GABELLI GLOBAL UTILITY & INCOME TRUST

N-CSRS 1 d553994dncsrs.htm 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)

Registrants 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 & Poors (S&P) 500 Utilities Index. The total return for the Funds publicly traded shares was (2.4)%. The Funds 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 Funds Form N-Q is available on the SECs website at www.sec.gov and may also be reviewed and copied at the SECs 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 Funds 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 SECs website at www.sec.gov.

Shareholder Meeting May 13, 2013 Final Results

The Funds Annual Meeting of Shareholders was held on May 13, 2013 at the Greenwich Library in Greenwich, Connecticut. At that meeting, common shareholders elected Mario dUrso, 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			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

| Other Assets and Liabilities
(Net) | Market Value — (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 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
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		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


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, — 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:


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 000s)	$136,466
Net assets attributable to common shares, end of period (in 000s)	$ 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 000s)	$ 51,621
Total shares outstanding (in 000s)	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 Funds 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.

(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 Funds 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 Funds 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 markets 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 Funds 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 Funds determinations as to the fair value of investments).

A financial instruments 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 Funds investments in securities and other financial instruments by inputs used to value the Funds investments as of June 30, 2013 is as follows:

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 Funds 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 Advisers 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 Funds 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 Funds 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 Funds 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 Funds 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
	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	Rolls-Royce Holdings plc, Cl. C	7/09/13	$ (292)
858,755 (50,000 Shares)	Rolls-Royce Holdings plc	Rolls-Royce Holdings plc	6/27/14	3,524
				$3,232

The Funds 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 Funds derivative assets and liabilities (by type) are as follows:

| | Gross Amounts of Recognized Assets Presented in the Statement of Assets and
Liabilities | Gross Amounts Not Offset 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 Funds 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 Funds 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 Funds existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Funds liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the Funds commodity interest transactions would not exceed 100% of the market value of the Funds 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 Funds 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	$
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 Funds 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 Funds 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 Funds 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 Funds 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 Funds average weekly total assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Funds portfolio and oversees the administration of all aspects of the Funds 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 Funds 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 Funds 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:

Shares	Amount		Year Ended December 31, 2012 — 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 Funds 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 Funds outstanding voting securities are required to approve certain other actions, including changes in the Funds 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 Funds 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 Funds 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 SECs 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 Funds 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 Funds performance was in the third quartile, and in the five year period, the Funds 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 Funds portfolio transactions was executed by the Advisers affiliated broker, resulting in incremental profits to the broker.

Economies of Scale. The Independent Board Members discussed the major elements of the Advisers 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 Funds total expense ratios were below average and the Funds 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 Funds expense ratios were reasonable in light of the Funds size, and that, in part due to the Funds 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 Funds 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 shareholders 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 Funds 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 Funds 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 Funds 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 029403010 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.

This page was intentionally left blank.

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 managers 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 managers 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 Mondays The Wall Street Journal. It is also listed in Barrons 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 Funds 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	[email protected]
	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 dUrso	Adam E. Tokar
Former Italian Senator	Vice President & Ombudsman
Vincent D. Enright Former Senior
Vice President & Chief Financial Officer,	INVESTMENT ADVISER Gabelli Funds, LLC
	One Corporate Center
KeySpan Corp.	Rye, New York 10580-1422
Michael J. Melarkey Partner,	CUSTODIAN
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
	REGISTRAR
	Computershare Trust Company, N.A

GLU Q2/2013

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 registrants 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 Funds 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 Funds 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 Funds 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 Funds repurchase plans are ongoing.

d. Each plan or program that has expired during the period covered by the table The Funds 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 Funds 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 registrants 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 registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants 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 registrants second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants 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)*
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)*
Bruce N. Alpert, Principal Executive Officer

Date 9/6/13

By (Signature and Title)*
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.

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