Edgar Filing: GABELLI GLOBAL UTILITY & INCOME TRUST

<![CDATA[Gabelli Global Utility & Income Trust]]>

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-21529

The Gabelli Global Utility & Income Trust

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.


The Gabelli Global Utility & Income Trust Semiannual Report — June 30, 2013

			Mario J. Gabelli, CFA Portfolio Manager

To Our Shareholders,

For the six months ended June 30, 2013, the net asset value (“NAV”) total return of The Gabelli Global Utility & Income Trust (the “Fund”) was 8.6%, compared with a total return of 6.8% for the Standard & Poor’s (“S&P”) 500 Utilities Index. The total return for the Fund’s publicly traded shares was (2.4)%. The Fund’s NAV per share was $20.54, while the price of the publicly traded shares closed at $18.79 on the NYSE MKT. See below for additional performance information.

Enclosed are the schedule of investments and financial statements as of June 30, 2013.

Comparative Results


Average Annual Returns through June 30, 2013 (a) (Unaudited)
	Year to Date		1 Year		3 Year		5 Year		Since Inception (05/28/04)
Gabelli Global Utility & Income Trust
NAV Total Return (b)		8.62%		11.86%		12.62%		4.89%		7.63%
Investment Total Return (c)		(2.38)		2.69		8.41		5.54		6.51
S&P 500 Utilities Index		6.79		6.23		14.89		2.85		9.57
Lipper Utility Fund Average		9.81		13.36		16.65		4.18		10.32
S&P 500 Index		13.39		20.60		18.45		7.01		6.22

(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 open-end 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 and reinvestment of distributions at NAV on the ex-dividend date, and adjustments for right offerings 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 and reinvestment of distributions and adjustments for right offerings. Since inception return is based on an initial offering price of $20.00.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments as of June 30, 2013:

The Gabelli Global Utility & Income Trust


U.S. Government Obligations	44.2	%
Energy and Utilities: Integrated	23.3	%
Telecommunications	8.5	%
Cable and Satellite	7.0	%
Energy and Utilities: Natural Gas Integrated	2.5	%
Energy and Utilities: Water	2.4	%
Wireless Communications	2.3	%
Energy and Utilities: Natural Gas Utilities	1.6	%
Energy anf Utilities: Electric Integrated	1.6	%
Diversified Industrial	1.3	%
Energy and Utilities: Electric Transmission and Distribution	1.2	%
Aerospace	1.1	%
Energy and Utilities: Oil	0.9	%


Entertainment	0.5	%
Energy and Utilities: Services	0.5	%
Metal and Mining	0.2	%
Independent Power Products and Energy Traders	0.2	%
Real Estate	0.2	%
Transportation	0.1	%
Energy and Utilities: Alternative Energy	0.1	%
Financial Services	0.1	%
Environmental Services	0.1	%
Business Services	0.1	%
Machinery	0.0	%
Building and Construction	0.0	%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554).The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

Shareholder Meeting – May 13, 2013 – Final Results

The Fund’s Annual Meeting of Shareholders was held on May 13, 2013 at the Greenwich Library in Greenwich, Connecticut. At that meeting, common shareholders elected Mario d’Urso, Vincent D. Enright, and Michael J. Melarkey as Trustees of the Fund. A total of 2,726,280 votes, 2,725,408 votes, and 2,724,238 votes were cast in favor of these Trustees and a total of 33,154 votes, 34,026 votes, and 35,196 votes were withheld for these Trustees, respectively.

Anthony J. Colavita, James P. Conn, Salvatore M. Salibello, and Salvatore J. Zizza continue to serve in their capacities as Trustees of the Fund.

We thank you for your participation and appreciate your continued support.

The Gabelli Global Utility & Income Trust

Schedule of Investments — June 30, 2013 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS — 55.7%
		ENERGY AND UTILITIES — 35.6%
		Energy and Utilities: Alternative Energy — 0.1%
		U.S. Companies
	6,000	Ormat Technologies Inc.	$	167,454	$	141,120


		Energy and Utilities: Electric Integrated — 1.6%
	100,000	NV Energy Inc.		2,354,040		2,346,000


		Energy and Utilities: Electric Transmission and Distribution — 1.2%
		Non U.S. Companies
	5,000	Algonquin Power & Utilities Corp.		24,120		34,468
	8,775	National Grid plc, ADR		401,681		497,279
	5,000	Red Electrica Corporacion SA		227,553		274,972
		U.S. Companies
	2,500	Consolidated Edison Inc.		114,770		145,775
	38,000	Pepco Holdings Inc.		720,883		766,080

				1,489,007		1,718,574

		Energy and Utilities: Integrated — 23.3%
		Non U.S. Companies
	150,000	A2A SpA		276,010		111,583
	6,500	Areva SA†		231,423		100,894
	3,000	BP plc, ADR		124,172		125,220
	9,000	Chubu Electric Power Co. Inc.		190,737		127,586
	152,000	Datang International Power Generation Co. Ltd., Cl. H		59,610		61,536
	2,600	E.ON SE		69,929		42,676
	8,000	E.ON SE, ADR		186,593		131,840
	9,760	EDP - Energias de Portugal SA, ADR		262,599		313,882
	10,000	Electric Power Development Co. Ltd.		252,321		312,563
	6,000	Emera Inc.		163,066		188,438
	10,000	Endesa SA		256,647		213,600
	67,000	Enel SpA		391,410		210,176
	28,000	Enersis SA, ADR		166,650		458,080
	210,000	Hera SpA		412,432		398,264
	12,000	Hokkaido Electric Power Co. Inc.†		190,197		164,065
	12,000	Hokuriku Electric Power Co.		187,948		188,506
	14,000	Huaneng Power International Inc., ADR		421,063		538,300
	91,923	Iberdrola SA		481,423		485,304
	7,000	Iberdrola SA, ADR		281,447		142,660
	26,000	Korea Electric Power Corp., ADR†		293,647		294,060
	12,000	Kyushu Electric Power Co. Inc.†		196,988		181,004


