The Gabelli Global Utility & Income Trust

First Quarter Report
March 31, 2011

Mario J. Gabelli, CFA

To Our Shareholders,

     During the first quarter of 2011, The Gabelli Global Utility & Income Trust’s (the “Fund”) net asset value (“NAV”) total return was 5.6% compared with the Standard & Poor’s (“S&P”) 500 Utilities Index of 2.7% and the Lipper Utility Fund Average of 5.4%. The total return for the Fund’s publicly traded shares was 1.2% during the first quarter of 2011.

     Enclosed is the investment portfolio as of March 31, 2011.

Comparative Results

Average Annual Returns through March 31, 2011 (a) (Unaudited)

																		Since
																		Inception
		Quarter				1 Year				3 Year				5 Year				(05/28/04)
Gabelli Global Utility & Income Trust
NAV Total Return (b)			5.61	%			15.69	%			4.15	%			6.45	%			7.99	%
Investment Total Return (c)			1.18				9.35				6.73				8.65				7.00
S&P 500 Index			5.92				15.65				2.35				2.62				4.60
S&P 500 Utilities Index			2.74				12.32				(1.48	)			4.70				8.68
Lipper Utility Fund Average			5.36				16.99				0.93				5.76				9.94

THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS
March 31, 2011 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 97.9%
				ENERGY AND UTILITIES — 68.6%
				Energy and Utilities: Alternative Energy — 0.3%
				U.S. Companies
	7,000			Ormat Technologies Inc.		$	177,310
				Energy and Utilities: Electric Transmission and Distribution — 5.6%
				Non U.S. Companies
	5,000	(a)		Algonquin Power & Utilities Corp.			26,612
	8,775			National Grid plc, ADR			421,551
	3,500			Red Electrica Corporacion SA			198,903
				U.S. Companies
	4,000			CH Energy Group Inc.			202,160
	2,000			Consolidated Edison Inc.			101,440
	42,000			NSTAR			1,943,340
	38,000			Pepco Holdings Inc.			708,700
	1,666			UIL Holdings Corp.			50,846
							3,653,552
				Energy and Utilities: Global Utilities — 0.0%
				Non U.S. Companies
	500			Areva SA, Preference†			20,826
				Energy and Utilities: Integrated — 43.0%
				Non U.S. Companies
	150,000			A2A SpA			242,978
	6,000			Areva SA			266,574
	9,000			Chubu Electric Power Co. Inc.			200,168
	152,000			Datang International Power Generation Co. Ltd., Cl. H			56,278
	2,700			E.ON AG			82,459
	9,000			E.ON AG, ADR			276,120
	9,760			EDP — Energias de Portugal SA, ADR			378,786
	10,000			Electric Power Development Co. Ltd.			308,007
	6,000			Emera Inc.			196,122
	10,000			Endesa SA			309,869
	68,400			Enel SpA			431,171
	29,000			Enersis SA, ADR			603,780
	140,000			Hera SpA			335,109
	10,000			Hokkaido Electric Power Co. Inc.			193,917
	10,000			Hokuriku Electric Power Co.			226,497
	14,000			Huaneng Power International Inc., ADR			328,860
	80,047			Iberdrola SA			696,081
	11,000			Iberdrola SA, ADR			381,480
	3,000			International Power plc			14,823
	28,000			Korea Electric Power Corp., ADR†			342,720
	10,000			Kyushu Electric Power Co. Inc.			195,359
	10,000			Shikoku Electric Power Co. Inc.			272,061
	10,000			The Chugoku Electric Power Co. Inc.			184,900
	16,000			The Kansai Electric Power Co. Inc.			348,353
	15,000			The Tokyo Electric Power Co. Inc.			84,035
	10,000			Tohoku Electric Power Co. Inc.			168,911
	5,072			Verbund AG			225,344
				U.S. Companies
	2,000			ALLETE Inc.			77,940
	22,500			Ameren Corp.			631,575
	30,000			American Electric Power Co. Inc.			1,054,200
	1,500			Avista Corp.			34,695
	7,000			Black Hills Corp.			234,080
	500			Cleco Corp.			17,145
	500			CMS Energy Corp.			9,820
	10,000			Dominion Resources Inc.			447,000
	50,000			DPL Inc.			1,370,500
	38,000			Duke Energy Corp.			689,700
	4,000			El Paso Electric Co.†			121,600
	1,334			FirstEnergy Corp.			49,478
	44,000			Great Plains Energy Inc.			880,880
	22,000			Hawaiian Electric Industries Inc.			545,600
	29,500			Integrys Energy Group Inc.			1,490,045
	14,000			MGE Energy Inc.			566,860
	14,000			NextEra Energy Inc.			771,680
	45,000			NiSource Inc.			863,100
	13,000			NorthWestern Corp.			393,900
	19,500			OGE Energy Corp.			985,920
	10,000			Otter Tail Corp.			227,300
	1,000			PG&E Corp.			44,180
	16,000			Pinnacle West Capital Corp.			684,640
	4,200			PPL Corp.			106,260
	31,000			Progress Energy Inc.			1,430,340
	32,000			Public Service Enterprise Group Inc.			1,008,320
	18,000			SCANA Corp.			708,660
	45,000			Southern Co.			1,714,950
	1,000			TECO Energy Inc.			18,760
	30,000			The AES Corp.†			390,000
	2,000			The Empire District Electric Co.			43,580
	14,000			UniSource Energy Corp.			505,820
	15,000			Vectren Corp.			408,000
	40,000			Westar Energy Inc.			1,056,800
	10,000			Wisconsin Energy Corp.			305,000
	40,000			Xcel Energy Inc.			955,600
							28,194,690
				Energy and Utilities: Natural Gas Integrated — 6.4%
				Non U.S. Companies
	80,000			Snam Rete Gas SpA			449,647
				U.S. Companies
	5,000			Atlas Energy Inc., Escrow† (b)			500
	40,000			El Paso Corp.			720,000
	1,000			Energen Corp.			63,120

