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)

John C. Ball

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, 2024

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 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

The Gabelli Global Utility & Income Trust

Semiannual Report — June 30, 2024

(Y)our Portfolio Management Team


Mario J. Gabelli, CFA	Timothy M. Winter, CFA	Hendi Susanto
Chief Investment Officer	Portfolio Manager	Portfolio Manager
	BA, Rollins College	BS, University of Minnesota MS,
	MBA, University of	Massachusetts Institute of Technology
	Notre Dame	MBA, Wharton School, University of
		Pennsylvania

To Our Shareholders,

For the six months ended June 30, 2024, the net asset value (NAV) total return of The Gabelli Global Utility & Income Trust (the Fund) was 3.3%, compared with a total return of 9.4% for the Standard & Poor’s (S&P) 500 Utilities Index. The total return for the Fund’s publicly traded shares was 9.8%. The Fund’s NAV per share was $14.74, while the price of the publicly traded shares closed at $13.86 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2024.

Investment Objective and Strategy (Unaudited)

The Gabelli Global Utility & Income Trust is a diversified, closed-end management investment company. The Fund’s investment objective is to seek a consistent level of after-tax total return for its investors with an emphasis on tax advantaged dividend income under current tax law. Under normal market conditions, the Fund invests at least 80% of its assets in equity securities and income producing securities of domestic and foreign companies involved in the utilities industry and other industries that are expected to pay periodic dividends.

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

Performance Discussion (Unaudited)

In the first half of 2024, the S&P Utilities Index (SPU) returned 9.4%, compared to the S&P 500 Index return of 15.3%. The SPU (31 stocks) performance was heavily influenced by a number of independent power producers including Constellation Energy (CEG) (no longer held at June 30, 2024), Vistra (VST) (0.4% of total investments at June 30, 2024), and NRG Energy (NRG) (0.1%), as well as leading renewable developer NextEra Energy (NEE) (1.3%) and Public Service Enterprise Group (PEG) (0.9%). The potential for increased electric demand growth driven by accelerating technological innovation (artificial intelligence, data centers), electrification, and manufacturing onshoring, led to a momentum shift into power stocks. Shares of non-regulated power plant owners and developers surged on the AI-data center theme.

European energy markets face greater challenges and volatility due to structural (political) and resource challenges (natural gas) associated with an ambitious clean energy transition and geopolitical risks, including a historical dependence on Russia. Some pressure related to energy supply has eased: LNG imports ramped up and offshore wind ambitions are moving forward. Finally, the value of existing infrastructure has become more attractive to potential buyers and consolidation activity has picked up.

Thank you for your investment in the The Gabelli Global Utility & Income Trust.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Comparative Results

Average Annual Returns through June 30, 2024 (a) (Unaudited)

	Six Months		1 Year		5 Year		10 Year		15 Year		20 Year		Since Inception (5/28/04)
The Gabelli Global Utility & Income Trust (GLU)
NAV Total Return (b)	3.26	%	2.48	%	1.17	%	1.98	%	5.75	%	5.42	%	5.44	%
Investment Total Return (c)	9.80		6.39		1.49		3.33		6.37		5.89		5.45
S&P 500 Utilities Index	9.44		7.82		6.11		8.04		10.12		9.36		9.40
Lipper Utility Fund Average	8.50		9.01		5.55		6.00		9.48		8.78		8.85
S&P Global 1200 Utilities Index	4.32		4.34		5.55		5.80		6.82		7.47		7.57

(a)

Performance returns for periods of less than one year are not annualized. Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. 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. The S&P 500 Utilities Index is an unmanaged indicator of electric and gas utility stock performance. The Lipper Utility Fund Average reflects the average performance of mutual funds classified in this particular category. The S&P Global 1200 Utilities Index is an unmanaged indicator of electric and gas utility stock performance. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

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

(c)

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

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments as of June 30, 2024:

