UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

   CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

                  Investment Company Act file number 811-21698
                                                     ---------

            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: June 30, 2006
                                               -------------


Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the  transmission to stockholders of
any report that is required to be transmitted to  stockholders  under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

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


ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.


                                                            [LOGO OMITTED]
                                                            THE GABELLI
                                                            GLOBAL GOLD,
                                                            NATURAL RESOURCES
                                                            & INCOME TRUST

            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

                               Semi-Annual Report
                                 June 30, 2006



TO OUR SHAREHOLDERS,

      During the  second  quarter of 2006,  the  Gabelli  Global  Gold,  Natural
Resources & Income  Trust's  (the  "Fund")  total return was 3.0% on a net asset
value ("NAV") basis,  compared to gains of 0.7%,  6.8%, and 4.6% for the Chicago
Board Options  Exchange  ("CBOE") S&P 500 Buy/Write Index,  Philadelphia  Gold &
Silver  Index,  and the Amex Energy Select  Sector  Index,  respectively,  and a
decline of 0.1% for the Lehman Brothers Government/Corporate Bond Index. For the
six month  period  ended June 30,  2006,  the Fund's NAV total  return was 10.0%
versus advances of 4.9%,  12.7%, and 13.6% for the CBOE S&P 500 Buy/Write Index,
Philadelphia  Gold & Silver  Index,  and the Amex Energy  Select  Sector  Index,
respectively, and a decline of 1.2% for the Lehman Brothers Government/Corporate
Bond Index.  The Fund's market price on June 30, 2006 was $22.25,  which equates
to a 4.6% discount to its NAV of $23.31.  The Fund's market price  declined 0.6%
during the second quarter but gained 6.0% during the six month period ended June
30, 2006.

      Enclosed are the financial  statements and the investment  portfolio as of
June 30, 2006.



COMPARATIVE RESULTS
-----------------------------------------------------------------------------------------------------------
                                    AVERAGE ANNUAL RETURNS THROUGH JUNE 30, 2006 (A)
                                    ------------------------------------------------
                                                                                                    Since
                                                                          Year to                 Inception
                                                               Quarter      Date      1 Year      (3/31/05)
                                                               -------     ------     ------      ---------
                                                                                        
  GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
    NAV RETURN (B) ..........................................   2.97%      10.03%      29.11%      26.49%
    INVESTMENT RETURN (C) ...................................  (0.55)       5.95       22.71       17.16
  CBOE S&P 500 Buy/Write Index (BXM) ........................   0.68        4.88        8.45        7.39
  Philadelphia  Gold and Silver Index .......................   6.83       12.71       56.14       42.24
  Amex Energy Select Sector Index ...........................   4.59       13.57       29.30       26.79
  Lehman Brothers Gov't/Corporate Bond Index ................  (0.14)      (1.15)      (1.52)       1.50


(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 AN 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
     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 IS CONSIDERED
     REINVESTED.
(b)  TOTAL  RETURNS  AND  AVERAGE  ANNUAL  RETURNS  REFLECT  CHANGES  IN NAV AND
     REINVESTMENT OF DISTRIBUTIONS  AT NAV ON THE EX-DIVIDEND  DATE, AND ARE NET
     OF EXPENSES. SINCE INCEPTION RETURN 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 BASED ON AN INITIAL OFFERING PRICE OF $20.00.
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
We  have  separated  the  portfolio  manager's  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 manager's 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/funds.
--------------------------------------------------------------------------------



            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
                    SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)


The  following  table  presents   portfolio  holdings  as  a  percent  of  total
investments as of June 30, 2006:




LONG POSITIONS
Metals and Mining ................................   61.5%
Energy and Energy Services .......................   35.9%
Specialty Chemicals ..............................    1.1%
Paper and Forest Products ........................    0.9%
Diversified Industrial ...........................    0.3%
U.S. Government Obligations ......................    0.3%
                                                    ------
                                                    100.0%
                                                    ======

SHORT POSITIONS
Diversified Industrial ...........................  (0.3)%
Call Options Written .............................  (5.4)%
                                                    ------
                                                    (5.7)%
                                                    ======


THE GABELLI GLOBAL GOLD,  NATURAL  RESOURCES & INCOME TRUST (THE "FUND") FILES A
COMPLETE  SCHEDULE OF  PORTFOLIO  HOLDINGS  WITH THE SEC FOR THE FIRST AND THIRD
QUARTERS OF EACH YEAR  FISCAL YEAR ON FORM N-Q,  THE LAST OF WHICH WAS FILED FOR
THE QUARTER ENDED MARCH 31, 2006.  SHAREHOLDERS  MAY OBTAIN THIS  INFORMATION AT
WWW.GABELLI.COM OR BY CALLING THE FUND AT 800-GABELLI (800-422-3554). THE FUND'S
FORM N-Q IS  AVAILABLE  ON THE  SEC'S  WEBSITE  AT  WWW.SEC.GOV  AND MAY ALSO BE
REVIEWED AND COPIED AT THE COMMISSION'S PUBLIC REFERENCE ROOM IN WASHINGTON, DC.
INFORMATION  ON THE  OPERATION OF THE PUBLIC  REFERENCE  ROOM MAY BE OBTAINED BY
CALLING 1-800-SEC-0330.


PROXY VOTING

      The Fund files Form N-PX with its complete  proxy voting record for the 12
months ended June 30th, no later than August 31st of each year. A description of
the Fund's proxy voting  policies,  procedures,  and how the Fund voted  proxies
relating to portfolio  securities is available without charge, upon request, (i)
by calling 800-GABELLI  (800-422-3554);  (ii) by writing to The Gabelli Funds at
One Corporate Center,  Rye, NY 10580-1422;  and (iii) by visiting the Securities
and Exchange Commission's website at www.sec.gov.

SHAREHOLDER MEETING - MAY 15, 2006 - FINAL RESULTS

      The  Annual  Meeting  of  Shareholders  was  held on May  15,  2006 at the
Greenwich  Library in  Greenwich,  Connecticut.  At that  meeting,  shareholders
elected  James P. Conn,  Salvatore  M.  Salibello,  and Anthonie C. van Ekris as
Trustees  of the Fund.  There  were  17,141,023  votes,  17,132,015  votes,  and
17,108,871 votes cast in favor of each Trustee and 133,332 votes,  142,340 votes
and 165,484 votes withheld, respectively.

      Anthony  J.  Colavita,   Mario  d'Urso,   Vincent  D.  Enright,  Frank  J.
Fahrenkopf,  Jr., Michael J. Melarkey,  and Salvatore J. Zizza continue to serve
in their capacities as Trustees.

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

                                       2


            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
                             SCHEDULE OF INVESTMENTS
                            JUNE 30, 2006 (UNAUDITED)