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				ENERGY AND UTILITIES (Continued)
				Energy and Utilities: Natural Gas Integrated (Continued)
				U.S. Companies (Continued)
	18,000			National Fuel Gas Co.		$	1,332,000
	2,000			ONEOK Inc.			133,760
	24,000			Southern Union Co.			686,880
	30,000			Spectra Energy Corp.			815,400
							4,201,307
				Energy and Utilities: Natural Gas Utilities — 4.5%
				Non U.S. Companies
	1,500			Enagas			33,843
	1,890			GDF Suez			77,007
	11,454			GDF Suez, ADR			469,614
	6,867			GDF Suez, Strips			10
				U.S. Companies
	11,500			Atmos Energy Corp.			392,150
	3,750			Chesapeake Utilities Corp.			156,075
	20,000			Nicor Inc.			1,074,000
	5,000			Piedmont Natural Gas Co. Inc.			151,750
	10,000			Southwest Gas Corp.			389,700
	5,000			The Laclede Group Inc.			190,500
							2,934,649
				Energy and Utilities: Oil — 3.1%
				Non U.S. Companies
	1,000			Niko Resources Ltd.			95,926
	1,500			PetroChina Co. Ltd., ADR			228,375
	10,000			Petroleo Brasileiro SA, ADR			404,300
	9,000			Royal Dutch Shell plc, Cl. A, ADR			655,740
				U.S. Companies
	2,000			Chevron Corp.			214,860
	2,000			ConocoPhillips			159,720
	2,000			Devon Energy Corp.			183,540
	1,000			Exxon Mobil Corp.			84,130
							2,026,591
				Energy and Utilities: Services — 0.5%
				Non U.S. Companies
	10,000			ABB Ltd., ADR†			241,900
				U.S. Companies
	2,500			Halliburton Co.			124,600
							366,500
				Energy and Utilities: Water — 3.5%
				Non U.S. Companies
	1,500			Consolidated Water Co. Ltd.			16,350
	49,000			Severn Trent plc			1,148,437
	37,090			United Utilities Group plc			351,943
				U.S. Companies
	8,666			Aqua America Inc.			198,365
	2,700			California Water Service Group			100,359
	4,000			Middlesex Water Co.			72,760
	17,000			SJW Corp.			393,550
							2,281,764
				Diversified Industrial — 0.7%
				Non U.S. Companies
	9,000			Bouygues SA			432,194
				Environmental Services — 0.6%
				Non U.S. Companies
	500			Suez Environnement Co. SA			10,345
	12,000			Veolia Environnement			373,119
							383,464
				Independent Power Producers and Energy Traders — 0.4%
				U.S. Companies
	12,000			NRG Energy Inc.†			258,480
				TOTAL ENERGY AND UTILITIES			44,931,327
				COMMUNICATIONS — 22.3%
				Cable and Satellite — 6.1%
				Non U.S. Companies
	10,000			British Sky Broadcasting Group plc			132,347
	10,000			Cogeco Inc.			427,952
	2,500			Rogers Communications Inc., Cl. B			91,000
	5,400			Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA			28,315
				U.S. Companies
	14,000			Cablevision Systems Corp., Cl. A			484,540
	10,000			Comcast Corp., Cl. A, Special			232,200
	27,000			DIRECTV, Cl. A†			1,263,600
	33,000			DISH Network Corp., Cl. A†			803,880
	6,000			EchoStar Corp., Cl. A†			227,100
	4,000			Liberty Global Inc., Cl. A†			165,640
	4,000			Liberty Global Inc., Cl. C†			159,960
							4,016,534
				Telecommunications — 13.2%
				Non U.S. Companies
	25,000			BCE Inc.			908,500
	4,000			Belgacom SA			154,956
	2,102	(a)		Bell Aliant Inc. (b)(c)			58,192
	25,000			BT Group plc, ADR			752,000
	38,000			Deutsche Telekom AG, ADR			585,960
	3,500			France Telecom SA, ADR			78,785
	15,000			Koninklijke KPN NV, ADR			257,250
	8,000			Manitoba Telecom Services Inc.			247,963

