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<SEC-DOCUMENT>0000935069-05-000910.txt : 20050420
<SEC-HEADER>0000935069-05-000910.hdr.sgml : 20050420
<ACCEPTANCE-DATETIME>20050420121540
ACCESSION NUMBER:		0000935069-05-000910
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050509
FILED AS OF DATE:		20050420
DATE AS OF CHANGE:		20050420
EFFECTIVENESS DATE:		20050420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI GLOBAL UTILITY & INCOME TRUST
		CENTRAL INDEX KEY:			0001282957
		IRS NUMBER:				320116828
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21529
		FILM NUMBER:		05761185

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8149219105

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>schedule.txt
<DESCRIPTION>GLOBAL UTILITY AND INCOME DEF14A 04/05
<TEXT>
                            SCHEDULE 14A INFORMATION

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

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

                   THE GABELLI GLOBAL UTILITY AND INCOME TRUST
                (Name of Registrant as Specified In Its Charter)

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

Payment of Filing Fee (Check the appropriate box):

[X] No fee required

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

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


    2)  Aggregate number of securities to which transaction applies:


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


    4)  Proposed maximum aggregate value of transaction:


    5)  Total fee paid:


[ ] Fee paid previously with preliminary materials.

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

    1) Amount Previously Paid:


    2) Form, Schedule or Registration Statement No.:


    3) Filing Party:


    4) Date Filed:


<PAGE>


                    THE GABELLI GLOBAL UTILITY & INCOME TRUST

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

                                ---------------

                    NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
                            TO BE HELD ON MAY 9, 2005

                                ---------------

To the Shareholders of
THE GABELLI GLOBALUTILITY & INCOME TRUST

      Notice is hereby  given  that the  Annual  Meeting  of  Shareholders  (the
"Meeting")  of The Gabelli  Global  Utility & Income Trust (the "Trust") will be
held at The Round Hill Room, Hyatt Regency  Greenwich,  1800 East Putnam Avenue,
Old Greenwich, Connecticut 06870, on Monday, May 9, 2005, at 11:30 a.m., for the
following purposes:

      1.    To elect two (2) Trustees of the Trust by the holders of the Trust's
            Common Shares (PROPOSAL 1); and

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

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

      The close of  business  on March 1, 2005 has been fixed as the record date
for the  determination of shareholders  entitled to notice of and to vote at the
Meeting and any adjournments thereof.

      YOUR VOTE IS  IMPORTANT  REGARDLESS  OF THE SIZE OF YOUR  HOLDINGS  IN THE
TRUST.  WHETHER  OR NOT YOU PLAN TO ATTEND THE  MEETING,  WE ASK THAT YOU PLEASE
COMPLETE,  SIGN  ANDDATE THE  ENCLOSED  PROXY CARD AND RETURN IT PROMPTLY IN THE
ENCLOSED  ENVELOPE,  WHICH  NEEDS NO  POSTAGE  IF MAILED IN THE  UNITED  STATES.
INSTRUCTIONS  FOR THE PROPER  EXECUTION  OF PROXIES  ARE SET FORTH ON THE INSIDE
COVER.

                                              By Order of the Board of Trustees,


                                              JAMES E. MCKEE
                                              SECRETARY

April 15, 2005

<PAGE>

                      INSTRUCTIONS FOR SIGNING PROXY CARDS

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

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

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

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

            REGISTRATION                                 VALID SIGNATURE
            ------------                                 ---------------

            CORPORATE ACCOUNTS

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

            TRUST ACCOUNTS

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

            CUSTODIAN OR ESTATE ACCOUNTS

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

                            TELEPHONE/INTERNET VOTING

      Various  brokerage firms may offer the convenience of providing you voting
instructions  via  telephone or the Internet for shares held through such firms.
If  available,  instructions  are included  with this Proxy  Statement and proxy
card.

<PAGE>

                    THE GABELLI GLOBAL UTILITY & INCOME TRUST

                                   -----------

                         ANNUAL MEETING OF SHAREHOLDERS

                                   MAY 9, 2005

                                   -----------

                                 PROXY STATEMENT

      This Proxy Statement is furnished in connection  with the  solicitation of
proxies by the Board of Trustees of The Gabelli  Global  Utility & Income  Trust
(the "Trust") for use at the Annual Meeting of  Shareholders  of the Trust to be
held on  Monday,  May 9, 2005,  at 11:30  a.m.,  at The Round  Hill Room,  Hyatt
Regency Greenwich,  1800 East Putnam Avenue,  Old Greenwich,  Connecticut 06870,
and at any adjournments  thereof (the "Meeting").  A Notice of Annual Meeting of
Shareholders  and proxy card  accompany this Proxy  Statement,  all of which are
first being mailed to shareholders on or about April 15, 2005.

      In addition to the solicitation of proxies by mail,  officers of the Trust
and  officers  and  regular   employees   of   EquiServe   Trust   Company  N.A.
("EquiServe"),  the Trust's transfer agent, and affiliates of EquiServe or other
representatives  of the Trust also may solicit proxies by telephone,  telegraph,
Internet or in person.  In addition,  the Trust has  retained The Altman  Group,
Inc. to assist in the  solicitation  of proxies for a minimum fee of $2,500 plus
reimbursement of expenses.  The costs of the proxy solicitation and the expenses
incurred in connection  with  preparing the Proxy  Statement and its  enclosures
will be paid by the Trust.  The Trust will also  reimburse  brokerage  firms and
others for their expenses in forwarding solicitation materials to the beneficial
owners of its shares.

      THE  TRUST'S  MOST  RECENT  ANNUAL  REPORT,  INCLUDING  AUDITED  FINANCIAL
STATEMENTS  FOR THE FISCAL YEAR ENDED  DECEMBER  31,  2004,  IS  AVAILABLE  UPON
REQUEST,  WITHOUT CHARGE, BY WRITING TO THE TRUST AT ONE CORPORATE CENTER,  RYE,
NEW YORK 10580-1422, BY CALLING THE TRUST AT 800-422-3554 OR VIA THE INTERNET AT
WWW.GABELLI.COM.

