe

       11.0       88,555,880

Asia/Pacific

       7.1       56,789,103

Latin America

       2.6       20,698,124

South Africa

       2.0       16,168,200
    

 

 

     

 

 

 

Total Investments — Long Positions

       100.0 %     $ 804,064,582
    

 

 

     

 

 

 

Short Positions

        

United States

       (4.6 )%     $ (37,520,547 )

Canada

       (0.3 )       (2,288,628 )

Asia/Pacific

       (0.1 )       (426,094 )

Europe

       (0.0 )**       (270,120 )
    

 

 

     

 

 

 

Total Investments — Short Positions

       (5.0 )%     $ (40,505,389 )
    

 

 

     

 

 

 

 

*

Total investments exclude options written.

**

Amount represents greater than (0.05)%.

 

 

See accompanying notes to financial statements.

 

5


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — December 31, 2019

 

 

 

As of December 31, 2019, option purchased outstanding were as follows:

 

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

Exchange Traded Call Options Purchased — 0.0%

                    

Newmont Goldcorp Corp.

     1,580        USD        6,865,100        USD        55.00        03/20/20      $ 15,010  
                    

 

 

 

TOTAL EXCHANGE TRADED CALL OPTIONS PURCHASED

                     $ 15,010  
                    

 

 

 

As of December 31, 2019, options written outstanding were as follows:

 

Description    Counterparty    Number of
Contracts
    

Notional

Amount

     Exercise
Price
     Expiration
Date
     Market
Value
 

OTC Call Options Written — (3.9)%

                    

Agnico Eagle Mines Ltd.

   Pershing LLC      2,245          USD        13,831,445        USD        60.00        01/17/20      $     566,014  

Agnico Eagle Mines Ltd.

   Pershing LLC      2,190          USD        13,492,590        USD        60.00        02/21/20        834,017  

Agnico Eagle Mines Ltd.

   Pershing LLC      1,000          USD        6,161,000        USD        60.00        03/20/20        442,725  

Alamos Gold Inc., Cl. A

   Pershing LLC      13,200          USD        7,946,400        USD        7.00        01/17/20        28,445  

Alamos Gold Inc., Cl. A

   Pershing LLC      13,000          USD        7,826,000        USD        6.00        02/21/20        581,689  

Alamos Gold Inc., Cl. A

   Pershing LLC      4,500          USD        2,709,000        USD        6.00        03/20/20        246,051  

Alamos Gold Inc., Cl. A

   Pershing LLC      9,000          USD        5,418,000        USD        6.50        03/20/20        313,056  

AngloGold Ashanti Ltd., ADR

   Pershing LLC      2,400          USD        5,361,600        USD        22.00        06/19/20        708,419  

Apache Corp.

   Pershing LLC      514          USD        1,315,326        USD        25.00        01/17/20        69,937  

Apache Corp.

   Pershing LLC      440          USD        1,125,960        USD        22.50        03/20/20        177,893  

B2Gold Corp.

   Pershing LLC      6,729          USD        2,698,329        USD        3.25        01/17/20        520,402  

B2Gold Corp.

   Pershing LLC      7,600          USD        3,047,600        USD        3.50        01/17/20        412,580  

B2Gold Corp.

   Pershing LLC      10,000          USD        4,010,000        USD        3.70        02/21/20        499,972  

B2Gold Corp.

   Pershing LLC      5,000          USD        2,005,000        USD        3.75        02/21/20        234,755  

B2Gold Corp.

   Pershing LLC      15,000          USD        6,015,000        USD        3.75        03/20/20        815,616  

Baker Hughes Co.

   Pershing LLC      514          USD        1,317,382        USD        23.50        02/21/20        125,790  

Baker Hughes Co.

   Pershing LLC      520          USD        1,332,760        USD        24.00        03/20/20        122,205  

Barrick Gold Corp.

   Pershing LLC      5,700          USD        10,596,300        USD        19.00        01/17/20        157,560  

Barrick Gold Corp.

   Pershing LLC      2,175          USD        4,043,325        USD        19.50        01/17/20        33,386  

Barrick Gold Corp.

   Pershing LLC      2,115          USD        3,931,785        USD        17.00        02/21/20        396,528  

Barrick Gold Corp.

   Pershing LLC      5,385          USD        10,010,715        USD        17.50        02/21/20        811,575  

BHP Group Ltd., ADR

   Pershing LLC      575          USD        3,145,825        USD        53.00        01/17/20        113,717  

BHP Group Ltd., ADR

   Pershing LLC      575          USD        3,145,825        USD        47.50        02/21/20        425,634  

BHP Group Ltd., ADR

   Pershing LLC      575          USD        3,145,825        USD        53.25        03/20/20        131,406  

BP plc, ADR

   Pershing LLC      1,057          USD        3,989,118        USD        38.00        01/17/20        39,904  

BP plc, ADR

   Pershing LLC      1,057          USD        3,989,118        USD        40.00        02/21/20        16,677  

BP plc, ADR

   Pershing LLC      1,056          USD        3,985,344        USD        39.00        03/20/20        54,688  

Cabot Oil & Gas Corp.

   Pershing LLC      575          USD        1,001,075        USD        19.00        01/17/20        4,337  

Cabot Oil & Gas Corp.

   Pershing LLC      575          USD        1,001,075        USD        18.00        03/20/20        44,274  

Chevron Corp.

   Pershing LLC      640          USD        7,712,640        USD        119.00        01/17/20        174,631  

Chevron Corp.

   Pershing LLC      855          USD        10,303,605        USD        120.00        02/21/20        252,509  

 

See accompanying notes to financial statements.

 

6


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — December 31, 2019

 

 

 

Description    Counterparty    Number of
Contracts
    

Notional

Amount

     Exercise
Price
     Expiration
Date
   Market
Value
 

Chevron Corp.

   Pershing LLC      700        USD      8,435,700      USD      120.00      03/20/20    $     270,061  

Cimarex Energy Co.

   Pershing LLC      130        USD      682,370      USD      50.00      02/21/20      61,891  

Cimarex Energy Co.

   Pershing LLC      130        USD      682,370      USD      52.00      04/17/20      66,882  

Concho Resources Inc.

   Pershing LLC      150        USD      1,313,550      USD      80.00      04/17/20      177,200  

ConocoPhillips

   Pershing LLC      360        USD      2,341,080      USD      57.50      01/17/20      275,974  

ConocoPhillips

   Pershing LLC      262        USD      1,703,786      USD      60.00      02/21/20      149,962  

ConocoPhillips

   Pershing LLC      380        USD      2,471,140      USD      62.50      03/20/20      174,883  

Devon Energy Corp.

   Pershing LLC      500        USD      1,298,500      USD      24.00      01/17/20      111,601  

Devon Energy Corp.

   Pershing LLC      500        USD      1,298,500      USD      22.00      04/17/20      239,923  

Eni SpA

   Morgan Stanley      300        EUR      2,076,900      EUR      14.25      01/17/20      4,521  

Eni SpA

   Morgan Stanley      300        EUR      2,076,900      EUR      14.15      02/21/20      27,117  

Eni SpA

   Morgan Stanley      300        EUR      2,076,900      EUR      14.13      03/20/20      42,290  

EOG Resources Inc.

   Pershing LLC      200        USD      1,675,200      USD      70.00      01/17/20      269,604  

EOG Resources Inc.

   Pershing LLC      405        USD      3,392,280      USD      77.50      01/17/20      256,011  

EOG Resources Inc.

   Pershing LLC      65        USD      544,440      USD      77.50      02/21/20      49,881  

EOG Resources Inc.

   Pershing LLC      460        USD      3,852,960      USD      77.50      03/20/20      398,060  

Exxon Mobil Corp.

   Pershing LLC      1,260        USD      8,792,280      USD      70.00      01/17/20      113,763  

Exxon Mobil Corp.

   Pershing LLC      300        USD      2,093,400      USD      72.50      01/17/20      4,857  

Exxon Mobil Corp.

   Pershing LLC      1,470        USD      10,257,660      USD      70.00      02/21/20      214,099  

Exxon Mobil Corp.

   Pershing LLC      1,500        USD      10,467,000      USD      70.00      03/20/20      290,915  

Franco-Nevada Corp.

   Pershing LLC      650        USD      6,714,500      USD      95.00      01/17/20      568,164  

Franco-Nevada Corp.

   Pershing LLC      332        USD      3,429,560      USD      97.50      01/17/20      211,941  

Franco-Nevada Corp.

   Pershing LLC      664        USD      6,859,120      USD      95.00      02/21/20      626,669  

Franco-Nevada Corp.

   Pershing LLC      332        USD      3,429,560      USD      100.00      02/21/20      183,687  

Franco-Nevada Corp.

   Pershing LLC      1,450        USD      14,978,500      USD      100.00      03/20/20      916,689  

Halliburton Co.

   Pershing LLC      662        USD      1,619,914      USD      20.00      01/17/20      297,994  

Halliburton Co.

   Pershing LLC      715        USD      1,749,605      USD      20.00      02/21/20      330,660  

Harmony Gold Mining Co. Ltd., ADR

   Pershing LLC      5,000        USD      1,815,000      USD      3.25      01/17/20      203,974  

Harmony Gold Mining Co. Ltd., ADR

   Pershing LLC      10,000        USD      3,630,000      USD      3.25      03/20/20      594,361  

Helmerich & Payne Inc.

   Pershing LLC      208        USD      944,944      USD      42.00      02/21/20      87,210  

Helmerich & Payne Inc.

   Pershing LLC      205        USD      931,315      USD      43.00      04/17/20      95,045  

Hess Corp.

   Pershing LLC      130        USD      868,530      USD      65.00      02/21/20      56,719  

Hess Corp.

   Pershing LLC      175        USD      1,169,175      USD      65.00      04/17/20      102,608  

HollyFrontier Corp.

   Pershing LLC      130        USD      659,230      USD      52.00      01/17/20      9,066  

HollyFrontier Corp.

   Pershing LLC      200        USD      1,014,200      USD      55.00      01/17/20      1,756  

HollyFrontier Corp.

   Pershing LLC      125        USD      633,875      USD      52.00      03/20/20      28,415  

Kinder Morgan Inc.

   Pershing LLC      1,400        USD      2,963,800      USD      20.50      01/17/20      106,089  

Kinder Morgan Inc.

   Pershing LLC      1,500        USD      3,175,500      USD      20.50      02/21/20      117,570  

Kinder Morgan Inc.

   Pershing LLC      1,500        USD      3,175,500      USD      20.25      03/20/20      167,270  

MAG Silver Corp.

   Pershing LLC      1,360        USD      1,610,240      USD      12.00      02/21/20      101,191  

Marathon Oil Corp.

   Pershing LLC      993        USD      1,348,494      USD      13.00      01/17/20      75,375  

Marathon Oil Corp.

   Pershing LLC      977        USD      1,326,766      USD      13.00      03/20/20      120,872  

Marathon Petroleum Corp.

   Pershing LLC      550        USD      3,313,750      USD      55.00      01/17/20      306,453  

 

See accompanying notes to financial statements.

 

7


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — December 31, 2019

 

 

 

Description    Counterparty    Number of
Contracts
    

Notional

Amount

     Exercise Price      Expiration
Date
   Market
Value
 

Marathon Petroleum Corp.

   Pershing LLC      500        USD      3,012,500      USD      60.00      02/21/20    $     142,127  

Marathon Petroleum Corp.

   Pershing LLC      500        USD      3,012,500      USD      60.00      03/20/20      176,510  

Newcrest Mining Ltd.

   Morgan Stanley      2,285        AUD      6,912,802      AUD      38.50      01/17/20      1,189  

Newcrest Mining Ltd.

   Morgan Stanley      2,285        AUD      6,912,802      AUD      33.00      02/21/20      64,530  

Newcrest Mining Ltd.

   Morgan Stanley      4,310        AUD      13,039,027      AUD      31.00      03/20/20      360,376  

Newmont Goldcorp Corp.

   Pershing LLC      2,900        USD      12,600,500      USD      40.00      01/17/20      1,014,234  

Newmont Goldcorp Corp.

