Edgar Filing: GABELLI GLOBAL UTILITY & INCOME TRUST

nvcsrs

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, 2009

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

Semi-Annual Report
June 30, 2009

To Our Shareholders,

The Gabelli Global Utility & Income Trust’s (the “Fund”) net asset value (“NAV”) total return declined 1.5% during the first half of 2009, compared with a decline of 1.7% for the Standard & Poor’s (“S&P”) 500 Utilities Index and an increase of 0.3% for the Lipper Utility Fund Average. The total return for the Fund’s publicly traded shares was 6.9% during the first half of the year. On June 30, 2009, the Fund’s NAV per share was $17.59, while the price of the publicly traded shares closed at $16.34 on the NYSE Amex.

Enclosed are the financial statements and the investment portfolio as of June 30, 2009.

Comparative Results

Average Annual Returns through June 30, 2009 (a)


																Since
				Year to												Inception
	Quarter			Date			1 Year			3 Year			5 Year			(05/28/04)
Gabelli Global Utility & Income Trust
NAV Total Return (b)		12.83	%		(1.45	)%		(18.46	)%		(0.69	)%		4.46	%		4.53	%
Investment Total Return (c)		24.51			6.94			(15.14	)		3.00			4.46			2.79
S&P 500 Index		15.92			3.19			(26.20	)		(8.22	)		(2.24	)		(1.83	)
S&P 500 Utilities Index		10.18			(1.71	)		(28.22	)		(1.18	)		7.12			7.31
Lipper Utility Fund Average		13.25			0.27			(30.78	)		(2.36	)		5.91			6.23


(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 Index is an unmanaged indicator of stock market performance. 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. 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 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 Amex and reinvestment of distributions. Since inception return is based on an initial offering price of $20.00.

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/funds.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments as of June 30, 2009:


Energy and Utilities: Integrated	46.3	%
Telecommunications	12.4	%
Cable and Satellite	6.5	%
Energy and Utilities: Electric Transmission and Distribution	5.7	%
U.S. Government Obligations	5.2	%
Energy and Utilities: Natural Gas Integrated	4.7	%
Energy and Utilities: Natural Gas Utilities	4.0	%
Energy and Utilities: Oil	3.8	%
Energy and Utilities: Water	3.5	%
Wireless Communications	2.0	%
Aerospace	1.0	%
Diversified Industrial	1.0	%
Environmental Services	0.7	%
Energy and Utilities: Alternative Energy	0.6	%
Independent Power Producers and Energy Traders	0.6	%
Entertainment	0.5	%
Real Estate	0.4	%
Energy and Utilities: Services	0.4	%
Metals and Mining	0.3	%
Transportation	0.2	%
Building and Construction	0.1	%
Business Services	0.1	%

	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended March 31, 2009. 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 1-800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30th, no later than August 31st 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 18, 2009 – Final Results

The Fund’s Annual Meeting of Shareholders was held on May 18, 2009 at the Greenwich Library in Greenwich, Connecticut. At that meeting, common shareholders elected James P. Conn and Salvatore M. Salibello as Trustees of the Fund. A total of 2,834,848 votes and 2,838,146 votes were cast in favor of each Trustee and a total of 80,198 votes and 76,901 votes were withheld for each Trustee, respectively.

Anthony J. Colavita, Mario d’Urso, Vincent D. Enright, Michael J. Melarkey, 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, 2009 (Unaudited)


					Market
Shares			Cost		Value
		COMMON STOCKS — 94.3%
		ENERGY AND UTILITIES — 71.3%
		Energy and Utilities: Alternative Energy — 0.6%
		U.S. Companies
	8,000	Ormat Technologies Inc.	$	261,346	$	322,480

		Energy and Utilities: Electric Transmission and Distribution — 5.7%
		Non U.S. Companies
	8,775	National Grid plc, ADR		401,681		396,893
	3,300	Red Electrica Corporacion SA		157,539		149,114
		U.S. Companies
	4,000	CH Energy Group Inc.		178,779		186,800
	2,000	Consolidated Edison Inc.		86,603		74,840
	5,000	Northeast Utilities		90,818		111,550
	48,000	NSTAR		1,140,134		1,541,280
	40,000	Pepco Holdings Inc.		757,783		537,600
	1,666	UIL Holdings Corp.		53,364		37,402

