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: December 31, 2007
                                            ------------------



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. ss. 3507.








ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.


                                                                  [LOGO]
                                                                  THE GABELLI
                                                                  GLOBAL UTILITY
                                                                  & INCOME TRUST

                    THE GABELLI GLOBAL UTILITY & INCOME TRUST

                                  Annual Report
                               December 31, 2007

TO OUR SHAREHOLDERS,

      The Sarbanes-Oxley Act requires a fund's principal executive and financial
officers  to  certify  the  entire   contents  of  the  semi-annual  and  annual
shareholder  reports in a filing with the Securities and Exchange  Commission on
Form N-CSR. This certification  would cover the portfolio  manager's  commentary
and  subjective  opinions  if they are  attached  to or a part of the  financial
statements. Many of these comments and opinions would be difficult or impossible
to certify.

      Because we do not want our portfolio  managers to eliminate their opinions
and/or  restrict their  commentary to historical  facts, we have separated their
commentary from the financial  statements and investment portfolio and have sent
it to  you  separately.  Both  the  commentary  and  the  financial  statements,
including  the  portfolio  of  investments,  will be available on our website at
www.gabelli.com.

      Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2007.

COMPARATIVE RESULTS

--------------------------------------------------------------------------------

              AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2007 (a)
              ----------------------------------------------------

                                                                       Since
                                                                     Inception
                                         Quarter   1 Year   3 Year   (05/28/04)
                                         -------   ------   ------   ----------
GABELLI GLOBAL UTILITY & INCOME TRUST
   NAV TOTAL RETURN (b) ..............    3.08%    10.46%   13.39%    15.09%
   INVESTMENT TOTAL RETURN (c) .......    7.20     11.29    13.02     11.13
S&P 500 Utilities Index ..............    7.55     19.38    19.06     22.16
Lipper Utility Fund Average ..........    5.10     19.53    19.14     22.14

(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.  PERFORMANCE RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT
      ANNUALIZED.   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.  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.  DIVIDENDS ARE CONSIDERED
      REINVESTED. YOU CANNOT INVEST DIRECTLY IN AN INDEX.

(b)   TOTAL RETURNS AND AVERAGE ANNUAL RETURNS  REFLECT CHANGES IN THE NET ASSET
      VALUE ("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 AMERICAN STOCK EXCHANGE AND  REINVESTMENT OF  DISTRIBUTIONS.
      SINCE INCEPTION RETURN IS BASED ON AN INITIAL OFFERING PRICE OF $20.00.

--------------------------------------------------------------------------------

                                        Sincerely yours,

                                        /s/ Bruce N. Alpert

                                        Bruce N. Alpert
                                        President
February 22, 2008



                   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 December 31, 2007:

LONG POSITIONS
Energy and Utilities: Integrated .....................................    43.3%
Telecommunications ...................................................    12.1%
U.S. Government Obligations ..........................................     9.1%
Cable and Satellite ..................................................     6.2%
Energy and Utilities:
   Electric Transmission and Distribution ............................     6.2%
Energy and Utilities: Water ..........................................     5.4%
Energy and Utilities: Natural Gas Integrated .........................     3.4%
Energy and Utilities: Natural Gas Utilities ..........................     2.8%
Wireless Communications ..............................................     2.2%
Energy and Utilities: Oil ............................................     2.1%
Environmental Services ...............................................     1.8%
Diversified Industrial ...............................................     1.6%
Aerospace ............................................................     0.9%
Building and Construction ............................................     0.8%
Entertainment ........................................................     0.6%
Metals and Mining ....................................................     0.4%
Real Estate ..........................................................     0.3%
Business Services ....................................................     0.2%
Energy and Utilities: Services .......................................     0.2%
Transportation .......................................................     0.2%
Communications Equipment .............................................     0.1%
Energy and Utilities: Alternative Energy .............................     0.1%
Publishing ...........................................................     0.0%
                                                                         -----
                                                                         100.0%
                                                                         =====

      THE GABELLI  GLOBAL  UTILITY & INCOME TRUST (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  SEPTEMBER 30, 2007.  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 12
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;  and (iii) visiting the SEC's website at
www.sec.gov.


                                        2



                    THE GABELLI GLOBAL UTILITY & INCOME TRUST
                             SCHEDULE OF INVESTMENTS
                                DECEMBER 31, 2007

                                                                      MARKET
  SHARES                                              COST            VALUE
----------                                       -------------    -------------
             COMMON STOCKS -- 90.2%
             ENERGY AND UTILITIES -- 66.9%
             ENERGY AND UTILITIES: ALTERNATIVE ENERGY -- 0.1%
             U.S. COMPANIES
     1,000   Ormat Technologies Inc. .........   $      15,000    $      55,010
                                                 -------------    -------------
             ENERGY AND UTILITIES:
             ELECTRIC TRANSMISSION AND DISTRIBUTION -- 6.2%
             NON U.S. COMPANIES
     8,775   National Grid plc, ADR ..........         401,681          732,274
     1,000   Red Electrica de Espana .........          57,298           63,219
             U.S. COMPANIES
     4,900   CH Energy Group Inc. ............         219,678          218,246
     1,000   Consolidated Edison Inc. ........          44,903           48,850
    20,000   Energy East Corp. ...............         481,338          544,200
     5,000   Northeast Utilities .............          90,818          156,550
    50,000   NSTAR ...........................       1,187,449        1,811,000
    40,000   Pepco Holdings Inc. .............         757,783        1,173,200
     1,666   UIL Holdings Corp. ..............          53,364           61,559
                                                 -------------    -------------
                                                     3,294,312        4,809,098
                                                 -------------    -------------
             ENERGY AND UTILITIES: INTEGRATED -- 43.3%
             NON U.S. COMPANIES
   150,000   AEM SpA .........................         276,010          688,078
       500   Areva SA ........................         204,193          573,856
     8,000   Chubu Electric Power Co. Inc. ...         167,490          208,745
   152,000   Datang International Power
                Generation Co. Ltd., Cl. H ...          59,610          135,676
     1,000   E.ON AG .........................         196,712          212,860
     9,000   E.ON AG, ADR ....................         209,576          633,150
     8,400   Electric Power
                Development Co. Ltd. .........         194,633          313,548
    45,000   Enel SpA ........................         354,639          535,221
     9,760   Energias de Portugal SA,
                ADR ..........................         262,599          635,376
    29,000   Enersis SA, ADR .................         172,658          464,870
   142,000   Hera SpA ........................         303,068          639,962
    10,000   Hokkaido Electric
                Power Co. Inc. ...............         171,210          216,623
    10,000   Hokuriku Electric Power Co. .....         165,392          208,566
     4,000   Huaneng Power
                International Inc., ADR ......         141,036          165,200
    80,000   Iberdrola SA ....................         407,115        1,216,428
    12,000   Iberdrola SA, ADR ...............         598,500          724,920
     2,000   International Power plc .........          20,116           18,055
     5,000   Korea Electric
                Power Corp., ADR+ ............          72,677          104,250
    10,000   Kyushu Electric
                Power Co. Inc. ...............         178,959          246,162
     4,500   Oesterreichische
                Elektrizitaetswirtschafts
                AG, Cl. A ....................         209,779          315,014
    10,000   Shikoku Electric
                Power Co. Inc. ...............         171,759          268,093
    10,000   The Chugoku Electric
                Power Co. Inc. ...............         170,328          194,692
    16,000   The Kansai Electric
                Power Co. Inc. ...............         284,746          373,092
    10,000   The Tokyo Electric
                Power Co. Inc. ...............         220,693          258,694
    10,000   Tohoku Electric
                Power Co. Inc. ...............         164,025          225,574

                                                                      MARKET
  SHARES                                              COST            VALUE
----------                                       -------------    -------------
             U.S. COMPANIES
     1,000   Allegheny Energy Inc. ...........   $      25,689    $      63,610
     7,000   ALLETE Inc. .....................         233,585          277,060
    19,000   Ameren Corp. ....................         837,474        1,029,990
    30,000   American Electric
                Power Co. Inc. ...............         947,988        1,396,800
   276,100   Aquila Inc.+ ....................       1,126,867        1,029,853
     1,000   Avista Corp. ....................          20,848           21,540
     6,000   Black Hills Corp. ...............         181,668          264,600
       500   Cleco Corp. .....................           9,790           13,900
       500   CMS Energy Corp. ................           5,055            8,690
    60,000   DPL Inc. ........................       1,627,242        1,779,000
    40,000   Duke Energy Corp. ...............         563,153          806,800
     1,000   El Paso Electric Co.+ ...........          17,760           25,570
     6,000   Florida Public Utilities Co. ....          70,646           70,500
    12,100   FPL Group Inc. ..................         537,780          820,138
    35,000   Great Plains Energy Inc. ........       1,042,668        1,026,200
    26,000   Hawaiian Electric
                Industries Inc. ..............         638,670          592,020
    29,500   Integrys Energy Group Inc. ......       1,408,474        1,524,855
     5,000   Maine & Maritimes Corp.+ ........         143,219          166,250
    15,000   MGE Energy Inc. .................         487,338          532,050
    44,000   NiSource Inc. ...................         897,213          831,160
    14,000   NorthWestern Corp. ..............         432,834          413,000
    19,500   OGE Energy Corp. ................         481,891          707,655
     6,000   Otter Tail Corp. ................         180,524          207,600
     1,000   PG&E Corp. ......................          33,930           43,090
    15,000   Pinnacle West Capital Corp. .....         615,958          636,150
     4,200   PPL Corp. .......................         117,280          218,778
    33,000   Progress Energy Inc. ............       1,410,351        1,598,190
    16,000   Public Service Enterprise
                Group Inc. ...................       1,065,920        1,571,840
    20,000   Puget Energy Inc. ...............         554,888          548,600
    18,000   SCANA Corp. .....................         646,320          758,700
     1,000   TECO Energy Inc. ................          15,970           17,210
     1,000   The Empire District
                Electric Co. .................          23,376           22,780
    45,000   The Southern Co. ................       1,322,848        1,743,750
    17,000   Unisource Energy Corp. ..........         418,727          536,350
    17,000   Vectren Corp. ...................         408,701          493,170
    41,000   Westar Energy Inc. ..............         860,569        1,063,540
     5,000   Wisconsin Energy Corp. ..........         171,276          243,550
    45,000   Xcel Energy Inc. ................         761,339        1,015,650
                                                 -------------    -------------
                                                    25,723,352       33,696,894
                                                 -------------    -------------
             ENERGY AND UTILITIES: NATURAL GAS INTEGRATED -- 3.4%
             NON U.S. COMPANIES
    80,000   Snam Rete Gas SpA ...............         347,871          511,134
             U.S. COMPANIES
    25,000   El Paso Corp. ...................         220,000          431,000
     1,000   Energen Corp. ...................          30,935           64,230
    16,000   National Fuel Gas Co. ...........         410,803          746,880
     2,000   ONEOK Inc. ......................          51,437           89,540
    10,500   Southern Union Co. ..............         229,082          308,280
    20,000   Spectra Energy Corp. ............         407,801          516,400
                                                 -------------    -------------
                                                     1,697,929        2,667,464
                                                 -------------    -------------
             ENERGY AND UTILITIES: NATURAL GAS UTILITIES -- 2.8%
             NON U.S. COMPANIES
     1,000   Enagas ..........................          28,972           29,226
             U.S. COMPANIES
    23,000   Atmos Energy Corp. ..............         566,183          644,920
     2,000   Chesapeake Utilities Corp. ......          53,224           63,700

                See accompanying notes to financial statements.


