Gabelli Global Gold, Natural Resources & Income Trust-Quarterly Schedule of Portfolio Holdings of Registered Management... (N-Q)

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, 2008

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 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. ss. 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.

[LOGO]

THE GABELLI
GLOBAL GOLD,
NATURAL RESOURCES
& INCOME TRUST

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

First Quarter Report
March 31, 2008

TO OUR SHAREHOLDERS,

The Gabelli Global Gold, Natural Resources & Income Trust's (the "Fund") net asset value ("NAV") total return was 0.8% during the first quarter of 2008, compared with a decline of 3.5% and a gain of 2.2% for the Chicago Board Options Exchange ("CBOE") S&P 500 Buy/Write Index and the Philadelphia Gold & Silver Index, respectively. The total return for the Fund's publicly traded shares was
(8.4)% during the first quarter. On March 31, 2008, the Fund's NAV per share was $29.29, while the price of the publicly traded shares closed at $26.30 on the American Stock Exchange.

Enclosed is the investment portfolio as of March 31, 2008.

COMPARATIVE RESULTS

AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2008 (a)

 Since
 Inception
 Quarter 1 Year 2 Year (03/31/05)
 ------- ------ ------ ----------
GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
 NAV TOTAL RETURN (b) ................................... 0.75% 24.74% 21.09% 24.05%
 INVESTMENT TOTAL RETURN (c) ............................ (8.44) 6.25 15.51 17.79
CBOE S&P 500 Buy/Write Index .............................. (3.46) 2.03 5.68 6.56
Philadelphia Gold & Silver Index .......................... 2.15 30.01 12.86 24.83
Amex Energy Select Sector Index ........................... (6.20) 24.56 18.33 21.66
Lehman Brothers Government/Corporate Bond Index ........... 2.53 8.35 7.36 5.55

(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE. WHEN SHARES ARE SOLD, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS OF THE MOST RECENT MONTH END. PERFORMANCE RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE INVESTING. THE CBOE S&P 500 BUY/WRITE INDEX IS AN UNMANAGED BENCHMARK INDEX DESIGNED TO REFLECT THE RETURN ON A PORTFOLIO THAT CONSISTS OF A LONG POSITION IN THE STOCKS IN THE S&P 500 INDEX AND A SHORT POSITION IN A S&P 500 (SPX) CALL OPTION. THE PHILADELPHIA GOLD & SILVER INDEX IS AN UNMANAGED INDICATOR OF STOCK MARKET PERFORMANCE OF LARGE NORTH AMERICAN GOLD AND SILVER COMPANIES, WHILE THE AMEX ENERGY SELECT SECTOR INDEX IS AN UNMANAGED INDICATOR OF STOCK MARKET PERFORMANCE OF LARGE U.S. COMPANIES INVOLVED IN THE DEVELOPMENT OR PRODUCTION OF ENERGY PRODUCTS. THE LEHMAN BROTHERS GOVERNMENT/CORPORATE BOND INDEX IS AN UNMANAGED MARKET VALUE WEIGHTED INDEX THAT TRACKS THE TOTAL RETURN PERFORMANCE OF FIXED RATE, PUBLICLY PLACED, DOLLAR DENOMINATED OBLIGATIONS. DIVIDENDS AND INTEREST INCOME ARE CONSIDERED REINVESTED. YOU CANNOT INVEST DIRECTLY IN AN INDEX.

(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN THE NAV PER SHARE AND REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE AND ARE NET OF EXPENSES. SINCE INCEPTION RETURN IS BASED ON AN INITIAL NAV OF $19.06.

(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET VALUES ON THE AMERICAN STOCK EXCHANGE AND REINVESTMENT OF DISTRIBUTIONS. SINCE INCEPTION RETURN IS BASED ON AN INITIAL OFFERING PRICE OF $20.00.

