Edgar Filing: Gabelli Global Gold, Natural Resources & Income Trust

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )

Filed by Registrant [X]
Filed by a Party other than the Registrant [_]
Check the appropriate box:
[_] Preliminary Proxy Statement
[_] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[X] Definitive Proxy Statement
[_] Definitive Additional Materials
[_]] Soliciting Material Pursuant to Sec. 240.14a-12

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[X] No fee required

[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

1) Title of each class of securities to which transaction applies:

2) Aggregate number of securities to which transaction applies:

3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11(set forth the amount on which the
filing fee is calculated and state how it was determined):

4) Proposed maximum aggregate value of transaction:

5) Total fee paid:

[_] Fee paid previously with preliminary materials.

[_] Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.

1) Amount Previously Paid:

2) Form, Schedule or Registration Statement No.:

3) Filing Party:

4) Date Filed:

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

One Corporate Center
Rye, New York 10580-1422
(914)921-5070

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NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON MAY 17, 2010

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To the Shareholders of

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

Notice is hereby given that the Annual Meeting of Shareholders of The
Gabelli Global Gold, Natural Resources & Income Trust, a Delaware statutory
trust (the "Fund"), will be held on Monday, May 17, 2010, at 12:00 p.m., at The
Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich,
Connecticut 06830 and at any adjournments thereof (the "Meeting"), for the
following purposes:

1. To elect three (3) Trustees of the Fund by the holders of the Fund's
Common Shares and holders of its 6.625% Series A Cumulative Preferred
Shares (the "Preferred Shares"), voting together as a single class
(PROPOSAL 1); and

2. To consider and vote upon such other matters, including adjournments,
as may properly come before said Meeting or any adjournments thereof.

These items are discussed in greater detail in the attached Proxy
Statement.

The close of business on March 15, 2010 has been fixed as the record date
for the determination of shareholders entitled to notice of and to vote at the
Meeting and any adjournments thereof.

YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND.
WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE
PROMPTLY. INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES ARE SET
FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY PROVIDE THEIR VOTE BY TELEPHONE OR
THE INTERNET BY FOLLOWING THE INSTRUCTIONS ACCOMPANYING THE PROXY CARD OR NOTICE
OF INTERNET AVAILABILITY OF PROXY MATERIALS. ALTERNATIVELY, SHAREHOLDERS MAY
SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARD AND RETURNING IT
IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.

By Order of the Board of Trustees,

PETER D. GOLDSTEIN
ACTING SECRETARY

April 7, 2010

INSTRUCTIONS FOR SIGNING PROXY CARDS TO BE RETURNED BY MAIL

The following general rules for signing proxy cards may be of assistance to
you and avoid the time and expense to the Fund involved in validating your vote
if you fail to sign your proxy card properly.

1. INDIVIDUAL ACCOUNTS: Sign your name exactly as it appears in the
registration on the proxy card.

2. JOINT ACCOUNTS: Either party may sign, but the name of the party
signing should conform exactly to the name shown in the registration.

3. ALL OTHER ACCOUNTS: The capacity of the individuals signing the proxy
card should be indicated unless it is reflected in the form of
registration. For example:

REGISTRATION VALID SIGNATURE

CORPORATE ACCOUNTS

(1) ABC Corp. ABC Corp.
(2) ABC Corp. John Doe, Treasurer
(3) ABC Corp.
c/o John Doe, Treasurer John Doe
(4) ABC Corp., Profit Sharing Plan John Doe, Trustee

TRUST ACCOUNTS

(1) ABC Trust Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee
u/t/d 12/28/78 Jane B. Doe

CUSTODIAN OR ESTATE ACCOUNTS

(1) John B. Smith, Cust. John B. Smith
f/b/o John B. Smith, Jr. UGMA
(2) John B. Smith, Executor
Estate of Jane Smith John B. Smith, Executor

INSTRUCTIONS FOR TELEPHONE/INTERNET VOTING

Various brokerage firms may offer the convenience of providing you voting
instructions via telephone or the Internet for shares held through such firms.
Instructions for Internet and telephonic voting are included with each of the
Notice of Internet Availability of Proxy Materials and with the proxy card.

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

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ANNUAL MEETING OF SHAREHOLDERS
MAY 17, 2010

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PROXY STATEMENT

This Proxy Statement is furnished in connection with the solicitation of
proxies by the Board of Trustees (the "Board," the members of which are referred
to as "Trustees") of The Gabelli Global Gold, Natural Resources & Income Trust,
a Delaware statutory trust (the "Fund") for use at the Annual Meeting of
Shareholders of the Fund to be held on Monday, May 17, 2010, at 12:00 p.m., at
The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich,
Connecticut 06830, and at any adjournments thereof (the "Meeting"). A Notice of
Internet Availability of Proxy Materials is being mailed on April 7, 2010.

In addition to the solicitation of proxies by mail, officers of the Fund
and officers and regular employees of American Stock Transfer & Trust Company
("AST"), the Fund's transfer agent, and affiliates of AST or other
representatives of the Fund may also solicit proxies by telephone, telegraph,
Internet, or in person. In addition, the Fund has retained The Altman Group to
assist in the solicitation of proxies for a fee of $750 plus reimbursement of
expenses. The Fund will pay the costs of the proxy solicitation and the expenses
incurred in connection with preparing, printing and mailing the Proxy Statement
and its enclosures. The Fund will also reimburse brokerage firms and others for
their expenses in forwarding solicitation materials to the beneficial owners of
its shares.

THE FUND'S MOST RECENT ANNUAL REPORT, INCLUDING AUDITED FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009, IS AVAILABLE UPON
REQUEST, WITHOUT CHARGE, BY WRITING TO THE SECRETARY OF THE FUND AT ONE
CORPORATE CENTER, RYE, NEW YORK 10580-1422, BY CALLING THE FUND AT 800-422-3554,
OR VIA THE INTERNET AT www.gabelli.com.

If the proxy is properly executed and returned in time to be voted at the
Meeting, the Shares (as defined below) represented thereby will be voted "FOR"
the election of the nominees as Trustees as described in this Proxy Statement,
unless instructions to the contrary are marked thereon, and at the discretion of
the proxy holders as to the transaction of any other business that may properly
come before the Meeting. Any shareholder who has given a proxy has the right to
revoke it at any time prior to its exercise either by attending the Meeting and
voting his or her shares in person or by submitting a letter of revocation or a
later-dated proxy to the Fund at the above address prior to the date of the
Meeting.

A quorum of shareholders is constituted by the presence in person or by
proxy of the holders of one-third of the outstanding shares of the Fund entitled
to vote at the Meeting. In the event a quorum is not present at the Meeting, or
in the event that a quorum is present at the Meeting but sufficient votes to
approve any of the proposed items are not received, the persons named as proxies
may propose one or more adjournments of such Meeting to permit further
solicitation of proxies. A shareholder vote may be taken on one or more of the
proposals in this Proxy Statement prior to such adjournment if sufficient votes
have been received for approval and it is otherwise appropriate. Any such
adjournment will require the affirmative vote of a majority of those shares
present at the Meeting in person or by proxy. If a quorum is present, the
persons named as proxies will vote those proxies which they are entitled to vote
"FOR" any proposal in favor of such adjournment and will vote those proxies
required to be voted "AGAINST" any proposal against any such adjournment. Absent
the establishment of a subsequent record date and the giving of notice to the
holders of record thereon, the adjourned Meeting must take place not more than
130 days after the record date. At such adjourned Meeting, any business may be
transacted which might have been transacted at the original Meeting. If a quorum
is present, a shareholder vote may be taken on one or more of the proposals
properly brought before the Meeting prior to any adjournment if sufficient votes
have been received and it is otherwise appropriate.

The close of business on March 15, 2010 has been fixed as the record date
for the determination of shareholders entitled to notice of and to vote at the
Meeting and all adjournments thereof.

The Fund has two classes of capital stock outstanding: common shares, par
value $0.001 per share (the "Common Shares"), and 6.625% Series A Cumulative
Preferred Shares, par value $0.001 per share (the "Preferred Shares" and
together with the Common Shares, the "Shares"). The holders of the Common Shares
and Preferred Shares are each entitled to one vote for each full share held. On
the record date, there were 36,290,168 Common Shares and 3,955,687 Preferred
Shares outstanding.

