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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)

J ohn C. Ball 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: June 30, 2024

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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Item 1. Reports to Stockholders.

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

GAMCO Global Gold, Natural Resources & Income Trust

Semiannual Report June 30, 2024

(Y)our Portfolio Management Team

Caesar M. P. Bryan Vincent Hugonnard-Roche

To Our Shareholders,

For the six months ended June 30, 2024 , the net asset value (NAV) total return of the GAMCO Global Gold, Natural Resources & Income Trust (the Fund) was 6.3%, compared with total returns of 7.6% and 10.2% for the Chicago Board Options Exchange (CBOE) Standard & Poor’s (S&P) 500 Buy/Write Index and the Philadelphia Gold & Silver Index (XAU), respectively. The total return for the Fund’s publicly traded shares was 12.8%. The Fund’s NAV per share was $4.03, while the price of the publicly traded shares closed at $4.05 on the NYSE American. See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2024 .

Investment Objective and Strategy (Unaudited)

The GAMCO Global Gold, Natural Resources & Income Trust is a non-diversified, closed-end management investment company. The Fund’s 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 primary objective. Under normal market conditions, the Fund will attempt to achieve its objectives by investing 80% of its assets in equity securities of companies principally engaged in the gold and natural resource industries, and by writing covered call options on the underlying equity securities.

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 [email protected].

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Performance Discussion (Unaudited)

The first half of 2024 was very challenging for the gold portion of the portfolio. The first quarter saw the price of gold mining stocks fall 16.7% to a 102.94 trough at the end of February, then rallied 23.4%. Two factors contributed to this excess volatility, which was not discounted in the options market. First was the inflation of the all-in cost to extract gold, which affects the valuation of mining companies. Second was the disconnect between the price of gold and real rates. 10-year real rates went from 1.7% to 2.0% during the quarter, while bullion prices increased by 8.1%. In the second quarter the Philadelphia Gold and Silver Index (XAU) first rallied 17.8% before correcting by close to -10%, to finish the quarter up 8.7%. Newmont Corp (4.9% of total investments as of June 30, 2024) benefited and was a positive contributor to the portfolio.

The energy sector is clearly showing signs of demand contraction, visible especially through refining margins which contracted significantly during the second quarter. Meanwhile, production held steady, with U.S. oil production flat at 13.2 million barrels per day, and OPEC production maintained at approximately 27 million barrels per day. Compliance is still in effect. Finally, the increased tension in the Middle East continues to add a premium to the price of oil, which ended the quarter down only 2%, while energy equities, represented by the Energy Select Sector. Exxon Mobil Corp. (6.3%) was a contributor from the energy sector.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund's portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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Comparative Results

Average Annual Returns through June 30, 2024 (a) (Unaudited)

GAMCO
Global Gold, Natural Resources & Income Trust (GGN)
NAV
Total Return (b) 6.33 % 13.67 % 8.79 % 1.72 % 3.65 % 2.73 %
Investment
Total Return (c) 12.79 18.69 8.71 1.96 3.71 2.68
CBOE S&P 500 Buy/Write
Index 7.59 8.91 5.56 5.77 7.32 5.46
Bloomberg Government/Credit
Bond Index (0.70 ) 2.72 (0.07 ) 1.51 2.67 3.12
Energy Select Sector
Index 10.58 16.24 12.92 3.10 7.87 7.12
Philadelphia Gold &
Silver Index 10.20 16.53 11.96 4.35 1.19 3.25

(a) Performance returns for periods of less than one year are not annualized. 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. 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 Government/Credit Bond Index is a market value weighted index that tracks the performance of fixed rate, publicly placed, dollar denominated obligations. The Energy Select Sector Index is an unmanaged indicator of stock market performance of large U.S. companies involved in the development or production of energy products. The Philadelphia Gold & Silver Index is an unmanaged indicator of the stock market performance of large North American gold and silver companies. Dividends and interest income are considered reinvested. You cannot invest directly in an index.

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

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

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.

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Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments before options written as of June 30, 2024 :

GAMCO Global Gold, Natural Resources & Income Trust

Long Positions
Metals and Mining 55.7 %
Energy and Energy Services 33.5 %
U.S. Government Obligations 10.5 %
Agriculture 0.3 %
100.0 %
Short Positions — Call Options Written (3.6) %
Agriculture (0.1) %
Put Options Written (0.0) %*
Energy and Energy Services (0.0) %*
(3.7) %
  • 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 each 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.

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GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments — June 30, 2024 (Unaudited)