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, 2008 (UNAUDITED)

 MARKET
 SHARES VALUE
------------ ---------------
 COMMON STOCKS -- 98.1%
 ENERGY AND ENERGY SERVICES -- 36.8%
 120,000 Allis-Chalmers Energy Inc.+ ..................................................................... $ 1,654,800
 30,000 Baker Hughes Inc. ............................................................................... 2,055,000
 348,000 BJ Services Co. (a) ............................................................................. 9,921,480
 122,000 BP plc, ADR ..................................................................................... 7,399,300
 43,000 Chesapeake Energy Corp. ......................................................................... 1,984,450
 54,600 Chevron Corp. ................................................................................... 4,660,656
 65,000 ConocoPhillips .................................................................................. 4,953,650
 140,000 Devon Energy Corp. (a) .......................................................................... 14,606,200
 55,000 Diamond Offshore Drilling Inc. .................................................................. 6,402,000
 10,000 Equitable Resources Inc. ........................................................................ 589,000
 60,000 Exxon Mobil Corp. (a) ........................................................................... 5,074,800
 65,000 Galp Energia SGPS SA, Cl. B ..................................................................... 1,550,575
 247,000 Halliburton Co. (a) ............................................................................. 9,714,510
 195,000 Imperial Oil Ltd. ............................................................................... 10,220,663
 186,000 Lamprell plc .................................................................................... 1,476,571
 110,000 Marathon Oil Corp. .............................................................................. 5,016,000
 174,000 Murphy Oil Corp. (a) ............................................................................ 14,292,360
 220,000 Nabors Industries Ltd.+ ......................................................................... 7,429,400
 240,000 Noble Corp. (a) ................................................................................. 11,920,800
 220,000 Petroleo Brasileiro SA, ADR (a) ................................................................. 22,464,200
 150,000 Rowan Companies Inc. (a) ........................................................................ 6,177,000
 100,000 Royal Dutch Shell plc, Cl. A .................................................................... 3,447,318
 150,000 Saipem SpA ...................................................................................... 6,071,897
 100,000 Sasol Ltd., ADR ................................................................................. 4,839,000
 150,000 StatoilHydro ASA, ADR ........................................................................... 4,480,500
 152,500 Suncor Energy Inc. (a) .......................................................................... 14,693,375
 60,000 Technip SA ...................................................................................... 4,672,803
 117,500 Tesoro Corp. .................................................................................... 3,525,000
 20,000 Total SA, ADR ................................................................................... 1,480,200
 83,000 Transocean Inc.+ ................................................................................ 11,221,600
 104,800 Valero Energy Corp. (a) ......................................................................... 5,146,728
 194,000 Weatherford International Ltd.+ (a) ............................................................. 14,059,180
 166,400 Williams Companies Inc. (a) ..................................................................... 5,487,872
 246,250 XTO Energy Inc. (a) ............................................................................. 15,233,025
 ---------------
 243,921,913
 ---------------
 EXCHANGE TRADED FUNDS -- 0.5%
 16,000 ETFS Physical Platinum+ ......................................................................... 3,296,000
 ---------------
 METALS AND MINING -- 60.8%
 363,000 Agnico-Eagle Mines Ltd. (a) ..................................................................... 24,578,730
 160,000 Alcoa Inc. (a) .................................................................................. 5,769,600
 3,000 Anglo American plc .............................................................................. 180,285
 78,000 Anglo Platinum Ltd. ............................................................................. 11,445,129
 138,500 AngloGold Ashanti Ltd., ADR ..................................................................... 4,703,460
 597,061 Aquila Resources Ltd.+ .......................................................................... 5,472,916
 454,000 Barrick Gold Corp. (a) .......................................................................... 19,726,300
 170,000 BHP Billiton Ltd., ADR (a) ...................................................................... 11,194,500
 217,500 Companhia Vale do Rio Doce, ADR ................................................................. 7,534,200