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

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


                                        1
<PAGE>

      The close of  business  on March 1, 2005 has been fixed as the record date
for the  determination of shareholders  entitled to notice of and to vote at the
Meeting and all adjournments thereof.

      Each  Shareholder  is  entitled  to one vote for each  full  share  and an
appropriate  fraction of a vote for each  fractional  share held.  On the record
date, March 1, 2005,  there were 3,050,236  Common Shares,  par value $0.001 per
share, (the "Common Stock" or the "Shares") outstanding.

      As of the record  date,  there  were no  persons  known to the Trust to be
beneficial  owners of more than 5% of the Trust's  outstanding  shares of Common
Stock.

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

               PROPOSAL 1: TO ELECT TWO (2) TRUSTEES OF THE TRUST

NOMINEES FOR THE BOARD OF TRUSTEES

      The Board of Trustees is divided into three  classes,  each class having a
term of three  years.  Each year the term of office  of one class  will  expire.
Anthony J. Colavita and Salvatore J. Zizza have each been nominated by the Board
of Trustees for a three year term to expire at the Trust's  2008 Annual  Meeting
of Shareholders or until their  successors are duly elected and qualified.  Each
of the  Trustees  of the Trust has served in that  capacity  since the April 21,
2004  organizational  meeting of the Trust. All of the Trustees of the Trust are
also  directors  or trustees of other  investment  companies  for which  Gabelli
Funds,  LLC (the "Adviser") or its affiliates serve as investment  adviser.  The
classes of Trustees are indicated below:

NOMINEES TO SERVE UNTIL 2008 ANNUAL MEETING OF SHAREHOLDERS
- -----------------------------------------------------------
Anthony J. Colavita
Salvatore J. Zizza

TRUSTEES SERVING UNTIL 2007 ANNUAL MEETING OF SHAREHOLDERS
- ----------------------------------------------------------
Mario d'Urso
Vincent D. Enright
Michael J. Melarkey

TRUSTEES SERVING UNTIL 2006 ANNUAL MEETING OF SHAREHOLDERS
- ----------------------------------------------------------
James P. Conn
Karl Otto Pohl
Salvatore M. Salibello

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


                                        2
<PAGE>

INFORMATION ABOUT TRUSTEES AND OFFICERS

      Set forth in the table below are the  existing  Trustees  and Nominees for
election  to the  Board  of the  Trust  and  officers  of the  Trust,  including
information  relating to their respective positions held with the Trust, a brief
statement of their  principal  occupations  during the past five years and other
directorships, if any.

<TABLE>
<CAPTION>
                                 TERM OF                                                                             NUMBER OF
                               OFFICE AND                                                                          PORTFOLIOS IN
   NAME, POSITION(S)            LENGTH OF                                                                          FUND COMPLEX
       ADDRESS(1)                 TIME              PRINCIPAL OCCUPATION(S)              OTHER DIRECTORSHIPS         OVERSEEN
        AND AGE                 SERVED(2)            DURING PAST FIVE YEARS                HELD BY TRUSTEE          BY TRUSTEE
- ------------------------      -------------  --------------------------------------  ----------------------------  -------------
<S>                           <C>            <C>                                     <C>                               <C>
INTERESTED TRUSTEES/NOMINEES(3):
- --------------------------------
KARL OTTO POHL                Since 2004**   Member of the Shareholder Committee     Director of Gabelli                35
Trustee                                      of Sal. Oppenheim Jr. & Cie (Zurich)    Asset Management Inc.;
Age: 75                                      (private investment bank); Former       Chairman of InCentive
                                             President of the Deutsche Bundesbank    Capital AG and InCentive
                                             and Chairman of its Central Bank        Asset Management AG
                                             Council (1980 - 1991)                   (Zurich); Director of Sal.
                                                                                     Oppenheim Jr. & Cie (Zurich)
                                                                                     (private investment bank)

SALVATORE M. SALIBELLO        Since 2004**   Certified Public Accountant with                     --                     2
Trustee                                      the accounting firm Salibello &
Age: 59                                      Broder, since 1978

NON-INTERESTED TRUSTEES/NOMINEES:
- ---------------------------------
ANTHONY J. COLAVITA           Since 2004*    Partner in the law firm of Anthony                   --                    37
Trustee                                      J.Colavita, P.C.
Age: 69

JAMES P. CONN                 Since 2004**   Former Managing Director and            Director of LaQuinta               14
Trustee                                      Chief Investment Officer of Financial   Corp. (hotels) and First
Age: 67                                      Security Assurance Holdings Ltd.        Republic Bank
                                             (insurance holding company)
                                             (1992-1998)

MARIO D'URSO                  Since 2004***  Chairman of Mittel Capital Markets                   --                     3
Trustee                                      S.p.A. since 2001; Senator in the
Age: 64                                      Italian Parliament (1996-2001)

VINCENT D. ENRIGHT            Since 2004***  Former Senior Vice President and        Director of Aphton                 14
Trustee                                      Chief Financial Officer of Keyspan      Corp. (biopharmaceuticals)
Age: 61                                      Energy Corp. (utility holding company)
                                             (1994-1998)

MICHAEL J. MELARKEY           Since 2004***  Partner in the law firm of Avansino,    Director of Southwest Gas           3
Trustee                                      Melarkey, Knobel & Mulligan             Corporation (natural gas
Age: 55                                                                              utility)

SALVATORE J. ZIZZA            Since 2004*    Chairman of Hallmark Electrical         Director of Hollis Eden            25
Trustee                                      Supplies Corp.                          Pharmaceuticals and
Age: 59                                                                              Earl Scheib, Inc.
                                                                                     (automotive services)
</TABLE>


                                        3
<PAGE>

<TABLE>
<CAPTION>
                                 TERM OF
                               OFFICE AND
   NAME, POSITION(S)            LENGTH OF
       ADDRESS(1)                 TIME              PRINCIPAL OCCUPATION(S)
        AND AGE                 SERVED(2)            DURING PAST FIVE YEARS
- ------------------------      -------------  --------------------------------------
<S>                            <C>           <C>
OFFICERS:
- ---------
BRUCE N. ALPERT                Since 2004    Executive Vice President and Chief
President                                    Operating Officer of Gabelli Funds,
Age: 53                                      LLC since 1988; Director and President
                                             of Gabelli Advisers, Inc. since 1998.
                                             Officer of all the registered
                                             investment companies in the Gabelli
                                             fund complex.

