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
(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 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 Third Quarter Report September 30, 2010		Mario J. Gabelli, CFA

To Our Shareholders,

     The Gabelli Global Utility & Income Trust’s (the “Fund”) net asset value (“NAV”) total return was 13.2% during the third quarter of 2010, compared with gains of 12.4% and 12.3% for the Standard & Poor’s (“S&P”) Utilities Index and the Lipper Utility Fund Average, respectively. The total return for the Fund’s publicly traded shares was 10.2% during the third quarter of 2010.

Enclosed is the investment portfolio as of September 30, 2010.

Comparative Results

Average Annual Returns through September 30, 2010 (a) (Unaudited)

																						Since
						Year to																Inception
		Quarter				Date				1 Year				3 Year				5 Year				(05/28/04)
Gabelli Global Utility & Income Trust
NAV Total Return (b)			13.23	%			5.85	%			11.56	%			(1.28	)%			4.67	%			7.12	%
Investment Total Return (c)			10.21				8.70				20.46				4.02				7.21				6.98
S&P 500 Index			11.30				3.91				10.18				(7.15	)			0.64				2.36
S&P 500 Utilities Index			12.35				4.32				11.90				(3.75	)			2.51				8.74
Lipper Utility Fund Average			12.34				3.32				9.33				(5.90	)			2.74				8.08

THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS
September 30, 2010 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 95.7%
				ENERGY AND UTILITIES — 69.7%
				Energy and Utilities: Alternative Energy — 0.3%
				U.S. Companies
	7,000			Ormat Technologies Inc.		$	204,190
				Energy and Utilities: Electric Transmission and Distribution — 5.7%
				Non U.S. Companies
	8,775			National Grid plc, ADR			375,043
	3,500			Red Electrica Corporacion SA			164,589
				U.S. Companies
	4,000			CH Energy Group Inc.			176,640
	2,000			Consolidated Edison Inc.			96,440
	5,000			Northeast Utilities			147,850
	46,000			NSTAR			1,810,100
	38,000			Pepco Holdings Inc.			706,800
	1,666			UIL Holdings Corp.			46,915
							3,524,377
				Energy and Utilities: Integrated — 45.5%
				Non U.S. Companies
	150,000			A2A SpA			230,049
	600			Areva SA			252,011
	9,000			Chubu Electric Power Co. Inc.			222,413
	152,000			Datang International Power Generation Co. Ltd., Cl. H			63,473
	2,700			E.ON AG			79,615
	9,000			E.ON AG, ADR			265,770
	9,760			EDP — Energias de Portugal SA, ADR			333,499
	10,000			Electric Power Development Co. Ltd.			300,671
	5,000			Emera Inc.			143,794
	10,000			Endesa SA			267,675
	68,400			Enel SpA			364,594
	29,000			Enersis SA, ADR			681,790
	140,000			Hera SpA			267,007
	10,000			Hokkaido Electric Power Co. Inc.			199,090
	10,000			Hokuriku Electric Power Co.			228,318
	14,000			Huaneng Power International Inc., ADR			346,640
	77,884			Iberdrola SA			599,148
	12,000			Iberdrola SA, ADR			367,920
	3,000			International Power plc			18,285
	28,000			Korea Electric Power Corp., ADR†			362,040
	10,000			Kyushu Electric Power Co. Inc.			228,318
	10,000			Shikoku Electric Power Co. Inc.			286,895
	10,000			The Chugoku Electric Power Co. Inc.			197,293
	16,000			The Kansai Electric Power Co. Inc.			388,500
	10,000			The Tokyo Electric Power Co. Inc.			243,891
	10,000			Tohoku Electric Power Co. Inc.			221,131
	4,500			Verbund AG			161,341
				U.S. Companies
	2,000			Allegheny Energy Inc.			49,040
	2,000			ALLETE Inc.			72,860
	20,000			Ameren Corp.			568,000
	30,000			American Electric Power Co. Inc.			1,086,900
	1,500			Avista Corp.			31,320
	8,000			Black Hills Corp.			249,600
	500			Cleco Corp.			14,810
	500			CMS Energy Corp.			9,010
	11,000			Dominion Resources Inc.			480,260
	50,000			DPL Inc.			1,306,500
	38,000			Duke Energy Corp.			672,980
	4,000			El Paso Electric Co.†			95,120
	50,000			Great Plains Energy Inc.			945,000
	22,000			Hawaiian Electric Industries Inc.			495,880
	29,500			Integrys Energy Group Inc.			1,535,770
	8,000			Maine & Maritimes Corp.			359,200
	15,000			MGE Energy Inc.			593,850
	14,000			NextEra Energy Inc.			761,460
	45,000			NiSource Inc.			783,000
	13,000			NorthWestern Corp.			370,500
	19,500			OGE Energy Corp.			777,465
	10,000			Otter Tail Corp.			203,900
	1,000			PG&E Corp.			45,420
	16,000			Pinnacle West Capital Corp.			660,320
	4,200			PPL Corp.			114,366
	31,000			Progress Energy Inc.			1,377,020
	32,000			Public Service Enterprise Group Inc.			1,058,560
	18,000			SCANA Corp.			725,760
	45,000			Southern Co.			1,675,800
	1,000			TECO Energy Inc.			17,320
	30,000			The AES Corp.†			340,500
	2,000			The Empire District Electric Co.			40,300
	15,000			UniSource Energy Corp.			501,450
	17,000			Vectren Corp.			439,790
	40,000			Westar Energy Inc.			969,200
	5,000			Wisconsin Energy Corp.			289,000
	40,000			Xcel Energy Inc.			918,800
							27,957,202
				Energy and Utilities: Natural Gas Integrated — 5.4%
				Non U.S. Companies
	80,000			Snam Rete Gas SpA			405,159
				U.S. Companies
	50,000			El Paso Corp.			619,000
	1,000			Energen Corp.			45,720
	18,000			National Fuel Gas Co.			932,580
	2,000			ONEOK Inc.			90,080
	24,000			Southern Union Co.			577,440
	30,000			Spectra Energy Corp.			676,500
							3,346,479
				Energy and Utilities: Natural Gas Utilities — 4.3%
				Non U.S. Companies
	1,500			Enagas			30,397
	1,890			GDF Suez			67,660
	11,454			GDF Suez, ADR			411,199
	6,867			GDF Suez, Strips			9

