UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21698

The Gabelli Global Gold, Natural Resources & Income Trust

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2010

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

The Gabelli Global Gold, Natural Resources & Income Trust

First Quarter Report — March 31, 2010

	Caesar Bryan		Barbara G. Marcin, CFA		Vincent Roche

To Our Shareholders,

     The Gabelli Global Gold, Natural Resources & Income Trust’s (the “Fund”) net asset value (“NAV”) total return was 1.8% during the first quarter of 2010, compared with increases of 1.1%, 1.4%, and 1.6% for the Chicago Board Options Exchange (“CBOE”) S&P 500 Buy/Write Index, the Amex Energy Select Sector Index, and the Barclays Capital Government/Corporate Bond Index, respectively, and a decline of 1.6% for the Philadelphia Gold & Silver Index. The total return for the Fund’s publicly traded shares was 10.8% during the first quarter.

Enclosed is the investment portfolio as of March 31, 2010.

Comparative Results

Average Annual Returns through March 31, 2010 (a) (Unaudited)

														Since
														Inception
		Quarter				1 Year				3 Year				(03/31/05)
Gabelli Global Gold, Natural Resources & Income Trust
NAV Total Return (b)			1.84	%			60.39	%			(5.48	)%			5.28	%
Investment Total Return (c)			10.80				25.98				(4.03	)			6.36
CBOE S&P 500 Buy/Write Index			1.08				30.66				(1.36	)			2.64
Philadelphia Gold & Silver Index			(1.61	)			23.63				7.32				13.10
Amex Energy Select Sector Index			1.40				38.04				0.19				7.78
Barclays Capital Government/Corporate Bond Index			1.55				7.51				5.84				5.17

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

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS
March 31, 2010 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 90.4%
				Energy and Energy Services — 32.1%
	50,000			Apache Corp.		$	5,075,000
	63,000			Baker Hughes Inc. (a)			2,950,920
	27,000			BG Group plc			467,290
	358,000			BJ Services Co. (a)			7,661,200
	165,900			BP plc, ADR (a)			9,467,913
	130,500			Chesapeake Energy Corp. (a)			3,085,020
	65,000			Chevron Corp. (a)			4,928,950
	307,692			Comanche Energy Inc.† (b)(c)(d)			0
	98,000			ConocoPhillips (a)			5,014,660
	158,000			Devon Energy Corp. (a)			10,179,940
	69,000			Diamond Offshore Drilling Inc. (a)			6,127,890
	450,000			El Paso Corp.			4,878,000
	91,000			Exxon Mobil Corp. (a)			6,095,180
	65,000			Galp Energia SGPS SA, Cl. B			1,129,015
	289,000			Halliburton Co. (a)			8,707,570
	235,000			Imperial Oil Ltd.			9,076,995
	180,000			Marathon Oil Corp. (a)			5,695,200
	224,000			Murphy Oil Corp. (a)			12,586,560
	200,000			Nabors Industries Ltd.† (a)			3,926,000
	110,000			Nexen Inc.			2,718,100
	243,000			Noble Corp. (a)			10,162,260
	346,500			Petroleo Brasileiro SA, ADR (a)			15,415,785
	230,500			Rowan Companies Inc.† (a)			6,709,855
	184,000			Royal Dutch Shell plc, Cl. A			5,333,091
	151,200			Sasol Ltd., ADR (a)			6,240,024
	88,400			Statoil ASA, ADR (a)			2,062,372
	476,500			Suncor Energy Inc. (a)			15,505,310
	40,000			Technip SA			3,252,384
	409,000			Tesoro Corp. (a)			5,685,100
	260,800			The Williams Companies Inc. (a)			6,024,480
	32,500			Total SA, ADR			1,885,650
	88,500			Transocean Ltd.† (a)			7,644,630
	250,000			Tullow Oil plc			4,742,178
	301,100			Valero Energy Corp. (a)			5,931,670
	462,000			Weatherford International Ltd.† (a)			7,327,320
	100,000			XTO Energy Inc. (a)			4,718,000
							218,411,512
				Metals and Mining — 58.3%
	210,000			African Barrick Gold Ltd.†			1,859,465
	393,500			Agnico-Eagle Mines Ltd. (a)			21,906,145
	580,000			Andean Resources Ltd.†			1,461,921
	258,000			Anglo American plc†			11,252,119
	563,500			AngloGold Ashanti Ltd., ADR (a)			21,384,825
	505,000			Antofagasta plc			7,969,894
	425,400			Barrick Gold Corp. (a)			16,309,836
	107,500			BHP Billiton Ltd., ADR (a)			8,634,400
	770,000			Centamin Egypt Ltd.†			1,622,409
	160,000			Compania de Minas Buenaventura SA, ADR			4,955,200
	700,000			Consolidated Thompson Iron Mines Ltd.†			6,588,884