                                                          MARKET
   SHARES                                     COST         VALUE
   ------                                     ----        -------
             COMMON STOCKS -- 99.7%
             DIVERSIFIED INDUSTRIAL -- 0.3%
     18,200  Greif Inc., Cl. B ...........$  1,172,071  $  1,259,440
                                          ------------  ------------
             ENERGY AND ENERGY SERVICES -- 35.9%
    135,600  BG Group plc, ADR ...........   5,374,556     9,068,928
    148,000  BJ Services Co. .............   4,644,195     5,514,480
     71,000  BP plc, ADR .................   4,763,155     4,942,310
     20,000  Chesapeake
              Energy Corp. ...............     574,300       605,000
     99,600  Chevron Corp. ...............   5,796,878     6,181,176
     97,000  ConocoPhillips (d) ..........   5,957,973     6,356,410
    107,000  Devon Energy Corp. (d) ......   6,165,803     6,463,870
     30,000  Diamond Offshore
              Drilling Inc. ..............   1,593,939     2,517,900
    104,300  Exxon Mobil Corp. (d) .......   6,074,100     6,398,805
    196,800  GlobalSantaFe Corp. .........  11,412,230    11,365,200
    123,500  Halliburton Co. (d) .........   7,418,610     9,164,935
     50,000  James River Coal Co.+ .......   1,753,537     1,324,500
     31,600  Kerr-McGee Corp. ............   1,630,908     2,191,460
     68,500  Marathon Oil Corp. ..........   4,093,837     5,706,050
    114,000  Murphy Oil Corp. (d) ........   5,668,660     6,368,040
     20,000  Nabors Industries Ltd.+ .....     781,017       675,800
    130,000  Noble Corp. (d) .............   8,219,034     9,674,600
     40,000  Oceaneering
              International Inc.+ ........   1,510,300     1,834,000
     90,000  Rowan Companies Inc. ........   2,779,713     3,203,100
     15,000  Sasol Ltd., ADR .............     558,334       579,600
     84,400  Suncor Energy Inc. ..........   4,713,847     6,837,244
     60,000  Tesoro Corp. ................   3,427,597     4,461,600
    113,800  Total SA, ADR ...............   7,142,330     7,456,176
     75,000  Transocean Inc.+ ............   3,836,298     6,024,000
    163,500  Valero Energy Corp. (d) .....   7,510,265    10,876,020
    131,000  Weatherford
              International Ltd.+ ........   3,956,567     6,500,220
    153,000  Williams Companies Inc. .....   3,633,561     3,574,080
     74,500  XTO Energy Inc. (d) .........   2,412,829     3,298,115
                                          ------------  ------------
                                           123,404,373   149,163,619
                                          ------------  ------------
             METALS AND MINING -- 61.5%
    471,900  Agnico-Eagle
              Mines Ltd. (d) .............   8,582,787    15,610,452
     10,000  Alcoa Inc. ..................     323,780       323,600
    150,000  Anglo American plc ..........   5,238,089     6,152,338
    180,000  AngloGold Ashanti
              Ltd., ADR ..................   8,014,582     8,661,600
     90,000  Arch Coal Inc. ..............   3,712,093     3,813,300
    421,800  Barrick Gold Corp.,
              New York (d) ...............  11,663,206    12,485,280
    100,000  BHP Billiton Ltd., ADR ......   3,510,261     4,307,000
    190,000  Birch Mountain
              Resources Ltd.+ ............   1,308,656       946,200

                                                          MARKET
   SHARES                                     COST         VALUE
   ------                                     ----        -------
     35,000  Cameco Corp. ................$  1,252,914  $  1,398,950
    119,990  Compania de Minas
              Buenaventura SA, ADR .......   3,073,766     3,273,327
    400,000  Eldorado Gold Corp.+ ........   1,951,349     1,942,130
    236,000  Freeport-McMoRan Copper
              & Gold Inc., Cl. B (d) .....  11,014,993    13,076,760
    417,600  Glamis Gold Ltd.+ ...........   8,731,545    15,810,336
    140,000  Gold Fields Ltd. ............   2,877,140     3,163,180
    740,700  Gold Fields Ltd.,
              ADR (d) ....................  12,938,375    16,962,030
    297,500  Goldcorp Inc. (d) ...........   6,692,212     8,990,450
    185,800  Golden Star
              Resources Ltd.+ ............     550,486       549,968
    748,200  Harmony Gold Mining
              Co. Ltd., ADR+ .............  10,638,477    12,188,178
     25,341  Highland Gold
              Mining Ltd.+ ...............     119,796       107,663
    342,500  IAMGOLD Corp., Toronto ......   3,067,632     3,043,626
     28,500  Impala Platinum
              Holdings Ltd. ..............   3,827,794     5,246,146
     61,600  Inco Ltd. ...................   2,708,204     4,059,440
    762,800  Ivanhoe Mines Ltd.,
              New York+ ..................   5,517,323     5,202,296
     98,000  Ivanhoe Mines Ltd.,
              Toronto+ ...................     677,587       663,693
    345,814  Kingsgate
              Consolidated Ltd. ..........   1,325,683     1,320,852
  1,089,700  Kinross Gold Corp.+ (d) .....   6,630,986    11,866,833
  4,015,000  Lihir Gold Ltd.+ ............   4,378,486     8,592,637
    451,000  Meridian Gold Inc.+ .........  10,553,713    14,287,680
    550,000  Newcrest Mining Ltd. ........   7,179,163     8,615,525
    349,400  Newmont Mining Corp. (d) ....  13,485,019    18,493,742
     60,000  Peabody Energy Corp. ........   2,191,120     3,345,000
     80,000  Phelps Dodge Corp. ..........   6,330,902     6,572,800
    668,200  Randgold Resources
              Ltd., ADR+ .................  10,697,175    14,032,200
     45,768  Rio Tinto plc, ADR ..........   9,051,842     9,598,007
     49,400  Teck Cominco Ltd.,
              Cl. B ......................   3,155,485     2,964,089
    197,704  Xstrata plc .................   7,308,755     7,494,743
                                          ------------  ------------
                                           200,281,376   255,162,051
                                          ------------  ------------
             PAPER AND FOREST PRODUCTS -- 0.9%
    100,000  Plum Creek Timber
              Co. Inc. ...................   3,521,762     3,550,000
                                          ------------  ------------
             SPECIALTY CHEMICALS -- 1.1%
     26,000  Dow Chemical Co. ............   1,186,112     1,014,780
     90,000  E.I. du Pont de
              Nemours & Co. ..............   4,267,592     3,744,000
                                          ------------  ------------
                                             5,453,704     4,758,780
                                          ------------  ------------
             TOTAL COMMON STOCKS ......... 333,833,286   413,893,890
                                          ------------  ------------

                See accompanying notes to financial statements.

                                       3

            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
                       SCHEDULE OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2006 (UNAUDITED)

  PRINCIPAL                                               MARKET
   AMOUNT                                     COST         VALUE
   ------                                     ----        -------

             U.S. GOVERNMENT OBLIGATIONS -- 0.3%
 $1,228,000  U.S. Treasury Bills,
              4.854% to 4.923%++,
              08/10/06 to 09/07/06 .......$  1,217,717  $  1,217,818
                                          ------------  ------------
TOTAL INVESTMENTS -- 100.0% ..............$335,051,003   415,111,708
                                          ============

SECURITIES SOLD SHORT
  (Proceeds received $1,265,596) .......................  (1,364,272)

CALL OPTIONS WRITTEN
  (Premiums received $20,103,961) ...................... (22,309,125)

OTHER ASSETS AND LIABILITIES (NET) .....................  24,767,971
                                                        ------------

NET ASSETS -- COMMON STOCK
  (17,851,705 common shares outstanding) ...............$416,206,282
                                                        ============
NET ASSET VALUE PER COMMON SHARE
  ($416,206,282 / 17,851,705 shares outstanding) .......      $23.31
                                                              ======

   SHARES
  --------

             COMMON STOCKS SOLD SHORT -- (0.3)%
             DIVERSIFIED INDUSTRIAL -- (0.3)%
    (18,200) Greif Inc., Cl. A .........................$ (1,364,272)
                                                        ------------
             TOTAL COMMON STOCKS SOLD SHORT
               (Total Proceeds $1,265,596) .............$ (1,364,272)
                                                        ============

             OPTION CONTRACTS WRITTEN -- (5.4)%
  NUMBER OF                           EXPIRATION DATE/
  CONTRACTS                            EXERCISE PRICE
  ---------                           ----------------
             CALL OPTIONS WRITTEN -- (5.4)%
        536  Agnico-Eagle Mines Ltd. .....Aug. 06/30    $    246,560
      1,635  Agnico-Eagle Mines Ltd. .....Aug. 06/35         310,650
      1,300  Agnico-Eagle Mines Ltd. .....Nov. 06/30         780,000
        248  Agnico-Eagle Mines Ltd. .....Nov. 06/35          91,760
      1,000  Agnico-Eagle Mines Ltd. .....Nov. 06/40         220,000
         50  Alcoa Inc. ..................Jul. 06/35           1,250
         50  Alcoa Inc. ..................Jul. 06/37.50          375
        150  Anglo American plc(b) .......Sep. 06/2179       515,237
        650  AngloGold Ashanti Ltd., ADR .Jul. 06/45         253,500
        750  AngloGold Ashanti Ltd., ADR .Jul. 06/50          82,500
        150  AngloGold Ashanti Ltd., ADR .Aug. 06/50          32,250
        250  AngloGold Ashanti Ltd., ADR .Oct. 06/55          52,500