                                        3



                   THE GABELLI GLOBAL UTILITY & INCOME TRUST
                       SCHEDULE OF INVESTMENTS (CONTINUED)
                               DECEMBER 31, 2007

                                                                      MARKET
  SHARES                                              COST            VALUE
----------                                       -------------    -------------
             COMMON STOCKS (CONTINUED)
             ENERGY AND UTILITIES (CONTINUED)
             ENERGY AND UTILITIES: NATURAL GAS UTILITIES (CONTINUED)
             U.S. COMPANIES (CONTINUED)
    20,000   Nicor Inc. ......................   $     667,385    $     847,000
     5,000   Piedmont Natural Gas Co. Inc. ...         116,790          130,800
     6,000   Southwest Gas Corp. .............         140,160          178,620
    10,000   The Laclede Group Inc. ..........         300,238          342,400
                                                 -------------    -------------
                                                     1,872,952        2,236,666
                                                 -------------    -------------
             ENERGY AND UTILITIES: OIL -- 2.1%
             NON U.S. COMPANIES
       500   Niko Resources Ltd. .............          28,728           45,215
    10,000   Royal Dutch Shell plc,
                Cl. A, ADR ...................         511,651          842,000
             U.S. COMPANIES
     3,000   Chevron Corp. ...................         182,580          279,990
     2,000   ConocoPhillips ..................          74,050          176,600
     2,000   Devon Energy Corp. ..............          67,255          177,820
     1,000   Exxon Mobil Corp. ...............          45,500           93,690
                                                 -------------    -------------
                                                       909,764        1,615,315
                                                 -------------    -------------
             ENERGY AND UTILITIES: SERVICES -- 0.2%
             NON U.S. COMPANIES
     5,000   ABB Ltd., ADR ...................          54,615          144,000
                                                 -------------    -------------
             ENERGY AND UTILITIES: WATER -- 5.4%
             NON U.S. COMPANIES
     1,000   Consolidated Water Co. Ltd. .....          20,230           25,190
    50,000   Severn Trent plc ................         884,651        1,518,831
     2,000   Suez SA .........................          62,915          135,094
    12,000   Suez SA, ADR ....................         362,710          822,000
     7,200   Suez SA, Strips+ ................               0              105
    48,000   United Utilities plc ............         482,680          722,350
             U.S. COMPANIES
     8,666   Aqua America Inc. ...............         129,735          183,719
     3,000   California Water
                Service Group ................          84,840          111,060
     4,000   Middlesex Water Co. .............          75,033           75,800
    17,000   SJW Corp. .......................         277,304          589,390
                                                 -------------    -------------
                                                     2,380,098        4,183,539
                                                 -------------    -------------
             DIVERSIFIED INDUSTRIAL -- 1.6%
             NON U.S. COMPANIES
    13,000   Bouygues SA .....................         434,634        1,083,381
             U.S. COMPANIES
     2,400   Woodward Governor Co. ...........          68,502          163,080
                                                 -------------    -------------
                                                       503,136        1,246,461
                                                 -------------    -------------
             ENVIRONMENTAL SERVICES -- 1.8%
             NON U.S. COMPANIES
    75,000   Biffa plc .......................         235,160          492,674
    10,000   Veolia Environnement ............         322,146          913,052
                                                 -------------    -------------
                                                       557,306        1,405,726
                                                 -------------    -------------
             TOTAL ENERGY AND
                UTILITIES ....................      37,008,464       52,060,173
                                                 -------------    -------------
             COMMUNICATIONS -- 20.3%
             CABLE AND SATELLITE -- 6.2%
             NON U.S. COMPANIES
    10,000   Cogeco Inc. .....................         195,068          400,223

  SHARES/                                                             MARKET
   UNITS                                              COST            VALUE
----------                                       -------------    -------------
     4,929   PT Multimedia Servicos de
                Telecomunicacoes e
                Multimedia SGPS SA ...........   $      48,452    $      68,822
     2,500   Rogers Communications Inc.,
                Cl. B ........................          25,532          113,125
             U.S. COMPANIES
    38,000   Cablevision Systems Corp.,
                Cl. A+ .......................         870,675          931,000
    18,000   EchoStar Communications
                Corp., Cl. A+ ................         574,202          678,960
     4,580   Liberty Global Inc., Cl. A+ .....          86,291          179,490
     4,000   Liberty Global Inc., Cl. C+ .....          72,761          146,360
   100,000   The DIRECTV Group Inc.+ .........       2,279,903        2,312,000
                                                 -------------    -------------
                                                     4,152,884        4,829,980
                                                 -------------    -------------
             TELECOMMUNICATIONS -- 11.9%
             NON U.S. COMPANIES
    28,000   BCE Inc. ........................         649,975        1,112,720
     2,102   Bell Aliant Regional
                Communications
                Income Fund (a) ..............          51,669           61,862
    26,000   BT Group plc, ADR ...............         890,462        1,401,920
    30,000   Deutsche Telekom AG, ADR ........         527,119          650,100
     6,000   France Telecom SA, ADR ..........         149,213          213,780
     3,000   Manitoba Telecom
                Services Inc. ................         100,193          139,734
    35,000   Portugal Telecom SGPS SA ........         427,457          456,965
    15,000   Royal KPN NV, ADR ...............         114,993          272,250
     1,500   Swisscom AG .....................         478,884          585,611
    24,062   Telecom Italia SpA ..............          78,318           74,757
    16,000   Telefonica SA, ADR ..............         658,948        1,561,440
    14,000   Telefonos de Mexico SAB de
                CV, Cl. L, ADR ...............         215,151          515,760
             U.S. COMPANIES
    20,000   AT&T Inc. .......................         464,952          831,200
     1,000   Embarq Corp. ....................          32,460           49,530
    20,000   Sprint Nextel Corp. .............         328,202          262,600
    24,000   Verizon Communications Inc. .....         875,363        1,048,560
                                                 -------------    -------------
                                                     6,043,359        9,238,789
                                                 -------------    -------------
             WIRELESS COMMUNICATIONS -- 2.2%
             NON U.S. COMPANIES
       500   America Movil SAB de CV,
                Cl. L, ADR ...................          31,301           30,695
     2,500   Millicom International
                Cellular SA+ .................         214,413          294,850
     1,600   Mobile TeleSystems OJSC,
                ADR ..........................          54,874          162,864
     7,000   Vimpel-Communications,
                ADR ..........................          42,795          291,200
     2,000   Vodafone Group plc, ADR .........          65,859           74,640
             U.S. COMPANIES
    30,000   SunCom Wireless
                Holdings Inc., Cl. A+ ........         782,111          800,400
     1,200   United States
                Cellular Corp.+ ..............          54,881          100,920
                                                 -------------    -------------
                                                     1,246,234        1,755,569
                                                 -------------    -------------
             TOTAL COMMUNICATIONS ............      11,442,477       15,824,338
                                                 -------------    -------------

                See accompanying notes to financial statements.


                                        4



                   THE GABELLI GLOBAL UTILITY & INCOME TRUST
                       SCHEDULE OF INVESTMENTS (CONTINUED)
                               DECEMBER 31, 2007

                                                                      MARKET
  SHARES                                              COST            VALUE
----------                                       -------------    -------------
             COMMON STOCKS (CONTINUED)
             OTHER -- 3.0%
             AEROSPACE -- 0.9%
             NON U.S. COMPANIES
    68,000   Rolls-Royce Group plc+ ..........   $     508,332    $     739,072
 2,747,200   Rolls-Royce Group plc, Cl. B ....           5,615            6,015
                                                 -------------    -------------
                                                       513,947          745,087
                                                 -------------    -------------
             BUILDING AND CONSTRUCTION -- 0.8%
             NON U.S. COMPANIES
     2,000   Acciona SA ......................         650,014          634,092
                                                 -------------    -------------
             BUSINESS SERVICES -- 0.2%
             NON U.S. COMPANIES
     3,700   Sistema JSFC, GDR ...............         103,097          154,475
                                                 -------------    -------------
             ENTERTAINMENT -- 0.6%
             NON U.S. COMPANIES
    10,000   Vivendi .........................         309,439          458,792
                                                 -------------    -------------
             METALS AND MINING -- 0.4%
             NON U.S. COMPANIES
     5,000   Compania de Minas
                Buenaventura SA, ADR .........         104,752          283,000
                                                 -------------    -------------
             PUBLISHING -- 0.0%
             U.S. COMPANIES
     1,200   Idearc Inc. .....................          36,473           21,072
                                                 -------------    -------------
             TRANSPORTATION -- 0.1%
             U.S. COMPANIES
     2,000   GATX Corp. ......................          56,076           73,360
                                                 -------------    -------------
             TOTAL OTHER .....................       1,773,798        2,369,878
                                                 -------------    -------------
             TOTAL COMMON STOCKS .............      50,224,739       70,254,389
                                                 -------------    -------------
             CONVERTIBLE PREFERRED STOCKS -- 0.1%
             COMMUNICATIONS -- 0.0%
             TELECOMMUNICATIONS -- 0.0%
             U.S. COMPANIES
       500   Cincinnati Bell Inc.,
                6.750% Cv. Pfd., Ser. B ......          20,555           20,850
                                                 -------------    -------------
             OTHER -- 0.1%
             TRANSPORTATION -- 0.1%
             U.S. COMPANIES
       200   GATX Corp., $2.50 Cv. Pfd. ......          26,010           36,200
                                                 -------------    -------------
             TOTAL CONVERTIBLE
                PREFERRED STOCKS .............          46,565           57,050
                                                 -------------    -------------

 PRINCIPAL                                                            MARKET
  AMOUNT                                              COST            VALUE
----------                                       -------------    -------------
             CONVERTIBLE CORPORATE BONDS -- 0.6%
             COMMUNICATIONS -- 0.3%
             COMMUNICATIONS EQUIPMENT -- 0.1%
             U.S. COMPANIES
$  100,000   Agere Systems Inc., Sub. Deb.
                Cv., 6.500%, 12/15/09 ........   $     100,500    $     101,375
                                                 -------------    -------------
             TELECOMMUNICATIONS -- 0.2%
             NON U.S. COMPANIES
   112,000   Nortel Networks Corp., Cv.,
                4.250%, 09/01/08 .............         110,306          110,460
                                                 -------------    -------------
             TOTAL COMMUNICATIONS ............         210,806          211,835
                                                 -------------    -------------
             OTHER -- 0.3%
             REAL ESTATE -- 0.3%
             U.S. COMPANIES
   350,000   Palm Harbor Homes Inc., Cv.,
                3.250%, 05/15/24 .............         325,290          249,375
                                                 -------------    -------------
             TOTAL CONVERTIBLE
                CORPORATE BONDS ..............         536,096          461,210
                                                 -------------    -------------
             U.S. GOVERNMENT OBLIGATIONS -- 9.1%
 7,134,000   U.S. Treasury Bills,
                2.839% to 4.148%++,
                01/03/08 to 03/27/08. ........       7,095,109        7,092,808
                                                 -------------    -------------

TOTAL INVESTMENTS -- 100.0% ..................   $  57,902,509       77,865,457
                                                 =============

OTHER ASSETS AND LIABILITIES (NET) ...........                          (87,107)
                                                                  -------------

NET ASSETS -- COMMON SHARES
   (3,050,236 common shares outstanding) .....                    $  77,778,350
                                                                  =============
NET ASSET VALUE PER COMMON SHARE
   ($77,778,350 / 3,050,236 shares
   outstanding) ..............................                    $       25.50
                                                                  =============

----------
(a)   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 December
      31, 2007, the market value of Rule 144A securities amounted to $61,862 or
      0.08% of total investments.

  +   Non-income producing security.

 ++   Represents annualized yield at date of purchase.

ADR   American Depository Receipt
GDR   Global Depository Receipt

                                                           % OF
                                                          MARKET      MARKET
                                                           VALUE      VALUE
                                                          ------   ------------
GEOGRAPHIC DIVERSIFICATION
North America .........................................     65.9%  $ 51,323,122
Europe. ...............................................     28.7     22,303,904
Japan .................................................      3.2      2,513,790
Latin America. ........................................      1.7      1,319,515
Asia/Pacific. .........................................      0.5        405,126
                                                          ------   ------------
                                                           100.0%  $ 77,865,457
                                                          ======   ============

                See accompanying notes to financial statements.