   Pershing LLC      2,733        USD      11,874,885      USD      38.00      02/21/20      1,542,926  

Newmont Goldcorp Corp.

   Pershing LLC      2,430        USD      10,558,350      USD      42.00      02/21/20      573,537  

Newmont Goldcorp Corp.

   Pershing LLC      2,750        USD      11,948,750      USD      42.00      03/20/20      740,938  

Noble Energy Inc.

   Pershing LLC      275        USD      683,100      USD      22.50      01/17/20      67,873  

Noble Energy Inc.

   Pershing LLC      93        USD      231,012      USD      22.50      01/17/20      22,953  

Noble Energy Inc.

   Pershing LLC      367        USD      911,628      USD      22.50      02/21/20      103,581  

Noble Energy Inc.

   Pershing LLC      368        USD      914,112      USD      22.50      03/20/20      115,658  

OceanaGold Corp.

   Morgan Stanley      14,000        CAD      3,570,000      CAD      3.50      02/21/20      53,906  

ONEOK Inc.

   Pershing LLC      288        USD      2,179,296      USD      70.00      01/17/20      166,567  

ONEOK Inc.

   Pershing LLC      340        USD      2,572,780      USD      70.00      02/21/20      187,337  

ONEOK Inc.

   Pershing LLC      330        USD      2,497,110      USD      72.50      03/20/20      136,061  

Pan American Silver Corp.

   Pershing LLC      1,000        USD      2,369,000      USD      19.00      03/20/20      504,594  

Phillips 66

   Pershing LLC      330        USD      3,676,530      USD      100.00      01/17/20      376,782  

Phillips 66

   Pershing LLC      300        USD      3,342,300      USD      115.00      02/21/20      43,958  

Phillips 66

   Pershing LLC      330        USD      3,676,530      USD      113.00      03/20/20      104,929  

Pioneer Natural Resources Co.

   Pershing LLC      114        USD      1,725,618      USD      130.00      01/17/20      246,762  

Pioneer Natural Resources Co.

   Pershing LLC      135        USD      2,043,495      USD      130.00      02/21/20      310,463  

Pioneer Natural Resources Co.

   Pershing LLC      129        USD      1,952,673      USD      150.00      03/20/20      137,066  

Pretium Resources Inc.

   Pershing LLC      3,150        USD      3,505,950      USD      16.00      02/21/20      8,925  

Rio Tinto plc, ADR

   Pershing LLC      1,000        USD      5,936,000      USD      53.00      01/17/20      651,639  

Rio Tinto plc, ADR

   Pershing LLC      1,000        USD      5,936,000      USD      53.00      02/21/20      685,588  

Rio Tinto plc, ADR

   Pershing LLC      1,000        USD      5,936,000      USD      60.00      03/20/20      132,355  

Royal Dutch Shell plc, Cl. A

   Morgan Stanley      250        GBP      5,587,500      GBp      2,350.00      01/17/20      7,683  

Royal Dutch Shell plc, Cl. A

   Morgan Stanley      280        GBP      6,258,000      GBp      2,300.00      02/21/20      69,831  

Royal Dutch Shell plc, Cl. A

   Morgan Stanley      311        GBP      6,950,850      GBp      2,300.00      03/20/20      118,678  

Royal Gold Inc.

   Pershing LLC      350        USD      4,278,750      USD      115.00      03/20/20      388,373  

Schlumberger Ltd.

   Pershing LLC      737        USD      2,962,740      USD      35.00      01/17/20      390,574  

Schlumberger Ltd.

   Pershing LLC      900        USD      3,618,000      USD      34.00      02/21/20      544,772  

Schlumberger Ltd.

   Pershing LLC      1,000        USD      4,020,000      USD      37.00      03/20/20      403,238  

Suncor Energy Inc.

   Pershing LLC      510        USD      1,672,800      USD      29.50      01/17/20      170,116  

Suncor Energy Inc.

   Pershing LLC      575        USD      1,886,000      USD      32.50      02/21/20      68,940  

Suncor Energy Inc.

   Pershing LLC      570        USD      1,869,600      USD      32.00      03/20/20      88,254  

Sunoco LP

   Pershing LLC      1,200        USD      3,672,000      USD      31.00      03/20/20      65,402  

TechnipFMC plc

   Pershing LLC      500        USD      1,072,000      USD      24.00      01/17/20      838  

TechnipFMC plc

   Pershing LLC      500        USD      1,072,000      USD      22.00      03/20/20      54,833  

The Williams Companies Inc.

   Pershing LLC      840        USD      1,992,480      USD      24.00      01/17/20      22,745  

The Williams Companies Inc.

   Pershing LLC      920        USD      2,182,240      USD      24.00      02/21/20      60,734  

 

See accompanying notes to financial statements.

 

8


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — December 31, 2019

 

 

 

Description    Counterparty    Number of
Contracts
    

Notional

Amount

     Exercise
Price
     Expiration
Date
     Market
Value
 

The Williams Companies Inc.

   Pershing LLC      830        USD      1,968,760        USD        24.00        03/20/20      $ 55,080  

TOTAL SA, ADR

   Pershing LLC      545        USD      3,013,850        USD        51.50        01/17/20        170,799  

TOTAL SA, ADR

   Pershing LLC      455        USD      2,516,150        USD        54.00        01/17/20        49,112  

TOTAL SA, ADR

   Pershing LLC      900        USD      4,977,000        USD        55.00        02/21/20        106,706  

TOTAL SA, ADR

   Pershing LLC      1,000        USD      5,530,000        USD        55.00        03/20/20        155,361  

Valero Energy Corp.

   Pershing LLC      325        USD      3,043,625        USD        84.00        01/17/20        318,043  

Valero Energy Corp.

   Pershing LLC      332        USD      3,109,180        USD        84.00        02/21/20        324,322  

Valero Energy Corp.

   Pershing LLC      330        USD      3,090,450        USD        95.00        03/20/20        113,313  

Wheaton Precious Metals Corp.

   Pershing LLC      2,696        USD      8,020,600        USD        30.00        01/17/20        174,591  

Wheaton Precious Metals Corp.

   Pershing LLC      600        USD      1,785,000        USD        31.00        01/17/20        18,900  

Wheaton Precious Metals Corp.

   Pershing LLC      2,400        USD      7,140,000        USD        29.00        02/21/20        426,604  

Wheaton Precious Metals Corp.

   Pershing LLC      2,800        USD      8,330,000        USD        29.00        03/20/20        623,588  
                       

 

 

 

TOTAL OTC CALL OPTIONS WRITTEN

                     $ 31,530,459  
                       

 

 

 
Description          Number of
Contracts
    

Notional

Amount

    

Exercise

Price

     Expiration
Date
     Market
Value
 

Exchange Traded Call Options Written — (1.1)%

              

AngloGold Ashanti Ltd., ADR

     2,400        USD      5,361,600        USD        23.00        04/17/20      $ 472,800  

Concho Resources Inc.

        158        USD      1,383,606        USD        70.00        01/17/20        279,660  

Concho Resources Inc.

        165        USD      1,444,905        USD        65.00        03/20/20        386,925  

Continental Gold Inc.

        6,900        CAD      3,691,500        CAD        5.50        01/17/20        5,314  

Detour Gold Corp.

        1,994        CAD      5,012,916        CAD        22.50        01/17/20        436,867  

Detour Gold Corp.

        3,465        CAD      8,711,010        CAD        23.00        02/21/20        768,488  

Diamondback Energy Inc.

        160        USD      1,485,760        USD        95.00        01/17/20        27,200  

Diamondback Energy Inc.

        160        USD      1,485,760        USD        80.00        03/20/20        240,000  

Endeavour Mining Corp.

        830        CAD      2,035,990        CAD        28.00        01/17/20        9,268  

Endeavour Mining Corp.

        820        CAD      2,011,460        CAD        27.00        02/21/20        50,518  

Endeavour Mining Corp.

        900        CAD      2,207,700        CAD        30.00        04/17/20        53,714  

EOG Resources Inc.

        65        USD      544,440        USD        85.00        01/17/20        9,230  

Kirkland Lake Gold Ltd.

        460        USD      2,027,220        USD        50.00        01/17/20        6,900  

Kirkland Lake Gold Ltd.

        1,100        USD      4,847,700        USD        50.00        04/17/20        209,000  

MAG Silver Corp.

        1,360        USD      1,610,240        USD        12.50        02/21/20        68,000  

OceanaGold Corp.

        5,000        CAD      1,275,000        CAD        3.50        01/17/20        15,402  

OceanaGold Corp.

        9,000        CAD      2,295,000        CAD        4.00        01/17/20        10,396  

Osisko Gold Royalties Ltd.

        2,200        CAD      2,776,400        CAD        12.00        01/17/20        127,065  

Osisko Gold Royalties Ltd.

        2,200        CAD      2,776,400        CAD        12.00        02/21/20        177,891  

Osisko Gold Royalties Ltd.

        2,200        CAD      2,776,400        CAD        12.00        03/20/20        216,010  

Pan American Silver Corp.

        1,000        USD      2,369,000        USD        18.00        01/17/20        589,000  

Pretium Resources Inc.

        975        USD      1,085,175        USD        8.00        01/17/20        312,000  

Pretium Resources Inc.

        2,650        USD      2,949,450        USD        15.00        01/17/20        13,250  

Pretium Resources Inc.

        2,000        USD      2,226,000        USD        12.00        03/20/20        130,000  

Royal Gold Inc.    

        50        USD      611,250        USD        115.00        01/17/20        38,500  

 

See accompanying notes to financial statements.

 

9


GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — December 31, 2019

 

 

 

Description          Number of
Contracts
    

Notional

Amount

    

Exercise

Price

     Expiration
Date
  Market
Value
 

Royal Gold Inc.

        260        USD      3,178,500      USD      120.00      01/17/20   $ 101,920  

Royal Gold Inc.

        300        USD      3,667,500      USD      115.00      02/21/20     284,100  

SEMAFO Inc.

        3,100        CAD      837,000      CAD      5.00      01/17/20     7,162  

SEMAFO Inc.

        3,100        CAD      837,000      CAD      5.00      04/17/20     13,130  

SSR Mining Inc.

        1,235        USD      2,378,610      USD      19.00      01/17/20     95,095  

SSR Mining Inc.

        1,498        USD      2,885,148      USD      15.00      03/20/20     689,080  

Torex Gold Resources Inc.

     1,790        CAD      3,673,080      CAD      21.00      01/17/20     62,031  

Torex Gold Resources Inc.

     1,700        CAD      3,488,400      CAD      20.00      04/17/20     281,468  

VanEck Vectors Gold Miners ETF

     2,000        USD      5,856,000      USD      27.00      01/17/20     490,000  

VanEck Vectors Gold Miners ETF

     3,500        USD      10,248,000      USD      28.00      02/21/20     693,000  

VanEck Vectors Gold Miners ETF

     1,987        USD      5,817,936      USD      27.00      03/20/20     611,996  

VanEck Vectors Gold Miners ETF

     3,400        USD      9,955,200      USD      28.00      03/20/20     788,800  
                      

 

 

 

TOTAL EXCHANGE TRADED CALL OPTIONS WRITTEN

                    $ 8,771,180  
                      

 

 

 

Exchange Traded Put Options Written — (0.0)%

                   

Energy Select Sector SPDR ETF

     1,900        USD      11,407,600      USD      55.00      01/17/20   $  3,800  

Energy Select Sector SPDR ETF

     1,900        USD      11,407,600      USD      55.50      02/21/20     44,650  

VanEck Vectors Gold Miners ETF

     6,600        USD      19,324,800      USD      24.50      01/17/20     26,400  

VanEck Vectors Gold Miners ETF

     3,300        USD      9,662,400      USD      24.00      02/21/20     9,900  

VanEck Vectors Gold Miners ETF

     3,300        USD      9,662,400      USD      25.00      02/21/20     19,800  

VanEck Vectors Gold Miners ETF

     6,200        USD      18,153,600      USD      25.00      03/20/20     99,200  
                      

 

 

 

TOTAL EXCHANGE TRADED PUT OPTIONS WRITTEN

                    $ 203,750  
                      

 

 

 

TOTAL OPTIONS WRITTEN

                     $ 40,505,389  
                       

 

 

 

 

See accompanying notes to financial statements.