Shares			Cost		Market Value
	10,000	Shikoku Electric Power Co. Inc.†	$	171,759	$	180,581
	10,000	The Chugoku Electric Power Co. Inc.		170,328		157,088
	18,000	The Kansai Electric Power Co. Inc.†		269,163		246,642
	10,000	Tohoku Electric Power Co. Inc.†		158,898		124,924
	2,000	Verbund AG		52,812		37,982
		U.S. Companies
	2,000	ALLETE Inc.		71,269		99,700
	21,000	Ameren Corp.		816,820		723,240
	30,000	American Electric Power Co. Inc.		943,467		1,343,400
	1,500	Avista Corp.		27,915		40,530
	7,000	Black Hills Corp.		193,684		341,250
	500	Cleco Corp.		9,790		23,215
	500	CMS Energy Corp.		4,875		13,585
	10,000	Dominion Resources Inc.		406,566		568,200
	26,000	Duke Energy Corp.(a)		1,189,450		1,755,000
	4,000	El Paso Electric Co.		77,953		141,240
	1,334	FirstEnergy Corp.		47,829		49,812
	35,000	Great Plains Energy Inc.		783,130		788,900
	22,000	Hawaiian Electric Industries Inc.		541,164		556,820
	29,500	Integrys Energy Group Inc.		1,408,474		1,726,635
	40,000	Lufkin Industries Inc.		3,539,000		3,538,800
	13,000	MGE Energy Inc.		425,456		711,880
	14,000	NextEra Energy Inc.		654,896		1,140,720
	45,000	NiSource Inc.		908,189		1,288,800
	50,000	Northeast Utilities(a)		904,484		2,101,000
	13,000	NorthWestern Corp.		391,049		518,700
	19,500	OGE Energy Corp.		481,892		1,329,900
	14,000	Otter Tail Corp.		352,319		397,600
	1,000	PG&E Corp.		33,930		45,730
	16,000	Pinnacle West Capital Corp.		650,094		887,520
	4,200	PPL Corp.		117,280		127,092
	32,000	Public Service Enterprise Group Inc.		1,065,920		1,045,120
	18,000	SCANA Corp.		646,320		883,800
	2,000	TECO Energy Inc.		33,510		34,380
	30,000	The AES Corp.		272,995		359,700
	2,000	The Empire District Electric Co.		41,522		44,620
	40,000	The Southern Co.		1,178,050		1,765,200
	14,000	UNS Energy Corp.		344,632		626,220
	15,000	Vectren Corp.		360,570		507,450
	38,000	Westar Energy Inc.		802,359		1,214,480
	10,000	Wisconsin Energy Corp.		171,276		409,900
	34,000	Xcel Energy Inc.		575,671		963,560

				26,393,072		33,651,153


		Energy and Utilities: Natural Gas Integrated — 2.4%
		Non U.S. Companies
	80,000	Snam SpA		288,733		364,460

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Schedule of Investments (Continued) — June 30, 2013 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Energy and Utilities: Natural Gas Integrated (Continued)
		U.S. Companies
	1,000	Anadarko Petroleum Corp.	$	83,380	$	85,930
	1,000	Apache Corp.		85,006		83,830
	1,000	Energen Corp.		30,935		52,260
	16,748	Kinder Morgan Inc.		312,400		638,936
	18,000	National Fuel Gas Co.		488,707		1,043,100
	4,000	ONEOK Inc.		51,437		165,240
	30,000	Spectra Energy Corp.		634,201		1,033,800

				1,974,799		3,467,556


		Energy and Utilities: Natural Gas Utilities — 1.6%
		Non U.S. Companies
	1,500	Enagas SA		37,053		37,068
	1,890	GDF Suez		62,915		37,012
	11,454	GDF Suez, ADR		362,710		224,842
		U.S. Companies
	16,764	AGL Resources Inc.		667,385		718,505
	11,000	Atmos Energy Corp.		271,115		451,660
	2,200	Chesapeake Utilities Corp.		64,050		113,278
	4,500	Piedmont Natural Gas Co. Inc.		105,090		151,830
	9,000	Southwest Gas Corp.		227,360		421,110
	5,000	The Laclede Group Inc.		159,165		228,300

				1,956,843		2,383,605


		Energy and Utilities: Oil — 0.9%
		Non U.S. Companies
	1,000	Niko Resources Ltd.		12,031		8,158
	1,000	PetroChina Co. Ltd., ADR		79,302		110,670
	7,000	Petroleo Brasileiro SA, ADR		138,363		93,940
	9,000	Royal Dutch Shell plc, Cl. A, ADR		460,931		574,200
		U.S. Companies
	2,000	Chevron Corp.		120,100		236,680
	2,000	ConocoPhillips		57,018		121,000
	2,000	Devon Energy Corp.		67,255		103,760
	1,000	Exxon Mobil Corp.		45,500		90,350

				980,500		1,338,758


		Energy and Utilities: Services — 0.5%
		Non U.S. Companies
	10,000	ABB Ltd., ADR		123,092		216,600
	25,000	Weatherford International Ltd.†		266,300		342,500
		U.S. Companies
	2,500	Halliburton Co.		60,195		104,300

				449,587		663,400


Shares			Cost		Market Value
		Energy and Utilities: Water — 2.4%
		Non U.S. Companies
	5,000	Consolidated Water Co. Ltd.	$	60,554	$	57,150
	85,000	Severn Trent plc		1,847,957		2,151,244
	37,090	United Utilities Group plc		366,828		385,861
		U.S. Companies
	8,666	Aqua America Inc.		129,735		271,159
	5,400	California Water Service Group		76,295		105,354
	4,000	Middlesex Water Co.		75,033		79,680
	16,000	SJW Corp.		260,936		419,200

				2,817,338		3,469,648


		Diversified Industrial — 1.3%
		Non U.S. Companies
	9,000	Bouygues SA		300,585		229,727
		U.S. Companies
	23,000	Gardner Denver Inc.		1,731,683		1,729,140

				2,032,268		1,958,867

		Environmental Services — 0.1%
		Non U.S. Companies
	500	Suez Environnement Co.		0		6,459
	7,575	Veolia Environnement SA		121,784		86,186

				121,784		92,645

		Independent Power Producers and Energy Traders — 0.2%
		U.S. Companies
	9,000	NRG Energy Inc.		217,489		240,300