As of the record date, there were no persons known to the Fund to be
beneficial owners of more than 5% of the Fund's outstanding Common Shares or
Preferred Shares.

SUMMARY OF VOTING RIGHTS ON PROXY PROPOSALS

PROPOSAL COMMON SHAREHOLDERS PREFERRED SHAREHOLDERS
-------- ------------------- ----------------------

1. Election of Common and Preferred Shareholders, Common and Preferred Shareholders,
Trustees voting together as a single class, voting together as a single class,
vote to elect three Trustees: vote to elect three Trustees:
Mario d'Urso, Mario d'Urso,
Vincent D. Enright, Vincent D. Enright,
Michael J. Melarkey Michael J. Melarkey

2. Other Business Common and Preferred Shareholders, voting together as a single class

In order that your Shares may be represented at the Meeting, you are
requested to vote on the following matters:

PROPOSAL 1: TO ELECT THREE (3) TRUSTEES OF THE FUND

NOMINEES FOR THE BOARD OF TRUSTEES

The Board consists of nine Trustees, eight of whom are not "interested
persons" of the Fund (as defined in the Investment Company Act of 1940, as
amended (the "1940 Act"). The Fund divides the Board into three classes, each
class having a term of three years. Each year the term of office of one class
will expire. Mario d'Urso, Vincent D. Enright, and Michael J. Melarkey have each
been nominated by the Board for election to serve for a three-year term to
expire at the Fund's 2013 Annual Meeting of Shareholders and until their
successors are duly elected and qualified. Each of the Trustees of the Fund has
served in that capacity since the February 14, 2005 organizational meeting of
the Fund with the exception of Mr. Salibello, who became a Trustee of the Fund
on November 16, 2005. All of the Trustees of the Fund are also directors or
trustees of other investment companies for which Gabelli Funds, LLC (the
"Adviser") or its affiliates serve as investment adviser. The classes of
Trustees are indicated below:

NOMINEES TO SERVE UNTIL 2013 ANNUAL MEETING OF SHAREHOLDERS
Mario d'Urso
Vincent D. Enright
Michael J. Melarkey

TRUSTEES SERVING UNTIL 2012 ANNUAL MEETING OF SHAREHOLDERS
James P. Conn
Salvatore M. Salibello
Anthonie C. van Ekris

TRUSTEES SERVING UNTIL 2011 ANNUAL MEETING OF SHAREHOLDERS
Anthony J. Colavita
Frank J. Fahrenkopf, Jr.
Salvatore J. Zizza

Under the Fund's Declaration of Trust, Statement of Preferences, and the
1940 Act, holders of the Fund's outstanding Preferred Shares, voting as a
separate class, are entitled to elect two Trustees, and holders of the Fund's
outstanding Common Shares and Preferred Shares, voting together as a single
class, are entitled to elect the remaining Trustees, subject to the provisions
of the 1940 Act and the Fund's Declaration of Trust, Statement of Preferences,
and By-Laws. The holders of the Fund's outstanding Preferred Shares would be
entitled to elect the minimum number of additional Trustees that would represent
a majority of the Trustees in the event that dividends on the Fund's Preferred
Shares are in arrears for two full years. No dividend arrearages exist as of the
date of this Proxy Statement. Messrs. Colavita and Conn are currently the
Trustees elected solely by the holders of the Fund's Preferred Shares. Messrs.
Colavita's and Conn's terms as Trustees are scheduled to expire at the Fund's
2011 and 2012 Annual Meeting of Shareholders, respectively, and therefore they
are not standing for election at this Meeting.

Unless authority is withheld, it is the intention of the persons named in
the proxy to vote the proxy "FOR" the election of the nominees named above. Each
nominee has indicated that he has consented to serve as a Trustee if elected at
the Meeting. If a designated nominee declines or otherwise becomes unavailable
for election, however, the proxy confers discretionary power on the persons
named therein to vote in favor of a substitute nominee or nominees.

INFORMATION ABOUT TRUSTEES AND OFFICERS

Set forth in the table below are the existing Trustees, including those
Trustees who are not considered to be "interested persons," as defined in the
1940 Act (the "Independent Trustees"), three of whom are nominated for
re-election to the Board of the Fund, and officers of the Fund, including
information relating to their respective positions held with the Fund, a brief
statement of their principal occupations and, in the case of the Trustees, their
other directorships during the past five years (excluding other funds managed by
the Adviser), if any.

TERM OF NUMBER OF
OFFICE AND PORTFOLIOS IN
NAME, POSITION(S) LENGTH OF OTHER DIRECTORSHIPS FUND COMPLEX(3)
ADDRESS(1) TIME PRINCIPAL OCCUPATION(S) HELD BY TRUSTEE OVERSEEN
AND AGE SERVED(2) DURING PAST FIVE YEARS DURING PAST FIVE YEARS By TRUSTEE
------------------------ -------------- --------------------------------------- --------------------------------- ---------------

INTERESTED TRUSTEE(4):
SALVATORE M. SALIBELLO Since 2005** Certified Public Accountant and Director of Kid Brands, 3
Trustee Managing Partner of the certified Inc. (group of companies
Age: 64 public accounting firm of Salibello & in infant and juvenile
Broder LLP since 1978 products) and until
September 2007, Director
of Brooklyn Federal Bank
Corp., Inc. (independent
community bank)

INDEPENDENT TRUSTEES/NOMINEES(5):

ANTHONY J. COLAVITA(6) Since 2005*** President of the law firm of Anthony J. -- 34
Trustee Colavita, P.C.
Age: 74

JAMES P. CONN(6) Since 2005** Former Managing Director and Chief Director of First Republic 18
Trustee Investment Officer of Financial Bank (banking) through
Age: 72 Security Assurance Holdings Ltd. January 2008 and LaQuinta Corp.
(insurance holding company) (hotels) through January 2006
(1992-1998)

MARIO D'URSO Since 2005* Chairman of Mittel Capital Markets -- 5
Trustee S.p.A. (2001-2008); Senator in the
Age: 69 Italian Parliament (1996-2001)

VINCENT D. ENRIGHT Since 2005* Former Senior Vice President and Director of Echo Therapeutics, 16
Trustee Chief Financial Officer of KeySpan Inc. (therapeutics and
Age: 66 Corp. (public utility) (1994-1998) diagnostics) and until September
2006, Director of
Aphton
Corporation(pharmaceuticals)

FRANK J. FAHRENKOPF, JR. Since 2005*** President and Chief Executive Officer Director of First Republic 6
Trustee of the American Gaming Association; Bank (banking) until mid
Age: 70 Co-Chairman of the Commission on September 2007
Presidential Debates; Former Chairman
of the Republican National Committee
(1983-1989)

MICHAEL J. MELARKEY Since 2005* Partner in the law firm of Avansino, Director of Southwest Gas 5
Trustee Melarkey, Knobel, Mulligan & McKenzie Corporation (natural
Age: 60 gas utility)

ANTHONIE C. VAN EKRIS Since 2005** Chairman and Chief Executive Officer Director of Aurado Energy 20
Trustee of BALMAC International, Inc. Inc. (oil and gas operations)
Age: 75 (commodities and futures trading) through 2005

SALVATORE J. ZIZZA Since 2005*** Chairman and Chief Executive Officer Director of Harbor BioSciences, 28
Trustee of Zizza & Co., Ltd. (private holding Inc. (biotechnology) and
Age: 64 company) and Chief Executive Officer of Trans-Lux Corporation (business
General Employment Enterprises, Inc. services); Chairman of each of
BAM (manufacturing); Metropolitan
Paper Recycling (recycling);
Bergen Cove Realty Inc. (real estate);
Bion Environmental Technologies
(technology) (2005-2008);
Director of Earl Scheib Inc. (automotive
painting) through April 2009

TERM OF
OFFICE AND
NAME, POSITION(S) LENGTH OF
ADDRESS(1) TIME PRINCIPAL OCCUPATION(S)
AND AGE SERVED DURING PAST FIVE YEARS
------------------------ -------------- ---------------------------------------

OFFICERS(7):
BRUCE N. ALPERT Executive Vice President (since 1999)
President Since 2005 and Chief Operating Officer (since
Acting Treasurer Since 1988) of Gabelli Funds, LLC; Chairman
Age: 58 March 2010 of Teton Advisors, Inc. since July 2008
and Director and President from 1998
through June 2008; Senior Vice
President of GAMCO Investors, Inc.
since 2008; Officer of all of the
registered investment companies in the
Gabelli/GAMCO Fund Complex since 1988