				2,866,701		3,035,479

		Energy and Utilities: Integrated — 46.3%
		Non U.S. Companies
	150,000	A2A SpA		276,010		273,347
	600	Areva SA		247,698		349,767
	9,000	Chubu Electric Power Co. Inc.		190,737		208,336
	152,000	Datang International Power Generation Co. Ltd., Cl. H		59,610		92,572
	2,700	E.ON AG		177,041		95,526
	9,000	E.ON AG, ADR		209,576		318,788
	10,000	Electric Power Development Co. Ltd.		252,321		284,424
	8,000	Endesa SA		205,461		191,462
	68,400	Enel SpA		434,924		332,966
	9,760	Energias de Portugal SA, ADR		262,599		381,518
	29,000	Enersis SA, ADR		172,658		535,630
	140,000	Hera SpA		297,864		340,362
	10,000	Hokkaido Electric Power Co. Inc.		171,210		187,575
	10,000	Hokuriku Electric Power Co.		165,392		228,889
	14,000	Huaneng Power International Inc., ADR		421,063		392,980
	75,000	Iberdrola SA		381,224		608,139
	13,000	Iberdrola SA, ADR		635,026		409,760
	3,000	International Power plc		25,732		11,747
	26,000	Korea Electric Power Corp., ADR†		294,247		299,000
	10,000	Kyushu Electric Power Co. Inc.		178,959		215,394
	4,500	Oesterreichische Elektrizitaetswirtschafts AG, Cl. A		209,779		229,031
	10,000	Shikoku Electric Power Co. Inc.		171,759		298,957
	10,000	The Chugoku Electric Power Co. Inc.		170,328		209,166
	16,000	The Kansai Electric Power Co. Inc.		284,747		353,766
	10,000	The Tokyo Electric Power Co. Inc.		220,693		257,435
	10,000	Tohoku Electric Power Co. Inc.		164,025		209,166
		U.S. Companies
	1,000	Allegheny Energy Inc.		25,689		25,650
	2,000	ALLETE Inc.		71,269		57,500
	20,000	Ameren Corp.		872,504		497,800
	31,000	American Electric Power Co. Inc.		975,067		895,590
	1,500	Avista Corp.		27,915		26,715
	6,000	Black Hills Corp.		181,668		137,940
	500	Cleco Corp.		9,790		11,210
	500	CMS Energy Corp.		4,875		6,040
	11,000	Dominion Resources Inc.		452,826		367,620
	60,000	DPL Inc.		1,627,242		1,390,200
	38,000	Duke Energy Corp.		535,087		554,420
	5,000	El Paso Electric Co.†		95,713		69,800
	10,000	Florida Public Utilities Co.		117,706		140,300
	14,000	FPL Group Inc.		654,896		796,040
	65,000	Great Plains Energy Inc.		1,676,659		1,010,750
	22,000	Hawaiian Electric Industries Inc.		541,164		419,320
	29,500	Integrys Energy Group Inc.		1,408,474		884,705
	7,000	Maine & Maritimes Corp.		208,049		243,250
	15,000	MGE Energy Inc.		487,338		503,250
	45,000	NiSource Inc.		908,189		524,700
	13,000	NorthWestern Corp.		390,834		295,880
	19,500	OGE Energy Corp.		481,892		552,240
	8,000	Otter Tail Corp.		222,389		174,720
	1,000	PG&E Corp.		33,930		38,440
	16,000	Pinnacle West Capital Corp.		650,094		482,400
	4,200	PPL Corp.		117,280		138,432
	31,000	Progress Energy Inc.		1,324,875		1,172,730
	32,000	Public Service Enterprise Group Inc.		1,065,920		1,044,160
	18,000	SCANA Corp.		646,320		584,460
	1,000	TECO Energy Inc.		15,970		11,930
	30,000	The AES Corp.†		272,995		348,300

See accompanying notes to financial statements.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2009 (Unaudited)


					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Energy and Utilities: Integrated (Continued)
		U.S. Companies (Continued)
	1,500	The Empire District Electric Co.	$	32,322	$	24,780
	45,000	The Southern Co.		1,322,848		1,402,200
	15,000	Unisource Energy Corp.		369,330		398,100
	17,000	Vectren Corp.		408,701		398,310
	41,000	Westar Energy Inc.		860,569		769,570
	5,000	Wisconsin Energy Corp.		171,276		203,550
	45,000	Xcel Energy Inc.		761,340		828,450

				26,311,688		24,747,155

		Energy and Utilities: Natural Gas Integrated — 4.7%
		Non U.S. Companies
	80,000	Snam Rete Gas SpA		288,733		350,995
		U.S. Companies
	50,000	El Paso Corp.		428,725		461,500
	1,000	Energen Corp.		30,935		39,900
	18,000	National Fuel Gas Co.		488,706		649,440
	2,000	ONEOK Inc.		51,437		58,980
	24,000	Southern Union Co.		486,282		441,360
	30,000	Spectra Energy Corp.		634,201		507,600