						Market
Shares						Value
	83,000			Detour Gold Corp.†		$	1,550,249
	450,000			Eldorado Gold Corp.†			5,463,004
	175,000			Equinox Minerals Ltd.†			659,922
	175,000			Franco-Nevada Corp.			4,695,269
	175,000			Franco-Nevada Corp. (e)			4,695,269
	157,792			Freeport-McMoRan Copper & Gold Inc. (a)			13,181,944
	538,500			Fresnillo plc			6,929,620
	1,943,500			Gold Fields Ltd., ADR (a)			24,526,970
	390,000			Goldcorp Inc. (a)			14,515,800
	946,100			Harmony Gold Mining Co. Ltd., ADR (a)			8,969,028
	1,779,700			Hochschild Mining plc			7,610,543
	385,000			IAMGOLD Corp.			5,089,700
	412,000			Impala Platinum Holdings Ltd.			12,104,754
	215,000			International Tower Hill Mines Ltd.†			1,246,837
	300,140			Ivanhoe Mines Ltd.† (a)			5,225,437
	88,000			Kazakhmys plc†			2,039,152
	255,000			Keegan Resources Inc.†			1,529,021
	1,076,400			Kinross Gold Corp. (a)			18,395,676
	5,733,488			Lihir Gold Ltd.			15,941,846
	250,600			Lundin Mining Corp.† (a)			1,328,180
	221,000			MAG Silver Corp.†			1,675,479
	640,646			Newcrest Mining Ltd.			19,294,510
	130,000			Newmont Mining Corp. (a)			6,620,900
	150,000			Northern Dynasty Minerals Ltd.†			1,438,500
	165,000			Osisko Mining Corp.†			1,437,749
	12,537,555			PanAust Ltd.†			5,982,645
	61,300			Peabody Energy Corp. (a)			2,801,410
	319,607			Randgold Resources Ltd., ADR (a)			24,555,406
	449,000			Red Back Mining Inc.†			9,173,190
	58,400			Rio Tinto plc, ADR (a)			13,825,032
	845,000			Romarco Minerals Inc.†			1,622,360
	211,700			Royal Gold Inc.			9,782,657
	300,000			SEMAFO Inc.†			1,671,836
	188,700			Vale SA, ADR (a)			6,074,253
	937,305			Xstrata plc†			17,758,134
	1,372,300			Yamana Gold Inc. (a)			13,517,155
							396,874,535
				TOTAL COMMON STOCKS			615,286,047
				CONVERTIBLE PREFERRED STOCKS — 1.5%
				Metals and Mining — 1.5%
	51,720			Freeport-McMoRan Copper & Gold Inc., 6.750% Cv. Pfd.			5,997,968
	10,000			Vale Capital II, 6.750%, Cv. Pfd., Ser. VALe			909,500
	35,000			Vale Capital II, 6.750%, Cv. Pfd., Ser. VALE			3,181,500
	6,000			Vale Capital Ltd., 5.500% Cv. Pfd., Ser. RIO			341,700
				TOTAL CONVERTIBLE PREFERRED STOCKS			10,430,668

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

						Market
Shares						Value
				WARRANTS — 0.1%
				Energy and Energy Services — 0.0%
	34,091			Comanche Energy Inc., Cl. A, expire 06/18/13† (b)(c)(d)		$	0
	36,197			Comanche Energy Inc., Cl. B, expire 06/18/13† (b)(c)(d)			0
	82,965			Comanche Energy Inc., Cl. C, expire 06/18/13† (b)(c)(d)			0
							0
				Metals and Mining — 0.1%
	62,500			Franco-Nevada Corp., expire 03/13/12† (c)			276,301
	87,500			Franco-Nevada Corp., expire 06/16/17† (e)			628,907
							905,208
				TOTAL WARRANTS			905,208

