Edgar Filing: GAMCO Global Gold, Natural Resources & Income Trust

GAMCO Global Gold, Natural Resources & Income Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21698

GAMCO Global Gold, Natural Resources & Income Trust

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2018

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

GAMCO Global Gold, Natural Resources & Income Trust

First Quarter Report — March 31, 2018

(Y)our Portfolio Management Team

LOGO

Caesar M. P. Bryan Vincent Hugonnard-Roche

To Our Shareholders,

For the quarter ended March 31, 2018, the net asset value (“NAV”) total return of the GAMCO Global Gold, Natural Resources & Income Trust (the “Fund”) was (4.8)%, compared with total returns of (1.6)% and (4.6)% 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 (3.4)%. The Fund’s NAV per share was $5.05, while the price of the publicly traded shares closed at $4.89 on the NYSE American. See below for additional performance information.

Enclosed is the schedule of investments as of March 31, 2018.

Comparative Results



Average Annual Returns through March 31, 2018 (a) (Unaudited)											Since Inception
											Since Inception
	Quarter		1 Year		3 Year		5 Year		10 Year		(03/31/05)
GAMCO Global Gold, Natural Resources & Income Trust
NAV Total Return (b)		(4.81)%		(1.23)%		0.45%		(5.11)%		(5.71)%		0.46%
Investment Total Return (c)		(3.40)		(2.46)		1.46		(5.88)		(4.90)		(0.07)
CBOE S&P 500 Buy/Write Index		(1.56)		6.95		7.22		7.42		5.09		5.43
Bloomberg Barclays Government/Credit Bond Index		(1.61)		1.33		1.21		1.82		3.62		4.05
Energy Select Sector Index		(5.85)		(0.13)		(1.54)		(0.55)		1.35		5.78
XAU Index		(4.64)		(2.56)		8.14		(8.78)		(6.41)		0.02

(a)

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The CBOE S&P 500 Buy/Write Index is an unmanaged benchmark index designed to reflect the return on a portfolio that consists of a long position in the stocks in the S&P 500 Index and a short position in a S&P 500 (SPX) call option. The Bloomberg Barclays Government/Credit Bond Index is a market value weighted index that tracks the performance of fixed rate, publicly placed, dollar denominated obligations. The XAU Index is an unmanaged indicator of stock market performance of large North American gold and silver companies. The Energy Select Sector Index is an unmanaged indicator of stock market performance of large U.S. companies involved in the development or production of energy products. Dividends and interest income are considered reinvested. You cannot invest directly in an index.

(b)

Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex-dividend date and are net of expenses. Since inception return is based on an initial NAV of $19.06.

(c)

Total returns and average annual returns reflect changes in closing market values on the NYSE American and reinvestment of distributions. Since inception return is based on an initial offering price of $20.00.

GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments — March 31, 2018 (Unaudited)


Shares			Market Value

		COMMON STOCKS — 85.6%
		Energy and Energy Services — 39.5%
	134,000	Anadarko Petroleum Corp.(a)	$	8,094,940
	37,500	Andeavor(a)		3,771,000
	107,000	Apache Corp.(a)		4,117,360
	121,375	Baker Hughes, a GE Company(a)		3,370,584
	375,000	BP plc, ADR(a)		15,202,500
	122,500	Cabot Oil & Gas Corp.		2,937,550
	218,500	Chevron Corp.(a)		24,917,740
	25,000	Cimarex Energy Co.		2,337,500
	37,500	Concho Resources Inc.†(a)		5,637,375
	137,000	ConocoPhillips(a)		8,122,730
	129,500	Devon Energy Corp.(a)		4,116,805
	117,620	Enbridge Inc.		3,701,501
	450,000	Eni SpA		7,911,309
	141,500	EOG Resources Inc.(a)		14,895,705
	46,000	EQT Corp.		2,185,460
	497,000	Exxon Mobil Corp.(a)		37,081,170
	214,500	Halliburton Co.(a)		10,068,630
	30,000	Helmerich & Payne Inc.		1,996,800
	36,000	Hess Corp.(a)		1,822,320
	420,000	Kinder Morgan Inc.(a)		6,325,200
	140,000	Marathon Oil Corp.		2,258,200
	122,500	Marathon Petroleum Corp.(a)		8,955,975
	57,000	Newfield Exploration Co.†.		1,391,940
	122,454	Noble Energy Inc.		3,710,356
	90,300	Occidental Petroleum Corp.(a)		5,865,888
	108,000	ONEOK Inc.		6,147,360
	105,000	Phillips 66(a)		10,071,600
	43,000	Pioneer Natural Resources Co.(a)		7,386,540
	60,000	Range Resources Corp.		872,400
	935,000	Royal Dutch Shell plc, Cl. A		29,299,098
	336,466	Schlumberger Ltd.(a)		21,796,268
	187,500	Suncor Energy Inc.(a)		6,476,250
	120,000	Sunoco LP(a)		3,061,200
	115,000	TechnipFMC plc(a)		3,386,750
	213,000	The Williams Companies Inc.(a)		5,295,180
	298,000	TOTAL SA, ADR(a)		17,191,620
	110,000	Valero Energy Corp.(a)		10,204,700

