UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

The Gabelli Global Utility & Income Trust

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

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

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2010

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

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

 

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

	The Gabelli Global Utility & Income Trust First Quarter Report March 31, 2010	Mario J. Gabelli, CFA

To Our Shareholders,

     The Gabelli Global Utility & Income Trust’s (the “Fund”) net asset value (“NAV”) total return was 0.1% during the first quarter of 2010, compared with increases of 5.4% for the Standard & Poor’s (“S&P”) 500 Index and declines of 3.5% and 1.9% for the S&P 500 Utilities Index and the Lipper Utility Fund Average, respectively. The total return for the Fund’s publicly traded shares was 2.9% during the first quarter.

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

Comparative Results

(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 of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The S&P 500 Index is an unmanaged indicator of stock market performance. The S&P 500 Utilities Index is an unmanaged indicator of electric and gas utility stock performance. The Lipper Utility Fund Average reflects the average performance of open-end mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.
(b)		Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex-dividend date and are net of expenses. Since inception return is based on an initial NAV of $19.06.
(c)		Total returns and average annual returns reflect changes in closing market values on the NYSE Amex and reinvestment of distributions. Since inception return is based on an initial offering price of $20.00.

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

						Market
Shares						Value
				COMMON STOCKS — 95.5%
				ENERGY AND UTILITIES — 69.6%
				Energy and Utilities: Alternative Energy — 0.3%
				U.S. Companies
	7,000			Ormat Technologies Inc.		$	196,980
				Energy and Utilities: Electric Transmission and Distribution — 5.5%
				Non U.S. Companies
	8,775			National Grid plc, ADR			427,781
	3,500			Red Electrica Corporacion SA			187,839
				U.S. Companies
	4,000			CH Energy Group Inc.			163,360
	2,000			Consolidated Edison Inc.			89,080
	5,000			Northeast Utilities			138,200
	46,000			NSTAR			1,629,320
	38,000			Pepco Holdings Inc.			651,700
	1,666			UIL Holdings Corp.			45,815
							3,333,095
				Energy and Utilities: Integrated — 44.7%
				Non U.S. Companies
	150,000			A2A SpA			281,409
	600			Areva SA			311,313
	9,000			Chubu Electric Power Co. Inc.			224,976
	152,000			Datang International Power Generation Co. Ltd., Cl. H			68,911
	2,700			E.ON AG			99,685
	9,000			E.ON AG, ADR			332,010
	9,760			EDP — Energias de Portugal SA, ADR			386,496
	10,000			Electric Power Development Co. Ltd.			329,447
	1,500			Emera Inc.			36,228
	10,000			Endesa SA			285,799
	68,400			Enel SpA			382,474
	29,000			Enersis SA, ADR			579,710
	140,000			Hera SpA			329,209
	10,000			Hokkaido Electric Power Co. Inc.			191,892
	10,000			Hokuriku Electric Power Co.			219,917
	14,000			Huaneng Power International Inc., ADR			325,360
	75,000			Iberdrola SA			635,653
	12,000			Iberdrola SA, ADR			406,200
	3,000			International Power plc			14,518
	28,000			Korea Electric Power Corp., ADR†			454,720
	10,000			Kyushu Electric Power Co. Inc.			217,670
	4,500			Oesterreichische Elektrizitaetswirtschafts AG, Cl. A			178,631
	10,000			Shikoku Electric Power Co. Inc.			283,346
	10,000			The Chugoku Electric Power Co. Inc.			198,738
	16,000			The Kansai Electric Power Co. Inc.			366,585
	10,000			The Tokyo Electric Power Co. Inc.			266,553
	10,000			Tohoku Electric Power Co. Inc.			211,359
				U.S. Companies
	2,000			Allegheny Energy Inc.			46,000
	2,000			ALLETE Inc.			66,960
	20,000			Ameren Corp.			521,600
	30,000			American Electric Power Co. Inc.			1,025,400
	1,500			Avista Corp.			31,065
	9,000			Black Hills Corp.			273,150
	500			Cleco Corp.			13,275
	500			CMS Energy Corp.			7,730
	11,000			Dominion Resources Inc.			452,210
	50,000			DPL Inc.			1,359,500
	38,000			Duke Energy Corp.			620,160
	4,000			El Paso Electric Co.†			82,400
	14,000			FPL Group Inc.			676,620
	58,000			Great Plains Energy Inc.			1,077,060
	22,000			Hawaiian Electric Industries Inc.			493,900
	29,500			Integrys Energy Group Inc.			1,397,710
	8,000			Maine & Maritimes Corp.			351,200
	15,000			MGE Energy Inc.			530,400
	45,000			NiSource Inc.			711,000
	13,000			NorthWestern Corp.			348,530
	19,500			OGE Energy Corp.			759,330
	10,000			Otter Tail Corp.			219,600
	1,000			PG&E Corp.			42,420
	16,000			Pinnacle West Capital Corp.			603,680
	4,200			PPL Corp.			116,382
	31,000			Progress Energy Inc.			1,220,160
	32,000			Public Service Enterprise Group Inc.			944,640
	18,000			SCANA Corp.			676,620
	1,000			TECO Energy Inc.			15,890
	30,000			The AES Corp.†			330,000
	2,000			The Empire District Electric Co.			36,040
	45,000			The Southern Co.			1,492,200
	15,000			UniSource Energy Corp.			471,600
	17,000			Vectren Corp.			420,240
	40,000			Westar Energy Inc.			892,000
	5,000			Wisconsin Energy Corp.			247,050
	45,000			Xcel Energy Inc.			954,000
							27,146,531
				Energy and Utilities: Natural Gas Integrated — 5.4%
				Non U.S. Companies
	80,000			Snam Rete Gas SpA			405,467
				U.S. Companies
	50,000			El Paso Corp.			542,000
	1,000			Energen Corp.			46,530
	18,000			National Fuel Gas Co.			909,900
	2,000			ONEOK Inc.			91,300
	24,000			Southern Union Co.			608,880
	30,000			Spectra Energy Corp.			675,900
							3,279,977
				Energy and Utilities: Natural Gas Utilities — 4.8%
				Non U.S. Companies
	1,500			Enagas			32,872
	1,890			GDF Suez			73,008
	11,454			GDF Suez, ADR			443,843
	6,867			GDF Suez, Strips			9