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Shares Cost Market Value
COMMON
STOCKS — 86.1%
Energy
and Energy Services — 33.5%
40,100 APA
Corp.(a) $ 2,804,306 $ 1,180,544
152,600 Baker
Hughes Co. 6,395,879 5,366,942
229,000 BP
plc, ADR(a) 9,615,190 8,266,900
159,148 Chevron
Corp.(a) 28,031,244 24,893,930
96,000 ConocoPhillips(a) 11,814,329 10,980,480
115,100 Coterra
Energy Inc.(a) 3,329,942 3,069,717
101,200 Devon
Energy Corp. 6,895,892 4,796,880
28,300 Diamondback
Energy Inc. 4,892,908 5,665,377
268,500 Eni
SpA 5,021,083 4,127,494
90,000 EOG
Resources Inc.(a) 11,971,275 11,328,300
64,000 EQT
Corp. 2,500,480 2,366,720
393,903 Exxon
Mobil Corp.(a) 44,954,666 45,346,158
156,800 Halliburton
Co.(a) 6,359,358 5,296,704
25,200 Hess
Corp. 3,904,962 3,717,504
285,500 Kinder
Morgan Inc.(a) 5,585,290 5,672,885
91,000 Marathon
Oil Corp. 2,174,911 2,608,970
55,200 Marathon
Petroleum Corp. (a) 9,375,491 9,576,096
800 NextEra
Energy Partners LP 44,182 22,112
68,900 Occidental
Petroleum Corp. (a) 4,680,704 4,342,767
91,600 ONEOK
Inc. 7,144,389 7,469,980
68,400 Phillips
66(a) 9,581,393 9,656,028
213,000 Schlumberger
NV(a) 13,475,023 10,049,340
278,000 Shell
plc, ADR(a) 18,615,770 20,066,040
108,900 Suncor
Energy Inc. 4,429,689 4,149,090
192,300 The
Williams Companies Inc.(a) 8,933,803 8,172,750
205,000 TotalEnergies
SE, ADR(a) 13,654,896 13,669,400
51,800 Valero
Energy Corp.(a) 8,393,268 8,120,168
254,580,323 239,979,276
Metals and Mining — 52.6%
294,015 Agnico
Eagle Mines Ltd.(a) 19,910,567 19,228,581
970,700 Alamos
Gold Inc., Cl. A(a) 12,085,547 15,220,576
385,500 Artemis
Gold Inc.† 2,144,405 2,767,158
351,000 Aya
Gold & Silver Inc.† 1,935,607 3,484,215
782,300 B2Gold
Corp.(a) 2,793,718 2,112,210
1,066,419 Barrick
Gold Corp.(a) 23,782,998 17,787,869
2,419,053 Bellevue
Gold Ltd.† 2,646,455 2,880,544
348,100 BHP
Group Ltd., ADR(a) 22,499,530 19,873,029
7,003,572 De
Grey Mining Ltd.† 5,999,713 5,326,175
650,000 Dundee
Precious Metals Inc. 5,002,742 5,088,630
988,000 Eldorado
Gold Corp.†(a) 13,214,536 14,612,520
702,600 Endeavour
Mining plc 15,665,735 14,842,396
3,618,729 Evolution
Mining Ltd. 9,535,579 8,449,189
171,600 Franco-Nevada
Corp.(a) 25,693,329 20,338,032
449,000 Freeport-McMoRan
Inc.(a) 21,704,944 21,821,400
550,000 Glencore
plc 3,173,834 3,136,295
Shares Cost Market Value
284,000 Gold
Fields Ltd., ADR $ 4,394,630 $ 4,231,600
2,389,623 Gold
Road Resources Ltd. 2,584,169 2,725,941
1,181,700 K92
Mining Inc.† 6,194,295 6,780,706
1,452,500 Karora
Resources Inc.† 5,823,386 6,327,912
2,645,500 Kinross
Gold Corp. 18,929,926 22,010,560
352,100 Lundin
Gold Inc. 4,922,344 5,201,521
302,500 MAG
Silver Corp.† 4,660,274 3,530,175
839,000 Newmont
Corp.(a) 49,565,269 35,128,930
2,808,526 Northern
Star Resources Ltd. 19,288,891 24,356,380
352,400 OceanaGold
Corp. 759,488 808,842
745,000 Osisko
Gold Royalties Ltd. 11,464,168 11,607,100
2,020,200 Osisko
Mining Inc.† 5,240,907 4,223,363
117,000 Pan
American Silver Corp. 2,364,311 2,325,960
3,910,294 Perseus
Mining Ltd. 5,034,614 6,130,109
300,000 Rio
Tinto plc, ADR(a) 24,103,500 19,779,000
109,400 Royal
Gold Inc. 13,302,925 13,692,504
540,000 Victoria
Gold Corp.† 3,980,954 418,406
506,900 Wesdome
Gold Mines Ltd.† 4,969,668 4,083,212
1,244,716 Westgold
Resources Ltd. 1,857,089 2,009,447
480,250 Wheaton
Precious Metals Corp.(a) 25,305,723 25,174,705
402,535,770 377,515,192
TOTAL
COMMON STOCKS 657,116,093 617,494,468
EXCHANGE TRADED FUNDS — 0.3%
Agriculture — 0.3%
27,564 VanEck
Agribusiness ETF 1,988,755 1,932,788
Principal Amount
CONVERTIBLE
CORPORATE BONDS — 0.5%
Metals
and Mining — 0.5%
$ 2,250,000 Allied
Gold Corp., 8.750%, 09/07/28(b) 2,223,244 2,216,250
1,300,000 Fortuna
Silver Mines Inc., 4.650%, 10/31/24 1,300,000 1,296,581
3,523,244 3,512,831
TOTAL
CONVERTIBLE CORPORATE BONDS 3,523,244 3,512,831
CORPORATE
BONDS — 2.6%
Energy
and Energy Services — 0.0%
245,000 Devon
Energy Corp.,
4.500%,
01/15/30 224,653 236,033
Metals
and Mining — 2.6%
2,250,000 AngloGold
Ashanti Holdings plc,
3.750%,
10/01/30 1,962,583 1,966,758

See accompanying notes to financial statements.

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GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — June 30, 2024 (Unaudited)

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Principal Amount Cost Market Value
CORPORATE
BONDS (Continued)
Metals
and Mining (Continued)
$ 2,250,000 Freeport-McMoRan
Inc.,
4.125%,
03/01/28 $ 2,128,789 $ 2,158,842
2,000,000 Hecla
Mining Co.,
7.250%,
02/15/28 1,996,172 2,003,362
2,000,000 IAMGOLD
Corp.,
5.750%,
10/15/28(b) 2,000,000 1,892,006
3,700,000 Kinross
Gold Corp.,
6.250%,
07/15/33(b) 3,656,025 3,878,022
1,500,000 New
Gold Inc.,
7.500%,
07/15/27(b) 1,313,707 1,512,092
5,250,000 Northern
Star Resources Ltd.,
6.125%,
04/11/33(b) 5,188,628 5,306,451
18,245,904 18,717,533
TOTAL
CORPORATE BONDS 18,470,557 18,953,566
U.S.
GOVERNMENT OBLIGATIONS — 10.5%
76,480,000 U.S.
Treasury Bills, 5.235% to 5.320%††, 08/15/24 to 09/26/24(c) 75,698,082 75,697,216
TOTAL
INVESTMENTS BEFORE OPTIONS WRITTEN AND SECURITIES SOLD SHORT — 100.0% $ 756,796,731 717,590,869
OPTIONS
WRITTEN — (3.6)%
(Premiums
received $23,333,292) (26,163,497 )
SECURITIES
SOLD SHORT — (0.1)%
(Proceeds
received $796,311) (737,336 )
Other
Assets and Liabilities — (Net) 11,035,319
PREFERRED
SHARES
(3,173,851
preferred shares outstanding) (79,346,275 )
NET
ASSETS — COMMON SHARES
(154,422,564
common shares outstanding) $ 622,379,080
NET
ASSET VALUE PER COMMON SHARE
($622,379,080
÷ 154,422,564 shares outstanding) $ 4.03
Shares Proceeds Market Value
SECURITIES
SOLD SHORT — (0.1)%
Agriculture — (0.1)%
10,200 VanEck
Agribusiness ETF $ 765,687 $ 715,224
Energy
and Energy Services — (0.0)%
800 NextEra
Energy Partners LP 30,624 22,112
TOTAL
SECURITIES SOLD SHORT(d) $ 796,311 $ 737,336

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(a) Securities, or a portion thereof, with a value of $261,589,611 were deposited with the broker as collateral for options written.

(b) Securities 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.

(c) At June 30, 2024, $12,440,000 of the principal amount was pledged as collateral for options written.

(d) At June 30, 2024, these proceeds are being held at Pershing LLC.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

Geographic Diversification Market Value
Long
Positions
North America 76.6 % $ 549,638,877
Europe 12.0 85,854,284
Asia/Pacific 10.8 77,866,108
South
Africa. 0.6 4,231,600
Total
Investments — Long Positions 100.0 % $ 717,590,869
Short
Positions
North America (3.7) % $ (26,667,936)
Europe (0.0) ** (232,897)
Total
Investments — Short Positions (3.7) % $ (26,900,833)

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  • Total investments exclude options written.

** Amount represents greater than (0.05)%.

As of June 30, 2024, options written outstanding were as follows:

Description Counterparty Notional Amount Exercise Price Expiration Date Market Value
OTC
Call Options Written — (3.5)%
Agnico Eagle
Mines Ltd. Pershing
LLC 1,000 USD 6,540,000 USD 75.00 09/20/24 $ 128,987
Agnico Eagle Mines Ltd. Pershing LLC 1,000 USD 6,540,000 USD 76.00 10/18/24 164,497
Agnico Eagle Mines Ltd. Pershing LLC 940 USD 6,147,600 USD 74.00 12/20/24 286,574
Alamos Gold Inc., Cl.
A Pershing LLC 2,780 USD 4,359,040 USD 12.50 08/16/24 924,450
B2Gold Corp. Pershing LLC 6,000 USD 1,620,000 USD 4.00 07/19/24 384
Baker Hughes Co. Pershing LLC 559 USD 1,966,003 USD 34.00 07/19/24 86,754

See accompanying notes to financial statements.