   NUMBER OF                            EXPIRATION DATE/    MARKET
   CONTRACTS                             EXERCISE PRICE     VALUE
   ---------                             --------------     -----
        400  Arch Coal Inc. ..............Jul. 06/40    $    152,000
        500  Arch Coal Inc. ..............Jul. 06/50          15,000
      1,598  Barrick Gold Corp. ..........Jul. 06/27.50      359,550
      1,220  Barrick Gold Corp. ..........Jul. 06/30          79,300
      1,400  Barrick Gold Corp. ..........Jul. 06/35           7,000
        750  BHP Billiton Ltd., ADR ......Aug. 06/45         112,500
        250  BHP Billiton Ltd., ADR ......Aug. 06/50          12,500
        480  BJ Services Co. .............Jul. 06/32.5       237,600
        700  BJ Services Co. .............Jul. 06/40          28,000
        300  BJ Services Co. .............Jul. 06/45           1,500
        155  BP plc, ADR .................Jul. 06/65          79,050
        100  BP plc, ADR .................Jul. 06/70          13,500
        400  BP plc, ADR .................Jul. 06/80           2,000
         55  BP plc, ADR .................Oct. 06/75           7,837
        200  Chesapeake Energy Corp. .....Oct. 06/32.50       36,000
        500  Chevron Corp. ...............Jul. 06/65          15,000
        248  Chevron Corp. ...............Sep. 06/65          34,720
        248  Chevron Corp. ...............Dec. 06/65          64,480
        800  Compania de Minas
              Buenaventura SA, ADR .......Jul. 06/27         140,160
        400  ConocoPhillips ..............Jul. 06/65          80,000
        320  ConocoPhillips ..............Jul. 06/70           9,600
        250  ConocoPhillips ..............Aug. 06/70          27,500
        220  Devon Energy Corp. ..........Jul. 06/55         127,600
        300  Devon Energy Corp. ..........Jul. 06/60          70,500
        250  Devon Energy Corp. ..........Jul. 06/65          18,750
        300  Devon Energy Corp. ..........Oct. 06/65         108,000
        300  Diamond Offshore
              Drilling Inc. ..............Sep. 06/85         183,000
        100  Dow Chemical Co. ............Jul. 06/40           3,500
        160  Dow Chemical Co. ............Sep. 06/45           2,400
        200  E.I. Du Pont de
              Nemours & Co. ..............Jul. 06/42.50       10,000
        700  E.I. Du Pont de
              Nemours & Co. ..............Aug. 06/45          15,750
      4,000  Eldorado Gold Corp.(a) ......Aug. 06/6.58         8,958
        424  Exxon Mobil Corp. ...........Jul. 06/60         110,240
        519  Exxon Mobil Corp. ...........Jul. 06/65          12,975
        100  Exxon Mobil Corp. ...........Jul. 06/67.50          500
        100  Freeport-McMoRan Copper &
              Gold Inc., Cl. B ...........Jul. 06/40         155,500
        900  Freeport-McMoRan Copper &
              Gold Inc., Cl. B ...........Jul. 06/60          72,000
        250  Freeport-McMoRan Copper &
              Gold Inc., Cl. B ...........Aug. 06/55         105,000
        255  Freeport-McMoRan Copper &
              Gold Inc., Cl. B ...........Aug. 06/65          25,500
        855  Freeport-McMoRan Copper &
              Gold Inc., Cl. B ...........Nov. 06/60         376,200
        500  Glamis Gold Ltd. ............Jul. 06/32.50      292,700

                 See accompanying notes to financial statements.

                                       4


            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
                       SCHEDULE OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2006 (UNAUDITED)

   NUMBER OF                            EXPIRATION DATE/    MARKET
   CONTRACTS                             EXERCISE PRICE     VALUE
   ---------                             --------------     -----
             OPTION CONTRACTS WRITTEN  (CONTINUED)
             CALL OPTIONS WRITTEN (CONTINUED)
      1,250  Glamis Gold Ltd. ............Aug. 06/30    $  1,075,000
        650  Glamis Gold Ltd. ............Aug. 06/35         312,000
      1,000  Glamis Gold Ltd. ............Aug. 06/40         210,000
        776  Glamis Gold Ltd. ............Nov. 06/45         207,580
        926  GlobalSantaFe Corp. .........Jul. 06/60          92,600
      1,000  GlobalSantaFe Corp. .........Jul. 06/65          15,000
         42  GlobalSantaFe Corp. .........Oct. 06/75           2,730
      1,757  Gold Fields Ltd., ADR .......Jul. 06/20         544,670
      1,500  Gold Fields Ltd., ADR .......Jul. 06/22.50      187,500
      1,850  Gold Fields Ltd., ADR .......Jul. 06/25          64,750
      1,200  Gold Fields Ltd., ADR .......Oct. 06/20         492,000
      1,500  Gold Fields Ltd., ADR .......Oct. 06/25         270,000
      1,000  Gold Fields Ltd., ADR .......Oct. 06/30          70,000
        490  Goldcorp Inc. ...............Jul. 06/27.50      147,000
      1,000  Goldcorp Inc. ...............Jul. 06/30         135,000
        250  Goldcorp Inc. ...............Jul. 06/35           3,750
      1,235  Goldcorp Inc. ...............Aug. 06/32.50      164,255
      1,858  Golden Star
              Resources Ltd. .............Jan. 07/5           55,740
        233  Halliburton Co. .............Jul. 06/80          11,650
        502  Halliburton Co. .............Jul. 06/85           5,020
        500  Halliburton Co. .............Oct. 06/85         127,500
      1,807  Harmony Gold Mining
              Co. Ltd., ADR ..............Jul. 06/15         298,155
      1,650  Harmony Gold Mining
              Co. Ltd., ADR ..............Aug. 06/15         313,500
      2,725  Harmony Gold Mining
              Co. Ltd., ADR ..............Aug. 06/17.50      190,750
      1,300  Harmony Gold Mining
              Co. Ltd., ADR ..............Aug. 06/20          32,500
      1,000  IAMGOLD Corp.(a) ............Aug. 06/10          29,114
      2,425  IAMGOLD Corp.(a) ............Aug. 06/11         152,065
        191  Inco Ltd. ...................Jul. 06/50         303,690
        250  Inco Ltd. ...................Jul. 06/55         273,750
        175  Inco Ltd. ...................Jul. 06/60         103,250
        800  Ivanhoe Mines Ltd. ..........Jul. 06/7.50        10,000
      6,000  Ivanhoe Mines Ltd. ..........Sep. 06/7.50       300,000
        820  Ivanhoe Mines Ltd. ..........Sep. 06/8.50        23,534
        988  Ivanhoe Mines Ltd. ..........Dec. 06/7.50        83,980
         18  Kerr-McGee Corp. ............Jul. 06/50          35,280
        116  Kerr-McGee Corp. ............Jul. 06/52.50      197,780
        245  Kingsgate
              Consolidated Ltd.(c) .......Sep. 06/
                                          6.83319              1,882
      4,000  Kinross Gold Corp. ..........Jul. 06/10         340,000
      4,626  Kinross Gold Corp. ..........Aug. 06/10         485,730
      2,000  Kinross Gold Corp. ..........Nov. 06/12.50      180,000
      1,900  Lihir Gold Ltd.(c) ..........Aug. 06/2.30       705,947
        115  Lihir Gold Ltd.(c) ..........Sep. 06/2.332       45,292

   NUMBER OF                            EXPIRATION DATE/    MARKET
   CONTRACTS                             EXERCISE PRICE     VALUE
   ---------                             --------------     -----

