(y)our portfolio management team caesar m. p. bryan vincent … · 2019-05-22 · (y)our portfolio...

(Y)our Portfolio Management Team

Caesar M. P. Bryan Vincent Hugonnard-Roche

To Our Shareholders,For the year ended December 31, 2018, the net asset value (NAV) total return of the GAMCO Global Gold, Natural Resources

& Income Trust (the Fund) was (13.5)%, compared with total returns of (4.8)% and (16.3)% for the Chicago Board OptionsExchange (CBOE) Standard & Poor’s (S&P) 500 Buy/Write Index and the Philadelphia Gold & Silver (XAU) Index, respectively.The total return for the Fund’s publicly traded shares was (19.4)%. The Fund’s NAV per share was $4.17, while the price ofthe publicly traded shares closed at $3.70 on the NYSE American. See page 2 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2018.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, papercopies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specificallyrequest 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. Ifyou already elected to receive shareholder reports electronically, you will not be affected by this change and you neednot take any action. To elect to receive all future reports in 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].

GAMCO Global Gold, Natural Resources & Income TrustAnnual Report — December 31, 2018

Comparative ResultsAverage Annual Returns through December 31, 2018 (a) (Unaudited)

1 Year 3 Year 5 Year 10 Year

SinceInception(03/31/05)

GAMCO Global Gold, Natural Resources & Income TrustNAV Total Return (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13.54)% 4.32% (4.99)% 2.84% (0.26)%Investment Total Return (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19.44) 4.54 (5.00) (0.60) (1.38)

CBOE S&P 500 Buy/Write Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.77) 4.84 5.08 7.96 4.88Bloomberg Barclays Government/Credit Bond Index . . . . . . . . . . . . . . . . . . . (0.45) 2.14 2.49 3.43 3.91Energy Select Sector Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.01) 1.36 (5.65) 4.30 4.40XAU Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16.34) 16.69 (2.63) (4.40) (0.94)(a) Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will

fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. Whenshares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performancedata presented. Visit www.gabelli.com for performance information as of the most recent month end. Investors should carefully consider theinvestment objectives, risks, charges, and expenses of the Fund before investing. The CBOE S&P 500 Buy/Write Index is an unmanagedbenchmark 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 shortposition in a S&P 500 (SPX) call option. The Bloomberg Barclays Government/Credit Bond Index is a market value weighted index that tracksthe performance of fixed rate, publicly placed, dollar denominated obligations. The XAU Index is an unmanaged indicator of stock marketperformance of large North American gold and silver companies. The Energy Select Sector Index is an unmanaged indicator of stock marketperformance of large U.S. companies involved in the development or production of energy products. Dividends and interest income areconsidered 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-dividenddate 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 ofdistributions. Since inception return is based on an initial offering price of $20.00.

2

The following table presents portfolio holdings as a percent of total investments before options written as ofDecember 31, 2018:

GAMCO Global Gold, Natural Resources & Income Trust

Long PositionsMetals and Mining . . . . . . . . . . . . . . . . . . 50.1%Energy and Energy Services . . . . . . . . . 33.0%U.S. Government Obligations. . . . . . . . . 16.8%Exchange Traded Funds. . . . . . . . . . . . . 0.1%

100.0%

Short PositionsCall Options Written . . . . . . . . . . . . . . . . . (4.6)%Put Options Written . . . . . . . . . . . . . . . . . (0.4)%

(5.0)%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (theSEC) for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain this informationat www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554).The Fund’s Form N-Q is availableon the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public ReferenceRoom in Washington, DC. Information on the operation of the Public Reference Room may be obtained bycalling 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 laterthan August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fundvoted 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) visitingthe SEC’s website at www.sec.gov.

Summary of Portfolio Holdings (Unaudited)

3

Shares CostMarketValue

COMMON STOCKS — 81.7%Energy and Energy Services — 32.6%

118,500 Anadarko Petroleum Corp.(a) . . . . . $ 8,702,837 $ 5,195,04088,000 Apache Corp.(a). . . . . . . . . . . . . . . . . . 7,441,980 2,310,000

103,375 Baker Hughes, a GE Company(a) . 5,776,579 2,222,563346,000 BP plc, ADR(a) . . . . . . . . . . . . . . . . . . . 15,792,360 13,120,320140,000 Cabot Oil & Gas Corp.(a) . . . . . . . . . 3,733,289 3,129,000202,000 Chevron Corp.(a). . . . . . . . . . . . . . . . . 26,241,870 21,975,58025,000 Cimarex Energy Co. . . . . . . . . . . . . . . 3,366,786 1,541,25045,500 Concho Resources Inc.†(a). . . . . . . 6,978,261 4,676,945

122,700 ConocoPhillips(a) . . . . . . . . . . . . . . . . 8,854,269 7,650,345100,000 Devon Energy Corp.(a) . . . . . . . . . . . 5,319,038 2,254,000450,000 Eni SpA . . . . . . . . . . . . . . . . . . . . . . . . . . 8,874,218 7,088,303120,500 EOG Resources Inc.(a) . . . . . . . . . . . 14,933,860 10,508,805402,500 Exxon Mobil Corp.(a). . . . . . . . . . . . . 36,737,469 27,446,475198,500 Halliburton Co.(a) . . . . . . . . . . . . . . . . 11,125,710 5,276,13031,000 Helmerich & Payne Inc. . . . . . . . . . . 2,449,545 1,486,14033,000 Hess Corp.(a) . . . . . . . . . . . . . . . . . . . . 2,107,200 1,336,50040,000 HollyFrontier Corp.(a) . . . . . . . . . . . . 2,860,400 2,044,800

429,308 Kinder Morgan Inc.(a) . . . . . . . . . . . . 9,554,301 6,602,757197,000 Marathon Oil Corp.(a) . . . . . . . . . . . . 4,219,893 2,824,980205,994 Marathon Petroleum Corp.(a). . . . . 16,603,967 12,155,70645,200 Newfield Exploration Co.† . . . . . . . . 1,902,365 662,632

110,254 Noble Energy Inc. . . . . . . . . . . . . . . . . 4,323,329 2,068,36580,000 Occidental Petroleum Corp.(a) . . . . 6,735,670 4,910,40061,800 ONEOK Inc.(a) . . . . . . . . . . . . . . . . . . . 4,223,180 3,334,11084,000 Phillips 66(a) . . . . . . . . . . . . . . . . . . . . 9,646,231 7,236,60038,600 Pioneer Natural Resources Co.(a). 7,705,663 5,076,672

883,000 Royal Dutch Shell plc, Cl. A. . . . . . . 31,164,072 25,970,257220,966 Schlumberger Ltd.(a) . . . . . . . . . . . . 18,228,269 7,972,453170,000 Suncor Energy Inc.(a) . . . . . . . . . . . . 6,939,927 4,754,900120,000 Sunoco LP(a) . . . . . . . . . . . . . . . . . . . . 2,793,267 3,262,800100,000 TechnipFMC plc(a) . . . . . . . . . . . . . . . 3,451,030 1,958,000207,500 The Williams Companies Inc.(a) . . 11,082,250 4,575,375291,000 TOTAL SA, ADR(a) . . . . . . . . . . . . . . . 18,613,149 15,184,38098,500 Valero Energy Corp.(a) . . . . . . . . . . . 11,292,010 7,384,545

339,849,702 235,197,128

Metals and Mining — 49.1%563,500 Agnico Eagle Mines Ltd.(a) . . . . . . . 31,437,101 22,765,400

1,308,200 Alacer Gold Corp.† . . . . . . . . . . . . . . . 2,768,900 2,414,7853,881,692 Alamos Gold Inc., New York,

Cl. A(a). . . . . . . . . . . . . . . . . . . . . . . . 29,533,781 13,974,091460,000 AngloGold Ashanti Ltd., ADR . . . . . 5,746,228 5,773,000300,180 Antofagasta plc . . . . . . . . . . . . . . . . . . 6,809,945 2,996,596700,000 Asanko Gold Inc.†. . . . . . . . . . . . . . . . 2,431,909 446,088

3,790,000 B2Gold Corp.† . . . . . . . . . . . . . . . . . . . 11,733,700 11,066,800282,000 Barrick Gold Corp.(a). . . . . . . . . . . . . 6,024,247 3,818,280

2,400,000 Belo Sun Mining Corp.† . . . . . . . . . . 1,821,022 668,0343,600,000 Centamin plc. . . . . . . . . . . . . . . . . . . . . 7,244,290 4,992,352

150,000 Centerra Gold Inc.† . . . . . . . . . . . . . . 913,700 643,8621,725,000 Continental Gold Inc.†. . . . . . . . . . . . 5,298,853 2,842,9901,265,000 Detour Gold Corp.† . . . . . . . . . . . . . . 22,732,767 10,683,746

Shares CostMarketValue

417,247 Eldorado Gold Corp.†(a). . . . . . . . . . $ 8,914,211 $ 1,201,671279,000 Endeavour Mining Corp.† . . . . . . . . 5,139,129 4,565,529900,000 Fortuna Silver Mines Inc.†. . . . . . . . 4,466,250 3,276,000397,800 Franco-Nevada Corp.(a) . . . . . . . . . . 31,990,158 27,913,626

1,596,636 Fresnillo plc. . . . . . . . . . . . . . . . . . . . . . 28,659,546 17,501,618702,000 Gold Fields Ltd., ADR. . . . . . . . . . . . . 3,713,386 2,471,040

1,460,300 Goldcorp Inc.(a) . . . . . . . . . . . . . . . . . 21,250,946 14,310,9402,840,000 Harmony Gold Mining Co. Ltd.,

ADR† . . . . . . . . . . . . . . . . . . . . . . . . . 4,730,940 5,083,6003,676,832 Hochschild Mining plc. . . . . . . . . . . . 12,309,527 7,313,266

370,500 Kirkland Lake Gold Ltd.. . . . . . . . . . . 8,210,003 9,661,44240,000 Labrador Iron Ore Royalty Corp. . . 729,070 710,226

161,000 MAG Silver Corp., NewYork†(b)(c). . . . . . . . . . . . . . . . . . . . 1,685,670 1,175,300

560,000 MAG Silver Corp., Toronto† . . . . . . 8,212,501 4,101,9631,145,125 Newcrest Mining Ltd.. . . . . . . . . . . . . 23,905,816 17,806,694

606,000 Newmont Mining Corp.(a) . . . . . . . . 27,146,800 20,997,900596,100 Northern Dynasty Minerals Ltd.† . 1,244,810 331,846