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GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — June 30, 2024 (Unaudited)

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Description Counterparty Notional Amount Exercise Price Expiration Date Market Value
Baker Hughes
Co. Pershing
LLC 30 USD 105,510 USD 35.00 07/19/24 $ 2,666
Baker Hughes Co. Pershing LLC 510 USD 1,793,670 USD 35.00 08/16/24 71,550
Baker Hughes Co. Pershing LLC 427 USD 1,501,759 USD 34.00 09/20/24 105,500
Barrick Gold Corp. Pershing LLC 4,266 USD 7,115,688 USD 17.50 07/19/24 85,956
Barrick Gold Corp. Pershing LLC 1,800 USD 3,002,400 USD 20.00 08/16/24 17,865
Barrick Gold Corp. Pershing LLC 2,384 USD 3,976,512 USD 20.00 09/20/24 47,242
Barrick Gold Corp. Pershing LLC 1,153 USD 1,923,204 USD 19.00 10/18/24 53,574
BHP Group Ltd., ADR Pershing LLC 1,200 USD 6,850,800 USD 66.00 08/16/24 17,922
BHP Group Ltd., ADR Pershing LLC 1,200 USD 6,850,800 USD 65.00 10/18/24 74,945
BP plc, ADR Pershing LLC 740 USD 2,671,400 USD 39.00 07/19/24 3,120
BP plc, ADR Pershing LLC 820 USD 2,960,200 USD 38.00 10/18/24 68,146
BP plc, ADR Pershing LLC 730 USD 2,635,300 USD 37.00 11/15/24 94,537
Chevron Corp. Pershing LLC 500 USD 7,821,000 USD 165.00 07/19/24 18,686
Chevron Corp. Pershing LLC 545 USD 8,524,890 USD 165.00 08/16/24 86,121
Chevron Corp. Pershing LLC 546 USD 8,540,532 USD 162.50 09/20/24 173,631
ConocoPhillips Pershing LLC 300 USD 3,431,400 USD 122.00 08/16/24 32,143
ConocoPhillips Pershing LLC 330 USD 3,774,540 USD 130.00 10/18/24 43,098
ConocoPhillips Pershing LLC 330 USD 3,774,540 USD 120.00 12/20/24 175,074
Coterra Energy Inc. Pershing LLC 550 USD 1,466,850 USD 29.00 07/19/24 3,524
Coterra Energy Inc. Pershing LLC 600 USD 1,600,200 USD 29.00 09/20/24 26,699
Devon Energy Corp. Pershing LLC 506 USD 2,398,440 USD 49.00 09/20/24 81,913
Devon Energy Corp. Pershing LLC 506 USD 2,398,440 USD 50.00 10/18/24 85,411
Diamondback Energy Inc. Pershing LLC 95 USD 1,901,805 USD 159.25 07/19/24 394,066
Diamondback Energy Inc. Pershing LLC 43 USD 860,817 USD 190.00 08/16/24 55,789
Diamondback Energy Inc. Pershing LLC 90 USD 1,801,710 USD 196.43 09/20/24 102,188
Diamondback Energy Inc. Pershing LLC 42 USD 840,798 USD 190.00 10/18/24 76,821
Dundee Precious Metals
Inc. Pershing LLC 3,360 CAD 3,598,560 CAD 10.50 07/19/24 111,176
Dundee Precious Metals
Inc. Pershing LLC 1,790 CAD 1,917,090 CAD 10.50 09/20/24 106,673
Dundee Precious Metals
Inc. Pershing LLC 1,350 CAD 1,445,850 CAD 12.00 09/20/24 25,644
Eldorado Gold Corp. Pershing LLC 2,600 USD 3,845,400 USD 15.00 12/20/24 468,538
Endeavour Mining plc Pershing LLC 2,400 CAD 6,936,000 CAD 30.00 07/19/24 108,948
Endeavour Mining plc Pershing LLC 596 CAD 1,722,440 CAD 34.00 09/20/24 28,288
Eni SpA Morgan Stanley 179 EUR 1,284,683 EUR 15.25 07/19/24 4,144
Eni SpA Morgan Stanley 179 EUR 1,284,683 EUR 15.50 08/16/24 8,432
Eni SpA Morgan Stanley 179 EUR 1,284,683 EUR 15.00 09/20/24 28,175
EOG Resources Inc. Pershing LLC 300 USD 3,776,100 USD 133.00 07/19/24 14,991
EOG Resources Inc. Pershing LLC 300 USD 3,776,100 USD 133.50 08/16/24 51,746
EOG Resources Inc. Pershing LLC 300 USD 3,776,100 USD 125.00 09/20/24 192,654
EQT Corp. Pershing LLC 320 USD 1,183,360 USD 40.00 08/16/24 20,019
EQT Corp. Pershing LLC 320 USD 1,183,360 USD 40.00 10/18/24 44,847
Exxon Mobil Corp. Pershing LLC 135 USD 3,605,558 USD 103.30 07/19/24 380,980
Exxon Mobil Corp. Pershing LLC 1,185 USD 13,641,720 USD 110.00 08/16/24 764,012
Exxon Mobil Corp. Pershing LLC 1,064 USD 12,248,768 USD 120.00 10/18/24 348,617
Exxon Mobil Corp. Pershing LLC 1,212 USD 13,952,544 USD 110.00 11/15/24 1,074,805
Franco-Nevada Corp. Pershing LLC 552 USD 6,542,304 USD 127.00 07/19/24 37,747
Franco-Nevada Corp. Pershing LLC 567 USD 6,720,084 USD 130.00 08/16/24 87,573
Franco-Nevada Corp. Pershing LLC 597 USD 7,075,644 USD 126.00 09/20/24 228,916
Freeport-McMoRan Inc. Pershing LLC 1,600 USD 7,776,000 USD 43.20 08/16/24 987,963
Freeport-McMoRan Inc. Pershing LLC 1,497 USD 7,275,420 USD 47.00 11/15/24 818,882
Freeport-McMoRan Inc. Pershing LLC 1,393 USD 6,769,980 USD 48.00 12/20/24 764,906
Glencore plc Morgan Stanley 550 GBP 2,481,050 GBp 450.00 10/18/24 192,146
Gold Fields Ltd., ADR Pershing LLC 960 USD 1,430,400 USD 15.00 07/19/24 55,127

See accompanying notes to financial statements.

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GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — June 30, 2024 (Unaudited)