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2010 (Unaudited)

Shares/ Units						Market Value
				COMMON STOCKS (Continued)
				ENERGY AND UTILITIES (Continued)
				Energy and Utilities: Natural Gas Utilities (Continued)
				U.S. Companies
	14,000			Atmos Energy Corp.		$	409,500
	4,050			Chesapeake Utilities Corp.			146,691
	20,000			Nicor Inc.			916,400
	5,000			Piedmont Natural Gas Co. Inc.			145,000
	10,000			Southwest Gas Corp.			335,900
	5,000			The Laclede Group Inc.			172,100
							2,634,856
				Energy and Utilities: Oil — 3.0%
				Non U.S. Companies
	10,000			Dragon Oil plc†			69,159
	1,000			Niko Resources Ltd.			98,416
	2,200			PetroChina Co. Ltd., ADR			256,124
	11,000			Petroleo Brasileiro SA, ADR			398,970
	9,000			Royal Dutch Shell plc, Cl. A, ADR			542,700
				U.S. Companies
	2,000			Chevron Corp.			162,100
	2,000			ConocoPhillips			114,860
	2,000			Devon Energy Corp.			129,480
	1,000			Exxon Mobil Corp.			61,790
							1,833,599
				Energy and Utilities: Services — 0.5%
				Non U.S. Companies
	10,000			ABB Ltd., ADR			211,200
				U.S. Companies
	2,500			Halliburton Co.			82,675
							293,875
				Energy and Utilities: Water — 3.5%
				Non U.S. Companies
	1,500			Consolidated Water Co. Ltd.			14,220
	49,000			Severn Trent plc			1,009,127
	37,090			United Utilities Group plc			333,855
				U.S. Companies
	8,666			Aqua America Inc.			176,786
	2,700			California Water Service Group			99,765
	4,000			Middlesex Water Co.			67,360
	17,000			SJW Corp.			418,710
							2,119,823
				Diversified Industrial — 0.6%
				Non U.S. Companies
	9,000			Bouygues SA			386,298
				Environmental Services — 0.5%
				Non U.S. Companies
	500			Suez Environnement Co. SA			9,236
	12,000			Veolia Environnement			316,056
							325,292
				Independent Power Producers and Energy Traders — 0.4%
				U.S. Companies
	12,000			NRG Energy Inc.†			249,840
				TOTAL ENERGY AND UTILITIES			42,875,831
				COMMUNICATIONS — 22.1%
				Cable and Satellite — 5.4%
				Non U.S. Companies
	5,000			British Sky Broadcasting Group plc			55,413
	10,000			Cogeco Inc.			306,152
	2,500			Rogers Communications Inc., Cl. B			93,575
	5,400			Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA			21,349
				U.S. Companies
	25,000			Cablevision Systems Corp., Cl. A			654,750
	30,000			DIRECTV, Cl. A†			1,248,900
	30,000			DISH Network Corp., Cl. A			574,800
	6,000			EchoStar Corp., Cl. A†			114,480
	4,580			Liberty Global Inc., Cl. A†			141,110
	4,000			Liberty Global Inc., Cl. C†			122,240
							3,332,769
				Telecommunications — 13.7%
