Gabelli Global Utility & Income Trust

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

For the quarter ended March 31, 2017, the net asset value (“NAV”) total return of The Gabelli Global Utility & Income Trust (the “Fund”) was 8.3%, compared with a total return of 6.4% for the Standard & Poor’s (“S&P”) 500 Utilities Index. The total return for the Fund’s publicly traded shares was 12.6%. The Fund’s NAV per share was $21.17, while the price of the publicly traded shares closed at $18.60 on the NYSE MKT. See below for additional performance information.


Average Annual Returns through March 31, 2017 (a) (Unaudited)
									Since
									Inception
	Quarter		1 Year		5 Year		10 Year		(05/28/04)
Gabelli Global Utility & Income Trust
NAV Total Return (b)		8.33%		5.47%		7.54%		4.77%		7.35%
Investment Total Return (c)		12.59		11.19		4.78		5.20		6.48
S&P 500 Utilities Index		6.39		7.06		12.10		6.69		10.47
Lipper Utility Fund Average		5.80		8.85		10.32		5.97		9.97
S&P 500 Index		6.07		17.17		13.30		7.51		8.21

(a)

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The S&P 500 Utilities Index is an unmanaged indicator of electric and gas utility stock performance. The Lipper Utility Fund Average reflects the average performance of mutual funds classified in this particular category. The S&P 500 Index is an unmanaged indicator of stock market performance. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, and adjustments for the rights offering and are net of expenses. Since inception return is based on an initial NAV of $19.06.

(c)

Total returns and average annual returns reflect changes in closing market values on the NYSE MKT, reinvestment of distributions, and adjustments for the rights offering. Since inception return is based on an initial offering price of $20.00.


Shares			Market Value
		COMMON STOCKS — 87.3%
		ENERGY AND UTILITIES — 43.9%
		Alternative Energy — 0.6%
		U.S. Companies
	15,000	NextEra Energy Partners LP	$	496,950
	6,000	Ormat Technologies Inc.		342,480

				839,430


		Electric Transmission and Distribution — 5.1%
		Non U.S. Companies
	6,000	Algonquin Power & Utilities Corp.		57,300
	55,000	EDP Renovaveis SA		406,671
	28,000	Enersis Chile SA, ADR		154,000
	11,000	Fortis Inc.		364,530
	60,000	National Grid plc		761,887
	23,800	National Grid plc, ADR		1,510,824
	20,000	Red Electrica Corp. SA		384,049

		U.S. Companies
	3,000	Consolidated Edison Inc.		232,980
	12,000	Twin Disc Inc.†		246,840
	4,000	Unitil Corp.		180,120
	42,000	WEC Energy Group Inc.		2,546,460

				6,845,661


		Energy and Utilities: Integrated — 24.1%
		Non U.S. Companies
	150,000	A2A SpA		226,909
	3,000	Areva SA†		14,226
	20,000	BP plc, ADR		690,400
	180	Brookfield Business Partners LP		4,439
	11,000	Chubu Electric Power Co. Inc.		147,319
	152,000	Datang International Power Generation Co. Ltd., Cl. H		45,767
	2,000	E.ON SE		15,897
	13,000	E.ON SE, ADR		103,870
	9,760	EDP - Energias de Portugal SA, ADR		332,328
	10,000	Electric Power Development Co. Ltd.		233,989
	5,500	Emera Inc.		194,300
	10,000	Endesa SA		235,017
	80,000	Enel SpA		376,710
	28,000	Enersis Americas SA, ADR		290,920
	1,000	Eni SpA		16,375
	217,100	Hera SpA		604,021
	12,000	Hokkaido Electric Power Co. Inc.		90,757
	18,000	Hokuriku Electric Power Co.		174,616
	17,000	Huaneng Power International Inc., ADR		452,710
	106,484	Iberdrola SA		761,668
	5,000	Iberdrola SA, ADR		143,000
	34,000	Korea Electric Power Corp., ADR†		704,820
	22,000	Kyushu Electric Power Co. Inc.		234,366