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Description Counterparty Notional Amount Exercise Price Expiration Date Market Value
Gold Fields
Ltd., ADR Pershing
LLC 920 USD 1,370,800 USD 17.50 09/20/24 $ 41,125
Gold Fields Ltd., ADR Pershing LLC 960 USD 1,430,400 USD 20.00 11/15/24 40,318
Halliburton Co. Pershing LLC 500 USD 1,689,000 USD 40.00 09/20/24 11,898
Halliburton Co. Pershing LLC 518 USD 1,749,804 USD 43.00 10/18/24 8,715
Halliburton Co. Pershing LLC 550 USD 1,857,900 USD 37.00 11/15/24 66,014
Hess Corp. Pershing LLC 92 USD 1,357,184 USD 165.00 08/16/24 8,256
Hess Corp. Pershing LLC 80 USD 1,180,160 USD 160.00 10/18/24 34,942
Hess Corp. Pershing LLC 80 USD 1,180,160 USD 155.00 12/20/24 71,655
K92 Mining Inc. Pershing LLC 1,300 CAD 1,020,500 CAD 8.50 07/19/24 11,017
K92 Mining Inc. Pershing LLC 4,830 CAD 3,791,550 CAD 7.50 08/16/24 262,272
K92 Mining Inc. Pershing LLC 4,795 CAD 3,764,075 CAD 8.50 10/18/24 202,618
Kinder Morgan Inc. Pershing LLC 520 USD 1,033,240 USD 19.50 07/19/24 29,971
Kinder Morgan Inc. Pershing LLC 300 USD 596,100 USD 19.65 07/19/24 14,072
Kinder Morgan Inc. Pershing LLC 1,000 USD 1,987,000 USD 19.65 08/16/24 50,193
Kinder Morgan Inc. Pershing LLC 1,035 USD 2,056,545 USD 19.50 09/20/24 80,153
Kinross Gold Corp. Pershing LLC 8,575 USD 7,134,400 USD 6.50 08/16/24 1,637,848
Kinross Gold Corp. Pershing LLC 8,500 USD 7,072,000 USD 7.25 10/18/24 1,208,171
Kinross Gold Corp. Pershing LLC 8,500 USD 7,072,000 USD 7.50 12/20/24 1,198,709
Lundin Gold Inc. Pershing LLC 2,000 CAD 4,042,000 CAD 20.00 08/16/24 198,960
Lundin Gold Inc. Pershing LLC 860 CAD 1,738,060 CAD 19.50 10/18/24 139,374
Lundin Gold Inc. Pershing LLC 661 CAD 1,335,881 CAD 22.00 12/20/24 76,595
Marathon Oil Corp. Pershing LLC 350 USD 1,003,450 USD 27.00 08/16/24 74,609
Marathon Oil Corp. Pershing LLC 240 USD 688,080 USD 30.00 09/20/24 24,424
Marathon Oil Corp. Pershing LLC 320 USD 917,440 USD 28.00 10/18/24 71,562
Marathon Petroleum Corp. Pershing LLC 106 USD 1,838,888 USD 154.00 08/16/24 225,309
Marathon Petroleum Corp. Pershing LLC 226 USD 3,920,648 USD 175.00 10/18/24 250,063
Marathon Petroleum Corp. Pershing LLC 220 USD 3,816,560 USD 190.00 12/20/24 183,682
Newmont Corp. Pershing LLC 1,380 USD 5,778,060 USD 35.00 08/16/24 1,000,971
Newmont Corp. Pershing LLC 3,000 USD 12,561,000 USD 45.00 10/18/24 568,285
Newmont Corp. Pershing LLC 1,560 USD 6,531,720 USD 50.00 12/20/24 232,457
Occidental Petroleum
Corp. Pershing LLC 210 USD 1,323,630 USD 64.00 07/19/24 17,142
Occidental Petroleum
Corp. Pershing LLC 230 USD 1,449,690 USD 65.00 09/20/24 45,106
Occidental Petroleum
Corp. Pershing LLC 240 USD 1,512,720 USD 66.00 11/15/24 67,662
OceanaGold Corp. Pershing LLC 2,060 CAD 646,840 CAD 3.10 08/16/24 27,224
ONEOK Inc. Pershing LLC 123 USD 1,003,065 USD 75.00 08/16/24 80,857
ONEOK Inc. Pershing LLC 185 USD 1,508,675 USD 80.00 08/16/24 52,208
ONEOK Inc. Pershing LLC 308 USD 2,511,740 USD 75.00 09/20/24 224,875
ONEOK Inc. Pershing LLC 300 USD 2,446,500 USD 77.50 10/18/24 179,500
Osisko Gold Royalties
Ltd. Pershing LLC 2,400 USD 3,739,200 USD 15.00 07/19/24 228,000
Osisko Gold Royalties
Ltd. Pershing LLC 2,200 USD 3,427,600 USD 20.00 08/16/24 5,713
Osisko Gold Royalties
Ltd. Pershing LLC 1,600 USD 2,492,800 USD 17.50 09/20/24 156,800
Osisko Gold Royalties
Ltd. Pershing LLC 1,250 USD 1,947,500 USD 18.00 09/20/24 35,472
Osisko Mining Inc. Morgan Stanley 3,500 CAD 1,001,000 CAD 3.25 12/20/24 66,138
Pan American Silver Corp. Pershing LLC 620 USD 1,232,560 USD 20.00 10/18/24 122,969
Phillips 66 Pershing LLC 185 USD 2,611,645 USD 130.00 07/19/24 223,108
Phillips 66 Pershing LLC 90 USD 1,270,530 USD 150.00 09/20/24 33,395
Phillips 66 Pershing LLC 192 USD 2,710,464 USD 135.00 10/18/24 240,951
Phillips 66 Pershing LLC 217 USD 3,063,389 USD 145.00 11/15/24 169,011
Rio Tinto plc, ADR Pershing LLC 1,000 USD 6,593,000 USD 70.50 07/19/24 29,582
Rio Tinto plc, ADR Pershing LLC 1,000 USD 6,593,000 USD 80.00 08/16/24 5,425
Rio Tinto plc, ADR Pershing LLC 1,000 USD 6,593,000 USD 72.50 10/18/24 97,615
Royal Gold Inc. Pershing LLC 345 USD 4,318,020 USD 120.00 07/19/24 210,150

See accompanying notes to financial statements.

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GAMCO Global Gold, Natural Resources & Income Trust

Schedule of Investments (Continued) — June 30, 2024 (Unaudited)

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Description Counterparty Notional Amount Exercise Price Expiration Date Market Value
Royal Gold
Inc. Pershing
LLC 390 USD 4,881,240 USD 125.00 09/20/24 $ 262,409
Royal Gold Inc. Pershing LLC 340 USD 4,255,440 USD 145.00 11/15/24 108,264
Schlumberger NV Pershing LLC 700 USD 3,302,600 USD 55.00 08/16/24 13,442
Schlumberger NV Pershing LLC 700 USD 3,302,600 USD 52.50 09/20/24 50,110
Schlumberger NV Pershing LLC 403 USD 1,901,354 USD 50.00 10/18/24 72,785
Shell plc, ADR Pershing LLC 1,000 USD 7,218,000 USD 64.00 07/19/24 842,193
Shell plc, ADR Pershing LLC 890 USD 6,424,020 USD 70.00 09/20/24 328,083
Suncor Energy Inc. Pershing LLC 335 USD 1,276,350 USD 35.00 07/19/24 110,002
Suncor Energy Inc. Pershing LLC 378 USD 1,440,180 USD 40.00 08/16/24 27,775
Suncor Energy Inc. Pershing LLC 335 USD 1,276,350 USD 39.00 09/20/24 46,797
The Williams Companies
Inc. Pershing LLC 600 USD 2,550,000 USD 43.00 07/19/24 31,910
The Williams Companies
Inc. Pershing LLC 630 USD 2,677,500 USD 43.00 08/16/24 70,028
The Williams Companies
Inc. Pershing LLC 693 USD 2,945,250 USD 40.50 09/20/24 196,196
TotalEnergies SE, ADR Pershing LLC 640 USD 4,267,520 USD 68.00 08/16/24 128,209
TotalEnergies SE, ADR Pershing LLC 705 USD 4,700,940 USD 72.00 09/20/24 92,214
TotalEnergies SE, ADR Pershing LLC 705 USD 4,700,940 USD 70.00 10/18/24 149,957
Valero Energy Corp. Pershing LLC 170 USD 2,664,920 USD 150.00 07/19/24 149,364
Valero Energy Corp. Pershing LLC 174 USD 2,727,624 USD 162.50 08/16/24 80,834
Valero Energy Corp. Pershing LLC 174 USD 2,727,624 USD 167.50 09/20/24 88,899
Wheaton Precious Metals
Corp. Pershing LLC 1,381 USD 7,239,202 USD 47.50 07/19/24 724,148
Wheaton
Precious Metals Corp. Pershing
LLC 1,750 USD 9,173,500 USD 52.50 09/20/24 553,448
TOTAL
OTC CALL OPTIONS WRITTEN $ 25,015,990
OTC
Put Options Written — (0.0)%
VanEck Agribusiness ETF Pershing LLC 380 USD 2,664,560 USD 70.00 09/20/24 $ 60,526
VanEck
Agribusiness ETF Pershing
LLC 380 USD 2,664,560 USD 70.00 10/18/24 70,779
TOTAL
OTC PUT OPTIONS WRITTEN $ 131,305
Description Notional Amount Exercise Price Expiration Date Market Value
Exchange
Traded Call Options Written — (0.1)%
Alamos Gold
Inc., Cl. A 2,780 USD 4,359,040 USD 14.00 07/19/24 $ 500,400
Eldorado Gold Corp. 2,286 USD 3,380,994 USD 17.00 07/19/24 16,002
Eldorado
Gold Corp. 5,000 USD 7,395,000 USD 18.00 10/18/24 225,000
TOTAL
EXCHANGE TRADED CALL OPTIONS WRITTEN $ 741,402
Exchange
Traded Put Options Written — (0.0)%
Energy Select Sector
SPDR ETF 700 USD 6,381,900 USD 89.00 07/19/24 $ 22,400
Energy Select Sector
SPDR ETF 700 USD 6,381,900 USD 89.00 08/16/24 76,300
Utilities Select Sector
SPDR Fund 1,050 USD 7,156,800 USD 61.00 08/16/24 12,600
VanEck Gold Miners ETF 2,900 USD 9,842,600 USD 24.00 07/19/24 43,500
VanEck
Gold Miners ETF 2,400 USD 8,145,600 USD 29.00 11/15/24 120,000
TOTAL
EXCHANGE TRADED PUT OPTIONS WRITTEN $ 274,800
TOTAL
OPTIONS WRITTEN $ 26,163,497