				311,985,504


		Metals and Mining — 46.1%
	675,500	Agnico Eagle Mines Ltd.(a)		28,418,285
	1,580,000	Alacer Gold Corp.†		2,514,068
	2,826,045	Alamos Gold Inc., New York, Cl. A(a)		14,723,694
	1,055,647	Alamos Gold Inc., Toronto, Cl. A		5,489,840
	357,800	AngloGold Ashanti Ltd., ADR(a)		3,395,522
	300,180	Antofagasta plc		3,878,806
	700,000	Asanko Gold Inc.†		706,330
	3,700,000	B2Gold Corp.†		10,101,000
	741,300	Barrick Gold Corp.(a)		9,229,185
	2,400,000	Belo Sun Mining Corp.†		651,997
	3,000,000	Centamin plc		6,496,577


Shares			Market Value

	300,000	Centerra Gold Inc.†	$	1,720,806
	1,725,000	Continental Gold Inc.†		4,739,783
	1,149,400	Detour Gold Corp.†		11,633,621
	1,579,800	Eldorado Gold Corp., New York†(a)		1,327,032
	506,434	Eldorado Gold Corp., Toronto†		424,534
	190,000	Endeavour Mining Corp.†		3,505,492
	900,000	Fortuna Silver Mines Inc.†		4,689,000
	360,000	Franco-Nevada Corp.(a)		24,620,400
	1,596,636	Fresnillo plc		28,415,354
	702,000	Gold Fields Ltd., ADR		2,822,040
	912,300	Goldcorp Inc.(a)		12,607,986
	3,676,832	Hochschild Mining plc		10,273,319
	193,795	Kirkland Lake Gold Ltd.		3,003,909
	40,000	Labrador Iron Ore Royalty Corp.		655,102
	161,000	MAG Silver Corp., New York†(b)(c)		1,569,750
	560,000	MAG Silver Corp., Toronto†		5,485,466
	1,384,725	Newcrest Mining Ltd.		20,812,417
	448,500	Newmont Mining Corp.(a)		17,522,895
	596,100	Northern Dynasty Minerals Ltd.†		555,222
	3,000,000	OceanaGold Corp.		8,080,103
	710,000	Osisko Gold Royalties Ltd.		6,855,591
	850,000	Perseus Mining Ltd.†		313,385
	175,500	Polyus PJSC, GDR		6,826,950
	119,600	Pretium Resources Inc., New York†		796,536
	150,400	Pretium Resources Inc., Toronto†		999,281
	422,900	Randgold Resources Ltd., ADR(a)		35,202,196
	300,000	Rio Tinto plc, ADR(a)		15,459,000
	303,000	Royal Gold Inc.(a)		26,018,610
	850,000	SEMAFO Inc.†		2,447,704
	1,060,000	Tahoe Resources Inc.(a)		4,971,400
	590,000	Torex Gold Resources Inc.†		3,622,385
	600,000	Wesdome Gold Mines Ltd.†		912,795
	445,000	Wheaton Precious Metals Corp.(a)		9,064,650

				363,560,018

		TOTAL COMMON STOCKS		675,545,522

		CONVERTIBLE PREFERRED STOCKS — 0.3%
		Energy and Energy Services — 0.3%
	82,300	Kinder Morgan Inc., 9.750%, Series A		2,558,707


		WARRANTS — 0.0%
		Metals and Mining — 0.0%
	150,000	Osisko Mining Inc., expire 08/28/18†(b)(c)		1,825

See accompanying notes to schedule of investments.

GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)


Principal Amount			Market Value

		CONVERTIBLE CORPORATE BONDS — 0.5%
		Metals and Mining — 0.5%
	$ 1,600,000	B2Gold Corp., 3.250%, 10/01/18	$	1,616,800
	2,000,000	Osisko Gold Royalties Ltd., 4.000%, 12/31/22		1,552,373
	250,000	Pretium Resources Inc., 2.250%, 03/15/22		210,125

				3,379,298


		CORPORATE BONDS — 1.2%
		Energy and Energy Services — 0.4%
	1,000,000	CNX Resources Corp., 5.875%, 04/15/22		1,008,750
	1,000,000	The Williams Companies Inc., 7.875%, 09/01/21 .		1,128,750
	1,000,000	Weatherford International Ltd., 7.750%, 06/15/21		936,250

				3,073,750

		Metals and Mining — 0.8%
	2,600,000	Eldorado Gold Corp., 6.125%, 12/15/20(c)		2,476,500
	2,000,000	IAMGOLD Corp., 7.000%, 04/15/25(c)		2,050,000
	2,000,000	New Gold Inc., 6.250%, 11/15/22(c)		2,047,500

				6,574,000


		TOTAL CORPORATE BONDS		9,647,750


		U.S. GOVERNMENT OBLIGATIONS — 12.4%
	98,216,000	U.S. Treasury Bills, 1.444% to 1.867%††, 05/03/18 to 09/13/18(d)		97,808,514


		TOTAL INVESTMENTS BEFORE OPTIONS WRITTEN — 100.0% (Cost $970,899,027)	$	788,941,616

(a)	Securities, or a portion thereof, with a value of $282,584,400 were deposited with the broker as collateral for options written.

(b)	At March 31, 2018, the Fund held investments in restricted and illiquid securities amounting to $1,571,575 or 0.20% of total investments before options written, which were valued under methods approved by the Board of Trustees as follows:


Acquisition Shares		Issuer	Acquisition Dates		Acquisition Cost		3/31/18 Carrying Value Per Share
	161,000	MAG Silver Corp., New York		11/17/17	$	1,685,670	$	9.7500
	150,000	Osisko Mining Inc. Expire 08/28/18		02/17/17		68,708		0.0122

(c)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the market value of Rule 144A securities amounted to $8,145,575 or 1.03% of total investments before options written.

(d)	At March 31, 2018, $61,985,000 of the principal amount was pledged as collateral for options written.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

GDR	Global Depositary Receipt


Geographic Diversification	% of Total Investments*		Market Value

Long Positions
United States		44.9%	$	354,636,184
Canada		25.5		201,180,580
Europe.		22.8		179,543,479
Latin America		3.3		26,238,009
Asia/Pacific		2.7		21,125,802
South Africa		0.8		6,217,562

Total Investments — Long Positions		100.0%	$	788,941,616


Short Positions
United States		(2.4)%	$	(19,181,356)
Canada		(0.2)		(1,445,860)
Europe.		(0.1)		(680,461)
Asia/Pacific		(0.0)**		(70,302)

Total Investments — Short Positions		(2.7)%	$	(21,377,979)

*	Total investments exclude options written.

**	Amount represents greater than (0.05)%.

See accompanying notes to schedule of investments.

GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

As of March 31, 2018, options written outstanding were as follows:


Description	Counterparty	Number of Contracts		Notional Amount		Exercise Price			Expiration Date		Market Value
OTC Call Options Written — (1.7)%
Agnico Eagle Mines Ltd.	Pershing LLC		2,285		9,612,995		USD	47.50		04/20/18	$	13,258
Agnico Eagle Mines Ltd.	Pershing LLC		2,090		8,792,630		USD	40.00		06/15/18		756,593
Alamos Gold Inc.	Pershing LLC		13,000		6,773,000		USD	7.00		04/20/18		142,167
Alamos Gold Inc.	Pershing LLC		13,000		6,773,000		USD	7.00		05/18/18		160,623
Anadarko Petroleum Corp.	Pershing LLC		430		2,597,630		USD	60.00		04/20/18		90,675
Anadarko Petroleum Corp.	Pershing LLC		460		2,778,860		USD	60.00		05/18/18		153,695
Anadarko Petroleum Corp.	Pershing LLC		450		2,718,450		USD	60.00		06/15/18		176,184
Andeavor	Pershing LLC		125		1,257,000		USD	97.50		05/18/18		80,120
Andeavor	Pershing LLC		125		1,257,000		USD	100.00		06/15/18		70,262
Antofagasta plc	Morgan Stanley		300		2,763,000		GBp	940.00		05/18/18		91,658
Apache Corp.	Pershing LLC		375		1,443,000		USD	40.00		05/18/18		55,521
B2Gold Corp.	Pershing LLC		12,500		3,412,500		USD	3.00		04/20/18		124,620
B2Gold Corp.	Pershing LLC		12,500		3,412,500		USD	3.00		05/18/18		232,169
B2Gold Corp.	Pershing LLC		12,000		3,276,000		USD	3.00		06/15/18		304,056
B2Gold Corp.	The Goldman Sachs Group, Inc.		4,050		1,105,650		USD	3.93		10/01/18		110,484
Baker Hughes, a GE Company	Pershing LLC		360		999,720		USD	35.00		04/20/18		1,425
Baker Hughes, a GE Company	Pershing LLC		450		1,249,650		USD	28.00		05/18/18		65,460
Baker Hughes, a GE Company	Pershing LLC		450		1,249,650		USD	31.00		06/15/18		34,483
Barrick Gold Corp.	Pershing LLC		2,500		3,112,500		USD	13.50		05/18/18		56,782
Barrick Gold Corp.	Pershing LLC		2,230		2,776,350		USD	12.50		06/15/18		148,391
BP plc, ADR	Pershing LLC		1,270		5,148,580		USD	43.00		04/20/18		11,294
BP plc, ADR	Pershing LLC		1,330		5,391,820		USD	40.00		05/18/18		178,938
BP plc, ADR	Pershing LLC		1,150		4,662,100		USD	40.00		06/15/18		190,989
Cabot Oil & Gas Corp.	Pershing LLC		425		1,019,150		USD	24.00		05/18/18		49,175
Chevron Corp.	Pershing LLC		700		7,982,800		USD	115.00		05/18/18		206,960
Concho Resources Inc.	Pershing LLC		120		1,803,960		USD	157.50		04/20/18		14,522
Concho Resources Inc.	Pershing LLC		470		7,065,510		USD	55.00		05/18/18		245,034
Concho Resources Inc.	Pershing LLC		130		1,954,290		USD	150.00		05/18/18		89,167
Concho Resources Inc.	Pershing LLC		125		1,879,125		USD	150.00		08/17/18		145,127
ConocoPhillips	Pershing LLC		450		2,668,050		USD	60.00		04/20/18		54,625
Devon Energy Corp.	Pershing LLC		450		5,518,350		USD	37.00		05/18/18		17,535
Enbridge Inc.	Pershing LLC		576		2,836,800		USD	40.00		04/20/18		1
Eni SpA	Morgan Stanley		300		2,143,200		EUR	15.00		04/20/18		5,231