Shares			Market Value

	10,000	Shikoku Electric Power Co. Inc.	$	109,854
	12,000	The Chugoku Electric Power Co. Inc.		132,794
	18,000	The Kansai Electric Power Co. Inc.		221,019
	8,000	Tohoku Electric Power Co. Inc.		108,362
	100	Uniper SE†		1,683
	2,000	Verbund AG		33,956

		U.S. Companies
	2,000	ALLETE Inc.		135,420
	21,000	Ameren Corp.		1,146,390
	29,000	American Electric Power Co. Inc.		1,946,770
	5,000	Avista Corp.		195,250
	4,500	Black Hills Corp.		299,115
	10,000	Dominion Resources Inc.		775,700
	17,000	Duke Energy Corp.(a)		1,394,170
	4,000	El Paso Electric Co.		202,000
	32,000	Eversource Energy(a)		1,880,960
	18,000	Great Plains Energy Inc.		525,960
	16,000	Hawaiian Electric Industries Inc.		532,960
	15,500	MGE Energy Inc.		1,007,500
	9,500	NextEra Energy Inc.		1,219,515
	45,000	NiSource Inc.		1,070,550
	11,000	NorthWestern Corp.		645,700
	39,000	OGE Energy Corp.		1,364,220
	26,000	Otter Tail Corp.		985,400
	1,000	PG&E Corp.		66,360
	15,000	Pinnacle West Capital Corp.		1,250,700
	7,000	PPL Corp.		261,730
	29,000	Public Service Enterprise Group Inc.		1,286,150
	17,000	SCANA Corp.		1,110,950
	38,000	The AES Corp.		424,840
	38,000	The Southern Co.		1,891,640
	15,000	Vectren Corp.		879,150
	36,000	Westar Energy Inc.		1,953,720
	27,000	Xcel Energy Inc.		1,200,150

				32,355,062


		Natural Gas Integrated — 2.6%
		Non U.S. Companies
	80,000	Snam SpA		345,986

		U.S. Companies
	6,000	Anadarko Petroleum Corp.		372,000
	3,000	Apache Corp.		154,170
	20,000	CONSOL Energy Inc.†		335,600
	1,000	Energen Corp.†		54,440
	10,000	Kinder Morgan Inc.		217,400
	30,000	National Fuel Gas Co.		1,788,600
	4,000	ONEOK Inc.		221,760

				3,489,956


Shares			Market Value
		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Natural Gas Utilities — 2.0%
		Non U.S. Companies
	1,500	Enagas SA	$	38,965
	1,890	Engie		26,776
	9,954	Engie, ADR		141,347
	16,000	Italgas SpA†		70,187

		U.S. Companies
	10,000	Atmos Energy Corp.		789,900
	2,400	Chesapeake Utilities Corp.		166,080
	2,000	Delta Natural Gas Co. Inc.		60,700
	1,000	ONE Gas Inc.		67,600
	14,000	Southwest Gas Holdings Inc.		1,160,740
	2,000	Spire Inc.		135,000

				2,657,295


		Oil — 1.0%
		Non U.S. Companies
	3,600	PetroChina Co. Ltd., ADR		263,700
	10,000	Petroleo Brasileiro SA, ADR†		96,900
	9,000	Royal Dutch Shell plc, Cl. A, ADR		474,570

		U.S. Companies
	1,000	Chevron Corp.		107,370
	2,000	ConocoPhillips		99,740
	4,000	Devon Energy Corp.		166,880
	1,000	Exxon Mobil Corp.		82,010

				1,291,170


		Services — 2.7%
		Non U.S. Companies
	10,000	ABB Ltd., ADR		234,000
	29,520	Enbridge Inc.		1,235,117
	200,000	Weatherford International plc†		1,330,000

		U.S. Companies
	10,000	AZZ Inc.		595,000
	3,500	Halliburton Co.		172,235
	1,400	National Oilwell Varco Inc.		56,126

				3,622,478


		Water — 3.6%
		Non U.S. Companies
	5,000	Consolidated Water Co. Ltd.		58,250
	110,000	Severn Trent plc		3,282,842
	37,090	United Utilities Group plc		461,679