Principal
Amount
				CONVERTIBLE CORPORATE BONDS — 1.5%
				Energy and Energy Services — 0.4%
$	1,500,000			Chesapeake Energy Corp., Cv., 2.250%, 12/15/38			1,098,750
	2,000,000			Nabors Industries Inc., Cv., 0.940%, 05/15/11			1,992,500
							3,091,250
				Metals and Mining — 1.1%
	5,000,000			Newmont Mining Corp., Cv., 1.625%, 07/15/17			6,481,250
	725,000	(f)		Wesdome Gold Mines Ltd., Deb. Cv., 7.000%, 05/31/12 (c)(e)			749,520
							7,230,770
				TOTAL CONVERTIBLE CORPORATE BONDS			10,322,020
				CORPORATE BONDS — 4.1%
				Energy and Energy Services — 1.6%
	2,000,000			Chesapeake Energy Corp., 7.500%, 06/15/14			2,040,000
	3,989,482			Comanche Energy Inc., PIK, 15.500%, 06/13/13 (b)(c)(d)			797,896
	2,500,000			Compagnie Generale de Geophysique-Veritas, 7.500%, 05/15/15			2,518,750

Principal						Market
Amount						Value
$	2,000,000			PetroHawk Energy Corp., 9.125%, 07/15/13		$	2,097,500
	500,000			Tesoro Corp., 9.750%, 06/01/19			525,000
	2,500,000			Weatherford International Ltd., 9.625%, 03/01/19			3,168,428
							11,147,574
				Metals and Mining — 2.5%
	2,000,000			AK Steel Corp., 7.750%, 06/15/12			2,020,000
	2,000,000			Freeport-McMoRan Copper & Gold Inc., 8.250%, 04/01/15			2,179,738
	2,000,000			Peabody Energy Corp., Ser. B, 6.875%, 03/15/13			2,032,500
	1,000,000			Rio Tinto Finance (USA) Ltd., 8.950%, 05/01/14			1,206,057
	4,000,000			United States Steel Corp., 6.050%, 06/01/17			3,870,000
	5,000,000			Xstrata Canada Corp., 7.250%, 07/15/12			5,475,310
							16,783,605
				TOTAL CORPORATE BONDS			27,931,179
				U.S. GOVERNMENT OBLIGATIONS — 2.4%
				U.S. Treasury Bills — 1.0%
	6,710,000			U.S. Treasury Bills, 0.046% to 0.213%††, 04/08/10 to 09/09/10 (a)			6,708,623
				U.S. Treasury Cash Management Bills — 1.4%
	9,680,000			U.S. Treasury Cash Management Bills, 0.101% to 0.122%††, 04/01/10 to 06/10/10 (a)			9,677,665
				TOTAL U.S. GOVERNMENT OBLIGATIONS			16,386,288
TOTAL INVESTMENTS — 100.0%
(Cost $683,290,527)						$	681,261,410
				Aggregate book cost		$	683,290,527
				Gross unrealized appreciation		$	44,990,788
				Gross unrealized depreciation			(47,019,905	)
				Net unrealized appreciation/depreciation		$	(2,029,117	)