4,753,500 OceanaGold Corp. . . . . . . . . . . . . . . . . 16,509,857 17,339,899880,000 Osisko Gold Royalties Ltd.. . . . . . . . 10,731,511 7,715,793850,000 Perseus Mining Ltd.†. . . . . . . . . . . . . 2,832,874 249,048175,500 Polyus PJSC, GDR . . . . . . . . . . . . . . . 7,170,823 6,862,050418,000 Randgold Resources Ltd.,

ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . 41,040,637 34,648,020300,000 Rio Tinto plc, ADR(a). . . . . . . . . . . . . 17,722,116 14,544,000306,000 Royal Gold Inc.(a). . . . . . . . . . . . . . . . 27,717,670 26,208,900850,000 SEMAFO Inc.† . . . . . . . . . . . . . . . . . . . 4,257,692 1,836,727652,100 Tahoe Resources Inc.†(a) . . . . . . . . 11,741,007 2,380,165669,000 Torex Gold Resources Inc.† . . . . . . 14,241,166 6,365,595600,000 Wesdome Gold Mines Ltd.† . . . . . . 1,478,545 1,946,967688,000 Wheaton Precious Metals

Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . 16,143,132 13,436,640498,392,236 355,042,489

TOTAL COMMON STOCKS. . . . . . . . 838,166,480 590,239,617EXCHANGE TRADED FUNDS — 0.1%

5,000 Energy Select Sector SPDR ETF . . 332,317 286,750

PrincipalAmount

CONVERTIBLE CORPORATE BONDS — 0.2%Metals and Mining — 0.2%

$ 2,000,000 Osisko Gold Royalties Ltd.,4.000%, 12/31/22 . . . . . . . . . . . . . 1,565,384 1,455,084

250,000 Pretium Resources Inc.,2.250%, 03/15/22 . . . . . . . . . . . . . 250,000 226,725

1,815,384 1,681,809

TOTAL CONVERTIBLECORPORATE BONDS . . . . . . . . . . 1,815,384 1,681,809

GAMCO Global Gold, Natural Resources & Income TrustSchedule of Investments — December 31, 2018

See accompanying notes to financial statements.

4

PrincipalAmount Cost

MarketValue

CORPORATE BONDS — 1.2%Energy and Energy Services — 0.4%

$ 1,000,000 CNX Resources Corp.,5.875%, 04/15/22 . . . . . . . . . . . . . $ 894,608 $ 962,500

1,000,000 The Williams Companies Inc.,7.875%, 09/01/21 . . . . . . . . . . . . . 908,121 1,093,375

1,000,000 Weatherford International Ltd.,7.750%, 06/15/21 . . . . . . . . . . . . . 993,455 755,000

2,796,184 2,810,875

Metals and Mining — 0.8%2,600,000 Eldorado Gold Corp.,

6.125%, 12/15/20(c) . . . . . . . . . . 2,553,820 2,372,5002,000,000 IAMGOLD Corp.,

7.000%, 04/15/25(c) . . . . . . . . . . 2,000,000 1,890,0002,000,000 New Gold Inc.,

6.250%, 11/15/22(c) . . . . . . . . . . 2,010,000 1,690,0006,563,820 5,952,500

TOTAL CORPORATE BONDS . . . . . . 9,360,004 8,763,375

PrincipalAmount Cost

MarketValue

U.S. GOVERNMENT OBLIGATIONS — 16.8%$122,132,000 U.S. Treasury Bills,

2.151% to 2.511%††,01/08/19 to 06/13/19(d) . . . . . . . $121,477,221 $121,485,611

TOTAL INVESTMENTS BEFORE OPTIONSWRITTEN — 100.0% . . . . . . . . . . . . . . . $971,151,406 722,457,162

OPTIONS WRITTEN — (5.0)%(Premiums received $33,693,544) . . . . . . . . . . . . . . . . . . . . . . . (36,098,529)

Other Assets and Liabilities (Net) . . . . . . . . . . . . . . . . . . . . . . . . . (30,880,273)

PREFERRED STOCK(3,484,483 preferred shares outstanding) . . . . . . . . . . . . . . . . (87,112,075)

NET ASSETS — COMMON STOCK(136,223,484 common shares outstanding) . . . . . . . . . . . . . . $568,366,285

NET ASSET VALUE PER COMMON SHARE($568,366,285 ÷ 136,223,484 shares outstanding) . . . . . . . . $ 4.17

(a) Securities, or a portion thereof, with a value of $334,590,660 were depositedwith the broker as collateral for options written.

(b) At December 31, 2018, the Fund held an investment in a restricted and illiquidsecurity amounting to $1,175,300 or 0.16% of total investments before optionswritten, which were valued under methods approved by the Board of Trusteesas follows:

AcquisitionShares Issuer

AcquisitionDates

AcquisitionCost

12/31/18Carrying

ValuePer Share

161,000 MAG Silver Corp., NewYork . . . . . . . . . . . . . . . . . 11/17/17 $1,685,670 $7.3000

(c) Security exempt from registration under Rule 144A of the Securities Act of1933, as amended. These securities may be resold in transactions exemptfrom registration, normally to qualified institutional buyers. AtDecember 31, 2018, the market value of Rule 144A securities amounted to$7,127,800 or 0.99% of total investments before options written.

(d) At December 31, 2018, $35,000,000 of the principal amount was pledgedas collateral for options written.

† Non-income producing security.†† Represents annualized yields at dates of purchase.

ADR American Depositary ReceiptGDR Global Depositary Receipt

GAMCO Global Gold, Natural Resources & Income TrustSchedule of Investments (Continued) — December 31, 2018


5

Geographic Diversification% of Total

Investments*MarketValue

Long PositionsUnited States . . . . . . . . . . . . . . . . . 47.7% $344,881,254Canada . . . . . . . . . . . . . . . . . . . . 23.8 172,107,935Europe. . . . . . . . . . . . . . . . . . . . . 17.2 124,367,683Asia/Pacific . . . . . . . . . . . . . . . . . . 4.9 35,395,640Latin America. . . . . . . . . . . . . . . . . 4.5 32,377,010South Africa . . . . . . . . . . . . . . . . . 1.9 13,327,640Total Investments 100.0% $722,457,162

Geographic Diversification% of Total

Investments*MarketValue

Short PositionsUnited States . . . . . . . . . . . . . . . . . (3.9)% $(28,064,883)Canada . . . . . . . . . . . . . . . . . . . . (0.9) (6,800,987)Asia/Pacific . . . . . . . . . . . . . . . . . . (0.1) (727,380)Europe. . . . . . . . . . . . . . . . . . . . . (0.1) (505,279)Total Investments . . . . . . . . . . . . . . (5.0)% $(36,098,529)

* Total investments exclude options written.

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

Description CounterpartyNumber ofContracts

NotionalAmount

ExercisePrice

ExpirationDate

MarketValue

OTC Call Options Written — (2.5)%Agnico Eagle Mines

Ltd. Pershing LLC 2,200 USD 8,888,000 USD 34.00 01/18/19 $ 1,402,620Agnico Eagle Mines

Ltd. Pershing LLC 2,380 USD 9,615,200 USD 39.00 05/17/19 1,099,368Agnico Eagle Mines

Ltd. Pershing LLC 1,055 USD 4,262,200 USD 41.00 05/17/19 385,786Anadarko Petroleum

Corp. Pershing LLC 400 USD 1,753,600 USD 62.50 01/18/19 159Anadarko Petroleum

Corp. Pershing LLC 400 USD 1,753,600 USD 60.00 02/15/19 3,261Anadarko Petroleum

Corp. Pershing LLC 385 USD 1,687,840 USD 47.50 05/17/19 119,910Anadarko Petroleum

Corp. Pershing LLC 500 USD 2,192,000 USD 50.00 08/16/19 167,000Antofagasta plc Morgan Stanley 150 GBP 1,174,800 GBp 960.00 01/18/19 828Antofagasta plc Morgan Stanley 150 GBP 1,174,800 GBp 800.00 03/15/19 103,243Apache Corp. Pershing LLC 440 USD 1,155,000 USD 40.00 04/19/19 5,429B2Gold Corp. Pershing LLC 12,500 USD 3,650,000 USD 2.80 02/15/19 358,015B2Gold Corp. Pershing LLC 12,400 USD 3,620,800 USD 3.00 07/19/19 563,033Baker Hughes, a GE

Company Pershing LLC 520 USD 1,118,000 USD 32.50 01/18/19 25Baker Hughes, a GE

Company Pershing LLC 514 USD 1,105,100 USD 25.00 04/19/19 32,440Baker Hughes, a GE

Company Pershing LLC 520 USD 1,118,000 USD 25.00 07/19/19 57,200Barrick Gold Corp. Pershing LLC 1,400 USD 1,895,600 USD 82.50 02/15/19 556,398Barrick Gold Corp. Pershing LLC 1,400 USD 1,895,600 USD 82.50 03/15/19 668,070



6


NotionalAmount

ExercisePrice

ExpirationDate

MarketValue

Barrick Gold Corp. Pershing LLC 680 USD 920,720 USD 87.50 06/21/19 $ 399,194Barrick Gold Corp. Pershing LLC 700 USD 947,800 USD 90.00 06/21/19 356,437BP plc, ADR Pershing LLC 575 USD 2,180,400 USD 45.00 01/18/19 78BP plc, ADR Pershing LLC 575 USD 2,180,400 USD 46.00 01/18/19 34BP plc, ADR Pershing LLC 1,110 USD 4,209,120 USD 42.00 04/19/19 56,344BP plc, ADR Pershing LLC 1,200 USD 4,550,400 USD 40.00 07/19/19 178,664Cabot Oil & Gas Corp. Pershing LLC 700 USD 1,564,500 USD 24.00 07/19/19 130,643Chevron Corp. Pershing LLC 680 USD 7,397,720 USD 121.00 01/18/19 3,606Chevron Corp. Pershing LLC 670 USD 7,288,930 USD 120.00 03/15/19 71,754Chevron Corp. Pershing LLC 670 USD 7,288,930 USD 110.00 06/21/19 434,586ConocoPhillips Pershing LLC 400 USD 2,494,000 USD 67.50 01/18/19 13,244ConocoPhillips Pershing LLC 200 USD 1,247,000 USD 67.50 02/15/19 22,373ConocoPhillips Pershing LLC 205 USD 1,278,175 USD 70.00 02/15/19 12,365ConocoPhillips Pershing LLC 415 USD 2,587,525 USD 62.50 06/21/19 216,609Eni SpA Morgan Stanley 300 EUR 2,062,200 EUR 16.00 01/18/19 155Eni SpA Morgan Stanley 300 EUR 2,062,200 EUR 15.50 03/15/19 13,676Eni SpA Morgan Stanley 300 EUR 2,062,200 EUR 14.50 05/17/19 80,177EOG Resources Inc. Pershing LLC 400 USD 3,488,400 USD 108.00 03/15/19 29,443Exxon Mobil Corp. Pershing LLC 1,500 USD 10,228,500 USD 82.50 01/18/19 105Exxon Mobil Corp. Pershing LLC 750 USD 5,114,250 USD 87.50 01/18/19 5Exxon Mobil Corp. Pershing LLC 375 USD 2,557,125 USD 79.00 02/15/19 4,274Exxon Mobil Corp. Pershing LLC 700 USD 4,773,300 USD 75.00 04/19/19 77,616Exxon Mobil Corp. Pershing LLC 700 USD 4,773,300 USD 80.00 04/19/19 26,128Exxon Mobil Corp. Pershing LLC 700 USD 4,773,300 USD 72.50 07/19/19 183,882Fortuna Silver Mines