                                        5



                    THE GABELLI GLOBAL UTILITY & INCOME TRUST

                      STATEMENT OF ASSETS AND LIABILITIES
                               DECEMBER 31, 2007

ASSETS:
   Investments, at value (cost $57,902,509) ....................   $ 77,865,457
   Foreign currency, at value (cost $1) ........................              2
   Receivable for investments sold .............................         42,825
   Dividends and interest receivable ...........................        182,275
   Deferred offering expense ...................................         51,406
   Unrealized appreciation on swap contracts ...................          4,264
   Prepaid expense .............................................          3,206
                                                                   ------------
   TOTAL ASSETS ................................................     78,149,435
                                                                   ------------
LIABILITIES:
   Payable to custodian ........................................         18,246
   Payable for investments purchased ...........................        136,550
   Payable for investment advisory fees ........................         66,920
   Payable for payroll expenses ................................         38,812
   Payable for accounting fees .................................         11,252
   Payable for legal and audit fees ............................         48,148
   Payable for shareholder communications expenses .............         41,852
   Other accrued expenses ......................................          9,305
                                                                   ------------
   TOTAL LIABILITIES ...........................................        371,085
                                                                   ------------
   NET ASSETS applicable to 3,050,236 shares
     outstanding ...............................................   $ 77,778,350
                                                                   ============

NET ASSETS CONSIST OF:
   Paid-in capital, at $0.001 par value ........................   $ 57,339,958
   Accumulated net investment income ...........................        471,028
   Accumulated distributions in excess of net realized
     gain on investments, swap contracts, and foreign
     currency transactions .....................................         (1,744)
   Net unrealized appreciation on investments ..................     19,962,948
   Net unrealized appreciation on swap contracts ...............          4,264
   Net unrealized appreciation on foreign
     currency translations .....................................          1,896
                                                                   ------------
   NET ASSETS ..................................................   $ 77,778,350
                                                                   ============
NET ASSET VALUE PER COMMON SHARE
   ($77,778,350 / 3,050,236 shares outstanding;
   unlimited number of shares authorized) ......................   $      25.50
                                                                   ============

                            STATEMENT OF OPERATIONS
                      FOR THE YEAR ENDED DECEMBER 31, 2007

INVESTMENT INCOME:
   Dividends (net of foreign taxes of $67,982) .................   $  2,363,111
   Interest ....................................................        230,920
                                                                   ------------
   TOTAL INVESTMENT INCOME .....................................      2,594,031
                                                                   ------------
EXPENSES:
   Investment advisory fees ....................................        769,445
   Payroll expenses ............................................        117,351
   Shareholder communications expenses .........................         82,283
   Trustees' fees ..............................................         57,570
   Legal and audit fees ........................................         56,728
   Accounting fees .............................................         45,000
   Custodian fees ..............................................         29,235
   Shareholder services fees ...................................         13,634
   Interest expense ............................................             49
   Miscellaneous expenses ......................................         23,956
                                                                   ------------
   TOTAL EXPENSES ..............................................      1,195,251
   Less: Custodian fee credits .................................         (4,158)
                                                                   ------------
   NET EXPENSES ................................................      1,191,093
                                                                   ------------
   NET INVESTMENT INCOME .......................................      1,402,938
                                                                   ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
   SWAP CONTRACTS, AND FOREIGN CURRENCY:
   Net realized gain on investments ............................      3,460,693
   Net realized gain on swap contracts .........................         18,749
   Net realized loss on foreign currency transactions ..........         (1,472)
                                                                   ------------
   Net realized gain on investments, swap contracts, and
     foreign currency transactions .............................      3,477,970
                                                                   ------------
   Net change in unrealized appreciation/depreciation:
     on investments ............................................      2,751,938
     on swap contracts .........................................          4,264
     on foreign currency translations ..........................          1,368
                                                                   ------------
   Net change in unrealized appreciation/depreciation on
     investments, swap contracts, and foreign
     currency translations .....................................      2,757,570
                                                                   ------------
   NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
     SWAP CONTRACTS, AND FOREIGN CURRENCY ......................      6,235,540
                                                                   ------------
   NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........   $  7,638,478
                                                                   ============

                See accompanying notes to financial statements.


                                        6



                    THE GABELLI GLOBAL UTILITY & INCOME TRUST

                       STATEMENT OF CHANGES IN NET ASSETS



                                                  YEAR ENDED          YEAR ENDED
                                              DECEMBER 31, 2007   DECEMBER 31, 2006
                                              -----------------   -----------------
                                                              
OPERATIONS:

   Net investment income ..................     $  1,402,938        $  1,962,778
   Net realized gain on
     investments, swap contracts,
     and foreign currency
     transactions .........................        3,477,970           1,934,155
   Net change in unrealized
     appreciation/depreciation on
     investments, swap contracts,
     and foreign currency
     translations .........................        2,757,570          12,189,107
                                                ------------        ------------
   NET INCREASE IN NET ASSETS
     RESULTING FROM OPERATIONS ............        7,638,478          16,086,040
                                                ------------        ------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
   Net investment income ..................         (921,781)         (1,977,497)
   Net realized short-term gain on
     investments, swap contracts,
     and foreign currency
     transactions .........................         (859,557)            (22,545)
   Net realized long-term gain on
     investments, swap contracts,
     and foreign currency
     transactions .........................       (2,885,523)         (1,660,252)
                                                ------------        ------------
   TOTAL DISTRIBUTIONS TO COMMON
     SHAREHOLDERS .........................       (4,666,861)         (3,660,294)
                                                ------------        ------------
   NET INCREASE IN NET ASSETS .............        2,971,617          12,425,746

NET ASSETS:
   Beginning of period ....................       74,806,733          62,380,987
                                                ------------        ------------
   End of period (including
     undistributed net investment
     income of $471,028 and $0,
     respectively) ........................     $ 77,778,350        $ 74,806,733
                                                ============        ============


                See accompanying notes to financial statements.


                                        7



                    THE GABELLI GLOBAL UTILITY & INCOME TRUST
                          NOTES TO FINANCIAL STATEMENTS

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 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 60 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 60 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  to the  valuation  and changes in valuation of similar  securities,
including a comparison of foreign securities to 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.

      In September 2006, the Financial  Accounting  Standards Board (the "FASB")
issued  Statement of Financial  Accounting  Standards  ("SFAS")  157, Fair Value
Measurements,  which  clarifies  the  definition  of  fair  value  and  requires
companies  to expand  their  disclosure  about the use of fair  value to measure
assets and  liabilities  in interim  and annual  periods  subsequent  to initial
recognition.  Adoption of SFAS 157  requires  the use of the price that would be
received  to sell  an  asset  or paid to  transfer  a  liability  in an  orderly
transaction  between market  participants at the  measurement  date. SFAS 157 is
effective  for  financial  statements  issued for fiscal years  beginning  after
November 15, 2007, and interim  periods within those fiscal years. At this time,
management is in the process of reviewing the  requirements  of SFAS 157 against
its current valuation policies to determine future applicability.

      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.
The Fund will always receive and maintain  securities as collateral whose market
value, including accrued interest,  will be 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 December
31, 2007, there were no open repurchase agreements.


                                        8



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

      SWAP AGREEMENTS. The Fund may enter into equity swap transactions. The use
of  equity  swaps is a highly  specialized  activity  that  involves  investment
techniques and risks  different from those  associated  with ordinary  portfolio
security transactions. An equity swap is a swap where 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 appreciation
or  depreciation  in the  Statement of  Operations.  A realized  gain or loss is
recorded upon termination of swap agreements.

      The Fund has  entered  into  equity  swap  agreements  with Bear,  Stearns
International  Limited.  Details of the equity swaps at December 31, 2007 are as
follows:


        NOTIONAL              EQUITY SECURITY               INTEREST RATE/            TERMINATION   NET UNREALIZED
         AMOUNT                  RECEIVED                EQUITY SECURITY PAID            DATE        APPRECIATION
------------------------   ---------------------   --------------------------------   -----------   --------------
                                                                                            
                               Market Value        Overnight LIBOR plus 40 bps plus
                             Appreciation on:        Market Value Depreciation on:
$389,145 (36,000 Shares)   Rolls-Royce Group plc         Rolls-Royce Group plc         04/15/08         $4,264


      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.

      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 December 31, 2007,  there were no
open futures contracts.

      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.  At  December  31,  2007,  there were no open
securities sold short.

      FORWARD FOREIGN EXCHANGE CONTRACTS. The Fund may engage in forward foreign
exchange contracts for 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.


                                        9



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

      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 December  31,  2007,  there were no open  forward
foreign exchange contracts.

      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 shown as "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.  For the  fiscal  year
ended December 31, 2007, reclassifications were made to decrease accumulated net
investment income by $10,129 and decrease accumulated distributions in excess of
net  realized  gain  on  investments,   swap  contracts,  and  foreign  currency
transactions by $10,124, with an offsetting adjustment to paid-in capital.

      The tax  character  of  distributions  paid during the fiscal  years ended
December 31, 2007 and December 31, 2006 was as follows:

                                              YEAR ENDED          YEAR ENDED
                                           DECEMBER 31, 2007   DECEMBER 31, 2006
                                           -----------------   -----------------
                                                COMMON              COMMON
                                              -----------         -----------
DISTRIBUTIONS PAID FROM:
Ordinary income (inclusive of short-term
  capital gains) .......................      $ 1,782,462         $ 2,000,042
Net long-term capital gains ............        2,884,399           1,660,252
                                              -----------         -----------
Total distributions paid ...............      $ 4,666,861         $ 3,660,294
                                              ===========         ===========


                                       10



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

      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,  2007,  the  difference  between book basis and tax basis
unrealized  appreciation was primarily due to deferral of losses from wash sales
for tax purposes and  mark-to-market  adjustments on passive foreign  investment
companies.

      As of December 31, 2007, the components of accumulated  earnings  (losses)
on a tax basis were as  follows:

       Net unrealized appreciation on investments ..............   $ 19,944,717
       Net unrealized appreciation on foreign currency and
         swap contracts ........................................          6,160
       Undistributed ordinary income (inclusive of short-term
         capital gains) ........................................        500,535
       Post-October capital loss deferral ......................        (10,785)
       Other temporary differences* ............................         (2,235)
                                                                   ------------
         Total .................................................   $ 20,438,392
                                                                   ============

----------
*     Other  temporary  differences are primarily due to adjustments to accurals
      on swap contracts.

      The  following  summarizes  the tax cost of  investments,  and the related
unrealized appreciation (depreciation) at December 31, 2007:



                                            GROSS          GROSS
                                          UNREALIZED     UNREALIZED    NET UNREALIZED
                              COST       APPRECIATION   DEPRECIATION   APPRECIATION
                           -----------   ------------   ------------   --------------
                                                           
Investments ............   $57,920,740   $ 20,378,385   $   (433,668)  $   19,944,717
Swap contracts .........            --          4,264             --            4,264
                           -----------   ------------   ------------   --------------
                           $57,920,740   $ 20,382,649   $   (433,668)  $   19,948,981
                           ===========   ============   ============   ==============


      FASB  Interpretation  No. 48, "Accounting for Uncertainty in Income Taxes,
an Interpretation of FASB Statement No. 109" (the "Interpretation")  established
a minimum  threshold  for  financial  statement  recognition  of the  benefit of
positions taken in filing tax returns  (including whether the Fund is taxable in
a particular  jurisdiction)  and required certain expanded tax disclosures.  The
Fund has adopted the  Interpretation for all open tax years and it had no impact
on the amounts reported in the financial statements.

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,  equal on an annual  basis to 1.00% of the value of the Fund's  average
weekly net  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 fiscal year ended  December 31, 2007,  the Fund paid  brokerage
commissions on security trades of $26,415 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 fiscal year ended  December 31,
2007,  the Fund paid or accrued  $45,000 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 fiscal year ended December 31, 2007 the Fund paid or
accrued  $117,351,  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 they are  reimbursed  for any out of pocket  expenses  incurred in attending
meetings.  All  Board  committee  members  receive  $500 per  meeting  attended.
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 proceeds from the sales of securities for
the  fiscal  year ended  December  31,  2007,  other  than  short-term  and U.S.
Government securities, aggregated $25,389,136 and $12,129,388, 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 fiscal  years  ended
December 31, 2007 and December 31, 2006, the Fund did not have any  transactions
in shares of beneficial interest.