The Gabelli Global Utility & Income Trust

Energy and Utilities: Integrated	28.1	%
Telecommunications	11.2	%
Food and Beverage	5.9	%
Financial Services	5.3	%
Services	5.1	%
Natural Gas Utilities	4.2	%
Natural Gas Integrated	4.0	%
Cable and Satellite	3.6	%
Electric Transmission and Distribution	3.5	%
Diversified Industrial	3.4	%
Wireless Communications	2.9	%
Electronics	2.5	%
Specialty Chemicals	2.4	%
Automotive	1.8	%
Water	1.8	%
Machinery	1.6	%
Oil	1.4	%
Alternative Energy	1.3	%
Entertainment	1.3	%

Natural Resources	1.2	%
Aerospace	1.1	%
Building and Construction	0.8	%
Hotels and Gaming	0.8	%
Business Services	0.8	%
Health Care	0.7	%
Independent Power Producers and Energy Traders	0.5	%
Consumer Services	0.5	%
Computer Software and Services	0.5	%
Metals and Mining	0.5	%
Transportation	0.5	%
Environmental Services	0.4	%
Consumer Products	0.3	%
Semiconductors	0.1	%
Computer Hardware	0.0	%*
Closed-End Funds	0.0	%*
	100.0	%

Amount represents less than 0.05%.

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-PORT. 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-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each 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.

The Gabelli Global Utility & Income Trust

Schedule of Investments — June 30, 2024 (Unaudited)

Shares			Cost		Market Value

		COMMON STOCKS — 99.9%
		ENERGY AND UTILITIES — 54.3%
		Alternative Energy — 1.3%
		Non U.S. Companies
	1,950	Brookfield Renewable Corp. , Cl. A	$	53,383	$	55,341
	5,500	Vestas Wind Systems A/S†		106,905		127,353

		U.S. Companies
	31,650	NextEra Energy Partners LP		822,801		874,806
	7,500	Ormat Technologies Inc.		353,159		537,750
	400	SolarEdge Technologies Inc.†		41,986		10,104
				1,378,234		1,605,354

		Diversified Industrial — 2.8%
		Non U.S. Companies
	22,000	Bouygues SA		756,351		706,120
	18,500	Jardine Matheson Holdings Ltd.		1,007,169		654,530

		U.S. Companies
	250	Chart Industries Inc.†		34,855		36,085
	30,000	Flowserve Corp.		976,436		1,443,000
	3,000	General Electric Co.		140,244		476,910
	4,500	Mueller Water Products Inc., Cl. A		44,106		80,640
				2,959,161		3,397,285

		Electric Transmission and Distribution — 3.5%
		Non U.S. Companies
	7,000	Algonquin Power & Utilities Corp.		60,072		41,139
	93,000	Algonquin Power & Utilities Corp., New York		553,350		544,980
	1,300	Boralex Inc., Cl. A		26,339		31,843
	28,000	Enel Chile SA, ADR		78,326		78,400
	11,200	Fortis Inc.		355,709		435,294
	650	Fortis Inc., New York		27,053		25,246
	9,600	Landis+Gyr Group AG		619,836		775,736
	700	Orsted AS†		72,899		37,252
	18,000	Redeia Corp. SA		198,904		314,602

		U.S. Companies
	500	CenterPoint Energy Inc.		14,685		15,490
	1,500	Consolidated Edison Inc.		68,714		134,130
	700	Sempra		52,206		53,242
	33,000	Twin Disc Inc.		318,465		388,740
	5,500	Unitil Corp.		221,661		284,845
	13,700	WEC Energy Group Inc.		581,771		1,074,902
				3,249,990		4,235,841

		Energy and Utilities: Integrated — 28.1%
		Non U.S. Companies
	140,000	A2A SpA		257,158		278,800