Inc. Pershing LLC 4,500 USD 1,638,000 USD 3.50 03/15/19 160,106Franco-Nevada Corp. Pershing LLC 950 USD 6,666,150 USD 65.00 01/18/19 527,064Franco-Nevada Corp. Pershing LLC 378 USD 2,652,426 USD 70.00 01/18/19 70,471Franco-Nevada Corp. Pershing LLC 1,450 USD 10,174,650 USD 71.00 04/19/19 586,748Franco-Nevada Corp. Pershing LLC 1,200 USD 8,420,400 USD 70.00 07/19/19 731,797Goldcorp Inc. Pershing LLC 4,500 USD 4,410,000 USD 9.50 02/15/19 330,358Halliburton Co. Pershing LLC 675 USD 1,794,150 USD 37.50 04/19/19 7,245Halliburton Co. Pershing LLC 660 USD 1,754,280 USD 32.50 05/17/19 42,870Halliburton Co. Pershing LLC 650 USD 1,727,700 USD 30.00 07/19/19 100,750Helmerich & Payne Inc. Pershing LLC 150 USD 719,100 USD 67.50 03/22/19 648Helmerich & Payne Inc. Pershing LLC 160 USD 767,040 USD 52.50 05/17/19 35,030Hess Corp. Pershing LLC 170 USD 688,500 USD 65.00 02/15/19 49HollyFrontier Corp. Pershing LLC 200 USD 1,022,400 USD 65.00 03/22/19 5,820HollyFrontier Corp. Pershing LLC 200 USD 1,022,400 USD 62.50 05/17/19 24,961Kinder Morgan Inc. Pershing LLC 1,400 USD 2,153,200 USD 18.00 01/18/19 1,763Kinder Morgan Inc. Pershing LLC 1,493 USD 2,296,234 USD 18.00 03/15/19 12,524Kinder Morgan Inc. Pershing LLC 1,400 USD 2,153,200 USD 16.30 06/21/19 94,832MAG Silver Corp. Pershing LLC 2,400 USD 1,752,000 USD 8.35 01/18/19 23,232



7


NotionalAmount

ExercisePrice

ExpirationDate

MarketValue

MAG Silver Corp. Pershing LLC 2,400 USD 1,752,000 USD 8.35 02/15/19 $ 53,134Marathon Oil Corp. Pershing LLC 985 USD 1,412,490 USD 18.00 07/19/19 74,609Marathon Petroleum

Corp. Pershing LLC 735 USD 4,337,235 USD 80.00 01/18/19 53Marathon Petroleum

Corp. Pershing LLC 975 USD 5,753,475 USD 72.50 04/19/19 77,649Marathon Petroleum

Corp. Pershing LLC 735 USD 4,337,235 USD 65.00 06/21/19 226,380Newcrest Mining Ltd. Morgan Stanley 4,600 AUD 10,155,472 AUD 21.25 01/18/19 261,938Newcrest Mining Ltd. The Goldman Sachs Group, Inc. 1,551 AUD 3,424,160 AUD 21.50 02/21/19 101,819Newcrest Mining Ltd. The Goldman Sachs Group, Inc. 2,900 AUD 6,402,363 AUD 21.00 03/28/19 295,256Newcrest Mining Ltd. The Goldman Sachs Group, Inc. 850 AUD 1,876,555 AUD 21.50 03/28/19 68,368Newmont Mining Corp. Pershing LLC 1,475 USD 5,110,875 USD 34.00 01/18/19 191,710Newmont Mining Corp. Pershing LLC 1,550 USD 5,370,750 USD 34.00 03/15/19 357,623Newmont Mining Corp. Pershing LLC 1,350 USD 4,677,750 USD 35.00 06/21/19 385,399Newmont Mining Corp. Pershing LLC 835 USD 2,893,275 USD 35.00 08/16/19 281,395Newmont Mining Corp. Pershing LLC 835 USD 2,893,275 USD 36.00 08/16/19 244,655Noble Energy Inc. Pershing LLC 220 USD 412,720 USD 30.00 01/18/19 1Noble Energy Inc. Pershing LLC 550 USD 1,031,800 USD 30.00 02/15/19 304Occidental Petroleum

Corp. Pershing LLC 265 USD 1,626,570 USD 78.50 01/18/19 89Occidental Petroleum

Corp. Pershing LLC 300 USD 1,841,400 USD 65.00 04/19/19 65,034Occidental Petroleum

Corp. Pershing LLC 265 USD 1,626,570 USD 75.00 05/17/19 12,604ONEOK Inc. Pershing LLC 300 USD 1,618,500 USD 62.50 04/19/19 19,031ONEOK Inc. Pershing LLC 310 USD 1,672,450 USD 60.00 07/19/19 51,388Phillips 66 Pershing LLC 315 USD 2,713,725 USD 110.00 01/18/19 169Phillips 66 Pershing LLC 315 USD 2,713,725 USD 100.00 02/15/19 8,801Phillips 66 Pershing LLC 210 USD 1,809,150 USD 90.00 05/17/19 82,559Rio Tinto plc, ADR Pershing LLC 1,000 USD 4,848,000 USD 52.50 01/18/19 18,766Rio Tinto plc, ADR Pershing LLC 1,000 USD 4,848,000 USD 50.00 04/19/19 197,649Rio Tinto plc, ADR Pershing LLC 1,000 USD 4,848,000 USD 50.00 07/19/19 312,144Royal Dutch Shell plc Morgan Stanley 290 GBP 6,691,750 GBp 2,550.00 01/18/19 6,230Royal Dutch Shell plc Morgan Stanley 298 GBP 6,876,350 GBp 2,450.00 03/15/19 133,176Royal Dutch Shell plc Morgan Stanley 295 GBP 6,807,125 GBp 2,450.00 04/19/19 167,793Royal Gold Inc. Pershing LLC 200 USD 1,713,000 USD 77.50 01/18/19 163,332Royal Gold Inc. Pershing LLC 500 USD 4,282,500 USD 77.50 03/15/19 504,242Royal Gold Inc. Pershing LLC 185 USD 1,584,525 USD 77.50 04/19/19 198,704Royal Gold Inc. Pershing LLC 975 USD 8,350,875 USD 80.00 04/19/19 885,185Schlumberger Ltd. Pershing LLC 1,070 USD 3,860,560 USD 62.00 01/18/19 3Schlumberger Ltd. Pershing LLC 1,000 USD 3,608,000 USD 57.50 02/15/19 316Schlumberger Ltd. Pershing LLC 620 USD 2,236,960 USD 45.00 03/15/19 13,020



8


NotionalAmount

ExercisePrice

ExpirationDate

MarketValue

Schlumberger Ltd. Pershing LLC 140 USD 505,120 USD 47.50 03/15/19 $ 1,396Schlumberger Ltd. Pershing LLC 450 USD 1,623,600 USD 50.00 05/17/19 8,263Schlumberger Ltd. Pershing LLC 740 USD 2,669,920 USD 45.00 06/21/19 48,100Suncor Energy Inc. Pershing LLC 565 USD 1,580,305 USD 38.00 01/18/19 39Suncor Energy Inc. Pershing LLC 560 USD 1,566,320 USD 36.00 02/15/19 1,195Suncor Energy Inc. Pershing LLC 575 USD 1,608,275 USD 31.00 03/15/19 26,509Suncor Energy Inc. Pershing LLC 565 USD 1,580,305 USD 30.00 06/21/19 74,015TechnipFMC plc Pershing LLC 500 USD 979,000 USD 32.00 01/18/19 0TechnipFMC plc Pershing LLC 500 USD 979,000 USD 27.00 04/19/19 8,345The Williams

Companies Inc. Pershing LLC 625 USD 1,378,125 USD 28.00 02/15/19 2,551The Williams

Companies Inc. Pershing LLC 700 USD 1,543,500 USD 26.00 03/15/19 8,323The Williams

Companies Inc. Pershing LLC 1,500 USD 3,307,500 USD 24.00 05/17/19 112,754TOTAL SA, ADR Pershing LLC 905 USD 4,722,290 USD 57.50 02/15/19 27,751TOTAL SA, ADR Pershing LLC 1,005 USD 5,244,090 USD 57.50 05/17/19 100,021TOTAL SA, ADR Pershing LLC 1,000 USD 5,218,000 USD 57.50 08/16/19 141,000Valero Energy Corp. Pershing LLC 340 USD 2,548,980 USD 110.00 01/18/19 16Valero Energy Corp. Pershing LLC 325 USD 2,436,525 USD 95.00 03/15/19 9,116Valero Energy Corp. Pershing LLC 340 USD 2,548,980 USD 85.00 06/21/19 100,300Valero Energy Corp. Pershing LLC 320 USD 2,399,040 USD 87.50 06/21/19 75,340Wheaton Precious

Metals Corp. Pershing LLC 1,500 USD 2,929,500 USD 19.00 01/18/19 143,053Wheaton Precious



Metals Corp. Pershing LLC 1,480 USD 2,890,440 USD 20.00 08/16/19 300,440

TOTAL OTC CALL OPTIONS WRITTEN $18,108,718

DescriptionNumber ofContracts

NotionalAmount

ExercisePrice

ExpirationDate

MarketValue

Exchange Traded Call Options Written — (2.1)%Alacer Gold Corp. 13,000 CAD 3,276,000 CAD 2.50 05/17/19 $ 261,866Alamos Gold Inc. 13,000 USD 4,680,000 USD 5.00 03/15/19 130,000AngloGold Ashanti Ltd. 2,300 USD 2,886,500 USD 12.00 04/18/19 310,500AngloGold Ashanti Ltd. 2,300 USD 2,886,500 USD 12.00 07/19/19 409,400Apache Corp. 440 USD 1,155,000 USD 45.00 01/18/19 440B2Gold Corp. 13,000 USD 3,796,000 USD 2.50 04/18/19 650,000Barrick Gold Corp. 1,450 USD 1,963,300 USD 12.00 01/18/19 205,900Barrick Gold Corp. 1,370 USD 1,854,980 USD 13.00 01/18/19 106,860