      At the Fund's  November  14, 2007 Board  meeting,  the Board  approved the
filing of a shelf registration with the SEC which will give the Fund the ability
to offer fixed rate preferred shares.


                                       11



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

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

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

8. OTHER MATTERS.  The Adviser  and/or  affiliates  received  subpoenas from the
Attorney General of the State of New York and the SEC requesting  information on
mutual fund share  trading  practices  involving  certain  funds  managed by the
Adviser.  GAMCO  Investors,   Inc.  ("GAMCO"),  the  Adviser's  parent  company,
responded to these  requests for documents and  testimony.  In June 2006,  GAMCO
began discussions with the SEC regarding a possible resolution of their inquiry.
In February  2007,  the Adviser made an offer of  settlement to the staff of the
SEC for  communication  to the Commission for its  consideration to resolve this
matter.  This offer of settlement is subject to agreement regarding the specific
language of the SEC's administrative order and other settlement documents.  On a
separate matter, in September 2005, the Adviser was informed by the staff of the
SEC that the staff may recommend to the Commission that an administrative remedy
and a monetary penalty be sought from the Adviser in connection with the actions
of two of nine closed-end funds managed by the Adviser relating to Section 19(a)
and Rule 19a-1 of the 1940 Act. These provisions require  registered  investment
companies to provide written  statements to shareholders when a dividend is made
from a source other than net investment  income.  While the two closed-end funds
sent annual statements and provided other materials containing this information,
the funds did not send written statements to shareholders with each distribution
in 2002  and  2003.  The  Adviser  believes  that  all of the  funds  are now in
compliance.  The Adviser believes that these matters would have no effect on the
Fund or any material  adverse effect on the Adviser or its ability to manage the
Fund. The staff's notice to the Adviser did not relate to the Fund.


                                       12


                    THE GABELLI GLOBAL UTILITY & INCOME TRUST
                              FINANCIAL HIGHLIGHTS

SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD:



                                                           YEAR ENDED         YEAR ENDED        YEAR ENDED          PERIOD ENDED
                                                       DECEMBER 31, 2007  DECEMBER 31, 2006  DECEMBER 31, 2005  DECEMBER 31, 2004(b)
                                                       -----------------  -----------------  -----------------  --------------------
                                                                                                        
OPERATING PERFORMANCE:
   Net asset value, beginning of period .............     $  24.52           $  20.45           $ 21.03             $  19.06(c)
                                                          --------           --------           -------             --------
   Net investment income ............................         0.45               0.64              0.64                 0.28
   Net realized and unrealized gain on investments,
     swap contracts, and foreign currency
     transactions ...................................         2.06               4.63              0.23                 2.29
                                                          --------           --------           -------             --------
   Total from investment operations .................         2.51               5.27              0.87                 2.57
                                                          --------           --------           -------             --------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
   Net investment income ............................        (0.30)             (0.65)            (0.63)               (0.28)
   Net realized gain on investments .................        (1.23)             (0.55)            (0.82)               (0.06)
   Return of capital ................................           --                 --                --                (0.26)
                                                          --------           --------           -------             --------
   Total distributions to common shareholders .......        (1.53)             (1.20)            (1.45)               (0.60)
                                                          --------           --------           -------             --------
   NET ASSET VALUE, END OF PERIOD ...................     $  25.50           $  24.52           $ 20.45             $  21.03
                                                          ========           ========           =======             ========
   NAV total return + ...............................        10.46%             26.66%              4.2%                13.9%*
                                                          ========           ========           =======             ========
   Market value, end of period ......................     $  23.05           $  22.17           $ 17.76             $  19.63
                                                          ========           ========           =======             ========
   Total investment return ++ .......................        11.29%             32.83%             (2.3)%                1.3%**
                                                          ========           ========           =======             ========
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:
   Net assets, end of period (in 000's) .............     $ 77,727           $ 74,807           $62,381             $ 64,160
   Ratio of net investment income to average net
     assets .........................................         1.82%              2.92%             2.99%                2.23%(d)
   Ratio of operating expenses to average net
     assets .........................................         1.55%(a)           1.66%(a)          1.56%(a)             1.49%(d)
   Portfolio turnover rate ..........................         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 periods 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 periods of less than one year is not annualized.

*     Based on net asset value per share at commencement of operations of $19.06
      per share.

**    Based on market value per share at initial  public  offering of $20.00 per
      share.

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

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

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

(d)   Annualized.

                 See accompanying notes to financial statements.

                                       13



                    THE GABELLI GLOBAL UTILITY & INCOME TRUST
             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of
The Gabelli Global Utility & Income Trust:

In our opinion, the accompanying statement of assets and liabilities,  including
the schedule of  investments,  and the related  statements of operations  and of
changes  in net assets  and the  financial  highlights  present  fairly,  in all
material respects, the financial position of The Gabelli Global Utility & Income
Trust  (hereafter  referred to as the "Trust") at December 31, 2007, the results
of its  operations  for the year then  ended,  the changes in its net assets for
each of the two years in the period then ended and the financial  highlights for
each  of  the  periods  presented,  in  conformity  with  accounting  principles
generally accepted in the United States of America.  These financial  statements
and financial highlights  (hereafter referred to as "financial  statements") are
the responsibility of the Trust's  management.  Our responsibility is to express
an opinion on these financial  statements based on our audits.  We conducted our
audits of these  financial  statements in  accordance  with the standards of the
Public Company  Accounting  Oversight  Board (United  States).  Those  standards
require that we plan and perform the audit to obtain reasonable  assurance about
whether the financial  statements  are free of material  misstatement.  An audit
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the financial  statements,  assessing the  accounting  principles
used and  significant  estimates made by management,  and evaluating the overall
financial  statement  presentation.  We believe that our audits,  which included
confirmation  of  securities  at December  31, 2007 by  correspondence  with the
custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
February 29, 2008


                                       14



                    THE GABELLI GLOBAL UTILITY & INCOME TRUST
                     ADDITIONAL FUND INFORMATION (UNAUDITED)

      The  business and affairs of the Fund are managed  under the  direction of
the  Fund's  Board of  Trustees.  Information  pertaining  to the  Trustees  and
officers of the Fund is set forth  below.  The Fund's  Statement  of  Additional
Information  includes  additional  information  about the Fund's Trustees and is
available,  without charge, upon request, by calling 800-GABELLI  (800-422-3554)
or by writing to The  Gabelli  Global  Utility & Income  Trust at One  Corporate
Center, Rye, NY 10580-1422.



                                            NUMBER OF
                              TERM OF     FUNDS IN FUND
    NAME, POSITION(S)       OFFICE AND       COMPLEX
       ADDRESS(1)            LENGTH OF     OVERSEEN BY            PRINCIPAL OCCUPATION(S)                  OTHER DIRECTORSHIPS
         AND AGE          TIME SERVED(2)     TRUSTEE              DURING PAST FIVE YEARS                   HELD BY TRUSTEE(4)
------------------------  --------------  -------------  -----------------------------------------  --------------------------------
                                                                                        
INTERESTED TRUSTEE(3):

SALVATORE M. SALIBELLO     Since 2004**          3       Certified Public Accountant and Managing                  --
Trustee                                                  Partner of the public accounting firm of
Age: 62                                                  Salibello & Broder LLP since 1978

INDEPENDENT TRUSTEES(5):

ANTHONY J. COLAVITA         Since 2004*         35       Partner in the law firm of                                --
Trustee                                                  Anthony J. Colavita, P.C.
Age: 72

JAMES P. CONN              Since 2004**         16       Former Managing Director and Chief                        --
Trustee                                                  Investment Officer of Financial
Age: 69                                                  Security Assurance Holdings Ltd.
                                                         (insurance holding company) (1992-1998)

MARIO D'URSO               Since 2004***         4       Chairman of Mittel Capital Markets S.p.A.                 --
Trustee                                                  since 2001; Senator in the Italian
Age: 67                                                  Parliament (1996-2001)

VINCENT D. ENRIGHT         Since 2004***        15       Former Senior Vice President and Chief                    --
Trustee                                                  Financial Officer of KeySpan Corporation
Age: 64                                                  (public utility) (1994-1998)

MICHAEL J. MELARKEY        Since 2004***         4       Partner in the law firm of Avansino,       Director of Southwest Gas
Trustee                                                  Melarkey, Knobel & Mulligan                Corporation (natural gas
Age: 58                                                                                             utility)

SALVATORE J. ZIZZA          Since 2004*         26       Chairman of Zizza & Co., Ltd.              Director of Hollis-Eden
Trustee                                                  (consulting)                               Pharmaceuticals (biotechnology);
Age: 62                                                                                             Director of Earl Scheib, Inc.
                                                                                                    (automotive services)



                                       15



                    THE GABELLI GLOBAL UTILITY & INCOME TRUST
               ADDITIONAL FUND INFORMATION (CONTINUED) (UNAUDITED)



                              TERM OF
    NAME, POSITION(S)       OFFICE AND
       ADDRESS(1)            LENGTH OF                            PRINCIPAL OCCUPATION(S)
         AND AGE          TIME SERVED(2)                           DURING PAST FIVE YEARS
------------------------  --------------  -----------------------------------------------------------------------
                                    
OFFICERS:

BRUCE N. ALPERT             Since 2004    Executive Vice President and Chief Operating Officer of Gabelli Funds,
President                                 LLC since 1988 and an officer of most of the registered investment
Age: 56                                   companies in the Gabelli/GAMCO Funds complex. Director and President of
                                          Gabelli Advisers, Inc. since 1998

DAVID I. SCHACHTER          Since 2004    Vice President of The Gabelli Utility Trust since 1999, The Gabelli
Vice President                            Global Deal Fund since 2006, and The Gabelli Healthcare & Wellness(Rx)
Age: 54                                   Trust since 2007; Vice President of Gabelli Funds, LLC since 1996

JAMES E. MCKEE              Since 2004    Vice President, General Counsel, and Secretary of GAMCO Investors, Inc.
Secretary                                 (since 1999) and GAMCO Asset Management Inc. (since 1993); Secretary of
Age: 44                                   all of the registered investment companies in the Gabelli/GAMCO Funds
                                          complex

AGNES MULLADY               Since 2006    Vice President of Gabelli Funds, LLC since 2007; Officer of all of the
Treasurer                                 registered investment companies in the Gabelli/GAMCO Funds complex;
Age: 49                                   Senior Vice President of U.S. Trust Company, N.A. and Treasurer and
                                          Chief Financial Officer of Excelsior Funds from 2004 through 2005;
                                          Chief Financial Officer of AMIC Distribution Partners from 2002 through
                                          2004; Controller of Reserve Management Corporation and Reserve
                                          Partners, Inc. and Treasurer of Reserve Funds from 2000 through 2002

PETER D. GOLDSTEIN          Since 2004    Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004;
Chief Compliance Officer                  Chief Compliance Officer of all of the registered investment companies
Age: 54                                   in the Gabelli/GAMCO Funds complex; Vice President of Goldman Sachs
                                          Asset Management from 2000 through 2004


----------
(1)   Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

(2)   The Fund's  Board of Trustees is divided  into three  classes,  each class
      having a term of three  years.  Each  year the term of office of one class
      expires and the successor or successors  elected to such class serve for a
      three year term. The three year term for each class expires as follows:

      *   - Term expires  at the Fund's  2008 Annual Meeting of  Shareholders or
            until their successors are duly elected and qualified.

      **  - Term expires  at the Fund's  2009 Annual  Meeting of Shareholders or
            until their successors are duly elected and qualified.

      *** - Term expires  at the Fund's  2010 Annual Meeting of  Shareholders or
            until their successors are duly elected and qualified.

      Each officer will hold office for an indefinite  term until the date he or
      she  resigns  or  retires or until his or her  successor  is  elected  and
      qualified.

(3)   "Interested  person" of the Fund as defined in the 1940 Act. Mr. Salibello
      may be considered an "interested  person" of the Fund as a result of being
      a partner in an  accounting  firm that provides  professional  services to
      affiliates of the investment adviser.