Shares			Cost		Market Value

	10,000	Chubu Electric Power Co. Inc.	$	149,071	$	118,155
	152,000	Datang International Power Generation Co. Ltd., Cl. H		59,610		32,506
	2,000	E.ON SE		20,087		26,249
	14,000	E.ON SE, ADR		162,822		184,240
	17,615	EDP - Energias de Portugal SA		72,719		66,008
	9,000	EDP - Energias de Portugal SA, ADR		241,083		338,310
	14,500	Electric Power Development Co. Ltd.		274,849		226,256
	36,500	Emera Inc.		1,445,671		1,217,956
	10,000	Endesa SA		227,012		187,791
	157,000	Enel SpA		938,512		1,091,896
	4,000	Eni SpA		66,742		61,490
	7,000	Eni SpA, ADR		189,868		215,530
	230,000	Hera SpA		479,975		786,741
	15,000	Hokkaido Electric Power Co. Inc.		110,128		111,318
	22,000	Hokuriku Electric Power Co.		170,961		139,269
	560,000	Huaneng Power International Inc., Cl. H†		389,439		415,211
	204,600	Iberdrola SA		1,568,842		2,654,595
	40,000	Korea Electric Power Corp., ADR†		427,360		283,600
	23,000	Kyushu Electric Power Co. Inc.		253,125		236,876
	12,000	Shikoku Electric Power Co. Inc.		132,963		102,927
	15,000	The Chugoku Electric Power Co. Inc.		166,926		98,499
	14,000	The Kansai Electric Power Co. Inc.		162,292		235,117
	10,000	Tohoku Electric Power Co. Inc.		121,745		90,217
	2,000	Verbund AG		33,429		157,751

		U.S. Companies
	1,200	ALLETE Inc.		45,863		74,820
	600	Alliant Energy Corp.		29,381		30,540
	17,300	Ameren Corp.		729,562		1,230,203
	21,400	American Electric Power Co. Inc.		1,888,540		1,877,636
	15,600	Avangrid Inc.		604,691		554,268
	21,500	Avista Corp.		846,353		744,115
	200	Badger Meter Inc.		23,705		37,270
	600	Black Hills Corp.		15,133		32,628
	10,000	Dominion Energy Inc.		424,636		490,000
	1,000	DTE Energy Co.		104,795		111,010
	10,600	Duke Energy Corp.		524,003		1,062,438
	500	Entergy Corp.		54,161		53,500

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Schedule of Investments (Continued) — June 30, 2024 (Unaudited)

Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Energy and Utilities: Integrated (Continued)
		U.S. Companies (Continued)
	2,000	Eos Energy Enterprises Inc.†	$	21,190	$	2,540
	17,000	Evergy Inc.		944,889		900,490
	19,400	Eversource Energy		1,103,060		1,100,174
	380,000	Gulf Coast Ultra Deep Royalty Trust†		9,538		4,845
	8,000	Hawaiian Electric Industries Inc.		117,961		72,160
	7,500	MGE Energy Inc.		166,200		560,400
	21,080	NextEra Energy Inc.		520,885		1,492,675
	36,000	NiSource Inc.		282,620		1,037,160
	11,000	Northwestern Energy Group Inc.		336,011		550,880
	34,000	OGE Energy Corp.		420,477		1,213,800
	11,200	Otter Tail Corp.		327,722		981,008
	14,500	PG&E Corp.		132,874		253,170
	14,000	Pinnacle West Capital Corp.		674,487		1,069,320
	25,500	PNM Resources Inc.		1,207,553		942,480
	40,000	Portland General Electric Co.		1,650,225		1,729,600
	9,900	PPL Corp.		293,275		273,735
	15,000	Public Service Enterprise Group Inc.		547,138		1,105,500
	120,000	The AES Corp.		1,638,979		2,108,400
	18,800	The Southern Co.		591,915		1,458,316
	18,500	Xcel Energy Inc.		341,939		988,085
				24,742,150		33,500,474

		Environmental Services — 0.4%
		Non U.S. Companies
	2,500	Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR		37,424		33,625
	13,800	Veolia Environnement SA		237,844		412,633

		U.S. Companies
	2,640	SkyWater Technology Inc.†		23,192		20,196
				298,460		466,454