9


NotionalAmount

ExercisePrice

ExpirationDate

MarketValue

Cabot Oil & Gas Corp. 700 USD 1,564,500 USD 24.00 04/18/19 $ 91,000Cimarex Energy Co. 120 USD 739,800 USD 95.00 01/18/19 900Cimarex Energy Co. 130 USD 801,450 USD 75.00 06/21/19 42,250Concho Resources Inc. 120 USD 1,233,480 USD 145.00 01/18/19 300Concho Resources Inc. 160 USD 1,644,640 USD 150.00 03/15/19 5,200Concho Resources Inc. 175 USD 1,798,825 USD 120.00 06/21/19 99,750Detour Gold Corp. 5,200 CAD 5,995,600 CAD 12.00 01/18/19 131,409Detour Gold Corp. 3,725 CAD 4,294,925 CAD 11.00 04/18/19 392,909Detour Gold Corp. 3,725 CAD 4,294,925 CAD 11.50 05/17/19 360,167Devon Energy Corp. 600 USD 1,352,400 USD 40.00 04/18/19 3,000Devon Energy Corp. 400 USD 901,600 USD 32.00 07/19/19 26,600Endeavour Mining Corp. 950 CAD 2,122,300 CAD 22.00 01/18/19 59,149Endeavour Mining Corp. 950 CAD 2,122,300 CAD 19.00 04/18/19 271,389Endeavour Mining Corp. 890 CAD 1,988,260 CAD 22.00 07/19/19 159,720EOG Resources Inc. 300 USD 2,616,300 USD 120.00 01/18/19 900EOG Resources Inc. 100 USD 872,100 USD 125.00 01/18/19 100EOG Resources Inc. 405 USD 3,532,005 USD 100.00 04/18/19 115,425EOG Resources Inc. 400 USD 3,488,400 USD 95.00 06/21/19 254,000Fortuna Silver Mines Inc. 4,500 USD 1,638,000 USD 5.00 01/18/19 11,250Gold Fields Ltd., ADR 3,000 USD 1,056,000 USD 3.00 01/18/19 159,000Goldcorp Inc. 887 USD 869,260 USD 10.00 01/18/19 22,175Goldcorp Inc. 2,480 USD 2,430,400 USD 11.00 01/18/19 12,400Goldcorp Inc. 3,100 USD 3,038,000 USD 9.00 04/18/19 403,000Goldcorp Inc. 4,500 USD 4,410,000 USD 10.00 07/19/19 463,500Harmony Gold Mining Co. Ltd., ADR 8,400 USD 1,503,600 USD 2.00 08/16/19 168,000Hess Corp. 80 USD 324,000 USD 57.50 02/15/19 1,040Hess Corp. 80 USD 324,000 USD 60.00 02/15/19 480Kirkland Lake Gold Ltd. 705 CAD 2,509,800 CAD 26.00 01/18/19 491,878Kirkland Lake Gold Ltd. 1,500 CAD 5,340,000 CAD 26.00 04/18/19 1,101,487Kirkland Lake Gold Ltd. 1,500 CAD 5,340,000 CAD 36.00 07/19/19 406,534MAG Silver Corp. 2,400 USD 1,752,000 USD 7.50 05/17/19 162,000Marathon Oil Corp. 985 USD 1,412,490 USD 21.00 04/18/19 13,790Marathon Petroleum Corp. 350 USD 2,065,350 USD 70.00 03/15/19 28,000Newfield Exploration Co. 225 USD 329,850 USD 30.00 01/18/19 563Newfield Exploration Co. 225 USD 329,850 USD 21.00 03/15/19 8,100Newfield Exploration Co. 225 USD 329,850 USD 19.00 06/21/19 23,063Noble Energy Inc. 330 USD 619,080 USD 32.50 01/18/19 825OceanaGold Corp. 13,935 CAD 6,939,630 CAD 4.00 01/18/19 990,108OceanaGold Corp. 10,000 CAD 4,980,000 CAD 4.00 04/18/19 739,818OceanaGold Corp. 10,000 CAD 4,980,000 CAD 5.00 05/17/19 205,098OceanaGold Corp. 13,600 CAD 6,772,800 CAD 5.00 07/19/19 373,572Osisko Gold Royalties Ltd. 3,500 CAD 4,189,500 CAD 12.00 04/18/19 217,917Osisko Gold Royalties Ltd. 1,700 CAD 2,034,900 CAD 12.00 06/21/19 138,222



10


NotionalAmount

ExercisePrice

ExpirationDate

MarketValue

Osisko Gold Royalties Ltd. 3,600 CAD 4,309,200 CAD 13.00 07/19/19 $ 177,996Pioneer Natural Resources Co. 125 USD 1,644,000 USD 175.00 01/18/19 1,000Pioneer Natural Resources Co. 125 USD 1,644,000 USD 170.00 03/15/19 11,875Pioneer Natural Resources Co. 136 USD 1,788,672 USD 145.00 06/21/19 133,280Royal Gold Inc. 200 USD 1,713,000 USD 80.00 01/18/19 120,600Royal Gold Inc. 1,000 USD 8,565,000 USD 82.50 01/18/19 371,000SEMAFO Inc. 8,500 CAD 2,507,500 CAD 3.50 01/18/19 15,565Tahoe Resources Inc. 1,252 USD 456,980 USD 2.50 01/18/19 162,760Tahoe Resources Inc. 1,769 USD 645,685 USD 3.00 03/15/19 70,760Torex Gold Resources Inc. 2,300 CAD 2,987,700 CAD 15.00 01/18/19 16,847Torex Gold Resources Inc. 2,000 CAD 2,598,000 CAD 12.00 04/18/19 289,335VanEck Vectors Gold Miners ETF 3,118 USD 6,575,862 USD 18.50 01/18/19 810,680VanEck Vectors Gold Miners ETF 3,300 USD 6,959,700 USD 19.00 01/18/19 686,400VanEck Vectors Gold Miners ETF 8,650 USD 18,242,850 USD 21.00 01/18/19 579,550VanEck Vectors Gold Miners ETF 4,700 USD 9,912,300 USD 20.00 02/15/19 747,300VanEck Vectors Gold Miners ETF 3,150 USD 6,643,350 USD 20.50 02/15/19 400,050VanEck Vectors Gold Miners ETF 2,200 USD 4,639,800 USD 20.00 04/18/19 457,600

TOTAL EXCHANGE TRADED CALL OPTIONS WRITTEN $15,283,552

Exchange Traded Put Options Written — (0.4)%Energy Select Sector SPDR ETF 1,091 USD 6,256,885 USD 68.00 01/18/19 $ 1,199,009Energy Select Sector SPDR ETF 1,600 USD 9,176,000 USD 60.00 03/29/19 764,000VanEck Vectors Gold Miners ETF 6,250 USD 13,181,250 USD 18.00 01/18/19 6,250VanEck Vectors Gold Miners ETF 7,000 USD 14,763,000 USD 18.00 03/15/19 161,000VanEck Vectors Gold Miners ETF 8,000 USD 16,872,000 USD 19.00 06/21/19 576,000

TOTAL EXCHANGE TRADED PUT OPTIONS WRITTEN $ 2,706,259

TOTAL OPTIONS WRITTEN $36,098,529



11

Assets:Investments, at value (cost $971,151,406) . . . . . . $ 722,457,162Foreign currency (cost $2,785,823) . . . . . . . . . . . . 2,786,874Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,725Deposit at brokers. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,039,671Receivable for investments sold . . . . . . . . . . . . . . . 19,323,801Dividends and interest receivable . . . . . . . . . . . . . . 615,694Deferred offering expense . . . . . . . . . . . . . . . . . . . . 157,806Prepaid expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,345

Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 749,418,078Liabilities:

Options written, at value (premiums received$33,693,544) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,098,529

Payable to brokers . . . . . . . . . . . . . . . . . . . . . . . . . . 10,977,347Distributions payable . . . . . . . . . . . . . . . . . . . . . . . . 60,495Payable for investments purchased . . . . . . . . . . . . 45,645,712Payable for preferred shares repurchased . . . . . . 258,725Payable for investment advisory fees. . . . . . . . . . . 558,100Payable for payroll expenses . . . . . . . . . . . . . . . . . 83,311Payable for accounting fees . . . . . . . . . . . . . . . . . . 7,500Other accrued expenses . . . . . . . . . . . . . . . . . . . . . 249,999

Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,939,718Cumulative Preferred Shares, $0.001 par value,

unlimited number of shares authorized:Series B Preferred Shares (5.000%, $25

liquidation value, 3,484,483 shares issued andoutstanding) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,112,075

Net Assets Attributable to CommonShareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 568,366,285

Net Assets Attributable to CommonShareholders Consist of:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,305,783,226Total accumulated loss(a) . . . . . . . . . . . . . . . . . . . . (737,416,941)

Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 568,366,285

Net Asset Value per Common Share:($568,366,285 ÷ 136,223,484 shares

outstanding at $0.001 par value; unlimitednumber of shares authorized). . . . . . . . . . . . . . . $4.17

(a) Effective December 31, 2018, the Fund has adopted disclosurerequirements conforming to SEC Rule 6-04.17 of RegulationS-X and discloses total distributable earnings/accumulated loss.See Note 2 for further details.

