Since | ||||||||||||||||
Inception | ||||||||||||||||
Quarter | 1 Year | 3 Year | (05/28/04) | |||||||||||||
Gabelli Global Utility & Income Trust |
||||||||||||||||
NAV Total Return (b) |
(12.65 | )% | (25.84 | )% | (3.55 | )% | 2.19 | % | ||||||||
Investment Total Return (c) |
(14.11 | ) | (29.33 | ) | (4.17 | ) | (1.61 | ) | ||||||||
S&P 500 Index |
(10.98 | ) | (38.06 | ) | (13.05 | ) | (4.87 | ) | ||||||||
S&P 500 Utilities Index |
(10.79 | ) | (29.66 | ) | (2.54 | ) | 5.57 | |||||||||
Lipper Utility Fund Average |
(11.46 | ) | (34.25 | ) | (4.94 | ) | 4.02 |
(a) | Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The S&P 500 Index is an unmanaged indicator of stock market performance. The S&P 500 Utilities Index is an unmanaged indicator of electric and gas utility stock performance. The Lipper Utility Fund Average reflects the average performance of open-end mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index. | |
(b) | Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex-dividend date and are net of expenses. Since inception return is based on an initial NAV of $19.06. | |
(c) | Total returns and average annual returns reflect changes in closing market values on the NYSE Amex and reinvestment of distributions. Since inception return is based on an initial offering price of $20.00. |
Market | ||||||||
Shares | Value | |||||||
COMMON STOCKS 92.4% |
||||||||
ENERGY AND UTILITIES 71.0% |
||||||||
Energy and Utilities: Alternative Energy 0.5% |
||||||||
U.S. Companies |
||||||||
8,000 | Ormat Technologies Inc. |
$ | 219,680 | |||||
Energy and Utilities: |
||||||||
Electric Transmission and Distribution 6.0% |
||||||||
Non U.S. Companies |
||||||||
8,775 | National Grid plc, ADR |
339,066 | ||||||
3,300 | Red Electrica Corporacion SA |
128,901 | ||||||
U.S. Companies |
||||||||
4,000 | CH Energy Group Inc. |
187,600 | ||||||
2,000 | Consolidated Edison Inc. |
79,220 | ||||||
5,000 | Northeast Utilities |
107,950 | ||||||
48,000 | NSTAR |
1,530,240 | ||||||
40,000 | Pepco Holdings Inc. |
499,200 | ||||||
1,666 | UIL Holdings Corp. |
37,185 | ||||||
2,909,362 | ||||||||
Energy and Utilities: Integrated 46.1% |
||||||||
Non U.S. Companies |
||||||||
150,000 | A2A SpA |
227,789 | ||||||
600 | Areva SA |
250,038 | ||||||
9,000 | Chubu Electric Power Co. Inc. |
197,303 | ||||||
152,000 | Datang International Power
Generation Co. Ltd., Cl. H |
66,875 | ||||||
2,700 | E.ON AG |
75,009 | ||||||
9,000 | E.ON AG, ADR |
249,120 | ||||||
10,000 | Electric Power Development Co. Ltd. |
294,994 | ||||||
4,000 | Endesa SA |
74,827 | ||||||
45,000 | Enel SpA |
215,981 | ||||||
9,760 | Energias de Portugal SA, ADR |
340,917 | ||||||
29,000 | Enersis SA, ADR |
437,900 | ||||||
140,000 | Hera SpA |
230,460 | ||||||
10,000 | Hokkaido Electric Power Co. Inc. |
200,030 | ||||||
10,000 | Hokuriku Electric Power Co. |
239,430 | ||||||
14,000 | Huaneng Power International Inc., ADR |
375,900 | ||||||
75,000 | Iberdrola SA |
526,127 | ||||||
13,000 | Iberdrola SA, ADR |
364,650 | ||||||
3,000 | International Power plc |
9,061 | ||||||
26,000 | Korea Electric Power Corp., ADR |
237,900 | ||||||
10,000 | Kyushu Electric Power Co. Inc. |
223,266 | ||||||
4,500 | Oesterreichische Elektrizitaetswirtschafts
AG, Cl. A |
170,931 | ||||||
10,000 | Shikoku Electric Power Co. Inc. |
266,202 | ||||||
10,000 | The Chugoku Electric Power Co. Inc. |
216,194 | ||||||
16,000 | The Kansai Electric Power Co. Inc. |
345,911 | ||||||
10,000 | The Tokyo Electric Power Co. Inc. |
248,522 | ||||||
10,000 | Tohoku Electric Power Co. Inc. |
218,720 | ||||||
U.S. Companies |
||||||||
1,000 | Allegheny Energy Inc. |
23,170 | ||||||
2,000 | ALLETE Inc. |
53,380 | ||||||
20,000 | Ameren Corp. |
463,800 | ||||||
31,000 | American Electric Power Co. Inc. |
783,060 | ||||||
1,500 | Avista Corp. |
20,670 | ||||||
6,000 | Black Hills Corp. |
107,340 | ||||||