PETER D. GOLDSTEIN             Since 2004    Director of Regulatory Affairs for
Chief Compliance Officer                     Gabelli Asset Management Inc. since
Age: 51                                      2004; Chief Compliance Officer of all
                                             the registered investment companies in
                                             the Gabelli fund complex; Vice
                                             President of Goldman Sachs Asset
                                             Management from 2000-2004; Deputy
                                             General Counsel of Gabelli Asset
                                             Management Inc. from 1998-2000.

JAMES E. MCKEE                 Since 2004    Vice President, General Counsel and
Secretary                                    Secretary of Gabelli Asset Management
Age: 41                                      Inc. since 1999 and GAMCO Investors,
                                             Inc. since 1993; Secretary of all
                                             the registered investment companies
                                             advised by Gabelli Advisers, Inc.
                                             and Gabelli Funds, LLC.

DAVID I. SCHACHTER             Since 2004    Vice President of The Gabelli Utility
Vice President and Ombudsman                 Trust since 1999; Vice President of
Age: 51                                      Thomas J. Herzfeld Advisers, Inc. (a
                                             registered investment adviser and
                                             noted closed-end fund authority) prior
                                             to 1999.

RICHARD C. SELL, JR.           Since 2004    Vice President and Controller of
Treasurer                                    Gabelli & Company, Inc. since 1998
Age: 55
</TABLE>

_______________________

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

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

      *     Nominee to serve, if elected,  until the Trust's 2008 Annual Meeting
            of  Shareholders  and  until  his  successor  is  duly  elected  and
            qualified.

      **    Term continues until the Trust's 2006 Annual Meeting of Shareholders
            and until his successor is duly elected and qualified.

      ***   Term continues until the Trust's 2007 Annual Meeting of Shareholders
            and until his successor is duly elected and qualified.

(3)   "Interested  person" of the Trust as defined in the 1940 Act.  Mr. Pohl is
      considered an "interested  person" of the Trust because of his affiliation
      with Gabelli Funds, LLC which acts as the Trust's investment  adviser,  as
      an officer or director of other Gabelli Funds or an affiliated entity. Mr.
      Salibello  may be  considered  an  "interested  person"  of the Trust as a
      result of being a partner in an accounting firm that provides professional
      services to affiliates of the Adviser.


                                        4
<PAGE>

BENEFICIAL OWNERSHIP OF SHARES HELD IN THE TRUST AND THE FUND COMPLEX FOR EACH
TRUSTEE AND NOMINEE FOR ELECTION AS TRUSTEE

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

<TABLE>
<CAPTION>
                                      DOLLAR RANGE OF EQUITY    AGGREGATE DOLLAR RANGE OF EQUITY
                                          SECURITIES HELD               SECURITIES HELD
   NAME OF TRUSTEE/NOMINEE               IN THE TRUST*(1)           IN FUND COMPLEX* (1)(2)

<S>                                              <C>                          <C>
INTERESTED TRUSTEES/NOMINEES:
- -----------------------------

Karl Otto Pohl                                   A                             A

Salvatore M. Salibello                           A                             E

NON-INTERESTED TRUSTEES/NOMINEES:
- ---------------------------------

Anthony J. Colavita**                            C                             E

James P. Conn                                    D                             E

Mario d'Urso                                     A                             A

Vincent D. Enright                               B                             E

Michael J. Melarkey                              C                             E

Salvatore J. Zizza                               A                             E
</TABLE>

__________________________

*   Key to Dollar Ranges
A.  None
B.  $1 - $10,000
C.  $10,001 - $50,000
D.  $50,001 - $100,000
E.  Over $100,000

All shares were valued as of December 31, 2004.

**    Mr. Colavita beneficially owns less than 1% of the common stock of Lynch
      Corporation, having a value of $14,500 as of December 31, 2004.

(1)   This information has been furnished by each Trustee and Nominee for
      election as Trustee as of December 31, 2004. "Beneficial Ownership" is
      determined in accordance with Section 16a-1(a)(2) of the Securities
      Exchange Act of 1934, as amended (the "1934 Act").

(2)   The "Fund Complex"includes all Funds that are considered part of the same
      fund complex as the Trust because they have common or affiliated
      investment advisers.


                                        5
<PAGE>

      Set forth in the table below is the amount of shares beneficially owned by
each Trustee and Officer of the Trust.

<TABLE>
<CAPTION>
                                        AMOUNT AND NATURE OF      PERCENT OF SHARES
NAME OF TRUSTEE/NOMINEE               BENEFICIAL OWNERSHIP (1)     OUTSTANDING(2)
- -----------------------              --------------------------   -----------------
<S>                                            <C>                       <C>
INTERESTED TRUSTEES/NOMINEES:
- -----------------------------

      Karl Otto Pohl                             0                        *

      Salvatore M. Salibello                     0                        *

NON-INTERESTED TRUSTEES/NOMINEES:
- ---------------------------------

      Anthony J. Colavita                      1,000                      *

      James P. Conn                            5,000                      *

      Mario d'Urso                               0                        *

      Vincent D. Enright                        250                       *

      Michael J. Melarkey                      1,037                      *

      Salvatore J. Zizza                         0                        *
</TABLE>

_______________________

(1)   This  information  has been  furnished  by each  Trustee  and  Nominee for
      election as Trustee as of December 31,  2004.  "Beneficial  Ownership"  is
      determined in accordance with Section 16a-1(a)(2) of the 1934 Act.