(4)   This column includes only directorships of companies required to report to
      the SEC under the Securities Exchange Act of 1934, as amended (i.e. public
      companies) or other investment companies registered under the 1940 Act.

(5)   Trustees  who are not  interested  persons  are  considered  "Independent"
      Trustees.


                                       16



                    THE GABELLI GLOBAL UTILITY & INCOME TRUST
                       INCOME TAX INFORMATION (UNAUDITED)
                                DECEMBER 31, 2007

CASH DIVIDENDS AND DISTRIBUTIONS



                                      TOTAL AMOUNT     ORDINARY    LONG-TERM     DIVIDEND
                 PAYABLE    RECORD         PAID       INVESTMENT    CAPITAL    REINVESTMENT
                  DATE       DATE     PER SHARE (a)   INCOME (a)   GAINS (a)       PRICE
                --------   --------   -------------   ----------   ---------   ------------
                                                               
COMMON SHARES
                01/25/07   01/17/07     $ 0.10000      $ 0.08330   $ 0.01670     $ 22.4315
                02/22/07   02/13/07       0.10000        0.03500     0.06500       22.8736
                03/26/07   03/16/07       0.10000        0.03500     0.06500       22.4216
                04/04/07   04/16/07       0.10000        0.03500     0.06500       23.0539
                05/24/07   05/16/07       0.10000        0.03500     0.06500       22.6226
                06/25/07   06/15/07       0.10000        0.03500     0.06500       21.6341
                07/25/07   07/17/07       0.10000        0.03500     0.06500       21.4691
                08/27/07   08/17/07       0.10000        0.03500     0.06500       21.0374
                09/24/07   09/14/07       0.10000        0.03500     0.06500       21.8472
                10/25/07   10/17/07       0.10000        0.03500     0.06500       22.8342
                11/26/07   11/15/07       0.10000        0.03500     0.06500       22.4695
                12/17/07   12/12/07       0.43000        0.15070     0.27930       22.8385
                                        ---------      ---------   ---------
                                        $ 1.53000      $ 0.58400   $ 0.94600


      A Form  1099-DIV  has been  mailed to all  shareholders  of record for the
distributions  mentioned above, setting forth specific amounts to be included in
the 2007 tax  returns.  Ordinary  income  distributions  include net  investment
income and realized net short-term capital gains. Ordinary income is reported in
box 1a of Form 1099-DIV.  Capital gain  distributions  are reported in box 2a of
Form  1099-DIV.  The  long-term  gain  distributions  for the fiscal  year ended
December 31, 2007 were $2,884,399, or the maximum allowable.

CORPORATE  DIVIDENDS  RECEIVED  DEDUCTION,  QUALIFIED  DIVIDEND INCOME, AND U.S.
TREASURY SECURITIES INCOME

      The Fund  paid to common  shareholders  an  ordinary  income  dividend  of
$0.58400 per share in 2007. For the fiscal year ended December 31, 2007,  78.02%
of  the  ordinary  dividend  qualified  for  the  dividends  received  deduction
available to  corporations,  and 99.17% of the ordinary income  distribution was
qualified  dividend income.  The percentage of ordinary income dividends paid by
the Fund during 2007  derived  from U.S.  Treasury  Securities  was 2.21%.  Such
income is exempt from state and local tax in all states.  However,  many states,
including  New York and  California,  allow a tax exemption for a portion of the
income  earned only if a mutual fund has  invested at least 50% of its assets at
the end of each quarter of its fiscal year in U.S.  Government  Securities.  The
Fund did not meet this strict  requirement in 2007. The percentage of net assets
of U.S. Government Securities held as of December 31, 2007 was 9.13%.

                         HISTORICAL DISTRIBUTION SUMMARY

COMMON SHARES



                                         SHORT-TERM   LONG-TERM                                       ADJUSTMENT
                            INVESTMENT     CAPITAL     CAPITAL     RETURN OF          TOTAL               TO
                            INCOME (b)    GAINS (b)     GAINS     CAPITAL (c)   DISTRIBUTIONS (a)   COST BASIS (d)
                            ----------   ----------   ---------   -----------   -----------------   --------------
                                                                                     
2007 ....................    $ 0.30220    $ 0.28180   $ 0.94600           --        $ 1.53000                 --
2006 ....................      0.56420      0.09180     0.54400           --          1.20000                 --
2005 ....................      0.63370      0.15660     0.65970           --          1.45000                 --
2004 ....................      0.26099      0.07758          --    $ 0.26143          0.60000          $ 0.26143


----------
(a)   Total amounts may differ due to rounding.

(b)   Taxable as ordinary income for Federal tax purposes.

(c)   Non-taxable.

(d)   Decrease in cost basis.


                                       17



                         AUTOMATIC DIVIDEND REINVESTMENT
                        AND VOLUNTARY CASH PURCHASE PLANS

ENROLLMENT IN THE PLAN

      It is the Policy of The Gabelli Global Utility & Income Trust (the "Fund")
to  automatically  reinvest  dividends  payable  to  common  shareholders.  As a
"registered"  shareholder you  automatically  become a participant in the Fund's
Automatic Dividend  Reinvestment Plan (the "Plan"). The Plan authorizes the Fund
to credit common  shares 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 share
certificates to Computershare Trust Company,  N.A.  ("Computershare") to be held
in their  dividend  reinvestment  account.  Registered  shareholders  wishing to
receive their distributions in cash must submit this request in writing to:

                    The Gabelli Global Utility & Income Trust
                                c/o Computershare
                                 P.O. Box 43010
                            Providence, RI 02940-3010

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

      If your shares are held in the name of a broker,  bank,  or  nominee,  you
should contact such institution. If such institution is not participating in the
Plan,  your  account  will  be  credited  with  a cash  dividend.  In  order  to
participate in the Plan through such institution, it may be necessary for you to
have your shares taken out of "street name" and  re-registered in your own name.
Once  registered  in your  own name  your  distributions  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 common shares  distributed  to  participants  in the Plan in
lieu of cash  dividends is determined in the following  manner.  Under the Plan,
whenever the market price of the Fund's common shares 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 common shares valued at the greater of (i) the net asset
value as most recently  determined or (ii) 95% of the then current  market price
of the Fund's common shares.  The valuation date is the dividend or distribution
payment date or, if that date is not an American Stock Exchange ("Amex") trading
day, the next  trading  day. If the net asset value of the common  shares at the
time of valuation  exceeds the market price of the common  shares,  participants
will receive  common  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  shares  in the open  market,  or on the Amex 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 shares exceeds the then current net asset value.

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

VOLUNTARY CASH PURCHASE PLAN

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

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

      SHAREHOLDERS  WISHING TO LIQUIDATE SHARES HELD AT COMPUTERSHARE must do so
in writing or by telephone.  Please  submit your request to the above  mentioned
address or telephone  number.  Include in your request your name,  address,  and
account number. The cost to liquidate shares is $2.50 per transaction as well as
the brokerage  commission  incurred.  Brokerage  charges are expected to be less
than the usual brokerage charge for such transactions.

      For more information  regarding the Automatic  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 Annual  Meeting  of The  Gabelli  Global  Utility & Income
         Trust's  shareholders will be held on Monday,  May 19, 2008 at
         the Greenwich Library in Greenwich, Connecticut.
         --------------------------------------------------------------


                                       18


                                [GRAPHIC OMITTED]

                              TRUSTEES AND OFFICERS
                    THE GABELLI GLOBAL UTILITY & INCOME TRUST
                    ONE CORPORATE CENTER, RYE, NY 10580-1422


TRUSTEES                                            OFFICERS
                                                    
Anthony J. Colavita                                 Bruce N. Alpert
   ATTORNEY-AT-LAW,                                    PRESIDENT
   ANTHONY J. COLAVITA, P.C.
                                                    Peter D. Goldstein
James P. Conn                                          CHIEF COMPLIANCE OFFICER
   FORMER MANAGING DIRECTOR &
   CHIEF INVESTMENT OFFICER,                        James E. McKee
   FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.          SECRETARY

Mario d'Urso                                        Agnes Mullady
   CHAIRMAN, MITTEL CAPITAL MARKETS SPA                TREASURER

Vincent D. Enright                                  David I. Schachter
   FORMER SENIOR VICE PRESIDENT &                      VICE PRESIDENT
   CHIEF FINANCIAL OFFICER,
   KEYSPAN CORP.                                    INVESTMENT ADVISER
                                                    Gabelli Funds, LLC
Michael J. Melarkey                                 One Corporate Center
   ATTORNEY-AT-LAW,                                 Rye, New York 10580-1422
   AVANSINO, MELARKEY, KNOBEL & MULLIGAN
                                                    CUSTODIAN
Salvatore M. Salibello
   CERTIFIED PUBLIC ACCOUNTANT,                     State Street Bank and Trust Company
   SALIBELLO & BRODER LLP
                                                    COUNSEL
Salvatore J. Zizza                                  Skadden, Arps, Slate, Meagher & Flom, LLP
   CHAIRMAN, ZIZZA & CO., LTD.
                                                    TRANSFER AGENT AND REGISTRAR
                                                    Computershare Trust Company, N.A.

                                                    STOCK EXCHANGE LISTING
                                                                                      Common
                                                                                    ---------
                                                    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 shares in the open market  when the Fund's  shares are trading at a discount
of 10% or more from the net asset value of the shares.
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------

                    THE GABELLI GLOBAL UTILITY & INCOME TRUST
                    ONE CORPORATE CENTER, RYE, NY 10580-1422

                        PHONE: 800-GABELLI (800-422-3554)
                   FAX: 914-921-5118 INTERNET: WWW.GABELLI.COM
                    E-MAIL: CLOSEDEND@GABELLI.COM                    GLU Q4/2007

--------------------------------------------------------------------------------



ITEM 2. CODE OF ETHICS.

     (a)  The  registrant,  as of the end of the period  covered by this report,
          has  adopted  a code  of  ethics  that  applies  to  the  registrant's
          principal executive officer,  principal  financial officer,  principal
          accounting  officer  or  controller,  or  persons  performing  similar
          functions, regardless of whether these individuals are employed by the
          registrant or a third party.

     (c)  There  have been no  amendments,  during  the  period  covered by this
          report,  to a  provision  of the code of ethics  that  applies  to the
          registrant's principal executive officer, principal financial officer,
          principal  accounting  officer or  controller,  or persons  performing
          similar  functions,   regardless  of  whether  these  individuals  are
          employed by the  registrant or a third party,  and that relates to any
          element of the code of ethics description.

     (d)  The  registrant  has not granted any  waivers,  including  an implicit
          waiver,  from a provision  of the code of ethics  that  applies to the
          registrant's principal executive officer, principal financial officer,
          principal  accounting  officer or  controller,  or persons  performing
          similar  functions,   regardless  of  whether  these  individuals  are
          employed by the  registrant  or a third party,  that relates to one or
          more  of  the  items  set  forth  in  paragraph  (b)  of  this  item's
          instructions.


ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period  covered by the report,  the  registrant's  Board of
Trustees  has  determined  that  Vincent D.  Enright is qualified to serve as an
audit committee  financial  expert serving on its audit committee and that he is
"independent," as defined by Item 3 of Form N-CSR.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

AUDIT FEES

     (a)  The  aggregate  fees billed for each of the last two fiscal  years for
          professional  services  rendered by the principal  accountant  for the
          audit of the registrant's annual financial statements or services that
          are normally  provided by the accountant in connection  with statutory
          and  regulatory  filings or  engagements  for those  fiscal  years are
          $42,500 for 2006 and $44,650 for 2007.

AUDIT-RELATED FEES

     (b)  The  aggregate  fees  billed in each of the last two fiscal  years for
          assurance and related  services by the principal  accountant  that are
          reasonably related to the performance of the audit of the registrant's
          financial  statements and are not reported under paragraph (a) of this
          Item are $0 for 2006 and $0 for 2007.


     TAX FEES

     (c)  The  aggregate  fees  billed in each of the last two fiscal  years for
          professional  services  rendered by the principal  accountant  for tax
          compliance,  tax  advice,  and tax  planning  are  $3,100 for 2006 and
          $4,350 for 2007. Tax fees represent tax compliance  services  provided
          in connection with the review of the Registrant's tax returns.