		Independent Power Producers and Energy Traders — 0.5%
		Non U.S. Companies
	2,100	Atlantica Sustainable Infrastructure plc		51,293		46,095

		U.S. Companies
	2,000	NRG Energy Inc.		42,485		155,720
	5,000	Vistra Corp.		124,035		429,900
				217,813		631,715

Shares			Cost		Market Value

		Machinery — 0.1%
		Non U.S. Companies
	50	Accelleron Industries AG	$	819	$	1,959
	1,750	Accelleron Industries AG, ADR		25,202		68,180
				26,021		70,139

		Natural Gas Integrated — 4.0%
		Non U.S. Companies
	80,000	Snam SpA		288,733		353,928
	900	TC Energy Corp.		47,367		34,110

		U.S. Companies
	500	DT Midstream Inc.		18,197		35,515
	32,000	Kinder Morgan Inc.		403,974		635,840
	62,000	National Fuel Gas Co.		2,891,827		3,359,780
	4,000	ONEOK Inc.		0		326,200
				3,650,098		4,745,373

		Natural Gas Utilities — 4.2%
		Non U.S. Companies
	1,000	Engie SA		15,461		14,281
	9,500	Engie SA, ADR		236,243		135,375
	16,000	Italgas SpA		72,388		78,856
	144,478	National Grid plc		1,549,790		1,611,930
	6,500	National Grid plc, ADR		349,763		369,200

		U.S. Companies
	6,000	Atmos Energy Corp.		148,311		699,900
	1,500	Chesapeake Utilities Corp.		44,116		159,300
	1,000	ONE Gas Inc.		30,631		63,850
	10,000	RGC Resources Inc.		199,760		204,500
	21,500	Southwest Gas Holdings Inc.		1,209,416		1,513,170
	2,000	Spire Inc.		70,415		121,460
				3,926,294		4,971,822

		Natural Resources — 1.1%
		Non U.S. Companies
	14,000	Cameco Corp.		163,641		688,800
	100	Linde plc		29,983		43,881

		U.S. Companies
	6,800	APA Corp.		157,936		200,192
	2,000	Diamondback Energy Inc.		95,996		400,380
				447,556		1,333,253

		Oil — 1.4%
		Non U.S. Companies
	14,000	BP plc, ADR		456,582		505,400
	10,000	Petroleo Brasileiro SA, ADR		83,744		144,900
	16,000	PrairieSky Royalty Ltd.		270,782		304,082
	7,700	Shell plc, ADR		323,542		555,786

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Schedule of Investments (Continued) — June 30, 2024 (Unaudited)

Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Oil (Continued)
		U.S. Companies
	1,000	ConocoPhillips	$	28,509	$	114,380
				1,163,159		1,624,548

		Services — 5.1%
		Non U.S. Companies
	31,500	ABB Ltd., ADR		596,968		1,754,865
	23,000	Enbridge Inc.		485,412		818,570
	4,000	First Sensor AG		126,539		258,741

		U.S. Companies
	26,500	AZZ Inc.		991,491		2,047,125
	10,000	Dril-Quip Inc.†		231,938		186,000
	20,000	Halliburton Co.		359,542		675,600
	12,500	MDU Resources Group Inc.		251,227		313,750
				3,043,117		6,054,651

		Water — 1.8%
		Non U.S. Companies
	4,700	Consolidated Water Co. Ltd.		54,485		124,738
	40,000	Fluence Corp. Ltd.†		9,946		3,202
	33,000	Severn Trent plc		867,544		992,824
	35,000	United Utilities Group plc		346,011		434,737

		U.S. Companies
	500	Artesian Resources Corp., Cl. A		18,961		17,580
	5,000	California Water Service Group		70,680		242,450
	6,500	Essential Utilities Inc.		77,877		242,645
	1,000	Middlesex Water Co.		17,172		52,260
	1,000	SJW Group		65,241		54,220
				1,527,917		2,164,656