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

Number of						Expiration Date/		Market
Contracts						Exercise Price		Value
				OPTION CONTRACTS WRITTEN — (2.2)%
				Call Options Written — (2.0)%
	3,550			Agnico-Eagle Mines Ltd.		May 10/65		$	237,850
	385			Agnico-Eagle Mines Ltd.		Aug. 10/65			93,170
	135			Anglo American plc(g)		Apr. 10/32			4,097
	123			Anglo American plc(g)		May 10/30			146,522
	5,605			Anglogold Ashanti Ltd., ADR		Apr. 10/40			168,150
	160			Antofagasta plc(g)		Jun. 10/9.59			279,220
	200			Antofagasta plc(g)		Jun. 10/11			133,919
	500			Apache Corp.		Apr. 10/105			37,500
	1,432			Baker Hughes Inc.		Apr. 10/50			42,960
	630			Baker Hughes Inc.		Jul. 10/50			129,150
	2,879			Barrick Gold Corp.		Apr. 10/39			178,498
	1,275			Barrick Gold Corp.		May 10/41			110,925
	670			BHP Billiton Ltd., ADR		May 10/80			247,900
	400			BHP Billiton Ltd., ADR		May 10/85			62,000
	500			BP plc, ADR		Apr. 10/57.50			31,775
	1,095			BP plc, ADR		Apr. 10/60			13,140
	1,305			Chesapeake Energy Corp.		Apr. 10/30			5,220
	500			Compania de Minas Buenaventura SA, ADR		Jun. 10/35			52,500
	1,100			Compania de Minas Buenaventura SA, ADR		Jun. 10/40			35,750
	980			ConocoPhillips		May 10/55			37,240
	6,900			Consolidated Thompson Iron Mines Ltd.(h)		Apr. 10/7			1,732,388
	1,200			Devon Energy Corp.		Apr. 10/75			21,600
	150			Devon Energy Corp.		Apr. 10/80			1,125
	690			Diamond Offshore Drilling Inc.		Sep. 10/98.13			213,900
	4,000			El Paso Corp.		Apr. 10/11			80,000
	500			El Paso Corp.		Apr. 10/12			1,500
	3,500			Eldorado Gold Corp.(h)		May 10/14			65,475
	1,750			Equinox Minerals Ltd.(h)		May 10/4			38,768
	225			Exxon Mobil Corp.		Apr. 10/65			46,800
	685			Exxon Mobil Corp.		Jul. 10/70			81,515
	1,750			Franco-Nevada Corp.(h)		Apr. 10/32			17,231
	1,750			Franco-Nevada Corp.(h)		Jul. 10/30			68,921
	7,000			Gold Fields Ltd., ADR		Apr. 10/12			525,000
	7,000			Gold Fields Ltd., ADR		Apr. 10/13			175,000
	500			Gold Fields Ltd., ADR		Apr. 10/14			3,750
	435			Gold Fields Ltd., ADR		Jul. 10/13			34,800
	4,500			Gold Fields Ltd., ADR		Jul. 10/14			213,750
	1,300			Goldcorp Inc.		Apr. 10/42			6,500
	1,600			Goldcorp Inc.		Apr. 10/43			4,800
	1,000			Goldcorp Inc.		May 10/40			91,000
	2,190			Halliburton Co.		Apr. 10/37			4,380

Number of						Expiration Date/		Market
Contracts						Exercise Price		Value
	700			Halliburton Co.		Jul. 10/36		$	28,000
	2,000			Harmony Gold Mining Co. Ltd., ADR		May 10/11			20,000
	6,461			Harmony Gold Mining Co. Ltd., ADR		May 10/12			32,305
	1,000			Harmony Gold Mining Co. Ltd., ADR		Jan. 11/10			117,500
	1,000			IAMGOLD Corp.		Jun. 10/15			50,000
	2,850			IAMGOLD Corp.		Sep. 10/17.50			171,000
	2,000			Imperial Oil Ltd.(h)		May 10/46			19,692
	3,000			Ivanhoe Mines Ltd.		Jan. 11/15			1,230,000
	2,000			Kinross Gold Corp.		May 10/20			35,000
	6,325			Kinross Gold Corp.		May 10/22			31,625
	1,150			Kinross Gold Corp.		May 10/23			8,625
	1,200			Kinross Gold Corp.		Aug. 10/20			90,000
	2,000			Lihir Gold Ltd.(i)		Apr. 10/3.30			39,459
	1,800			Marathon Oil Corp.		Apr. 10/34			9,000
	1,940			Murphy Oil Corp.		Apr. 10/60			38,800
	300			Murphy Oil Corp.		Jul. 10/60			52,500
	2,000			Nabors Industries Ltd.		Jun. 10/24			50,000
	490			Newcrest Mining Ltd.(i)		Apr. 10/40			2,383
	150			Newcrest Mining Ltd.(i)		May 10/38			29,181
	750			Newmont Mining Corp.		Jun. 10/55			117,000
	600			Newmont Mining Corp.		Sep. 10/52.50			238,200
	250			Nexen Inc.		Jun. 10/25			32,500
	850			Nexen Inc.		Jun. 10/26.50			60,503
	1,430			Noble Corp.		Jun. 10/46			118,690
	1,000			Noble Corp.		Jun. 10/47			61,000
	613			Peabody Energy Corp.		Jun. 10/50			99,306
	1,500			Petroleo Brasileiro SA, ADR		Apr. 10/50			7,500
	4,792			Randgold Resources Ltd., ADR		Jun. 10/85			982,360
	2,490			Red Bank Mining Inc.(h)		Apr. 10/20			275,809
	2,000			Red Bank Mining Inc.(h)		Apr. 10/21			113,228
	434			Rio Tinto plc, ADR		Apr. 10/260			17,360
	150			Rio Tinto plc, ADR		May 10/260			56,250
	1,305			Rowan Companies Inc.		Apr. 10/25			548,100
	1,000			Rowan Companies Inc.		Apr. 10/27.50			196,000
	184			Royal Dutch Shell plc, Cl. A(g)		Jun. 10/20			59,334
	1,140			Royal Gold Inc.		Apr. 10/50			20,520
	495			Royal Gold Inc.		Apr. 10/55			2,475
	275			Royal Gold Inc.		Jul. 10/45			110,000
	200			Royal Gold Inc.		Jul. 10/50			36,000
	1,512			Sasol Ltd., ADR		Jun. 10/45			143,640
	884			Statoil ASA, ADR		Apr. 10/25			8,840
	3,125			Suncor Energy Inc.		Jun. 10/34			384,375
	400			Technip SA(j)		Sep. 10/60			233,934
	1,510			Tesoro Corp.		May 10/16			37,750