 

10


GAMCO Global Gold, Natural Resources & Income Trust

 

Statement of Assets and Liabilities

December 31, 2019

 

Assets:

  

Investments, at value (cost $876,968,095)

   $ 804,064,582  

Foreign currency (cost $9,482)

     9,535  

Deposit at brokers

     6,267,180  

Receivable for Fund shares sold

     634,185  

Dividends and interest receivable

     358,409  

Deferred offering expense

     238,590  

Prepaid expense

     1,985  
  

 

 

 

Total Assets

     811,574,466  
  

 

 

 

Liabilities:

  

Options written, at value (premiums received $30,570,269)

     40,505,389  

Payable to brokers

     10,483,984  

Payable to custodian

     479,469  

Distributions payable

     60,171  

Payable for investment advisory fees

     627,400  

Payable for payroll expenses

     43,216  

Payable for accounting fees

     11,250  

Other accrued expenses

     253,750  
  

 

 

 

Total Liabilities

     52,464,629  
  

 

 

 

Cumulative Preferred Shares, $0.001 par value, unlimited number of shares authorized:

  

Series B Preferred Shares (5.000%, $25 liquidation value, 3,465,849 shares issued and outstanding)

     86,646,225  
  

 

 

 

Net Assets Attributable to Common Shareholders

   $ 672,463,612  
  

 

 

 

Net Assets Attributable to Common Shareholders Consist of:

  

Paid-in capital

   $ 1,307,274,845  

Total accumulated loss

     (634,811,233
  

 

 

 

Net Assets

   $ 672,463,612  
  

 

 

 

Net Asset Value per Common Share:

  

($672,463,612 ÷ 155,860,800 shares outstanding at $0.001 par value; unlimited number of shares authorized)

     $4.31  

Statement of Operations

For the Year Ended December 31, 2019

 

Investment Income:

  

Dividends (net of foreign withholding taxes of $788,892)

   $ 8,579,695  

Interest

     2,761,876  
  

 

 

 

Total Investment Income

     11,341,571  
  

 

 

 

Expenses:

  

Investment advisory fees

     7,061,208  

Shareholder communications expenses

     311,696  

Trustees’ fees

     198,500  

Dividend expense on securities sold short

     194,202  

Payroll expenses

     176,351  

Legal and audit fees

     164,787  

Custodian fees

     75,065  

Offering expense for issuance of common shares

     62,018  

Accounting fees

     45,000  

Shareholder services fees

     37,799  

Tax expense

     165  

Interest expense

     125  

Service fees for securities sold short (See Note 2)

     13,464  

Miscellaneous expenses

     143,183  
  

 

 

 

Total Expenses

     8,483,563  
  

 

 

 

Less:

  

Expenses paid indirectly by broker (See Note 3)

     (5,856
  

 

 

 

Net Expenses

     8,477,707  
  

 

 

 

Net Investment Income

     2,863,864  
  

 

 

 

Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Written Options, and Foreign Currency:

  

Net realized loss on investments

     (39,863,657

Net realized loss on securities sold short

     (2,405,252

Net realized loss on written options

     (21,302,807

Net realized loss on foreign currency transactions

     (259,039
  

 

 

 

Net realized loss on investments, securities sold short, written options, and foreign currency transactions

     (63,830,755
  

 

 

 

Net change in unrealized appreciation/depreciation:

  

on investments

     175,790,731  

on written options

     (7,530,135

on foreign currency translations

     12,894  
  

 

 

 

Net change in unrealized appreciation/depreciation on investments, written options, and foreign currency translations

     168,273,490  
  

 

 

 

Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Written Options, and Foreign Currency

     104,442,735  
  

 

 

 

Net Increase in Net Assets Resulting from Operations

     107,306,599  
  

 

 

 

Total Distributions to Preferred Shareholders

     (4,331,988
  

 

 

 

Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations

   $ 102,974,611  
  

 

 

 
 

 

See accompanying notes to financial statements.

 

11


GAMCO Global Gold, Natural Resources & Income Trust

Statement of Changes in Net Assets Attributable to Common Shareholders

 

 

    

Year Ended
December 31, 2019

 

Year Ended
December 31, 2018

Operations:

        

Net investment income

     $ 2,863,864     $ 9,168,611

Net realized gain/(loss) on investments, securities sold short, written options, and foreign currency transactions

       (63,830,755 )       29,239,536

Net change in unrealized appreciation/depreciation on investments, written options, and foreign currency translations

       168,273,490       (127,943,992 )
    

 

 

     

 

 

 

Net Increase/(Decrease) in Net Assets Resulting from Operations

       107,306,599       (89,535,845 )
    

 

 

     

 

 

 

Distributions to Preferred Shareholders

       (4,331,988 )       (4,394,893 )
    

 

 

     

 

 

 

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations

       102,974,611       (93,930,738 )
    

 

 

     

 

 

 

Distributions to Common Shareholders:

        

Accumulated earnings

       (431,389 )       (4,647,232 )

Return of capital

       (85,733,575 )       (76,830,834 )
    

 

 

     

 

 

 

Total Distributions to Common Shareholders

       (86,164,964 )       (81,478,066 )
    

 

 

     

 

 

 

Fund Share Transactions:

        

Net increase in net assets from common shares issued in offering

       84,169,879       1,577,430

Increase in net assets from common shares issued upon reinvestment of distributions

       3,076,994       1,341,592

Decrease in net assets from repurchase of common shares

       (4,125 )      

Net increase in net assets from repurchase of preferred shares

       44,932       110,203
    

 

 

     

 

 

 

Net Increase in Net Assets from Fund Share Transactions

       87,287,680       3,029,225
    

 

 

     

 

 

 

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders

       104,097,327       (172,379,579 )

Net Assets Attributable to Common Shareholders:

        

Beginning of year

       568,366,285       740,745,864
    

 

 

     

 

 

 

End of year

     $ 672,463,612     $ 568,366,285
    

 

 

     

 

 

 

 

See accompanying notes to financial statements.

 

12


GAMCO Global Gold, Natural Resources & Income Trust

Financial Highlights

 

Selected data for a common share of beneficial interest outstanding throughout each year.

     Year Ended December 31,  
     2019     2018     2017     2016     2015  

Operating Performance:

                         

Net asset value, beginning of year

      $ 4.17        $ 5.46        $ 5.68        $ 5.34        $ 7.35  
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

        0.02          0.07          0.06          0.03          0.02  

Net realized and unrealized gain/(loss) on investments, securities sold short, written options, and foreign currency transactions

                 0.74          (0.73                 0.35                   1.15                   (1.15
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total from investment operations

        0.76          (0.66        0.41          1.18          (1.13
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Distributions to Preferred Shareholders: (a)

                         

Net investment income

        (0.03        (0.03        (0.03        (0.00 )(b)         (0.00 )(b) 

Return of capital

                                   (0.04        (0.04
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total distributions to preferred shareholders

        (0.03        (0.03        (0.03        (0.04        (0.04
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net increase/(decrease) in net assets attributable to common shareholders resulting from operations

        0.73          (0.69        0.38          1.14          (1.17
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Distributions to Common Shareholders:

                         

Net investment income

        (0.00 )(b)         (0.03        (0.05        (0.04        (0.02

Return of capital

        (0.60        (0.57        (0.55        (0.80        (0.82
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total distributions to common shareholders

        (0.60        (0.60        (0.60        (0.84        (0.84
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Fund Share Transactions:

                         

Increase in net asset value from issuance of common shares

        0.01          0.00 (b)         0.00 (b)         0.04           

Increase in net asset value from repurchase of common shares

        0.00 (b)                           0.00 (b)         0.00 (b) 

Increase in net asset value from repurchase of preferred shares and transaction fees

        0.00 (b)         0.00 (b)         0.00 (b)         0.00 (b)         0.00 (b) 
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total Fund share transactions

        0.01          0.00 (b)         0.00 (b)         0.04          0.00 (b) 
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net Asset Value, End of Year

      $ 4.31        $ 4.17        $ 5.46        $ 5.68        $ 5.34  
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

NAV total return †

        18.82        (13.54 )%         7.05        22.67        (17.59 )% 
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Market value, end of year

      $ 4.40        $ 3.70        $ 5.21        $ 5.30        $ 4.75  
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Investment total return ††

        36.72        (19.44 )%         9.61        29.39        (22.14 )% 
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

See accompanying notes to financial statements.

 

13


GAMCO Global Gold, Natural Resources & Income Trust

Financial Highlights (Continued)

 

 

 

Selected data for a common share of beneficial interest outstanding throughout each year.

     Year Ended December 31,  
     2019     2018     2017     2016     2015  

Ratios to Average Net Assets and Supplemental Data:

                         

Net assets including liquidation value of preferred shares, end of year (in 000’s)

      $ 759,110        $ 655,478        $ 828,655        $ 853,079        $ 691,468  

Net assets attributable to common shares, end of year (in 000’s)

      $ 672,464        $ 568,366        $ 740,746        $ 764,312        $ 601,745  

Ratio of net investment income to average net assets attributable to common shares

        0.46        1.38        1.13        0.44        0.30

Ratio of operating expenses to average net assets attributable to common shares(c)(d)

        1.37 %(e)         1.35 %(e)         1.31 %(e)         1.32 %(e)         1.29

Portfolio turnover rate

        92.9        145.7        214.6        198.4        36.0

Cumulative Preferred Shares:

                         

5.000% Series B Preferred

                         

Liquidation value, end of year (in 000’s)

      $ 86,646        $ 87,112        $ 87,909        $ 88,767        $ 89,724  

Total shares outstanding (in 000’s)

        3,466          3,484          3,516          3,551          3,589  

Liquidation preference per share

      $ 25.00        $ 25.00        $ 25.00        $ 25.00        $ 25.00  

Average market value (f)

      $ 24.12        $ 23.06        $ 24.13        $ 23.81        $ 22.03  

Asset coverage per share

      $ 219        $ 188        $ 236        $ 240        $ 193  

Asset coverage

        876        752        943        961        771

 

 

Based on net asset value per share, adjusted for reinvestment of distributions at the net asset value per share on the ex-dividend dates.

††

Based on market value per share, adjusted for reinvestment of distributions at prices obtained under the Fund’s dividend reinvestment plan.

(a)

Calculated based on average common shares outstanding on the record dates throughout the years.

(b)

Amount represents less than $0.005 per share.

(c)

Ratio of operating expenses to average net assets including liquidation value of preferred shares for the years ended December 31, 2019, 2018, 2017, 2016, and 2015 would have been 1.20%, 1.19%, 1.17%, 1.18%, and 1.15%, respectively.

(d)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2019, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

(e)

The Fund incurred dividend expense and service fees on securities sold short. If these expenses had not been incurred, the expense ratios for the years ended December 31, 2019, 2018, 2017, and 2016 would have been 1.33%, 1.33%, 1.30%, and 1.31% attributable to common shares, respectively, and 1.17%, 1.17%, 1.16%, and 1.17% including liquidation value of preferred shares.

(f)

Based on weekly prices.

 

See accompanying notes to financial statements.

 

14


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements

 

1. Organization. GAMCO Global Gold, Natural Resources & Income Trust (the Fund) is a non-diversified closed-end management investment company organized as a Delaware statutory trust on January 4, 2005 and registered under the Investment Company Act of 1940, as amended (the 1940 Act). Investment operations commenced on March 31, 2005.

The Fund’s primary investment objective is to provide a high level of current income. The Fund’s secondary investment objective is to seek capital appreciation consistent with the Fund’s strategy and its primary objective. The Fund will attempt to achieve its objectives, under normal market conditions, by investing 80% of its assets in equity securities of companies principally engaged in the gold and natural resources industries. As part of its investment strategy, the Fund intends to earn income through an option strategy of writing (selling) covered call options on equity securities in its portfolio. The Fund anticipates that it will invest at least 25% of its assets in the equity securities of companies principally engaged in the exploration, mining, fabrication, processing, distribution, or trading of gold, or the financing, managing and controlling, or operating of companies engaged in “gold related” activities (Gold Companies). In addition, the Fund anticipates that it will invest at least 25% of its assets in the equity securities of companies principally engaged in the exploration, production, or distribution of natural resources, such as gas and oil, paper, food and agriculture, forestry products, metals, and minerals as well as related transportation companies and equipment manufacturers (Natural Resources Companies). The Fund may invest in the securities of companies located anywhere in the world.

The Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility to the Fund’s NAV and a magnified effect in its total return.

2. Significant Accounting Policies. 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 financial statements. 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 financial statements.

New Accounting Pronouncements. To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals and modifications under ASU 2018-13. Management has early adopted the removals and modifications set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth in ASU 2018-13.

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

 

15


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Continued)

 

 

 

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 securities are 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).

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.

 

16


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (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 December 31, 2019 is as follows:

 

    Valuation Inputs    
    Level 1
Quoted Prices
  Level 2 Other Significant
Observable Inputs
  Total Market Value
at 12/31/19

INVESTMENTS IN SECURITIES:

           

ASSETS (Market Value):

           

Common Stocks:

           

Energy and Energy Services

    $ 246,453,891           $ 246,453,891

Metals and Mining

      402,264,968     $ 23,699,028       425,963,996

Total Common Stocks

      648,718,859       23,699,028       672,417,887

Convertible Corporate Bonds (a)

            4,061,895       4,061,895

Corporate Bonds (a)

            4,085,163       4,085,163

Rights (a)

            229,050       229,050

U.S. Government Obligations

            123,255,577       123,255,577

Exchange Traded Call Options Purchased

            15,010       15,010

TOTAL INVESTMENTS IN SECURITIES

    $ 648,718,859     $ 155,345,723     $ 804,064,582

INVESTMENTS IN SECURITIES:

           

LIABILITIES (Market Value)

           

EQUITY CONTRACTS:

           

Call Options Written

    $ (7,833,251 )     $ (32,468,388 )     $ (40,301,639 )

Put Options Written

      (132,700 )       (71,050 )       (203,750 )

TOTAL INVESTMENTS IN SECURITIES – LIABILITIES

    $ (7,965,951 )     $ (32,539,438 )     $ (40,505,389 )

 

(a)

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

The Fund held no level 3 investments at December 31, 2019 or 2018.

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. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

 

17


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (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.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Fund’s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

The Fund’s derivative contracts held at December 31, 2019, 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.

 

18


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Continued)

 

 

 

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 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 December 31, 2019 are reflected within the Schedule of Investments.

The Fund’s volume of activity in equity options contracts during the year ended December 31, 2019 had an average monthly market value of approximately $41,466,261.

At December 31, 2019, the Fund’s derivative liabilities (by type) are as follows:

 

    Gross Amounts of
Recognized Liabilities
Presented in the
Statement of Assets
and Liabilities
  

Gross Amounts
Available for

Offset in the
Statement of Assets
and Liabilities

   Net Amounts of
Liabilities Presented in
the Statement of
Assets and Liabilities

Liabilities

           

OTC Equity Written Options

  $31,530,459             $ 31,530,459

The following table presents the Fund’s derivative liabilities by counterparty net of the related collateral segregated by the Fund as of December 31, 2019:

 

          Net Amounts Not Offset in the Statement of
Assets and Liabilities
    
     Net Amounts of Liabilities
Presented in
    the Statement of Assets    
and Liabilities
       Securities Pledged    
as Collateral
       Cash Collateral    
Pledged
   Net Amount  

Counterparty

                   

Pershing LLC

     $ 30,780,338      $ (30,780,338)                  

Morgan Stanley

       750,121        (750,121)                  
    

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 31,530,459      $ (31,530,459)                  
    

 

 

      

 

 

      

 

 

      

 

 

 

As of December 31, 2019, the value of options purchased that were held with equity risk exposure can be found in the Statement of Assets and Liabilities under Assets, within investments at value. The value of equity options written can be found in the Statement of Assets and Liabilities, under Liabilities, Options written, at value. For the year ended December 31, 2019, the effect of options purchased with equity risk exposure can be found in the Statement of Operations, under Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Written Options, and Foreign Currency, within Net realized loss on investments and Net

 

19


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Continued)

 

 

 

change in unrealized appreciation/depreciation on investments. The effect of equity option written can be found in the Statement of Operations under Net Realized and Unrealized Gain/Loss) on Investments, Securities Sold Short, Written Options, and Foreign Currency, within Net realized loss on written options, and Net change in unrealized appreciation/depreciation on written options.

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 which 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. For the year ended December 31, 2019, the Fund incurred $13,464 in service fees related to its investment positions sold short and held by the broker. These amounts are included in the Statement of Operations under Expenses, Service fees for securities sold short.

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

 

20


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Continued)

 

 

 

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. For the year ended December 31, 2019, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than 1 basis point.

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 at December 31, 2019, refer to the Schedule of Investments.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

 

21


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Continued)

 

 

 

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee equal to 110% of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, if any, would be included in the Statement of Operations.

Distributions to Shareholders. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the tax treatment of currency gains and losses, capitalized dividends on securities sold short, and disallowed expenses. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2019, reclassifications were made to decrease paid-in capital by $62,486, with an offsetting adjustment to total accumulated loss.

The Fund declares and pays monthly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Distributions during the year may be made in excess of required distributions. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s NAV and the financial market environment. The Fund’s distribution policy is subject to modification by the Board at any time.

Distributions to shareholders of the Fund’s 5.000% Series B Cumulative Preferred Shares (Series B Preferred) are accrued on a daily basis and are determined as described in Note 5.

The tax character of distributions paid during the years ended December 31, 2019 and 2018 was as follows:

 

    

Year Ended
December 31, 2019

    

Year Ended
December 31, 2018

 
    

Common

    

Preferred

    

Common

    

Preferred

 

Distributions paid from:

           

Ordinary income

   $ 431,389      $ 4,331,988      $ 4,647,232      $ 4,394,893  

Return of capital

     85,733,575               76,830,834         
  

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions paid

   $ 86,164,964      $ 4,331,988      $ 81,478,066      $ 4,394,893  
  

 

 

    

 

 

    

 

 

    

 

 

 

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. During the year ended December 31, 2019, the Fund paid excise tax of $165.

 

22


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Continued)

 

 

 

As of December 31, 2019, the components of accumulated earnings/losses on a tax basis were as follows:

 

Accumulated capital loss carryforwards

   $ (488,552,778

Net unrealized depreciation on investments, written options, and foreign currency translations

     (146,036,606

Other temporary differences*

     (221,849
  

 

 

 

Total

   $ (634,811,233
  

 

 

 

 

 

*

Other temporary differences are primarily due to adjustments on preferred share class distribution payables and disallowed expenses from underlying partnerships.

At December 31, 2019, the Fund had net long term capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

 

Short term capital loss carryforward with no expiration.

   $ 10,467,918  

Long term capital loss carryforward with no expiration

     478,084,860  
  

 

 

 

Total capital loss carryforwards

   $ 488,552,778  
  

 

 

 

At December 31, 2019, the temporary differences between book basis and tax basis unrealized appreciation/depreciation were primarily due to deferral of losses from wash sales for tax purposes, mark-to-market adjustments on investments in passive foreign investment companies, and adjustments on investments in partnerships.

The following summarizes the tax cost of investments, written options, and the related net unrealized depreciation at December 31, 2019:

 

     Cost/
(Proceeds)/
Premiums
     Gross
Unrealized
Appreciation
     Gross
Unrealized
Depreciation
    Net Unrealized
Depreciation
 

Investments and derivative instruments

   $ 909,595,500        $36,958,721      $ (182,995,028     $(146,036,307)  

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. Except as disclosed above, for the year ended December 31, 2019, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2019, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of the Fund’s average weekly net assets including the liquidation value of preferred shares. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration of all aspects of the Fund’s business and affairs.

During the year ended December 31, 2019, the Fund paid $172,793 in brokerage commissions on security

 

23


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Continued)

 

 

 

trades to G.research, LLC, an affiliate of the Adviser.

During the year ended December 31, 2019, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $5,856.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the year ended December 31, 2019, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). For the year ended December 31, 2019, the Fund accrued $176,351 in payroll expenses in the Statement of Operations.

The Fund pays each Trustee who is not considered an affiliated person an annual retainer of $15,000 plus $2,000 for each Board meeting attended. Each Trustee is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended, the Audit Committee Chairman receives an annual fee of $3,000, and the Nominating Committee Chairman and the Lead Trustee each receives an annual fee of $2,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

4. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2019, other than short term securities and U.S. Government obligations, aggregated to $606,620,126 and $661,354,040, respectively.

5. Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). Pursuant to a $500 million shelf registration, during the years ended December 31, 2019 and 2018, the Fund has sold its common shares in “at the market” offerings as summarized in the following table:

 

    Year
Ended
                      Shares
Issued
               Net
Proceeds
               Sales
Manager
Commissions
               Offering
Expenses
               Net
Proceeds in
Excess of Par
      
  2019        18,910,573         $ 84,169,879           $728,844             $ 62,018            $2,163,118    
  2018        336,269           1,577,430           15,616               146,594            35,245    

The Board has authorized the repurchase of its common shares in the open market when the shares are trading at a discount of 7.5% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the year ended December 31, 2019, the Fund repurchased and retired 1,100 of its common shares at an investment of $4,125 and an average discount of approximately 11.16% from its NAV. During the year ended December 31, 2018, the Fund did not repurchase any shares.

 

24


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Continued)

 

 

 

Transactions in common shares of beneficial interest for the years ended December 31, 2019 and 2018, were as follows:

 

     Year Ended     Year Ended  
    

December 31, 2019

   

December 31, 2018

 
    

Shares

   

Amount

   

Shares

    

Amount

 

Shares issued pursuant to shelf offering

     18,910,573     $ 84,169,879       336,269      $ 1,577,430  

Increase from shares issued upon reinvestment of distributions

     727,843       3,076,994       277,381        1,341,592  

Decrease from shares repurchased

     (1,100     (4,125             
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

     19,637,316     $ 87,242,748       613,650      $ 2,919,022  
  

 

 

   

 

 

   

 

 

    

 

 

 

The Fund has an effective shelf registration authorizing the offering of an additional $500 million of common shares or preferred shares.

The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of $0.001 par value Preferred Shares. The Series B Preferred are callable at any time at the liquidation value of $25 per share plus accrued and unpaid dividends. The Board has authorized the repurchase of the Series B Preferred in the open market at prices less than the $25 liquidation value per share. During the year ended December 31, 2019, the Fund repurchased and retired 18,634 of the Series B Preferred in the open market at an investment of $420,467, and an average discount of approximately 9.78% from its liquidation preference. During the year ended December 31, 2018, the Fund repurchased and retired 31,874 of the Series B Preferred in the open market at an investment of $686,647 and an average discount of approximately 13.87% from its liquidation preference. At December 31, 2019, 3,465,849 Series B Preferred were outstanding and accrued dividends amounted to $60,171.

The Series B Preferred is senior to the common shares and results in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on the Series B Preferred are cumulative. The Fund is required by the 1940 Act and by the Statement of Preferences to meet certain asset coverage tests with respect to the Series B Preferred. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series B Preferred at the redemption price of $25 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet the requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed rate, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.

The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the Preferred Shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting shares must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred Shares and a

 

25


GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Continued)

 

 

 

majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.

6. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

7. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

 

26


GAMCO Global Gold, Natural Resources & Income Trust

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees and Shareholders of

GAMCO Global Gold, Natural Resources & Income Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of GAMCO Global Gold, Natural Resources & Income Trust (the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets attributable to common shareholders for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets attributable to common shareholders for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

 

/s/PricewaterhouseCoopers LLP

New York, New York

February 27, 2020

We have served as the auditor of one or more investment companies in Gabelli/GAMCO Fund Complex since 1986.