Investment Income:Dividends (net of foreign withholding taxes of

$872,042) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,409,235Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,711,232Total Investment Income. . . . . . . . . . . . . . . . . . . . . 18,120,467

Expenses:Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . 7,499,292Shareholder communications expenses . . . . . . . . . 342,424Payroll expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,956Trustees’ fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,773Legal and audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . 157,061Offering expense for issuance of common shares . 146,594Dividend expense on securities sold short . . . . . . . 121,583Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,825Accounting fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000Shareholder services fees . . . . . . . . . . . . . . . . . . . . . 30,507Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330Service fees for securities sold short

(See Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,559Miscellaneous expenses . . . . . . . . . . . . . . . . . . . . . . 119,749Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,957,653Less:

Expenses paid indirectly by broker(See Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,797)

Net Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,951,856Net Investment Income . . . . . . . . . . . . . . . . . . . . . . 9,168,611

Net Realized and Unrealized Gain/(Loss) onInvestments, Securities Sold Short, WrittenOptions, and Foreign Currency:Net realized loss on investments . . . . . . . . . . . . . . . (35,954,913)Net realized gain on securities sold short . . . . . . . . 268,574Net realized gain on written options . . . . . . . . . . . . . 65,204,775Net realized loss on foreign currency transactions. (278,900)Net realized gain on investments, securities sold

short, written options, and foreign currencytransactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,239,536

Net change in unrealized appreciation/depreciation:on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . (139,391,139)on written options . . . . . . . . . . . . . . . . . . . . . . . . . . 11,461,166on foreign currency translations . . . . . . . . . . . . . . (14,019)

Net change in unrealized appreciation/depreciation on investments, written options,and foreign currency translations . . . . . . . . . . . . . (127,943,992)

Net Realized and Unrealized Gain/(Loss) onInvestments, Securities Sold Short, WrittenOptions, and Foreign Currency . . . . . . . . . . . . . (98,704,456)

Net Decrease in Net Assets Resulting fromOperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (89,535,845)

Total Distributions to Preferred Shareholders . . . . . (4,394,893)Net Decrease in Net Assets Attributable to

Common Shareholders Resulting fromOperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (93,930,738)


Statement of Assets and LiabilitiesDecember 31, 2018

Statement of OperationsFor the Year Ended December 31, 2018


12

Year EndedDecember 31, 2018


Operations:Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,168,611 $ 8,519,105Net realized gain on investments, securities sold short, written options, and foreign

currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,239,536 48,124,067Net change in unrealized depreciation on investments, securities sold short, written

options, and foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (127,943,992) (1,224,511)Net Increase/(Decrease) in Net Assets Resulting from Operations . . . . . . . . . . . . . . . (89,535,845) 55,418,661

Distributions to Preferred Shareholders(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,394,893) (4,401,545)*Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders

Resulting from Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (93,930,738) 51,017,116

Distributions to Common Shareholders:Accumulated earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,647,232) (6,585,968)**Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (76,830,834) (74,461,432)Total Distributions to Common Shareholders(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (81,478,066) (81,047,400)

Fund Share Transactions:Net increase in net assets from common shares issued in offering . . . . . . . . . . . . . . . . . . 1,577,430 4,108,377Increase in net assets from common shares issued upon reinvestment of

distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,341,592 2,310,005Net increase in net assets from repurchase of preferred shares. . . . . . . . . . . . . . . . . . . . . 110,203 45,947Net Increase in Net Assets from Fund Share Transactions . . . . . . . . . . . . . . . . . . . . . . 3,029,225 6,464,329Net Decrease in Net Assets Attributable to Common Shareholders . . . . . . . . . . . . . . (172,379,579) (23,565,955)

Net Assets Attributable to Common Shareholders:Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740,745,864 764,311,819End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 568,366,285 $740,745,864

(a) Effective December 31, 2018, the Fund has adopted disclosure requirements conforming to SEC Rule 6-04.17 of Regulation S-X.See Note 2 for further details.

* For the year ended December 31, 2017, the distributions to Preferred shareholders was comprised of net investment income of$4,401,545.

** For the year ended December 31, 2017, the distributions to Common shareholders was comprised of net investment income of$6,585,968.


Statement of Changes in Net Assets Attributable to Common Shareholders


13

Year Ended December 31,2018 2017 2016 2015 2014

Operating Performance:Net asset value, beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.46 $ 5.68 $ 5.34 $ 7.35 $ 9.94Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.07 0.06 0.03 0.02 0.03Net realized and unrealized gain/(loss) on investments, securities sold

short, written options, and foreign currency transactions . . . . . . . . . . . . (0.73) 0.35 1.15 (1.15) (1.51)Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.66) 0.41 1.18 (1.13) (1.48)

Distributions to Preferred Shareholders: (a)Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.03) (0.03) (0.00)(b) (0.00)(b) (0.02)Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (0.04) (0.04) (0.02)Total distributions to preferred shareholders . . . . . . . . . . . . . . . . . . . . . . . (0.03) (0.03) (0.04) (0.04) (0.04)

Net increase/(decrease) in net assets attributable to commonshareholders resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . (0.69) 0.38 1.14 (1.17) (1.52)

Distributions to Common Shareholders:Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.03) (0.05) (0.04) (0.02) —Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.57) (0.55) (0.80) (0.82) (1.08)Total distributions to common shareholders . . . . . . . . . . . . . . . . . . . . . . . (0.60) (0.60) (0.84) (0.84) (1.08)

Fund Share Transactions:Increase in net asset value from issuance of common shares. . . . . . . . . . . 0.00(b) 0.00(b) 0.04 — 0.01Increase in net asset value from repurchase of common shares . . . . . . . . . — — 0.00(b) 0.00(b) —Increase in net asset value from repurchase of preferred shares and

transaction fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00(b) 0.00(b) 0.00(b) 0.00(b) 0.00(b)Adjustments to offering costs for preferred shares credited to paid-in

capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 0.00(b)Total Fund share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00(b) 0.00(b) 0.04 0.00(b) 0.01Net Asset Value, End of Year $ 4.17 $ 5.46 $ 5.68 $ 5.34 $ 7.35NAV total return † . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13.54)% 7.05% 22.67% (17.59)% (17.23)%Market value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.70 $ 5.21 $ 5.30 $ 4.75 $ 7.00Investment total return †† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19.44)% 9.61% 29.39% (22.14)% (13.01)%

GAMCO Global Gold, Natural Resources & Income TrustFinancial Highlights

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


14

Year Ended December 31,2018 2017 2016 2015 2014

Ratios to Average Net Assets and Supplemental Data:Net assets including liquidation value of preferred shares,

end of year (in 000’s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $655,478 $828,655 $853,079 $691,468 $920,538Net assets attributable to common shares, end of year (in 000’s) . . . . . . . . $568,366 $740,746 $764,312 $601,745 $828,027Ratio of net investment income to average net assets attributable to

common shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.38% 1.13% 0.44% 0.30% 0.21%Ratio of operating expenses to average net assets attributable to common

shares(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.35%(d)(e) 1.31%(d)(e) 1.32%(d)(e) 1.29%(d) 1.24%Portfolio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145.7% 214.6% 198.4% 36.0% 87.4%

Cumulative Preferred Shares:5.000% Series B PreferredLiquidation value, end of year (in 000’s) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 87,112 $ 87,909 $ 88,767 $ 89,724 $ 92,512Total shares outstanding (in 000’s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,484 3,516 3,551 3,589 3,700Liquidation preference per share. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00Average market value (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23.06 $ 24.13 $ 23.81 $ 22.03 $ 21.28Asset coverage per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 188 $ 236 $ 240 $ 193 $ 249Asset coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 752% 943% 961% 771% 995%

† Based on net asset value per share, adjusted for reinvestment of distributions at the net asset value per share on the ex-dividend dates.†† Based on market value per share, adjusted for reinvestment of distributions at prices obtained under the Fund’s dividend reinvestment plan.(a) Calculated based on average common shares outstanding on the record dates throughout the years.(b) Amount represents less than $0.005 per share.(c) Ratio of operating expenses to average net assets including liquidation value of preferred shares for the years ended December 31, 2018, 2017, 2016,

2015, and 2014 would have been 1.19%, 1.17%, 1.18%, 1.15%, and 1.14%, respectively.(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2018, 2017,

2016, and 2015, there was no impact on the expense ratios.(e) The Fund incurred dividends and service fees on securities sold short. If this expense had not been incurred, the expense ratios for the years ended

December 31, 2018, 2017 and 2016 would have been 1.33, 1.30%, and 1.31% attributable to common shares, respectively, and 1.17, 1.16%, and 1.17%including liquidation value of preferred shares.

(f) Based on weekly prices.

GAMCO Global Gold, Natural Resources & Income TrustFinancial Highlights (Continued)

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


15

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

The Fund’s primary investment objective is to provide a high level of current income. The Fund’s secondaryinvestment 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 assetsin equity securities of companies principally engaged in the gold and natural resources industries. As part ofits investment strategy, the Fund intends to earn income through an option strategy of writing (selling) coveredcall options on equity securities in its portfolio. The Fund anticipates that it will invest at least 25% of its assetsin 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 engagedin “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 distributionof natural resources, such as gas and oil, paper, food and agriculture, forestry products, metals, and mineralsas 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 apotentially 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 experienceincreased 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 companyaccounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) thatmay 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 policiesfollowed by the Fund in the preparation of its financial statements.

New Accounting Pronouncements. The SEC recently adopted changes to Regulation S-X to simplify thereporting of information by registered investment companies in financial statements. The amendments requirepresentation of the total, rather than the components, of distributable earnings on the Statement of Assets andLiabilities and also require presentation of the total, rather than the components, of distributions to shareholders,except for tax return of capital distributions, if any, on the Statement of Changes in Net Assets Attributable toCommon Shareholders. The amendments also removed the requirement for parenthetical disclosure of undistributednet investment income on the Statement of Changes in Net Assets Attributable to Common Shareholders.These Regulation S-X amendments are reflected in the Fund’s financial statements for the year endedDecember 31, 2018. As a result of adopting these amendments, the distributions to shareholders in the December31, 2017 Statement of Changes in Net Assets Attributable to Common Shareholders presented herein havebeen reclassified to conform to the current year presentation.

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Boardrecently issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework– Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, removes,

GAMCO Global Gold, Natural Resources & Income TrustNotes to Financial Statements

16

and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annualreporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU 2018-13is not required, even if early adoption is elected for the removals under ASU 2018-13. Management has earlyadopted the removals set forth in ASU 2018-13 in these financial statements and has not early adopted theadditions set forth in ASU 2018-13.

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing valuesof such securities on the relevant market, but may be fair valued pursuant to procedures established by theBoard if market conditions change significantly after the close of the foreign market, but prior to the close ofbusiness on the day the securities are being valued. Debt obligations for which market quotations are readilyavailable are valued at the average of the latest bid and asked prices. If there were no asked prices quotedon such day, the security is valued using the closing bid price, unless the Board determines such amount doesnot reflect the securities’ fair value, in which case these securities will be fair valued as determined by theBoard. Certain securities are valued principally using dealer quotations. Futures contracts are valued at theclosing settlement price of the exchange or board of trade on which the applicable contract is traded. OTCfutures and options on futures for which market quotations are readily available will be valued by quotationsreceived from a pricing service or, if no quotations are available from a pricing service, by quotations obtainedfrom 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 bythe Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and reviewof available financial and non-financial information about the company; comparisons with the valuation andchanges 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 anyother 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 summarizedinto three levels as described in the hierarchy below:

• Level 1 — quoted prices in active markets for identical securities;• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest

rates, prepayment speeds, credit risk, etc.); and• Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value

of investments).