 MARKET
 SHARES VALUE
------------ ---------------
 640,000 Eldorado Gold Corp.+ ............................................................................ $ 4,414,438
 200,000 Equinox Minerals Ltd.+ .......................................................................... 950,850
 35,000 Eurasian Natural Resources Corp.+ ............................................................... 684,204
 250,000 Franco-Nevada Corp.+ ............................................................................ 4,932,047
 178,200 Freeport-McMoRan Copper & Gold Inc. ............................................................. 17,146,404
 200,000 Gold Fields Ltd. ................................................................................ 2,836,005
 1,041,800 Gold Fields Ltd., ADR (a) ....................................................................... 14,408,094
 369,500 Goldcorp Inc. (a) ............................................................................... 14,318,125
 377,700 Harmony Gold Mining Co. Ltd., ADR+ .............................................................. 4,471,968
 728,000 Hochschild Mining plc ........................................................................... 6,328,299
 342,500 IAMGOLD Corp. ................................................................................... 2,539,262
 406,000 Impala Platinum Holdings Ltd. ................................................................... 15,669,297
 715,600 Ivanhoe Mines Ltd., New York+ ................................................................... 7,384,992
 50,000 Ivanhoe Mines Ltd., New York+ (b) ............................................................... 516,000
 48,000 Ivanhoe Mines Ltd., Toronto+ .................................................................... 500,365
 850,000 Kagara Ltd. ..................................................................................... 3,402,453
 100,000 Kazakhmys plc ................................................................................... 3,169,469
 349,656 Kingsgate Consolidated Ltd.+ .................................................................... 1,406,024
 1,150,000 Kinross Gold Corp.+ (a) ......................................................................... 25,426,500
 6,483,488 Lihir Gold Ltd.+ ................................................................................ 21,271,706
 202,320 Lonmin plc ...................................................................................... 12,331,053
 285,600 Lundin Mining Corp.+ ............................................................................ 1,939,224
 1,000,000 Minara Resources Ltd. ........................................................................... 5,547,379
 744,307 Newcrest Mining Ltd. ............................................................................ 22,699,039
 359,400 Newmont Mining Corp. (a) ........................................................................ 16,280,820
 1,545,000 Oxiana Ltd. ..................................................................................... 4,490,087
 6,580,000 Pan Australian Resources Ltd.+ .................................................................. 6,284,075
 567,400 Randgold Resources Ltd., ADR .................................................................... 26,293,316
 30,000 Rio Tinto plc, ADR .............................................................................. 12,355,200
 316,600 Teck Cominco Ltd., Cl. B ........................................................................ 12,982,312
 70,000 Vedanta Resources plc ........................................................................... 2,911,862
 274,335 Xstrata plc ..................................................................................... 19,202,961
 1,032,000 Yamana Gold Inc., New York (a) .................................................................. 15,087,840
 100,000 Yamana Gold Inc., Toronto ....................................................................... 1,467,193
 ---------------
 402,253,983
 ---------------
 TOTAL COMMON STOCKS ............................................................................. 649,471,896
 ---------------
 WARRANTS -- 0.0%
 METALS AND MINING -- 0.0%
 62,500 Franco-Nevada Corp., expire 03/13/12+ ........................................................... 208,642
 ---------------

 PRINCIPAL
 AMOUNT
------------
 U.S. GOVERNMENT OBLIGATIONS -- 1.9%
 U.S. TREASURY BILLS -- 1.8%
$ 12,151,000 U.S. Treasury Bills, 1.132% to 2.346%++,
 04/03/08 to 09/18/08 ......................................................................... 12,125,806
 ---------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2008 (UNAUDITED)

 PRINCIPAL MARKET
 AMOUNT VALUE
------------ ---------------
 U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
 U.S. TREASURY NOTES -- 0.1%
$ 383,000 U.S. Treasury Note,
 5.000%, 07/31/08 ............................................................................. $ 387,638
 ---------------
 TOTAL U.S. GOVERNMENT OBLIGATIONS ............................................................... 12,513,444
 ---------------
 TOTAL INVESTMENTS -- 100.0%
 (Cost $481,849,677) .......................................................................... $ 662,193,982
 ===============

----------
 Aggregate book cost ................................................................................ $ 481,849,677
 ===============
 Gross unrealized appreciation ...................................................................... $ 193,011,903
 Gross unrealized depreciation ...................................................................... (12,667,598)
 ---------------
 Net unrealized appreciation/depreciation ......................................................... $ 180,344,305
 ===============

 SHARES
------------
 COMMON STOCKS SOLD SHORT -- (0.9)%
 EXCHANGE TRADED FUNDS -- (0.9)%
 (70,000) United States Oil Fund LP ....................................................................... $ (5,695,200)
 ---------------
 TOTAL COMMON STOCKS SOLD SHORT
 (Total proceeds $5,086,254) .................................................................. $ (5,695,200)
 ===============
 OPTION CONTRACTS WRITTEN -- (2.7)%