		TOTAL ENERGY AND UTILITIES		40,954,181		51,471,626

		COMMUNICATIONS — 17.8%
		Cable and Satellite — 7.0%
		Non U.S. Companies
	28,000	Astral Media Inc., Cl. A		1,331,432		1,330,113
	35,000	British Sky Broadcasting Group plc		387,280		421,610
	10,000	Cogeco Inc.		195,069		399,353
	8,000	Kabel Deutschland Holding AG		894,200		878,661
	42,500	Rogers Communications Inc., Cl. B		1,682,974		1,666,000
		U.S. Companies
	200	AMC Networks Inc., Cl. A†		4,591		13,082
	50,000	Cablevision Systems Corp., Cl. A		787,143		841,000
	200	Charter Communications Inc., Cl. A†		25,037		24,770
	13,000	Comcast Corp., Cl. A, Special		281,627		515,710
	26,000	DIRECTV†		656,292		1,602,120
	32,000	DISH Network Corp., Cl. A		603,327		1,360,640
	6,000	EchoStar Corp., Cl. A†		150,819		234,660

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Schedule of Investments (Continued) — June 30, 2013 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		COMMUNICATIONS (Continued)
		Cable and Satellite (Continued)
		U.S. Companies (Continued)
	5,500	Liberty Global plc, Cl. A†	$	146,144	$	407,440
	5,500	Liberty Global plc, Cl. C†		139,226		373,395
	200	Time Warner Cable Inc.		22,376		22,496

				7,307,537		10,091,050

		Telecommunications — 8.5%
		Non U.S. Companies
	29,000	BCE Inc.		678,647		1,189,580
	5,000	Belgacom SA		160,378		112,169
	2,102	Bell Aliant Inc.(b)		51,669		56,714
	25,000	BT Group plc, ADR		831,558		1,174,750
	37,000	Deutsche Telekom AG, ADR		615,333		431,420
	4,000	France Telecom SA, ADR		54,322		37,800
	15,000	Koninklijke KPN NV, ADR		114,993		31,950
	8,000	Manitoba Telecom Services Inc.		249,141		271,104
	29,651	Orascom Telecom Holding SAE, GDR†(c)		111,809		83,319
	29,651	Orascom Telecom Media and Technology Holding SAE, GDR(b)		43,481		6,820
	50,000	Portugal Telecom SGPS SA		535,655		194,596
	1,200	Swisscom AG		384,765		525,457
	10,000	Telecom Italia SpA		12,416		6,951
	9,300	Telefonica Brasil SA, ADR		161,522		212,226
	49,263	Telefonica SA, ADR†		718,984		631,059
	20,000	Telekom Austria AG		271,475		126,624
	23,000	Telenet Group Holding NV		1,047,596		1,055,606
	16,000	VimpelCom Ltd., ADR		146,091		160,960
		U.S. Companies
	27,000	AT&T Inc.		758,355		955,800
	56,964	Cincinnati Bell Inc.†		171,963		174,310
	200,000	Clearwire Corp., Cl. A†		997,560		999,000
	370,000	Sprint Nextel Corp.†		2,348,721		2,597,400
	4,000	Telephone & Data Systems Inc.		116,634		98,600
	1,000	T-Mobile US Inc.		22,694		24,810
	22,000	Verizon Communications Inc.		760,341		1,107,480

				11,366,103		12,266,505

		Wireless Communications — 2.3%
		Non U.S. Companies
	1,000	America Movil SAB de CV, Cl. L, ADR		15,150		21,750
	2,178,300	Cable & Wireless Communications plc		1,369,726		1,356,716
	12,000	Millicom International Cellular SA, SDR		767,764		864,467


Shares			Cost		Market Value
	4,000	Mobile TeleSystems OJSC, ADR	$	54,874	$	75,760
	11,000	Turkcell Iletisim Hizmetleri A/S, ADR†		158,724		158,070
	22,000	Vodafone Group plc, ADR		606,090		632,280
		U.S. Companies
	7,000	United States Cellular Corp.		246,212		256,830

				3,218,540		3,365,873

		TOTAL COMMUNICATIONS		21,892,180		25,723,428

		OTHER — 2.3%
		Aerospace — 1.1%
		Non U.S. Companies
	90,000	Rolls-Royce Holdings plc		628,651		1,552,291
	10,710,000	Rolls-Royce Holdings plc, Cl. C†(d)		16,371		16,289

				645,022		1,568,580

		Building and Construction — 0.0%
		Non U.S. Companies
	500	Acciona SA		48,809		26,391

		Business Services — 0.1%
		Non U.S. Companies
	4,000	Sistema JSFC, GDR(c)		95,619		79,000

		Entertainment — 0.5%
		Non U.S. Companies
	38,000	Vivendi SA		1,022,259		719,678

		Financial Services — 0.1%
		Non U.S. Companies
	5,000	Kinnevik Investment AB, Cl. A		140,263		128,614

		Machinery — 0.0%
		U.S. Companies
	300	The Gorman-Rupp Co.		8,444		9,552
	1,000	Xylem Inc.		26,100		26,940

				34,544		36,492

		Metals and Mining — 0.2%
		Non U.S. Companies
	6,200	Compania de Minas Buenaventura SA, ADR		64,838		91,512
		U.S. Companies
	15,000	Peabody Energy Corp.		313,763		219,600

				378,601		311,112

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Schedule of Investments (Continued) — June 30, 2013 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		Real Estate — 0.2%
		Non U.S. Companies
	6,000	Brookfield Asset Management Inc., Cl. A	$	149,494	$	216,120
	344	Brookfield Property Partners LP		7,444		6,983

				156,938		223,103

		Transportation — 0.1%
		U.S. Companies
	4,500	GATX Corp.		117,886		213,435


		TOTAL OTHER		2,639,941		3,306,405

		TOTAL COMMON STOCKS		65,486,302		80,501,459

		CONVERTIBLE PREFERRED STOCKS — 0.0%
		COMMUNICATIONS — 0.0%
		Telecommunications — 0.0%
		U.S. Companies
	2,000	Cincinnati Bell Inc., 6.750% Cv. Pfd., Ser. B		57,376		88,000

		WARRANTS — 0.1%
		ENERGY AND UTILITIES — 0.1%
		Energy and Utilities: Natural Gas Integrated — 0.1%
		U.S. Companies
	14,000	Kinder Morgan Inc., expire 05/25/17†		15,183		71,680

		COMMUNICATIONS — 0.0%
		Wireless Communications — 0.0%
		Non U.S. Companies
	4,000	Bharti Airtel Ltd., expire 09/19/13†(b)		26,369		19,650
	2,000	Bharti Airtel Ltd., expire 09/29/14†(b)		14,981		9,825