CARTER W.AUSTIN
Vice President Since 2005 Vice President of the Fund since 2005;
Age: 43 Vice President of other registered investment
companies in the Gabelli/GAMCO Funds
Complex; Vice President of Gabelli
Funds, LLC since 1996

PETER D. GOLDSTEIN Director of Regulatory Affairs for
Chief Compliance Officer Since 2005 GAMCO Investors, Inc. since 2004; Chief
Acting Secretary Since Compliance Officer of all of the
Age: 57 March 2010 registered investment companies in the
Gabelli/GAMCO Funds Complex

MOLLY A.F. MARION Vice President of the Fund since 2005;
Vice President Since 2005 Vice President of Gabelli Equity Trust
Age: 56 since 2009; Assistant Vice President of
GAMCO Investors, Inc. since 2006;
Assistant Portfolio Manager of Gabelli
Fixed Income LLC from 1994-2004

LAURISSA M. MARTIRE Ombudsman of the Fund since 2010; Vice
Ombudsman Since President or Ombudsman of other
Age: 33 February 2010 registered investment companies in the
Gabelli/GAMCO Fund Complex; Assistant
Vice President of GAMCO Investors, Inc.
since 2003

AGNES MULLADY(8) Senior Vice President of GAMCO
Treasurer and Secretary Since 2006 Investors, Inc. since 2009; Vice
Age: 51 President of Gabelli Funds, LLC since
2007; Officer of all of the registered
investment companies in the
Gabelli/GAMCO Funds Complex; Senior
Vice President of U.S. Trust Company,
N.A. and Treasurer and Chief Financial
Officer of Excelsior Funds from
2004-2005

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(1) Address: One Corporate Center, Rye, NY 10580-1422.

(2) The Fund's Board of Trustees is divided into three classes, each class
having a term of three years. Each year the term of office of one class
expires and the successor or successors elected to such class serve for a
three-year term.

(3) The "Fund Complex" or the "Gabelli/GAMCO Fund Complex" includes all the
registered funds that are considered part of the same fund complex as the
Fund because they have common or affiliated investment advisers.

(4) "Interested person" of the Fund, as defined in the 1940 Act. Mr. Salibello
may be considered to be an "interested person" of the Fund as a result of
being a partner in an accounting firm that provides professional services
to affiliates of the Adviser.

(5) Trustees who are not considered to be "interested persons" of the Fund as
defined in the 1940 Act are considered to be "Independent" Trustees.

(6) Trustee elected solely by holders of the Fund's Preferred Shares.

(7) Each officer will hold office for an indefinite term until the date he or
she resigns or retires or until his or her successor is elected and
qualified.

(8) Agnes Mullady is on a leave of absence for a limited period of time.

* Nominee to serve, if elected, until the Fund's 2013 Annual Meeting of
Shareholders and until his successor is duly elected and qualified.

** Term continues until the Fund's 2012 Annual Meeting of Shareholders and
until his successor is duly elected and qualified.

*** Term continues until the Fund's 2011 Annual Meeting of Shareholders and
until his successor is duly elected and qualified.

The Board believes that each Trustee's experience, qualifications,
attributes or skills on an individual basis and in combination with those of
other Trustees lead to the conclusion that each Trustee should serve in such
capacity. Among the attributes or skills common to all Trustees are their
ability to review critically and to evaluate, question and discuss information
provided to them, to interact effectively with the other Trustees, the Adviser,
the sub-administrator, other service providers, counsel and the Fund's
independent registered public accounting firm, and to exercise effective and
independent business judgment in the performance of their duties as Trustees.
Each Trustee's ability to perform his duties effectively has been attained in
large part through the Trustee's business, consulting or public service
positions and through experience from service as a member of the Board and one
or more of the other funds in the Gabelli/GAMCO Fund Complex, public companies,
or non-profit entities or other organizations as set forth above and below.
Each Trustee's ability to perform his duties effectively also has been enhanced
by his education, professional training and other life experiences.

ANTHONY J. COLAVITA, ESQ. Mr. Colavita is a practicing attorney with over
49 years of experience, including in the area of business law. He is the Chair
of the Fund's Nominating Committee and is a member of the Fund's Proxy Voting
Committee. Mr. Colavita also serves on comparable or other board committees
with respect to other funds in the Fund Complex on whose boards he sits. Mr.
Colavita also serves as a Trustee of a charitable remainder uni-trust. He
formerly served as a Commissioner of the New York State Thruway Authority and
as a Commissioner of the New York State Bridge Authority. He served for ten
years as the elected Supervisor of the Town of Eastchester, New York,
responsible for ten annual municipal budgets of approximately eight million
dollars per year. Mr. Colavita formerly served as Special Counsel to the New
York State Assembly for five years and as a Senior Attorney with the New York
State Insurance Department. He was also formerly Chairman of the Westchester
County Republican Party and the New York State Republican Party. Mr. Colavita
received his Bachelor of Arts from Fairfield University and his Juris Doctor
from Fordham University School of Law.

JAMES P. CONN. Mr. Conn, the lead independent Trustee of the Fund, is a
member of the Fund's Proxy Voting Committee and also serves on comparable or
other board committees for other funds in the Fund Complex on whose boards he
sits. He was a senior business executive of an insurance holding company for
much of his career, including service as Chief Investment Officer, and has been
a director of several public companies in banking and other industries, for
some of which he was lead Director and/or Chair of various committees. Mr. Conn
received his Bachelor of Science in Business Administration from Santa Clara
University.

MARIO D'URSO. Mr. d'Urso was formerly a Senator and Undersecretary of
Commerce in the Italian government. He is a member of the board of other funds
in the Fund Complex. He is a former Chairman of Mittel Capital Market S.p.A., a
boutique investment bank headquartered in Italy, and a former Partner and
Managing Director of Kuhn Loeb & Co. and Shearson Lehman Brothers Co. He
previously served as President of The Italy Fund, a closed-end fund investing
mainly in Italian listed and non-listed companies. Mr. d'Urso received his
Masters Degree in comparative law from George Washington University and was
formerly a practicing attorney in Italy.

VINCENT D. ENRIGHT. Mr. Enright was a senior executive and Chief Financial
Officer ("CFO") of an energy public utility for a total of four years. In
accordance with his experience as a CFO, he is a member of the Fund's Audit
Committee. Mr. Enright is also Chairman of the Fund's Proxy Voting Committee, a
member of the Fund's Pricing Committee and a member of both multi-fund ad hoc
Compensation Committees (described below under "Trustees -- Leadership
Structure and Oversight Responsibilities") and serves on comparable or other
board committees with respect to other funds in the Fund Complex on whose
boards he sits. Mr. Enright is also a Director of a therapeutic and diagnostic
company and serves as Chairman of its compensation committee and as a member of
its audit committee. He was also a Director of a pharmaceutical company. Mr.
Enright received his Bachelor of Science from Fordham University and completed
the Advanced Management Program at Harvard University.

FRANK J. FAHRENKOPF, JR. Mr. Fahrenkopf is the President and Chief
Executive Officer of the American Gaming Association ("AGA"), the trade group
for the gaming industry. He is a member of the Fund's Audit Committee and
serves in this same capacity with respect to other funds in the Fund Complex.
He presently is Co-Chairman of the Commission on Presidential Debates, which is
responsible for the widely-viewed Presidential debates during the quadrennial
election cycle. Additionally, he serves as a board member of the International
Republican Institute

(IRI), which he founded in 1984. He served for many years as Chairman of the
Pacific Democrat Union and Vice Chairman of the International Democrat Union, a
worldwide association of political parties from the United States, Great
Britain, France, Germany, Canada, Japan, Australia and 20 other nations. Prior
to becoming the AGA's first chief executive in 1995, Mr. Fahrenkopf was a
partner in the law firm of Hogan & Hartson, where he chaired the International
Trade Practice Group and specialized in regulatory, legislative and corporate
matters for multinational, foreign and domestic clients. He also served as
Chairman of the Republican National Committee for six years during Ronald
Reagan's presidency. He is the former Chairman and remains a member of the
Finance Committee of the Culinary Institute of America. He additionally had
over 20 years' experience as a member of the board of directors of a bank and
still serves as a member of the Advisory Board of the bank. Mr. Fahrenkopf
received his Bachelor of Arts from the University of Nevada, Reno and his Juris
Doctor from Boalt Hall School of Law, U.C. Berkeley.