 

27


GAMCO Global Gold, Natural Resources & Income Trust

Additional Fund Information (Unaudited)

 

 

 

 

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees. Information pertaining to the Trustees and officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to GAMCO Global Gold, Natural Resources & Income Trust at One Corporate Center, Rye, NY 10580-1422.

 

Name, Position(s)
Address1

and Age

  

Term of Office
and

Length of
Time Served2

   Number of
Funds in Fund
Complex
Overseen by
Trustee
  

Principal Occupation(s)

During Past Five Years

  

Other Directorships

Held by Trustee3

INDEPENDENT     TRUSTEES4:            

Anthony S. Colavita5,6 Trustee

Age: 58

   Since 2019*    18    Attorney, Anthony S. Colavita, P.C.   

James P. Conn5 Trustee

Age: 81

   Since 2005**    24    Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998)   

Vincent D. Enright Trustee

Age: 76

   Since 2005***    17    Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)    Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008- 2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)

Frank J. Fahrenkopf, Jr.6

Trustee

Age: 80

   Since 2005*    12    Co-Chairman of the Commission on Presidential Debates; Former President and Chief Executive Officer of the American Gaming Association (1995-2013); Former Chairman of the Republican National Committee (1983- 1989)    Director of First Republic Bank (banking); Director of Eldorado Resorts, Inc. (casino entertainment company)

Michael J. Melarkey

Trustee

Age: 70

   Since 2005***    21    Of Counsel in the law firm of McDonald Carano Wilson LLP; Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan & McKenzie (1980-2015)    Chairman of Southwest Gas Corporation (natural gas utility)

Salvatore M. Salibello Trustee

Age: 74

   Since 2005**    6    Senior Partner of Bright Side Consulting (consulting); Certified Public Accountant and Managing Partner of the certified public accounting firm of Salibello & Broder LLP (1978-2012); Partner of BDO Seidman, LLP (2012-2013)    Director of Nine West, Inc. (consumer products) (2002-2014)

Anthonie C. van Ekris6 Trustee

Age: 85

   Since 2005**    23    Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)   

Salvatore J. Zizza7 Trustee

Age: 74

   Since 2005*    31    President of Zizza & Associates Corp. (private holding company); President of Bergen Cove Realty Inc.; Chairman of Harbor Diversified, Inc. (pharmaceuticals) (2009-2018); Chairman of BAM (semiconductor and aerospace manufacturing)(2000-2018); Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)    Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)

 

28


GAMCO Global Gold, Natural Resources & Income Trust

Additional Fund Information (Continued) (Unaudited)

 

 

 

 

Name, Position(s)

Address1

and Age

  

Term of

Office and

Length of

Time Served2

  

Principal Occupation(s)

During Past Five Years

OFFICERS:      

Bruce N. Alpert

President

Age: 68

   Since 2005   

Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008

 

John C. Ball

Treasurer

Age: 43

 

   Since 2017    Treasurer of funds within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014

Agnes Mullady

Vice President

Age: 61

   Since 2006   

Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016

 

Andrea R. Mango Secretary and Vice President Age: 47    Since 2013   

Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of closed-end funds within the Gabelli/GAMCO Fund Complex since 2014

 

Richard J. Walz

Chief Compliance Officer Age: 60

   Since 2013    Chief Compliance Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013

 

 

29


GAMCO Global Gold, Natural Resources & Income Trust

Additional Fund Information (Continued) (Unaudited)

 

 

 

Name, Position(s)

Address1

and Age

 

  

Term of

Office and

Length of

Time Served2

 

  

Principal Occupation(s)

During Past Five Years

 

Molly A.F. Marion

Vice President and Ombudsman

Age: 65

   Since 2005    Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Vice President of GAMCO Investors, Inc. since 2012

Laurissa M. Martire

Vice President and Ombudsman

Age: 43

   Since 2010    Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2019) and other positions (2003-2019) of GAMCO Investors, Inc.

Carter W. Austin

Vice President

Age: 53

   Since 2005    Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2015) and Vice President (1996-2015) of Gabelli Funds, LLC

David I. Schachter

Vice President

Age: 66

   Since 2011    Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2015) and Vice President (1999-2015) of G.research, LLC

 

1 

Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

2 

The Fund’s Board of Trustees is divided into three classes, each class having a term of three years. Each year the term of office of one class expires and the successor or successors elected to such class serve for a three year term. The three year term for each class expires as follows:

  *

Term expires at the Fund’s 2020 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

  **

Term expires at the Fund’s 2021 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

  ***

Term expires at the Fund’s 2022 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

 

For officers, includes time served in prior office positions with the Fund. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

3 

This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

4 

Trustees who are not interested persons are considered “Independent” Trustees.

5 

This Trustee is elected solely by and represents the shareholders of the preferred shares issued by this Fund.

6 

Mr. Colavita’s father, Anthony J. Colavita, and Mr. Fahrenkopf’s daughter, Leslie F. Foley, serve as directors of other funds in the Fund Complex. Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund LDC, Gama Capital Opportunities Master Ltd., and GAMCO International SICAV, all of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in the event, would be deemed to be under common control with the Fund’s Adviser.

7 

Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser. On September 9, 2015, Mr. Zizza entered into a settlement with the SEC to resolve an inquiry relating to an alleged violation regarding the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying the SEC’s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended. The Board has discussed this matter and has determined that it does not disqualify Mr. Zizza from serving as an Independent Director.

 

30


GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

INCOME TAX INFORMATION (Unaudited)

December 31, 2019

Cash Dividends and Distributions

 

                                                                                                                                         
        Payable    
Date
           Record      
  Date  
     Ordinary
    Investment    
Income
         Return of    
Capital (a)
       Total Amount  
Paid

Per Share
     Dividend
  Reinvestment  
Price
 

Common Shares

 

              
    01/24/19        01/16/19        $0.00045        $0.04955        $0.05000        $4.08150  
    02/21/19        02/13/19        0.00045        0.04955        0.05000        4.44990  
    03/22/19        03/15/19        0.00045        0.04955        0.05000        4.33780  
    04/23/19        04/15/19        0.00045        0.04955        0.05000        4.34490  
    05/23/19        05/16/19        0.00045        0.04955        0.05000        4.17000  
    06/21/19        06/14/19        0.00045        0.04955        0.05000        4.42000  
    07/24/19        07/17/19        0.00045        0.04955        0.05000        4.49000  
    08/23/19        08/16/19        0.00045        0.04955        0.05000        4.27000  
    09/23/19        09/16/19        0.00045        0.04955        0.05000        4.33000  
    10/24/19        10/17/19        0.00045        0.04955        0.05000        4.16170  
    11/21/19        11/14/19        0.00045        0.04955        0.05000        4.14000  
    12/20/19        12/13/19        0.00045        0.04955        0.05000        4.17000  
       

 

 

    

 

 

    

 

 

    
                  $0.00540      $0.59460      $0.60000         

5.000% Series B Cumulative Preferred Shares

 

              
    03/26/19        03/19/19        $0.31250               $0.31250     
    06/26/19        06/19/19        0.31250               0.31250     
    09/26/19        09/19/19        0.31250               0.31250     
    12/26/19        12/18/19        0.31250               0.31250     
       

 

 

    

 

 

    

 

 

    
                  $1.25000           $1.25000         

A Form 1099-DIV has been mailed to all shareholders of record which sets forth specific amounts to be included in your 2019 tax returns. Ordinary distributions may include net investment income, realized net short term capital gains, and foreign tax paid. Ordinary income is reported in box 1a of Form 1099-DIV. Capital gain distributions are reported in box 2a of Form 1099-DIV.

Corporate Dividends Received Deduction, Qualified Dividend Income, and U.S. Government Securities Income

In 2019, the Fund paid to common and Series B Cumulative Preferred shareholders ordinary income dividends of $0.00540 and $1.25 per share, respectively. For 2019, 71.17% of the ordinary dividend qualified for the dividend received deduction available to corporations, 100% of the ordinary income distribution was deemed qualified dividend income, and 15.88% of ordinary income distribution was qualified interest income. The percentage of ordinary income dividends paid by the Fund during 2019 derived from U.S. Government securities was 10.20%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2019. The percentage of U.S. Government securities held as of December 31, 2019 was 15.33% of total investments.

 

31


GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

INCOME TAX INFORMATION (Unaudited) (Continued)

December 31, 2019

 

 

 

        Historical Distribution Summary          
     Investment
Income (b)(c)
     Short Term
Capital
Gains (b)
       Long Term  
Capital
Gains
     Return of
  Capital (a)  
     Foreign
Tax
  Credit (c)  
    Total
Distributions
(d)
     Adjustment
to Cost

Basis (e)
 

Common Shares

 

2019      $0.00576                      $0.59460        $(0.00036     $0.60000        $0.59460  
2018      0.03840                      0.56280        (0.00120     0.60000        0.56280  
2017      0.05160                      0.54960        (0.00120     0.60000        0.54960  
2016                           0.84000              0.84000        0.84000  
2015                           0.84000              0.84000        0.84000  
2014                           1.08000              1.08000        1.08000  
2013      0.05562        $0.76900               0.61538              1.44000        0.61538  
2012      0.04689        1.19955        $0.16042        0.22614        (0.01300     1.62000        0.22614  
2011      0.09570        1.28230        0.26120        0.04080              1.68000        0.04080  
2010      0.34100        1.11480        0.22420                     1.68000         

5.000% Series B Cumulative Preferred Shares

 

2019      $1.34320                             $(0.09320     $1.25000         
2018      1.29840                             (0.04840     1.25000         
2017      1.29240                             (0.04240     1.25000         
2016      1.18640                      $0.06360              1.25000        $0.06360  
2015      0.86960                      0.56320        (0.18280     1.25000        0.56320  
2014      0.56600                      0.68400              1.25000        0.68400  
2013      0.05364        $0.74150                            0.79514         

6.625% Series A Cumulative Preferred Shares

 

2013      $0.05647        $0.78084                            $0.83731         
2012      0.05465        1.39626        $0.22051               $(0.01518     1.65625         
2011      0.09204        1.26428        0.29993                     1.65625         
2010      0.32400        1.06004        0.27222                     1.65625         
2009      0.60224        0.65354        0.40047                     1.65625         
2008      0.38281               1.27344                     1.65625         

 

(a) Non-taxable.

(b) Taxable as ordinary income for Federal tax purposes.

(c) Per share ordinary investment income and investment income are grossed up for the foreign tax credit.

(d) Total amounts may differ due to rounding.

(e) Decrease in cost basis.

 

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

 

 

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

 

32


AUTOMATIC DIVIDEND REINVESTMENT

AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

It is the policy of GAMCO Global Gold, Natural Resources & Income Trust to automatically reinvest dividends payable to common shareholders. As a “registered” shareholder, you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the Plan). The Plan authorizes the Fund to credit shares of common stock to participants upon an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium to net asset value. All distributions to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their stock certificates to American Stock Transfer (AST) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distribution in cash must submit this request in writing to:

GAMCO Global Gold, Natural Resources & Income Trust

c/o American Stock Transfer

6201 15th Avenue

Brooklyn, NY 11219

Shareholders requesting this cash election must include the shareholder’s name and address as they appear on the share certificate. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan may contact AST at (888) 422-3262.

If your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such institution, it may be necessary for you to have your shares taken out of “street name” and re-registered in your own name. Once registered in your own name, your dividends will be automatically reinvested. Certain brokers participate in the Plan. Shareholders holding shares in “street name” at participating institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.

The number of shares of common shares distributed to participants in the Plan in lieu of cash dividends is determined in the following manner. Under the Plan, whenever the market price of the Fund’s common shares is equal to or exceeds net asset value at the time shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital gains distribution, participants are issued shares of common shares valued at the greater of (i) the net asset value as most recently determined or (ii) 95% of the then current market price of the Fund’s common stock. The valuation date is the dividend or distribution payment date or, if that date is not a New York Stock Exchange (NYSE) trading day, the next trading day. If the net asset value of the common shares at the time of valuation exceeds the market price of the common shares, participants will receive shares from the Fund valued at market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, AST will buy common stock in the open market, or on the NYSE or elsewhere, for the participants’ accounts, except that AST will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net asset value if, following the commencement of such purchases, the market value of the common shares exceeds the then current net asset value.