				41,350		29,475

		TOTAL WARRANTS		56,533		101,155

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 44.2%
$	63,905,000	U.S. Treasury Bills, 0.040% to 0.120%††, 07/25/13 to 12/05/13		63,895,232		63,895,882

	TOTAL INVESTMENTS — 100.0%		$	129,495,443		144,586,496

Notional

Amount

Termination
Date

Unrealized
Appreciation/
Depreciation

EQUITY CONTRACT FOR DIFFERENCE SWAP AGREEMENTS

$ 9,339

Rolls-Royce Holdings plc, Cl. C(e)

07/09/13

(292

)

(5,950,000 Shares)

858,755

Rolls-Royce Holdings plc(e)

06/27/14

3,524

(50,000 Shares)

TOTAL EQUITY CONTRACT FOR DIFFERENCE SWAP AGREEMENTS

3,232


	Market Value
Other Assets and Liabilities (Net)		(8,123,986	)
PREFERRED STOCK
(1,032,428 preferred shares outstanding)		(51,621,400	)

NET ASSETS — COMMON SHARES
(4,129,712 common shares outstanding)	$	84,844,342

NET ASSET VALUE PER COMMON SHARE
($ 84,844,342 ÷ 4,129,712 shares outstanding)	$	20.54

(a) Securities, or a portion thereof, with a value of $985,680, were reserved and/or pledged with the custodian for equity contract for difference swap agreements.

(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 June 30, 2013, the market value of Rule 144A securities amounted to $93,009 or 0.06% of total investments.

(c) Security purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At June 30, 2013, the market value of Regulation S securities amounted to $162,319 or 0.11% of total investments, which were valued under methods approved by the Board of Trustees as follows:


Acquisition Shares		Issuer	Acquisition Date		Acquisition Cost		06/30/13 Carrying Value Per Share
	29,651	Orascom Telecom Holding SAE, GDR		12/01/08	$	111,809	$	2.8100
	4,000	Sistema JSFC, GDR		09/05/06		95,619		19.7500

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Schedule of Investments (Continued) — June 30, 2013 (Unaudited)

(d)	At June 30, 2013, the Fund held an investment in a restricted and illiquid security amounting to $16,289 or 0.01% of total investments., which were valued under methods approved by the Board of Trustees, as follows:

Acquisition
Shares

Issuer

Acquisition
Date

Acquisition
Cost

06/30/13
Carrying
Value
Per Share

10,710,000

Rolls-Royce Holdings plc, Cl. C

04/24/13

$16,371

$0.0015

(e)	At June 30, 2013, 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

GDR	Global Depositary Receipt

JSFC	Joint Stock Financial Corporation

OJSC	Open Joint Stock Company

SDR	Swedish Depositary Receipt


Geographic Diversification	%of Market Value			Market Value
North America		83.6	%	$	120,922,205
Europe		13.8			19,951,967
Japan		1.2			1,682,960
Asia/Pacific		0.7			1,004,567
Latin America		0.6			934,658
Africa/Middle East		0.1			90,139

Total Investments		100.0	%	$	144,586,496

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Statement of Assets and Liabilities

June 30, 2013 (Unaudited)


Assets:
Investments, at value (cost $129,495,443)	$	144,586,496
Dividends receivable		272,662
Unrealized appreciation on swap contracts		3,524
Deferred offering expense		122,228
Prepaid expenses		1,253

Total Assets		144,986,163

Liabilities:
Payable to custodian		33,998
Distributions payable		103,243
Payable for investments purchased		7,908,101
Payable for investment advisory fees		40,020
Payable for payroll expenses		58,107
Payable for accounting fees		7,500
Payable for rights offering expenses		302,275
Unrealized depreciation on swap contracts		292
Other accrued expenses		66,885

Total Liabilities		8,520,421

Preferred Shares:
Series A Cumulative Preferred Shares ($50 liquidation value, $0.001 par value, 1,200,000 shares authorized with 1,032,428 shares issued and outstanding)		51,621,400

Net Assets Attributable to Common Shareholders	$	84,844,342

Net Assets Attributable to Common Shareholders Consist of:
Paid-in capital	$	70,080,983
Distributions in excess of net investment income		(13,298	)
Accumulated net realized loss on investments, swaps contracts, and foreign currency transactions		(314,313	)
Net unrealized appreciation on investments		15,091,053
Net unrealized appreciation on swap contracts		3,232
Net unrealized depreciation on foreign currency translations		(3,315	)

Net Assets	$	84,844,342

Net Asset Value per Common Share:


($84,844,342 ÷ 4,129,712 shares outstanding at $0.001 par value; unlimited number of shares authorized)									$20.54

Statement of Operations

For the Six Months Ended June 30, 2013 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $61,716)	$	1,501,920
Interest		3,060

Total Investment Income		1,504,980

Expenses:
Investment advisory fees		179,369
Payroll expenses		45,228
Shareholder communications expenses		40,255
Trustees’ fees		29,626
Legal and audit fees		24,891
Accounting fees		22,500
Custodian fees		18,580
Shareholder services fees		7,336
Miscellaneous expenses		12,077

Total Expenses		379,862

Net Investment Income		1,125,118

Net Realized and Unrealized Gain/(Loss) on Investments, Swap Contracts, and Foreign Currency:
Net realized gain on investments		212,439
Net realized gain on swap contracts		166,855
Net realized loss on foreign currency transactions		(1,476	)

Net realized gain on investments, swap contracts, and foreign currency transactions		377,818

Net change in unrealized appreciation/depreciation:
on investments		3,526,039
on swap contracts		(9,012	)
on foreign currency translations		(2,845	)

Net change in unrealized appreciation/depreciation on investments, swap contracts, and foreign currency translations		3,514,182

Net Realized and Unrealized Gain/(Loss) on Investments, Swap Contracts, and Foreign Currency		3,892,000

Net Increase in Net Assets Resulting from Operations		5,017,118

Total Distributions to Preferred Stock Shareholders		(103,243	)

Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations	$	4,913,875

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Statement of Changes in Net Assets Attributable to Common Shareholders


	Six Months Ended June 30, 2013 (Unaudited)				Year Ended December 31, 2012
Operations:
Net investment income		$	1,125,118			$	1,569,520
Net realized gain on investments, swap contracts, and foreign currency transactions			377,818				986,022
Net change in unrealized appreciation on investments, swap contracts, and foreign currency translations			3,514,182				751,903