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				COMMUNICATIONS (Continued)
				Telecommunications (Continued)
				Non U.S. Companies (Continued)
	29,651			Orascom Telecom Holding SAE, GDR† (d)(e)		$	109,264
	45,000			Portugal Telecom SGPS SA			519,373
	1,300			Swisscom AG			579,586
	20,000			Telecom Italia SpA			30,753
	48,000			Telefonica SA, ADR			1,210,560
	11,000			Telefonos de Mexico SAB de CV, Cl. L, ADR			200,860
	17,000			Telekom Austria AG			248,632
	16,000			VimpelCom Ltd., ADR			225,920
				U.S. Companies
	31,000			AT&T Inc.			948,600
	70,000			Sprint Nextel Corp.†			324,800
	10,000			Telephone & Data Systems Inc.			337,000
	22,000			Verizon Communications Inc.			847,880
							8,626,834
				Wireless Communications — 3.0%
				Non U.S. Companies
	2,000			America Movil SAB de CV, Cl. L, ADR			116,200
	12,000			Millicom International Cellular SA			1,154,040
	4,000			Mobile TeleSystems OJSC, ADR			84,920
	10,000			Turkcell Iletisim Hizmetleri A/S, ADR			150,300
	6,000			Vivo Participacoes SA, ADR			242,280
	8,000			Vodafone Group plc, ADR			230,000
							1,977,740
				TOTAL COMMUNICATIONS			14,621,108
				OTHER — 7.0%
				Aerospace — 1.4%
				Non U.S. Companies
	90,000			Rolls-Royce Group plc†			893,705
				Building and Construction — 0.1%
				Non U.S. Companies
	400			Acciona SA			43,468
				Business Services — 0.2%
				Non U.S. Companies
	4,000			Sistema JSFC, GDR (d)			116,400
				Entertainment — 1.6%
				Non U.S. Companies
	38,000			Vivendi			1,085,145
				Machinery — 0.8%
				U.S. Companies
	6,000			Bucyrus International Inc.			548,700
				Metals and Mining — 0.4%
				Non U.S. Companies
	6,400			Compania de Minas Buenaventura SA, ADR			275,008
				Real Estate — 0.3%
				Non U.S. Companies
	6,000			Brookfield Asset Management Inc., Cl. A			194,760
				Specialty Chemicals — 2.0%
				U.S. Companies
	10,000			The Lubrizol Corp.			1,339,600
				Transportation — 0.2%
				U.S. Companies
	3,500			GATX Corp.			135,310
				TOTAL OTHER			4,632,096
				TOTAL COMMON STOCKS			64,184,531
				CONVERTIBLE PREFERRED STOCKS — 0.2%
				COMMUNICATIONS — 0.1%
				Telecommunications — 0.1%
				U.S. Companies
	2,000			Cincinnati Bell Inc., 6.750% Cv. Pfd., Ser. B			78,800
				OTHER — 0.1%
				Transportation — 0.1%
				U.S. Companies
	200			GATX Corp., $2.50 Cv. Pfd., Ser. A (b)			38,660
				TOTAL CONVERTIBLE
				PREFERRED STOCKS			117,460
				WARRANTS — 0.1%
				COMMUNICATIONS — 0.1%
				Wireless Communications — 0.1%
				Non U.S. Companies
	4,000			Bharti Airtel Ltd., expire 09/19/13† (c)			32,065
	2,000			Bharti Airtel Ltd., expire 09/29/14† (c)			16,032
							48,097
				TOTAL WARRANTS			48,097

