Fund Description: The Gabelli Global Utility & Income Trust, Series B Cumulative Puttable and Callable Preferred Shares, liquidation preference $50 per share, redeemable at the issuer's option on or after<s> 12/20/2023</s> 12/26/2024 at $50 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions will be paid quarterly on 3/26, 6/26, 9/26, & 12/26 to holders of record on the record date that will be on the fifth preceding business day of the payment date (NOTE: the ex-dividend date is the record date). The Dividend Period beginning on the Date of Original Issue, which constitutes the first Dividend Period, together with the next three Dividend Periods, are referred to herein as Year 1, the next four Dividend Periods are referred to as Year 2, and so on. For the Dividend Periods occurring in Year 1, quarterly dividends to be paid at an annualized rate of 7.00%. The Board will announce within 30 days prior to the end of such Dividend Period a fixed annual dividend rate that will apply for the Dividend Periods occurring in Year 2 and Year 3. During the last Dividend Period occurring in Year 3, the Board will announce 30 days prior to the end of such Dividend Period a fixed annual dividend rate that will apply for all remaining Dividend Periods. In no case will the annual dividend rate be less than 4.00% or greater than 7.00%. <p> Dividends paid by preferreds issued by closed-end funds can be 0% to 100% eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and can also be 0% to 100% eligible for the dividends received deduction for corporate holders (see page 102 of the prospectus for further information). <p> Holder Put Option: The Fund will redeem the Preferred Shares that holders have submitted for redemption during the 30-day period prior to each of 12/26/2021, 12/26/2023 and 12/26/2024 at the liquidation preference, plus any accumulated and unpaid dividends. <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.