 NUMBER OF EXPIRATION DATE/
 CONTRACTS EXERCISE PRICE
------------ ----------------
 CALL OPTIONS WRITTEN -- (2.7)%
 2,630 Agnico-Eagle Mines Ltd. ...................................................... May 08/70 $ 1,025,700
 1,000 Agnico-Eagle Mines Ltd. ...................................................... Aug. 08/80 435,000
 1,570 Alcoa Inc. ................................................................... Jan. 09/50 160,140
 30 Alcoa Inc. ................................................................... Jan. 10/50 8,100
 1,000 AngloGold Ashanti Ltd., ADR .................................................. Apr. 08/35 90,000
 385 AngloGold Ashanti Ltd., ADR .................................................. Apr. 08/40 3,850
 300 Baker Hughes Inc. ............................................................ Apr. 08/80 3,750
 2,200 Barrick Gold Corp. ........................................................... Apr. 08/50 59,400
 142 Barrick Gold Corp. ........................................................... Apr. 08/55 710
 1,000 Barrick Gold Corp. ........................................................... May 08/50 95,000
 1,200 Barrick Gold Corp. ........................................................... Jul. 08/55 180,000
 500 BHP Billiton Ltd., ADR ....................................................... Apr. 08/70 45,000
 350 BHP Billiton Ltd., ADR ....................................................... May 08/70 99,750
 850 BHP Billiton Ltd., ADR ....................................................... May 08/75 106,250
 2,280 BJ Services Co. .............................................................. Apr. 08/25 934,800
 1,200 BJ Services Co. .............................................................. May 08/30 126,000
 750 BP plc, ADR .................................................................. Apr. 08/70 5,625
 1,220 BP plc, ADR .................................................................. Apr. 08/90 6,100
 500 BP plc, ADR .................................................................. Jul. 08/75 15,000
 350 Chevron Corp. ................................................................ Apr. 08/90 14,000

 NUMBER OF EXPIRATION DATE/ MARKET
 CONTRACTS EXERCISE PRICE VALUE
------------ ---------------- ---------------
 196 Chevron Corp. ................................................................ Jun. 08/90 $ 43,120
 500 Companhia Vale do Rio Doce, ADR .............................................. Apr. 08/32.50 136,000
 1,000 Companhia Vale do Rio Doce, ADR .............................................. Apr. 08/37.50 36,000
 200 Companhia Vale do Rio Doce, ADR .............................................. May 08/32.50 64,000
 475 Companhia Vale do Rio Doce, ADR .............................................. Jun. 08/35 134,900
 200 ConocoPhillips ............................................................... Apr. 08/85 2,800
 300 ConocoPhillips ............................................................... May 08/85 23,100
 150 ConocoPhillips ............................................................... May 08/90 3,750
 691 Devon Energy Corp. ........................................................... Apr. 08/100 407,690
 209 Devon Energy Corp. ........................................................... Apr. 08/105 73,150
 500 Devon Energy Corp. ........................................................... Jul. 08/110 336,500
 550 Diamond Offshore Drilling Inc. ............................................... Apr. 08/130 31,625
 3,200 Eldorado Gold Corp.(c) ....................................................... Apr. 08/7 109,114
 3,200 Eldorado Gold Corp. .......................................................... Apr. 08/7.50 32,000
 100 Equitable Resources Inc. ..................................................... Jan. 09/75 16,000
 300 Exxon Mobil Corp. ............................................................ Apr. 08/90 15,000
 300 Exxon Mobil Corp. ............................................................ Apr. 08/95 3,000
 1,280 Freeport-McMoRan Copper & Gold Inc. .......................................... May 08/110 358,400
 3,548 Gold Fields Ltd., ADR ........................................................ Apr. 08/17.50 35,480
 3,375 Gold Fields Ltd., ADR ........................................................ Apr. 08/20 25,313
 1,500 Gold Fields Ltd., ADR ........................................................ Jul. 08/17.50 90,000
 2,500 Gold Fields Ltd., ADR ........................................................ Jul. 08/20 81,250
 1,695 Goldcorp Inc. ................................................................ Apr. 08/40 211,875
 1,000 Goldcorp Inc. ................................................................ Apr. 08/42.50 55,000
 1,000 Goldcorp Inc. ................................................................ Jul. 08/45 190,000
 2,470 Halliburton Co. .............................................................. Apr. 08/37.50 545,870
 1,500 Harmony Gold Mining Co. Ltd., ADR ............................................ Apr. 08/11 215,520
 1,277 Harmony Gold Mining Co. Ltd., ADR ............................................ May 08/15 25,540
 1,000 IAMGOLD Corp. ................................................................ Apr. 08/7.50 30,000
 329 IAMGOLD Corp.(c) ............................................................. Apr. 08/8 6,410
 2,096 IAMGOLD Corp.(c) ............................................................. May 08/9 34,714
 1,364 Imperial Oil Ltd.(c) ......................................................... May 08/56 196,006
 5,600 Ivanhoe Mines Ltd. ........................................................... Apr. 08/12.50 70,000
 2,536 Ivanhoe Mines Ltd.(c) ........................................................ Jun. 08/11 302,655
 500 Kinross Gold Corp. ........................................................... Apr. 08/25 17,500
 11,000 Kinross Gold Corp. ........................................................... May 08/25 990,000
 6,000 Lihir Gold Ltd.(d) ........................................................... Apr. 08/4.80 84,977
 2,856 Lundin Mining Corp. .......................................................... Jun. 08/10 57,120
 600 Marathon Oil Corp. ........................................................... Apr. 08/55 6,000
 500 Marathon Oil Corp. ........................................................... Jul. 08/55 69,000
 1,240 Murphy Oil Corp. ............................................................. Apr. 08/80 432,760
 500 Murphy Oil Corp. ............................................................. May 08/85 140,000