(2)   An asterisk  indicates that the ownership amount  constitutes less than 1%
      of the total shares outstanding.

      The Trust pays each Trustee who is not affiliated  with the Adviser or its
affiliates  a fee of $3,000 per year plus $1,000 per meeting  attended in person
and  $500  per  telephonic  meeting  or  Committee  meeting,  together  with the
Trustees'  actual  out-of-pocket  expenses  relating to his  attendance  at such
meetings. The aggregate remuneration (not including out-of-pocket expenses) paid
by the Trust to such Trustees  during the year ended  December 31, 2004 amounted
to $42,181.  During the year ended  December 31, 2004, the Trustees of the Trust
met four times,  one of which was a special  meeting of  Trustees.  Each Trustee
then serving in such capacity  attended at least 75% of the meetings of Trustees
and of any Committee of which he is a member.

AUDIT COMMITTEE REPORT

      The role of the Trust's Audit Committee is to assist the Board of Trustees
in its  oversight  of (i) the quality  and  integrity  of the Trust's  financial
statement  reporting process and the independent audit and reviews therof;  (ii)
the Trust's  accounting  and financial  reporting  policies and  practices,  its
internal  controls and, as appropriate,  the internal controls of certain of its
service  providers;  (iii) the  Trust's  compliance  with  legal and  regulatory
requirements;  and (iv) the  independent  registered  public  accounting  firm's
qualifications,  independence  and  performance.  The  Audit  Committee  also is
required  to  prepare an audit  committee  report  pursuant  to the rules of the
Securities  and  Exchange  Commission  (the "SEC") for  inclusion in the Trust's
annual  proxy  statement.  The Audit  Committee  operates  pursuant to the Audit
Committee  Charter (the "Charter") that was most recently  reviewed and approved
by the Board of Trustees on February 16, 2005.

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


                                        6
<PAGE>

      In performing  its oversight  function,  at a meeting held on February 11,
2005, the Audit  Committee  reviewed and discussed with  management of the Trust
and  PricewaterhouseCoopers LLP the audited financial statements of the Trust as
of and for the fiscal period ended December 31, 2004, and discussed the audit of
such financial  statements with the  independent  registered  public  accounting
firm.

      In addition, the Audit Committee discussed with the independent registered
public accounting firm the accounting  principles  applied by the Trust and such
other matters brought to the attention of the Audit Committee by the independent
registered  public  accounting firm required by Statement of Auditing  Standards
No.  61,  COMMUNICATIONS  WITH  AUDIT  COMMITTEES,   as  currently  modified  or
supplemented.  The Audit Committee also received from the independent registered
public  accounting firm the written  disclosures and statements  required by the
SEC's  independence  rules,  delineating  relationships  between the independent
registered  public  accounting  firm and the Trust and discussed the impact that
any such  relationships  might have on the objectivity  and  independence of the
independent registered public accounting firm.

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

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

      Based on its  consideration  of the audited  financial  statements and the
discussions  referred  to above  with  management  and the  Trust's  independent
registered  public  accounting  firm,  and  subject  to the  limitations  on the
responsibilities  and role of the Audit  Committee  set forth in the Charter and
those discussed above,  the Audit Committee  recommended to the Trust's Board of
Trustees  that the  Trust's  audited  financial  statements  be  included in the
Trust's Annual Report for the fiscal period ended December 31, 2004.

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

      Vincent D. Enright, Chairman
      Anthony J. Colavita
      Salvatore J. Zizza

      February 16, 2005

      The Audit  Committee met once during the fiscal period ended  December 31,
2004. The Audit  Committee is composed of three of the Trust's  independent  (as
such term is defined by the American Stock  Exchange,  Inc.'s listing  standards
(the "AMEX Listing Standards")) Trustees,  namely Messrs. Colavita,  Enright and
Zizza.  Each member of the Audit  Committee has been  determined by the Board of
Trustees to be financially literate.

      The Trust's Board adopted an Audit Committee Charter on February 16, 2005,
and the charter is attached to this Proxy Statement as Appendix A.

NOMINATING COMMITTEE

      The  Board  of  Trustees  has a  Nominating  Committee  composed  of three
independent  (as such term is defined by the AMEX Listing  Standards)  Trustees,
namely Messrs.  Colavita,  Enright and Zizza.  The Nominating  Committee did not
meet during the fiscal period ended December 31, 2004. The Nominating  Committee
is  responsible  for  identifying  and  recommending  to the  Board of  Trustees
individuals believed to be qualified to become Board members in the event that a
position is vacated or created. The Nominating


                                        7
<PAGE>

      Committee will consider Trustee candidates recommended by shareholders. In
considering candidates submitted by shareholders,  the Nominating Committee will
take into  consideration the needs of the Board of Trustees,  the qualifications
of the candidate and the interests of shareholders. The Nominating Committee may
also take into  consideration  the  number  of shares  held by the  recommending
shareholder and the length of time that such shares have been held. To recommend
a candidate for  consideration by the Nominating  Committee,  a shareholder must
submit the recommendation in writing and must include the following information:

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

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

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

      The shareholder  recommendation  and  information  described above must be
sent to James E. McKee, the Trust's Secretary,  c/o Gabelli Funds, LLC, and must
be received by the Secretary no less than 120 days prior to the anniversary date
of the Trust's most recent annual meeting of shareholders or, if the meeting has
moved by more than 30 days, a reasonable amount of time before the meeting.

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

      The Trust's Board adopted a Nominating  Committee Charter on May 12, 2004,
and amended the charter on November  17,  2004.  The charter can be found on the
Trust's website at www.gabelli.com.