ALL OTHER FEES

     (d)  The  aggregate  fees  billed in each of the last two fiscal  years for
          products and services provided by the principal accountant, other than
          the services  reported in paragraphs  (a) through (c) of this Item are
          $0 for 2006 and $0 for 2007.

  (e)(1)  Disclose  the  audit committee's  pre-approval policies and procedures
          described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

          Pre-Approval   Policies   and   Procedures.    The   Audit   Committee
          ("Committee") of the registrant is responsible for  pre-approving  (i)
          all audit and  permissible  non-audit  services  to be provided by the
          independent  registered  public  accounting firm to the registrant and
          (ii)  all  permissible  non-audit  services  to  be  provided  by  the
          independent registered public accounting firm to the Adviser,  Gabelli
          Funds,  LLC, and any affiliate of Gabelli Funds,  LLC ("Gabelli") that
          provides services to the registrant (a "Covered Services Provider") if
          the independent registered public accounting firm's engagement related
          directly to the operations and financial  reporting of the registrant.
          The Committee may delegate its  responsibility to pre-approve any such
          audit and  permissible  non-audit  services to the  Chairperson of the
          Committee,  and the Chairperson  must report to the Committee,  at its
          next regularly scheduled meeting after the Chairperson's  pre-approval
          of such  services,  his or her  decision(s).  The  Committee  may also
          establish   detailed   pre-approval   policies  and   procedures   for
          pre-approval  of such services in  accordance  with  applicable  laws,
          including  the   delegation   of  some  or  all  of  the   Committee's
          pre-approval responsibilities to the other persons (other than Gabelli
          or the  registrant's  officers).  Pre-approval by the Committee of any
          permissible  non-audit  services  is not  required so long as: (i) the
          permissible  non-audit  services were not recognized by the registrant
          at the time of the engagement to be non-audit services;  and (ii) such
          services are promptly  brought to the  attention of the  Committee and
          approved by the Committee or  Chairperson  prior to the  completion of
          the audit.


  (e)(2)  The  percentage  of services  described  in  each  of  paragraphs  (b)
          through  (d) of this Item that were  approved  by the audit  committee
          pursuant to paragraph  (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are
          as follows:

                           (b) Not applicable

                           (c) 100%

                           (d) Not applicable

     (f)  The  percentage  of  hours  expended  on  the  principal  accountant's
          engagement to audit the registrant's financial statements for the most
          recent fiscal year that were  attributed to work  performed by persons
          other than the principal accountant's  full-time,  permanent employees
          was zero percent (0%).


     (g)  The aggregate non-audit fees billed by the registrant's accountant for
          services rendered to the registrant,  and rendered to the registrant's
          investment  adviser  (not  including  any  sub-adviser  whose  role is
          primarily  portfolio  management and is subcontracted with or overseen
          by another investment adviser), and any entity controlling, controlled
          by, or under common  control with the adviser  that  provides  ongoing
          services to the  registrant  for each of the last two fiscal  years of
          the registrant was $0 for 2006 and $0 for 2007.

     (h)  The  registrant's  audit  committee  of the  board  of  directors  has
          considered  whether the  provision  of  non-audit  services  that were
          rendered to the  registrant's  investment  adviser (not  including any
          sub-adviser  whose  role  is  primarily  portfolio  management  and is
          subcontracted with or overseen by another investment adviser), and any
          entity  controlling,  controlled  by, or under common control with the
          investment  adviser that provides  ongoing  services to the registrant
          that were not  pre-approved  pursuant to paragraph  (c)(7)(ii) of Rule
          2-01 of Regulation S-X is compatible  with  maintaining  the principal
          accountant's independence.



ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately  designated  audit  committee  consisting of the
following  members:  Anthony J. Colavita,  Vincent D. Enright,  and Salvatore J.
Zizza.


ITEM 6. SCHEDULE OF INVESTMENTS.

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.



ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
        MANAGEMENT INVESTMENT COMPANIES.

The Proxy Voting Policies are attached herewith.

                   THE VOTING OF PROXIES ON BEHALF OF CLIENTS

         Rules 204(4)-2 and 204-2 under the Investment  Advisers Act of 1940 and
Rule 30b1-4 under the Investment Company Act of 1940 require investment advisers
to adopt  written  policies and  procedures  governing  the voting of proxies on
behalf of their clients.

         These procedures will be used by GAMCO Asset  Management Inc.,  Gabelli
Funds, LLC, Gabelli Securities,  Inc., and Teton Advisors,  Inc.  (collectively,
the  "Advisers")  to  determine  how  to  vote  proxies  relating  to  portfolio
securities held by their clients, including the procedures that the Advisers use
when a vote presents a conflict  between the interests of the shareholders of an
investment company managed by one of the Advisers, on the one hand, and those of
the  Advisers;  the  principal  underwriter;  or any  affiliated  person  of the
investment company, the Advisers, or the principal underwriter. These procedures
will not apply where the  Advisers do not have  voting  discretion  or where the
Advisers have agreed to with a client to vote the client's proxies in accordance
with specific  guidelines  or  procedures  supplied by the client (to the extent
permitted by ERISA).

I.       PROXY VOTING COMMITTEE

         The Proxy Voting Committee was originally  formed in April 1989 for the
purpose of formulating  guidelines  and reviewing  proxy  statements  within the
parameters set by the substantive proxy voting guidelines  originally  published
in 1988 and updated periodically, a copy of which are appended as Exhibit A. The
Committee will include representatives of Research,  Administration,  Legal, and
the  Advisers.  Additional  or  replacement  members  of the  Committee  will be
nominated by the Chairman and voted upon by the entire Committee.

         Meetings  are held as needed basis to form views on the manner in which
the Advisers should vote proxies on behalf of their clients.

         In general,  the  Director of Proxy  Voting  Services,  using the Proxy
Guidelines,  recommendations of Institutional  Shareholder  Corporate Governance
Service  ("ISS"),  other  third-party  services  and the  analysts  of Gabelli &
Company,  Inc., will determine how to vote on each issue. For  non-controversial
matters, the Director of Proxy Voting Services may vote the proxy if the vote is
(1) consistent with the  recommendations  of the issuer's Board of Directors and
not contrary to the Proxy Guidelines; (2) consistent with the recommendations of
the issuer's Board of Directors and is a non-controversial  issue not covered by
the Proxy Guidelines;  or (3) the vote is contrary to the recommendations of the
Board of  Directors  but is  consistent  with  the  Proxy  Guidelines.  In those
instances,  the  Director  of  Proxy  Voting  Services  or the  Chairman  of the
Committee may sign and date the proxy  statement  indicating how each issue will
be voted.

         All matters  identified by the Chairman of the Committee,  the Director
of Proxy Voting Services or the Legal Department as  controversial,  taking into
account  the  recommendations  of ISS or  other  third  party  services  and the
analysts  of Gabelli & Company,  Inc.,  will be  presented  to the Proxy  Voting
Committee.  If the  Chairman of the  Committee,  the  Director  of Proxy  Voting
Services or the Legal  Department  has  identified the matter as one that (1) is
controversial;   (2)  would  benefit  from  deliberation  by  the  Proxy  Voting
Committee;  or (3) may give rise to a conflict of interest  between the Advisers
and their clients,  the Chairman of the Committee will initially  determine what
vote to recommend  that the  Advisers  should cast and the matter will go before
the Committee.

         A.       CONFLICTS OF INTEREST.

                  The Advisers have implemented these proxy voting procedures in
                  order to prevent  conflicts of interest from influencing their
                  proxy voting decisions. By following the Proxy Guidelines,  as
                  well as the recommendations of ISS, other third-party services
                  and the  analysts of Gabelli & Company,  the Advisers are able
                  to  avoid,  wherever  possible,  the  influence  of  potential
                  conflicts of interest.  Nevertheless,  circumstances may arise
                  in which one or more of the Advisers are faced with a conflict
                  of  interest  or the  appearance  of a conflict of interest in
                  connection  with its vote. In general,  a conflict of interest
                  may arise  when an Adviser  knowingly  does  business  with an
                  issuer, and may appear to have a material conflict between its
                  own  interests  and the  interests of the  shareholders  of an
                  investment  company  managed by one of the Advisers  regarding
                  how the proxy is to be voted.  A conflict  also may exist when
                  an  Adviser  has  actual  knowledge  of  a  material  business
                  arrangement between an issuer and an affiliate of the Adviser.

                  In  practical  terms,  a conflict of interest  may arise,  for
                  example,  when a proxy is voted for a company that is a client
                  of one of the Advisers,  such as GAMCO Asset Management Inc. A
                  conflict  also may arise when a client of one of the  Advisers
                  has made a shareholder proposal in a proxy to be voted upon by
                  one or more of the  Advisers.  The  Director  of Proxy  Voting
                  Services,  together with the Legal Department, will scrutinize
                  all proxies for these or other  situations  that may give rise
                  to a  conflict  of  interest  with  respect  to the  voting of
                  proxies.

         B.       OPERATION OF PROXY VOTING COMMITTEE

                  For matters  submitted  to the  Committee,  each member of the
                  Committee  will receive,  prior to the meeting,  a copy of the
                  proxy statement,  any relevant third party research, a summary
                  of any views provided by the Chief Investment  Officer and any
                  recommendations by Gabelli & Company, Inc. analysts. The Chief
                  Investment Officer or the Gabelli & Company, Inc. analysts may
                  be invited to present  their  viewpoints.  If the  Director of
                  Proxy Voting Services or the Legal Department believe that the
                  matter  before the  committee  is one with  respect to which a
                  conflict of interest may exist  between the Advisers and their
                  clients,  counsel  will  provide an  opinion to the  Committee
                  concerning  the  conflict.  If the  matter is one in which the
                  interests  of the  clients  of one or  more  of  Advisers  may
                  diverge,  counsel  will so advise and the  Committee  may make
                  different  recommendations  as to different  clients.  For any
                  matters where the recommendation may trigger appraisal rights,
                  counsel  will provide an opinion  concerning  the likely risks
                  and merits of such an appraisal action.

         Each matter  submitted to the Committee  will be determined by the vote
of a majority of the members present at the meeting.  Should the vote concerning
one or more recommendations be tied in a vote of the Committee,  the Chairman of
the Committee  will cast the deciding  vote. The Committee will notify the proxy
department of its decisions and the proxies will be voted accordingly.

         Although the Proxy  Guidelines  express the normal  preferences for the
voting of any shares not covered by a contrary investment  guideline provided by
the client, the Committee is not bound by the preferences set forth in the Proxy
Guidelines and will review each matter on its own merits. Written minutes of all
Proxy Voting Committee  meetings will be maintained.  The Advisers  subscribe to
ISS, which supplies  current  information on companies,  matters being voted on,
regulations,  trends in proxy voting and  information  on  corporate  governance
issues.

         If  the  vote  cast  either  by  the  analyst  or as a  result  of  the
deliberations of the Proxy Voting Committee runs contrary to the  recommendation
of the Board of  Directors  of the issuer,  the matter will be referred to legal
counsel to determine  whether an amendment to the most recently  filed  Schedule
13D is appropriate.

II.      SOCIAL ISSUES AND OTHER CLIENT GUIDELINES

         If a client has provided special instructions relating to the voting of
proxies,  they should be noted in the client's account file and forwarded to the
proxy department.  This is the responsibility of the investment  professional or
sales  assistant  for  the  client.  In  accordance  with  Department  of  Labor
guidelines,  the Advisers'  policy is to vote on behalf of ERISA accounts in the
best interest of the plan  participants  with regard to social issues that carry
an economic impact. Where an account is not governed by ERISA, the Advisers will
vote  shares  held on  behalf  of the  client  in a manner  consistent  with any
individual  investment/voting  guidelines provided by the client.  Otherwise the
Advisers will abstain with respect to those shares.

III.     CLIENT RETENTION OF VOTING RIGHTS

         If a client  chooses to retain the right to vote proxies or if there is
any  change  in voting  authority,  the  following  should  be  notified  by the
investment professional or sales assistant for the client.