GAMCO Global Gold, Natural Resources & Income TrustNotes to Financial Statements (Continued)

17

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input bothindividually and in the aggregate that is significant to the fair value measurement. The inputs or methodologyused 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 valuethe Fund’s investments as of December 31, 2018 is as follows:

Valuation InputsLevel 1

Quoted PricesLevel 2 Other Significant

Observable InputsTotal Market Value

at 12/31/18INVESTMENTS IN SECURITIES:ASSETS (Market Value):Common Stocks:

Energy and Energy Services $235,197,128 — $235,197,128Metals and Mining 301,412,475 $ 53,630,014 355,042,489

Total Common Stocks 536,609,603 53,630,014 590,239,617Convertible Corporate Bonds (a) — 1,681,809 1,681,809Corporate Bonds (a) — 8,763,375 8,763,375Exchange Traded Funds 286,750 — 286,750U.S. Government Obligations — 121,485,611 121,485,611TOTAL INVESTMENTS IN SECURITIES – ASSETS $536,896,353 $185,560,809 $722,457,162INVESTMENTS IN SECURITIES:LIABILITIES (Market Value)

EQUITY CONTRACTS:Call Options Written $ (14,518,291) $ (18,873,979) $ (33,392,270)Put Options Written (1,942,259) (764,000) (2,706,259)

TOTAL INVESTMENTS IN SECURITIES – LIABILITIES $ (16,460,550) $ (19,637,979) $ (36,098,529)

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

The Fund held no level 3 investments at December 31, 2018 or 2017.

Additional Information to Evaluate Qualitative Information.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated withthe Adviser – to value most of its securities, and uses broker quotes provided by market makers of securitiesnot valued by these and other recognized pricing sources. Several different pricing feeds are received to valuedomestic 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 wherethese securities trade. The prices supplied by external sources are checked by obtaining quotations or actualtransaction 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 similarsecurities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, orfixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are notavailable, such as securities not traded for several days, or for which current bids are not available, or whichare restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparablesecurities 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


18

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 continueto 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 fairvalues previously recognized.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investingin derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changesin the value of its portfolio securities and in the value of securities it intends to purchase, or hedging againsta specific transaction with respect to either the currency in which the transaction is denominated or anothercurrency. Investing in certain derivative financial instruments, including participation in the options, futures, orswap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency marketrisks. 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 dutiesunder a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining paymentsor other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterpartiesis closely monitored in order to minimize these risks. Participation in derivative transactions involves investmentrisks, transaction costs, and potential losses to which the Fund would not be subject absent the use of thesestrategies. The consequences of these risks, transaction costs, and losses may have a negative impact onthe Fund’s ability to pay distributions.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchangeclearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives tradedover-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted inthe Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separatelyin 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 terminationof the agreement, the master agreement does not result in an offset of reported amounts of financial assetsand financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund andthe applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

The Fund’s derivative contracts held at December 31, 2018, if any, are not accounted for as hedging instrumentsunder 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 ofincreasing the income of the Fund. As a writer of put options, the Fund receives a premium at the outset andthen bears the risk of unfavorable changes in the price of the financial instrument underlying the option. TheFund would incur a loss if the price of the underlying financial instrument decreases between the date theoption is written and the date on which the option is terminated. The Fund would realize a gain, to the extentof 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 theunderlying security at a specified price. The seller of the put has the obligation to purchase the underlying


19

security upon exercise at the exercise price. If the price of the underlying security declines, the Fund wouldrealize a gain upon sale or exercise. If the price of the underlying security increases or stays the same, theFund 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 underlyingsecurity in determining whether there has been a realized gain or loss. If a written put option is exercised, thepremium reduces the cost basis of the security. In the case of call options, the exercise prices are referred toas “in-the-money,” “at-the-money,” and “out-of-the-money,” respectively. The Fund may write (a) in-the-moneycall options when the Adviser expects that the price of the underlying security will remain stable or declineduring the option period, (b) at-the-money call options when the Adviser expects that the price of the underlyingsecurity will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-moneycall options when the Adviser expects that the premiums received from writing the call option will be greaterthan the appreciation in the price of the underlying security above the exercise price. By writing a call option,the Fund limits its opportunity to profit from any increase in the market value of the underlying security abovethe exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverseof call options as to the relation of exercise price to market price) may be utilized in the same market environmentsthat such call options are used in equivalent transactions. Option positions at December 31, 2018 are reflectedwithin the Schedule of Investments.

The Fund’s volume of activity in equity options contracts during the year ended December 31, 2018 had anaverage monthly market value of approximately $28,077,703.

At December 31, 2018, the Fund’s derivative liabilities (by type) are as follows:

Gross Amounts ofRecognized Liabilities

Presented in theStatement of

Assets and Liabilities

Gross AmountsAvailable forOffset in the

Statement of Assetsand Liabilities

Net Amounts ofLiabilities Presented in

the Statement ofAssets and Liabilities

LiabilitiesOTC Equity Written Options $18,108,718 — $18,108,718

The following table presents the Fund’s derivative liabilities by counterparty net of the related collateral segregatedby the Fund as of December 31, 2018:

Net Amounts Not Offset in the Statement ofAssets and Liabilities

Net Amounts ofLiabilities Presented in

the Statement of Assetsand Liabilities

Securities Pledgedas Collateral

Cash CollateralPledged Net Amount

CounterpartyPershing LLC $16,876,059 $(16,876,059) — —Morgan Stanley 767,216 (767,216) — —The Goldman Sachs Group, Inc. 465,443 (465,443) — —

Total $18,108,718 $(18,108,718) — —

As of December 31, 2018, the value of equity option positions can be found in the Statement of Assets andLiabilities, under Liabilities, Options written, at value. For the year ended December 31, 2018, the effect of


20

equity option positions 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 onwritten 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 theguidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions infutures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedgingor other permissible transactions in accordance with the rules and regulations of the Commodity Futures TradingCommission (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 respectto the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commoditypool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund whichpermit 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’sassets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided thatthe Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) thesum of the amount of initial margin deposits on the Fund’s existing futures positions or swaps positions andoption or swaption premiums would exceed 5% of the market value of the Fund’s liquidating value, after takinginto account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notionalvalue of the Fund’s commodity interest transactions would not exceed 100% of the market value of the Fund’sliquidating 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 commodityfutures, options, and certain types of swaps (including securities futures, broad based stock index futures, andfinancial futures contracts). As a result, in the future the Fund will be more limited in its ability to use theseinstruments than in the past, and these limitations may have a negative impact on the ability of the Adviser tomanage the Fund, and on the Fund’s performance.

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securitiesthat may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, withan obligation to replace such borrowed securities at a later date. The proceeds received from short sales arerecorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference betweenthe proceeds received and the value of an open short position on the day of determination. The Fund recordsa realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears themarket risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recordedas 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 ofthe position fluctuates. For the year ended December 31, 2018, the Fund incurred $1,559 in service fees relatedto its investment positions sold short and held by the broker. These amounts are included in the Statement ofOperations under Expenses, Service fees for securities sold short.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of otherinvestment companies (or entities that would be considered investment companies but are excluded from thedefinition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of


21

the Acquired Funds in addition to the Fund’s expenses. For the year ended December 31, 2018, the Fund’spro rata portion of the periodic expenses charged by the Acquired Funds was less than 1 basis points.

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

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities offoreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. Therisks include possible revaluation of currencies, the inability to repatriate funds, less complete financial informationabout companies, and possible future adverse political and economic developments. Moreover, securities ofmany foreign issuers and their markets may be less liquid and their prices more volatile than securities ofcomparable 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, basedupon 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 marketsare restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractualrestrictions. The sale of restricted securities often requires more time and results in higher brokerage chargesor dealer discounts and other selling expenses than the sale of securities eligible for trading on national securitiesexchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securitiesthat are not subject to restrictions on resale. Securities freely saleable among qualified institutional investorsunder special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards establishedby the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities,and, accordingly, the Board will monitor their liquidity. For the restricted securities the Fund held as of December 31, 2018,refer to the Schedule of Investments.

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


22

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 custodyarrangement are included in custodian fees in the Statement of Operations with the corresponding expenseoffset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn, the Fund is charged anoverdraft fee equal to 110% of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, ifany, 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 federalincome tax regulations, which may differ from income and capital gains as determined under GAAP. Thesedifferences are primarily due to differing treatments of income and gains on various investment securities andforeign currency transactions held by the Fund, timing differences, and differing characterizations of distributionsmade by the Fund. Distributions from net investment income for federal income tax purposes include net realizedgains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature.To the extent these differences are permanent, adjustments are made to the appropriate capital accounts inthe period when the differences arise. Permanent differences were primarily due to tax treatment of currencygains and losses, sales of partnership interests, and disallowed expenses. These reclassifications have noimpact on the NAV of the Fund. For the year ended December 31, 2018, reclassifications were made to decreasepaid-in capital by $100,787, with an offsetting adjustment to total distributable earnings.

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 maybe made in excess of required distributions. Distributions sourced from paid-in capital should not be consideredas dividend yield or the total return from an investment in the Fund. The Board will continue to monitor theFund’s distribution level, taking into consideration the Fund’s NAV and the financial market environment. TheFund’s distribution policy is subject to modification by the Board at any time.

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

The tax character of distributions paid during the years ended December 31, 2018 and 2017 was as follows:



Common Preferred Common PreferredDistributions paid from:Ordinary income . . . . . . . . . . . . . . . . . . . . $ 4,647,232 $4,394,893 $ 6,585,968 $4,401,545Return of capital . . . . . . . . . . . . . . . . . . . . 76,830,834 — 74,461,432 —Total distributions paid . . . . . . . . . . . . . . . $81,478,066 $4,394,893 $81,047,400 $4,401,545

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment companyunder Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of theFund to comply with the requirements of the Code applicable to regulated investment companies and to distributesubstantially all of its net investment company taxable income and net capital gains. Therefore, no provisionfor federal income taxes is required.


23

As of December 31, 2018, the components of accumulated earnings/losses on a tax basis were as follows:

Accumulated capital loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(405,520,780)Net unrealized depreciation on investments, written options, and foreign

currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (325,866,055)Qualified late year loss deferral*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,969,611)Other temporary differences**. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (60,495)Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(737,416,941)

* Under the current law, qualified late year losses realized after October 31 and prior to the Fund’s year end may be elected asoccurring on the first day of the following year. For the year ended December 31, 2018, the Fund elected to defer $5,969,611 oflate year long term capital losses.