MICHAEL J. MELARKEY. Mr. Melarkey is a practicing attorney specializing in
business, estate planning and gaming regulatory work with over 34 years of
experience. He is a member of the Fund's Nominating Committee and also serves in
this same capacity with respect to some of the other funds in the Fund Complex
on whose boards he sits. Mr. Melarkey also is a member of the multi-fund ad hoc
Compensation Committee relating to certain officers of the closed-end funds in
the Fund Complex. He is currently a Director of a natural gas utility company
and chairs its Nominating and Corporate Governance Committee. Mr. Melarkey also
acts as a Trustee and officer for several private charitable organizations, is
an owner of two northern Nevada casinos and a real estate development company,
and acts as a Trustee of one and an officer of another private oil and gas
company. Mr. Melarkey received his Bachelor of Arts from the University of
Nevada, Reno, his Juris Doctor from the University of San Francisco School of
Law and his Masters of Law in Taxation from New York University Law School.

SALVATORE M. SALIBELLO. Mr. Salibello is a Certified Public Accountant and
Managing Partner of an independent registered public accounting firm with 43
years of experience in public accounting. He is a member of the board of other
funds in the Fund Complex. He is currently a director of a group of companies
in infant and juvenile products and chairs its Audit Committee. Mr. Salibello
was formerly a director of an independent community bank and chaired its Audit
Committee. Mr. Salibello received his Bachelor of Business Administration in
Accounting from St. Francis College and his Masters in Business Administration
in Finance from Long Island University.

ANTHONIE C. VAN EKRIS. Mr. van Ekris has been the Chairman and Chief
Executive Officer of a global import/export company for 19 years. Mr. van Ekris
serves on the boards of other funds in the Fund Complex and is the Chairman of
one such fund's Nominating Committee and also is a member of the Proxy Voting
Committee of some funds in the Fund Complex. He has over 55 years of experience
as Chairman and/or Chief Executive Officer of public and private companies
involved in the international trading or commodity trading businesses and had
also served in both these capacities for nearly 20 years for a large public
jewelry chain. Mr. van Ekris was formerly a Director of an oil and gas
operations company and served on the boards of a number of public companies,
and served for more than 10 years on the Advisory Board of the Salvation Army
of Greater New York.

SALVATORE J. ZIZZA. Mr. Zizza is the Chairman of a consulting firm. He is
the Chair of the Fund's Audit Committee and has been designated the Fund's
Audit Committee Financial Expert. Mr. Zizza is also a member of the Fund's
Nominating and Pricing Committees and both multi-fund ad hoc Compensation
Committees. In addition, he serves on comparable or other board committees,
including as lead independent director, with respect to other funds in the Fund
Complex on whose boards he sits. Besides serving on the boards of many funds
within the Fund Complex, he is currently a Director of two other public
companies and has previously served on the boards of several other public
companies. He also previously served as the Chief Executive of a large
NYSE-listed construction company. Mr. Zizza received his Bachelor of Arts and
his Master of Business Administration from St. John's University, which also
has awarded him an Honorary Doctorate in Commercial Sciences.

TRUSTEES -- LEADERSHIP STRUCTURE AND OVERSIGHT RESPONSIBILITIES

Overall responsibility for general oversight of the Fund rests with the
Board. The Board does not have a Chairman. The Board has appointed Mr. Conn as
the lead independent Trustee. The lead independent Trustee presides over
executive sessions of the Trustees and also serves between meetings of the
Board as a liaison with

service providers, officers, counsel and other Trustees on a wide variety of
matters including scheduling agenda items for Board meetings. Designation as
such does not impose on the lead independent Trustee any obligations or
standards greater than or different from other Trustees. The Board has
established a Nominating Committee and an Audit Committee to assist the Board
in the oversight of the management and affairs of the Fund. The Board also has
an ad hoc Proxy Voting Committee that exercises beneficial ownership
responsibilities on behalf of the Fund in selected situations. From time to
time the Board establishes additional committees or informal working groups,
such as pricing committees related to securities offerings by the Fund, to deal
with specific matters or assigns one of its members to participate with
Trustees or directors of other funds in the Gabelli/GAMCO Fund Complex on
special committees or working groups that deal with complex-wide matters, such
as the multi-fund ad hoc Compensation Committee relating to compensation of the
Chief Compliance Officer for all the funds in the Fund Complex and a separate
multi-fund Compensation Committee relating to certain officers of the
closed-end funds in the Fund Complex.

All of the Fund's Trustees other than Mr. Salibello are independent
Trustees, and the Board believes they are able to provide effective oversight
of the Fund's service providers. In addition to providing feedback and
direction during Board meetings, the Trustees meet regularly in executive
session and chair all committees of the Board.

The Fund's operations entail a variety of risks including investment,
administration, valuation and a range of compliance matters. Although the
Adviser, the sub-administrator and the officers of the Fund are responsible for
managing these risks on a day-to-day basis within the framework of their
established risk management functions, the Board also addresses risk management
of the Fund through its meetings and those of the committees and working
groups. In particular, as part of its general oversight, the Board reviews with
the Adviser at Board meetings the levels and types of risks, including options
risk, being undertaken by the Fund, and the Audit Committee discusses the
Fund's risk management and controls with the independent registered public
accounting firm engaged by the Fund. The Board reviews valuation policies and
procedures and the valuations of specific illiquid securities. The Board also
receives periodic reports from the Fund's Chief Compliance Officer regarding
compliance matters relating to the Fund and its major service providers,
including results of the implementation and testing of the Fund's and such
providers' compliance programs. The Board's oversight function is facilitated
by management reporting processes that are designed to provide visibility to
the Board about the identification, assessment and management of critical risks
and the controls and policies and procedures used to mitigate those risks. The
Board reviews its role in supervising the Fund's risk management from time to
time and may make changes in its discretion at any time.

The Board has determined that its leadership structure is appropriate for
the Fund because it enables the Board to exercise informed and independent
judgment over matters under its purview, allocates responsibility among
committees in a manner that fosters effective oversight and allows the Board to
devote appropriate resources to specific issues in a flexible manner as they
arise. The Board periodically reviews its leadership structure as well as its
overall structure, composition and functioning and may make changes in its
discretion at any time.

BENEFICIAL OWNERSHIP OF SHARES HELD IN THE FUND AND THE FAMILY OF INVESTMENT
COMPANIES FOR EACH TRUSTEE AND NOMINEE FOR ELECTION AS TRUSTEE

Set forth in the table below is the dollar range of equity securities in
the Fund beneficially owned by each Trustee and nominee for election as Trustee
and the aggregate dollar range of equity securities in the Fund Complex
beneficially owned by each Trustee and nominee for election as Trustee.

DOLLAR RANGE OF AGGREGATE DOLLAR RANGE OF
EQUITY SECURITIES EQUITY SECURITIES HELD IN
HELD IN THE FAMILY OF INVESTMENT
NAME OF TRUSTEE/NOMINEE FUND*(1) COMPANIES*(1)(2)
----------------------- ----------------- ---------------------------

INTERESTED NOMINEE:
Salvatore M. Salibello A E

INDEPENDENT TRUSTEES/NOMINEES:
Anthony J. Colavita** B E
James P. Conn D E
Mario d'Urso A E
Vincent D. Enright A E
Frank J. Fahrenkopf, Jr. A B
Michael J. Melarkey C E
Anthonie C. van Ekris** C E
Salvatore J. Zizza C E

----------
* Key to Dollar Ranges

A. None

B. $1 - $10,000

C. $10,001 - $50,000

D. $50,001 - $100,000

E. Over $100,000

All shares were valued as of December 31, 2009.

** Messrs. Colavita and van Ekris each beneficially own less than 1% of the
common stock of The LGL Group, Inc., having a value of $4,389 and $5,264,
respectively, as of December 31, 2009. Mr. van Ekris beneficially owns
less than 1% of the common stock of LICT Corp., having a value of $72,000
as of December 31, 2009. The LGL Group, Inc. and LICT Corp. may be deemed
to be controlled by Mario J. Gabelli and in that event would be deemed to
be under common control with the Fund's Adviser.

(1) This information has been furnished by each Trustee and nominee for
election as Trustee as of December 31, 2009. "Beneficial Ownership" is
determined in accordance with Rule 16a-1(a)(2) of the Securities Exchange
Act of 1934, as amended (the "1934 Act").