         - Operations
         - Legal Department
         - Proxy Department
         - Investment professional assigned to the account

         In the event that the Board of  Directors  (or a Committee  thereof) of
one or more of the  investment  companies  managed  by one of the  Advisers  has
retained  direct voting control over any security,  the Proxy Voting  Department
will provide each Board  Member (or  Committee  member) with a copy of the proxy
statement together with any other relevant information including recommendations
of ISS or other third-party services.

IV.      VOTING RECORDS

         The Proxy Voting  Department will retain a record of matters voted upon
by the Advisers for their clients.  The Advisers will supply  information on how
an account voted its proxies upon request.

         A letter  is sent to the  custodians  for all  clients  for  which  the
Advisers  have  voting  responsibility  instructing  them to  forward  all proxy
materials to:

                  [Adviser name]
                  Attn: Proxy Voting Department
                  One Corporate Center
                  Rye, New York 10580-1433

The  sales  assistant  sends  the  letters  to the  custodians  along  with  the
trading/DTC  instructions.  Proxy voting  records will be retained in compliance
with Rule 204-2 under the Investment Advisers Act.

V.       VOTING PROCEDURES

1. Custodian banks,  outside  brokerage firms and clearing firms are responsible
for forwarding proxies directly to the Advisers.

Proxies are received in one of two forms:

o    Shareholder  Vote  Authorization  Forms  ("VAFs")  - Issued  by  Broadridge
     Financial  Solutions,  Inc.  ("Broadridge")  VAFs must be voted through the
     issuing  institution  causing a time lag.  Broadridge is an outside service
     contracted by the various institutions to issue proxy materials.

o    Proxy cards which may be voted directly.

2. Upon  receipt of the  proxy,  the number of shares  each form  represents  is
logged into the proxy system according to security.

3. In  the case of a  discrepancy  such as an  incorrect  number of  shares,  an
improperly  signed or dated card,  wrong class of  security,  etc.,  the issuing
custodian is notified by phone. A corrected proxy is requested. Any arrangements
are  made to  insure  that a  proper  proxy  is  received  in  time to be  voted
(overnight delivery, fax, etc.). When securities are out on loan on record date,
the custodian is requested to supply written verification.

4. Upon receipt of instructions  from the proxy committee (see  Administrative),
the votes are cast and recorded for each account on an individual basis.

Records have been  maintained on the Proxy Edge system.  The system is backed up
regularly.

Proxy Edge records include:
         Security Name and Cusip Number
         Date and Type of Meeting (Annual, Special, Contest)
         Client Name
         Adviser or Fund Account Number
         Directors' Recommendation
         How GAMCO voted for the client on each issue

5. VAFs are kept  alphabetically  by  security.  Records for the  current  proxy
season are located in the Proxy Voting Department office. In preparation for the
upcoming  season,  files are transferred to an offsite  storage  facility during
January/February.

6.  Shareholder  Vote  Authorization  Forms issued by Broadridge are always sent
directly to a specific individual at Broadridge.

7. If a proxy card or VAF is received  too late to be voted in the  conventional
matter, every attempt is made to vote on one of the following manners:

o  VAFs can be faxed to  Broadridge  up until  the time of the  meeting. This is
   followed up by mailing the original form.

o  When  a  solicitor  has  been  retained,  the  solicitor  is  called.  At the
   solicitor's direction, the proxy is faxed.

8. In the case of a proxy  contest,  records are  maintained  for each  opposing
entity.

9. Voting in Person

a) At times it may be  necessary  to vote the shares in person.  In this case, a
"legal proxy" is obtained in the following manner:

o  Banks and brokerage firms using the services at Broadridge:

      The back of the VAF is stamped  indicating that we wish to vote in person.
The forms are then sent overnight to Broadridge.  Broadridge  issues  individual
legal  proxies  and  sends  them  back via  overnight  (or the  Adviser  can pay
messenger  charges).  A lead-time  of at least two weeks prior to the meeting is
needed to do this.  Alternatively,  the procedures  detailed below for banks not
using Broadridge may be implemented.

o  Banks and brokerage firms issuing proxies directly:

   The bank is called and/or faxed and a legal proxy is requested.

All legal proxies should appoint:

"REPRESENTATIVE OF [ADVISER NAME] WITH FULL POWER OF SUBSTITUTION."

b) The legal  proxies are given to the person  attending  the meeting along with
the following supplemental material:

o  A  limited   Power  of   Attorney   appointing   the   attendee   an  Adviser
   representative.

o  A list of all shares being voted by custodian only.  Client names and account
   numbers  are not  included.  This  list  must be  presented,  along  with the
   proxies,  to the Inspectors of Elections  and/or  tabulator at least one-half
   hour  prior  to the  scheduled  start  of the  meeting.  The  tabulator  must
   "qualify" the votes (i.e. determine if the vote have previously been cast, if
   the votes have been rescinded, etc. vote have previously been cast, etc.).

o  A sample ERISA and Individual contract.

o  A sample of the annual authorization to vote proxies form.

o  A copy of our most recent Schedule 13D filing (if applicable).






                                   APPENDIX A
                                PROXY GUIDELINES




PROXY VOTING GUIDELINES

GENERAL POLICY STATEMENT

It is the policy of GAMCO INVESTORS, INC. to vote in the best economic interests
of our  clients.  As we  state  in  our  Magna  Carta  of  Shareholders  Rights,
established in May 1988, we are neither FOR nor AGAINST  management.  We are for
shareholders.

At our first proxy  committee  meeting in 1989,  it was decided  that each proxy
statement  should be  evaluated  on its own merits  within the  framework  first
established by our Magna Carta of Shareholders  Rights. The attached  guidelines
serve to enhance that broad framework.

We do not  consider any issue  routine.  We take into  consideration  all of our
research on the company, its directors,  and their short and long-term goals for
the  company.  In cases  where  issues that we  generally  do not approve of are
combined with other issues,  the negative aspects of the issues will be factored
into the evaluation of the overall  proposals but will not necessitate a vote in
opposition to the overall proposals.



BOARD OF DIRECTORS

The  advisers do not  consider  the election of the Board of Directors a routine
issue. Each slate of directors is evaluated on a case-by-case basis.

Factors taken into consideration include:

o        Historical responsiveness to shareholders
            This may include such areas as:
            -Paying greenmail
            -Failure to adopt shareholder  resolutions  receiving  a majority of
             shareholder votes
o        Qualifications
o        Nominating committee in place
o        Number of outside directors on the board
o        Attendance at meetings
o        Overall performance



SELECTION OF AUDITORS

In general, we support the Board of Directors' recommendation for auditors.



BLANK CHECK PREFERRED STOCK

We oppose the issuance of blank check preferred stock.

Blank check  preferred  stock  allows the  company to issue stock and  establish
dividends, voting rights, etc. without further shareholder approval.



CLASSIFIED BOARD

A  classified  board is one where the  directors  are divided  into classes with
overlapping terms. A different class is elected at each annual meeting.

While a classified  board  promotes  continuity of directors  facilitating  long
range  planning,  we feel directors  should be accountable to shareholders on an
annual basis. We will look at this proposal on a case-by-case  basis taking into
consideration   the  board's   historical   responsiveness   to  the  rights  of
shareholders.

Where a classified  board is in place we will generally not support  attempts to
change to an annually elected board.

When an  annually  elected  board is in place,  we  generally  will not  support
attempts to classify the board.



INCREASE AUTHORIZED COMMON STOCK

The request to increase  the amount of  outstanding  shares is  considered  on a
case-by-case basis.

Factors taken into consideration include:

o        Future use of additional shares
            -Stock split
            -Stock option or other executive  compensation  plan
            -Finance growth of company/strengthen balance sheet
            -Aid in restructuring
            -Improve credit rating
            -Implement a poison pill or other takeover defense
o        Amount of stock currently authorized but not yet issued or reserved for
         stock option plans
o        Amount of additional stock to be authorized and its dilutive effect

We will support this proposal if a detailed and  verifiable  plan for the use of
the additional shares is contained in the proxy statement.



CONFIDENTIAL BALLOT

We support  the idea that a  shareholder's  identity  and vote should be treated
with confidentiality.

However, we look at this issue on a case-by-case basis.

In order to promote confidentiality in the voting process, we endorse the use of
independent Inspectors of Election.



CUMULATIVE VOTING

In general, we support cumulative voting.

Cumulative voting is a process by which a shareholder may multiply the number of
directors being elected by the number of shares held on record date and cast the
total  number  for one  candidate  or  allocate  the  voting  among  two or more
candidates.

Where  cumulative  voting is in place,  we will vote  against  any  proposal  to
rescind this shareholder right.

Cumulative voting may result in a minority block of stock gaining representation
on the board.  When a  proposal  is made to  institute  cumulative  voting,  the
proposal will be reviewed on a case-by-case basis. While we feel that each board
member should represent all  shareholders,  cumulative  voting provides minority
shareholders an opportunity to have their views represented.



DIRECTOR LIABILITY AND INDEMNIFICATION

We support  efforts to attract  the best  possible  directors  by  limiting  the
liability and increasing the indemnification of directors, except in the case of
insider dealing.



EQUAL ACCESS TO THE PROXY

The SEC's rules provide for shareholder  resolutions.  However,  the resolutions
are  limited  in scope  and  there is a 500 word  limit on  proponents'  written
arguments.  Management has no such limitations. While we support equal access to
the  proxy,  we would  look at such  variables  as  length of time  required  to
respond, percentage of ownership, etc.



FAIR PRICE PROVISIONS

Charter  provisions  requiring a bidder to pay all shareholders a fair price are
intended to prevent two-tier tender offers that may be abusive. Typically, these
provisions do not apply to board-approved transactions.

We support  fair price  provisions  because we feel all  shareholders  should be
entitled to receive the same benefits.

Reviewed on a case-by-case basis.



GOLDEN PARACHUTES

Golden parachutes are severance payments to top executives who are terminated or
demoted after a takeover.

We support any proposal that would assure  management of its own welfare so that
they may  continue  to make  decisions  in the best  interest of the company and
shareholders  even if the decision  results in them losing their job. We do not,
however, support excessive golden parachutes.  Therefore,  each proposal will be
decided on a case-by-case basis.

NOTE: CONGRESS HAS IMPOSED A TAX ON ANY PARACHUTE  THAT IS MORE THAN THREE TIMES
THE EXECUTIVE'S AVERAGE ANNUAL COMPENSATION.



ANTI-GREENMAIL PROPOSALS

We do not support  greenmail.  An offer  extended to one  shareholder  should be
extended to all shareholders equally across the board.



LIMIT SHAREHOLDERS' RIGHTS TO CALL SPECIAL MEETINGS

We support the right of shareholders to call a special meeting.



CONSIDERATION OF NONFINANCIAL EFFECTS OF A MERGER

This proposal  releases the directors from only looking at the financial effects
of a merger and allows them the opportunity to consider the merger's  effects on
employees, the community, and consumers.

As a fiduciary,  we are obligated to vote in the best economic  interests of our
clients. In general, this proposal does not allow us to do that.  Therefore,  we
generally cannot support this proposal.

Reviewed on a case-by-case basis.



MERGERS, BUYOUTS, SPIN-OFFS, RESTRUCTURINGS

Each of the  above is  considered  on a  case-by-case  basis.  According  to the
Department of Labor,  we are not required to vote for a proposal  simply because
the offering price is at a premium to the current market price. We may take into
consideration the long term interests of the shareholders.



MILITARY ISSUES

Shareholder  proposals  regarding  military  production  must be  evaluated on a
purely economic set of criteria for our ERISA clients.  As such,  decisions will
be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients,  we will vote according to
the client's  direction when  applicable.  Where no direction has been given, we
will vote in the best economic  interests of our clients.  It is not our duty to
impose our social judgment on others.



NORTHERN IRELAND

Shareholder  proposals requesting the signing of the MacBride principles for the
purpose of countering the  discrimination  of Catholics in hiring practices must
be evaluated on a purely  economic  set of criteria  for our ERISA  clients.  As
such, decisions will be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients,  we will vote according to
client  direction when  applicable.  Where no direction has been given,  we will
vote in the best economic interests of our clients. It is not our duty to impose
our social judgment on others.