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2008 (UNAUDITED)

 NUMBER OF EXPIRATION DATE/ MARKET
 CONTRACTS EXERCISE PRICE VALUE
------------ ---------------- -------------
 OPTION CONTRACTS WRITTEN (CONTINUED)
 CALL OPTIONS WRITTEN (CONTINUED)
 1,000 Nabors Industries Ltd. ....................................................... Apr. 08/32.50 $ 190,000
 1,200 Nabors Industries Ltd. ....................................................... Jun. 08/35 219,600
 275 Newcrest Mining Corp.(d) ..................................................... Apr. 08/39.24 160,439
 275 Newcrest Mining Corp.(d) ..................................................... Jun. 08/42 377,984
 1,000 Newmont Mining Corp. ......................................................... Apr. 08/55 13,000
 1,000 Newmont Mining Corp. ......................................................... May 08/52.50 81,000
 1,594 Newmont Mining Corp. ......................................................... Jun. 08/55 154,618
 500 Noble Corp. .................................................................. Apr. 08/52.50 37,500
 400 Noble Corp. .................................................................. Jun. 08/52.50 136,000
 1,500 Noble Corp. .................................................................. Jun. 08/55 285,000
 6,580 Pan Australian Resources Ltd. ................................................ Jun. 08/1.15 661,482
 500 Petroleo Brasileiro SA, ADR .................................................. Apr. 08/120 17,500
 500 Petroleo Brasileiro SA, ADR .................................................. Apr. 08/125 10,000
 1,000 Petroleo Brasileiro SA, ADR .................................................. Jul. 08/140 127,500
 348 Randgold Resources Ltd., ADR ................................................. Apr. 08/45 111,360
 2,000 Randgold Resources Ltd., ADR ................................................. Apr. 08/50 200,000
 2,976 Randgold Resources Ltd., ADR ................................................. Jun. 08/55 632,400
 350 Randgold Resources Ltd., ADR ................................................. Jun. 08/60 42,000
 800 Rowan Companies Inc. ......................................................... Apr. 08/42.50 68,000
 700 Rowan Companies Inc. ......................................................... Jul. 08/42.50 224,000
 150 Saipem SpA(e) ................................................................ May 08/28 59,647
 500 Sasol Ltd., ADR .............................................................. Apr. 08/50 62,500
 500 Sasol Ltd., ADR .............................................................. Apr. 08/55 7,500
 1,178 StatoilHydro ASA, ADR ........................................................ Apr. 08/30 114,855
 322 StatoilHydro ASA, ADR ........................................................ Apr. 08/35 3,220
 876 Suncor Energy Inc. ........................................................... Apr. 08/110 26,280
 413 Suncor Energy Inc. ........................................................... Jun. 08/110 115,640
 600 Technip SA(e) ................................................................ Jun. 08/60 68,202
 1,208 Teck Cominco Ltd., Cl. B(c) .................................................. May 08/34 1,017,994
 1,208 Teck Cominco Ltd., Cl. B(c) .................................................. May 08/36 806,157
 425 Tesoro Corp. ................................................................. May 08/40 21,250
 750 Tesoro Corp. ................................................................. May 08/50 11,250
 200 Total SA, ADR ................................................................ May 08/80 21,000
 830 Transocean Inc. .............................................................. May 08/150 203,350
 500 Valero Energy Corp. .......................................................... Jun. 08/65 25,500
 250 Valero Energy Corp. .......................................................... Jun. 08/70 6,250
 1,940 Weatherford International Ltd. ............................................... May 08/70 1,261,000
 1,664 Williams Companies Inc. ...................................................... May 08/37.50 41,600