		U.S. Companies
	10,000	Aqua America Inc.		321,500
	5,400	California Water Service Group		193,590
	4,000	Middlesex Water Co.		147,800


Shares			Market Value

	8,500	SJW Group	$	409,870

				4,875,531


		Natural Resources — 0.1%
		Non U.S. Companies
	14,000	Cameco Corp.		154,980

		Diversified Industrial — 1.8%
		Non U.S. Companies
	11,000	Bouygues SA		447,743
	15,800	Jardine Matheson Holdings Ltd.		1,015,150
	17,000	Jardine Strategic Holdings Ltd.		714,000

		U.S. Companies
	7,000	General Electric Co.		208,600

				2,385,493


		Environmental Services — 0.2%
		Non U.S. Companies
	500	Suez		7,897
	12,000	Veolia Environnement SA		224,797

				232,694


		Independent Power Producers and Energy Traders — 0.1%
		U.S. Companies
	9,000	NRG Energy Inc.		168,300

		TOTAL ENERGY AND UTILITIES		58,918,050


		COMMUNICATIONS — 25.8%
		Cable and Satellite — 7.9%
		Non U.S. Companies
	10,000	Cogeco Inc.		447,870
	25,105	Liberty Global plc, Cl. A†		900,516
	62,488	Liberty Global plc, Cl. C†		2,189,581
	7,028	Liberty Global plc LiLAC, Cl. A†		156,303
	15,018	Liberty Global plc LiLAC, Cl. C†		346,015
	59,000	Rogers Communications Inc., Cl. B		2,608,980
	60,000	Sky plc		733,697

		U.S. Companies
	723	Charter Communications Inc., Cl. A†		236,652
	24,000	Comcast Corp., Cl. A		902,160
	26,000	DISH Network Corp., Cl. A†		1,650,740
	6,000	EchoStar Corp., Cl. A†		341,700
	168	Liberty Broadband Corp., Cl. B†		14,516

				10,528,730


		Telecommunications — 14.2%
		Non U.S. Companies
	48,642	BCE Inc., Toronto		2,153,386
	48,000	BT Group plc, ADR		964,320
	40,000	Deutsche Telekom AG, ADR		702,000


Shares			Market Value
		COMMON STOCKS (Continued)
		COMMUNICATIONS (Continued)
		Telecommunications (Continued)
		Non U.S. Companies (Continued)
	25,651	Global Telecom Holding SAE, GDR†	$	47,915
	1,375,000	Koninklijke KPN NV		4,140,930
	15,000	Koninklijke KPN NV, ADR		45,675
	5,000	Orange SA, ADR		77,700
	29,651	Orascom Telecom Media and Technology Holding SAE, GDR†		6,227
	80,000	Pharol SGPS SA		32,089
	13,000	Proximus SA		407,940
	1,200	Swisscom AG		553,606
	1,000	Swisscom AG, ADR		46,350
	20,000	Telecom Italia SpA†		17,986
	9,000	Telefonica Brasil SA, ADR		133,650
	39,300	Telefonica Deutschland Holding AG		194,953
	49,263	Telefonica SA, ADR		551,253
	70,000	Telekom Austria AG		477,032
	23,000	Telenet Group Holding NV†		1,367,908
	1,000	Telesites SAB de CV†		649
	50,000	VEON Ltd., ADR		204,000

		U.S. Companies
	65,000	AT&T Inc.		2,700,750
	21,000	CenturyLink Inc.		494,970
	12,000	Cincinnati Bell Inc.†		212,400
	20,000	Level 3 Communications Inc.†		1,144,400
	36,000	Sprint Corp.†		312,480
	1,000	T-Mobile US Inc.†		64,590
	41,725	Verizon Communications Inc.		2,034,094

				19,089,253


		Wireless Communications — 3.7%
		Non U.S. Companies
	1,000	America Movil SAB de CV, Cl. L, ADR		14,170
	34,000	Millicom International Cellular SA, SDR		1,896,045
	4,000	Mobile TeleSystems PJSC, ADR		44,120
	2,000	SK Telecom Co. Ltd., ADR		50,360
	22,000	Turkcell Iletisim Hizmetleri A/S, ADR†		182,160
	96,000	Vodafone Group plc, ADR		2,537,280