Net Increase in Net Assets Resulting from Operations			5,017,118				3,307,445

Distributions to Preferred Shareholders:
Net investment income			(103,243	)*			—

Total Distributions to Preferred Shareholders			(103,243	)			—

Net Increase in Net Asset Attributable to Common Shareholders Resulting from Operations			4,913,875				3,307,445


Distributions to Common Shareholders:
Net investment income			(1,021,875	)*			(1,704,644	)
Net realized short term gain			(255,913	)*			(83,145	)
Net realized long term gain			(208,550	)*			(889,087	)
Return of capital			(371,514	)*			(1,027,385	)

Total Distributions to Common Shareholders			(1,857,852	)			(3,704,261	)


Fund Share Transactions:
Net increase in net assets from common shares issued in rights offering			19,099,918				—
Net increase in net assets from common shares issued upon reinvestment of distributions			48,052				318,732
Offering costs for common shares and preferred shares charged to paid-in capital			(616,000	)			—

Net Increase in Net Assets from Fund Share Transactions			18,531,970				318,732

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders			21,587,993				(78,084	)

Net Assets Attributable to Common Shareholders:
Beginning of period			63,256,349				63,334,433

End of period (including undistributed net investment income of $0 and $0, respectively)		$	84,844,342			$	63,256,349

*	Based on year to date book income. Amounts are subject to change and recharacterization at year end.

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Financial Highlights

Selected data for a common share of beneficial interest outstanding throughout each period:


	Six Months Ended June 30, 2013 (Unaudited)	Year Ended December 31,
	Six Months Ended June 30, 2013 (Unaudited)	2012	2011	2010	2009	2008
Operating Performance:
Net asset value, beginning of period	$20.44	$20.57	$20.49	$19.87	$18.50		$ 25.50
Net investment income	0.28	0.51	0.57	0.48	0.48		0.47
Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions	1.48	0.56	0.71	1.34	2.09		(6.27	)
Total from investment operations	1.76	1.07	1.28	1.82	2.57		(5.80	)
Distributions to Preferred Shareholders:
Net investment income	(0.03)*	—	—	—	—		—
Total distributions to preferred shareholders	(0.03)	—	—	—	—		—
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations	1.73	—	—	—	—		—
Distributions to Common Shareholders:
Net investment income	(0.33)*	(0.55)	(0.60)	(0.67)	(0.52)		(0.55	)
Net realized gain	(0.15)*	(0.32)	(0.39)	(0.02)	—		(0.48	)
Return of capital	(0.12)*	(0.33)	(0.21)	(0.51)	(0.68)		(0.17	)
Total distributions to common shareholders	(0.60)	(1.20)	(1.20)	(1.20)	(1.20)		(1.20	)
Fund Share Transactions:
Increase/(Decrease) in net asset value from common share transactions	(0.00)(a)	(0.00)(a)	0.00(a)	—	—		—
Decrease in net asset value from common shares issued in rights offering	(0.88)	—	—	—	—		—
Offering expenses charged to paid-in-capital	(0.15)	—	—	—	—		0.00	(a)
Total capital share transactions	(1.03)	0.00(a)	0.00(a)	—	—		0.00	(a)
Net Asset Value, End of Period	$20.54	$20.44	$20.57	$20.49	$19.87		$ 18.50
NAV total return †	8.62%	5.42%	6.39%	9.60%	14.92%		(23.30	)%
Market value, end of period	$18.79	$20.88	$21.08	$20.31	$19.42		$ 15.90
Investment total return ††	(2.38)%	5.09%	10.12%	11.24%	31.31%		(26.43	)%

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Financial Highlights (Continued)

Selected data for a common share of beneficial interest outstanding throughout each period:


	Six Months Ended
	June 30, 2013			Year Ended December 31,
	(Unaudited)			2012			2011			2010			2009			2008
Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of period (in 000’s)		$136,466			—			—			—			—			—
Net assets attributable to common shares, end of period (in 000’s)		$ 84,844			$63,256			$63,334			$62,981			$60,694			$56,422
Ratio of net investment income to average net assets attributable to common shares		3.34	%(b)		2.50	%		2.75	%		2.46	%		2.70	%		2.15	%
Ratio of operating expenses to average net assets attributable to common shares		1.13	%(b)		1.24	%		1.36	%		1.65	%		1.61	%		1.54	%
Ratio of operating expenses to average net assets including liquidation value of preferred shares		1.08	%(b)		0.00	%		—			—			—			—
Portfolio turnover rate		2.1	%		6.0	%		5.9	%		7.8	%		9.5	%		24.3	%
Preferred Shares:
Series A Cumulative Preferred Shares
Liquidation value, end of period (in 000’s)		$ 51,621			—			—			—			—			—
Total shares outstanding (in 000’s)		1,032			—			—			—			—			—
Liquidation preference per share		$ 50.00			—			—			—			—			—
Average market value(c)		$ 51.20			—			—			—			—			—
Asset coverage per share		$ 132.18			—			—			—			—			—
Asset Coverage(d)		264	%		—			—			—			—			—

†	Based on net asset value per share, adjusted for reinvestment of distributions at the net asset value per share on the ex-dividend dates. Total return for a period of less than one year is not annualized.

††	Based on market value per share, adjusted for reinvestment of distributions at prices obtained under the Fund’s dividend reinvestment plan. Total return for a period of less than one year is not annualized.

*	Based on year to date book income. Amounts are subject to change and recharacterization at year end.

(a)	Amount represents less than $0.005 per share.

(b)	Annualized.

(c)	Based on weekly prices.

(d)	Asset coverage is calculated by combining all series of preferred shares.

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Global Utility & Income Trust (the “Fund”) is a non-diversified closed-end management investment company organized as a Delaware statutory trust on March 8, 2004 and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Investment operations commenced on May 28, 2004.

The Fund’s investment objective is to seek a consistent level of after-tax total return over the long term with an emphasis currently on qualified dividends. The Fund will attempt to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in equity securities (including preferred securities) of domestic and foreign companies involved to a substantial extent in providing products, services, or equipment for the generation or distribution of electricity, gas, or water and infrastructure operations, and in equity securities (including preferred securities) of companies in other industries, in each case in such securities that are expected to periodically pay dividends.