See accompanying notes to schedule of investments.

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

Shares/						Market
Units						Value
				COMMON STOCKS (Continued)
				ENERGY AND UTILITIES (Continued)
				Energy and Utilities: Natural Gas Utilities (Continued)
				U.S. Companies
	14,000			Atmos Energy Corp.		$	399,980
	4,050			Chesapeake Utilities Corp.			120,690
	10,000			CNX Gas Corp.†			380,500
	20,000			Nicor Inc.			838,400
	5,000			Piedmont Natural Gas Co. Inc.			137,900
	10,000			Southwest Gas Corp.			299,200
	5,000			The Laclede Group Inc.			168,600
							2,895,002
				Energy and Utilities: Oil — 3.3%
				Non U.S. Companies
	10,000			Dragon Oil plc†			73,447
	1,000			Niko Resources Ltd.			106,661
	3,000			PetroChina Co. Ltd., ADR			351,660
	11,000			Petroleo Brasileiro SA, ADR			489,390
	9,000			Royal Dutch Shell plc, Cl. A, ADR			520,740
				U.S. Companies
	2,000			Chevron Corp.			151,660
	2,000			ConocoPhillips			102,340
	2,000			Devon Energy Corp.			128,860
	1,000			Exxon Mobil Corp.			66,980
							1,991,738
				Energy and Utilities: Services — 0.5%
				Non U.S. Companies
	10,000			ABB Ltd., ADR			218,400
				U.S. Companies
	2,500			Halliburton Co.			75,325
							293,725
				Energy and Utilities: Water — 3.3%
				Non U.S. Companies
	1,500			Consolidated Water Co. Ltd.			20,370
	49,000			Severn Trent plc			888,570
	37,090			United Utilities Group plc			314,627
				U.S. Companies
	8,666			Aqua America Inc.			152,262
	2,700			California Water Service Group			101,547
	4,000			Middlesex Water Co.			68,200
	17,000			SJW Corp.			432,140
							1,977,716
				Diversified Industrial — 0.7%
				Non U.S. Companies
	9,000			Bouygues SA			452,443
				Environmental Services — 0.7%
				Non U.S. Companies
	500			Suez Environnement Co. SA			11,508
	12,000			Veolia Environnement			416,219
							427,727
				Independent Power Producers and Energy Traders — 0.4%
				U.S. Companies
	12,000			NRG Energy Inc.†			250,800
				TOTAL ENERGY AND UTILITIES			42,245,734
				COMMUNICATIONS — 22.3%
				Cable and Satellite — 5.9%
				Non U.S. Companies
	10,000			Cogeco Inc.			331,315
	2,500			Rogers Communications Inc., Cl. B			85,325
	5,400			Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA			27,686
				U.S. Companies
	25,000			Cablevision Systems Corp., Cl. A			603,500
	45,000			DIRECTV, Cl. A†			1,521,450
	30,000			DISH Network Corp., Cl. A			624,600
	6,000			EchoStar Corp., Cl. A†			121,680
	4,580			Liberty Global Inc., Cl. A†			133,553
	4,000			Liberty Global Inc., Cl. C†			115,560
							3,564,669
				Telecommunications — 13.4%
				Non U.S. Companies
	26,000			BCE Inc.			763,100
	4,000			Belgacom SA			156,244
	2,102			Bell Aliant Regional Communications Income Fund (a)(b)			52,589
	26,000			BT Group plc, ADR			486,460
	38,000			Deutsche Telekom AG, ADR			513,000
	6,000			France Telecom SA, ADR			144,180
	8,000			Manitoba Telecom Services Inc.			251,268
	29,500			Orascom Telecom Holding SAE, GDR			151,040
	75,000			Portugal Telecom SGPS SA			838,556
	15,000			Royal KPN NV, ADR			238,050
	1,300			Swisscom AG			474,431
	10,000			Telecom Italia SpA			14,398
	17,000			Telefonica SA, ADR			1,208,700
	14,000			Telefonos de Mexico SAB de CV, Cl. L, ADR			218,400
	13,000			Telekom Austria AG			181,731
	13,000			Telmex Internacional SAB de CV, ADR			250,640
				U.S. Companies
	31,000			AT&T Inc.			801,040
	70,000			Sprint Nextel Corp.†			266,000
	10,000			Telephone & Data Systems Inc.			338,500
	25,000			Verizon Communications Inc.			775,500
							8,123,827