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

Number of						Expiration Date/		Market
Contracts						Exercise Price		Value
	1,290			Tesoro Corp.		Aug. 10/17		$	51,600
	1,290			Tesoro Corp.		Jan. 11/17.50			96,750
	2,600			The Williams Companies Inc.		May 10/22.50			353,600
	150			Total SA, ADR		Aug. 10/65			9,000
	885			Transocean Ltd.		May 10/95			74,340
	250			Tullow Oil plc(g)		Jun. 10/13			241,851
	500			Vale SA, ADR		May 10/32			78,000
	1,387			Vale SA, ADR		Jun. 10/32			284,335
	1,000			Valero Energy Corp.		Jun. 10/21			73,000
	2,361			Valero Energy Corp.		Jun. 10/22			110,967
	1,940			Weatherford International Ltd.		May 10/19			29,100
	5,360			Weatherford International Ltd.		May 10/20			53,600
	871			Xstrata plc(g)		Apr. 10/13			228,000
	1,000			XTO Energy Inc.		May 10/47			132,000
	8,000			Yamana Gold Inc.		Apr. 10/12			16,000
	5,723			Yamana Gold Inc.		Jul. 10/13			80,122
				TOTAL CALL OPTIONS WRITTEN (Premiums received $18,085,455)				$	13,403,698
				Put Options Written — (0.2)%
	700			Agnico-Eagle Mines Ltd.		May 10/50		$	71,400
	750			Alcoa Inc.		Apr. 10/11			1,500
	750			Alcoa Inc.		Apr. 10/12			3,000
	900			AngloGold Ashanti Ltd., ADR		Apr. 10/30			4,500
	300			AngloGold Ashanti Ltd., ADR		Apr. 10/35			6,000
	1,200			Barrick Gold Corp.		Apr. 10/32			4,800
	250			Devon Energy Corp.		Apr. 10/65			41,250
	100			Devon Energy Corp.		Apr. 10/70			54,900
	150			Diamond Offshore Drilling Inc.		Jun. 10/85			45,600
	230			Exxon Mobil Corp.		Apr. 10/65			4,600
	420			Franco-Nevada Corp.(h)		Apr. 10/24			4,135
	400			Franco-Nevada Corp.(h)		Apr. 10/25			5,908
	500			Freeport-McMoRan Copper & Gold Inc.		May 10/60			13,000
	1,500			Gold Fields Ltd., ADR		Apr. 10/10			3,000
	3,000			Gold Fields Ltd., ADR		Apr. 10/11			30,000
	1,175			Goldcorp Inc.		Apr. 10/30			2,350
	320			Halliburton Co.		Apr. 10/28			6,400
	300			Halliburton Co.		Apr. 10/30			19,800
	500			Hess Corp.		May 10/55			28,500
	665			Kinross Gold Corp.		May 10/15			16,625
	1,600			Kinross Gold Corp.		May 10/17			144,000