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

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the “Adviser”).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

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 Gabelli Global Utility & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

—

Level 1 — quoted prices in active markets for identical securities;

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

—

Level 3 — significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

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 June 30, 2013 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/13
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
OTHER
Aerospace
Non U.S. Companies		$ 1,552,291		—		$16,289		$ 1,568,580
Other Industries (a)		78,932,879		—		—		78,932,879
Total Common Stocks		80,485,170		—		16,289		$ 80,501,459
Convertible Preferred Stock (a)		88,000		—				88,000
Warrants(a)		71,680		$ 29,475		—		101,155
U.S. Government Obligations		—		63,895,882		—		63,895,882
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$80,644,850		$63,925,357		$16,289		$144,586,496
OTHER FINANCIAL INSTRUMENTS:*
ASSETS (Unrealized Appreciation):
EQUITY CONTRACT
Contract for Difference Swap Agreement		$ —		$ 3,524		$ —		$ 3,524
LIABILITIES (Unrealized Depreciation):
EQUITY CONTRACT
Contract for Difference Swap Agreement		—		(292)		—		(292)
TOTAL OTHER FINANCIAL INSTRUMENTS:		$ —		$ 3,232		$ —		$ 3,232

(a)	Please refer to the Schedule of Investments (“SOI”) for the industry classifications of these portfolio holdings.

*	Other financial instruments are derivatives reflected in the SOI, such as futures, forwards, and swaps, which are valued at the unrealized appreciation/depreciation of the instrument.

The Fund did not have transfers between Level 1 and Level 2 during the six months ended June 30, 2013. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

The Gabelli Global Utility & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

Additional Information to Evaluate Qualitative Information.

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 is 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 and preferred equities, warrants, options, rights, and 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. Among the factors to be considered to fair value a security are 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 include back testing 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 a number of derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Gabelli Global Utility & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

The Fund’s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

The Fund’s derivative contracts held at June 30, 2013, 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.

Unrealized gains related to swaps are reported as an asset and unrealized losses are reported as a liability in the Statement of Assets and Liabilities. The change in value of swaps, including the accrual of periodic amounts of interest to be received or paid on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon receipt or payment of a periodic payment or termination of swap agreements.

The Fund has entered into equity contract for difference swap agreements with The Goldman Sachs Group, Inc. Details of the swaps at June 30, 2013 are reflected within the Schedule of Investments and further details are as follows:

Notional Amount

Equity Security Received

Interest Rate/Equity Security Paid

Termination

Date

Net Unrealized
Appreciation/Depreciation

Market Value

One month LIBOR plus 90 bps plus

Appreciation on:

Market Value Depreciation on:

$9,339 (5,950,000 Shares)

Rolls-Royce Holdings plc, Cl. C

7/09/13

$ (292)

858,755 (50,000 Shares)

Rolls-Royce Holdings plc

6/27/14

3,524

$3,232

The Fund’s volume of activity in equity contract for difference swap agreements during the six months ended June 30, 2013 had an average monthly notional amount of approximately $813,054.

The Gabelli Global Utility & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

At June 30, 2013, the Fund’s derivative assets and liabilities (by type) are as follows:

Gross Amounts Not Offset in the

Statement of Assets and Liabilities

Gross Amounts of
Recognized Assets
Presented in the
Statement of Assets
and Liabilities

Gross Amounts
Available for Offset
in the Statement of
Assets and Liabilities

Financial

Instruments

Cash
Collateral
Received

Net Amount

Assets

Equity Contract for Difference Swap Agreement

$3,524

$(292)

—

$3,232

Gross Amounts Not Offset in the

Statement of Assets and Liabilities

Gross Amounts of
Recognized Liabilities
Presented in the
Statement of Assets
and Liabilities

Gross Amounts
Available for Offset
in the Statement of
Assets and Liabilities

Financial
Instruments

Cash
Collateral
Received

Net Amount

Liabilities

Equity Contract for Difference Swap Agreement

$292

$(292)

—

As of June 30, 2013, the value of equity contract for difference swap agreements can be found in the Statement of Assets and Liabilities under Assets, Unrealized appreciation on swap contracts and under Liabilities, Unrealized depreciation on swap contracts. For the six months ended June 30, 2013, the effect of equity contract for difference swap agreements can be found in the Statement of Operations under Net Realized and Unrealized Gain/(Loss) on Investments, Swap Contracts, and Foreign Currency, Net realized gain on swap contracts and Net change in unrealized depreciation on swap contracts.

Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. During the six months ended June 30, 2013, the Fund held no investments in forward foreign exchange contracts.

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

The Gabelli Global Utility & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

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. Due to the recent amendments to Rule 4.5 under the CEA, 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.

The Gabelli Global Utility & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2012 was as follows:


Distributions paid from:
Ordinary income (inclusive of short term gains)	$	1,787,789
Net long term capital gains		889,087
Return of capital		1,027,385

Total distributions paid	$	3,704,261

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

At December 31, 2012, the components of accumulated earnings/losses on a tax basis were as follows:


Net unrealized appreciation on investments, swap contracts, and foreign currency translations	$	11,501,908
Qualified late year loss deferral*	$	(152,914	)
Other temporary differences**		(13,172	)

Total	$	11,335,822

*	Under the current law, qualified late year losses realized after October 31 and prior to the Fund’s year end may be elected as occurring on the first day of the following year.

**	Other temporary differences were primarily due to mark-to-market adjustments on investments in swap contracts.

Under the Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward for an unlimited period capital losses incurred in years beginning after December 22, 2010. As a result of the rule, post-enactment capital losses that are carried forward will retain their character as either short term or long term capital losses rather than being considered all short term as under previous law.

The Gabelli Global Utility & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2013:


	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Investments	$129,572,521	$18,011,911	$(2,997,936)	$15,013,975

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2013, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2013, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. Tax years ended December 31, 2009 through December 31, 2012 remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Agreements and Transactions with Affiliates. The Fund has entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, currently equal on an annual basis to 0.50% (prior to May 28, 2012, the Advisory fee was 0.70%) of the value of the Fund’s average weekly total assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration of all aspects of the Fund’s business and affairs.

During the six months ended June 30, 2013, the Fund paid brokerage commissions on security trades of $17,689 to G.research, Inc. (formerly Gabelli & Company, Inc.), an affiliate of the Adviser.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended June 30, 2013, the Fund paid or accrued $22,500 to the Adviser in connection with the cost of computing the Fund’s NAV.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). For the six months ended June 30, 2013, the Fund paid or accrued $45,228 in payroll expenses in the Statement of Operations.