		U.S. Companies
	7,500	United States Cellular Corp.†		279,975

				5,004,110


		TOTAL COMMUNICATIONS		34,622,093


		OTHER — 17.6%
		Aerospace — 0.7%
		Non U.S. Companies
	101,300	Rolls-Royce Holdings plc		956,965


Shares			Market Value

		Automotive — 0.1%
		Non U.S. Companies
	1,500	Ferrari NV	$	111,540

		Automotive: Parts and Accessories — 0.1%
		Non U.S. Companies
	2,000	Linamar Corp.		90,973

		Building and Construction — 0.0%
		Non U.S. Companies
	500	Acciona SA		40,074

		Business Services — 0.8%
		Non U.S. Companies
	40,000	Sistema PJSC, GDR		358,000

		U.S. Companies
	22,000	Diebold Nixdorf Inc.		675,400

				1,033,400


		Consumer Products — 0.1%
		U.S. Companies
	1,000	The Procter & Gamble Co.		89,850

		Electronics — 2.8%
		Non U.S. Companies
	110,000	Sony Corp., ADR		3,710,300

		Entertainment — 1.0%
		Non U.S. Companies
	25,000	Grupo Televisa SAB, ADR		648,500
	35,000	Vivendi SA		680,487

				1,328,987


		Financial Services — 2.2%
		Non U.S. Companies
	8,000	Deutsche Bank AG†		137,280
	6,000	GAM Holding AG		73,978
	16,000	Kinnevik AB, Cl. A		477,108
	82,000	Resona Holdings Inc.		440,383

		U.S. Companies
	1,500	M&T Bank Corp.		232,095
	10,000	The Bank of New York Mellon Corp.		472,300
	600	The Goldman Sachs Group Inc.		137,832
	10,000	The Hartford Financial Services Group Inc.		480,700
	3,000	The PNC Financial Services Group Inc.		360,720
	1,500	UGI Corp.		74,100

				2,886,496


		Food and Beverage — 5.8%
		Non U.S. Companies
	160	Chocoladefabriken Lindt & Sprungli AG		907,303


Shares			Market Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		Food and Beverage (Continued)
		Non U.S. Companies (Continued)
	3,000	Chr. Hansen Holding A/S	$	192,555
	75,000	Cott Corp.		927,000
	40,000	Davide Campari-Milano SpA		463,846
	5,000	Diageo plc		143,049
	12,500	Diageo plc, ADR		1,444,750
	7,500	Heineken NV		638,482
	17,000	Nestlé SA		1,304,298
	3,000	Pernod Ricard SA		354,925
	1,000	Yakult Honsha Co. Ltd.		55,511

		U.S. Companies
	5,000	General Mills Inc.		295,050
	2,300	International Flavors & Fragrances Inc.		304,819
	8,000	McCormick & Co. Inc., Non-Voting		780,400

				7,811,988


		Health Care — 1.0%
		U.S. Companies
	10,000	Johnson & Johnson		1,245,500
	4,000	Owens & Minor Inc.		138,400

				1,383,900


		Hotels and Gaming — 1.1%
		Non U.S. Companies
	115,000	Genting Singapore plc		83,855
	340,000	Mandarin Oriental International Ltd.		442,000
	330,000	The Hongkong & Shanghai Hotels Ltd.		387,261

		U.S. Companies
	10,000	Ryman Hospitality Properties Inc.		618,300

				1,531,416


		Machinery — 0.8%
		Non U.S. Companies
	80,000	CNH Industrial NV		771,200

		U.S. Companies
	6,000	Xylem Inc.		301,320

				1,072,520


		Metals and Mining — 0.0%
		U.S. Companies
	3,500	Ampco-Pittsburgh Corp.		49,175

		Real Estate — 0.2%
		Non U.S. Companies
	9,000	Brookfield Asset Management Inc., Cl. A		328,140

		Specialty Chemicals — 0.6%
		Non U.S. Companies
	11,000	Axalta Coating Systems Ltd.†		354,200