See accompanying notes to schedule of investments.

GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)


Description	Counterparty	Number of Contracts		Notional Amount		Exercise Price			Expiration Date		Market Value
Eni SpA	Morgan Stanley		300		2,143,200		EUR	14.00		05/18/18	$	94,323
Eni SpA	Morgan Stanley		300		2,143,200		EUR	14.00		06/15/18		67,122
EOG Resources Inc.	Pershing LLC		490		5,158,230		USD	107.00		05/18/18		161,611
Exxon Mobil Corp.	Pershing LLC		1,600		11,937,600		USD	87.50		04/20/18		695
Exxon Mobil Corp.	Pershing LLC		1,680		12,534,480		USD	79.00		05/18/18		85,053
Franco-Nevada Corp.	Pershing LLC		1,200		8,206,800		USD	80.00		04/20/18		1,726
Franco-Nevada Corp.	Pershing LLC		1,200		8,206,800		USD	76.00		05/18/18		70,568
Franco-Nevada Corp.	Pershing LLC		1,200		8,206,800		USD	70.00		06/15/18		325,253
Goldcorp Inc.	Pershing LLC		2,500		3,455,000		USD	14.00		05/18/18		154,558
Goldcorp Inc.	Pershing LLC		3,040		4,201,280		USD	14.00		06/15/18		236,150
Halliburton Co.	Pershing LLC		675		3,168,450		USD	55.00		04/20/18		2,447
Halliburton Co.	Pershing LLC		750		3,520,500		USD	47.50		05/18/18		148,398
Helmerich & Payne Inc.	Pershing LLC		150		998,400		USD	70.00		06/15/18		36,456
Hess Corp.	Pershing LLC		180		911,160		USD	55.00		04/20/18		7,411
Hess Corp.	Pershing LLC		180		911,160		USD	47.50		05/18/18		89,047
Kinder Morgan Inc.	Pershing LLC		1,400		2,108,400		USD	18.00		05/18/18		3,082
Kinder Morgan Inc.	Pershing LLC		1,400		2,108,400		USD	17.00		06/15/18		20,710
Marathon Oil Corp.	Pershing LLC		700		1,129,100		USD	19.00		04/20/18		2,509
Marathon Oil Corp.	Pershing LLC		700		1,129,100		USD	16.00		05/18/18		73,072
Marathon Petroleum Corp.	Pershing LLC		415		3,034,065		USD	67.50		05/18/18		276,341
Marathon Petroleum Corp.	Pershing LLC		410		2,997,510		USD	67.50		06/15/18		297,341
Newcrest Mining Ltd.	Morgan Stanley		5,100		9,980,221		AUD	22.50		06/15/18		70,302
Newfield Exploration Co.	Pershing LLC		180		439,560		USD	34.00		04/20/18		4
Newfield Exploration Co.	Pershing LLC		190		463,980		USD	27.50		05/18/18		10,031
Newmont Mining Corp.	Pershing LLC		1,500		5,860,500		USD	39.00		05/18/18		262,740
Newmont Mining Corp.	Pershing LLC		1,470		5,743,290		USD	37.00		06/15/18		472,816
Noble Energy Inc.	Pershing LLC		400		1,212,000		USD	32.50		04/20/18		10,823
Noble Energy Inc.	Pershing LLC		400		1,212,000		USD	27.50		05/18/18		136,844
Occidental Petroleum Corp.	Pershing LLC		288		1,870,848		USD	77.50		04/20/18		225
Occidental Petroleum Corp.	Pershing LLC		315		2,046,240		USD	70.00		05/18/18		22,176
ONEOK Inc.	Pershing LLC		360		2,049,120		USD	57.50		04/20/18		39,719
ONEOK Inc.	Pershing LLC		360		2,049,120		USD	57.50		05/18/18		55,873
ONEOK Inc.	Pershing LLC		350		1,992,200		USD	57.50		06/15/18		69,956
Phillips 66	Pershing LLC		340		3,261,280		USD	92.50		05/18/18		175,156
Phillips 66	Pershing LLC		360		3,453,120		USD	95.00		06/15/18		159,840
Pioneer Natural Resources Co.	Pershing LLC		135		2,319,030		USD	190.00		04/20/18		3,684