				2,409,019		2,509,775

		Energy and Utilities: Natural Gas Utilities — 4.0%
		Non U.S. Companies
	1,500	Enagas		37,053		29,492
	1,890	GDF Suez		62,915		70,368
	11,454	GDF Suez, ADR (a)		362,710		428,952
	6,867	GDF Suez, Strips		0		10
		U.S. Companies
	16,000	Atmos Energy Corp.		394,047		400,640
	20,000	Nicor Inc.		667,385		692,400
	5,000	Piedmont Natural Gas Co. Inc.		116,790		120,550
	10,000	Southwest Gas Corp.		250,760		222,100
	5,000	The Laclede Group Inc.		159,165		165,650

				2,050,825		2,130,162

		Energy and Utilities: Oil — 3.8%
		Non U.S. Companies
	1,000	Niko Resources Ltd.		48,277		68,779
	4,400	PetroChina Co. Ltd., ADR		382,584		486,112
	13,500	Petroleo Brasileiro SA, ADR		450,058		553,230
	9,000	Royal Dutch Shell plc, Cl. A, ADR		460,931		451,710
		U.S. Companies
	3,000	Chevron Corp.		182,580		198,750
	2,000	ConocoPhillips		74,050		84,120
	2,000	Devon Energy Corp.		67,255		109,000
	1,000	Exxon Mobil Corp.		45,500		69,910

				1,711,235		2,021,611

		Energy and Utilities: Services — 0.4%
		Non U.S. Companies
	10,000	ABB Ltd., ADR		123,092		157,800
		U.S. Companies
	2,500	Halliburton Co.		60,195		51,750

				183,287		209,550

		Energy and Utilities: Water — 3.5%
		Non U.S. Companies
	1,500	Consolidated Water Co. Ltd.		25,565		23,775
	49,000	Severn Trent plc		860,939		881,924
	37,090	United Utilities Group plc		366,828		303,271
		U.S. Companies
	8,666	Aqua America Inc.		129,735		155,121
	2,700	California Water Service Group		76,295		99,468
	4,000	Middlesex Water Co.		75,033		57,800
	17,000	SJW Corp.		277,304		385,900

				1,811,699		1,907,259

		Diversified Industrial — 1.0%
		Non U.S. Companies
	13,000	Bouygues SA		434,634		488,756
		U.S. Companies
	2,000	Woodward Governor Co.		28,135		39,600

				462,769		528,356

		Environmental Services — 0.7%
		Non U.S. Companies
	500	Suez Environnement SA		0		8,729
	12,000	Veolia Environnement		367,020		353,352

				367,020		362,081

		Independent Power Producers and Energy Traders — 0.6%
		U.S. Companies
	12,000	NRG Energy Inc.†		289,986		311,520

		TOTAL ENERGY AND UTILITIES		38,725,575		38,085,428

		COMMUNICATIONS — 20.7%
		Cable and Satellite — 6.5%
		Non U.S. Companies
	10,000	Cogeco Inc.		195,069		183,209
	2,500	Rogers Communications Inc., Cl. B		25,532		64,375

See accompanying notes to financial statements.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2009 (Unaudited)


Shares/					Market
Units			Cost		Value
		COMMON STOCKS (Continued)
		COMMUNICATIONS (Continued)
		Cable and Satellite (Continued)
		Non U.S. Companies (Continued)
	5,400	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA	$	53,052	$	28,734
		U.S. Companies
	25,000	Cablevision Systems Corp., Cl. A		580,792		485,250
	32,000	DISH Network Corp., Cl. A†		626,974		518,720
	3,600	EchoStar Corp., Cl. A†		103,356		57,384
	4,580	Liberty Global Inc., Cl. A†		86,290		72,776
	4,000	Liberty Global Inc., Cl. C†		72,761		63,240
	80,000	The DIRECTV Group Inc.†		1,797,110		1,976,800