Shares			Market Value

		U.S. Companies
	4,000	The Valspar Corp.	$	443,760

				797,960


		Transportation — 0.3%
		U.S. Companies
	6,000	GATX Corp.		365,760

		TOTAL OTHER		23,589,444


		TOTAL COMMON STOCKS		117,129,587


		CONVERTIBLE PREFERRED STOCKS — 0.1%
		COMMUNICATIONS — 0.1%
		Telecommunications — 0.1%
		U.S. Companies
	1,600	Cincinnati Bell Inc., 6.750%, Ser. B		79,232


		RIGHTS — 0.0%
		OTHER — 0.0%
		Financial Services — 0.0%
		Non U.S. Companies
	8,000	Deutsche Bank AG, expire 04/12/17†		18,880


		Retail — 0.0%
		Non U.S. Companies
	60,000	Safeway Casa Ley, CVR, expire 01/30/19†		22,800
	60,000	Safeway PDC, CVR, expire 01/30/18†		1,200

				24,000


		TOTAL RIGHTS		42,880


		WARRANTS — 0.0%
		COMMUNICATIONS — 0.0%
		Telecommunications — 0.0%
		Non U.S. Companies
	6,000	Bharti Airtel Ltd., expire 11/30/20†(b)		32,400


Principal Amount
		CONVERTIBLE CORPORATE BONDS — 0.3%
		OTHER — 0.3%
		Building and Construction — 0.3%
		U.S. Companies
	$525,000	Layne Christensen Co. 4.250%, 11/15/18		465,281


Principal			Market
Amount			Value
	U.S. GOVERNMENT OBLIGATIONS — 12.3%
$16,538,000	U.S. Treasury Bills, 0.471% to 0.914%††, 04/20/17 to 09/28/17(c)		$	16,496,258


	TOTAL INVESTMENTS — 100.0% (Cost $106,197,770)		$	134,245,638


	Aggregate tax cost		$	106,657,818

	Gross unrealized appreciation		$	32,524,351
	Gross unrealized depreciation			(4,936,531	)

	Net unrealized appreciation/depreciation		$	27,587,820


			Unrealized
		Settlement	Appreciation/
		Date	(Depreciation)
	FORWARD FOREIGN EXCHANGE CONTRACTS (d) — 0.0%
3,500,000(e)	Deliver Euros in exchange for United States Dollars 3,770,795	04/28/17	$	32,294


Notional		Termination
Amount		Date
	EQUITY CONTRACT FOR DIFFERENCE SWAP AGREEMENTS (f) — 0.0%
$ 472,775	Rolls-Royce Holdings plc	06/28/17	$	(432	)

(50,000 Shares)

(a)	Securities, or a portion thereof, with a value of $1,267,110 were reserved and/or pledged with the custodian for equity contract for difference swap agreements and forward foreign exchange contracts.

(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the market value of Rule 144A securities amounted to $32,400 or 0.02% of total investments.

(c)	At March 31, 2017, $3,350,000 of the principal amount was pledged as collateral for equity contract for difference swap agreements and forward foreign exchange contracts.

(d)	At March 31, 2017, the Fund had entered into forward foreign exchange contracts with State Street Bank and Trust Co.

(e)	Principal amount denoted in Euros.

(f)	At March 31, 2017, the Fund had entered into equity contract for difference swap agreements with The Goldman Sachs Group, Inc.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

CVR	Contingent Value Right

GDR	Global Depositary Receipt

PJSC	Public Joint Stock Company

SDR	Swedish Depositary Receipt


Geographic Diversification	% of Market Value			Market Value
United States		54.0	%	$	72,471,490
Europe		30.9			41,462,715
Canada		6.4			8,562,575
Japan		4.2			5,659,270
Latin America		3.1			4,130,828
Asia/Pacific		1.4			1,904,618
Africa/Middle East		0.0			54,142

Total Investments		100.0	%	$	134,245,638

As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (“GAAP”) that may require the use of management estimates and assumptions in the preparation of its schedule of investments. 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 schedule of investments.