      2,000  Lihir Gold Ltd.(c) ..........Sep. 06/2.50  $    624,206
         20  Marathon Oil Corp. ..........Jul. 06/80           9,800
        300  Marathon Oil Corp. ..........Jul. 06/85          54,000
        135  Marathon Oil Corp. ..........Aug. 06/85          51,300
        100  Marathon Oil Corp. ..........Oct. 06/85          57,500
        150  Marathon Oil Corp. ..........Oct. 06/90          54,000
      2,316  Meridian Gold Inc. ..........Jul. 06/30         567,420
        780  Meridian Gold Inc. ..........Oct. 06/30         370,500
      1,414  Meridian Gold Inc. ..........Oct. 06/35         360,570
        990  Murphy Oil Corp. ............Jul. 06/55         247,500
        150  Murphy Oil Corp. ............Aug. 06/55          46,500
        200  Nabors Industries Ltd. ......Jul. 06/35          10,000
        350  Newcrest Mining Ltd. (c) ....Sep. 06/23.747     130,043
      1,494  Newmont Mining Corp. ........Jul. 06/55         119,520
      1,750  Newmont Mining Corp. ........Sep. 06/55         437,500
        250  Newmont Mining Corp. ........Sep. 06/60          25,000
        300  Noble Corp. .................Jul. 06/70         165,000
        500  Noble Corp. .................Sep. 06/75         290,000
        300  Noble Corp. .................Sep. 06/80         108,000
        200  Noble Corp. .................Sep. 06/85          36,000
        200  Oceaneering
              International Inc. .........Jul. 06/40         102,000
        200  Oceaneering
              International Inc. .........Oct. 06/42.50      116,000
        100  Peabody Energy Corp. ........Sep. 06/45         126,500
        300  Peabody Energy Corp. ........Sep. 06/55         177,000
        200  Peabody Energy Corp. ........Sep. 06/60          70,000
        440  Phelps Dodge Corp. ..........Jul. 06/95          15,400
        100  Phelps Dodge Corp. ..........Jul. 06/100          1,500
        160  Phelps Dodge Corp. ..........Oct. 06/120          4,400
      1,000  Plum Creek Timber Co. Inc. ..Aug. 06/40          10,000
      2,267  Randgold Resources
              Ltd., ADR ..................Jul. 06/20         374,055
      1,915  Randgold Resources Ltd.,
              ADR ........................Sep. 06/20         440,450
      1,000  Randgold Resources Ltd.,
              ADR ........................Sep. 06/22.50      145,000
      1,500  Randgold Resources Ltd.,
              ADR ........................Sep. 06/25         120,000
         50  Rio Tinto plc, ADR ..........Jul. 06/210         40,000
        400  Rowan Companies Inc. ........Jul. 06/40           8,000
        300  Rowan Companies Inc. ........Jul. 06/45           3,000
        200  Rowan Companies Inc. ........Oct. 06/45          15,000
        150  Suncor Energy Inc. ..........Jul. 06/80          52,500
        194  Suncor Energy Inc. ..........Jul. 06/85          25,220
        500  Suncor Energy Inc. ..........Sep. 06/80         350,000
        294  Teck Cominco Ltd.,
              Cl. B(a) ...................Jul. 06/68          55,308

                 See accompanying notes to financial statements.

                                       5


            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
                       SCHEDULE OF INVESTMENTS (CONTINUED)
                            JUNE 30, 2006 (UNAUDITED)

   NUMBER OF                            EXPIRATION DATE/    MARKET
   CONTRACTS                             EXERCISE PRICE     VALUE
   ---------                             --------------     -----
             OPTION CONTRACTS WRITTEN  (CONTINUED)
             CALL OPTIONS WRITTEN (CONTINUED)
        100  Teck Cominco Ltd.,
              Cl. B(a) ...................Aug. 06/68    $     33,369
        100  Teck Cominco Ltd.,
              Cl. B(a) ...................Aug. 06/70          26,203
        300  Tesoro Corp. ................Jul. 06/70         162,000
        300  Tesoro Corp. ................Aug. 06/75         135,000
        389  Total SA, ADR ...............Jul. 06/65          75,855
        429  Total SA, ADR ...............Aug. 06/65         120,120
        200  Total SA, ADR ...............Aug. 06/70          20,000
        120  Total SA, ADR ...............Aug. 06/140         30,300
        350  Transocean Inc. .............Jul. 06/80          96,250
        400  Transocean Inc. .............Jul. 06/85          34,000
        300  Valero Energy Corp. .........Jul. 06/65          90,000
        450  Valero Energy Corp. .........Sep. 06/62.50      324,000
        585  Valero Energy Corp. .........Sep. 06/65         339,300
        300  Valero Energy Corp. .........Sep. 06/70          93,000
        454  Weatherford
              International Ltd. .........Jul. 06/50          77,180
        356  Weatherford
              International Ltd. .........Aug. 06/50         101,460
        300  Weatherford
              International Ltd. .........Aug. 06/55          36,000
        200  Weatherford
              International Ltd. .........Aug. 06/60           8,000
        230  Williams Companies Inc. .....Jul. 06/22.50       29,900
        700  Williams Companies Inc. .....Aug. 06/22.50      126,000
        600  Williams Companies Inc. .....Aug. 06/25          42,000
        500  XTO Energy Inc. .............Aug. 06/45         100,000
        245  XTO Energy Inc. .............Nov. 06/45          93,100
                                                        ------------
             TOTAL CALL OPTIONS WRITTEN
             (Premiums received $20,103,961) ...........$ 22,309,125
                                                        ============
------------------
(a)  Exercise price denoted in Canadian dollars.
(b)  Exercise price denoted in British pounds.
(c)  Exercise price denoted in Australian dollars.
(d)  Securities, or a portion thereof, with a value of $103,919,119 pledged as
     collateral for options written.
+    Non-income producing security.
++   Represents annualized yield at date of purchase.
ADR  American Depository Receipt


                                       % OF
                                      MARKET      MARKET
                                       VALUE       VALUE
                                      ------      -------
GEOGRAPHIC DIVERSIFICATION
LONG POSITIONS
North America ........................  60.0%  $249,109,449
Europe ...............................  14.2     58,852,365
South Africa .........................  11.3     46,800,734
Latin America ........................   9.0     37,513,147
Asia/Pacific .........................   5.5     22,836,013
                                       -----   ------------
                                       100.0%  $415,111,708
                                       =====   ============
SHORT POSITIONS
North America ........................  (3.8)% $(15,960,668)
South Africa .........................  (0.7)    (2,884,575)
Europe ...............................  (0.5)    (1,983,405)
Asia/Pacific .........................  (0.4)    (1,632,369)
Latin America ........................  (0.3)    (1,212,380)
                                       -----   ------------
                                        (5.7)% $(23,673,397)
                                       =====   ============

                 See accompanying notes to financial statements.

                                       6


            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST


                       STATEMENT OF ASSETS AND LIABILITIES
                           JUNE 30, 2006 (UNAUDITED)

ASSETS:
  Investments, at value (cost $335,051,003) .................     $ 415,111,708
  Cash ......................................................        27,805,532
  Receivable for investments sold ...........................         3,050,566
  Dividends receivable ......................................           136,912
  Other assets ..............................................             7,331
                                                                  -------------
  TOTAL ASSETS ..............................................       446,112,049
                                                                  -------------
LIABILITIES:
  Call options written (premiums received $20,103,961) ......        22,309,125
  Securities sold short (proceeds received $1,265,596) ......         1,364,272
  Foreign currency, at value (cost $3,109,133) ..............         3,183,015
  Payable for investments purchased .........................         2,556,233
  Payable for investment advisory fees ......................           346,444
  Payable for payroll expenses ..............................            25,147
  Other accrued expenses and liabilities ....................           121,531
                                                                  -------------
  TOTAL LIABILITIES .........................................        29,905,767
                                                                  -------------
  NET ASSETS applicable to 17,851,705
   shares outstanding .......................................     $ 416,206,282
                                                                  =============
NET ASSETS CONSIST OF:
  Shares of beneficial interest, at
    $.001 par value .........................................     $      17,852
  Additional paid-in capital ................................       340,770,629
  Accumulated distributions in excess of net
    realized gain on investments,
    securities sold short, options, and
    foreign currency transactions ...........................        (2,265,331)
  Net unrealized appreciation on investments ................        80,060,705
  Net unrealized depreciation on options ....................        (2,205,164)
  Net unrealized depreciation on securities
    sold short ..............................................           (98,676)
  Net unrealized depreciation on foreign
    currency translations ...................................           (73,733)
                                                                  -------------
  NET ASSETS ................................................     $ 416,206,282
                                                                  =============
NET ASSET VALUE:
  ($416,206,282 / 17,851,705 shares outstanding;
  unlimited number of shares authorized) ....................            $23.31
                                                                         ======

                             STATEMENT OF OPERATIONS
               FOR THE SIX MONTHS ENDED JUNE 30, 2006 (UNAUDITED)