				3,540,936		3,450,488

		Telecommunications — 12.3%
		Non U.S. Companies
	26,000	BCE Inc.		534,078		537,160
	4,000	Belgacom SA		127,825		127,576
	2,102	Bell Aliant Regional Communications Income Fund (a)(b)		51,669		47,619
	27,000	BT Group plc, ADR		902,408		453,600
	38,000	Deutsche Telekom AG, ADR		632,643		448,400
	6,000	France Telecom SA, ADR		149,213		136,860
	6,000	Manitoba Telecom Services Inc.		189,058		175,747
	3,500	Orascom Telecom Holding SAE, GDR†		78,883		93,100
	25,000	Portugal Telecom SGPS SA		299,870		244,483
	15,000	Royal KPN NV, ADR		114,993		207,750
	1,500	Swisscom AG		478,884		460,402
	10,000	Telecom Italia SpA		32,599		13,818
	16,000	Telefonica SA, ADR		658,948		1,086,240
	14,000	Telefonos de Mexico SAB de CV, Cl. L, ADR		126,939		226,940
	13,000	Telekom Austria AG		196,030		203,162
	13,000	Telmex Internacional SAB de CV, ADR		82,025		164,450
		U.S. Companies
	31,000	AT&T Inc.		897,648		770,040
	30,000	Sprint Nextel Corp.†		63,201		144,300
	10,000	Telephone & Data Systems Inc.		342,725		283,000
	25,000	Verizon Communications Inc.		908,836		768,250

				6,868,475		6,592,897

		Wireless Communications — 1.9%
		Non U.S. Companies
	2,000	America Movil SAB de CV, Cl. L, ADR		95,286		77,440
	10,000	Millicom International Cellular SA†		617,288		562,600
	1,600	Mobile TeleSystems OJSC, ADR		54,874		59,088
	4,000	Turkcell Iletisim Hizmetleri A/S, ADR		54,521		55,440
	12,000	Vimpel-Communications, ADR†		78,900		141,240
	5,000	Vodafone Group plc, ADR		138,000		97,450

				1,038,869		993,258

		TOTAL COMMUNICATIONS		11,448,280		11,036,643

		OTHER — 2.3%
		Aerospace — 1.0%
		Non U.S. Companies — 1.0%
	90,000	Rolls-Royce Group plc†		628,651		535,265
	7,722,000	Rolls-Royce Group plc, Cl. C†		11,225		12,704

				639,876		547,969

		Building and Construction — 0.1%
		Non U.S. Companies
	400	Acciona SA		42,173		49,156

		Business Services — 0.1%
		Non U.S. Companies
	4,000	Sistema JSFC, GDR† (b)		100,137		48,280

		Entertainment — 0.5%
		Non U.S. Companies
	11,000	Vivendi		335,067		262,875

		Metals and Mining — 0.3%
		Non U.S. Companies
	6,400	Compania de Minas Buenaventura SA, ADR		66,939		153,792

		Real Estate — 0.2%
		Non U.S. Companies
	6,000	Brookfield Asset Management Inc., Cl. A		149,494		102,420

		Transportation — 0.1%
		U.S. Companies
	3,500	GATX Corp.		91,876		90,020

		TOTAL OTHER		1,425,562		1,254,512

		TOTAL COMMON STOCKS		51,599,417		50,376,583

See accompanying notes to financial statements.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2009 (Unaudited)


					Market
Shares			Cost		Value
		CONVERTIBLE PREFERRED STOCKS — 0.2%
		COMMUNICATIONS — 0.1%
		Telecommunications — 0.1%
		U.S. Companies
	2,000	Cincinnati Bell Inc., 6.750% Cv. Pfd., Ser. B	$	64,126	$	58,000

		OTHER — 0.1%
		Transportation — 0.1%
		U.S. Companies
	200	GATX Corp., $2.50 Cv. Pfd.		26,010		39,123

		TOTAL CONVERTIBLE PREFERRED STOCKS		90,136		97,123


		WARRANTS — 0.1%
		COMMUNICATIONS — 0.1%
		Wireless Communications — 0.1%
		Non U.S. Companies
	2,000	Bharti Airtel Ltd., expire 09/19/13† (b)		26,369		33,489


Principal
Amount
		CONVERTIBLE CORPORATE BONDS — 0.2%
		OTHER — 0.2%
		Real Estate — 0.2%
		U.S. Companies
$	350,000	Palm Harbor Homes Inc., Cv., 3.250%, 05/15/24		326,667		122,500

		U.S. GOVERNMENT OBLIGATIONS — 5.2%
	2,765,000	U.S. Treasury Bills, 0.132% to 0.183%††, 07/30/09 to 09/17/09		2,764,418		2,764,406

TOTAL INVESTMENTS — 100.0%			$	54,807,007		53,394,101


Other Assets and Liabilities (Net)						251,321


NET ASSETS — COMMON SHARES
(3,050,236 common shares outstanding)					$	53,645,422


NET ASSET VALUE PER COMMON SHARE
($53,645,422 ÷ 3,050,236 shares outstanding)					$	17.59


(a)		Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At June 30, 2009, the market value of fair valued securities amounted to $476,571 or 0.89% of total investments.

(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, 2009, the market value of Rule 144A securities amounted to $129,388 or 0.24% of total investments.

†		Non-income producing security.

††		Represents annualized yield at date of purchase.