				Non U.S. Companies
	26,000			BCE Inc.			845,000
	4,000			Belgacom SA			155,983
	2,102			Bell Aliant Regional Communications Income Fund (a)(b)			52,851
	26,000			BT Group plc, ADR			569,920
	38,000			Deutsche Telekom AG, ADR			517,940
	6,000			France Telecom SA, ADR			129,180
	8,000			Manitoba Telecom Services Inc.			219,419
	29,651			Orascom Telecom Holding SAE, GDR†			128,715
	50,000			Portugal Telecom SGPS SA			667,312
	15,000			Royal KPN NV, ADR			234,000
	1,300			Swisscom AG			524,286
	20,000			Telecom Italia SpA			27,947
	17,000			Telefonica SA, ADR			1,260,550
	14,000			Telefonos de Mexico SAB de CV, Cl. L, ADR			209,020
	17,000			Telekom Austria AG			255,855
	16,000			VimpelCom Ltd., ADR†			237,600
				U.S. Companies
	31,000			AT&T Inc.			886,600
	70,000			Sprint Nextel Corp.†			324,100
	10,000			Telephone & Data Systems Inc.			328,000
	25,000			Verizon Communications Inc.			814,750
							8,389,028

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 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		$	106,660
	12,000			Millicom International Cellular SA			1,151,400
	4,000			Mobile TeleSystems OJSC, ADR			84,920
	10,000			Turkcell Iletisim Hizmetleri A/S, ADR			167,600
	6,000			Vivo Participacoes SA, ADR			163,020
	8,000			Vodafone Group plc, ADR			198,480
							1,872,080
				TOTAL COMMUNICATIONS			13,593,877
				OTHER — 3.9%
				Aerospace — 1.4%
				Non U.S. Companies
	90,000			Rolls-Royce Group plc†			853,231
				Building and Construction — 0.0%
				Non U.S. Companies
	400			Acciona SA			33,787
				Business Services — 0.2%
				Non U.S. Companies
	4,000			Sistema JSFC, GDR (c)			108,000
				Entertainment — 1.3%
				Non U.S. Companies
	30,000			Vivendi			819,996
				Metals and Mining — 0.5%
				Non U.S. Companies
	6,400			Compania de Minas Buenaventura SA, ADR			289,152
				Real Estate — 0.3%
				Non U.S. Companies
	6,000			Brookfield Asset Management Inc., Cl. A			170,220
				Transportation — 0.2%
				U.S. Companies
	3,500			GATX Corp.			102,620
				TOTAL OTHER			2,377,006
				TOTAL COMMON STOCKS			58,846,714
				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			78,000
				OTHER — 0.1%
				Transportation — 0.1%
				U.S. Companies
	200			GATX Corp., $2.50 Cv. Pfd., Ser. A (a)			29,300
				TOTAL CONVERTIBLE PREFERRED STOCKS			107,300
				WARRANTS — 0.1%
				COMMUNICATIONS — 0.1%
				Wireless Communications — 0.1%
				Non U.S. Companies
	4,000			Bharti Airtel Ltd., expire 09/19/13† (b)			32,600
	2,000			Bharti Airtel Ltd., expire 09/29/14† (b)			16,300
							48,900
				TOTAL WARRANTS			48,900