OTHER BOARD-RELATED MATTERS

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

RECEIPT OF COMMUNICATIONS

      Shareholders  and other  interested  parties  may contact the Board or any
member of the Board by mail or electronically.  To communicate with the Board or
any member of the Board,  correspondence should be addressed to the Board or the
Board  member(s) with whom you wish to communicate by either name or title.  All
such  correspondence  should be sent c/o the Trust at One Corporate Center, Rye,
NY 10580-1422.  To communicate with the Board  electronically,  shareholders may
send an e-mail to gabellifundsboard@gabelli.com.

FORWARDING THE COMMUNICATIONS

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

      The Trust does not expect  Trustees or Nominees for election as Trustee to
attend the Annual Meeting of  Shareholders.  The Trust has not had a Shareholder
meeting and accordingly has not maintained  information  regarding attendance of
Trustees at shareholder meetings in previous years.


                                        8
<PAGE>

      The  following  table  sets  forth  certain   information   regarding  the
compensation  of the Trust's  Trustees and officers for the fiscal  period ended
December 31, 2004. Officers of the Trust who are employed by the Adviser receive
no compensation or expense reimbursement from the Trust.

                               COMPENSATION TABLE
                  FOR THE FISCAL PERIOD ENDED DECEMBER 31, 2004

<TABLE>
<CAPTION>
                                                                      TOTAL COMPENSATION FROM
                                     AGGREGATE COMPENSATION         THE TRUST AND FUND COMPLEX
NAME OF PERSON AND POSITION              FROM THE TRUST*          PAID TO TRUSTEES AND OFFICERS**
- ---------------------------          ----------------------       -------------------------------
<S>                                          <C>                         <C>
INTERESTED TRUSTEES/NOMINEES:
- -----------------------------

KARL OTTO POHL                              $ 5,085                      $   5,085   (34)
Trustee

SALVATORE M. SALIBELLO                      $ 5,085                      $  25,085    (2)
Trustee

NON-INTERESTED TRUSTEES/NOMINEES:
- ---------------------------------

ANTHONY J. COLAVITA                         $ 5,585                      $ 216,835   (36)
Trustee

JAMES P. CONN                               $ 5,085                      $  83,210   (13)
Trustee

MARIO D'URSO                                $ 5,085                      $  25,085    (2)
Trustee

VINCENT D. ENRIGHT                          $ 5,585                      $  73,335   (13)
Trustee

MICHAEL J. MELARKEY                         $ 5,085                      $  25,585    (2)
Trustee

SALVATORE J. ZIZZA                          $ 5,585                      $ 137,179   (24)
Trustee
</TABLE>

_______________________

*     For the  period  from  the  Trust's  commencement  of  operations  through
      December 31, 2004.

**    Represents the total compensation paid to such persons during the calendar
      year ended December 31, 2004 by investment companies (including the Trust)
      or portfolios  thereof from which such person receives  compensation  that
      are  considered  part of the same fund  complex as the Trust  because they
      have common or affiliated  investment advisers.  The number in parentheses
      represents the number of such investment companies and portfolios.

REQUIRED VOTE

      The  election  of each of the  listed  Nominees  for  Trustee of the Trust
requires the affirmative vote of the holders of a plurality of the Shares of the
Trust represented at the Meeting if a quorum is present.

      THE  BOARD  OF  TRUSTEES,   INCLUDING   THE   "NON-INTERESTED"   TRUSTEES,
UNANIMOUSLY  RECOMMENDS  THAT THE  SHAREHOLDERS  VOTE "FOR" THE ELECTION OF EACH
NOMINEE.

                             ADDITIONAL INFORMATION

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

      PricewaterhouseCoopers,  300 Madison Avenue,  New York, NY 10017, has been
selected to serve as the Trust's  independent  registered public accounting firm
for the Trust's  fiscal year ending  December 31,  2005.  PricewaterhouseCoopers
acted as the  Trust's  independent  registered  public  accounting  firm for the
fiscal period ended December 31, 2004. The Trust knows of no direct financial or
material indirect financial interest of  PricewaterhouseCoopers  in the Trust. A
representative of PricewaterhouseCoopers will not be present at the Meeting, but
will be available by telephone and will have an opportunity to make a statement,
if asked, and will be available to respond to appropriate questions.


                                        9
<PAGE>

      Set forth in the table  below are audit fees and  non-audit  related  fees
billed to the Trust by PricewaterhouseCoopers for professional services received
during and for the Trust's  fiscal period ended December 31, 2004. The Trust was
not in existence prior to 2004.

      FISCAL PERIOD ENDED               AUDIT-RELATED                 ALL
          DECEMBER 31      AUDIT FEES*      FEES       TAX FEES**  OTHER FEES
      -------------------  -----------  -------------  ----------  ----------
             2004            $57,787         --          $2,550        --

____________

*     Includes non-recurring fees billed by  PricewaterhouseCoopers to the Trust
      Stock of the Trust in  connection  with the  initial  offering  of Commnon
      Stock of the Trust.