ADR		American Depositary Receipt

GDR		Global Depositary Receipt


	% of
	Market			Market
Geographic Diversification	Value			Value
North America		65.5	%		$34,959,581
Europe		24.1			12,882,393
Japan		4.6			2,453,106
Latin America		3.2			1,735,257
Asia/Pacific		2.4			1,270,664
Africa/Middle East		0.2			93,100

Total Investments		100.0	%		$53,394,101

See accompanying notes to financial statements.

THE GABELLI GLOBAL UTILITY & INCOME TRUST

STATEMENT OF ASSETS AND LIABILITIES
June 30, 2009 (Unaudited)


Assets:
Investments, at value (cost $54,807,007)	$	53,394,101
Foreign currency, at value (cost $20,543)		20,996
Cash		27,311
Receivable for investments sold		565,352
Dividends and interest receivable		218,966
Unrealized appreciation on swap contracts		14,563
Deferred offering expense		109,678
Prepaid expense		1,534

Total Assets		54,352,501

Liabilities:
Payable for investments purchased		585,627
Payable for investment advisory fees		39,588
Payable for payroll expenses		21,849
Payable for accounting fees		3,750
Other accrued expenses		56,265

Total Liabilities		707,079

Net Assets applicable to 3,050,236 shares outstanding	$	53,645,422

Net Assets Consist of:
Paid-in capital, at $0.001 par value	$	55,705,468
Accumulated net investment income		64,742
Accumulated net realized loss on investments and foreign currency transactions		(728,593	)
Net unrealized depreciation on investments		(1,412,906	)
Net unrealized appreciation on swap contracts		14,563
Net unrealized appreciation on foreign currency translations		2,148

Net Assets	$	53,645,422

Net Asset Value Per Common Share:
($53,645,422 ÷ 3,050,236 shares outstanding; unlimited number of shares authorized)	$	17.59

STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2009 (Unaudited)


Investment Income:
Dividends (net of foreign taxes of $63,787)	$	1,229,457
Interest		15,507

Total Investment Income		1,244,964

Expenses:
Investment advisory fees		250,569
Payroll expenses		37,650
Shareholder communications expenses		30,633
Trustees’ fees		29,601
Legal and audit fees		27,611
Custodian fees		16,617
Accounting fees		15,000
Shareholder services fees		6,193
Interest expense		61
Miscellaneous expenses		14,267

Total Expenses		428,202

Net Investment Income		816,762

Net Realized and Unrealized Gain/(Loss) on Investments, Swap Contracts, and Foreign Currency:
Net realized loss on investments		(322,759	)
Net realized gain on swap contracts		73,285
Net realized loss on foreign currency transactions		(282	)

Net realized loss on investments, swap contracts, and foreign currency transactions		(249,756	)

Net change in unrealized appreciation/depreciation:
on investments		(1,508,201	)
on swap contracts		(7,025	)
on foreign currency translations		2,241

Net change in unrealized appreciation/depreciation on investments, swap contracts, and foreign currency translations		(1,512,985	)

Net Realized and Unrealized Gain/(Loss) on Investments, Swap Contracts, and Foreign Currency		(1,762,741	)

Net Decrease in Net Assets Resulting from Operations	$	(945,979	)

See accompanying notes to financial statements.

THE GABELLI GLOBAL UTILITY & INCOME TRUST

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	816,762		$	1,433,176
Net realized gain/(loss) on investments, swap contracts, and foreign currency transactions		(249,756	)		720,643
Net change in unrealized appreciation/depreciation on investments, swap contracts, and foreign currency translations		(1,512,985	)		(19,852,318	)

Net Decrease in Net Assets Resulting from Operations		(945,979	)		(17,698,499	)

Distributions to Common Shareholders:
Net investment income		(713,755)	*		(1,677,946	)
Net realized short-term gain		—			(240,202	)
Net realized long-term gain		—			(1,222,057	)
Return of capital		(1,116,386)	*		(520,078	)

Total Distributions to Common Shareholders		(1,830,141	)		(3,660,283	)

Fund Share Transactions:
Contribution from Adviser		—			1,974

Net Decrease in Net Assets		(2,776,120	)		(21,356,808	)
Net Assets:
Beginning of period		56,421,542			77,778,350

End of period (including undistributed net investment income of $64,742 and $0, respectively)	$	53,645,422		$	56,421,542


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

See accompanying notes to financial statements.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
FINANCIAL HIGHLIGHTS


	Six Months Ended
Selected data for a common share of beneficial	June 30, 2009			Year Ended December 31,												Period Ended
interest outstanding throughout each period:	(Unaudited)			2008			2007			2006			2005			December 31, 2004 (d)
Operating Performance:
Net asset value, beginning of period	$	18.50		$	25.50		$	24.52		$	20.45		$	21.03		$	19.06	(e)