(2) The term "Family of Investment Companies" includes two or more, registered
funds that share the same investment adviser or principal underwriter and
hold themselves out to investors, as related companies for purposes of
investment and investor services. Currently the registered funds that
comprise the "Fund Complex" are identical to those that comprise the
"Family of Investment Companies."

Set forth in the table below is the amount of shares beneficially owned by
each Trustee, nominee for election as Trustee, and executive officer of the
Fund.

AMOUNT AND NATURE OF PERCENT OF SHARES
NAME OF TRUSTEE/NOMINEE/OFFICER BENEFICIAL OWNERSHIP (1) OUTSTANDING (2)
------------------------------- -------------------------- -----------------

INTERESTED NOMINEE:
Salvatore M. Salibello 0 *

INDEPENDENT TRUSTEES/NOMINEES:
Anthony J. Colavita 370(3) *
James P. Conn 5,000 *
Mario d'Urso 0 *
Vincent D. Enright 0 *
Frank J. Fahrenkopf, Jr. 0 *
Michael J. Melarkey 1,445 *
Anthonie C. van Ekris 2,300 *
Salvatore J. Zizza 1,000 *

OFFICERS:
Bruce N. Alpert 1,200 Preferred Shares (4) *
Agnes Mullady 0 *

----------
(1) This information has been furnished by each Trustee, including each
nominee for election as Trustee, and executive officer as of December 31,
2009. "Beneficial Ownership" is determined in accordance with Rule
16a-1(a)(2) of the 1934 Act. Reflects ownership of common shares unless
otherwise noted.

(2) An asterisk indicates that the ownership amount constitutes less than 1%
of the total shares outstanding. The Trustees, including nominees for
election as Trustee, and executive officers ownership as a group
constitutes less than 1% of the total Common Shares or Preferred Shares
outstanding.

(3) All 370 Common Shares are owned by Mr. Colavita's spouse for which he
disclaims beneficial ownership.

(4) Includes 400 Preferred Shares owned by Mr. Alpert's spouse for which he
disclaims beneficial ownership.

The Fund pays each Trustee who is not affiliated with the Adviser or its
affiliates a fee of $6,000 per year plus $1,000 per Board meeting attended and
$500 per standing Committee meeting attended, together with the Trustee's actual
out-of-pocket expenses relating to his attendance at such meetings. In addition,
the lead independent Trustee receives an annual fee of $1,000, the Audit
Committee Chairman receives an annual fee of $3,000, and the Nominating
Committee Chairman receives an annual fee of $2,000. A Trustee may receive a
single meeting fee, allocated among the participating funds, for participation
in certain meetings on behalf of multiple funds. The aggregate remuneration (not
including out-of-pocket expenses) paid by the Fund to such Trustees during the
fiscal year ended December 31, 2009 amounted to $99,500. During the fiscal year
ended December 31, 2009, the Trustees of the Fund met four times. Each Trustee
then serving in such capacity attended at least 75% of the meetings of Trustees
and of any Committee of which he is a member.

THE AUDIT COMMITTEE AND AUDIT COMMITTEE REPORT

The role of the Fund's Audit Committee (the "Audit Committee") is to
assist the Board of Trustees in its oversight of (i) the quality and integrity
of the Fund's financial statement reporting process and the independent audit
and reviews thereof; (ii) the Fund's accounting and financial reporting
policies and practices, its internal controls, and, as appropriate, the
internal controls of certain of its service providers; (iii) the Fund's
compliance with legal and regulatory requirements; and (iv) the independent
registered public accounting firm's qualifications, independence, and
performance. The Audit Committee also is required to prepare an audit committee
report pursuant to the rules of the Securities and Exchange Commission (the
"SEC") for inclusion in the Fund's annual proxy statement. The Audit Committee
operates pursuant to the Audit Committee Charter (the "Audit Charter") that was
most recently reviewed and approved by the Board of Trustees on February 24,
2010. The Audit Charter is available on the Fund's website at
www.gabelli.com/corporate/closed/corp_gov.html.

Pursuant to the Audit Charter, the Audit Committee is responsible for
conferring with the Fund's independent registered public accounting firm,
reviewing annual financial statements, approving the selection of the Fund's
independent registered public accounting firm, and overseeing the Fund's
internal controls. The Audit Charter also contains provisions relating to the
pre-approval by the Audit Committee of audit and non-audit services to be
provided by PricewaterhouseCoopers LLP ("PricewaterhouseCoopers") to the Fund
and to the Adviser and certain of its affiliates. The Audit Committee advises
the full Board with respect to accounting, auditing, and financial matters
affecting the Fund. As set forth in the Audit Charter, management is
responsible for maintaining appropriate systems for accounting and internal
control, and the Fund's independent registered public accounting firm is
responsible for planning and carrying out proper audits and reviews. The
independent registered public accounting firm is ultimately accountable to the
Board of Trustees and to the Audit Committee, as representatives of
shareholders. The independent registered public accounting firm for the Fund
reports directly to the Audit Committee.

In performing its oversight function, at a meeting held on February 23,
2010, the Audit Committee reviewed and discussed with management of the Fund
and PricewaterhouseCoopers the audited financial statements of the Fund as of
and for the fiscal year ended December 31, 2009, and discussed the audit of
such financial statements with the independent registered public accounting
firm.

In addition, the Audit Committee discussed with the independent registered
public accounting firm the accounting principles applied by the Fund and such
other matters brought to the attention of the Audit Committee by the
independent registered public accounting firm as required by Statement of
Auditing Standards No. 61, as amended (AICPA, Professional Standards, Vol. 1 AU
Section 380), as adopted by the Public Company Accounting Oversight Board
(United States) ("PCAOB") in Rule 3200T. The Audit Committee also received from
the independent registered public accounting firm the written disclosures and
statements required by the SEC's independence rules, delineating relationships
between the independent registered public accounting firm and the Fund, and
discussed the impact that any such relationships might have on the objectivity
and independence of the independent registered public accounting firm.

As set forth above, and as more fully set forth in the Audit Charter, the
Audit Committee has significant duties and powers in its oversight role with
respect to the Fund's financial reporting procedures, internal control systems,
and the independent audit process.

The members of the Audit Committee are not, and do not represent
themselves to be, professionally engaged in the practice of auditing or
accounting and are not employed by the Fund for accounting, financial
management, or internal control purposes. Moreover, the Audit Committee relies
on and makes no independent verification of the facts presented to it or
representations made by management or the Fund's independent registered public
accounting firm. Accordingly, the Audit Committee's oversight does not provide
an independent basis to determine that management has maintained appropriate
accounting and/or financial reporting principles and policies, or internal
controls and procedures, designed to assure compliance with accounting
standards and applicable laws and regulations. Furthermore, the Audit
Committee's considerations and discussions referred to above do not provide
assurance that the audit of the Fund's financial statements has been carried
out in accordance with the standards of the PCAOB or that the financial
statements are presented in accordance with generally accepted accounting
principles (United States).

Based on its consideration of the audited financial statements and the
discussions referred to above with management and the Fund's independent
registered public accounting firm, and subject to the limitations on the
responsibilities and role of the Audit Committee set forth in the Audit Charter
and those discussed above, the Audit Committee recommended to the Fund's Board
of Trustees that the Fund's audited financial statements be included in the
Fund's Annual Report for the fiscal year ended December 31, 2009.

SUBMITTED BY THE AUDIT COMMITTEE OF THE FUND'S BOARD OF TRUSTEES

Salvatore J. Zizza, Chairman
Vincent D. Enright
Frank J. Fahrenkopf, Jr.

February 23, 2010

The Audit Committee met twice during the fiscal year ended December 31,
2009. The Audit Committee is composed of three of the Fund's Independent
Trustees, namely Messrs. Enright, Fahrenkopf, and Zizza. The Fund has certified
that each member of the Audit Committee is able to read and understand
fundamental financial statements, including those of the Fund.