INVESTMENT INCOME:
  Dividends (net of foreign taxes of $56,526) ..............       $  2,215,995
  Interest .................................................            956,342
                                                                   ------------
  TOTAL INVESTMENT INCOME ..................................          3,172,337
                                                                   ------------
EXPENSES:
  Investment advisory fees .................................          2,033,476
  Payroll expenses .........................................             79,008
  Shareholder communications expenses ......................             59,324
  Trustees' fees ...........................................             33,381
  Legal and audit fees .....................................             30,373
  Interest expense .........................................             19,578
  Custodian fees ...........................................             15,628
  Shareholder services fees ................................             10,151
  Miscellaneous expenses ...................................             46,273
                                                                   ------------
  TOTAL EXPENSES ...........................................          2,327,192
  Less: Custodian fee credits ..............................             (3,731)
                                                                   ------------
  NET EXPENSES .............................................          2,323,461
                                                                   ------------
  NET INVESTMENT INCOME ....................................            848,876
                                                                   ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
  ON INVESTMENTS, SECURITIES SOLD SHORT,
  OPTIONS, AND FOREIGN CURRENCY:
  Net realized gain on  investments ........................         34,811,683
  Net realized loss on securities
    sold short .............................................         (1,847,586)
  Net realized loss on options .............................        (16,452,982)
  Net realized loss on foreign
    currency transactions ..................................            (30,322)
                                                                   ------------
  Net realized gain on investments and
    loss on securities sold short, options,
    and foreign currency transactions ......................         16,480,793
  Net change in unrealized appreciation/
    depreciation on investments, options,
    securities sold short, and foreign
     currency translations .................................         21,258,104
                                                                   ------------
  NET REALIZED AND UNREALIZED GAIN (LOSS) ON
    INVESTMENTS, SECURITIES SOLD SHORT,
    OPTIONS, AND FOREIGN CURRENCY ..........................         37,738,897
                                                                   ------------
  NET INCREASE IN NET ASSETS RESULTING
    FROM OPERATIONS ........................................       $ 38,587,773
                                                                   ============


                 See accompanying notes to financial statements.

                                       7


            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

                       STATEMENT OF CHANGES IN NET ASSETS


                                                                     SIX MONTHS ENDED
                                                                       JUNE 30, 2006      PERIOD ENDED
                                                                        (UNAUDITED)    DECEMBER 31, 2005(A)
                                                                       -------------   --------------------
                                                                                   
OPERATIONS:
  Net investment income ............................................   $     848,876     $   1,253,495
  Net realized gain on investments, securities sold short,
    options, and foreign currency transactions .....................      16,480,793        14,653,127
  Net change in unrealized appreciation/depreciation on investments,
    securities sold short, options, and foreign
    currency translations ..........................................      21,258,104        56,425,028
                                                                       -------------     -------------
  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .............      38,587,773        72,331,650
                                                                       -------------     -------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
  Net investment income ............................................        (863,349)*      (1,321,765)
  Net realized short-term gain on investments, securities
    sold short, options, and foreign currency transactions .........     (14,112,230)*     (19,204,278)
                                                                       -------------     -------------
  TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS .......................     (14,975,579)      (20,526,043)
                                                                       -------------     -------------
FUND SHARE TRANSACTIONS:
  Net increase in net assets from common shares issued upon
    reinvestment of dividends and distributions and
    common shares issued in offering ...............................       2,385,104       339,007,369
  Offering costs for common shares charged to paid-in-capital ......            --            (704,000)
                                                                       -------------     -------------
  NET INCREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS ..........       2,385,104       338,303,369
                                                                       -------------     -------------
  NET INCREASE IN NET ASSETS .......................................      25,997,298       390,108,976
NET ASSETS:
  Beginning of period ..............................................     390,208,984           100,008
                                                                       -------------     -------------
  End of period (including undistributed net
    investment income of $0 and $14,473, respectively) .............   $ 416,206,282     $ 390,208,984
                                                                       =============     =============


----------------
(a) The  Gabelli  Global  Gold,  Natural  Resources  &  Income  Trust  commenced
    investment  operations  on March 31,  2005.
*   Based on fiscal year to date book income. Amounts are subject to  change and
    recharacterization at fiscal year end.

                 See accompanying notes to financial statements.

                                       8


            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
                    NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


1. ORGANIZATION.  The Gabelli Global Gold, Natural Resources & Income Trust (the
"Fund") is a non-diversified  closed-end management investment company organized
as a  Delaware  statutory  trust on  January  4, 2005 and  registered  under the
Investment Company Act of 1940, as amended (the "1940 Act"). The Fund sold 5,236
shares to Gabelli  Funds,  LLC (the  "Adviser")  for $100,008 on March 10, 2005.
Investment  operations  commenced on March 31, 2005 upon the  settlement  of the
sale of 16,600,000  shares of beneficial  interest in the amount of $316,396,000
(net of underwriting fees and expenses of $15,604,000).  In addition, on May 12,
2005, the Fund issued 1,000,000  shares of beneficial  interest in the amount of
$19,060,000  (net of underwriting  fees and expenses of $940,000) in conjunction
with the exercise of the underwriters'  overallotment option. The Adviser agreed
to pay all the  Fund's  organizational  costs and the amount by which the Fund's
offering costs (other than the underwriting fees) exceed $0.04 per common share.

     The  Fund's  primary  investment  objective  is to  provide a high level of
current income.  The Fund's  secondary  investment  objective is to seek capital
appreciation  consistent  with the Fund's  strategy  and its primary  objective.
Under normal market conditions,  the Fund will attempt to achieve its objectives
by investing  80% of its assets in equity  securities  of companies  principally
engaged in the gold and natural resources industries.  As part of its investment
strategy,  the Fund intends to earn income through an option strategy of writing
(selling) covered call options on equity  securities in its portfolio.  The Fund
anticipates  that it will  invest  at  least  25% of its  assets  in the  equity
securities  of  companies  principally  engaged  in  the  exploration,   mining,
fabrication,  processing,  distribution,  or trading of gold, or the  financing,
managing and controlling,  or operating of companies  engaged in  "gold-related"
activities ("Gold  Companies").  In addition,  the Fund anticipates that it will
invest  at  least  25% of its  assets  in the  equity  securities  of  companies
principally engaged in the exploration,  production,  or distribution of natural
resources, such as gas and oil, paper, food and agriculture,  forestry products,
metals, and minerals as well as related  transportation  companies and equipment
manufacturers  ("Natural  Resources  Companies").  The  Fund may  invest  in the
securities of companies located anywhere in the world.

2. SIGNIFICANT  ACCOUNTING POLICIES.  The preparation of financial statements in
accordance with United States ("U.S.") generally accepted accounting  principles
requires  management to make estimates and assumptions  that affect the reported
amounts and disclosures in the financial statements. Actual results could differ
from those  estimates.  The  following  is a summary of  significant  accounting
policies followed by the Fund in the preparation of its financial statements.

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

                                       9

            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
              NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)


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.  Fair  valuation  methodologies  and
procedures may include, but are not limited to: analysis and review of available
financial and non-financial  information  about the company;  comparisons to the
valuation and changes in valuation of similar securities, including a comparison
of foreign  securities to the equivalent U.S. dollar value ADR securities at the
close of the U.S.  exchange;  and evaluation of any other information that could
be indicative of the value of the security.

     REPURCHASE  AGREEMENTS.  The Fund may enter into repurchase agreements with
primary  government  securities dealers recognized by the Federal Reserve Board,
with  member  banks of the  Federal  Reserve  System,  or with other  brokers or
dealers that meet credit  guidelines  established by the Adviser and reviewed by
the Board.  Under the terms of a typical  repurchase  agreement,  the Fund takes
possession  of an  underlying  debt  obligation  subject to an obligation of the
seller to repurchase,  and the Fund to resell,  the obligation at an agreed-upon
price and time, thereby  determining the yield during the Fund's holding period.
The Fund will always receive and maintain  securities as collateral whose market
value, including accrued interest,  will be at least equal to 102% of the dollar
amount  invested by the Fund in each  agreement.  The Fund will make payment for
such  securities  only upon  physical  delivery  or upon  evidence of book entry
transfer of the collateral to the account of the  custodian.  To the extent that
any repurchase transaction exceeds one business day, the value of the collateral
is marked-to-market on a daily basis to maintain the adequacy of the collateral.
If the seller defaults and the value of the collateral declines or if bankruptcy
proceedings   are  commenced  with  respect  to  the  seller  of  the  security,
realization of the collateral by the Fund may be delayed or limited. At June 30,
2006, there were no open repurchase agreements.

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

     As a  purchaser  of put  options,  the Fund pays a premium for the right to
sell to the seller of the put  option the  underlying  security  at a  specified
price.  The seller of the put has the  obligation  to  purchase  the  underlying
security upon  exercise at the exercise  price.  If the price of the  underlying
security declines,  the Fund would realize a gain upon sale or exercise.  If the
price of the  underlying  security  increases or stays the same,  the Fund would
realize a loss upon sale or at  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  moderately during the
option period,  (b) covered  at-the-money  call options when the Adviser expects
that the  price  of the  underlying  security  will  remain  stable  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.