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 obligations 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. Such debt obligations are valued through prices provided by a Pricing Service approved by the Board. Certain securities are valued principally using dealer quotations.

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 American Depositary Receipt 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:

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider to include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in 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, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at March 31, 2017, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

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

The Fund has entered into an equity contract for difference swap agreement with The Goldman Sachs Group, Inc. Details of the swap at March 31, 2017 are reflected within the Schedule of Investments and further details are as follows:

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. Forward foreign exchange contracts at March 31, 2017 are reflected within the Schedule of Investments.

The following table summarizes the net unrealized appreciation/(depreciation) of derivatives held at March 31, 2017 by primary risk exposure:

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (“CFTC”). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (“CEA”), the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund as of January 1, 2013. These trading restrictions permit the Fund to engage in commodity interest transactions that include (i) “bona fide hedging” transactions, as that term is defined and interpreted by the CFTC and its

staff, without regard to the percentage of the Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the Fund’s commodity interest transactions would not exceed 100% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures, and financial futures contracts). As a result, in the future, the Fund will be more limited in its ability to use these instruments than in the past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund’s performance.

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

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

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

Restricted Securities. The Fund is not subject to an independent limitation on the amount it may invest in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2017, the Fund held no restricted securities.

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.

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

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

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

THE GABELLI GLOBAL UTILITY & INCOME TRUST

One Corporate Center

Rye, NY 10580-1422

t	800-GABELLI (800-422-3554)

f	914-921-5118

e	info@gabelli.com

GABELLI.COM

TRUSTEES

OFFICERS

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

James P. Conn

Former Managing Director &

Chief Investment Officer,

Financial Security Assurance

Holdings Ltd.

Vincent D. Enright

Former Senior Vice President &

Chief Financial Officer,

KeySpan Corp.

Michael J. Melarkey

Of Counsel,

McDonald Carano Wilson LLP

Salvatore M. Salibello, CPA

Senior Partner,

Bright Side Consulting

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

Bruce N. Alpert

President

Andrea R. Mango

Secretary & Vice President

Agnes Mullady

Treasurer

Richard J. Walz

Chief Compliance Officer

David I. Schachter

Vice President

Adam E. Tokar

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.

GLU Q1/2017

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

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.

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.


Notional Amount	Equity Security Received	Interest Rate/ Equity Security Paid	Termination Date	Net Unrealized Depreciation
	Market Value	One month LIBOR plus 90 bps plus
	Appreciation on:	Market Value Depreciation on:

$472,775 (50,000 Shares)	Rolls-Royce Holdings plc	Rolls-Royce Holdings plc	06/28/17	$(432)


		Net Unrealized
		Appreciation/
Asset Derivatives:		(Depreciation)

Forward Foreign Exchange Contracts		$32,294

Liability Derivatives:

Equity Contract for Difference Swap Agreements		$ (432)


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Total Market Value at 03/31/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
ENERGY AND UTILITIES (a)		$ 58,918,050		—			$ 58,918,050
COMMUNICATIONS
Cable and Satellite		10,514,214		$ 14,516			10,528,730
Telecommunications		19,041,338		47,915			19,089,253
Other Industries (a)		5,004,110		—			5,004,110
OTHER (a)		23,589,444		—			23,589,444
Total Common Stocks		117,067,156		62,431			117,129,587
Convertible Preferred Stocks (a)		79,232		—			79,232
Rights (a)		18,880		24,000			42,880
Warrants (a)		—		32,400			32,400
Convertible Corporate Bonds (a)		—		465,281			465,281
U.S. Government Obligations		—		16,496,258			16,496,258
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$117,165,268		$17,080,370			$134,245,638
OTHER FINANCIAL INSTRUMENTS:*
ASSETS (Unrealized Appreciation):
FORWARD CURRENCY EXCHANGE CONTRACTS
Forward Foreign Exchange Contracts		—		$ 32,294			$ 32,294
LIABILITIES (Unrealized Depreciation):
EQUITY CONTRACT
Contract for Difference Swap Agreements		—		(432	)		(432	)
TOTAL OTHER FINANCIAL INSTRUMENTS:		—		$ 31,862			$ 31,862


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


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