See accompanying notes to schedule of investments.

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

						Market
Shares						Value
				COMMON STOCKS (Continued)
				COMMUNICATIONS (Continued)
				Wireless Communications — 3.0%
				Non U.S. Companies
	2,000			America Movil SAB de CV, Cl. L, ADR		$	100,680
	12,000			Millicom International Cellular SA			1,069,800
	1,600			Mobile TeleSystems OJSC, ADR			88,800
	6,000			Turkcell Iletisim Hizmetleri A/S, ADR			90,360
	12,000			Vimpel-Communications, ADR			220,920
	6,000			Vivo Participacoes SA, ADR			162,660
	5,000			Vodafone Group plc, ADR			116,450
							1,849,670
				TOTAL COMMUNICATIONS			13,538,166
				OTHER — 3.6%
				Aerospace — 1.3%
				Non U.S. Companies
	90,000			Rolls-Royce Group plc†			813,302
				Building and Construction — 0.1%
				Non U.S. Companies
	400			Acciona SA			44,361
				Business Services — 0.2%
				Non U.S. Companies
	4,000			Sistema JSFC, GDR† (b)			108,800
				Entertainment — 1.3%
				Non U.S. Companies
	30,000			Vivendi			802,898
				Metals and Mining — 0.3%
				Non U.S. Companies
	6,400			Compania de Minas Buenaventura SA, ADR			198,208
				Real Estate — 0.2%
				Non U.S. Companies
	6,000			Brookfield Asset Management Inc., Cl. A			152,520
				Transportation — 0.2%
				U.S. Companies
	3,500			GATX Corp.			100,275
				TOTAL OTHER			2,220,364
				TOTAL COMMON STOCKS			58,004,264
				CONVERTIBLE PREFERRED STOCKS — 0.2%
				COMMUNICATIONS — 0.2%
				Telecommunications — 0.2%
				U.S. Companies
	2,000			Cincinnati Bell Inc., 6.750% Cv. Pfd., Ser. B			78,100
				OTHER — 0.0%
				Transportation — 0.0%
				U.S. Companies
	200			GATX Corp., $2.50 Cv. Pfd., Ser. A (a)			28,650
				TOTAL CONVERTIBLE PREFERRED STOCKS			106,750
				WARRANTS — 0.1%
				COMMUNICATIONS — 0.1%
				Wireless Communications — 0.1%
				Non U.S. Companies
	4,000			Bharti Airtel Ltd., expire 09/19/13† (b)			27,833
	2,000			Bharti Airtel Ltd., expire 09/29/14 (b)			13,917
				TOTAL WARRANTS			41,750

Principal
Amount
				CONVERTIBLE CORPORATE BONDS — 0.4%
				OTHER — 0.4%
				Real Estate — 0.4%
				U.S. Companies
$	350,000			Palm Harbor Homes Inc., Cv., 3.250%, 05/15/24			236,250
				U.S. GOVERNMENT OBLIGATIONS — 3.8%
				U.S. Treasury Bills — 2.4%
	1,450,000			U.S. Treasury Bills, 0.122% to 0.157%††, 05/13/10 to 05/27/10			1,449,761
				U.S. Treasury Cash Management Bills — 1.4%
	865,000			U.S. Treasury Cash Management Bills, 0.137% to 0.157%††, 06/10/10 to 07/15/10			864,736
				TOTAL U.S. GOVERNMENT OBLIGATIONS			2,314,497
TOTAL INVESTMENTS — 100.0% (Cost $54,750,270)						$	60,703,511
				Aggregate book cost		$	54,750,270
				Gross unrealized appreciation		$	9,035,387
				Gross unrealized depreciation			(3,082,146	)
				Net unrealized appreciation/depreciation		$	5,953,241