Principal
Amount
				U.S. GOVERNMENT OBLIGATIONS — 4.0%
$	2,485,000			U.S. Treasury Bills, 0.120% to 0.185%††, 11/04/10 to 03/17/11			2,484,318
TOTAL INVESTMENTS — 100.0% (Cost $53,430,574)						$	61,487,232
				Aggregate tax cost		$	53,492,852
				Gross unrealized appreciation		$	10,480,944
				Gross unrealized depreciation			(2,486,564	)
				Net unrealized appreciation/depreciation		$	7,994,380

09/30/10

Acquisition

Acquisition

Acquisition

Carrying Value

Shares

Issuer

Date

Cost

Per Unit

4,000

Sistema JSFC, GDR

09/05/06

$

100,137

$

27.0000

		% of
		Market				Market
Geographic Diversification		Value				Value
North America			65.5	%		$	40,288,640
Europe			25.4				15,593,091
Japan			4.1				2,516,519
Latin America			3.0				1,862,832
Asia/Pacific			1.7				1,028,277
Africa/Middle East			0.3				197,873
Total Investments			100.0	%		$	61,487,232

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL UTILITY & INCOME TRUST (the “Fund”)
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 September 30, 2010 is as follows:

		Valuation Inputs
		Level 1				Level 2				Total
		Quoted				Other Significant				Market Value
		Prices				Observable Inputs				at 9/30/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
COMMUNICATIONS
Telecommunications
Non U.S. Companies		$	5,982,727			$	52,851			$	6,035,578
Other Industries (a)			52,811,136				—				52,811,136
Total Common Stocks			58,793,863				52,851				58,846,714
Convertible Preferred Stocks:
COMMUNICATIONS
Telecommunications
U.S. Companies			78,000				—				78,000
OTHER
Transportation
U.S. Companies			—				29,300				29,300
Total Convertible Preferred Stocks			78,000				29,300				107,300
Warrants (a)			—				48,900				48,900
U.S. Government Obligations			—				2,484,318				2,484,318
TOTAL INVESTMENTS IN SECURITIES — ASSETS		$	58,871,863			$	2,615,369			$	61,487,232
OTHER FINANCIAL INSTRUMENTS:
ASSETS (Unrealized Appreciation): *
EQUITY CONTRACT
Contract for Difference Swap Agreement		$	—			$	17,397			$	17,397

     The Fund did not have significant transfers between Level 1 and Level 2 during the period ended September 30, 2010.

     There were no Level 3 investments held at September 30, 2010 or December 31, 2009.

     In January 2010, the Financial Accounting Standards Board (“FASB”) issued amended guidance to improve disclosure about fair value measurements which requires additional disclosures about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation of fair value measurements using significant unobservable inputs (Level 3). FASB also clarified existing disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009 and interim periods within those fiscal years. Management has adopted the amended guidance and determined that there was no material

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

impact to the Fund’s financial statements except for additional disclosures made in the notes. Disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact of the additional disclosure requirements on the Fund’s financial statements.

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 those of securities of comparable U.S. issuers.

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

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 September 30, 2010, if any, are not accounted for as hedging instruments under GAAP.

     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

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

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 September 30, 2010 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:
$456,459 (50,000 Shares)				Rolls-Royce Group plc		Rolls-Royce Group plc		6/27/11		$17,397

     The Fund’s volume of activity in equity contract for difference swap agreements during the period ended September 30, 2010 had an average monthly notional amount of approximately $434,991.

     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.

     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 September 30, 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 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 September 30, 2010, the Fund had no investments in forward foreign exchange contracts.

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

     The following table summarizes the net unrealized appreciation of derivatives held at September 30, 2010 by primary risk exposure:

		Net Unrealized
		Appreciation at
Asset Derivatives:		September 30, 2010
Equity Contract		$	17,397

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.

     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.

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

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:			3,069,629

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 11/26/10

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

Date 11/26/10

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

Date 11/26/10