OPT OUT OF STATE ANTI-TAKEOVER LAW

This shareholder proposal requests that a company opt out of the coverage of the
state's  takeover  statutes.  Example:  Delaware law requires  that a buyer must
acquire  at least 85% of the  company's  stock  before  the  buyer can  exercise
control unless the board approves.

We consider  this on a  case-by-case  basis.  Our decision  will be based on the
following:

o        State of Incorporation
o        Management history of responsiveness to shareholders
o        Other mitigating factors



POISON PILL

In general, we do not endorse poison pills.

In certain cases where management has a history of being responsive to the needs
of shareholders and the stock is very liquid, we will reconsider this position.



REINCORPORATION

Generally,  we support  reincorporation  for well-defined  business reasons.  We
oppose  reincorporation if proposed solely for the purpose of reincorporating in
a state with more stringent  anti-takeover  statutes that may negatively  impact
the value of the stock.



STOCK OPTION PLANS

Stock option plans are an excellent way to attract,  hold and motivate directors
and  employees.  However,  each stock  option plan must be  evaluated on its own
merits, taking into consideration the following:

o        Dilution of voting power or earnings per share by more than 10%
o        Kind of stock to be awarded, to whom, when and how much
o        Method of payment
o        Amount of stock already authorized  but not yet  issued  under existing
         stock option plans



SUPERMAJORITY VOTE REQUIREMENTS

Supermajority vote requirements in a company's charter or bylaws require a level
of voting approval in excess of a simple majority of the outstanding  shares. In
general, we oppose supermajority-voting requirements. Supermajority requirements
often  exceed  the  average  level  of  shareholder  participation.  We  support
proposals' approvals by a simple majority of the shares voting.



LIMIT SHAREHOLDERS RIGHT TO ACT BY WRITTEN CONSENT

Written  consent  allows  shareholders  to initiate  and carry on a  shareholder
action without having to wait until the next annual meeting or to call a special
meeting.  It  permits  action  to be taken by the  written  consent  of the same
percentage of the shares that would be required to effect  proposed  action at a
shareholder meeting.

Reviewed on a case-by-case basis.



ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

PORTFOLIO MANAGER
-----------------

Mr.  Mario  J.  Gabelli,  CFA,  is  primarily  responsible  for  the  day-to-day
management of The Gabelli Global Utility & Income Trust, (the Fund). Mr. Gabelli
has served as Chairman,  Chief Executive  Officer,  and Chief Investment Officer
-Value  Portfolios  of GAMCO  Investors,  Inc.  and its  affiliates  since their
organization.

MANAGEMENT OF OTHER ACCOUNTS
----------------------------

The table below shows the number of other  accounts  managed by Mario J. Gabelli
and the total assets in each of the following categories:  registered investment
companies, other paid investment vehicles and other accounts. For each category,
the table also shows the number of accounts and the total assets in the accounts
with respect to which the advisory fee is based on account performance.









------------------------- ------------------- ------------------- -------------- ----------------- ----------------
                                                                                                    Total Assets
                                                                                 No. of Accounts     in Accounts
   Name of Portfolio                                Total                         where Advisory   where Advisory
      Manager or               Type of          No. of Accounts       Total      Fee is Based on    Fee is Based
      Team Member              Accounts             Managed           Assets       Performance     on Performance
------------------------- ------------------- ------------------- -------------- ----------------- ----------------
                                                                                     
     1.  Mario J. Gabelli      Registered             23              $15.8B             7               $5.6B
                               Investment
                               Companies:
------------------------- ------------------- ------------------- -------------- ----------------- ----------------
                               Other Pooled           12              $269.6M            11             $188.6M
                               Investment
                               Vehicles:
------------------------- ------------------- ------------------- -------------- ----------------- ----------------
                               Other Accounts:       1991             $10.6B             6               $1.6B
------------------------- ------------------- ------------------- -------------- ----------------- ----------------



POTENTIAL CONFLICTS OF INTEREST
-------------------------------

As reflected above, Mr. Gabelli manages accounts in addition to the Fund. Actual
or apparent  conflicts of interest  may arise when a Portfolio  Manager also has
day-to-day  management  responsibilities  with  respect  to  one or  more  other
accounts. These potential conflicts include:

ALLOCATION  OF LIMITED TIME AND  ATTENTION.  As  indicated  above,  Mr.  Gabelli
manages multiple accounts. As a result, he will not be able to devote all of his
time to  management  of the Fund.  Mr.  Gabelli,  therefore,  may not be able to
formulate  as  complete a strategy  or identify  equally  attractive  investment
opportunities  for  each of  those  accounts  as might be the case if he were to
devote all of his attention to the management of only the Fund.

ALLOCATION OF LIMITED INVESTMENT OPPORTUNITIES.  As indicated above, Mr. Gabelli
manages  managed  accounts with investment  strategies  and/or policies that are
similar  to the  Fund.  In  these  cases,  if the he  identifies  an  investment
opportunity that may be suitable for multiple  accounts,  a Fund may not be able
to take full  advantage  of that  opportunity  because  the  opportunity  may be
allocated  among  all or  many of  these  accounts  or  other  accounts  managed
primarily by other Portfolio Managers of the Adviser,  and their affiliates.  In
addition,  in the event Mr.  Gabelli  determines to purchase a security for more
than one account in an aggregate  amount that may  influence the market price of
the security,  accounts that  purchased or sold the security first may receive a
more favorable price than accounts that made subsequent transactions.

SELECTION  OF  BROKER/DEALERS.  Because  of  Mr.  Gabelli's  position  with  the
Distributor and his indirect majority ownership interest in the Distributor,  he
may have an incentive to use the Distributor to execute  portfolio  transactions
for a Fund.

PURSUIT OF DIFFERING  STRATEGIES.  At times,  Mr.  Gabelli may determine that an
investment  opportunity  may be  appropriate  for only some of the  accounts for
which he exercises investment responsibility,  or may decide that certain of the
funds or accounts  should take differing  positions with respect to a particular
security.  In these cases, he may execute differing or opposite transactions for
one or more  accounts  which may affect the market  price of the security or the
execution of the  transaction,  or both,  to the  detriment of one or more other
accounts.

VARIATION IN COMPENSATION.  A conflict of interest may arise where the financial
or other  benefits  available to Mr.  Gabelli  differ among the accounts that he
manages.  If the  structure of the  Adviser's  management  fee or the  Portfolio
Manager's  compensation  differs among accounts (such as where certain  accounts
pay higher management fees or performance-based  management fees), the Portfolio
Manager may be motivated to favor certain  accounts  over others.  The Portfolio
Manager also may be motivated  to favor  accounts in which he has an  investment
interest,  or  in  which  the  Adviser,  or  their  affiliates  have  investment
interests.  Similarly,  the desire to maintain  assets  under  management  or to
enhance a Portfolio  Manager's  performance  record or to derive other  rewards,
financial or  otherwise,  could  influence  the  Portfolio  Manager in affording
preferential  treatment to those accounts that could most significantly  benefit
the Portfolio Manager.  For example,  as reflected above, if Mr. Gabelli manages
accounts  which have  performance  fee  arrangements,  certain  portions  of his
compensation  will depend on the achievement of performance  milestones on those
accounts.  Mr.  Gabelli  could be incented to afford  preferential  treatment to
those accounts and thereby by subject to a potential conflict of interest.


The Adviser,  and the Funds have adopted compliance policies and procedures that
are designed to address the various conflicts of interest that may arise for the
Adviser  and their  staff  members.  However,  there is no  guarantee  that such
policies and  procedures  will be able to detect and prevent every  situation in
which an actual or potential conflict may arise.

COMPENSATION STRUCTURE FOR MARIO J. GABELLI
-------------------------------------------

Mr. Gabelli receives incentive-based variable compensation based on a percentage
of net revenues  received by the Adviser for managing the Fund. Net revenues are
determined  by  deducting  from  gross  investment  management  fees the  firm's
expenses (other than Mr.  Gabelli's  compensation)  allocable to this Fund. Five
closed-end   registered   investment  companies  managed  by  Mr.  Gabelli  have
arrangements  whereby the Adviser will only receive its investment  advisory fee
attributable  to the liquidation  value of outstanding  preferred stock (and Mr.
Gabelli  would only  receive his  percentage  of such  advisory  fee) if certain
performance  levels are met.  Additionally,  he receives similar incentive based
variable  compensation  for  managing  other  accounts  within  the firm and its
affiliates.  This method of  compensation  is based on the premise that superior
long-term  performance  in managing a portfolio  should be rewarded  with higher
compensation  as a result  of  growth of  assets  through  appreciation  and net
investment  activity.  The level of compensation is not determined with specific
reference to the performance of any account against any specific benchmark.  One
of the other  registered  investment  companies  managed  by Mr.  Gabelli  has a
performance  (fulcrum) fee arrangement for which his compensation is adjusted up
or down based on the performance of the investment company relative to an index.
Mr.  Gabelli  manages other accounts with  performance  fees.  Compensation  for
managing  these  accounts  has two  components.  One  component  is  based  on a
percentage of net revenues to the  investment  adviser for managing the account.
The second  component  is based on absolute  performance  of the  account,  with
respect to which a percentage of such performance fee is paid to Mr. Gabelli. As
an executive  officer of the Adviser's  parent  company,  GBL, Mr.  Gabelli also
receives  ten percent of the net  operating  profits of the parent  company.  He
receives no base salary, no annual bonus, and no stock options.

OWNERSHIP OF SHARES IN THE FUND
-------------------------------

Mario  Gabelli  owned over  $1,000,000  of shares of the Fund as of December 31,
2007.


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 PER   PUBLICLY ANNOUNCED PLANS     YET BE PURCHASED UNDER THE
   PERIOD            PURCHASED                SHARE (OR UNIT)                OR PROGRAMS               PLANS OR PROGRAMS
============= ========================= ============================= ========================== ===============================
                                                                                       
Month #1      Common - N/A              Common - N/A                  Common - N/A               Common - 3,050,236
07/01/07
through       Preferred - N/A           Preferred - N/A               Preferred - N/A            Preferred - N/A
07/31/07
============= ========================= ============================= ========================== ===============================





                                                                                       
Month #2      Common - N/A              Common - N/A                  Common - N/A               Common - 3,050,236
08/01/07
through       Preferred - N/A           Preferred - N/A               Preferred - N/A            Preferred - N/A
08/31/07
============= ========================= ============================= ========================== ===============================
Month #3      Common - N/A              Common - N/A                  Common - N/A               Common - 3,050,236
09/01/07
through       Preferred - N/A           Preferred - N/A               Preferred - N/A            Preferred - N/A
09/30/07
============= ========================= ============================= ========================== ===============================
Month #4      Common - N/A              Common - N/A                  Common - N/A               Common - 3,050,236
10/01/07
through       Preferred - N/A           Preferred - N/A               Preferred - N/A            Preferred - N/A
10/31/07
============= ========================= ============================= ========================== ===============================
Month #5      Common - N/A              Common - N/A                  Common - N/A               Common - 3,050,236
11/01/07
through       Preferred - N/A           Preferred - N/A               Preferred - N/A            Preferred - N/A
11/30/07
============= ========================= ============================= ========================== ===============================
Month #6      Common - N/A              Common - N/A                  Common - N/A               Common - 3,050,236
12/01/07
through       Preferred - N/A           Preferred - N/A               Preferred - N/A            Preferred - N/A
12/31/07
============= ========================= ============================= ========================== ===============================
Total         Common - N/A              Common - N/A                  Common - N/A               N/A

              Preferred - N/A           Preferred - N/A               Preferred - 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) Code of ethics,  or any  amendment  thereto,  that is the subject of
          disclosure required by Item 2 is attached hereto.

   (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     03/07/08
    ----------------------------------------------------------------------------


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     03/07/08
    ----------------------------------------------------------------------------


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


Date     03/07/08
    ----------------------------------------------------------------------------


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