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

      The Trust's Audit  Committee  Charter  requires  that the Audit  Committee
pre-approve  all audit and non-audit  services to be provided by the independent
registered public accounting firm to the Trust, and all non-audit services to be
provided by the  independent  registered  public  accounting firm to the Trust's
Adviser and service providers controlling, controlled by or under common control
with the Trust's Adviser  ("affiliates")  that provide on-going  services to the
Trust (a "Covered Services Provider"), if the engagement relates directly to the
operations  and  financial  reporting  of the  Trust.  The Audit  Committee  may
delegate  its  responsibility  to  pre-approve  any such  audit and  permissible
non-audit services to the Chairman of the Audit Committee, and the Chairman must
report his  decision(s)to the Audit Committee,  at its next regularly  scheduled
meeting after the Chairman's  pre-approval of such services. The Audit Committee
may  also   establish   detailed   pre-approval   policies  and  procedures  for
pre-approval of such services in accordance with applicable laws,  including the
delegation of some or all of the Audit Committee's pre-approval responsibilities
to other persons (other than the Adviser or the Trust's officers).  Pre-approval
by the Audit Committee of any permissible  non-audit services is not required so
long as: (i) the aggregate  amount of all such  permissible  non-audit  services
provided to the Trust, the Adviser and any Covered Services Provider constitutes
not more  than 5% of the  total  amount  of  revenues  paid by the  Trust to its
independent  registered  public  accounting firm during the fiscal year in which
the permissible non-audit services are provided;  (ii) the permissible non-audit
services were not  recognized  by the Trust at the time of the  engagement to be
non-audit  services;  and  (iii)  such  services  are  promptly  brought  to the
attention  of the Audit  Committee  and  approved by the Audit  Committee or the
Chairman prior to the completion of the audit.  All of the audit,  audit-related
and tax  services  described  above for which  PricewaterhouseCoopersbilled  the
Trust fees for the fiscal period ended  December 31, 2004 were  pre-approved  by
the Audit Committee.

      For   the   Trust's    fiscal    period    ended    December   31,   2004,
PricewaterhouseCoopershas  represented  to the Trust that it did not provide any
non-audit  services  (or bill any fees for such  services) to the Adviser or any
affiliates thereof that provide services to the Trust.

THE INVESTMENT ADVISER AND ADMINISTRATOR

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

COMPLIANCE WITH THE SECURITIES EXCHANGE ACT OF 1934

      Section  16(a) of the 1934 Act and Section  30(h) of the 1940 Act, and the
rules  thereunder,  require the Trust's  officers  and  Trustees,  officers  and
directors of the Adviser, affiliated persons of the Adviser, and persons who own
more than 10% of a registered class of the Trust's  securities,  to file reports
of  ownership  and  changes in  ownership  with the SEC and the  American  Stock
Exchange  Inc.  and to furnish the Trust with copies of all Section  16(a) forms
they file.  Based  solely on the  Trust's  review of the copies of such forms it
received for the calendar year ended  December 31, 2004, the Trust believes that
during the period ended 2004,  such persons  complied  with all such  applicable
filing requirements.


                                       10
<PAGE>

BROKER NON-VOTES AND ABSTENTIONS

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

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

      Shareholders  of the Trust will be informed  of the voting  results of the
Meeting in the Trust's Semi-Annual Report dated June 30, 2005.

                    OTHER MATTERS TO COME BEFORE THE MEETING

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

                              SHAREHOLDER PROPOSALS

      All  proposals  by  shareholders  of the Trust  which are  intended  to be
presented at the Trust's next Annual Meeting of  Shareholders to be held in 2006
must be received by the Trust for  consideration  for  inclusion  in the Trust's
proxy  statement  and proxy  relating to that meeting no later than December 16,
2005. There are additional requirements regarding proposals of shareholders, and
a shareholder  contemplating  submission of a proposal is referred to Rule 14a-8
under the 1934 Act.

      IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT
EXPECT TO ATTEND THE MEETING ARE  THEREFORE  URGED TO COMPLETE,  SIGN,  DATE AND
RETURN THE PROXY CARD AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.


                                       11
<PAGE>

                                   APPENDIX A

                    THE GABELLI GLOBAL UTILITY & INCOME TRUST
                                  (THE "TRUST")

                             AUDIT COMMITTEE CHARTER

I. ORGANIZATION AND QUALIFICATION OF COMMITTEE MEMBERS

      There  shall be an  audit  committee  (the  "Committee")  of the  Board of
Trustees (the "Board")  which shall be composed of at least three members of the
Board,  each of whom is  independent,  i.e.  not an  "interested  person" of the
Trust, as that term is defined in Section 2(a)(19) of the Investment Company Act
of 1940. In addition,  the members shall not receive any  compensation  from the
Trust,  or any  subsidiary  thereof,  if  applicable,  except  compensation  for
services as a member of the  Trust's  Board or a  committee  of the Board.  With
respect to closed-end  funds listed on the NYSE,  each member must also meet the
independence  requirements of audit committee members, as currently set forth in
Section  303.01  of  the  NYSE's  listing  standards.   Members  shall  have  no
relationships  with  the  Trust  or its  investment  adviser,  administrator  or
custodian  that may  interfere  with the  exercise  of their  independence  from
management of the Trust. The members and the Committee chair shall be elected by
the full Board.

      The members  shall be  "financially  literate,"  i.e.  have the ability to
understand  fundamental financial statements.  With respect to a closed-end fund
listed on the  NYSE,  at least one  member  shall  have  accounting  or  related
financial  management  expertise,  as the Board interprets such qualification in
its business judgment.  The Board shall determine annually whether any member of
the Committee is an "audit committee financial expert" (ACFE) as defined in Item
3 of Form N-CSR. The Board may presume that an ACFE has the requisite accounting
or related  financial  management  expertise,  with respect to a closed-end fund
listed on the NYSE. The  designation of a person as an ACFE shall not impose any
greater  responsibility  or liability on that person than the  responsibility or
liability imposed on such person as a member of the Committee.

      With  respect  to a  closed-end  fund  listed on the NYSE,  in the event a
member  simultaneously  serves on the audit committees of more than three public
companies,  the Board must  determine that such  simultaneous  service would not
impair the ability of such  member to  effectively  serve on the  Trust's  audit
committee.

II. STATEMENT OF PRINCIPLE

      The  function of the  Committee is to assist the Board in  fulfilling  its
oversight  responsibilities  relating to the Trust's  accounting  and  financial
reporting policies and practices. It is management's  responsibility to maintain
appropriate systems for accounting and internal control and for the presentation
and  integrity  of the  Trust's  financial  statements.  It is  the  independent
accountants' responsibility to plan and carry out proper audits and reviews. The
independent  accountants  are  ultimately  accountable  to the  Board and to the
Committee, as representatives of shareholders.