		TOTAL ENERGY AND UTILITIES		46,629,970		64,801,565

		OTHER — 27.9%
		Aerospace — 1.1%
		Non U.S. Companies
	100,000	Rolls-Royce Holdings plc†		216,047		577,441

		U.S. Companies
	10,500	AAR Corp.†		287,631		763,350
				503,678		1,340,791

		Automotive — 1.8%
		Non U.S. Companies
	350	Ferrari NV		13,358		142,929
	85,000	Iveco Group NV		518,978		953,092
	32,800	Traton SE		584,803		1,073,135

Shares			Cost		Market Value

		U.S. Companies
	500	General Motors Co.	$	26,765	$	23,230
				1,143,904		2,192,386

		Building and Construction — 0.8%
		Non U.S. Companies
	500	Acciona SA		25,414		59,063
	1,000	CRH plc		53,820		74,980
	1,400	Sika AG		202,768		400,779

		U.S. Companies
	3,000	Arcosa Inc.		95,726		250,230
	200	Herc Holdings Inc.		30,104		26,658
	2,500	Knife River Corp.†		88,197		175,350
				496,029		987,060

		Business Services — 0.8%
		Non U.S. Companies
	47,500	JCDecaux SE†		1,087,787		934,484

		Computer Hardware — 0.0%
		U.S. Companies
	300	Dell Technologies Inc., Cl. C		14,317		41,373

		Computer Software and Services — 0.5%
		Non U.S. Companies
	550	Check Point Software Technologies Ltd.†		63,441		90,750
	7,500	Prosus NV		296,977		267,148

		U.S. Companies
	300	Global Payments Inc.		37,162		29,010
	2,100	Kyndryl Holdings Inc.†		35,476		55,251
	3,800	N-able Inc.†		46,603		57,874
	500	Oracle Corp.		57,855		70,600
	3,500	SolarWinds Corp.		64,130		42,175
				601,644		612,808

		Consumer Products — 0.3%
		Non U.S. Companies
	15,000	Essity AB, Cl. B		448,149		384,093
	2,500	Salvatore Ferragamo SpA		36,768		21,165
				484,917		405,258

		Consumer Services — 0.5%
		U.S. Companies
	200	Amazon.com Inc.†		29,650		38,650
	23,500	Matthews International Corp., Cl. A		522,152		588,675
				551,802		627,325

		Diversified Industrial — 0.6%
		Non U.S. Companies
	10,000	Ardagh Group SA†		127,992		38,900

See accompanying notes to financial statements.

The Gabelli Global Utility & Income Trust

Schedule of Investments (Continued) — June 30, 2024 (Unaudited)

Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		OTHER (Continued)
		Diversified Industrial (Continued)
		U.S. Companies
	500	Corning Inc.	$	18,370	$	19,425
	100	Roper Technologies Inc.		25,045		56,366
	20,000	Trinity Industries Inc.		419,127		598,400
				590,534		713,091

		Electronics — 2.5%
		Non U.S. Companies
	40,000	Kyocera Corp.		579,398		460,315
	1,000	Signify NV		34,849		24,953
	23,000	Sony Group Corp., ADR		963,047		1,953,850

		U.S. Companies
	1,500	Advanced Micro Devices Inc.†		189,185		243,315
	800	Axcelis Technologies Inc.†		59,404		113,752
	2,817	Kimball Electronics Inc.†		60,834		61,918
	1,000	Proto Labs Inc.†		45,745		30,890
	50	Texas Instruments Inc.		8,808		9,726
	100	Universal Display Corp.		17,200		21,025
				1,958,470		2,919,744

		Entertainment — 1.3%
		Non U.S. Companies
	170,000	Grupo Televisa SAB, ADR		952,933		470,900
	24,000	Manchester United plc, Cl. A†		375,718		387,360
	41,000	Ollamani SAB†		142,558		93,429

		U.S. Companies
	18,000	Fox Corp., Cl. B		579,508		576,360
	4,500	Warner Bros Discovery Inc.†

SEC Form N-CSRS filed by Gabelli Global Utility