Number of						Expiration Date/		Market
Contracts						Exercise Price		Value
	350			Marathon Oil Corp.		Apr. 10/27		$	1,750
	445			Murphy Oil Corp.		Apr. 10/50			4,450
	700			Nabors Industries Ltd.		Jun. 10/19			84,000
	500			Newmont Mining Corp.		Jun. 10/39			9,250
	425			Newmont Mining Corp.		Jun. 10/46			49,300
	250			Noble Corp.		Jun. 10/38			25,000
	385			Oil Service Holders Trust		Apr. 10/130			292,600
	1,000			Petroleo Brasileiro SA, ADR		Apr. 10/40			10,000
	375			Randgold Resources Ltd., ADR		Jun. 10/65			43,125
	600			Rowan Companies Inc.		Apr. 10/20			7,800
	600			Rowan Companies Inc.		Apr. 10/22.50			4,200
	500			Royal Gold Inc.		Apr. 10/40			3,750
	620			Suncor Energy Inc.		Jun. 10/28			34,720
	250			Transocean Ltd.		May 10/75			15,000
	200			Ultra Petroleum Corp.		Sep. 10/45			74,000
	600			Weatherford International Ltd.		May 10/14			16,200
				TOTAL PUT OPTIONS WRITTEN (Premiums received $2,998,095)				$	1,186,413
				Aggregate premiums				$	21,083,550
				Gross unrealized appreciation				$	10,648,769
				Gross unrealized depreciation					(4,155,330	)
				Net unrealized appreciation/depreciation				$	6,493,439

Acquisition
Shares/														3/31/10
Principal						Acquisition				Acquisition				Carrying Value
Amount				Issuer		Date				Cost				Per Unit
	307,692			Comanche Energy Inc.			06/17/08			$	1,849,998				—
	34,091			Comanche Energy Inc., Cl. A, Warrants expire 06/18/13			06/17/08				93,750				—
	36,197			Comanche Energy Inc., Cl. B, Warrants expire 06/18/13			06/17/08				93,750				—
	82,965			Comanche Energy Inc., Cl. C, Warrants expire 06/18/13			06/17/08				187,501				—
$	3,989,482			Comanche Energy Inc., PIK, 15.500%, 06/13/13			06/17/08				3,764,482			$	20.0000

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

 

		% of
		Market				Market
Geographic Diversification		Value				Value
Long Positions
North America			53.7	%		$	365,467,515
Europe			21.3				145,350,102
South Africa			10.8				73,225,601
Asia/Pacific			8.0				54,803,711
Latin America			6.2				42,414,481
Total Investments			100.0	%		$	681,261,410
Short Positions
North America			(1.4	)%		$	(9,248,051	)
Europe			(0.5	)			(3,191,557	)
South Africa			(0.2	)			(1,477,395	)
Latin America			(0.1	)			(602,085	)
Asia/Pacific			(0.0	)			(71,023	)
Total Investments			(2.2	)%		$	(14,590,111	)

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

     Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board.

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

	•		Level 1 — quoted prices in active markets for identical securities;
	•		Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
	•		Level 3 — significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2010 is as follows:

		Valuation Inputs
		Level 1				Level 2				Level 3				Total
		Quoted				Other Significant				Significant				Market Value
		Prices				Observable Inputs				Unobservable Inputs				at 3/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Energy and Energy Services		$	218,411,512				—			$	0			$	218,411,512
Metals and Mining			396,874,535				—				—				396,874,535
Total Common Stocks			615,286,047				—				0				615,286,047
Convertible Preferred Stocks (a)			10,430,668				—				—				10,430,668
Warrants:
Energy and Energy Services			—				—				0				0
Metals and Mining			276,301			$	628,907				—				905,208
Total Warrants			276,301				628,907				0				905,208
Convertible Corporate Bonds			—				9,572,500				749,520				10,322,020
Corporate Bonds			—				27,133,283				797,896				27,931,179
U.S. Government Obligations			—				16,386,288				—				16,386,288
TOTAL INVESTMENTS IN SECURITIES		$	625,993,016			$	53,720,978			$	1,547,416			$	681,261,410
OTHER FINANCIAL INSTRUMENTS:
LIABILITIES (Market Value):
EQUITY CONTRACTS:
Call Options Written		$	(10,185,939	)		$	(3,217,759	)		$	—			$	(13,403,698	)
Put Options Written			(583,963	)			(602,450	)			—				(1,186,413	)
TOTAL OTHER FINANCIAL INSTRUMENTS		$	(10,769,902	)		$	(3,820,209	)		$	—			$	(14,590,111	)