      The  independent  accountants  for the Trust shall report  directly to the
Committee.

III. DUTIES AND RESPONSIBILITIES

A. GENERAL

      1.    oversee the  quality and  integrity  of the Trust's  accounting  and
            financial  statement reporting process and the independent audit and
            reviews thereof;

      2.    review and evaluate any issues raised by the independent accountants
            or  management  regarding  the  accounting  or  financial  reporting
            policies and practices of the Trust, its internal controls,  and, as
            appropriate, the internal controls of certain service providers; and
            to resolve  disagreements  between  management  and the  independent
            accountants  regarding  financial  reporting;  and act as a  liaison
            between the Trust's independent accountants and the full Board; and

      3.    with respect to a closed-end fund listed on the NYSE,  oversee,  or,
            as   appropriate,   assist  Board  oversight  of,  (a)  the  Trust's
            compliance  with  legal  and  regulatory  requirements;  and (b) the
            performance of the Trust's internal audit function, if applicable.


                                       12
<PAGE>

B. SPECIFIC

      1.    (a)   approve the selection, retention, termination and compensation
                  of independent accountants and the audit and non-audit
                  services to be rendered prior to their engagement to provide
                  such services, and, in connection therewith, to evaluate the
                  qualifications, independence and performance of the
                  independent accountants;

            (b)   when required by applicable rules, to pre-approve all audit
                  and permissible non-audit services to be provided by the
                  independent accountants to the Trust, to its investment
                  adviser and to any entity controlling, controlled by or under
                  common control with the investment adviser that provides
                  ongoing services to the Trust ("Covered Services Provider"),
                  if the engagement relates directly to the operations and
                  financial reporting of the Trust; and

            (c)   the Committee may delegate its responsibility to pre-approve
                  any such audit and permissible non-audit services to the chair
                  of the Committee, in accordance with applicable laws, pursuant
                  to the details of pre-approval policies and procedures adopted
                  by the Committee.

      2.    ensure receipt from the independent  accountants of a formal written
            statement  delineating  all the  relationships  between them and the
            Trust,  consistent  with  Independence  Standards  Board Standard 1;
            evaluate the independence of the accountants; and actively engage in
            a dialogue  with them  regarding  matters that might  reasonably  be
            expected to affect their independence;

      3.    consider in consultation with the independent accountants, the scope
            and plan of  upcoming  external  audits  to assure  completeness  of
            coverage and effective use of audit resources;

      4.    meet with the Trust's independent accountants, at least twice a year
            and more often if  required,  to review the  conduct  and results of
            each  audit and  review of the  Trust's  financial  statements,  and
            discuss  the  matters  stated in SAS 61  "Communications  with Audit
            Committees,"   as   amended   by  SAS  89  and  90,  and  any  other
            communications  required to be discussed with the Committee pursuant
            to applicable laws and regulations, including their:

            (a)   conclusions and recommendations on the adequacy of the
                  internal controls both of the Trust and its service providers
                  together with the responses of the appropriate management,
                  including the status of previous audit recommendations;

            (b)   reasoning in accepting or questioning sensitive accounting
                  estimates by management;

            (c)   reasoning in not recognizing material audit adjustments
                  proposed by them;

            (d)   judgments about the quality and appropriateness, (not just the
                  acceptability), of the Trust's critical accounting principles
                  used, including the degree of aggressiveness or conservatism
                  in the application of such principles in its financial
                  reporting;

            (e)   views as to the adequacy and clarity of disclosures in the
                  Trust's financial statements in relation to generally accepted
                  accounting principles;

            (f)   views of how the use of generally acceptable alternatives to
                  critical accounting and tax principles, disclosure practices
                  and valuation policies, preferred by them, would have affected
                  the financial statements;

            (g)   conclusions regarding any serious disagreements, difficulties
                  or disputes with management encountered during the course of
                  the audit;

            (h)   discussion of any significant risks to which the Trust is, or
                  might be exposed, and the steps management has taken to
                  minimize such risks;

            (i)   discussion of any significant changes to the audit plan;

            (j)   discussion of other matters related to the conduct of the
                  audit required to be communicated to the Committee under
                  generally accepted auditing standards;

            (k)   material written communications to the management of the Trust
                  such as any management letter or schedules of unrecognized
                  audit adjustments; and

            (l)   non-audit services provided by the Trust's independent
                  accountants to the Trust's investment adviser or any adviser
                  affiliate that provides ongoing services to the Trust, which
                  services were not pre-approved by the Committee (and
                  consideration by the Committee of whether the performance of
                  such services is compatible with maintaining the independent
                  accountant's independence).


                                       13
<PAGE>

      5.    meet  periodically  with  the  Trust's  independent  accountants  in
            separate   executive  sessions  to  discuss  any  other  matters  or
            communications  required under  applicable laws or which they or the
            Committee deem advisable or appropriate to discuss;

      6.    meet  periodically with management in separate  executive  sessions,
            including  to review with the Trust's  principal  executive  officer
            and/or  principal  financial  officer in  connection  with  required
            certifications  on Form N-CSR any  significant  deficiencies  in the
            design or operation of internal control over financial  reporting or
            material  weaknesses  therein  and any  reported  evidence  of fraud
            involving  management or other employees who have a significant role
            in the Trust's internal control over financial reporting;

      7.    with  respect  to  closed-end   funds  listed  on  the  NYSE,   meet
            periodically  with the Trust's internal auditors (or other personnel
            responsible  for the internal audit  function),  if  applicable,  in
            separate executive sessions;

      8.    authorize  and oversee  investigations  into any matters  within the
            Committee's scope of responsibilities,  or as specifically delegated
            to the Committee by the Board;

      9.    consider  and  evaluate  the  effect  upon the Trust of  significant
            changes in accounting principles,  practices, controls or procedures
            proposed  or   contemplated   by  management   or  the   independent
            accountants;