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)

Principal						Market
Amount						Value
				U.S. GOVERNMENT OBLIGATIONS — 1.8%
$	1,154,000			U.S. Treasury Bills,
				0.125% to 0.155%††,
				04/21/11 to 09/22/11		$	1,153,552
TOTAL INVESTMENTS — 100.0% (Cost $53,037,260)						$	65,503,640
				Aggregate tax cost		$	53,099,540
				Gross unrealized appreciation		$	14,072,307
				Gross unrealized depreciation			(1,668,207	)
				Net unrealized appreciation/depreciation		$	12,404,100

Notional						Termination		Unrealized
Amount						Date		Appreciation
				EQUITY CONTRACT FOR DIFFERENCE SWAP AGREEMENT
$	464,654
(50,000 Shares)				Rolls-Royce Group plc		06/27/11		$	31,641

03/31/11

Acquisition

Acquisition

Acquisition

Carrying Value

Shares

Issuer

Date

Cost

Per Unit

29,651

Orascom Telecom Holding SAE, GDR

12/01/08

$

155,291

$

3.6850

4,000

Sistema JSFC, GDR

09/05/06

100,137

29.1000

		% of
		Market				Market
Geographic Diversification		Value				Value
North America			66.0	%			$43,260,771
Europe			26.2				17,136,387
Japan			3.3				2,182,207
Latin America			2.8				1,858,778
Asia/Pacific			1.5				956,233
Africa/Middle East			0.2				109,264
Total Investments			100.0	%			$65,503,640

See accompanying notes to schedule of investments.

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

     The Fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

     Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

     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)

     A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. 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 in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

		Valuation Inputs
		Level 1				Level 2				Level 3				Total
		Quoted				Other Significant				Significant				Market Value
		Prices				Observable Inputs				Unobservable Inputs				at 3/31/11
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
ENERGY AND UTILITIES
Energy and Utilities: Natural Gas Integrated U.S. Companies		$	3,751,160				—			$	500			$	3,751,660
Other Industries (a)			60,432,871				—				—				60,432,871
Total Common Stocks			64,184,031				—				500				64,184,531
Convertible Preferred Stocks:
COMMUNICATIONS
Telecommunications U.S. Companies			78,800				—				—				78,800
OTHER
Transportation U.S. Companies			—			$	38,660				—				38,660
Total Convertible Preferred Stocks			78,800				38,660				—				117,460
Warrants (a)			—				48,097				—				48,097
U.S. Government Obligations			—				1,153,552				—				1,153,552
TOTAL INVESTMENTS IN SECURITIES — ASSETS		$	64,262,831			$	1,240,309			$	500			$	65,503,640
OTHER FINANCIAL INSTRUMENTS:
ASSETS (Unrealized Appreciation): *
EQUITY CONTRACT
Contract for Difference Swap Agreement		$	—			$	31,641			$	—			$	31,641
TOTAL OTHER FINANCIAL INSTRUMENTS		$	—			$	31,641			$	—			$	31,641