See accompanying notes to schedule of investments.

GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)


Description	Counterparty	Number of Contracts		Notional Amount		Exercise Price			Expiration Date		Market Value
Pioneer Natural Resources Co.	Pershing LLC		150		2,576,700		USD	180.00		05/18/18	$	69,259
Randgold Resources Ltd., ADR	Pershing LLC		1,450		12,069,800		USD	100.00		04/20/18		3,574
Randgold Resources Ltd., ADR	Pershing LLC		700		5,826,800		USD	85.00		05/18/18		211,045
Randgold Resources Ltd., ADR	Pershing LLC		700		5,826,800		USD	90.00		05/18/18		99,329
Rio Tinto plc, ADR	Pershing LLC		1,000		5,153,000		USD	55.00		04/20/18		33,021
Rio Tinto plc, ADR	Pershing LLC		1,000		5,153,000		USD	55.00		05/18/18		86,248
Rio Tinto plc, ADR	Pershing LLC		1,000		5,153,000		USD	52.50		06/15/18		233,227
Royal Dutch Shell plc	Morgan Stanley		315		7,035,525		GBp	2,600.00		04/18/18		103
Royal Dutch Shell plc	Morgan Stanley		333		7,437,555		GBp	2,300.00		05/18/18		95,929
Royal Dutch Shell plc	Morgan Stanley		325		7,258,875		GBp	2,200.00		06/15/18		326,096
Royal Gold Inc.	Pershing LLC		1,030		8,844,610		USD	87.50		04/20/18		118,162
Royal Gold Inc.	Pershing LLC		1,000		8,587,000		USD	87.50		05/18/18		242,583
Royal Gold Inc.	Pershing LLC		1,000		8,587,000		USD	85.00		06/15/18		443,596
Schlumberger Ltd.	Pershing LLC		1,175		7,611,650		USD	67.50		05/18/18		195,865
Schlumberger Ltd.	Pershing LLC		1,120		7,255,360		USD	67.50		06/15/18		226,094
Suncor Energy Inc.	Pershing LLC		625		2,158,750		USD	35.00		04/20/18		35,284
Suncor Energy Inc.	Pershing LLC		625		2,158,750		USD	36.00		05/18/18		39,854
Suncor Energy Inc.	Pershing LLC		625		2,158,750		USD	33.50		06/15/18		127,999
TechnipFMC plc	Pershing LLC		400		1,178,000		USD	30.00		05/18/18		54,208
The Williams Companies Inc.	Pershing LLC		660		1,640,760		USD	32.00		04/20/18		110
The Williams Companies Inc.	Pershing LLC		725		8,183,438		USD	30.00		05/18/18		3,116
The Williams Companies Inc.	Pershing LLC		745		1,852,070		USD	28.00		06/15/18		18,863
TOTAL SA, ADR	Pershing LLC		975		5,624,775		USD	57.50		04/20/18		106,730
TOTAL SA, ADR	Pershing LLC		1,000		5,769,000		USD	57.50		05/18/18		169,453
TOTAL SA, ADR	Pershing LLC		1,000		5,769,000		USD	57.50		06/15/18		167,354
Valero Energy Corp.	Pershing LLC		375		3,478,875		USD	92.50		05/18/18		129,389
Valero Energy Corp.	Pershing LLC		365		3,386,105		USD	92.50		06/15/18		159,026
VanEck Vectors Gold Miners ETF	Pershing LLC		4,000		8,792,000		USD	23.00		04/20/18		62,448
VanEck Vectors Gold Miners ETF	Pershing LLC		6,700		14,726,600		USD	24.00		04/20/18		31,559
VanEck Vectors Gold Miners ETF	Pershing LLC		2,700		5,934,600		USD	22.50		05/18/18		154,010
VanEck Vectors Gold Miners ETF	Pershing LLC		8,300		18,243,400		USD	23.00		05/18/18		338,195
VanEck Vectors Gold Miners ETF	Pershing LLC		10,000		21,980,000		USD	21.50		06/15/18		1,290,845