Net investment income		0.27			0.47			0.45			0.64			0.64			0.28
Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions		(0.58	)		(6.27	)		2.06			4.63			0.23			2.29

Total from investment operations		(0.31	)		(5.80	)		2.51			5.27			0.87			2.57

Distributions to Common Shareholders:
Net investment income		(0.23	)(b)		(0.55	)		(0.30	)		(0.65	)		(0.63	)		(0.28	)
Net realized gain		—			(0.48	)		(1.23	)		(0.55	)		(0.82	)		(0.06	)
Return of capital		(0.37	)(b)		(0.17	)		—			—			—			(0.26	)

Total distributions to common shareholders		(0.60	)		(1.20	)		(1.53	)		(1.20	)		(1.45	)		(0.60	)

Capital Share Transactions:
Contribution from Adviser		—			0.00	*		—			—			—			—

Total capital share transactions		—			0.00	*		—			—			—			—

Net Asset Value, End of Period	$	17.59		$	18.50		$	25.50		$	24.52		$	20.45		$	21.03

NAV total return †		(1.45	)%		(23.30	)%		10.46	%		26.66	%		4.2	%		13.9	%(f)

Market value, end of period	$	16.34		$	15.90		$	23.05		$	22.17		$	17.76		$	19.63

Total investment return ††		6.94	%		(26.43	)%		11.29	%		32.83	%		(2.3	)%		1.3	%(g)

Ratios to Average Net Assets and Supplemental Data:
Net assets, end of period (in 000’s)	$	53,645		$	56,422		$	77,778	**	$	74,807		$	62,381		$	64,160
Ratio of net investment income to average net assets		3.22	%(c)		2.15	%		1.82	%		2.92	%		2.99	%		2.23	%(c)
Ratio of operating expenses to average net assets (a)		1.69	%(c)		1.54	%		1.55	%		1.66	%		1.56	%		1.49	%(c)
Portfolio turnover rate †††		6.7	%		24.3	%		16.7	%		21.8	%		21.0	%		16.9	%


†		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.

†††		Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the years ended December 31, 2007, 2006, and 2005, would have been 35.0%, 22.2%, and 37.8%, respectively. The portfolio turnover rate for the period ended December 31, 2004 would have been as shown.

*		Amount represents less than $0.005 per share.

**		Revised to correct a typographical error.

(a)		For the years ended December 31, 2008, 2007, 2006, and 2005, the effect of the custodian fee credits was minimal.

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

(c)		Annualized.

(d)		The Gabelli Global Utility & Income Trust commenced investment operations on May 28, 2004.

(e)		The beginning of period NAV reflects a $0.04 reduction for costs associated with the initial public offering.

(f)		Based on net asset value per share at commencement of operations of $19.06 per share.

(g)		Based on market value per share at initial public offering of $20.00 per share.

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 preparation of financial statements in accordance with United States (“U.S.”) generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

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 ADR 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.

Statement of Financial Accounting Standard No. 157, “Fair Value Measurements” (“SFAS 157”) clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under SFAS 157 are described below:

•

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

THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

	•		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).

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 and other financial instruments by inputs used to value the Fund’s investments as of June 30, 2009 is as follows:


	Valuation Inputs
	Level 1 -		Level 2 -		Total
	Quoted		Other Significant		Market Value
	Prices		Observable Inputs		at 6/30/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
COMMUNICATIONS
Telecommunications
Non U.S. Companies	$	4,579,688	$	47,619	$	4,627,307
OTHER
Aerospace
Non U.S. Companies		535,265		12,704		547,969
Other Industries(a)		45,201,307		—		45,201,307

Total Common Stocks		50,316,260		60,323		50,376,583
Convertible Preferred Stocks(a)		97,123		—		97,123
Warrants(a)		—		33,489		33,489
Convertible Corporate Bonds		—		122,500		122,500
U.S. Government Obligations		—		2,764,406		2,764,406

TOTAL INVESTMENTS IN SECURITIES	$	50,413,383	$	2,980,718	$	53,394,101

OTHER FINANCIAL INSTRUMENTS:
ASSETS (Unrealized Appreciation): *
Contract for Difference Swap Agreements	$	—	$	14,563	$	14,563


(a)		Security and industry classifications for these categories are detailed in the Schedule of Investments.

*		Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, and swaps which are valued at the unrealized appreciation/depreciation of the investment.

There were no Level 3 investments held at December 31, 2008 or June 30, 2009.

Derivative Financial Instruments.