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

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

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

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

THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

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

		Valuation Inputs
		Level 1				Level 2				Total
		Quoted				Other Significant				Market Value
		Prices				Observable Inputs				at 3/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
COMMUNICATIONS
Telecommunications
Non U.S. Companies		$	5,890,198			$	52,589			$	5,942,787
Other Industries (a)			52,061,477				—				52,061,477
Total Common Stocks			57,951,675				52,589				58,004,264
Convertible Preferred Stocks:
COMMUNICATIONS
Telecommunications
U.S. Companies			78,100				—				78,100
OTHER
Transportation
U.S. Companies			—				28,650				28,650
Total Convertible Preferred Stocks			78,100				28,650				106,750
Warrants (a)			—				41,750				41,750
Convertible Corporate Bonds			—				236,250				236,250
U.S. Government Obligations			—				2,314,497				2,314,497
TOTAL INVESTMENTS IN SECURITIES		$	58,029,775			$	2,673,736			$	60,703,511
OTHER FINANCIAL INSTRUMENTS:
ASSETS (Unrealized Appreciation): *
EQUITY CONTRACT
Contract for Difference Swap Agreement		$	—			$	24,395			$	24,395

     There were no Level 3 investments held at March 31, 2010 or December 31, 2009.

2. Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under

THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

     Swap Agreements. The Fund may enter into equity and contract for difference swap transactions for the purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In a swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at the time a swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction.

     The Fund has entered into an equity swap agreement with The Goldman Sachs Group, Inc. Details of the swap at March 31, 2010 are as follows:

Notional		Equity Security		Interest Rate/		Termination		Net Unrealized
Amount		Received		Equity Security Paid		Date		Appreciation
		Market Value		One month LIBOR plus 90 bps plus
		Appreciation on:		Market Value Depreciation on:
$427,250 (50,000 Shares)		Rolls-Royce Group plc		Rolls-Royce Group plc		6/25/10		$24,395

     The Fund’s volume of activity in equity contract for difference swap agreements during the quarter ended March 31, 2010 had an average monthly notional amount of approximately $408,643.

     Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are included in unrealized appreciation/depreciation on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

     There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. During the quarter ended March 31, 2010, the Fund had no investments in futures contracts.

     Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on investments and foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. During the quarter ended March 31, 2010, the Fund had no investments in forward foreign exchange contracts.

     The following table summarizes the net unrealized appreciation of derivatives held at March 31, 2010 by primary risk exposure:

		Net Unrealized
Asset Derivatives:		Appreciation
Equity Contract		$	24,395

3. Tax Information. At December 31, 2009, the Fund had net capital loss carryforwards for federal income tax purposes of $375,535, which are available to reduce future required distributions of net capital gains to shareholders through 2017.

		% of
		Market				Market
Geographic Diversification		Value				Value
North America			64.3	%		$	39,030,230
Europe			25.8				15,675,854
Japan			4.1				2,510,482
Latin America			3.3				2,020,058
Asia/Pacific			2.1				1,242,400
Africa/Middle East			0.4				224,487
Total Investments			100.0	%		$	60,703,511

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

     It is the policy of The Gabelli Global Utility & Income Trust (the “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 credit 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 Computershare Trust Company, N.A. (“Computershare”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distributions in cash must submit this request in writing to:

The Gabelli Global Utility & Income Trust
c/o Computershare
P.O. Box 43010
Providence, RI 02940-3010

     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 Computershare at (800) 336-6983.

     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 a NYSE Alternext US 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, Computershare will buy common shares in the open market, or on the NYSE Alternext US or elsewhere, for the participants’ accounts, except that Computershare 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.

Voluntary Cash Purchase Plan

     The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to 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 Computershare for investments in the Fund’s common shares at the then current market price. Shareholders may send an amount from $250 to $10,000. Computershare will use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each shareholder who participates $0.75, plus 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 Computershare, P.O. Box 43010, Providence, RI 02940–3010 such that Computershare receives such payments approximately 10 days before the 1st and 15th of the month. Funds not received at least five days before the investment date shall be held for investment until the next purchase date. A payment may be withdrawn without charge if notice is received by Computershare at least 48 hours before such payment is to be invested.

     Shareholders wishing to liquidate shares held at Computershare 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 $2.50 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 Automatic 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 Computershare on at least 90 days written notice to participants in the Plan.

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

Stock Exchange Listing

		Common
NYSE Amex–Symbol:		GLU
Shares Outstanding:			3,060,780

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized Equity Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

Item 2. Controls and Procedures.

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

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant) The Gabelli Global Utility & Income Trust

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

Date 6/1/10

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

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

Date 6/1/10