NOMINATING COMMITTEE

The Board of Trustees has a Nominating Committee composed of three of the
Fund's Independent Trustees, namely Messrs. Colavita (Chairman), Melarkey, and
Zizza. The Nominating Committee met once during the fiscal year ended December
31, 2009. The Nominating Committee is responsible for identifying and
recommending qualified candidates to the Board in the event that a position is
vacated or created. The Nominating Committee will consider recommendations by
shareholders if a vacancy were to exist. In considering candidates submitted by
shareholders, the Nominating Committee will take into consideration the needs
of the Board, the qualifications of the candidate, and the interests of
shareholders. The Nominating Committee may also take into consideration the
number of shares held by the recommending shareholder and the length of time
that such shares have been held. To recommend a candidate for consideration by
the Nominating Committee, a shareholder must submit the recommendation in
writing and must include the following information:

- The name of the shareholder and evidence of the shareholder's
ownership of shares of the Fund, including the number of shares owned
and the length of time of ownership;

- The name of the candidate, the candidate's resume or a listing of his
or her qualifications to be a Trustee of the Fund, and the person's
consent to be named as a Trustee if selected by the Nominating
Committee and nominated by the Board of Trustees; and

- If requested by the Nominating Committee, a completed and signed
trustees' questionnaire.

The shareholder recommendation and information described above must be
sent to the Fund's Secretary c/o Gabelli Funds, LLC, at One Corporate Center,
Rye, NY 10580-1422, and must be received by the Secretary no less than 120 days
prior to the anniversary date of the proxy statement for the Fund's most recent
annual meeting of shareholders or, if the meeting has moved by more than 30
days, a reasonable amount of time before the meeting.

The Nominating Committee believes that the minimum qualifications for
serving as a Trustee of the Fund are that the individual demonstrate, by
significant accomplishment in his or her field, an ability to make a meaningful
contribution to the Board of Trustees' oversight of the business and affairs of
the Fund and have an impeccable record and reputation for honest and ethical
conduct in both his or her professional and personal activities. In addition,
the Nominating Committee examines a candidate's specific experiences and
skills, time availability in light of other commitments, potential conflicts of
interest, and independence from management and the Fund.

The Nominating Committee considers the overall composition of the Board,
bearing in mind the benefits that may be derived from having members who have a
variety of experiences, qualifications, attributes or skills useful in
overseeing a publicly-traded, highly-regulated entity such as the Fund. The
Fund's governing documents state that a nominee for Trustee shall be at least
21 years of age and not older than such age, if any, as the Trustees may
determine and shall not be under legal disability. The Trustees have not
determined a maximum age. The Nominating Committee does not have a formal
policy regarding the consideration of diversity in identifying trustee
candidates. For a discussion of experiences, qualifications, attributes or
skills supporting the appropriateness of each Trustee's service on the Fund's
Board, see the biographical information of the Trustees above in the section
entitled "Information about Trustees and Officers."

The Board of Trustees adopted a Nominating Committee Charter on February
14, 2005. The charter is available on the Fund's website at
www.gabelli.com/corporate/closed/corp_gov.html.

OTHER BOARD-RELATED MATTERS

The Board of Trustees has established the following procedures in order to
facilitate communications between the Board and the shareholders of the Fund
and other interested parties.

RECEIPT OF COMMUNICATIONS

Shareholders and other interested parties may contact the Board or any
member of the Board by mail or electronically. To communicate with the Board or
any member of the Board, correspondence should be addressed to the Board or the
Board member(s) with whom you wish to communicate by either name or title. All
such correspondence should be sent c/o the Fund at Gabelli Funds, LLC, One
Corporate Center, Rye, NY 10580-1422. To communicate with the Board
electronically, shareholders may go to the corporate website at www.gabelli.com
under the heading "Our Firm/Contact Us/Email Addresses/Board of Directors
(Gabelli Closed-End Funds)."

FORWARDING THE COMMUNICATIONS

All communications received will be opened by the office of the General
Counsel of the Adviser for the sole purpose of determining whether the contents
represent a message to one or more Trustees. The office of the General Counsel
will forward promptly to the addressee(s) any contents that relate to the Fund
and that are not in the nature of advertising, promotion of a product or
service, or patently offensive or otherwise objectionable material. In the case
of communications to the Board of Trustees or any committee or group of members
of the Board, the General Counsel's office will make sufficient copies of the
contents to send to each Trustee who is a member of the group or committee to
which the envelope or e-mail is addressed.

The Fund does not expect Trustees or nominees for election as Trustee, to
attend the Annual Meeting of Shareholders and last year no Trustees or nominees
attended.

The following table sets forth certain information regarding the
compensation of the Trustees by the Fund and executive officers, if any, who
were compensated by the Fund rather than the Adviser, for the fiscal year ended
December 31, 2009.

COMPENSATION TABLE
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009

AGGREGATE COMPENSATION
AGGREGATE COMPENSATION FROM THE FUND AND FUND
NAME OF PERSON AND POSITION FROM THE FUND COMPLEX PAID TO TRUSTEES*
--------------------------- ---------------------- -------------------------

INTERESTED TRUSTEE:
SALVATORE M. SALIBELLO $10,000 $ 35,000(3)
Trustee

INDEPENDENT TRUSTEES/NOMINEES:
ANTHONY J. COLAVITA $12,500 $263,438(35)
Trustee

JAMES P. CONN $11,000 $132,000(17)
Trustee

MARIO D'URSO $ 9,000 $ 42,000(4)
Trustee

VINCENT D. ENRIGHT $11,000 $129,438(15)
Trustee

FRANK J. FAHRENKOPF, JR. $11,000 $ 64,500(5)
Trustee

MICHAEL J. MELARKEY $10,500 $ 46,500(4)
Trustee

ANTHONIE C. VAN EKRIS $10,000 $ 121,500(19)
Trustee

SALVATORE J. ZIZZA $14,500 $ 199,500(27)
Trustee

---------
* Represents the total compensation paid to such persons during the fiscal
year ended December 31, 2009 by investment companies (including the Fund)
or portfolios thereof from which such person receives compensation that
are considered part of the same fund complex as the Fund because they have
common or affiliated investment advisers. The number in parentheses
represents the number of such investment companies and portfolios.

REQUIRED VOTE

The election of each of the listed nominees for Trustee of the Fund
requires the affirmative vote of the holders of a plurality of the applicable
class or classes of Shares of the Fund represented at the Meeting if a quorum
is present.

THE BOARD OF TRUSTEES, INCLUDING THE "INDEPENDENT" TRUSTEES, UNANIMOUSLY
RECOMMENDS THAT THE COMMON AND PREFERRED SHAREHOLDERS VOTE "FOR" THE ELECTION
OF EACH NOMINEE.

ADDITIONAL INFORMATION

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers, 300 Madison Avenue, New York, NY 10017, has been
selected to serve as the Fund's independent registered public accounting firm
for the fiscal year ending December 31, 2010. PricewaterhouseCoopers acted as
the Fund's independent registered public accounting firm for the fiscal year
ended December 31, 2009. The Fund knows of no direct financial or material
indirect financial interest of PricewaterhouseCoopers in the Fund. A
representative of PricewaterhouseCoopers will not be present at the Meeting, but
will be available by telephone and will have an opportunity to make a statement,
if asked, and will be available to respond to appropriate questions.

Set forth in the table below are audit fees and non-audit related fees
billed to the Fund by PricewaterhouseCoopers for professional services received
during and for the Fund's fiscal years ended December 31, 2008 and 2009,
respectively.

FISCAL YEAR ENDED AUDIT-RELATED ALL OTHER
DECEMBER 31 AUDIT FEES FEES* TAX FEES** FEES
----------------- ---------- ------------- ---------- ---------

2008 $61,500 $6,969 $6,000 --
2009 $58,300 $7,467 $6,000 --

---------

* "Audit-Related Fees" are those estimated fees billed to the Fund by
PricewaterhouseCoopers in connection with the preparation of Preferred
Shares Reports to Moody's Investors Service, Inc. and review and issuance
of consent letters and comfort letters in connection with the filing of
the Fund's registration statements on Form N-2.

** "Tax Fees" are those fees billed by PricewaterhouseCoopers in connection
with tax compliance services, including primarily the review of the Fund's
income tax returns.