The Fund may invest in various derivative financial instruments and engage in various portfolio investment strategies for the purpose 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. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform its duties under the contract. Investing in certain derivative financial instruments entails certain execution, market, liquidity, hedging, and tax risks. Participation in the options or futures markets and in currency exchange transactions involves investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies. If the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

The Fund is subject to equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives by investing in various derivative financial instruments, as described below.

Swap Agreements. The Fund may enter into equity and 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 a swap, a set of future cash flows are 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. There is no assurance that the swap contract counterparties will be able to meet their obligations pursuant to the swap contracts, or that, in the event of default, the Fund will succeed in pursuing contractual remedies. The Fund thus assumes the risk that it may be delayed in or prevented from obtaining payments owed to it pursuant to the swap contracts. The creditworthiness of the swap contract counterparties is closely monitored in order to minimize the risk. Depending on the general state of short-term interest rates and the returns of the Fund’s portfolio securities at that point in time, such a default could negatively affect the Fund’s ability to make dividend payments. In addition, at the time an equity 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. If this occurs, it could have a negative impact on the Fund’s ability to make dividend payments.

The use of derivative instruments involves, to varying degrees, elements of market and counterparty risk in excess of the amount recognized below.

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 paid or received on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt 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, 2009 are as follows:

Notional

Equity Security

Interest Rate/

Termination

Net Unrealized

Amount

Received

Equity Security Paid

Date

Appreciation

Market Value
Appreciation on:

Overnight LIBOR plus 90 bps plus
Market Value Depreciation on:

$282,705 (50,000 Shares)

Rolls-Royce Group plc

6/25/10

14,528

7,020 (4,290,000 Shares)

Rolls-Royce Group plc, Cl. C

7/02/09

14,563

Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, which are included in unrealized appreciation/depreciation on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. At June 30, 2009, there were no open futures 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 investments and 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. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. At June 30, 2009, there were no open forward foreign exchange contracts.

Repurchase Agreements. The Fund may enter into repurchase agreements with primary government securities dealers recognized by the Federal Reserve Board, with member banks of the Federal Reserve System, or with other brokers or dealers that meet credit guidelines established by the Adviser and reviewed by the Board. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. It is the policy of the Fund to always receive and maintain securities as collateral whose market value, including accrued interest, is at least equal to 102% of the dollar amount invested by the Fund in each agreement. The Fund will make payment for such securities only upon physical delivery or upon evidence of book entry transfer of the collateral to the account of the custodian. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to maintain the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. At June 30, 2009, there were no open repurchase agreements.

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The Fund did not hold any short positions as of June 30, 2009.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

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 the 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 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 ability 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 those of 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.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or 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 which are recorded as soon as the Fund is informed of the dividend.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee of 2.00% above the federal funds rate on outstanding balances. This amount, if any, would be included in “interest expense” in the Statement of Operations.

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 U.S. generally accepted accounting principles. 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 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 GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

The tax character of distributions paid during the year ended December 31, 2008 was as follows:


Distributions paid from:
Ordinary income (inclusive of net short-term capital gains)	$	1,918,148
Net long-term capital gains		1,222,057
Return of capital		520,078

Total distributions paid	$	3,660,283

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.

Under the current tax law, capital losses related to securities and foreign currency realized after October 31 and prior to the Fund’s fiscal year end may be treated as occurring on the first day of the following year. For the year ended December 31, 2008, the Fund deferred capital losses of $431,743.

As of December 31, 2008, the components of accumulated earnings/losses on a tax basis were as follows:


Net unrealized appreciation on investments	$	31,788
Net unrealized depreciation on swap contracts and foreign currency translations		(93	)
Post-October capital loss deferral		(431,743	)
Other temporary differences*		(264	)

Total	$	(400,312	)


*		Other temporary differences are primarily due to swap accrual adjustments and basis adjustments from investments in hybrid securities and conversion premiums.

The following summarizes the tax cost of investments, swap contracts, and the related unrealized appreciation/depreciation at June 30, 2009:


			Gross		Gross			Net Unrealized
			Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			Depreciation
Investments	$	55,080,545	$	4,834,804	$	(6,521,248	)	$	(1,686,444	)
Swap contracts		—		14,563		—			14,563

	$	55,080,545	$	4,849,367	$	(6,521,248	)	$	(1,671,881	)

Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

3. Agreements and Transactions with Affiliates. The Fund has 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, equal on an annual basis to 0.90% (prior to May 28, 2009, the Advisory fees was 1.00%) 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, 2009, the Fund paid brokerage commissions on security trades of $7,246 to Gabelli & Company, Inc. (“Gabelli & Company”), 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, 2009, the Fund paid or accrued $15,000 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) and pays its allocated portion of the cost of the Fund’s Chief Compliance Officer. For the six months ended June 30, 2009 the Fund paid or accrued $37,650, which is included in payroll expenses in the Statement of Operations.