The Fund pays each Trustee who is not considered an affiliated person an annual retainer of $3,000 plus $1,000 for each Board meeting attended. Each Trustee is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended, the Audit Committee Chairman receives an annual fee of $3,000, the Nominating Committee Chairman receives an annual fee of $2,000, and the Lead Trustee receives an annual fee of $1,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

The Gabelli Global Utility & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2013, other than short term securities and U.S. Government obligations, aggregated $19,762,734 and $1,383,878, respectively.

5. Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The Board has authorized the repurchase of its shares on the open market when the shares are trading at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2013 and the year ended December 31, 2012, the Fund did not repurchase any common shares of beneficial interest in the open market.

Transactions in common shares of beneficial interest were as follows for the six months ended June 30, 2013 and the year ended December 31, 2012:


	Six Months Ended June 30, 2013 (Unaudited)				Year Ended December 31, 2012
	Shares		Amount		Shares	Amount
Net increase from common shares issued in offering		1,032,428		$19,099,918	15,759	$318,732
Net increase from common shares issued upon reinvestment of distributions		2,219		48,052	15,759	318,732
Net increase		1,034,647		$19,147,970	31,518	$637,464

A shelf registration authorizing the offering of $100 million of common shares, preferred shares, notes and subscription rights for common or preferred shares was declared effective by the SEC on December 21, 2012.

On May 16, 2013, the Fund distributed transferable rights for each of the 3,097,284 common shares outstanding on that date. Three rights were required to purchase one additional common share and one newly issued Series A Cumulative Puttable and Callable Preferred Share (“Series A Preferred”) at the combined subscription price of $68.50 (consisting of $18.50 for each common share plus $50.00 for each Series A Preferred share). On June 19, 2013, the Fund issued 1,032,428 common shares and 1,032,428 Series A Preferred, receiving $70,105,318, after the deduction of offering expenses and solicitation fees of $616,000. The NAV per share of the Fund was reduced by approximately $1.03 as a result of the issuance of common shares below NAV.

The liquidation value of Series A Preferred is $50 per share. The Series A Preferred has an initial annual dividend rate of 6.00% for the four dividend periods beginning in September 2013 ending on or prior to June 26, 2014, and 3.00% for the subsequent eight dividend periods ending on or prior to June 26, 2016. At that time, the Board will determine a fixed annual dividend rate that will apply for all subsequent dividend periods, which will be 200 basis points over the yield of the ten year U.S. Treasury Note, but in no case will the annual dividend rate be less than 3.00% or greater than 5.00%. The Fund will redeem all or any part of the Series A Preferred that holders have properly submitted for redemption during the thirty day period prior to each of June 26, 2015 and June 26, 2018 at the liquidation value plus any accumulated and unpaid dividends. The Series A Preferred is noncallable before June 19, 2018. At June 30, 2013, 1,032,428 Series A Preferred were outstanding and accrued dividends amounted to $103,243.

The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two

The Gabelli Global Utility & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

Trustees and under certain circumstances are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the Preferred Shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred Shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.

6. Industry Concentration. Because the Fund primarily invests in common stocks and other securities of foreign and domestic companies in the utility industry, its portfolio may be subject to greater risk and market fluctuations than a portfolio of securities representing a broad range of investments.

7. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

8. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. Under the terms of the settlement, the Adviser, without admitting or denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty). On the same day, the SEC filed a civil action in the U.S. District Court for the Southern District of New York against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer, who also is an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO complex, including this Fund, denies the allegations and is continuing in his positions with the Adviser and the funds. The settlement by the Adviser did not have, and the resolution of the action against the officer is not expected to have, a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

9. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

The Gabelli Global Utility & Income Trust

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

At its meeting on May 16, 2013, the Board of Trustees (“Board”) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not “interested persons” of the Fund (the “Independent Board Members”). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio manager.

Investment Performance. The Independent Board Members reviewed the performance of the Fund against a peer group of utility and infrastructure closed-end funds selected by Lipper. The Independent Board Members noted that the Fund’s performance was in the bottom quartile for the one and three year periods and was in the second quartile for the five year period. The Independent Board Members also reviewed performance of the Fund in relation to the Lipper closed-end core, growth, and equity funds. In the one and three year periods, the Fund’s performance was in the third quartile, and in the five year period, the Fund’s performance was in the second quartile.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such charge and found the profitability to be below normal. The Board also noted that a portion of the Fund’s portfolio transactions was executed by the Adviser’s affiliated broker, resulting in incremental profits to the broker.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale. The Independent Board Members noted that the Fund was a closed-end fund and unlikely to realize any economies of scale potentially available through growth in the absence of additional offerings and that the rights offering would not appear to produce economies of scale for the Adviser.

Sharing of Economies of Scale. The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment advisory fee, other expenses, and total expenses of the Fund with similar expense ratios of the same peer groups of and noted that the advisory fee includes substantially all administrative services of the Fund as well as investment advisory services of the Adviser. The Independent Board Members noted that the Fund’s total expense ratios were below average and the Fund’s size was below average within the group. The Independent Board Members were presented with, but did not consider material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusion. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and a reasonable performance record within its conservative stance. The Independent Board Members also concluded that the Fund’s expense ratios were reasonable in light of the Fund’s size, and that, in part due to the Fund’s structure as a closed-end fund, economies of scale

The Gabelli Global Utility & Income Trust

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

were not a significant factor in their thinking. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

AUTOMATIC DIVIDEND REINVESTMENT

AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

It is the policy of The Gabelli Global Utility & Income Trust to automatically reinvest dividends payable to common shareholders. As a “registered” shareholder, you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”). The Plan authorizes the Fund to credit shares of common stock to participants upon an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium to net asset value. All distributions to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their stock certificates to Computershare Trust Company, N.A. (“Computershare”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distribution in cash must submit this request in writing to:

The Gabelli Global Utility & Income Trust

c/o Computershare

P.O. Box 43010

Providence, RI 02940-3010

Shareholders requesting this cash election must include the shareholder’s name and address as they appear on the share certificate. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan may contact Computershare at (800) 336-6983.

If your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such institution, it may be necessary for you to have your shares taken out of “street name” and re-registered in your own name. Once registered in your own name, your dividends will be automatically reinvested. Certain brokers participate in the Plan. Shareholders holding shares in “street name” at participating institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.