** Other temporary differences are primarily due to adjustments on preferred share class distribution payables.

At December 31, 2018, the Fund had net long term capital loss carryforwards for federal income tax purposesof $405,520,780 which are available for an unlimited period to reduce future required distributions of net capitalgains to shareholders. Capital losses that are carried forward will retain their character as either short term orlong term capital losses.

During the year ended December 31, 2018, the Fund utilized capital loss carryforwards of $25,178,736.

At December 31, 2018, the temporary differences between book basis and tax basis unrealized appreciation/depreciationwere primarily due to deferral of losses from wash sales for tax purposes and mark-to-market adjustments onpassive foreign investment companies.

The following summarizes the tax cost of investments, written options, and the related net unrealized depreciationat December 31, 2018:

Cost/(Proceeds)/Premiums

GrossUnrealized

Appreciation

GrossUnrealized

DepreciationNet UnrealizedDepreciation

Investments and derivative instruments . . . . . . . . $1,012,211,495 $4,824,256 $(330,677,118) $(325,852,862)

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing theFund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by theapplicable tax authority. Income tax and related interest and penalties would be recognized by the Fund astax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-notthreshold. During the year ended December 31, 2018, the Fund did not incur any income tax, interest, orpenalties. As of December 31, 2018, the Adviser has reviewed all open tax years and concluded that therewas no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns forthe prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitorthe Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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


24

During the year ended December 31, 2018, the Fund received credits from a designated broker who agreedto pay certain Fund operating expenses. The amount of such expenses paid through this directed brokeragearrangement during this period was $5,797.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreementbetween the Fund and the Adviser. During the year ended December 31, 2018, the Fund accrued $45,000 inaccounting 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 Fundand are not employed by the Adviser (although the officers may receive incentive based variable compensationfrom affiliates of the Adviser). For the year ended December 31, 2018, the Fund accrued $211,956 in payrollexpenses in the Statement of Operations.

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

4. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2018, otherthan short term securities and U.S. Government obligations, aggregated $1,020,317,225 and $993,882,329,respectively.

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

YearEnded

SharesIssued

NetProceeds

SalesManager

CommissionsOffering

Expenses

NetProceeds in

Excess of Par2018 336,269 $1,577,430 $15,616 $146,594 $35,2452017 727,934 4,108,377 39,781 129,409 89,012

The Board has authorized the repurchase of its common shares in the open market when the shares are tradingat a discount of 7.5% or more (or such other percentage as the Board may determine from time to time) fromthe NAV of the shares. During the years ended December 31, 2018 and 2017, the Fund did not repurchaseany shares.


25

Transactions in common shares of beneficial interest for the years ended December 31, 2018 and 2017, wereas follows:



Shares Amount Shares AmountShares issued pursuant to shelf offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336,269 $1,577,430 727,934 $4,108,377Increase from shares issued upon reinvestment of distributions . . . . . . . . 277,381 1,341,592 418,401 2,310,005Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 613,650 $2,919,022 1,146,335 $6,418,382

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

The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of $0.001 parvalue Preferred Shares. The Series B Preferred are callable at any time at the liquidation value of $25 pershare plus accrued and unpaid dividends. The Board has authorized the repurchase of the Series B Preferredin the open market at prices less than the $25 liquidation value per share. During the year ended December 31, 2018,the Fund repurchased and retired 31,874 of the Series B Preferred in the open market at an investment of$686,647 and an average discount of approximately 13.87% from its liquidation preference. During the yearended December 31, 2017, the Fund repurchased and retired 34,324 of the Series B Preferred in the openmarket at an investment of $811,253 and an average discount of approximately 5.50% from its liquidationpreference. At December 31, 2018, 3,484,483 Series B Preferred were outstanding and accrued dividendsamounted to $60,495.

The Series B Preferred is senior to the common shares and results in the financial leveraging of the commonshares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividendson the Series B Preferred are cumulative. The Fund is required by the 1940 Act and by the Statement ofPreferences to meet certain asset coverage tests with respect to the Series B Preferred. If the Fund fails tomeet these requirements and does not correct such failure, the Fund may be required to redeem, in part orin full, the Series B Preferred at the redemption price of $25 per share plus an amount equal to the accumulatedand 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 tocommon shareholders and could lead to sales of portfolio securities at inopportune times. The income receivedon the Fund’s assets may vary in a manner unrelated to the fixed rate, which could have either a beneficialor 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 submittedto 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 twoTrustees and, under certain circumstances, are entitled to elect a majority of the Board of Trustees. In addition,the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of thePreferred Shares, voting as a single class, will be required to approve any plan of reorganization adverselyaffecting the Preferred Shares, and the approval of two-thirds of each class, voting separately, of the Fund’soutstanding voting shares must approve the conversion of the Fund from a closed-end to an open-end investmentcompany. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred Shares and a


26

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

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

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


27

To the Board of Trustees and Shareholders ofGAMCO Global Gold, Natural Resources & Income Trust:

Opinion on the Financial Statements p>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments,of GAMCO Global Gold, Natural Resources & Income Trust (the “Fund”) as of December 31, 2018, the relatedstatement of operations for the year ended December 31, 2018, the statement of changes in net assets attributableto common shareholders for each of the two years in the period ended December 31, 2018, including therelated notes, and the financial highlights for each of the five years in the period ended December 31, 2018(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, inall material respects, the financial position of the Fund as of December 31, 2018, the results of its operationsfor the year then ended, the changes in its net assets attributable to common shareholders for each of the twoyears in the period ended December 31, 2018 and the financial highlights for each of the five years in theperiod ended December 31, 2018 in conformity with accounting principles generally accepted in the UnitedStates of America.

Basis for Opinion p>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements,whether due to error or fraud, and performing procedures that respond to those risks. Such procedures includedexamining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Ouraudits also included evaluating the accounting principles used and significant estimates made by management,as well as evaluating the overall presentation of the financial statements. Our procedures included confirmationof securities owned as of December 31, 2018 by correspondence with the custodian and brokers; when replieswere not received from brokers, we performed other auditing procedures. We believe that our audits providea reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLPNew York, New YorkFebruary 28, 2019

We have served as the auditor of one or more investment companies in Gabelli/GAMCO Fund Complex since1986.

GAMCO Global Gold, Natural Resources & Income TrustReport of Independent Registered Public Accounting Firm

28

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

Name, Position(s)Address1

and Age

Term of Officeand

Length ofTime Served2

Number ofFunds in Fund

ComplexOverseen by

TrusteePrincipal Occupation(s)During Past Five Years

Other DirectorshipsHeld by Trustee3

INDEPENDENTTRUSTEES4:

Anthony J. Colavita5

TrusteeAge: 83

Since 2005** 20 President of the law firm ofAnthony J. Colavita, P.C.

—

James P. Conn5

TrusteeAge: 80

Since 2005*** 26 Former Managing Director and ChiefInvestment Officer of Financial SecurityAssurance Holdings Ltd. (1992-1998)

—

Vincent D. EnrightTrusteeAge: 75

Since 2005* 17 Former Senior Vice President and ChiefFinancial Officer of KeySpan Corp. (publicutility) (1994-1998)

Director of Echo Therapeutics, Inc.(therapeutics and diagnostics) (2008-2014); Director of The LGL Group,Inc. (diversified manufacturing)(2011-2014)

Frank J. Fahrenkopf,Jr.6

TrusteeAge: 79

Since 2005** 14 Co-Chairman of the Commission onPresidential Debates; Former President andChief Executive Officer of the American GamingAssociation (1995-2013); Former Chairman ofthe Republican National Committee (1983-1989)

Director of First Republic Bank(banking); Director of EldoradoResorts, Inc. (casino entertainmentcompany)

Michael J. MelarkeyTrusteeAge: 69

Since 2005* 25 Of Counsel in the law firm of McDonald CaranoWilson LLP; Partner in the law firm ofAvansino, Melarkey, Knobel, Mulligan &McKenzie (1980-2015)

Chairman of Southwest GasCorporation (natural gas utility)

Salvatore M. SalibelloTrusteeAge: 73

Since 2005*** 8 Senior Partner of Bright Side Consulting(consulting); Certified Public Accountant andManaging Partner of the certified publicaccounting firm of Salibello & Broder LLP(1978-2012); Partner of BDO Seidman, LLP(2012-2013)

Director of Nine West, Inc. (consumerproducts) (2002-2014)

Anthonie C. van Ekris6

TrusteeAge: 84

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

—

Salvatore J. ZizzaTrusteeAge: 73

Since 2005** 32 President of Zizza & Associates Corp. (privateholding company); Chairman of BAM(semiconductor and aerospace manufacturing);President of Bergen Cove Realty Inc.; Chairmanof Metropolitan Paper Recycling Inc.(recycling) (2005-2014)

Director and Chairman of Trans-LuxCorporation (business services);Director and Chairman of HarborDiversified Inc. (pharmaceuticals)(2009-2018)

GAMCO Global Gold, Natural Resources & Income TrustAdditional Fund Information (Unaudited)

29


and Age

Term ofOffice andLength of

Time Served2Principal Occupation(s)During Past Five Years

OFFICERS:

Bruce N. AlpertPresidentAge: 67

Since 2005 Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988;Officer of registered investment companies within the Gabelli/GAMCO Fund Complex;Senior Vice President of GAMCO Investors, Inc. since 2008

John C. BallTreasurerAge: 42

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

Agnes MulladyVice PresidentAge: 60

Since 2006 Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLCsince 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice Presidentof GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007;Executive Vice President of Associated Capital Group, Inc. since 2016

Andrea R. MangoSecretary and Vice PresidentAge: 46

Since 2013 Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since2013; Secretary of registered investment companies within the Gabelli/GAMCO FundComplex since 2013; Vice President of closed-end funds within the Gabelli/GAMCO FundComplex since 2014; Corporate Vice President within the Corporate ComplianceDepartment of New York Life Insurance Company, 2011-2013

Richard J. WalzChief Compliance OfficerAge: 59

Since 2013 Chief Compliance Officer of registered investment companies within the Gabelli/GAMCOFund Complex since 2013; Chief Compliance Officer of AEGON USA InvestmentManagement, 2011-2013

GAMCO Global Gold, Natural Resources & Income TrustAdditional Fund Information (Continued) (Unaudited)

30


and Age

Term ofOffice andLength of

Time Served2Principal Occupation(s)During Past Five Years

Molly A.F. MarionVice President andOmbudsmanAge: 64

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

Laurissa M. MartireVice President andOmbudsmanAge: 42

Since 2010 Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO FundComplex; Vice President (since 2016) and Assistant Vice President (2003-2016) of GAMCOInvestors, Inc.