                                       10

            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
              NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)


     SECURITIES  SOLD  SHORT.  The Fund may enter into short sale  transactions.
Short selling involves  selling  securities that may or may not be owned and, at
times,  borrowing the same  securities  for delivery to the  purchaser,  with an
obligation  to replace such borrowed  securities  at a later date.  The proceeds
received  from short sales are recorded as  liabilities  and the Fund records an
unrealized  gain or loss to the extent of the  difference  between the  proceeds
received  and the value of an open short  position on the day of  determination.
The Fund records a realized gain or loss when the short  position is closed out.
By entering into a short sale,  the Fund bears the market risk of an unfavorable
change in the price of the  security  sold short.  Dividends  on short sales are
recorded as an expense by the Fund on the ex-dividend  date and interest expense
is  recorded on the accrual  basis.  Securities  sold short at June 30, 2006 are
reported within the Schedule of Investments.

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

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

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

     CONCENTRATION RISKS. The Fund may invest a high percentage of its assets in
specific  sectors  of the  market  in order to  achieve  a  potentially  greater
investment  return.  As a result,  the Fund may be more susceptible to economic,
political,  and regulatory  developments  in a particular  sector of the market,
positive or negative,  and may experience increased volatility to the Fund's net
asset value and a magnified effect in its total return.

     SECURITIES TRANSACTIONS AND INVESTMENT INCOME.  Securities transactions are
accounted  for on the  trade  date  with  realized  gain or loss on  investments
determined  by using the  identified  cost method.  Interest  income  (including
amortization  of premium and  accretion  of discount) is recorded on the accrual
basis.  Premiums  and  discounts  on debt  securities  are  amortized  using the
effective  yield  to  maturity  method.  Dividend  income  is  recorded  on  the
ex-dividend date except for certain  dividends which are recorded as soon as the
Fund is informed of the dividend.

     DISTRIBUTIONS TO  SHAREHOLDERS.  Distributions to shareholders are recorded
on the ex-dividend  date.  Distributions to shareholders are based on income and
capital gains as determined in accordance  with Federal income tax  regulations,
which may  differ  from  income  and  capital  gains as  determined  under  U.S.
generally accepted accounting principles. These differences are primarily due to
differing  treatments of income and gains on various  investment  securities and
foreign

                                       11

            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
              NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)


currency  transactions  held by the  Fund,  timing  differences,  and  differing
characterizations  of  distributions  made by the Fund.  Distributions  from net
investment  income include net realized gains 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   in  the   period   when  the   differences   arise.   These
reclassifications  have no impact on the NAV of the Fund.  For the  fiscal  year
ended December 31, 2005  reclassifications were made to increase accumulated net
investment  income by $82,743  and to  increase  distributions  in excess of net
realized gains on investments by $82,743.

     The tax  character  of  distributions  paid  during the  fiscal  year ended
December 31, 2005 was  $20,526,043 of ordinary  income  (inclusive of short-term
capital gains).

     PROVISION  FOR INCOME  TAXES.  The Fund intends to continue to qualify as a
regulated  investment company under Subchapter M of the Internal Revenue Code of
1986, as amended (the  "Code").  It is the policy of the Fund to comply with the
requirements  of the Code  applicable to regulated  investment  companies and to
distribute  substantially  all of its net investment  company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

     As of December 31, 2005, the components of accumulated earnings/(losses) on
a tax basis were as follows:

          Net unrealized appreciation on investments,
            foreign payables and receivables .......... $ 63,215,442
          Net unrealized depreciation on options ......  (12,758,273)
          Net unrealized depreciation on
            foreign currency ..........................      (40,450)
          Undistributed ordinary income
            (inclusive of short-term capital gain) ....    1,287,437
          Undistributed long-term gain ................      101,451
                                                        ------------
          Total ....................................... $ 51,805,607
                                                        ============

     The following summarizes the tax cost of investments and related unrealized
appreciation/depreciation at June 30, 2006:


                                                   GROSS             GROSS         NET UNREALIZED
                                  COST/         UNREALIZED        UNREALIZED        APPRECIATION/
                                PREMIUMS       APPRECIATION      DEPRECIATION      (DEPRECIATION)
                                --------       ------------      ------------       ------------
                                                                        
         Investments ........$339,311,024      $82,330,055      $ (6,529,371)       $75,800,684
         Options written .... (20,103,961)       5,917,496        (8,122,660)        (2,205,164)
         Short sales ........  (1,265,596)              --           (98,676)           (98,676)
                                               -----------      ------------        -----------
                                               $88,247,551      $(14,750,707)       $73,496,844
                                               ===========      ============        ===========

3. AGREEMENTS AND  TRANSACTIONS  WITH  AFFILIATES.  The Fund has entered into an
investment advisory agreement (the "Advisory  Agreement") with the Adviser which
provides  that the Fund will pay the Adviser on the first  business  day of each
month a fee for the  previous  month  equal on an  annual  basis to 1.00% of the
value of the Fund's average weekly net assets.  In accordance  with the Advisory
Agreement,  the Adviser provides a continuous  investment program for the Fund's
portfolio and oversees the  administration of all aspects of the Fund's business
and affairs.

     The cost of  calculating  the Fund's net asset value ("NAV") per share is a
Fund expense pursuant to the Investment  Advisory Agreement between the Fund and
the Adviser. During the six months ended June 30, 2006, the Fund paid or accrued
$22,500 to the Adviser in connection  with the cost of computing the Fund's NAV,
which is included in miscellaneous expenses in the Statement of Operations.

     The Fund is  assuming  its  portion of the  allocated  cost of the  Gabelli
Funds' Chief Compliance Officer in the amount of $4,052 for the six months ended
June 30,  2006,  which is  included  in payroll  expenses  in the  Statement  of
Operations.

                                       12

            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
              NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)


4. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the six months ended June 30, 2006, other than short-term securities, aggregated
$244,405,865 and $237,253,046, respectively.
     Options activity for the Fund for the six months ended June 30, 2006 was as
follows:

                                                  NUMBER OF
                                                  CONTRACTS          PREMIUMS
                                                  ---------          --------
    Options outstanding at December 31, 2005 ...   114,275        $ 14,725,899
    Stock splits on options ....................     1,830                  --
    Options written ............................   314,289          40,476,381
    Options closed .............................  (125,855)        (21,990,659)
    Options expired ............................  (108,016)         (7,077,482)
    Options exercised ..........................   (80,346)         (5,859,046)
    Options purchased ..........................    (3,402)           (590,250)
    Options sold ...............................     2,448             419,118
                                                  --------        ------------
    Options outstanding at June 30, 2006 .......   115,223        $ 20,103,961
                                                  ========        ============

5. CAPITAL. The Fund is authorized to issue an unlimited number of common shares
of  beneficial  interest  (par  value  $0.001).  The  Board has  authorized  the
repurchase  of its shares in the open  market  when the shares are  trading at a
discount of 7.50% or more (or such other  percentage  as the Board may determine
from time to time) from the NAV of the shares.  During the six months ended June
30, 2006, the Fund did not  repurchase any shares of beneficial  interest in the
open market.
     Transactions in shares of beneficial interest were as follows:



                                             SIX MONTHS ENDED
                                               JUNE 30, 2006               PERIOD ENDED
                                                (UNAUDITED)            DECEMBER 31, 2005 (A)
                                           -----------------------   -----------------------
                                            SHARES        AMOUNT        SHARES       AMOUNT
                                           -------      ----------   ----------  -----------
                                                                       
  Initial seed capital, March 10, 2005 ...      --              --        5,236 $    100,008
  Shares issued in offering ..............      --              --   17,600,000  335,456,000
  Shares issued upon reinvestment of
    dividends and distributions .......... 105,724      $2,385,104      140,745    2,847,369
                                           -------      ----------   ---------- ------------
  Net increase ........................... 105,724      $2,385,104   17,745,981 $338,403,377
                                           =======      ==========   ========== ============

-----------------
(a) The  Gabelli  Global  Gold,  Natural  Resources  &  Income  Trust  commenced
investment  operations on March 31, 2005.

6.  INDEMNIFICATIONS.  The Fund enters into  contracts that contain a variety of
indemnifications.  The Fund's  maximum  exposure  under  these  arrangements  is
unknown.  However, the Fund has not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.