See accompanying notes to schedule of investments.

GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)


Description	Counterparty	Number of Contracts		Notional Amount		Exercise Price			Expiration Date		Market Value
Wheaton Precious Metals Corp.	Pershing LLC		1,500		3,055,500		USD	22.50		04/20/18	$	5,199
Wheaton Precious Metals Corp.	Pershing LLC		1,500		3,055,500		USD	20.50		05/18/18		112,679

TOTAL OTC CALL OPTIONS WRITTEN											$	13,111,738


OTC Put Options Written — (0.2)%
Energy Select Sector SPDR ETF	Pershing LLC		931		6,275,871		USD	73.50		04/20/18	$	558,504
Energy Select Sector SPDR ETF	Pershing LLC		1,500		10,111,500		USD	64.50		05/18/18		146,046
VanEck Vectors Gold Miners ETF	Pershing LLC		6,000		13,188,000		USD	22.30		04/20/18		401,393
VanEck Vectors Gold Miners ETF	Pershing LLC		6,700		14,726,600		USD	21.00		05/18/18		250,065
VanEck Vectors Gold Miners ETF	Pershing LLC		1,546		3,398,108		USD	20.00		08/17/18		83,701

TOTAL OTC PUT OPTIONS WRITTEN											$	1,439,709


Description		Number of Contracts		Notional Amount		Exercise Price			Expiration Date		Market Value
Exchange Traded Call Options Written — (0.8)%
Agnico Eagle Mines Ltd.			2,380		10,012,660		USD	46.00		05/18/18	$	152,320
Alacer Gold Corp.			8,000		1,640,000		CAD	2.50		05/18/18		24,838
Alacer Gold Corp.			7,800		1,599,000		CAD	2.50		07/20/18		78,705
Andeavor			125		1,257,000		USD	100.00		04/20/18		41,250
AngloGold Ashanti Ltd., ADR			1,678		1,592,422		USD	9.00		04/20/18		109,070
AngloGold Ashanti Ltd., ADR			1,900		1,803,100		USD	10.00		04/20/18		28,500
Apache Corp.			315		1,212,120		USD	40.00		04/20/18		21,735
Apache Corp.			380		1,462,240		USD	37.50		06/15/18		119,700
Barrick Gold Corp.			2,683		3,340,335		USD	15.00		04/20/18		8,049
Cabot Oil & Gas Corp.			425		1,019,150		USD	28.00		04/20/18		1,700
Cabot Oil & Gas Corp.			375		899,250		USD	25.00		07/20/18		45,000
Centerra Gold Inc.			1,500		1,108,500		CAD	8.00		05/18/18		14,553
Centerra Gold Inc.			1,500		1,108,500		CAD	8.00		07/20/18		34,928
Chevron Corp.			720		8,210,880		USD	115.00		04/20/18		144,000
Chevron Corp.			765		8,724,060		USD	120.00		06/15/18		155,295
Cimarex Energy Co.			130		1,215,500		USD	95.00		06/15/18		66,560
Cimarex Energy Co.			120		1,122,000		USD	125.00		06/15/18		2,100
ConocoPhillips			450		2,668,050		USD	55.00		06/15/18		263,250
Detour Gold Corp.			4,794		6,251,376		CAD	15.00		04/20/18		16,745
Detour Gold Corp.			3,200		4,172,800		CAD	13.00		05/18/18		196,220
Detour Gold Corp.			3,500		4,564,000		CAD	13.00		06/15/18		248,574

See accompanying notes to schedule of investments.

GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)


Description	Number of Contracts		Notional Amount		Exercise Price			Expiration Date		Market Value
Devon Energy Corp.		425		1,351,075		USD	44.00		04/20/18	$	850
Devon Energy Corp.		420		1,335,180		USD	33.00		07/20/18		93,660
Endeavour Mining Corp.		950		2,258,150		CAD	25.00		04/20/18		20,278
Endeavour Mining Corp.		950		2,258,150		CAD	25.00		07/20/18		81,111
EOG Resources Inc.		450		4,737,150		USD	115.00		04/20/18		6,525
EOG Resources Inc.		475		5,000,325		USD	100.00		07/20/18		420,375
EQT Corp.		230		1,092,730		USD	55.00		06/15/18		14,375
EQT Corp.		230		1,092,730		USD	60.00		06/15/18		4,025
Exxon Mobil Corp.		1,690		12,609,090		USD	75.00		06/15/18		392,080
Fortuna Silver Mines Inc.		4,500		2,344,500		USD	5.00		06/15/18		234,000
Fortuna Silver Mines Inc.		4,500		2,344,500		USD	5.00		09/21/18		326,250
Gold Fields Ltd.		3,000		1,206,000		USD	4.50		04/20/18		9,000
Gold Fields Ltd.		4,000		1,608,000		USD	4.00		07/20/18		144,000
Goldcorp Inc.		700		967,400		USD	13.00		04/20/18		65,800
Goldcorp Inc.		2,400		3,316,800		USD	15.00		04/20/18		21,600
Halliburton Co.		360		1,689,840		USD	45.00		06/15/18		135,900
Halliburton Co.		360		1,689,840		USD	47.50		06/15/18		89,280
Helmerich & Payne Inc.		150		998,400		USD	65.00		06/15/18		70,500
Kinder Morgan Inc.		1,400		2,108,400		USD	18.00		04/20/18		2,800
Kirkland Lake Gold Ltd.		1,500		2,995,500		CAD	19.00		04/20/18		151,356
Kirkland Lake Gold Ltd.		438		874,686		CAD	19.00		07/20/18		72,244
MAG Silver Corp.		2,400		3,028,800		CAD	16.00		04/20/18		3,726
MAG Silver Corp.		2,400		3,028,800		CAD	15.00		05/18/18		4,657
MAG Silver Corp.		2,400		3,028,800		CAD	15.00		07/20/18		69,857
Marathon Petroleum Corp.		400		2,924,400		USD	70.00		04/20/18		168,800
Newfield Exploration Co.		200		488,400		USD	24.00		06/15/18		44,000
Newmont Mining Corp.		1,500		5,860,500		USD	39.00		04/20/18		166,500
Noble Energy Inc.		426		1,290,780		USD	30.00		08/17/18		121,410
Occidental Petroleum Corp.		300		1,948,800		USD	65.00		06/15/18		88,200
OceanaGold Corp.		10,000		3,470,000		CAD	3.50		04/20/18		112,547
OceanaGold Corp.		10,000		3,470,000		CAD	4.00		04/20/18		19,405
OceanaGold Corp.		10,000		3,470,000		CAD	4.00		06/15/18		81,500
Osisko Gold Royalties Ltd.		2,400		2,985,600		CAD	15.00		04/20/18		9,314
Phillips 66		350		3,357,200		USD	95.00		04/20/18		76,300
Pioneer Natural Resources Co.		145		2,490,810		USD	170.00		06/15/18		149,350
Pretium Resources Inc.		1,350		899,100		USD	8.00		06/15/18		40,500
Pretium Resources Inc.		1,340		892,440		USD	11.00		06/15/18		6,700
Randgold Resources Ltd., ADR		1,379		11,478,796		USD	85.00		06/15/18		537,810
Range Resources Corp.		300		436,200		USD	17.00		06/15/18		14,250
Range Resources Corp.		300		436,200		USD	16.00		08/17/18		36,750
Schlumberger Ltd.		1,070		6,931,460		USD	70.00		04/20/18		40,660
SEMAFO Inc.		8,500		3,153,500		CAD	4.00		07/20/18		131,952
TechnipFMC plc		365		1,074,925		USD	34.00		04/20/18		3,650

See accompanying notes to schedule of investments.

GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)


Description	Number of Contracts		Notional Amount		Exercise Price			Expiration Date		Market Value
TechnipFMC plc		385		1,133,825		USD	30.00		07/20/18	$	63,525
Torex Gold Resources Inc.		3,000		2,373,000		CAD	15.00		04/20/18		5,821
Torex Gold Resources Inc.		2,900		2,293,900		CAD	11.00		07/20/18		67,528
Valero Energy Corp.		360		3,339,720		USD	95.00		04/20/18		46,080
VanEck Vectors Gold Miners ETF		495		1,088,010		USD	22.00		06/15/18		52,470
Wheaton Precious Metals Corp.		745		1,517,565		USD	20.00		06/15/18		90,145

TOTAL EXCHANGE TRADED CALL OPTIONS WRITTEN										$	6,382,508

Exchange Traded Put Options Written — (0.0)%
Energy Select Sector SPDR ETF		1,530		10,313,730		USD	64.00		06/15/18	$	263,160
VanEck Vectors Gold Miners ETF		5,652		12,423,096		USD	20.00		06/15/18		180,864

TOTAL EXCHANGE TRADED PUT OPTIONS WRITTEN										$	444,024


TOTAL OPTIONS WRITTEN										$	21,377,979

See accompanying notes to schedule of investments.

GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited)

As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (“GAAP”) that may require the use of management estimates and assumptions in the preparation of its schedule of investments. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its schedule of investments.

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

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

●

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

●

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

●

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

GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2018 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Total Market Value at 3/31/18
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Metals and Mining		$341,177,851		$22,382,167			$363,560,018
Energy and Energy Services		311,985,504		—			311,985,504
Total Common Stocks		653,163,355		22,382,167			675,545,522
Convertible Preferred Stocks (a)		2,558,707		—			2,558,707
Warrants (a)		—		1,825			1,825
Convertible Corporate Bonds (a)		—		3,379,298			3,379,298
Corporate Bonds (a)		—		9,647,750			9,647,750
U.S. Government Obligations		—		97,808,514			97,808,514
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$655,722,062		$133,219,554			$788,941,616
INVESTMENTS IN SECURITIES:
LIABILITIES (Market Value) EQUITY CONTRACTS:
Call Options Written		$ (4,840,893)		$(14,653,353	)		$(19,494,246	)
Put Options Written		(444,024)		(1,439,709	)		(1,883,733	)
TOTAL INVESTMENTS IN SECURITIES – LIABILITIES		$ (5,284,917)		$(16,093,062	)		$(21,377,979	)

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

At March 31, 2018, the Fund held no Level 3 investments.

Additional Information to Evaluate Qualitative Information.

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

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not

GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

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

The Fund’s derivative contracts held at March 31, 2018, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Options. The Fund may purchase or write call or put options on securities or indices for the purpose of increasing the income of the Fund. As a writer of put options, the Fund receives a premium at the outset and then bears the risk of unfavorable changes in the price of the financial instrument underlying the option. The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates.

As a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the put option the underlying security at a specified price. The seller of the put has the obligation to purchase the underlying security upon exercise at the exercise price. If the price of the underlying security declines, the Fund would realize a gain upon sale or exercise. If the price of the underlying security increases or stays the same, the Fund would realize a loss upon sale or at the expiration date, but only to the extent of the premium paid.

If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In the case of call options, the exercise prices are referred to as “in-the-money,” “at-the-money,” and “out-of-the-money,” respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying

GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. Option positions at March 31, 2018 are reflected within the Schedule of Investments.

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (“CFTC”). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (“CEA”), the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund 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. At March 31, 2018, there were no short sales outstanding.

GAMCO Global Gold, Natural Resources & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)

Investments in other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. At March 31, 2018, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than 1 basis points.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of March 31, 2018, refer to the Schedule of Investments.

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

GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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

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

We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized Equity Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

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

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

GAMCO GLOBAL GOLD, NATURAL RESOURCES

& INCOME TRUST

One Corporate Center

Rye, NY 10580-1422

t	800-GABELLI (800-422-3554)

f	914-921-5118

e	info@gabelli.com

GABELLI.COM


TRUSTEES		OFFICERS

Anthony J. Colavita President, Anthony J. Colavita, P.C. James P. Conn Former Managing Director & Chief Investment Officer, Financial Security Assurance Holdings Ltd. Vincent D. Enright Former Senior Vice President & Chief Financial Officer, KeySpan Corp. Frank J. Fahrenkopf, Jr. Former President & Chief Executive Officer, American Gaming Association Michael J. Melarkey Of Counsel, McDonald Carano Wilson LLP Salvatore M. Salibello 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 Carter W. Austin Vice President David I. Schachter Vice President INVESTMENT ADVISER Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422 CUSTODIAN The Bank of New York Mellon COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP TRANSFER AGENT AND REGISTRAR American Stock Transfer and Trust Company

GGN Q1/2018

LOGO

Item 2. Controls and Procedures.

(a)

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

(b)

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

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant) GAMCO Global Gold, Natural Resources & Income Trust

By (Signature and Title)* /s/ Bruce N. Alpert

Bruce N. Alpert, Principal Executive Officer

Date 5/24/18

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Bruce N. Alpert

Bruce N. Alpert, Principal Executive Officer

Date 5/24/18

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

John C. Ball, Principal Financial Officer and Treasurer

Date 5/24/18

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