The number of shares of common stock distributed to participants in the Plan in lieu of cash dividends is determined in the following manner. Under the Plan, whenever the market price of the Fund’s common stock is equal to or exceeds net asset value at the time shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital gains distribution, participants are issued shares of common stock valued at the greater of (i) the net asset value as most recently determined or (ii) 95% of the then current market price of the Fund’s common stock. The valuation date is the dividend or distribution payment date or, if that date is not a New York Stock Exchange (“NYSE”) trading day, the next trading day. If the net asset value of the common stock at the time of valuation exceeds the market price of the common stock, participants will receive shares from the Fund valued at market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, Computershare will buy common stock in the open market, or on the NYSE or elsewhere, for the participants’ accounts, except that Computershare will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net asset value if, following the commencement of such purchases, the market value of the common stock exceeds the then current net asset value.

The automatic reinvestment of dividends and capital gains distributions will not relieve participants of any income tax which may be payable on such distributions. A participant in the Plan will be treated for federal income tax purposes as having received, on a dividend payment date, a dividend or distribution in an amount equal to the cash the participant could have received instead of shares.

Voluntary Cash Purchase Plan

The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.

Participants in the Voluntary Cash Purchase Plan have the option of making additional cash payments to Computershare for investments in the Fund’s shares at the then current market price. Shareholders may send an amount from $250 to $10,000. Computershare will use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each shareholder who participates $0.75, plus a pro rata share of the brokerage commissions. Brokerage charges for such purchases are expected to be less than the usual brokerage charge for such transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box 43010, Providence, RI 02940–3010 such that Computershare receives such payments approximately 10 days before the 1st and 15th of the month. Funds not received at least five days before the investment date shall be held for investment until the next purchase date. A payment may be withdrawn without charge if notice is received by Computershare at least 48 hours before such payment is to be invested.

Shareholders wishing to liquidate shares held at Computershare must do so in writing or by telephone. Please submit your request to the above mentioned address or telephone number. Include in your request your name, address, and account number. The cost to liquidate shares is $2.50 per transaction as well as the brokerage commission incurred. Brokerage charges are expected to be less than the usual brokerage charge for such transactions.

For more information regarding the Dividend Reinvestment Plan and Voluntary Cash Purchase Plan, brochures are available by calling (914) 921-5070 or by writing directly to the Fund.

The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to the members of the Plan at least 90 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 90 days written notice to participants in the Plan.

THE GABELLI GLOBAL UTILITY & INCOME TRUST

AND YOUR PERSONAL PRIVACY

Who are we?

The Gabelli Global Utility & Income Trust is a closed-end management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients.

What kind of non-public information do we collect about you if you become a Fund shareholder?

When you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer agent in order, for example, to participate in our dividend reinvestment plan.

— Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

— Information about your transactions with us. This would include information about the shares that you buy or sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the Fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

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THE GABELLI GLOBAL UTILITY & INCOME TRUST

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Mario J. Gabelli, CFA, is Chairman and Chief Executive Officer of GAMCO Investors, Inc. that he founded in 1976 and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and an Honorary Doctorate Degree from Roger Williams University in Rhode Island.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. The financial statements and investment portfolio are mailed separately from the commentary. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

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

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

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

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may from time to time purchase its common shares in the open market when the Fund’s shares are trading at a discount of 10% or more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

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		Bruce N. Alpert
President,		President &
Anthony J. Colavita, P.C.		Acting Chief Compliance Officer
James P. Conn		Agnes Mullady
Former Managing Director &		Treasurer & Secretary
Chief Investment Officer,
Financial Security Assurance		David I. Schachter
Holdings Ltd.		Vice President
Mario d’Urso		Adam E. Tokar
Former Italian Senator		Vice President & Ombudsman
Vincent D. Enright Former Senior Vice President & Chief Financial Officer,		INVESTMENT ADVISER Gabelli Funds, LLC
		INVESTMENT ADVISER Gabelli Funds, LLC
		One Corporate Center
KeySpan Corp.		Rye, New York 10580-1422
Michael J. Melarkey Partner,		CUSTODIAN
Michael J. Melarkey Partner,
Avansino, Melarkey, Knobel,		State Street Bank and Trust
Mulligan & McKenzie		Company
Salvatore M. Salibello, CPA Partner, BDO Seidman, LLP		COUNSEL

		Skadden, Arps, Slate, Meagher &
		Flom LLP
Salvatore J. Zizza
Chairman, Zizza & Associates Corp.		TRANSFER AGENT AND
Chairman, Zizza & Associates Corp.		REGISTRAR
		Computershare Trust Company, N.A

GLU Q2/2013

LOGO

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

REGISTRANT PURCHASES OF EQUITY SECURITIES


Period	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)	(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Month #1 01/01/13 through 01/31/13	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,096,222 Preferred – N/A
Month #2 02/01/13 through 02/28/13	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,096,222 Preferred – N/A
Month #3 03/01/13 through 03/31/13	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,096,222 Preferred – N/A
Month #4 04/01/13 through 04/30/13	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,097,284 Preferred – N/A
Month #5 05/01/13 through 05/31/13	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,097,284 Preferred – N/A
Month #6 06/01/13 through 06/30/13	Common – N/A Preferred Series A – N/A	Common – N/A Preferred Series A – N/A	Common – N/A Preferred Series A – N/A	Common – 4,129,712 Preferred Series A – 1,032,428
Total	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	N/A

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:

a.	The date each plan or program was announced – The notice of the potential repurchase of common and preferred shares occurs quarterly in the Fund’s quarterly report in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.

b.	The dollar amount (or share or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 10% or more from the net asset value of the shares.

Any or all preferred shares outstanding may be repurchased when the Fund’s preferred shares are trading at a discount to the liquidation value of $50.00.

c.	The expiration date (if any) of each plan or program – The Fund’s repurchase plans are ongoing.

d.	Each plan or program that has expired during the period covered by the table – The Fund’s repurchase plans are ongoing.

e.	Each plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans are ongoing.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)

Not applicable.

(a)(2)

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

(a)(3)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		The Gabelli Global Utility & Income Trust


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


Date		9/6/13

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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


Date		9/6/13


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


Date		9/6/13

^* Print the name and title of each signing officer under his or her signature.