     The Fund did not have significant transfers between Level 1 and Level 2 during the period ended March 31, 2011.

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

     The following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value:

																																						Net change in
																																						unrealized
																																						appreciation/
																																						depreciation
																																						during the
																																						period
														Change in																								on Level 3
						Accrued								unrealized												Transfers				Transfers				Balance				investments
		Balance as				discounts/				Realized				appreciation/												into				out of				as of				held at
		of 12/31/10				(premiums)				gain/(loss)				depreciation				Purchases				Sales				Level 3†				Level 3†				3/31/11				3/31/11
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
ENERGY AND UTILITIES
Energy & Utilities:
Natural Gas Integrated U.S. Companies		$	—			$	—			$	—			$	500			$	0			$	—			$	—			$	—			$	500			$	500
TOTAL INVESTMENTS IN SECURITIES		$	—			$	—			$	—			$	500			$	0			$	—			$	—			$	—			$	500			$	500

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

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

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

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

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

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 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.

     The Fund’s derivative contracts held at March 31, 2011, if any, are not accounted for as hedging instruments under GAAP.

     Swap Agreements. The Fund may enter into equity 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 an equity contract for difference 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 contract for difference swap agreement with The Goldman Sachs Group, Inc. Details of the swap at March 31, 2011 are reflected within the Schedule of Investments and further details are as follows:

Notional		Equity Security		Interest Rate/		Termination		Net Unrealized
Amount		Received		Equity Security Paid		Date		Appreciation
		Market Value Appreciation on:		One month LIBOR plus 90 bps plus Market Value Depreciation on:
$464,654 (50,000 Shares)		Rolls-Royce Group plc		Rolls-Royce Group plc		6/27/11		$31,641

     The Fund’s volume of activity in equity contract for difference swap agreements during the period ended March 31, 2011 had an average monthly notional amount of approximately $497,984.

     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 futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

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

     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 period ended March 31, 2011, the Fund held 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 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 period ended March 31, 2011, the Fund held no investments in forward foreign exchange contracts.

     The following table summarizes the net unrealized appreciation of derivatives held at March 31, 2011 by primary risk exposure:

		Net Unrealized
Asset Derivatives:		Appreciation
Equity Contract		$	31,641

Tax Information. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

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

Trustees

Anthony J. Colavita
     President,
     Anthony J. Colavita, P.C.

James P. Conn
     Former Managing Director &
     Chief Investment Officer,
     Financial Security Assurance Holdings Ltd.

Mario d’Urso
     Former Italian Senator

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

Michael J. Melarkey
     Attorney-at-Law,
     Avansino, Melarkey, Knobel & Mulligan

Salvatore M. Salibello
      Certified Public Accountant,
      Salibello & Broder LLP

Salvatore J. Zizza
     Chairman, Zizza & Co., Ltd.

Officers

Bruce N. Alpert
     President

Peter D. Goldstein
     Chief Compliance Officer

Agnes Mullady
     Treasurer & Secretary

David I. Schachter
     Vice President & Ombudsman

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

Custodian
State Street Bank and Trust Company

Counsel
Skadden, Arps, Slate, Meagher & Flom, LLP

Transfer Agent and Registrar
Computershare Trust Company, N.A.

Stock Exchange Listing

		Common
NYSE Amex–Symbol:		GLU
Shares Outstanding:			3,073,974

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.

The NASDAQ symbol for the Net Asset Value is “XGLUX.”