      10.   review management's  discussion and analysis of financial statements
            to be included in the Trust's annual report;

      11.   establish  procedures  for the receipt,  retention  and treatment of
            complaints  received by the Trust relating to  accounting,  internal
            accounting  controls,  or auditing  matters,  and the  confidential,
            anonymous submission by employees of the Trust and its affiliates of
            concerns  about  accounting  or auditing  matters  pertaining to the
            Trust, and to address reports from attorneys or auditors of possible
            violations of federal or state law or fiduciary duty;

      12.   with respect to  closed-end  funds  listed on the NYSE,  discuss the
            Trust's earnings press releases, as applicable, as well as financial
            information and earnings  guidance  provided to analysts and ratings
            agencies;

      13.   with  respect  to  closed-end  funds  listed on the  NYSE,  at least
            annually,  obtain and review a report by the independent  accountant
            describing:  the firm's  internal  quality-control  procedures;  any
            material issues raised by the most recent  internal  quality-control
            review,  or  peer  review,  of  the  firm,  or  by  any  inquiry  or
            investigation  by governmental or professional  authorities,  within
            the preceding five years,  respecting one or more independent audits
            carried  out by the firm,  and any steps taken to deal with any such
            issues; and (to assess the auditor's independence) all relationships
            between the independent auditor and the Trust;

      14.   with  respect  to  closed-end  funds  listed on the NYSE,  set clear
            hiring policies for employees or former employees of the independent
            accountants; and

      15.   with respect to closed-end funds, provide the audit committee report
            required by Item 306 of Regulation S-K for proxy statements relating
            to the election of Trustees; and

      16.   report to the Board on a regular and timely basis.

IV. ADDITIONAL PROVISIONS

      The  Trust  shall  provide  appropriate  funding  (as  determined  by  the
Committee) for it to carry out its duties and its  responsibilities,  including:
(a) for payment of compensation to the Trust's independent  accountants or other
public accounting firm providing audit, review or attest services for the Trust,
(b) for  payment of  compensation  to any  special  counsel  and other  advisors
employed by the Committee,  (c) for the ordinary  administrative expenses of the
Committee,  and (d) for  payment  of  continuing  education  programs  to enable
Committee members to keep abreast of industry and regulatory  development and to
gain continuing  insights to best practices of audit  committees.  In performing
its  duties the  Committee  shall  consult,  as it deems  appropriate,  with the
members of the Board,  officers  and  employees  of the  Trust,  the  investment
adviser, the Trust's counsel and the Trust's other service providers.


                                       14
<PAGE>

      On an annual basis,  the Committee  shall review and reassess the adequacy
of this charter and recommend to the full Board any changes the Committee  deems
appropriate.  In addition,  on an annual basis, the Committee shall evaluate its
performance as a whole and that of its  individual  members to assess whether it
is functioning effectively.

Adopted as of: November 19, 2003, as amended on February 25, 2004


                                       15
<PAGE>

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<PAGE>

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<PAGE>

                                                                    3892-PS-2005
<PAGE>

COMMON                  THE GABELLI  GLOBAL UTILITY & INCOME TRUST        COMMON

           THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned  hereby  appoints Mario J. Gabelli,  James E. McKee and Bruce N.
Alpert,  and each of them,  attorneys and proxies of the undersigned,  with full
powers of substitution and revocation,  to represent the undersigned and to vote
on behalf of the  undersigned  all shares of The Gabelli Global Utility & Income
Trust (the  "Trust")  which the  undersigned  is  entitled to vote at the Annual
Meeting of  Shareholders  of the Trust to be held at The Round Hill Room,  Hyatt
Regency Greenwich, 1800 East Putnam Avenue, Old Greenwich,  Connecticut 06870 on
Monday,  May 9,  2005  at  11:30  a.m.,  and at any  adjournments  thereof.  The
undersigned  hereby  acknowledges  receipt of the  Notice of  Meeting  and Proxy
Statement and hereby instructs said attorneys and proxies to vote said shares as
indicated herein.  In their discretion,  the proxies are authorized to vote upon
such other business as may properly come before the Meeting.

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

This proxy,  if properly  executed,  will be voted in the manner directed by the
undersigned  shareholder.  If no direction is made, this proxy will be voted FOR
the  election of the  nominees as Trustees  and in the  discretion  of the proxy
holder as to any other matter that may properly come before the Meeting.  Please
refer to the Proxy Statement for a discussion of Proposal No. 1.

- --------------------------------------------------------------------------------
PLEASE  VOTE,  DATE AND SIGN ON REVERSE  AND  RETURN  PROMPTLY  IN THE  ENCLOSED
ENVELOPE.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Please sign this proxy  exactly as your name(s)  appear(s) in the records of the
Trust. If joint owners,  either may sign.  Trustees and other fiduciaries should
indicate the capacity in which they sign,  and where more than one name appears,
a majority  must sign. If a  corporation,  this  signature  should be that of an
authorized officer who should state his or her title.
- --------------------------------------------------------------------------------

HAS YOUR ADDRESS CHANGED?

- ---------------------------------
- ---------------------------------
- ---------------------------------

DO YOU HAVE ANY COMMENTS?

- ---------------------------------
- ---------------------------------
- ---------------------------------


<PAGE>

                                                                            3892
X  PLEASE MARK
   VOTES AS IN
   THIS EXAMPLE.

1. To elect two (2) Trustees of the Trust:
(01) ANTHONY J. COLAVITA
(02) SALVATORE J. ZIZZA

For All Nominees

Withhold

For All Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee,  write that nominee's name in the space  provided  above.)

- ------------------------------------------------------
     THE GABELLI  GLOBAL  UTILITY & INCOME  TRUST
- ------------------------------------------------------
               COMMON SHAREHOLDER

Mark box at right if an address  change or comment has been noted on the reverse
side of this card.

Please be sure to sign and date this proxy.

Signature:---------------- Date:----------- Co-owner:------------ Date:---------

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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