See accompanying notes to financial statements.

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GAMCO Global Gold, Natural Resources & Income Trust

Statement of Assets and Liabilities June 30, 2024 (Unaudited)

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| Assets: — Investments
in securities, at value (cost $756,796,731) | $ 717,590,869 | |
| --- | --- | --- |
| Cash | 5,274,093 | |
| Foreign
currency, at value (cost $131) | 131 | |
| Deposit
at brokers | 3,308,879 | |
| Receivable
for investments in securities sold | 3,020,697 | |
| Dividends
and interest receivable | 690,434 | |
| Deferred
offering expense | 164,091 | |
| Prepaid
expenses | 16,351 | |
| Total
Assets | 730,065,545 | |
| Liabilities: | | |
| Securities
sold short, at value (proceeds $796,311) | 737,336 | |
| Options
written, at value (premiums received $23,333,292) | 26,163,497 | |
| Distributions
payable | 77,840 | |
| Payable
for investment securities purchased | 54,438 | |
| Payable
for investment advisory fees | 577,349 | |
| Payable
for payroll expenses | 136,967 | |
| Payable
for accounting fees | 7,500 | |
| Other
accrued expenses | 585,263 | |
| Total
Liabilities | 28,340,190 | |
| Cumulative
Preferred Shares $0.001 par value, unlimited number of shares authorized: | | |
| Series
B Preferred Shares (5.000%, $25 liquidation value per share, 3,173,851 shares issued and outstanding) | 79,346,275 | |
| Net
Assets Attributable to Common Shareholders | $ 622,379,080 | |
| Net
Assets Attributable to Common Shareholders Consist of: | | |
| Paid-in
capital | $ 1,075,782,774 | |
| Total
accumulated loss | (453,403,694 | ) |
| Net
Assets | $ 622,379,080 | |
| Net
Asset Value per Common Share: | | |
| ($622,379,080
÷ 154,422,564 shares outstanding at $0.001 par value; unlimited number of shares authorized) | $ 4.03 | |

Statement of Operations For the six months ended June 30, 2024 (Unaudited)

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| Investment
Income: — Dividends
(net of foreign withholding taxes of $383,639) | $ 8,248,301 | |
| --- | --- | --- |
| Interest | 2,511,674 | |
| Total
Investment Income | 10,759,975 | |
| Expenses: | | |
| Investment
advisory fees | 3,425,095 | |
| Trustees’
fees | 130,500 | |
| Payroll
expenses | 125,119 | |
| Shareholder
communications expenses | 120,890 | |
| Legal
and audit fees | 95,085 | |
| Custodian
fees | 32,592 | |
| Shareholder
services fees | 23,413 | |
| Accounting
fees | 22,500 | |
| Service
fees for securities sold short (See Note 2) | 13,928 | |
| Interest
expense | 10,112 | |
| Dividend
expense on securities sold short | 1,418 | |
| Miscellaneous
expenses | 84,364 | |
| Total
Expenses | 4,085,016 | |
| Less: | | |
| Expenses
paid indirectly by broker (See Note 5) | (3,747 | ) |
| Net
Expenses | 4,081,269 | |
| Net
Investment Income | 6,678,706 | |
| Net
Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Written Options, and Foreign Currency: | | |
| Net
realized loss on investments in securities | (2,214,519 | ) |
| Net
realized gain on written options | 8,887,778 | |
| Net
realized loss on foreign currency transactions | (4,784 | ) |
| Net
realized gain on investments in securities, written options, and foreign currency transactions | 6,668,475 | |
| Net
change in unrealized appreciation/depreciation: | | |
| on
investments in securities | 27,278,950 | |
| on
securities sold short | 52,679 | |
| on
written options | (2,617,887 | ) |
| on
foreign currency translations | (1,440 | ) |
| Net
change in unrealized appreciation/depreciation on investments in securities, securities sold short, written options, and foreign
currency translations | 24,712,302 | |
| Net
Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Written Options, and Foreign
Currency | 31,380,777 | |
| Net
Increase in Net Assets Resulting from Operations | 38,059,483 | |
| Total
Distributions to Preferred Shareholders | (2,005,678 | ) |
| Net
Increase in Net Assets Attributable to Common Shareholders Resulting from Operations | $ 36,053,805 | |

See accompanying notes to financial statements.

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GAMCO Global Gold, Natural Resources & Income Trust

Statement of Changes in Net Assets Attributable to Common Shareholders

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Operations:
Net
investment income $ 6,678,706 $ 14,221,207
Net
realized gain on investments in securities, securities sold short, written options, and foreign currency transactions 6,668,475 56,552,218
Net
change in unrealized appreciation/depreciation on investments in securities, securities sold short, written options, and foreign
currency translations 24,712,302 4,010,041
Net
Increase in Net Assets Resulting from Operations 38,059,483 74,783,466
Distributions
to Preferred Shareholders from Accumulated Earnings (2,005,678 )* (4,244,667 )
Net
Increase in Net Assets Attributable to Common Shareholders Resulting from Operations 36,053,805 70,538,799
Distributions
to Common Shareholders:
Accumulated
earnings (4,628,430 )* (10,121,795 )
Return
of capital (23,142,148 )* (45,375,200 )
Total
Distributions to Common Shareholders (27,770,578 ) (55,496,995 )
Fund
Share Transactions:
Increase
in net assets from common shares issued in offering 142,005
Increase
in net assets from common shares issued upon reinvestment of distributions 878,790
Net
increase in net assets from repurchase of preferred shares 459,313 239,672
Net
Increase in Net Assets from Fund Share Transactions 1,480,108 239,672
Net
Increase in Net Assets Attributable to Common Shareholders 9,763,335 15,281,476
Net
Assets Attributable to Common Shareholders:
Beginning
of year 612,615,745 597,334,269
End
of period $ 622,379,080 $ 612,615,745

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  • Based on year to date book income. Amounts are subject to change and recharacterization at year end.