The automatic reinvestment of dividends and capital gains distributions will not relieve participants of any income tax which may be payable on such distributions. A participant in the Plan will be treated for federal income tax purposes as having received, on a dividend payment date, a dividend or distribution in an amount equal to the cash the participant could have received instead of shares.

Voluntary Cash Purchase Plan

The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.

Participants in the Voluntary Cash Purchase Plan have the option of making additional cash payments to AST for investments in the Fund’s shares at the then current market price. Shareholders may send an amount from $250 to $10,000. AST will use these funds to purchase shares in the open market on or about the 1st and 15th of each month. AST will charge each shareholder who participates a pro rata share of the brokerage commissions. Brokerage charges for such purchases are expected to be less than the usual brokerage charge for such transactions. It is suggested that any voluntary cash payments be sent to American Stock Transfer, 6201 15th Avenue, Brooklyn, NY 11219 such that AST receives such payments approximately 10 days before the 1st and 15th of the month. Funds not received at least five days before the investment date shall be held for investment until the next purchase date. A payment may be withdrawn without charge if notice is received by AST at least 48 hours before such payment is to be invested.

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

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

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

 

33


GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

AND YOUR PERSONAL PRIVACY

Who are we?

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

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

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

 

 

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

 

 

 

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

 

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

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

What do we do to protect your personal information?

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

 



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 S. Colavita

President,

Anthony S. 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

Senior Partner,

Bright Side Consulting

 

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

 

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

  

Bruce N. Alpert

President

 

John C. Ball

Treasurer

 

Agnes Mullady

Vice President

 

Andrea R. Mango

Secretary & Vice President

 

Richard J. Walz

Chief Compliance Officer

 

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 Q4/2019

LOGO

 


Item 2. Code of Ethics.

 

  (a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

 

  (c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

 

  (d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s Board of Trustees has determined that Vincent D. Enright is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

 

  (a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $59,808 for 2018 and $59,808 for 2019.

Audit-Related Fees

 

  (b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2018 and $0 for 2019.


Tax Fees

 

  (c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $55,380 for 2018 and $55,570 for 2019. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

 

  (d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $13,500 for 2018 and $7,500 for 2019. All other fees represent services provided in review of registration statements and performing strategic analysis work.

 

(e)(1)

Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

 

(e)(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(c) 0%

(d) 0%

 

  (f)

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work


 

performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

 

  (g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2018 and $7,500 for 2019.

 

  (h)

The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

The registrant has a separately designated audit committee consisting of the following members: Vincent D. Enright, Frank J. Fahrenkopf Jr., and Salvatore J. Zizza.

 

  (b)

Not applicable.

Item 6. Investments.

 

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

 

(b)

Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

 

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The Proxy Voting Policies are attached herewith.


SECTION HH

The Voting of Proxies on Behalf of Clients

(This section pertains to all affiliated SEC registered investment advisers)

Rule 206(4)-6 under the Investment Advisers Act of 1940 and Rule 30b1-4 under the Investment Company Act of 1940 require investment advisers to adopt written policies and procedures governing the voting of proxies on behalf of their clients.

These procedures will be used by GAMCO Asset Management Inc., Gabelli Funds, LLC, Gabelli & Company Investment Advisers, Inc., and Teton Advisors, Inc. (collectively, the “Advisers”) to determine how to vote proxies relating to portfolio securities held by their clients, including the procedures that the Advisers use when a vote presents a conflict between the interests of the shareholders of an investment company managed by one of the Advisers, on the one hand, and those of the Advisers; the principal underwriter; or any affiliated person of the investment company, the Advisers, or the principal underwriter. These procedures will not apply where the Advisers do not have voting discretion or where the Advisers have agreed to with a client to vote the client’s proxies in accordance with specific guidelines or procedures supplied by the client (to the extent permitted by ERISA).

 

  I.

Proxy Voting Committee

The Proxy Voting Committee was originally formed in April 1989 for the purpose of formulating guidelines and reviewing proxy statements within the parameters set by the substantive proxy voting guidelines originally published in 1988 and updated periodically, a copy of which are appended as Exhibit A. The Committee will include representatives of Research, Administration, Legal, and the Advisers. Additional or replacement members of the Committee will be nominated by the Chairman and voted upon by the entire Committee.

Meetings are held on an as needed basis to form views on the manner in which the Advisers should vote proxies on behalf of their clients.

In general, the Director of Proxy Voting Services, using the Proxy Guidelines, and the analysts of GAMCO Investors, Inc. (“GBL”), will determine how to vote on each issue. For non-controversial matters, the Director of Proxy Voting Services may vote the proxy if the vote is: (1) consistent with the recommendations of the issuer’s Board of Directors and not contrary to the Proxy Guidelines; (2) consistent with the recommendations of the issuer’s Board of Directors and is a non-controversial issue not covered by the Proxy Guidelines; or (3) the vote is contrary to the recommendations of the Board of Directors but is consistent with the Proxy Guidelines. In those instances, the Director of Proxy Voting Services or the Chairman of the Committee may sign and date the proxy statement indicating how each issue will be voted.

 

Revised: October 23, 2019

 

 

   HH-1    INTERNAL USE ONLY


All matters identified by the Chairman of the Committee, the Director of Proxy Voting Services or the Legal Department as controversial, taking into account the recommendations of the analysts of GBL, will be presented to the Proxy Voting Committee. If the Chairman of the Committee, the Director of Proxy Voting Services or the Legal Department has identified the matter as one that (1) is controversial; (2) would benefit from deliberation by the Proxy Voting Committee; or (3) may give rise to a conflict of interest between the Advisers and their clients, the Chairman of the Committee will initially determine what vote to recommend that the Advisers should cast and the matter will go before the Committee.

 

  A.

Conflicts of Interest.

The Advisers have implemented these proxy voting procedures in order to prevent conflicts of interest from influencing their proxy voting decisions. By following the Proxy Guidelines and the analysts of GBL, the Advisers are able to avoid, wherever possible, the influence of potential conflicts of interest. Nevertheless, circumstances may arise in which one or more of the Advisers are faced with a conflict of interest or the appearance of a conflict of interest in connection with its vote. In general, a conflict of interest may arise when an Adviser knowingly does business with an issuer, and may appear to have a material conflict between its own interests and the interests of the shareholders of an investment company managed by one of the Advisers regarding how the proxy is to be voted. A conflict also may exist when an Adviser has actual knowledge of a material business arrangement between an issuer and an affiliate of the Adviser.

In practical terms, a conflict of interest may arise, for example, when a proxy is voted for a company that is a client of one of the Advisers, such as GAMCO Asset Management Inc. A conflict also may arise when a client of one of the Advisers has made a shareholder proposal in a proxy to be voted upon by one or more of the Advisers. The Director of Proxy Voting Services, together with the Legal Department, will scrutinize all proxies for these or other situations that may give rise to a conflict of interest with respect to the voting of proxies.

 

  B.

Operation of Proxy Voting Committee

For matters submitted to the Committee, each member of the Committee will receive, prior to the meeting, a copy of the proxy statement, a summary of any views provided by the Chief Investment Officer and any recommendations by GBL analysts. The Chief Investment Officer or the GBL analysts may be invited to present their viewpoints. If the Director of Proxy Voting Services or the Legal Department believe that the matter before the committee is one with respect to which a conflict of interest may exist between the Advisers and their clients, counsel may provide an

 

Revised: October 23, 2019

 

 

   HH-2    INTERNAL USE ONLY


opinion to the Committee concerning the conflict. If the matter is one in which the interests of the clients of one or more of the Advisers may diverge, counsel may so advise and the Committee may make different recommendations as to different clients. For any matters where the recommendation may trigger appraisal rights, counsel may provide an opinion concerning the likely risks and merits of such an appraisal action.

Each matter submitted to the Committee will be determined by the vote of a majority of the members present at the meeting. Should the vote concerning one or more recommendations be tied in a vote of the Committee, the Chairman of the Committee will cast the deciding vote. The Committee will notify the proxy department of its decisions and the proxies will be voted accordingly.

Although the Proxy Guidelines express the normal preferences for the voting of any shares not covered by a contrary investment guideline provided by the client, the Committee is not bound by the preferences set forth in the Proxy Guidelines and will review each matter on its own merits. The Advisers subscribe to Institutional Shareholder Services Inc (“ISS”) and Glass Lewis & Co., LLC (“Glass Lewis”), which supply current information on companies, matters being voted on, regulations, trends in proxy voting and information on corporate governance issues. The information provided by ISS and GL is for informational purposes only.

If the vote cast either by the analyst or as a result of the deliberations of the Proxy Voting Committee runs contrary to the recommendation of the Board of Directors of the issuer, the matter may be referred to legal counsel to determine whether an amendment to the most recently filed Schedule 13D is appropriate.

 

  II.

Social Issues and Other Client Guidelines

If a client has provided and the Advisers have accepted special instructions relating to the voting of proxies, they should be noted in the client’s account file and forwarded to the proxy department. This is the responsibility of the investment professional or sales assistant for the client. In accordance with Department of Labor guidelines, the Advisers’ policy is to vote on behalf of ERISA accounts in the best interest of the plan participants with regard to social issues that carry an economic impact. Where an account is not governed by ERISA, the Advisers will vote shares held on behalf of the client in a manner consistent with any individual investment/voting guidelines provided by the client. Otherwise the Advisers may abstain with respect to those shares.

Specific to the Gabelli ESG Fund, the Proxy Voting Committee will rely on the advice of the portfolio managers of the Gabelli ESG Fund to provide voting recommendations on the securities held in the portfolio.

 

  III.

Client Retention of Voting Rights

 

Revised: October 23, 2019

 

 

   HH-3    INTERNAL USE ONLY


If a client chooses to retain the right to vote proxies or if there is any change in voting authority, the following should be notified by the investment professional or sales assistant for the client.

- Operations

- Proxy Department

- Investment professional assigned to the account

In the event that the Board of Directors (or a Committee thereof) of one or more of the investment companies managed by one of the Advisers has retained direct voting control over any security, the Proxy Voting Department will provide each Board Member (or Committee member) with a copy of the proxy statement together with any other relevant information.

 

  IV.

Proxies of Certain Non-U.S. Issuers

Proxy voting in certain countries requires “share-blocking.” Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting with a designated depository. During the period in which the shares are held with a depository, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients’ custodian. Absent a compelling reason to the contrary, the Advisers believe that the benefit to the client of exercising the vote is outweighed by the cost of voting and therefore, the Advisers will not typically vote the securities of non-U.S. issuers that require share-blocking.

In addition, voting proxies of issuers in non-U.S. markets may also give rise to a number of administrative issues or give rise to circumstances under which voting would impose a cost (real or implied) on its client which may cause the Advisers to abstain from voting such proxies. For example, the Advisers may receive the notices for shareholder meetings without adequate time to consider the proposals in the proxy or after the cut-off date for voting. Other markets require the Advisers to provide local agents with power of attorney prior to implementing their respective voting instructions on the proxy. Other markets may require disclosure of certain ownership information in excess of what is required to vote in the U.S. market. Although it is the Advisers’ policies to vote the proxies for its clients for which they have proxy voting authority, in the case of issuers in non-U.S. markets, we vote client proxies on a best efforts basis.

 

  V.

Voting Records

The Proxy Voting Department will retain a record of matters voted upon by the Advisers for their clients. The Advisers will supply information on how they voted a client’s proxy upon request from the client.

The complete voting records for each registered investment company (the “Fund”) that is managed by the Advisers will be filed on Form N-PX for the twelve months ended June 30th, no later than August 31st of each year. A description of the

 

Revised: October 23, 2019

 

 

   HH-4    INTERNAL USE ONLY


Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to Gabelli Funds, LLC at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Advisers’ proxy voting records will be retained in compliance with Rule 204-2 under the Investment Advisers Act.

 

  VI.

Voting Procedures

1.    Custodian banks, outside brokerage firms and clearing firms are responsible for forwarding proxies directly to the Advisers.