The Fund's Audit Charter requires that the Audit Committee pre-approve all
audit and non-audit services to be provided by the independent registered
public accounting firm to the Fund, and all non-audit services to be provided
by the independent registered public accounting firm to the Fund's Adviser and
service providers controlling, controlled by, or under common control with the
Fund's Adviser ("affiliates") that provide on-going services to the Fund (a
"Covered Services Provider"), if the engagement relates directly to the
operations and financial reporting of the Fund. The Audit Committee may
delegate its responsibility to pre-approve any such audit and permissible
non-audit services to the Chairman of the Audit Committee, and the Chairman
must report his decision(s) to the Audit Committee, at its next regularly
scheduled meeting after the Chairman's pre-approval of such services. The Audit
Committee may also establish detailed pre-approval policies and procedures for
pre-approval of such services in accordance with applicable laws, including the
delegation of some or all of the Audit Committee's pre-approval
responsibilities to other persons (other than the Adviser or the Fund's
officers). Pre-approval by the Audit Committee of any permissible non-audit
services is not required so long as: (i) the aggregate amount of all such
permissible non-audit services provided to the Fund, the Adviser, and any
Covered Services Provider constitutes not more than 5% of the total amount of
revenues paid by the Fund to its independent registered public accounting firm
during the year in which the permissible non-audit services are provided; (ii)
the permissible non-audit services were not recognized by the Fund at the time
of the engagement to be non-audit services; and (iii) such services are
promptly brought to the attention of the Audit Committee and approved by the
Audit Committee or the Chairman prior to the completion of the audit. All of
the audit, audit-related, and tax services described above for which
PricewaterhouseCoopers billed the Fund fees for the fiscal years ended December
31, 2008 and December 31, 2009 were pre-approved by the Audit Committee.

For the fiscal years ended December 31, 2008 and 2009, Pricewaterhouse
Coopers has represented to the Fund that it did not provide any non-audit
services (or bill any fees for such services) to the Adviser or any affiliates
thereof that provide services to the Fund.

THE INVESTMENT ADVISER AND ADMINISTRATOR

Gabelli Funds, LLC is the Fund's Adviser and Administrator and its
business address is One Corporate Center, Rye, New York 10580-1422.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, and the
rules thereunder, require the Fund's executive officers and Trustees, executive
officers and directors of the Adviser, certain other affiliated persons of the
Adviser, and persons who own more than 10% of a registered class of the Fund's
securities to file reports of ownership and changes in ownership with the SEC
and the NYSE Amex LLC and to furnish the Fund with copies of all Section 16(a)
forms they file. Based solely on the Fund's review of the copies of such forms
it received for the fiscal year ended December 31, 2009, the Fund believes that
during that period such persons complied with all such applicable filing
requirements except that Agnes Mullady omitted to file her Form 3 filing due
upon taking office in 2006.

BROKER NON-VOTES AND ABSTENTIONS

For purposes of determining the presence of a quorum for transacting
business at the Meeting, abstentions and broker "non-votes" (that is, proxies
from brokers or nominees indicating that such persons have not received
instructions from the beneficial owner or other persons entitled to vote shares
on a particular matter with respect to which the brokers or nominees do not
have discretionary power) will be treated as shares that are present but that
have not been voted. Accordingly, shareholders are urged to forward their
voting instructions promptly.

The affirmative vote of a plurality of votes cast for each nominee by the
shareholders entitled to vote for a particular nominee is necessary for the
election of a Trustee. Abstentions or broker non-votes will not be counted as
votes cast and will have no effect on the result of the vote. Abstentions or
broker non-votes, however, will be considered to be present at the Meeting for
purposes of determining the existence of a quorum.

Shareholders of the Fund will be informed of the voting results of the
Meeting in the Fund's Semi-Annual Report for the six months ended June 30,
2010.

"HOUSEHOLDING"

Please note that only one annual or semi-annual report or Proxy Statement
or Notice of Internet Availability of Proxy Materials may be delivered to two
or more shareholders of the Fund who share an address, unless the Fund has
received instructions to the contrary. To request a separate copy of an annual
report or semi-annual report or this Proxy Statement or Notice of Internet
Availability of Proxy Materials, or for instructions regarding how to request a
separate copy of these documents or regarding how to request a single copy if
multiple copies of these documents are received, shareholders should contact
the Fund at the address and phone number set forth above.

OTHER MATTERS TO COME BEFORE THE MEETING

The Trustees of the Fund do not intend to present any other business at
the Meeting, nor are they aware that any shareholder intends to do so. If,
however, any other matters, including adjournments, are properly brought before
the Meeting, the persons named in the accompanying proxy will vote thereon in
accordance with their judgment.

SHAREHOLDER PROPOSALS

All proposals by shareholders of the Fund which are intended to be
presented at the Fund's next Annual Meeting of Shareholders to be held in 2011
(the "2011 Annual Meeting") must be received by the Fund for consideration for
inclusion in the Fund's proxy statement and proxy relating to that meeting no
later than December 8, 2010. There are additional requirements regarding
proposals of shareholders, and a shareholder contemplating submission of a
proposal for inclusion in the Fund's proxy materials is referred to Rule 14a-8
under the 1934 Act.

The Fund's By-Laws require shareholders that wish to nominate Trustees or
make proposals to be voted on at an Annual Meeting of the Fund's Shareholders
(and which are not proposed to be included in the Fund's proxy materials
pursuant to Rule 14a-8 under the 1934 Act) to provide timely notice of the
nomination or proposal in writing. To be considered timely for the 2011 Annual
Meeting, any such notice must be delivered to or mailed and received at the
principal executive offices of the Fund at the address set forth on the first
page of this proxy statement no earlier than 9:00 a.m. Eastern time on December
8, 2010 and no later than 5:00 p.m. Eastern time on January 7, 2011; provided,
however, that if the 2011 Annual Meeting is to be held on a date that is
earlier than April 22, 2011 or later than June 11, 2011, such notice must be
delivered to or received by the Fund no later than 5:00 p.m. Eastern time on
the tenth day following the date on which public announcement of the date of
the 2011 Annual Meeting was first made. Any such notice by a shareholder shall
set forth the information required by the Fund's By-Laws with respect to each
nomination or matter the shareholder proposes to bring before the 2011 Annual
Meeting.

IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY.

SHAREHOLDERS MAY PROVIDE THEIR VOTE BY TELEPHONE OR THE INTERNET BY
FOLLOWING THE INSTRUCTIONS ACCOMPANYING THE PROXY CARD OR SET FORTH IN THE
NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS.

April 7, 2010

GGN-PS-2010

GABELLI FUNDS THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

COMMON SHARES

Proxy Card for Annual Meeting of Shareholders - May 17, 2010

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Mario J. Gabelli, Peter D. Goldstein and Bruce N. Alpert, and each of them, attorneys and proxies of
the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of The Gabelli Global Gold, Natural Resources & Income Trust (the "Fund") which the undersigned is entitled
to vote at the Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam
Avenue, Greenwich, Connecticut 06830 on Monday, May 17, 2010, at 12:00 noon, and at any adjournments thereof. The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said
shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly come
before the Meeting.

A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes any
proxy previously given.

----------------------------------------------------------------------- This proxy, if properly executed, will be voted in the
| | manner directed by the undersigned shareholder. If no
| Registration dynamically printed here | direction is made, this proxy will be voted FOR the
| | election of the Nominees as Trustee and in the discretion
| (for formatting the top of this window should hit lateral line 2.7) | of the proxy holder as to any other matter that may
| | properly come before the Meeting. Please refer to the
| | Proxy Statement for a discussion of Proposal No. 1.
| |
| |
-----------------------------------------------------------------------

PLEASE FOLD HERE AND RETURN ENTIRE BALLOT - DO NOT DETACH
------------------------------------------------------------------------------------------------------------------------------------

(GRAPHIC)

------------------------------------------------------------------------------------------
| |
| BY INTERNET |
| |
| To vote on the Internet, go to www.proxyonline.com and enter the 12-digit control |
| number found on the reverse side of this Proxy Card. Follow the instructions provided. |
| |
------------------------------------------------------------------------------------------

(GRAPHIC)

-------------------------------------------------------------------------------------------
| |
| BY TELEPHONE |
| |
| To vote by telephone, call toll free 866-458-9863 and enter the 12-digit control |
| number found on the reverse side of this Proxy Card. Follow the instructions provided. |
| This touch-tone voting service is available 24 hours a day, seven days a week. |
| |
-------------------------------------------------------------------------------------------

(GRAPHIC)

-------------------------------------------------------------------------------------------
| |
| BY MAIL |
| |
| To vote by mail, mark the appropriate voting box on the reverse side of this Proxy |
| Card, sign and date the Proxy Card and return it in the enclosed postage-paid envelope |
| or mail to: GABELLI FUNDS, P.O. BOX 6500, CARLSTADT, NJ 07072. |
| |
-------------------------------------------------------------------------------------------

PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

CONTROL NUMBER

-------------------
| |
| 123456789123 |
| |
-------------------

PLEASE CAST YOUR VOTE PROMPTLY. EVERY SHAREHOLDER'S VOTE IS IMPORTANT.