See accompanying notes to financial statements.

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GAMCO Global Gold, Natural Resources & Income Trust

Financial Highlights

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Selected data for a common share of beneficial interest outstanding throughout each period:

| | Six
Months | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Ended
June | | | | | | | | | | | |
| | 30,
2024 | Year
Ended December 31, | | | | | | | | | | |
| | (Unaudited) | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | |
| Operating
Performance: | | | | | | | | | | | | |
| Net
asset value, beginning of year | $ 3.97 | $ | 3.87 | $ | 3.91 | $ | 4.01 | $ | 4.31 | $ | 4.17 | |
| Net
investment income | 0.04 | | 0.09 | | 0.09 | | 0.08 | | 0.04 | | 0.02 | |
| Net
realized and unrealized gain on investments, securities sold short, written options, and foreign currency transactions | 0.21 | | 0.40 | | 0.26 | | 0.20 | | 0.13 | | 0.74 | |
| Total
from investment operations | 0.25 | | 0.49 | | 0.35 | | 0.28 | | 0.17 | | 0.76 | |
| Distributions
to Preferred Shareholders: (a) | | | | | | | | | | | | |
| Net
investment income | (0.01 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) |
| Total
distributions to preferred shareholders | (0.01 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) |
| Net
Increase in Net Assets Attributable to Common Shareholders Resulting from Operations | 0.24 | | 0.46 | | 0.32 | | 0.25 | | 0.14 | | 0.73 | |
| Distributions
to Common Shareholders: | | | | | | | | | | | | |
| Net
investment income | (0.03 | )
| (0.07 | ) | (0.07 | ) | (0.05 | ) | (0.03 | ) | (0.00 | )(b) |
| Return
of capital | (0.15 | )* | (0.29 | ) | (0.29 | ) | (0.31 | ) | (0.45 | ) | (0.60 | ) |
| Total
distributions to common shareholders | (0.18 | ) | (0.36 | ) | (0.36 | ) | (0.36 | ) | (0.48 | ) | (0.60 | ) |
| Fund
Share Transactions: | | | | | | | | | | | | |
| Increase
in net asset value from common share transactions | 0.00 | (b) | — | | — | | — | | 0.01 | | 0.01 | |
| Increase/decrease
in net asset value from common shares issued upon reinvestment of distributions | (0.00 | )(b) | — | | — | | 0.00 | (b) | — | | — | |
| Increase
in net asset value from repurchase of common shares | — | | — | | — | | 0.01 | | 0.03 | | 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 | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.01 | | 0.04 | | 0.01 | |
| Net
Asset Value Attributable to Common Shareholders, End of Period | $ 4.03 | $ | 3.97 | $ | 3.87 | $ | 3.91 | $ | 4.01 | $ | 4.31 | |
| NAV
total return † | 6.33 | % | 12.41 | % | 8.87 | % | 6.69 | % | 5.58 | % | 18.82 | % |
| Market
value, end of period | $ 4.05 | $ | 3.76 | $ | 3.63 | $ | 3.75 | $ | 3.51 | $ | 4.40 | |
| Investment
total return †† | 12.79 | % | 13.97 | % | 6.84 | % | 17.51 | % | (8.68 | )% | 36.72 | % |
| Ratios
to Average Net Assets and Supplemental Data: | | | | | | | | | | | | |
| Net
assets including liquidation value of preferred shares, end of period (in 000’s) | $ 701,725 | $ | 696,103 | $ | 682,745 | $ | 689,250 | $ | 712,971 | $ | 759,110 | |
| Net
assets attributable to common shares, end of period (in 000’s) | $ 622,379 | $ | 612,616 | $ | 597,334 | $ | 602,753 | $ | 626,474 | $ | 672,464 | |
| Ratio
of net investment income to average net assets attributable to common shares | 2.19 | %(c) | 2.36 | % | 2.29 | % | 2.09 | % | 1.08 | % | 0.46 | % |
| Ratio
of operating expenses to average net assets attributable to common shares (d)(e)(f) | 1.34 | %(c) | 1.40 | % | 1.39 | % | 1.40 | % | 1.42 | % | 1.37 | % |
| Portfolio
turnover rate | 40 | % | 83 | % | 126 | % | 96 | % | 89 | % | 93 | % |

See accompanying notes to financial statements.

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GAMCO Global Gold, Natural Resources & Income Trust

Financial Highlights (Continued)

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Selected data for a common share of beneficial interest outstanding throughout each period:

| | Six
Months | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Ended
June | | | | | |
| | 30,
2024 | Year
Ended December 31, | | | | |
| | (Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 |
| Cumulative
Preferred Shares: | | | | | | |
| 5.000%
Series B Preferred | | | | | | |
| Liquidation
value, end of period (in 000’s) | $ 79,346 | $ 83,487 | $ 85,411 | $ 86,497 | $ 86,497 | $ 86,646 |
| Total
shares outstanding (in 000’s) | 3,174 | 3,339 | 3,416 | 3,460 | 3,460 | 3,466 |
| Liquidation
preference per share | $ 25.00 | $ 25.00 | $ 25.00 | $ 25.00 | $ 25.00 | $ 25.00 |
| Average
market value (g) | $ 21.73 | $ 22.25 | $ 23.43 | $ 25.45 | $ 25.13 | $ 24.12 |
| Asset
coverage per share | $ 221 | $ 208 | $ 200 | $ 199 | $ 206 | $ 219 |
| Asset
Coverage | 884 % | 834 % | 799 % | 797 % | 824 % | 876 % |

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† Based on net asset value per share, adjusted for reinvestment of distributions at the net asset value per share on the ex-dividend dates. Total return for a period of less than one year is not annualized.

†† Based on market value per share, adjusted for reinvestment of distributions at prices obtained under the Fund’s dividend reinvestment plan. Total return for a period of less than one year is not annualized.

  • Based on year to date book income. Amounts are subject to change and recharacterization at year end.

(a) Calculated based on average common shares outstanding on the record dates throughout the periods.

(b) Amount represents less than $0.005 per share.

(c) Annualized.

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no impact on the expense ratios.

(e) Ratio of operating expenses to average net assets including liquidation value of preferred shares for the six months ended June 30, 2024 and the years ended December 31, 2023, 2022, 2021, 2020, and 2019 would have been 1.19%, 1.22%, 1.21%, 1.22%, 1.25%, and 1.20%, respectively.

(f) The Fund incurred dividend expense and service fees on securities sold short. If these expenses had not been incurred, the expense ratios for the six months ended June 30, 2024 and the years ended December 31, 2022, 2021, 2020, and 2019 would have been 1.33%, 1.36%, 1.39%, 1.34%, and 1.33% attributable to common shares, respectively, and 1.19%, 1.18%, 1.21%, 1.18%, and 1.17% including liquidation value of preferred shares. For the year ended December 31, 2023, there was no impact on service fees on securities sold short.

(g) Based on weekly prices.

See accompanying notes to financial statements.

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GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Unaudited)

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

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,

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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.