7. OTHER MATTERS. The Adviser and/or affiliates have received subpoenas from the
Attorney General of the State of New York and the SEC requesting  information on
mutual fund trading  practices  involving  certain funds managed by the Adviser.
GAMCO Investors,  Inc. ("GAMCO"), the Adviser's parent company, is responding to
these  requests  for  documents  and  testimony.   In  June  2006,  GAMCO  began
discussions with the SEC regarding a possible resolution of their inquiry. Since
these discussions are ongoing, it cannot be determined at this time whether they
will ultimately  result in a settlement of this matter. On a separate matter, in
September  2005, the Adviser was informed by the staff of the SEC that the staff
may recommend to the  Commission  that an  administrative  remedy and a monetary
penalty be sought  from the  Adviser in  connection  with the  actions of two of
seven closed-end funds managed by the Adviser relating to Section 19(a) and Rule
19a-1 of the 1940 Act. These provisions require registered  investment companies
to provide  written  statements to  shareholders  when a dividend is made from a
source other than net investment  income.  While the two  closed-end  funds sent
annual statements and provided other materials containing this information,  the
funds did not send written  statements to shareholders with each distribution in
2002 and 2003. The Adviser believes that all of the funds are now in compliance.
The Adviser  believes that these matters would have no effect on the Fund or any
material  adverse  effect on the Adviser or its ability to manage the Fund.  The
staff's notice to the Adviser did not relate to the Fund.

                                       13


            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
                              FINANCIAL HIGHLIGHTS

SELECTED DATA FOR A COMMON SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT
EACH PERIOD:


                                                            SIX MONTHS ENDED
                                                              JUNE 30, 2006        PERIOD ENDED
                                                               (UNAUDITED)      DECEMBER 31, 2005(E)
                                                              -------------     --------------------
                                                                                  
OPERATING PERFORMANCE:
  Net asset value, beginning of period ......................   $  21.99               $  19.06(f)
  Net investment income .....................................       0.05                   0.08
  Net realized and unrealized gain on investments ...........       2.11                   4.01
                                                                --------               --------
  Total from investment operations ..........................       2.16                   4.09
                                                                --------               --------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
  Net investment income .....................................      (0.05)*                (0.07)
  Net realized short-term gains on investments,
    securities sold short, options, and foreign
    currency transactions ...................................      (0.79)*                (1.09)
                                                                --------               --------
  Total distributions to common shareholders ................      (0.84)                 (1.16)
                                                                --------               --------
FUND SHARE TRANSACTIONS:
  Decrease in net asset value from
    common share transactions ...............................      (0.00)(b)              (0.00)(b)
                                                                --------               --------
  Total fund share transactions .............................      (0.00)(b)              (0.00)(b)
                                                                --------               --------
  NET ASSET VALUE, END OF PERIOD ............................   $  23.31               $  21.99
                                                                ========               ========
  Net asset value total return + ............................       10.0%                  22.0%
                                                                ========               ========
  Market value, end of period ...............................   $  22.25               $  21.80
                                                                ========               ========
  Total investment return ++ ................................        6.0%                  15.2%
                                                                ========               ========
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:
  Net assets end of period (in 000's) .......................   $416,206               $390,209
  Ratio of net investment income to average net assets ......       0.42%(c)               0.47%(c)
  Ratio of operating expenses to average net assets (a) .....       1.15%(c)(d)            1.15%(c)
  Portfolio turnover rate ...................................       60.3%                 142.5%

------------------
+    Based on net asset value per share at  commencement of operations of $19.06
     per share,  adjusted for  reinvestment  of  distributions  at the net asset
     value per share on the  ex-dividend  dates.  Total return for the period of
     less than one year is not annualized.
++   Based on market  value per share at initial  public  offering of $20.00 per
     share,  adjusted for reinvestments of  distributions.  Total return for the
     period of less than one year is not annualized.
*    Based on fiscal year to date book income. Amounts are subject to change and
     recharacterization at fiscal year end.
(a)  The Fund  incurred  interest  expense  during the six months ended June 30,
     2006.  If interest  expense had not been  incurred,  the ratio of operating
     expenses to average net assets would have been 1.13%.
(b)  Amount represents less than $0.005 per share.
(c)  Annualized.
(d)  The ratio does not  include a  reduction  of  expenses  for  custodian  fee
     credits on cash balances  maintained  with the  custodian.  Including  such
     custodian fee credits,  the expense ratio for the six months ended June 30,
     2006 would have been 1.14%.
(e)  The  Gabelli  Global  Gold,  Natural  Resources  & Income  Trust  commenced
     investment  operations  on March 31, 2005.
(f)  The beginning of period NAV reflects a $0.04 reduction for costs associated
     with the initial public offering.

                 See accompanying notes to financial statements.

                                       14


                         AUTOMATIC DIVIDEND REINVESTMENT
                       AND VOLUNTARY CASH PURCHASE PLANS

ENROLLMENT IN THE PLAN

      It is the policy of The Gabelli  Global Gold,  Natural  Resources & Income
Trust  ("Fund")  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
Plan authorizes the Fund to issue common shares to  participants  upon an income
dividend or a capital  gains  distribution  regardless of whether the shares are
trading at a discount  or a premium to net asset  value.  All  distributions  to
shareholders   whose  shares  are   registered   in  their  own  names  will  be
automatically  reinvested pursuant to the Plan in additional shares of the Fund.
Plan  participants may send their share  certificates to American Stock Transfer
("AST")  to  be  held  in  their  dividend  reinvestment   account.   Registered
shareholders  wishing to receive  their  distribution  in cash must  submit this
request in writing to:

            The Gabelli Global Gold, Natural Resources & Income Trust
                          c/o American Stock Transfer
                                6201 15th Avenue
                               Brooklyn, NY 11219

      Shareholders  requesting this cash election must include the shareholder's
name and  address as they  appear on the share  certificate.  Shareholders  with
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 participating in 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 for you to
have your shares taken out of "street name" and  re-registered in your own name.
Once  registered  in your  own name  your  distributions  will be  automatically
reinvested. Certain brokers participate in the Plan. Shareholders holding shares
in "street name" at participating institutions will have dividends automatically
reinvested.  Shareholders  wishing  a cash  dividend  at such  institution  must
contact their broker to make this change.

      The number 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 for purposes of determining the number
of shares  equivalent  to the cash  dividends  or  capital  gains  distribution,
participants are issued common shares 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 common shares.  The valuation date is the dividend or distribution
payment date or, if that date is not an American Stock Exchange  ("ASE") trading
day, the next  trading  day. If the net asset value of the common  shares at the
time of valuation  exceeds the market price of the common  shares,  participants
will receive  common  shares from the Fund valued at market  price.  If the Fund
should  declare a dividend or capital gains  distribution  payable only in cash,
AST will buy common shares in the open market, or on the ASE, or elsewhere,  for
the participants' accounts, except that AST will endeavor to terminate purchases
in the open  market  and cause the Fund to issue  shares at net asset  value if,
following the  commencement  of such  purchases,  the market value 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 payable on such
distributions.  A participant in the Plan will be treated for Federal income tax
purposes  as  having  received,  on a  dividend  payment  date,  a  dividend  or
distribution in an amount equal to the cash the participant  could have received
instead of shares.

                                       15


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  participate  in 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's common shares at
the then  current  market  price.  Shareholders  may send an amount from $250 to
$10,000.  AST will use these funds to  purchase  shares in the 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 brokerage  commissions.  Brokerage  charges
for such purchases are expected to be less than the usual  brokerage  charge for
such  transactions.  It is suggested that any voluntary cash payments be sent to
American  Stock  Transfer,  6201 15th Avenue,  Brooklyn,  NY 11219 such that AST
receives such payments  approximately  10 days before the investment date. Funds
not  received  at least five days before the  investment  date shall be held for
investment  until 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 to
be invested.

   SHAREHOLDERS WISHING TO LIQUIDATE SHARES held at AST must do so in writing or
by  telephone.  Please  submit your  request to the above  mentioned  address or
telephone number. Include in your request your name, address and account number.
The cost to liquidate  shares is $1.00 per  transaction as 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 distribution paid 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.