The Proxy Card must be SIGNED AND DATED for your instructions to be counted and will be voted in the manner indicated, or if no
instruction has been indicated below, a vote will be cast FOR each nominee. Please vote, sign and date below and return your Proxy
Card promptly in the enclosed envelope.

PLEASE MARK THE BOXES BELOW IN BLUE OR BLACK INK.

-----------------------------------------------------------------------------------------
| TO VOTE FOR ALL NOMINEES IN THE SAME MANNER, PLEASE USE THE BOXES BELOW. |
| |
| FOR ALL WITHHOLD ALL |
| |
| The Board of Trustees recommends a vote FOR [ ] [ ] |
| each Nominee. |
-----------------------------------------------------------------------------------------

To vote for each nominee INDIVIDUALLY, please use these boxes.

NOMINEES FOR WITHHOLD

MARIO D'URSO [ ] [ ]

VINCENT D. ENRIGHT [ ] [ ]

MICHAEL J. MELARKEY [ ] [ ]

Please be sure to sign and date this Proxy Card. Please sign exactly as your name(s)
appear(s) on this Proxy Card. When shares are held by joint tenants, both should sign.
When signing as attorney, executor, administrator, trustee, or guardian, please give full
title as such. If a corporation, please sign in full corporate name by an authorized
officer. If a partnership, please sign in partnership name by an authorized person.

-----------------------------------------------------------------------------------------
Shareholder sign here

-----------------------------------------------------------------------------------------
Joint owner sign here

-----------------------------------------------------------------------------------------
Date:

(BARCODE HERE) (TAGID HERE) (CUSIP HERE)

GABELLI FUNDS THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

PREFERRED SHARES

Proxy Card for Annual Meeting of Shareholders - May 17, 2010

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

PLEASE FOLD HERE AND RETURN ENTIRE BALLOT - DO NOT DETACH
------------------------------------------------------------------------------------------------------------------------------------

(GRAPHIC)

PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST

CONTROL NUMBER

-------------------
| |
| 123456789123 |
| |
-------------------

PLEASE CAST YOUR VOTE PROMPTLY. EVERY SHAREHOLDER'S VOTE IS IMPORTANT.

PLEASE MARK THE BOXES BELOW IN BLUE OR BLACK INK.

To vote for each nominee INDIVIDUALLY, please use these boxes.

NOMINEES FOR WITHHOLD

MARIO D'URSO [ ] [ ]

VINCENT D. ENRIGHT [ ] [ ]

MICHAEL J. MELARKEY [ ] [ ]

-----------------------------------------------------------------------------------------
Shareholder sign here

-----------------------------------------------------------------------------------------
Joint owner sign here

-----------------------------------------------------------------------------------------
Date:

(BARCODE HERE) (TAGID HERE) (CUSIP HERE)

(BAR CODE) IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE SHAREHOLDER MEETING TO BE HELD ON 05/17/10 FOR GABELLI
GABELLI GLOBAL GOLD NAT ANNUAL MEETING TO BE HELD ON 05/17/10 GLOBAL GOLD NAT RES & INC TR THE FOLLOWING MATERIAL IS
RES & INC TR AT 12:00 P.M. EDT AVAILABLE AT WWW.PROXYVOTE.COM **A**
FOR HOLDERS AS OF 03/15/10 * ISSUER CONFIRMATION COPY - INFO ONLY * -PROXY STATEMENT

|-----------------------------------------------| 2 -I -S
8 1-0001 | THIS FORM IS PROVIDED FOR INFORMATIONAL |
| PURPOSES ONLY. PLEASE DO NOT USE IT FOR | FOR ALL NOMINEES
| VOTING PURPOSES. |
|-----------------------------------------------| 1 WITHHOLD ALL NOMINEES

36244N109 WITHHOLD AUTHORITY TO VOTE FOR
ANY INDIVIDUAL NOMINEE. WRITE
DIRECTORS RECOMMEND: A VOTE FOR ELECTION OF THE 0010100 NUMBER(S) OF NOMINEE(S) BELOW.
FOLLOWING NOMINEES
1 - 01-MARIO D,URSO, 02-VINCENT D. ENRIGHT, 03-MICHAEL J. MELARKEY -------------------------- (BAR CODE)

DO NOT USE X
*NOTE* SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE
MEETING OR ANY ADJOURNMENT THEREOF DO NOT USE 1

DO NOT USE

36244N109

DO NOT USE

DO NOT USE Z52465
PLACE "X" HERE IF YOU PLAN TO ATTEND [ ]
DO NOT USE AND VOTE YOUR SHARES AT THE MEETING

DO NOT USE (BROADRIDGE(TM) LOGO)

DO NOT USE 8 (BAR CODE)

DO NOT USE
51 MERCEDES WAY
EDGEWOOD NY 11717
DO NOT USE

DO NOT USE 8

DO NOT USE

GABELLI FUNDS
|----------------------| DO NOT USE ATTN: JOE EGAN
| MATERIALS ELECTION | ONE CORPORATE CENTER (GRAPHIC)
|----------------------| DO NOT USE RYE, NY
105801334

AS OF JULY 1, 2007, SEC RULES PERMIT COMPANIES TO SEND --->>> (GRAPHIC)
YOU A NOTICE INDICATING THAT THEIR PROXY MATERIALS ARE
AVAILABLE ON THE INTERNET AND HOW YOU CAN REQUEST A MAILED
COPY. CHECK THE BOX TO THE RIGHT IF YOU WANT TO RECEIVE
FUTURE PROXY MATERIALS BY MAIL AT NO COST TO YOU. EVEN IF
YOU DO NOT CHECK THE BOX, YOU WILL STILL HAVE THE RIGHT TO
REQUEST A FREE SET OF PROXY MATERIALS UPON RECEIPT OF A
NOTICE.

VIF11H

(BAR CODE) IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE SHAREHOLDER MEETING TO BE HELD ON 05/17/10 FOR GABELLI
GABELLI GLBL GOLD NAT ANNUAL MEETING TO BE HELD ON 05/17/10 GLBL GOLD NAT RES & IN TR-A PFD THE FOLLOWING MATERIAL IS
RES & IN TR-A PFD AT 12:00 P.M. EDT AVAILABLE AT WWW.PROXYVOTE.COM **A**
FOR HOLDERS AS OF 03/15/10 * ISSUER CONFIRMATION COPY - INFO ONLY * -PROXY STATEMENT

|-----------------------------------------------| 2 -I -S
9 1-0001 | THIS FORM IS PROVIDED FOR INFORMATIONAL |
| PURPOSES ONLY. PLEASE DO NOT USE IT FOR | FOR ALL NOMINEES
| VOTING PURPOSES. |
|-----------------------------------------------| 1 WITHHOLD ALL NOMINEES

36244N208 WITHHOLD AUTHORITY TO VOTE FOR
ANY INDIVIDUAL NOMINEE. WRITE
DIRECTORS RECOMMEND: A VOTE FOR ELECTION OF THE 0010100 NUMBER(S) OF NOMINEE(S) BELOW.
FOLLOWING NOMINEES
1 - 01-MARIO D'URSO, 02-VINCENT D. ENRIGHT, 03-MICHAEL J. MELARKEY -------------------------- (BAR CODE)

DO NOT USE X
*NOTE* SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE
MEETING OR ANY ADJOURNMENT THEREOF DO NOT USE 1

DO NOT USE

36244N208

DO NOT USE

DO NOT USE Z52465
PLACE "X" HERE IF YOU PLAN TO ATTEND [ ]
DO NOT USE AND VOTE YOUR SHARES AT THE MEETING

DO NOT USE (BROADRIDGE(TM) LOGO)

DO NOT USE 9 (BAR CODE)

DO NOT USE
51 MERCEDES WAY
EDGEWOOD NY 11717
DO NOT USE

DO NOT USE 9

DO NOT USE

GABELLI FUNDS
|----------------------| DO NOT USE ATTN: JOE EGAN
| MATERIALS ELECTION | ONE CORPORATE CENTER (GRAPHIC)
|----------------------| DO NOT USE RYE, NY
105801334

VIF11H