The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of June 30, 2024 is as follows:

| | Valuation
Inputs — Level
1 Quoted Prices | Level
2 Other Significant Observable Inputs | | Total
Market Value at 06/30/24 | |
| --- | --- | --- | --- | --- | --- |
| INVESTMENTS
IN SECURITIES: | | | | | |
| ASSETS (Market Value): | | | | | |
| Common Stocks
(a) | $ 617,494,468 | | — | $ 617,494,468 | |
| Exchange Traded Funds
(a) | 1,932,788 | | — | 1,932,788 | |
| Convertible Corporate
Bonds (a) | — | $ | 3,512,831 | 3,512,831 | |
| Corporate Bonds (a) | — | | 18,953,566 | 18,953,566 | |
| U.S.
Government Obligations | — | | 75,697,216 | 75,697,216 | |
| TOTAL
INVESTMENTS IN SECURITIES – ASSETS | $ 619,427,256 | $ | 98,163,613 | $ 717,590,869 | |
| LIABILITIES (Market
Value): | | | | | |
| Common
Stocks Sold Short (a) | $ (737,336 | ) | — | $ (737,336 | ) |
| TOTAL
INVESTMENTS IN SECURITIES – LIABILITIES | $ (737,336 | ) | — | $ (737,336 | ) |

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| | Valuation
Inputs — Level
1 Quoted Prices | | Level
2 Other Significant Observable Inputs | | Total
Market Value at 06/30/24 | |
| --- | --- | --- | --- | --- | --- | --- |
| INVESTMENTS
IN SECURITIES: | | | | | | |
| LIABILITIES (Market
Value): | | | | | | |
| Equity
Contracts | | | | | | |
| Call Options
Written | $ (741,402 | ) | $ (25,015,990 | ) | $ (25,757,392 | ) |
| Put
Options Written | (231,300 | ) | (174,805 | ) | (406,105 | ) |
| TOTAL
INVESTMENTS IN SECURITIES - LIABLITIES | $ (972,702 | ) | $ (25,190,795 | ) | $ (26,163,497 | ) |

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

There were no Level 3 investments held at June 30, 2024 or December 31, 2023. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

Additional Information to Evaluate Qualitative Information.

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

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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,

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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 June 30, 2024, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

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

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

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

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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 June 30, 2024 are reflected within the Schedule of Investments.

The Fund’s volume of activity in equity options contracts during the six months ended June 30, 2024 had an average monthly market value of approximately $24,571,693.

At June 30, 2024, 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 | $25,147,295 | — | $25,147,295 |

The following table presents the Fund’s derivative liabilities by counterparty net of the related collateral segregated by the Fund for the benefit of the counterparty as of June 30, 2024:

| | 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 | $24,848,260 | $(24,848,260 | ) | — | — |
| Morgan
Stanley | 299,035 | (299,035 | ) | — | — |
| Total | $25,147,295 | $(25,147,295 | ) | — | — |

As of June 30, 2024 the value of equity options written can be found in the Statement of Assets and Liabilities, under Liabilities, Options written, at value. For the six months ended June 30, 2024, the effect of equity options 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 gain or 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

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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 six months ended June 30, 2024, the Fund incurred $13,928 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 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 six months ended June 30, 2024, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one 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.

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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. At June 30, 2024, the Fund held no restricted securities.

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 or amortized to earliest call date, if applicable. 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.

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 of 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. 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. These reclassifications have no impact on the NAV of the Fund.

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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 year ended December 31, 2023 was as follows:

Common Preferred
Distributions
paid from:
Ordinary
income $ 10,121,795 $ 4,244,667
Return of capital 45,375,200
Total distributions paid $ 55,496,995 $ 4,244,667

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. Therefore, no provision for federal income taxes is required.

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. The Fund has a long term capital loss carryforward with no expiration of $379,554,945.

The following summarizes the tax cost of investments and derivatives and the related net unrealized depreciation at June 30, 2024 :

Cost/ (Premiums) Gross Unrealized Appreciation Gross Unrealized Depreciation Net Unrealized Depreciation
Investments and other derivative instruments $695,426,098 $29,044,312 $(33,780,374) $(4,736,062)

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. During the six months ended June 30, 2024, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2024, 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.

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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.

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2024, other than short term securities and U.S. Government obligations, aggregated $255,964,595 and $274,503,312, respectively.

5. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2024, 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 $3,747.

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 six months ended June 30, 2024, the Fund accrued $22,500 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 six months ended June 30, 2024, the Fund accrued $125,119 in payroll expenses in the Statement of Operations.

The Fund pays retainer and per meeting fees to Independent Trustees and certain Interested Trustees, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

6. Line of Credit. The Fund participates in an unsecured line of credit, which expires on June 25, 2025 and may be renewed annually, of up to $75,000,000 under which it may borrow up to one-third of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations.

During the six months ended June 30, 2024, there were no borrowings outstanding under the line of credit.

7. Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The Fund has an effective $500 million shelf registration for the issuance of common or preferred shares. On April 24, 2024 the Fund filed a prospectus supplement for at-the-market offerings of up to 20 million common shares.

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| Six
Months Ended | | Net
Proceeds | Net
Proceeds in Excess of Par |
| --- | --- | --- | --- |
| June 30,
2024 | 38,559 | $ 142,005 | $ 1,265 |

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 six months ended June 30, 2024 and the year ended December 31, 2023, the Fund did not repurchase any common shares.

Shares Amount
Shares issued
pursuant to shelf offering 38,559 $ 142,005
Increase in net assets
from common shares issued upon reinvestment of distributions 225,686 878,790
Net increase 264,245 $ 1,020,795

The Fund did not have any transactions in common shares of beneficial interest for the year ended December 31, 2023.

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 six months ended June 30, 2024 and the year ended December 31, 2023 the Fund repurchased and retired 161,633 and 76,939 of Series B Preferred at investments of $3,592,083 and $1,683,202 and at discounts of approximately 11.15% and 12.53% to its liquidation preference. At June 30, 2024, 3,173,851 Series B Preferred were outstanding and accrued dividends amounted to $77,840.

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

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GAMCO Global Gold, Natural Resources & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

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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.

8. 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.

9. 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.

Certifications

The Fund’s Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of June 12, 2024, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which contains certifications by the Fund’s principal executive officer and principal financial officer that relate to the Fund’s disclosure in such reports and that are required by Rule 30a-2(a) under the 1940 Act.

Shareholder Meeting – May 13, 2024 – Final Results

The Fund’s Annual Meeting of Shareholders was held virtually on May 13, 2024. At that meeting, common and preferred shareholders, voting together as a single class, re-elected Agnes Mullady, Salvatore M. Salibello, and Anthonie van Ekris as Trustees of the Fund, with 103,470,680, 104,042,580, and 104,140,245 votes cast in favor of these Trustees, and 4,309,709, 3,737,810, and 3,640,144 votes withheld for these Trustees, respectively.

In addition, preferred shareholders, voting as a separate class, re-elected James P. Conn as a Trustee of the Fund, with 2,051,095 votes cast in favor of this Trustee and 77,243 votes withheld for this Trustee.

Calgary Avansino, Elizabeth C. Bogan, Anthony S. Colavita, Vincent D. Enright, Frank J. Fahrenkopf, Michael J. Melarkey, and Salvatore J. Zizza continue to serve in their capacities as Trustees of the Fund.

We thank you for your participation and appreciate your continued support.

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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.

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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 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 Fund Complex. He received a Master’s degree in Mathematics of Decision Making from EISITI, France and an MS in Finance from ESSEC, France.