Proxies are received in one of two forms:

 

   

Shareholder Vote Instruction Forms (“VIFs”) - Issued by Broadridge Financial Solutions, Inc. (“Broadridge”). Broadridge is an outside service contracted by the various institutions to issue proxy materials.

   

Proxy cards which may be voted directly.

2.  Upon receipt of the proxy, the number of shares each form represents is logged into the proxy system, electronically or manually, according to security.

3.  Upon receipt of instructions from the proxy committee, the votes are cast and recorded for each account.

Records have been maintained on the ProxyEdge system.

ProxyEdge records include:

Security Name and CUSIP Number

Date and Type of Meeting (Annual, Special, Contest)

Directors’ Recommendation (if any)

How the Adviser voted for the client on item

4.  VIFs are kept alphabetically by security. Records for the current proxy season are located in the Proxy Voting Department office. In preparation for the upcoming season, files are transferred to an offsite storage facility during January/February.

5.  If a proxy card or VIF is received too late to be voted in the conventional matter, every attempt is made to vote including:

 

   

When a solicitor has been retained, the solicitor is called. At the solicitor’s direction, the proxy is faxed or sent electronically.

 

Revised: October 23, 2019

 

 

   HH-5    INTERNAL USE ONLY


   

In some circumstances VIFs can be faxed or sent electronically to Broadridge up until the time of the meeting.

6.  In the case of a proxy contest, records are maintained for each opposing entity.

7.  Voting in Person

a) At times it may be necessary to vote the shares in person. In this case, a “legal proxy” is obtained in the following manner:

 

 

Banks and brokerage firms using the services at Broadridge:

 

Broadridge is notified that we wish to vote in person. Broadridge issues individual legal proxies and sends them back via email or overnight (or the Adviser can pay messenger charges). A lead-time of at least two weeks prior to the meeting is needed to do this. Alternatively, the procedures detailed below for banks not using Broadridge may be implemented.

 

 

Banks and brokerage firms issuing proxies directly:

 

The bank is called and/or faxed and a legal proxy is requested.

All legal proxies should appoint:

“Representative of [Adviser name] with full power of substitution.”

b) The legal proxies are given to the person attending the meeting along with the limited power of attorney.

 

Revised: October 23, 2019

 

 

   HH-6    INTERNAL USE ONLY


Appendix A

Proxy Guidelines

PROXY VOTING GUIDELINES

General Policy Statement

It is the policy of GAMCO Investors, Inc, and its affiliated advisers (collectively “the Advisers”) to vote in the best economic interests of our clients. As we state in our Magna Carta of Shareholders Rights, established in May 1988, we are neither for nor against management. We are for shareholders.

At our first proxy committee meeting in 1989, it was decided that each proxy statement should be evaluated on its own merits within the framework first established by our Magna Carta of Shareholders Rights. The attached guidelines serve to enhance that broad framework.

We do not consider any issue routine. We take into consideration all of our research on the company, its directors, and their short and long-term goals for the company. In cases where issues that we generally do not approve of are combined with other issues, the negative aspects of the issues will be factored into the evaluation of the overall proposals but will not necessitate a vote in opposition to the overall proposals.

Board of Directors

We do not consider the election of the Board of Directors a routine issue. Each slate of directors is evaluated on a case-by-case basis.

Factors taken into consideration include:

 

 

Historical responsiveness to shareholders

This may include such areas as:

-Paying greenmail

-Failure to adopt shareholder resolutions receiving a majority of shareholder votes

 

Qualifications

 

Nominating committee in place

 

Number of outside directors on the board

 

Attendance at meetings

 

Overall performance

Selection of Auditors

 

Revised: October 23, 2019

 

 

   HH-7    INTERNAL USE ONLY


In general, we support the Board of Directors’ recommendation for auditors.

Blank Check Preferred Stock

We oppose the issuance of blank check preferred stock.

Blank check preferred stock allows the company to issue stock and establish dividends, voting rights, etc. without further shareholder approval.

Classified Board

A classified board is one where the directors are divided into classes with overlapping terms. A different class is elected at each annual meeting.

While a classified board promotes continuity of directors facilitating long range planning, we feel directors should be accountable to shareholders on an annual basis. We will look at this proposal on a case-by-case basis taking into consideration the board’s historical responsiveness to the rights of shareholders.

Where a classified board is in place we will generally not support attempts to change to an annually elected board.

When an annually elected board is in place, we generally will not support attempts to classify the board.

Increase Authorized Common Stock

The request to increase the amount of outstanding shares is considered on a case-by-case basis.

Factors taken into consideration include:

 

 

Future use of additional shares

-Stock split

-Stock option or other executive compensation plan

-Finance growth of company/strengthen balance sheet

-Aid in restructuring

-Improve credit rating

-Implement a poison pill or other takeover defense

 

Amount of stock currently authorized but not yet issued or reserved for stock option plans

 

Revised: October 23, 2019

 

 

   HH-8    INTERNAL USE ONLY


 

Amount of additional stock to be authorized and its dilutive effect

We will support this proposal if a detailed and verifiable plan for the use of the additional shares is contained in the proxy statement.

Confidential Ballot

We support the idea that a shareholder’s identity and vote should be treated with confidentiality.

However, we look at this issue on a case-by-case basis.

In order to promote confidentiality in the voting process, we endorse the use of independent Inspectors of Election.

Cumulative Voting

In general, we support cumulative voting.

Cumulative voting is a process by which a shareholder may multiply the number of directors being elected by the number of shares held on record date and cast the total number for one candidate or allocate the voting among two or more candidates.

Where cumulative voting is in place, we will vote against any proposal to rescind this shareholder right.

Cumulative voting may result in a minority block of stock gaining representation on the board. When a proposal is made to institute cumulative voting, the proposal will be reviewed on a case-by-case basis. While we feel that each board member should represent all shareholders, cumulative voting provides minority shareholders an opportunity to have their views represented.

Director Liability and Indemnification

We support efforts to attract the best possible directors by limiting the liability and increasing the indemnification of directors, except in the case of insider dealing.

 

Revised: October 23, 2019

 

 

   HH-9    INTERNAL USE ONLY


Equal Access to the Proxy

The SEC’s rules provide for shareholder resolutions. However, the resolutions are limited in scope and there is a 500 word limit on proponents’ written arguments. Management has no such limitations. While we support equal access to the proxy, we would look at such variables as length of time required to respond, percentage of ownership, etc.

Fair Price Provisions

Charter provisions requiring a bidder to pay all shareholders a fair price are intended to prevent two-tier tender offers that may be abusive. Typically, these provisions do not apply to board-approved transactions.

We support fair price provisions because we feel all shareholders should be entitled to receive the same benefits.

Reviewed on a case-by-case basis.

Golden Parachutes

Golden parachutes are severance payments to top executives who are terminated or demoted after a takeover.

We support any proposal that would assure management of its own welfare so that they may continue to make decisions in the best interest of the company and shareholders even if the decision results in them losing their job. We do not, however, support excessive golden parachutes. Therefore, each proposal will be decided on a case-by- case basis.

Anti-Greenmail Proposals

We do not support greenmail. An offer extended to one shareholder should be extended to all shareholders equally across the board.

 

Revised: October 23, 2019

 

 

   HH-10    INTERNAL USE ONLY


Limit Shareholders’ Rights to Call Special Meetings

We support the right of shareholders to call a special meeting.

Reviewed on a case-by-case basis.

Consideration of Nonfinancial Effects of a Merger

This proposal releases the directors from only looking at the financial effects of a merger and allows them the opportunity to consider the merger’s effects on employees, the community, and consumers.

As a fiduciary, we are obligated to vote in the best economic interests of our clients. In general, this proposal does not allow us to do that. Therefore, we generally cannot support this proposal.

Reviewed on a case-by-case basis.

Mergers, Buyouts, Spin-Offs, Restructurings

Each of the above is considered on a case-by-case basis. According to the Department of Labor, we are not required to vote for a proposal simply because the offering price is at a premium to the current market price. We may take into consideration the long term interests of the shareholders.

Military Issues

Shareholder proposals regarding military production must be evaluated on a purely economic set of criteria for our ERISA clients. As such, decisions will be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients, we will vote according to the client’s direction when applicable. Where no direction has been given, we will vote in the best economic interests of our clients. It is not our duty to impose our social judgment on others.

Northern Ireland

Shareholder proposals requesting the signing of the MacBride principles for the purpose of countering the discrimination of Catholics in hiring practices must be evaluated on a purely economic set of criteria for our ERISA clients. As such, decisions will be made on a case-by-case basis.

 

Revised: October 23, 2019

 

 

   HH-11    INTERNAL USE ONLY


In voting on this proposal for our non-ERISA clients, we will vote according to client direction when applicable. Where no direction has been given, we will vote in the best economic interests of our clients. It is not our duty to impose our social judgment on others.

Opt Out of State Anti-Takeover Law

This shareholder proposal requests that a company opt out of the coverage of the state’s takeover statutes. Example: Delaware law requires that a buyer must acquire at least 85% of the company’s stock before the buyer can exercise control unless the board approves.

We consider this on a case-by-case basis. Our decision will be based on the following:

 

 

State of Incorporation

 

Management history of responsiveness to shareholders

 

Other mitigating factors

Poison Pill

In general, we do not endorse poison pills.

In certain cases where management has a history of being responsive to the needs of shareholders and the stock is very liquid, we will reconsider this position.

Reincorporation

Generally, we support reincorporation for well-defined business reasons. We oppose reincorporation if proposed solely for the purpose of reincorporating in a state with more stringent anti-takeover statutes that may negatively impact the value of the stock.

Stock Incentive Plans

Director and Employee Stock incentive plans are an excellent way to attract, hold and motivate directors and employees. However, each incentive plan must be evaluated on its own merits, taking into consideration the following:

 

 

Dilution of voting power or earnings per share by more than 10%.

 

Kind of stock to be awarded, to whom, when and how much.

 

Method of payment.

 

Amount of stock already authorized but not yet issued under existing stock plans.

 

The successful steps taken by management to maximize shareholder value.

 

Revised: October 23, 2019

 

 

   HH-12    INTERNAL USE ONLY


Supermajority Vote Requirements

Supermajority vote requirements in a company’s charter or bylaws require a level of voting approval in excess of a simple majority of the outstanding shares. In general, we oppose supermajority-voting requirements. Supermajority requirements often exceed the average level of shareholder participation. We support proposals’ approvals by a simple majority of the shares voting.

Reviewed on a case-by-case basis.

Limit Shareholders Right to Act by Written Consent

Written consent allows shareholders to initiate and carry on a shareholder action without having to wait until the next annual meeting or to call a special meeting. It permits action to be taken by the written consent of the same percentage of the shares that would be required to effect proposed action at a shareholder meeting.

Reviewed on a case-by-case basis.

“Say-on-Pay” / “Say-When-on-Pay” / “Say-on-Golden-Parachutes”

Required under the Dodd-Frank Act; these proposals are non-binding advisory votes on executive compensation. We will generally vote with the Board of Directors’ recommendation(s) on advisory votes on executive compensation (“Say-on-Pay”), advisory votes on the frequency of voting on executive compensation (“Say-When-on-Pay”) and advisory votes relating to extraordinary transaction executive compensation (“Say-on-Golden-Parachutes”). In those instances when we believe that it is in our clients’ best interest, we may abstain or vote against executive compensation and/or the frequency of votes on executive compensation and/or extraordinary transaction executive compensation advisory votes.

Proxy Access

Proxy access is a tool used to attempt to promote board accountability by requiring that a company’s proxy materials contain not only the names of management nominees, but also any candidates nominated by long-term shareholders holding at least a certain stake in the company. We will review proposals regarding proxy access on a case-by-case basis taking into account the provisions of the proposal, the company’s current governance structure, the successful steps taken by management to maximize shareholder value, as well as other applicable factors.

 

Revised: October 23, 2019

 

 

   HH-13    INTERNAL USE ONLY


Item 8. Portfolio Managers of Closed-End Management Investment Companies.

PORTFOLIO MANAGERS

A portfolio team manages the Fund. The individuals listed below are those who are primarily responsible for the day-to-day management of the Fund.