 NUMBER OF EXPIRATION DATE/ MARKET
 CONTRACTS EXERCISE PRICE VALUE
------------ ---------------- -------------
 490 XTO Energy Inc. .............................................................. Apr. 08/60 $ 161,700
 1,970 XTO Energy Inc. .............................................................. Jan. 09/80 429,046
 5,068 Yamana Gold Inc. ............................................................. Apr. 08/17.50 50,680
 917 Yamana Gold Inc.(c) .......................................................... Jun. 08/19 42,435
 1,000 Yamana Gold Inc. ............................................................. Jul. 08/15 165,000
 252 Yamana Gold Inc. ............................................................. Jul. 08/17.50 23,940
 4,000 Yamana Gold Inc. ............................................................. Jul. 08/20 180,000
 -------------
 TOTAL CALL OPTIONS WRITTEN
 (Premiums received $28,471,978) .............................................................. $ 17,828,693
 =============
----------
 Aggregate premiums and proceeds .................................................................... $ 33,558,232
 =============
 Gross unrealized appreciation ...................................................................... $ 15,107,086
 Gross unrealized depreciation ...................................................................... (5,072,747)
 -------------
 Net unrealized appreciation/depreciation ......................................................... $ 10,034,339
 =============

(a) Securities, or a portion thereof, with a value of $206,350,861 pledged as collateral for short sale and options written.

(b) At March 31, 2008, the Fund held investments in a restricted security amounting to $516,000 or 0.08% of total investments, which were value under methods approved by the Board of Trustees as follows:

 3/31/08
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
 SHARES ISSUER DATE COST PER UNIT
------------ ---------------------------------------------------------------- ----------- ----------- --------------
 50,000 Ivanhoe Mines Ltd., New York ................................... 04/25/05 $ 337,529 $ 10.3200

(d) Exercise price denoted in Australian dollars.

(e) Exercise price denoted in Euros.

+ Non-income producing security.

++ Represents annualized yield at date of purchase.

ADR American Depositary Receipt

 % OF
 MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
----------------------------------------------------- ------- -------------
LONG POSITIONS
North America ....................................... 49.8% $ 330,091,657
Europe .............................................. 17.4 115,171,037
Asia/Pacific ........................................ 12.5 82,452,383
Latin America ....................................... 11.3 74,629,380
South Africa/Africa/Middle East ..................... 9.0 59,849,525
 ----- -------------
Total Investments ................................... 100.0% $ 662,193,982
 ===== =============
SHORT POSITIONS
North America ....................................... (2.6)% $ (17,213,299)
Latin America ....................................... (0.5) (2,858,350)
Asia/Pacific ........................................ (0.2) (1,535,883)
Europe .............................................. (0.2) (1,279,409)
South Africa ........................................ (0.1) (636,952)
 ----- -------------
Total Investments ................................... (3.6)% $ (23,523,893)
 ===== =============

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of 60 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 60 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. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

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

ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 157 "FAIR VALUE MEASUREMENTS" ("SFAS 157") On January 1, 2008, the Fund adopted SFAS 157 that clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under SFAS 157 are described below:

o Level 1 - quoted prices in active markets for identical securities;

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

o Level 3 - significant unobservable inputs (including the Fund's determinations as to the fair value of investments).

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 inputs used to value the Fund's net assets as of March 31, 2008 is as follows:

 OTHER FINANCIAL
 INVESTMENTS IN INSTRUMENTS
 SECURITIES (UNREALIZED
VALUATION INPUTS (MARKET VALUE) DEPRECIATION)*
--------------------------------------------- -------------- ---------------
Level 1 - Quoted Prices $ 634,754,750 --
Level 2 - Other Significant Observable Inputs 3,915,339 $ (521,458)
 -------------- ---------------
Total $ 638,670,089 $ (521,458)
 ============== ===============

----------

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swaps which are valued at the unrealized appreciation/depreciation on the investment.

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

2. SWAP AGREEMENTS. The Fund may enter into equity swap transactions. The use of equity swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an equity swap, a set of future cash flows are 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. There is no assurance that the swap contract counterparties will be able to meet their obligations pursuant to the swap contracts, or that, in the event of default, the Fund will succeed in pursuing contractual remedies. The Fund thus assumes the risk that it may be delayed in or prevented from obtaining payments owed to it pursuant to the swap contracts. The creditworthiness of the swap contract counterparties is closely monitored in order to minimize the risk. Depending on the general state of short-term interest rates and the returns of the Fund's portfolio securities at that point in time, such a default could negatively affect the Fund's ability to make dividend payments. In addition, at the time an equity 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.