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.

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(b) Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

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(a) of this form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

At its meeting on February 13, 2024, the Board of Trustees (Board) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not interested persons of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent and Quality of Services. The Independent Board Members considered information regarding the portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio managers, the scope of supervisory, administrative, shareholder and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio managers.

Investment Performance. The Independent Board Members reviewed the performance of the Fund for the one-, three-, five-, and ten-year periods (as of December 31, 2023) against a peer group of six other covered call funds prepared by the Adviser (the “Adviser Peer Group”) and against a peer group of options, arbitrage/options strategies and sector equity buy-write strategies funds selected by Lipper (the “Lipper Peer Group”). The Independent Board Members noted that the Fund’s performance was in third quartile for the one- and ten-year periods, and in the first quartile for the three- and five-year periods for the Adviser Peer Group, and in the second quartile for the three- and five-year periods and in the third quartile for the one- and ten-year periods for the Lipper Peer Group. The Independent Board Members noted the Adviser’s discussion of the Fund’s option writing strategy, the associated difficulties with volatility in the gold and energy sectors and a plan to manage the Fund’s strategy given these dynamics. The Independent Board Members also recognized that the Adviser Peer Group had limitations in terms of comparability given the Fund’s particular sector focus and the challenging market environment for the natural resources and energy sectors over the applicable measurement periods. In this regard, the Independent Board Members also noted the Adviser’s continuing evaluation of appropriate peers for the Fund given its unique strategy and sector focus. The Independent Board Members also discussed their awareness of the Fund’s performance relative to relevant benchmarks considered representative of the Fund’s strategy and presented in the Fund’s shareholder reports, and noted the Fund’s performance relative to those benchmarks (some of which do not reflect options strategies) was somewhat acceptable.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that an affiliate of the Adviser earned fees on sales of shares of the Fund in the Fund’s at-the-market offering program.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale.

Sharing of Economies of Scale. The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential sharing of economies of scale.

Service and Cost Comparisons. The Independent Board Members compared the investment management fee of the Fund to the investment management fees of the Adviser Peer Group. The Independent Board Members noted that the Adviser’s management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund had the highest effective investment management fee within the Adviser Peer Group and was the only fund in this group employing leverage. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds, except for the presence of leverage and fees chargeable on assets attributable to leverage in certain circumstances. The Board recognized that the Adviser and its affiliates did not manage other accounts with similar strategies that had fees lower than those charged for the Fund.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and good ancillary services and that its overall performance record against the limited universe of other funds that utilize a covered call options writing strategy, and relevant benchmark indices, was acceptable. In reaching this conclusion, the Independent Board Members noted the Adviser’s discussion of how it would continue to manage the Fund’s strategy. The Independent Board Members concluded that the profitability to the Adviser of managing the Fund was reasonable and that economies of scale were not a significant factor in their thinking at this point. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was adequate in light of the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

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Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members

Not applicable

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

Not applicable

(a)(3) Compensation Structure of Portfolio Manager(s) or Management Team Members

Not applicable

(a)(4) Disclosure of Securities Ownership

Not applicable

(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a) Provide the information specified in the table with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Exchange Act (17CFR 240-10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

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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 01/01/2024 through 01/31/2024 | Common

– N/A Preferred Series B – 13,670 | Common
– N/A Preferred Series B – $22.21 | Common
– N/A Preferred Series B – 13,670 | Common
– 154,207,482 Preferred Series B – 3,339,484 - 13,670 = 3,325,814 |
| Month

2 02/01/2024 through 02/29/2024 | Common

– N/A Preferred Series B – 106,432 | Common
– N/A Preferred Series B – $22.27 | Common
– N/A Preferred Series B – 106,432 | Common
– 154,258,219 Preferred Series B – 3,325,814 - 106,432 = 3,219,382 |
| Month

3 03/01/2024 through 03/31/2024 | Common

– N/A Preferred Series B – 38,620 | Common
– N/A Preferred Series B – $22.24 | Common
– N/A Preferred Series B – 38,620 | Common
– 154,296,778 Preferred Series B – 3,219,382 - 38,620 = 3,180,762 |
| Month

4 04/01/2024 through 04/30/2024 | Common

– N/A Preferred Series B – 4,898 | Common
– N/A Preferred Series B – $21.44 | Common
– N/A Preferred Series B – 4,898 | Common
– 154,343,359 Preferred Series B – 3,180,762 - 4,898 = 3,175,864 |
| Month

5 05/01/2024 through 05/31/2024 | Common

– N/A Preferred Series B – 2,013 | Common
– N/A Preferred Series B – $20.88 | Common
– N/A Preferred Series B – 2,013 | Common
–154,383,194 Preferred Series B – 3,175,864 - 2,013 = 3,173,851 |
| Month

6 06/01/2024 through 06/30/2024 | 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
– 154,422,564 Preferred Series B – 3,173,851 |
| Total | Common
– N/A Preferred Series B – 165,633 | Common
– N/A Preferred Series B – $22.07 | Common
– N/A Preferred Series B – 165,633 | 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.

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.

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Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) If at any time during or after the last completed fiscal year the registrant was required to prepare an accounting restatement that required recovery of erroneously awarded compensation pursuant to the registrant’s compensation recovery policy required by the listing standards adopted pursuant to 17 CFR 240.10D-1, or there was an outstanding balance as of the end of the last completed fiscal year of erroneously awarded compensation to be recovered from the application of the policy to a prior restatement, the registrant must provide the following information:

(1) For each restatement:

(i) The date on which the registrant was required to prepare an accounting restatement; N/A

(ii) The aggregate dollar amount of erroneously awarded compensation attributable to such accounting restatement, including an analysis of how the amount was calculated; $0

(ii) If the financial reporting measure defined in 17 CFR 10D-1(d) related to a stock price or total shareholder return metric, the estimates that were used in determining the erroneously awarded compensation attributable to such accounting restatement and an explanation of the methodology used for such estimates; N/A

(iv) The aggregate dollar amount of erroneously awarded compensation that remains outstanding at the end of the last completed fiscal year; $0 and

(v) If the aggregate dollar amount of erroneously awarded compensation has not yet been determined, disclose this fact, explain the reason(s) and disclose the information required in (ii) through (iv) in the next annual report that the registrant files on this Form N-CSR; $0

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(2) If recovery would be impracticable pursuant to 17 CFR 10D-1(b)(1)(iv), for each named executive officer and for all other executive officers as a group, disclose the amount of recovery forgone and a brief description of the reason the registrant decided in each case not to pursue recovery; $0 and

(3) For each named executive officer from whom, as of the end of the last completed fiscal year, erroneously awarded compensation had been outstanding for 180 days or longer since the date the registrant determined the amount the individual owed, disclose the dollar amount of outstanding erroneously awarded compensation due from each such individual. N/A

(b) If at any time during or after its last completed fiscal year the registrant was required to prepare an accounting restatement, and the registrant concluded that recovery of erroneously awarded compensation was not required pursuant to the registrant’s compensation recovery policy required by the listing standards adopted pursuant to 17 CFR 240.10D-1, briefly explain why application of the recovery policy resulted in this conclusion. N/A

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) 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)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(3)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(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.

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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)*
John C. Ball, Principal Executive Officer

Date September 4, 2024

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)*
John C. Ball, Principal Executive Officer

Date September 4, 2024

By (Signature and Title)*
John C. Ball, Principal Financial Officer and Treasurer

Date September 4, 2024

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

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