Carter W. AustinVice PresidentAge: 52

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

David I. SchachterVice PresidentAge: 65

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

1 Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.2 The Fund’s Board of Trustees is divided into three classes, each class having a term of three years. Each year the term of office of

one class expires and the successor or successors elected to such class serve for a three year term. The three year term for eachclass expires as follows:* Term expires at the Fund’s 2019 Annual Meeting of Shareholders or until their successors are duly elected and qualified.** Term expires at the Fund’s 2020 Annual Meeting of Shareholders or until their successors are duly elected and qualified.*** Term expires at the Fund’s 2021 Annual Meeting of Shareholders or until their successors are duly elected and qualified.For officers, includes time served in prior office positions with the Fund. Each officer will hold office for an indefinite term until the datehe or she resigns or retires or until his or her successor is elected and qualified.

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

4 Trustees who are not interested persons are considered “Independent” Trustees.5 This Trustee is elected solely by and represents the shareholders of the preferred shares issued by this Fund.6 Mr. Fahrenkopf’s daughter, Leslie F. Foley, serves as a director of other funds in the Fund Complex. Mr. van Ekris is an independent

director of Gabelli International Ltd., Gabelli Fund LDC, Gama Capital Opportunities Master Ltd., and GAMCO International SICAV, allof which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in the event, would be deemed to be under commoncontrol with the Fund’s Adviser.

GAMCO Global Gold, Natural Resources & Income TrustAdditional Fund Information (Continued) (Unaudited)

31

Cash Dividends and Distributions

PayableDate

RecordDate

OrdinaryInvestment

IncomeReturn ofCapital (a)

Total AmountPaid

Per Share

DividendReinvestment

PriceCommon Shares

01/24/18 01/17/18 $0.00310 $0.04690 $0.05000 $5.4990002/21/18 02/13/18 0.00310 0.04690 0.05000 5.0750003/22/18 03/15/18 0.00310 0.04690 0.05000 4.9789004/23/18 04/16/18 0.00310 0.04690 0.05000 5.0867005/23/18 05/16/18 0.00310 0.04690 0.05000 5.1252006/22/18 06/15/18 0.00310 0.04690 0.05000 5.0600007/24/18 07/17/18 0.00310 0.04690 0.05000 5.0100008/24/18 08/17/18 0.00310 0.04690 0.05000 4.7120009/21/18 09/14/18 0.00310 0.04690 0.05000 4.6000010/24/18 10/17/18 0.00310 0.04690 0.05000 4.2740011/23/18 11/15/18 0.00310 0.04690 0.05000 4.0565012/14/18 12/07/18 0.00310 0.04690 0.05000 3.91840

$0.03720 $0.56280 $0.600005.000% Series B Cumulative Preferred Shares

03/26/18 03/19/18 $0.31250 — $0.3125006/26/18 06/19/18 0.31250 — 0.3125009/26/18 09/19/18 0.31250 — 0.3125012/26/18 12/18/18 0.31250 — 0.31250

$1.25000 — $1.25000

A Form 1099-DIV has been mailed to all shareholders of record which sets forth specific amounts to be included in your 2018 tax returns.Ordinary distributions may include net investment income, realized net short term capital gains, and foreign tax paid. Ordinary income is reportedin box 1a of Form 1099-DIV. Capital gain distributions are reported in box 2a of Form 1099-DIV.

There were no long term capital gain distributions in the year ended December 31, 2018.

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

In 2018, the Fund paid to common and Series B Cumulative Preferred shareholders ordinary income dividends of $0.03840 and $1.25 pershare, respectively. For 2018, 68.03% of the ordinary dividend qualified for the dividend received deduction available to corporations, 100% of theordinary income distribution was deemed qualified dividend income, and 14.04% of ordinary income distribution was qualified interest income. Thepercentage of ordinary income dividends paid by the Fund during 2018 derived from U.S. Government securities was 9.69%. Such income is exemptfrom state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the incomeearned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. TheFund did not meet this strict requirement in 2018. The percentage of U.S. Government securities held as of December 31, 2018 was 16.82% of totalinvestments.

GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUSTINCOME TAX INFORMATION (Unaudited)

December 31, 2018

32

Historical Distribution Summary

InvestmentIncome (b)(c)

Short TermCapital

Gains (b)

Long TermCapitalGains

Return ofCapital (a)

ForeignTax

Credit (c)

TotalDistributions

(d)

Adjustmentto Cost

Basis (e)Common Shares2018 . . . . . . . . . . . . . . . . . . . . . . . . . . $0.03840 — — $0.56280 $(0.00120) $0.60000 $0.562802017 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05160 — — 0.54960 (0.00120) 0.60000 0.549602016 . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 0.84000 — 0.84000 0.840002015 . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 0.84000 — 0.84000 0.840002014 . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 1.08000 — 1.08000 1.080002013 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05562 $0.76900 — 0.61538 — 1.44000 0.615382012 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.04689 1.19955 $0.16042 0.22614 (0.01300) 1.62000 0.226142011 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.09570 1.28230 0.26120 0.04080 — 1.68000 0.040802010 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.34100 1.11480 0.22420 — — 1.68000 —2009 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25914 0.28117 0.12228 1.01741 — 1.68000 1.01741

5.000% Series B Cumulative Preferred Shares2018 . . . . . . . . . . . . . . . . . . . . . . . . . . $1.29840 — — — $(0.04840) $1.25000 —2017 . . . . . . . . . . . . . . . . . . . . . . . . . . 1.29240 — — — (0.04240) 1.25000 —2016 . . . . . . . . . . . . . . . . . . . . . . . . . . 1.18640 — — $0.06360 — 1.25000 $0.063602015 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.86960 — — 0.56320 (0.18280) 1.25000 0.563202014 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.56600 — — 0.68400 — 1.25000 0.684002013 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05364 $0.74150 — — — 0.79514 —

6.625% Series A Cumulative Preferred Shares2013 . . . . . . . . . . . . . . . . . . . . . . . . . . $0.05647 $0.78084 — — — $0.83731 —2012 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05465 1.39626 $0.22051 — $(0.01518) 1.65625 —2011 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.09204 1.26428 0.29993 — — 1.65625 —2010 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.32400 1.06004 0.27222 — — 1.65625 —2009 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.60224 0.65354 0.40047 — — 1.65625 —2008 . . . . . . . . . . . . . . . . . . . . . . . . . . 0.38281 — 1.27344 — — 1.65625 —

(a) Non-taxable.(b) Taxable as ordinary income for Federal tax purposes.(c) Per share ordinary investment income and investment income are grossed up for the foreign tax credit.(d) Total amounts may differ due to rounding.(e) Decrease in cost basis.

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

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

GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUSTINCOME TAX INFORMATION (Unaudited) (Continued)

December 31, 2018

33

Enrollment in the PlanIt is the policy of GAMCO Global Gold, Natural Resources & Income Trust to automatically reinvest dividends payable to common shareholders.

As a “registered” shareholder, you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the Plan). The Planauthorizes the Fund to credit shares of common stock to participants upon an income dividend or a capital gains distribution regardless of whetherthe shares are trading at a discount or a premium to net asset value. All distributions to shareholders whose shares are registered in their own nameswill be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their stock certificates to AmericanStock Transfer (AST) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distribution in cash mustsubmit this request in writing to:

GAMCO Global Gold, Natural Resources & Income Trustc/o American Stock Transfer

6201 15th AvenueBrooklyn, NY 11219

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

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

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

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

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

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

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

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

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

AUTOMATIC DIVIDEND REINVESTMENTAND VOLUNTARY CASH PURCHASE PLANS

34

GAMCO GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUSTOne Corporate CenterRye, 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 teamof Gabelli Funds, LLC and portfolio manager of several funds within the Gabelli/GAMCO Fund Complex. Prior tojoining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began his investment career atSamuel Montagu Company, the London based merchant bank. Mr. Bryan graduated from the University of Southamptonin 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, headof the Gabelli Risk Management Group, serves as a portfolio manager of Gabelli Funds, LLC, and manages severalfunds within the Gabelli/GAMCO Fund Complex. He received a Master’s degree in Mathematics of Decision Makingfrom EISITI, France and an MS in Finance from ESSEC, France.

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

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “SpecializedEquity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Fundssection 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 theFund may from time to time purchase its common shares in the open market when the Fund’s shares are trading at adiscount of 7.5% or more from the net asset value of the shares. The Fund may also from time to time purchase itspreferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

GAMCO GLOBAL GOLD, NATURAL RESOURCES& INCOME TRUSTOne Corporate CenterRye, NY 10580-1422

t 800-GABELLI (800-422-3554)f 914-921-5118e [email protected]

GABELLI.COM

TRUSTEES

Anthony J. ColavitaPresident,Anthony J. Colavita, P.C.

James P. ConnFormer Managing Director &Chief Investment Officer,Financial Security AssuranceHoldings Ltd.

Vincent D. EnrightFormer Senior Vice President &Chief Financial Officer,KeySpan Corp.

Frank J. Fahrenkopf, Jr.Former President &Chief Executive Officer,American Gaming Association

Michael J. MelarkeyOf Counsel,McDonald Carano Wilson LLP

Salvatore M. SalibelloSenior Partner,Bright Side Consulting

Anthonie C. van EkrisChairman,BALMAC International, Inc.

Salvatore J. ZizzaChairman,Zizza & Associates Corp.

OFFICERS

Bruce N. AlpertPresident

John C. BallTreasurer

Agnes MulladyVice President

Andrea R. MangoSecretary & Vice President

Richard J. WalzChief Compliance Officer

Molly A.F. MarionVice President& Ombudsman

Laurissa M. MartireVice President& Ombudsman

Carter W. AustinVice President

David I. SchachterVice President

INVESTMENT ADVISER

Gabelli Funds, LLCOne Corporate CenterRye, New York 10580-1422

CUSTODIAN

The Bank of New York Mellon

COUNSEL

Skadden, Arps, Slate, Meagher &Flom LLP

TRANSFER AGENT ANDREGISTRAR

American Stock Transfer andTrust Company

GAMCOGLOBAL GOLD,NATURALRESOURCES& INCOMETRUST

GGN

Annual ReportDecember 31, 2018

GGN Q4/2018

(y)our portfolio management team caesar m. p. bryan vincent … · 2019-05-22 · (y)our portfolio...

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