The use of derivative instruments may involve, to varying degrees, elements of market and counterparty risk in excess of the amount recognized below.

The Fund has entered into an equity swap agreement with Morgan Stanley & Co. Incorporated. Details of the swap at March 31, 2008 is as follows:

 NET
 NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION UNREALIZED
 AMOUNT RECEIVED EQUITY SECURITY PAID DATE DEPRECIATION
--------------------------- ---------------- -------------------- ----------- ------------
 3 Month LIBOR
 plus 45 bps plus
 Market Value Market Value
 Appreciation on: Depreciation on:
 MMX Mineracao e MMX Mineracao e
$15,892,674 (28,600 Shares) Metalicos SA Metalicos SA 03/06/09 $(521,458)

[FLAGS]

TRUSTEES AND OFFICERS
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422

TRUSTEES OFFICERS

Anthony J. Colavita Bruce N. Alpert
 ATTORNEY-AT-LAW, PRESIDENT
 ANTHONY J. COLAVITA, P.C.
 Carter W. Austin
James P. Conn VICE PRESIDENT
 FORMER MANAGING DIRECTOR &
 CHIEF INVESTMENT OFFICER, Peter D. Goldstein
 FINANCIAL SECURITY ASSURANCE CHIEF COMPLIANCE OFFICER
 HOLDINGS LTD.
 Molly A.F. Marion
Mario d'Urso ASSISTANT VICE PRESIDENT & OMBUDSMAN
 CHAIRMAN, MITTEL CAPITAL MARKETS SPA
 Agnes Mullady
Vincent D. Enright TREASURER AND SECRETARY
 FORMER SENIOR VICE PRESIDENT &
 CHIEF FINANCIAL OFFICER, INVESTMENT ADVISER
 KEYSPAN CORP. Gabelli Funds, LLC
 One Corporate Center
Frank J. Fahrenkopf, Jr. Rye, New York 10580-1422
 PRESIDENT & CHIEF EXECUTIVE OFFICER,
 AMERICAN GAMING ASSOCIATION CUSTODIAN
 Mellon Trust of New England, N.A.
Michael J. Melarkey
 ATTORNEY-AT-LAW, COUNSEL
 AVANSINO, MELARKEY, KNOBEL & MULLIGAN Skadden, Arps, Slate, Meagher & Flom LLP

Salvatore M. Salibello TRANSFER AGENT AND REGISTRAR
 CERTIFIED PUBLIC ACCOUNTANT, American Stock Transfer and Trust Company
 SALIBELLO & BRODER, LLP
 STOCK EXCHANGE LISTING
Anthonie C. van Ekris 6.625%
 CHAIRMAN, BALMAC INTERNATIONAL, INC. Common Preferred
 ---------- -----------
Salvatore J. Zizza Amex-Symbol: GGN GGN PrA
 CHAIRMAN, ZIZZA & CO., LTD. Shares Outstanding: 18,117,515 4,000,000

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.

For general information about the Gabelli Funds, call 800-GABELLI (800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage at: WWW.GABELLI.COM, or e-mail us at: closedend@gabelli.com

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may, from time to time, purchase its common shares in the open market when the Fund's shares are trading at a discount of 7.5% or more from the net asset value of the shares. The Fund may also, from time to time, purchase its Series A Cumulative Preferred Shares in the open market when the preferred shares are trading at a discount to the liquidation value of $25.00.

THE GABELLI GLOBAL GOLD, NATURAL
RESOURCES & INCOME TRUST
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM

FIRST QUARTER REPORT
MARCH 31, 2008

GGN 1Q/2008

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS.

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

SIGNATURES

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

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

By (Signature and Title)* /s/ Bruce N. Alpert
 -------------------------------------------------------
 Bruce N. Alpert, Principal Executive Officer

Date May 29, 2008

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

By (Signature and Title)* /s/ Bruce N. Alpert
 -------------------------------------------------------
 Bruce N. Alpert, Principal Executive Officer

Date May 29, 2008

By (Signature and Title)* /s/ Agnes Mullady
 -------------------------------------------------------
 Agnes Mullady,
 Principal Financial Officer and Treasurer

Date May 29, 2008

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

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