Caesar M. P. Bryan joined GAMCO Asset Management Inc. 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 in 1979 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, and serves as a portfolio manager of Gabelli Funds, LLC and manages another fund 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.

MANAGEMENT OF OTHER ACCOUNTS

The table below shows the number of other accounts managed by each Portfolio Manager and the total assets in each of the following categories: registered investment companies, other paid investment vehicles and other accounts as of December 31, 2019. For each category, the table also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.

 

    Name of Portfolio Manager or    

Team Member

  

Type of

    Accounts    

  

Total

  No. of Accounts   Managed

  

Total

Assets

  

No. of

Accounts

where

  Advisory Fee  

is Based on

Performance

  

Total Assets in Accounts

where

  Advisory Fee   is Based on Performance

Caesar M.P. Bryan    Registered Investment Companies:    5   

$607.3

million

   0    $0
     Other Pooled Investment Vehicles:    0    $0    0    $0
    

Other Accounts:

 

   21   

$135.2

million

   0    $0
                             
Vincent Hugonnard-Roche    Registered Investment Companies:    1   

$158.0

million

   0    $0
     Other Pooled Investment Vehicles:    0    $0    0    $0
     Other Accounts:    6    $1.7 million    0    $0


POTENTIAL CONFLICTS OF INTEREST

As reflected above, the Portfolio Managers manage accounts in addition to the Fund. Actual or apparent conflicts of interest may arise when a Portfolio Manager also has day to day management responsibilities with respect to one or more other accounts. These potential conflicts include:

ALLOCATION OF LIMITED TIME AND ATTENTION. As indicated above, the Portfolio Managers manage multiple accounts. As a result, he/she will not be able to devote all of their time to the management of the Fund. A Portfolio Manager, therefore, may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts, as might be the case if he/she were to devote all of his/her attention to the management of only the Fund.

ALLOCATION OF LIMITED INVESTMENT OPPORTUNITIES. As indicated above, the Portfolio Managers manage accounts with investment strategies and/or policies that are similar to the Fund. In these cases, if the Portfolio Manager identifies an investment opportunity that may be suitable for multiple accounts, the Fund may not be able to take full advantage of that opportunity because the opportunity may be allocated among all or many of these accounts or other accounts managed primarily by other Portfolio Managers of the Adviser, and their affiliates. In addition, in the event a Portfolio Manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions.

PURSUIT OF DIFFERING STRATEGIES. At times, a Portfolio Manager may determine that an investment opportunity may be appropriate for only some of the accounts for which he/she exercises investment responsibility, or may decide that certain of the funds or accounts should take differing positions with respect to a particular security. In these cases, the Portfolio Manager may execute differing or opposite transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more other accounts.

VARIATION IN COMPENSATION. A conflict of interest may arise where the financial or other benefits available to the Portfolio Manager differ among the accounts that he or she manages. If the structure of the Adviser’s management fee or the Portfolio Manager’s compensation differs among accounts (such as where certain accounts pay higher management fees or performance-based management fees), the Portfolio Manager may be motivated to favor certain accounts over others. The Portfolio Manager may also be motivated to favor accounts in which he or she has an investment interest, or in which the Adviser, or their affiliates have investment interests. Similarly, the desire to maintain assets under management or to enhance a Portfolio Manager’s performance record or to derive other rewards, financial or otherwise, could influence the Portfolio Manager in affording preferential treatment to those accounts that could most significantly benefit the Portfolio Manager. For example, as reflected above, if a Portfolio Manager manages accounts, which have performance fee arrangements, certain portions of their compensation will depend on the achievement of performance milestones on those accounts. The Portfolio Manager could be incented to afford preferential treatment to those accounts and thereby by subject to a potential conflict of interest.

The Adviser, and the Funds have adopted compliance policies and procedures that are designed to address the various conflicts of interest that may arise for the Adviser and their staff members. However, there is no guarantee that such policies and procedures will be able to detect and prevent every situation in which an actual or potential conflict may arise.

COMPENSATION STRUCTURE FOR THE PORTFOLIO MANAGERS

The compensation of the Portfolio Managers for the Fund is structured to enable the Adviser to attract and retain highly qualified professionals in a competitive environment. The Portfolio Managers receive a compensation package that includes a minimum draw or base salary, equity-based incentive compensation via awards of stock options, and incentive based variable compensation based on a percentage of net revenue received by the Adviser for managing the Fund to the extent that the amount exceeds a minimum level of compensation. Net revenues are determined by deducting from gross investment management fees certain of the firm’s expenses (other than the Portfolio Managers’ compensation) allocable to the Fund (the incentive-based variable compensation for


managing other accounts is also based on a percentage of net revenues to the investment adviser for managing the account). This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through appreciation and net investment activity. The level of equity-based incentive and incentive-based variable compensation is based on an evaluation by the Adviser’s parent, GBL, of quantitative and qualitative performance evaluation criteria. This evaluation takes into account, in a broad sense, the performance of the accounts managed by the Portfolio Manager, but the level of compensation is not determined with specific reference to the performance of any account against any specific benchmark. Generally, greater consideration is given to the performance of larger accounts and to longer term performance over smaller accounts and short-term performance.

OWNERSHIP OF SHARES IN THE FUND

Caesar M. P. Bryan and Vincent Hugonnard-Roche each owned $1 - $10,000 and $1 - $10,000 respectively, of shares of the Trust as of December 31, 2019.

 

(b)

Not applicable.

 

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

REGISTRANT PURCHASES OF EQUITY SECURITIES

 

Period

 

  

(a) Total Number of
Shares (or Units)
Purchased)

 

  

(b) Average Price Paid
per Share (or Unit)

 

  

(c) Total Number of
Shares (or Units)
Purchased as Part of
Publicly Announced
Plans or Programs

 

  

(d) Maximum Number (or
Approximate Dollar Value)
of Shares (or Units) that May
Yet be Purchased Under the
Plans or Programs

 

Month #1
07/01/2019
through
07/31/2019   

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – 145,516,351

 

Preferred Series B – 3,465,849

 

Month #2
08/01/2019
through
08/31/2019

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – 148,955,091

 

Preferred Series B – 3,465,849

 

Month #3
09/01/2019
through
09/30/2019

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – 151,860,803

 

Preferred Series B – 3,465,849

 

Month #4
10/01/2019
through
10/31/2019

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – 153,945,332

 

Preferred Series B – 3,465,849

 

Month #5
11/01/2019
through
11/30/2019

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – 154,331,480

 

Preferred Series B – 3,465,849

 


Month #6
12/01/2019
through
12/31/2019   

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – N/A

 

Preferred Series B – N/A

 

  

 

Common – 155,833,130

 

Preferred Series B – 3,465,849

 

Total

 

  

Common – N/A

 

Preferred Series B – N/A

 

  

Common – N/A

 

Preferred Series B – N/A

 

  

Common – N/A

 

Preferred Series B – N/A

 

  

N/A

 

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:

 

a.

The date each plan or program was announced – The notice of the potential repurchase of common and preferred shares occurs semiannually in the Fund’s shareholder reports in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.

b.

The dollar amount (or share or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 7.5% or more from the net asset value of the shares. Any or all preferred shares outstanding may be repurchased when the Fund’s preferred shares are trading at a discount to the liquidation value of $25.00.

c.

The expiration date (if any) of each plan or program – The Fund’s repurchase plans are ongoing.

d.

Each plan or program that has expired during the period covered by the table – The Fund’s repurchase plans are ongoing.

e.

Each plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans are ongoing.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.


Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

  (a)

If the registrant is a closed-end management investment company, provide the following dollar amounts of income and fees/compensation related to the securities lending activities of the registrant during its most recent fiscal year:

(1) Gross income from securities lending activities; $0

(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (“revenue split”); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees; $0

(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); $0 and

(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)). $0

 

  (b)

If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrant’s most recent fiscal year. N/A

Item 13. Exhibits.

 

  (a)(1)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

 

  (a)(2)

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

 

  (a)(3)

Not applicable.

 

  (a)(4)

Not applicable.

 

  (b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 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

 

                                          March 6, 2020

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

 

                                          March 6, 2020

 

By (Signature and Title)*

 

        /s/ John C. Ball

          John C. Ball, Principal Financial Officer and Treasurer

 

Date

 

                                          March 6, 2020

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

Joint Code of Ethics for Chief Executive

and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds

 

 

Each affiliated registered investment company (each a “Company”) is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company’s Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, “Senior Officers”), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the “Advisor”) and/or affiliates of the Advisor (the “Advisory Group”) and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

 

   

the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the “1940 Act”);

 

   

the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the “Advisers Act”);

 

   

the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the “Trust’s 1940 Act Code of Ethics”);

 

   

one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the “Directors”) of each Company that are not “interested persons” of such Company (the “Independent Directors”) within the meaning of the 1940 Act (the

 

Revised: July 30, 2014

     
   1   


 

Advisory Group’s 1940 Act Code of Ethics” and, together with such Company’s 1940 Act Code of Ethics, the “1940 Act Codes of Ethics”);

 

   

the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the “Conflict Policies”); and

 

   

the Advisory Group’s policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the “Advisory Policies”).

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the “Additional Conflict Rules”.

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

Senior Officers Should Act Honestly and Candidly

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

 

   

act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

 

   

comply with the laws, rules and regulations that govern the conduct of each Company’s operations and report any suspected violations thereof in accordance with the section below entitled “Compliance With Code Of Ethics”; and

 

   

adhere to a high standard of business ethics.

Conflicts Of Interest

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

 

Revised: July 30, 2014

     
   2   


Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the “CCO”) and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

 

   

the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

 

   

any ownership interest in, or any consulting or employment relationship with, of any of the Companies’ service providers, other than the Advisory Group; or

 

   

a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment by the Advisory Group, such as compensation or equity ownership.

Disclosures

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public

 

Revised: July 30, 2014

     
   3   


communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company ’s standards, policies and procedures designed to promote compliance with this policy.    

Each Senior Officer must:

   

familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

 

   

not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company’s independent auditors, such Company’s counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

Compliance With Code Of Ethics

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the “whistle blower” policies adopted by the Advisory Group from time to time. No one will be subject to retaliation because of a good faith report of a suspected violation.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

 

   

the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

 

   

violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

 

   

if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

 

   

appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

Waivers Of Code Of Ethics

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

 

Revised: July 30, 2014

     
   4   


The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Recordkeeping

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

 

   

that provided the basis for any amendment or waiver to this Code of Ethics; and

 

   

relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

Confidentiality

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

Amendments

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company’s Directors, including a majority of its Independent Directors.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies’ business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

 

Revised: July 30, 2014

     
   5   


ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company’s related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the “whistle blower” policies adopted by the Advisory Group from time to time.

 

 

 

 

 

Printed Name  
 

 

 

 

Signature  
 

 

 

 

Date

 

 

Revised: July 30, 2014

     
   6   

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Bruce N. Alpert, certify that:

 

1.

I have reviewed this report on Form N-CSR of GAMCO Global Gold, Natural Resources & Income Trust;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and


  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:    March 6, 2020                            

  

/s/ Bruce N. Alpert                                           

  
  

Bruce N. Alpert, Principal Executive Officer

  


Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, John C. Ball, certify that:

 

1.

I have reviewed this report on Form N-CSR of GAMCO Global Gold, Natural Resources & Income Trust;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and


  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:    March 6, 2020                                

  

/s/ John C. Ball                                                 

  
   John C. Ball, Principal Financial Officer and Treasurer   

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the

Sarbanes-Oxley Act

I, Bruce N. Alpert, Principal Executive Officer of GAMCO Global Gold, Natural Resources & Income Trust (the “Registrant”), certify that:

 

  1.

The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date:    March 6, 2020                /s/ Bruce N. Alpert                                          
     Bruce N. Alpert, Principal Executive Officer

I, John C. Ball, Principal Financial Officer and Treasurer of GAMCO Global Gold, Natural Resources & Income Trust (the “Registrant”), certify that:

 

  1.

The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date:    March 6, 2020                /s/ John C. Ball                                               
     John C. Ball, Principal Financial Officer and
Treasurer