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

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

																																		Net change
																																		in unrealized
																																		appreciation/
																																		depreciation
														Change in																				during the
		Balance				Accrued				Realized				unrealized				Net				Transfers				Transfers				Balance				period on Level 3
		as of				discounts/				gain/				appreciation/				purchases/				into				out of				as of				investments held
		12/31/09				(premiums)				(loss)				depreciation				(sales)				Level 3†				Level 3†				3/31/10				at 3/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Energy and Energy Services		$	0			$	—			$	—			$	—			$	—			$	—			$	—			$	0			$	—
Warrants:
Energy and Energy Services			0				—				—				—				—				—				—				0				—
Convertible Corporate Bonds			—				—				—				44,173				—				705,347				—				749,520				44,173
Corporate Bonds			768,131				10,750				—				(129,810	)			148,825				—				—				797,896				(129,810	)
TOTAL INVESTMENTS IN SECURITIES		$	768,131			$	10,750			$	—			$	(85,637	)		$	148,825			$	705,347			$	—			$	1,547,416			$	(85,637	)

†		The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.

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

     Swap Agreements. The Fund may enter into equity and contract for difference swap transactions for the purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In a swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at the time a swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction. During the quarter ended March 31, 2010, the Fund had no investments in equity swap agreements.

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

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security.

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

     In the case of call options, these exercise prices are referred to as “in-the-money,” “at-the-money,” and “out-of-the-money,” respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. Option positions that were held at March 31, 2010 are presented within the Schedule of Investments.

     The Fund’s volume of activity in equity option contracts during the quarter ended March 31, 2010 had the following activities:

		Number of
		Contracts				Premiums
Options outstanding at December 31, 2009			164,312			$	20,812,335
Options written			251,377				24,867,693
Options repurchased			(118,468	)			(11,781,563	)
Options expired			(85,431	)			(11,176,553	)
Options exercised			(14,369	)			(1,638,362	)
Options outstanding at March 31, 2010			197,421			$	21,083,550

The following table summarizes the market value of derivatives held at March 31, 2010 by primary risk exposure:

Liability Derivatives:		Market Value
Equity Contracts		$	(14,590,111	)

TRUSTEES AND OFFICERS
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
One Corporate Center, Rye, NY 10580-1422

Trustees

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

James P. Conn

Former Managing Director &
Chief Investment Officer,

Financial Security Assurance Holdings Ltd.

Mario d’Urso

Former Italian Senator

Vincent D. Enright

Former Senior Vice President &
Chief Financial Officer,
KeySpan Corp.

Frank J. Fahrenkopf, Jr.

President & Chief Executive Officer,
American Gaming Association

Michael J. Melarkey

Attorney-at-Law,

Avansino, Melarkey, Knobel & Mulligan

Salvatore M. Salibello

Certified Public Accountant,
Salibello & Broder, LLP

Anthonie C. van Ekris

Chairman, BALMAC International, Inc.

Salvatore J. Zizza

Chairman, Zizza & Co., Ltd.

Officers

Bruce N. Alpert

President & Acting Treasurer

Carter W. Austin

Vice President

Peter D. Goldstein

Chief Compliance Officer & Acting Secretary

Molly A.F. Marion

Vice President & Ombudsman

Laurissa M. Martire

Ombudsman

Agnes Mullady*

Treasurer and Secretary

Investment Adviser

Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

Custodian

The Bank of New York Mellon

Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

Transfer Agent and Registrar
American Stock Transfer and Trust Company

Stock Exchange Listing			6.625	%

		Common				Preferred
NYSE Amex—Symbol:		GGN				GGN PrA
Shares Outstanding:			36,334,390				3,955,687

*		Agnes Mullady is on a leave of absence for a limited period of time.

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized Equity Funds.”
The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting ww.gabelli.com.

	(a)		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant) The Gabelli Global Gold, Natural Resources & Income Trust

Date 6/1/10

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

Date 6/1/10