                                       16


--------------------------------------------------------------------------------
            THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
                           AND YOUR PERSONAL PRIVACY

     WHO ARE WE?
     The Gabelli Global Gold,  Natural Resources &Income Trust (the "Fund") is a
     closed-end  investment  company registered with the Securities and Exchange
     Commission  under the  Investment  Company  Act of 1940.  We are managed by
     Gabelli  Funds,  LLC,  which  is  affiliated  with   GAMCO Investors,  Inc.
     GAMCOInvestors,  Inc. is a publicly held company that has subsidiaries that
     provide investment advisory or brokerage services for a variety of clients.

     WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
     GABELLI  CUSTOMER?
     When you purchase  shares of the Fund on the American Stock  Exchange,  you
     have the option of  registering  directly with our transfer agent in order,
     for example, to participate in our dividend reinvestment plan.

     o  INFORMATION  YOU GIVE US ON YOUR  APPLICATION  FORM.  This could include
        your name,  address,  telephone  number,  social security  number,  bank
        account number, and other information.

     o  INFORMATION   ABOUT  YOUR  TRANSACTIONS  WITH  US.  This  would  include
        information  about the shares that you buy or sell,  it may also include
        information  about  whether  you sell or  exercise  rights  that we have
        issued  from  time  to  time.   If  we  hire  someone  else  to  provide
        services--like a transfer agent--we will also have information about the
        transactions that you conduct through them.

     WHAT INFORMATION DO WE DISCLOSE AND TO WHOM DO WE DISCLOSE IT?
     We do not disclose any non-public personal  information about our customers
     or former  customers  to anyone  other  than our  affiliates,  our  service
     providers who need to know such information,  and as otherwise permitted by
     law. If you want to find out what the law permits, you can read the privacy
     rules adopted by the Securities and Exchange Commission. They are in volume
     17 of the Code of Federal Regulations, Part 248. The Commission often posts
     information about its regulations on its web site, WWW.SEC.GOV.

     WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?
     We restrict  access to  non-public  personal  information  about you to the
     people who need to know that  information  in order to provide  services to
     you or the Fund and to ensure that we are complying with the laws governing
     the securities business. We maintain physical,  electronic,  and procedural
     safeguards to keep your personal information confidential.
--------------------------------------------------------------------------------


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


TRUSTEES

Anthony J. Colavita
   ATTORNEY-AT-LAW,
   ANTHONY J. COLAVITA, P.C.

James P. Conn
   FORMER CHIEF INVESTMENT OFFICER,
   FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.

Mario d'Urso
   CHAIRMAN, MITTEL CAPITAL MARKETS SPA

Vincent D. Enright
  FORMER SENIOR VICE PRESIDENT &
  CHIEF FINANCIAL OFFICER,
  KEYSPAN ENERGY 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, HALLMARK ELECTRICAL SUPPLIES CORP.

OFFICERS

Bruce N. Alpert
   PRESIDENT

Carter W. Austin
   VICE PRESIDENT

Peter D. Goldstein
   CHIEF COMPLIANCE OFFICER

Molly A.F. Marion
   VICE PRESIDENT AND OMBUDSMAN

James E. McKee
   SECRETARY

Agnes Mullady
   TREASURER

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

CUSTODIAN
Mellon Trust of New England, N.A.

COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP

TRANSFER AGENT AND REGISTRAR
American Stock Transfer and Trust Company

STOCK EXCHANGE LISTING
                                   Common
                                  --------
Amex -Symbol:                        GGN
Shares Outstanding:              17,851,705

The Net Asset Value appears in the Publicly Traded Funds column, under the
heading "Specialized Equity Funds," in Sunday's The New York Times and 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 may be obtained each day by calling (914) 921-5070.


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


SEMI-ANNUAL REPORT
JUNE 30, 2006

GGN SA 2006




ITEM 2. CODE OF ETHICS.

Not applicable.



ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.



ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.



ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.



ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments in securities of unaffiliated issuers as of the close of
the  reporting  period is included as part of the report to  shareholders  filed
under Item 1 of this form.



ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
        MANAGEMENT INVESTMENT COMPANIES.

Not applicable.



ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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


ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
        COMPANY AND AFFILIATED PURCHASERS.



                                       REGISTRANT PURCHASES OF EQUITY SECURITIES
=============================================================================================================================
                                                                  (C) TOTAL NUMBER OF         (D) MAXIMUM NUMBER (OR
                                                                   SHARES (OR UNITS)        APPROXIMATE DOLLAR VALUE) OF
             (A) TOTAL NUMBER OF                                  PURCHASED AS PART OF     SHARES (OR UNITS) THAT MAY YET
              SHARES (OR UNITS)      (B) AVERAGE PRICE PAID     PUBLICLY ANNOUNCED PLANS    BE PURCHASED UNDER THE PLANS
   PERIOD         PURCHASED            PER SHARE (OR UNIT)           OR PROGRAMS                    OR PROGRAMS
=============================================================================================================================
                                                                                 
Month #1     Common - N/A              Common - N/A               Common - N/A               Common - 17,815,487
01/01/06
through      Preferred - N/A           Preferred - N/A            Preferred - N/A            Preferred - N/A
01/31/06
=============================================================================================================================
Month #2     Common - N/A              Common - N/A               Common - N/A               Common - 17,851,705
02/01/06
through      Preferred - N/A           Preferred - N/A            Preferred - N/A            Preferred - N/A
02/28/06
=============================================================================================================================
Month #3     Common - N/A              Common - N/A               Common - N/A               Common - 17,851,705
03/01/06
through      Preferred - N/A           Preferred - N/A            Preferred - N/A            Preferred - N/A
03/31/06
=============================================================================================================================
Month #4     Common - N/A              Common - N/A               Common - N/A               Common - 17,851,705
04/01/06
through      Preferred - N/A           Preferred - N/A            Preferred - N/A            Preferred - N/A
04/30/06
=============================================================================================================================
Month #5     Common - N/A              Common - N/A               Common - N/A               Common - 17,851,705
05/01/06
through      Preferred - N/A           Preferred - N/A            Preferred - N/A            Preferred - N/A
05/31/06
=============================================================================================================================
Month #6     Common - N/A              Common - N/A               Common - N/A               Common - 17,851,705
06/01/06
through      Preferred - N/A           Preferred - N/A            Preferred - N/A            Preferred - N/A
06/30/06
=============================================================================================================================
Total        Common - N/A              Common - N/A               Common - N/A               N/A

             Preferred - N/A           Preferred - N/A            Preferred - N/A
=============================================================================================================================


Footnote  columns  (c)  and  (d) of  the  table,  by  disclosing  the  following
information in the aggregate for all plans or programs publicly announced:

a.       The date  each  plan or  program  was  announced  - The  notice  of the
         potential repurchase of common and preferred shares occurs quarterly in
         the Fund's  quarterly  report in  accordance  with Section 23(c) of the
         Investment Company Act of 1940, as amended.
b.       The  dollar  amount  (or share or unit  amount)  approved  - Any or all
         common shares  outstanding  may be  repurchased  when the Fund's common
         shares are  trading  at a  discount  of 7.5% or more from the net asset
         value of the shares.
         Any or all preferred  shares  outstanding  may be repurchased  when the
         Fund's  preferred  shares are trading at a discount to the  liquidation
         value of $25.00.
c.       The  expiration  date (if any) of each  plan or  program  - The  Fund's
         repurchase plans are ongoing.
d.       Each plan or program that has expired  during the period covered by the
         table - The Fund's repurchase plans are ongoing.
e.       Each plan or program the registrant  has determined to terminate  prior
         to expiration,  or under which the  registrant  does not intend to make
         further purchases. - The Fund's repurchase plans are ongoing.



ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material  changes to the procedures by which the shareholders
may  recommend  nominees  to the  registrant's  Board of  Trustees,  where those
changes were  implemented  after the  registrant  last  provided  disclosure  in
response to the  requirements  of Item  7(d)(2)(ii)(G)  of Schedule  14A (17 CFR
240.14a-101), or this Item.


ITEM 11. 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  second fiscal
         quarter  of the  period  covered  by this  report  that has  materially
         affected,   or  is  reasonably   likely  to  materially   affect,   the
         registrant's internal control over financial reporting.


ITEM 12. EXHIBITS.

     (a)(1)   Not applicable.

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

     (a)(3)   Not applicable.

     (b)      Certifications  pursuant to Rule  30a-2(b)  under the 1940 Act and
              Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.


                                   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     September 1, 2006
    ----------------------------------------------------------------------------


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     September 1, 2006
    ----------------------------------------------------------------------------


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


Date     September 1, 2006
    ----------------------------------------------------------------------------



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