The Fund pays each Trustee who is not considered to be an affiliated person an annual retainer of $3,000 plus $1,000 for each Board meeting attended and 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. In addition, 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.

4. Portfolio Securities. Purchases and sales of securities for the six months ended June 30, 2009, other than short-term securities and U.S. Government obligations, aggregated $3,906,120 and $2,067,940, respectively.

Sales of U.S. Government obligations for the six months ended June 30, 2009, other than short-term obligations, aggregated $1,150,000.

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, 2009, the Fund did not have any transactions in shares of beneficial interest.

A shelf registration authorizing the offering of preferred shares was declared effective by the SEC on March 19, 2008.

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.

THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

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 and expects the risk of loss to be remote.

8. Other Matters. On April 24, 2008, the Adviser entered into an administrative settlement with the SEC to resolve the SEC’s inquiry regarding prior frequent trading activity 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. In the settlement, the SEC found that the Adviser had violated Section 206(2) of the Investment Advisers Act, Section 17(d) of the 1940 Act, and Rule 17d-1 thereunder, and had aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SEC’s findings and allegations, agreed, among other things, to pay the previously reserved total of $16 million (including a $5 million penalty), of which at least $11 million will be distributed to shareholders of the Global Growth Fund in accordance with a plan being developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and the staff of the SEC, and to cease and desist from future violations of the above referenced federal securities laws. The settlement will not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day, the SEC filed a civil action 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 is also an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO fund complex including the Fund. The officer denies the allegations and is continuing in his positions with the Adviser and the funds. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

9. Subsequent Events. Management has evaluated the impact of all subsequent events on the Fund through August 26, 2009, 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 20, 2009, 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 since inception against a peer group of equity closed-end funds. The Independent Board Members noted that the Fund’s performance was in the top quartile of the funds in its peer group for the prior one and three year periods since inception.

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 portions of the Fund’s portfolio transactions were 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.

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 peer group of equity closed-end funds 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 expense ratios were above average and the Fund’s size was below average within the group. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions. 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 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.

Trustees

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

James P. Conn

Former Managing Director &

Chief Investment Officer,

Financial Security Assurance Holdings Ltd.

Mario d’Urso

Former Italian Senator

Vincent D. Enright

Former Senior Vice President &

Chief Financial Officer,

KeySpan Corp.

Michael J. Melarkey

Attorney-at-Law,

Avansino, Melarkey, Knobel & Mulligan

Salvatore M. Salibello

Certified Public Accountant,

Salibello & Broder LLP

Salvatore J. Zizza

Chairman, Zizza & Co., Ltd.

Officers

Bruce N. Alpert

President

Peter D. Goldstein

Chief Compliance Officer

Agnes Mullady

Treasurer & Secretary

David I. Schachter

Vice President & Ombudsman

Investment Adviser

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

Custodian

State Street Bank and Trust Company

Counsel

Skadden, Arps, Slate, Meagher & Flom, LLP

Transfer Agent and Registrar

Computershare Trust Company, N.A.

Stock Exchange Listing


	Common
NYSE Amex–Symbol:	GLU
Shares Outstanding:		3,050,236

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.

For general information about the Gabelli Funds, call 800-GABELLI (800-422-3554), fax us at 914-921-5118, visit Gabelli Funds’ Internet homepage at: www.gabelli.com, or e-mail us at: closedend@gabelli.com

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.

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



			(c) Total Number of	(d) Maximum Number (or
			Shares (or Units)	Approximate Dollar Value)of
	(a) Total Number of		Purchased as Part of	Shares (or Units) that May
	Shares (or Units)	(b) Average Price Paid	Publicly Announced	Yet Be Purchased Under the
Period	Purchased	per Share (or Unit)	Plans or Programs	Plans or Programs
Month #1 01/01/09 through 01/31/09	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,050,236 Preferred – N/A

Month #2 02/01/09 through 02/28/09	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,050,236 Preferred – N/A

Month #3 03/01/09 through 03/31/09	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,050,236 Preferred – N/A

Month #4 04/01/09 through 04/30/09	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,050,236 Preferred – N/A

Month #5 05/01/09 through 05/31/09	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,050,236 Preferred – N/A

Month #6 06/01/09 through 06/30/09	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – N/A Preferred – N/A	Common – 3,050,236 Preferred – N/A

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 $25.00.

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 9/1/09

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 9/1/09


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

Date 9/1/09


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