500 | Cleco Corp. |
10,845 | ||||||
500 | CMS Energy Corp. |
5,920 | ||||||
10,000 | Dominion Resources Inc. |
309,900 | ||||||
60,000 | DPL Inc. |
1,352,400 | ||||||
40,000 | Duke Energy Corp. |
572,800 | ||||||
4,000 | El Paso Electric Co. |
56,360 | ||||||
10,000 | Florida Public Utilities Co. |
97,700 | ||||||
14,000 | FPL Group Inc. |
710,220 | ||||||
70,000 | Great Plains Energy Inc. |
942,900 | ||||||
22,000 | Hawaiian Electric Industries Inc. |
302,280 | ||||||
29,500 | Integrys Energy Group Inc. |
768,180 | ||||||
7,000 | Maine & Maritimes Corp. |
245,000 | ||||||
15,000 | MGE Energy Inc. |
470,550 | ||||||
44,000 | NiSource Inc. |
431,200 | ||||||
13,000 | NorthWestern Corp. |
279,240 | ||||||
19,500 | OGE Energy Corp. |
464,490 | ||||||
7,000 | Otter Tail Corp. |
154,350 | ||||||
1,000 | PG&E Corp. |
38,220 | ||||||
16,000 | Pinnacle West Capital Corp. |
424,960 | ||||||
4,200 | PPL Corp. |
120,582 | ||||||
31,000 | Progress Energy Inc. |
1,124,060 | ||||||
32,000 | Public Service Enterprise Group Inc. |
943,040 | ||||||
18,000 | SCANA Corp. |
556,020 | ||||||
1,000 | TECO Energy Inc. |
11,150 | ||||||
30,000 | The AES Corp. |
174,300 | ||||||
1,250 | The Empire District Electric Co. |
18,050 | ||||||
45,000 | The Southern Co. |
1,377,900 | ||||||
15,000 | Unisource Energy Corp. |
422,850 | ||||||
17,000 | Vectren Corp. |
358,530 | ||||||
41,000 | Westar Energy Inc. |
718,730 | ||||||
5,000 | Wisconsin Energy Corp. |
205,850 | ||||||
45,000 | Xcel Energy Inc. |
838,350 | ||||||
22,262,404 | ||||||||
Energy and Utilities: Natural Gas Integrated 4.5% |
||||||||
Non U.S. Companies |
||||||||
80,000 | Snam Rete Gas SpA |
429,405 | ||||||
U.S. Companies |
||||||||
50,000 | El Paso Corp. |
312,500 | ||||||
1,000 | Energen Corp. |
29,130 | ||||||
18,000 | National Fuel Gas Co. |
552,060 | ||||||
2,000 | ONEOK Inc. |
45,260 | ||||||
26,000 | Southern Union Co. |
395,720 | ||||||
30,000 | Spectra Energy Corp. |
424,200 | ||||||
2,188,275 | ||||||||
Energy and Utilities: Natural Gas Utilities 4.4% |
||||||||
Non U.S. Companies |
||||||||
1,500 | Enagas |
21,264 | ||||||
1,890 | GDF Suez |
64,911 | ||||||
11,454 | GDF Suez, ADR (a) |
391,154 | ||||||
6,867 | GDF Suez, Strips |
9 |
2
Market | ||||||||
Shares | Value | |||||||
COMMON STOCKS (Continued) |
||||||||
ENERGY AND UTILITIES (Continued) |
||||||||
Energy and Utilities: Natural Gas Utilities (Continued) |
||||||||
U.S. Companies |
||||||||
16,000 | Atmos Energy Corp. |
$ | 369,920 | |||||
2,000 | Chesapeake Utilities Corp. |
60,960 | ||||||
20,000 | Nicor Inc. |
664,600 | ||||||
5,000 | Piedmont Natural Gas Co. Inc. |
129,450 | ||||||
10,000 | Southwest Gas Corp. |
210,700 | ||||||
5,000 | The Laclede Group Inc. |
194,900 | ||||||
2,107,868 | ||||||||
Energy and Utilities: Oil 3.4% |
||||||||
Non U.S. Companies |
||||||||
1,000 | Niko Resources Ltd. |
46,542 | ||||||
4,400 | PetroChina Co. Ltd., ADR |
350,680 | ||||||
13,500 | Petroleo Brasileiro SA, ADR |
411,345 | ||||||
9,000 | Royal Dutch Shell plc, Cl. A, ADR |
398,700 | ||||||
U.S. Companies |
||||||||
3,000 | Chevron Corp. |
201,720 | ||||||
2,000 | ConocoPhillips |
78,320 | ||||||
2,000 | Devon Energy Corp. |
89,380 | ||||||
1,000 | Exxon Mobil Corp. |
68,100 | ||||||
1,644,787 | ||||||||
Energy and Utilities: Services 0.4% |
||||||||
Non U.S. Companies |
||||||||
10,000 | ABB Ltd., ADR |
139,400 | ||||||
U.S. Companies |
||||||||
2,500 | Halliburton Co. |
38,675 | ||||||
178,075 | ||||||||
Energy and Utilities: Water 3.6% |
||||||||
Non U.S. Companies |
||||||||
1,500 | Consolidated Water Co. Ltd. |
16,275 | ||||||
49,000 | Severn Trent plc |
696,043 | ||||||
6 | Suez SA, Strips (a) |
0 | ||||||
37,090 | United Utilities Group plc |
257,311 | ||||||
U.S. Companies |
||||||||
8,666 | Aqua America Inc. |
173,320 | ||||||
2,700 | California Water Service Group |
113,022 | ||||||
4,000 | Middlesex Water Co. |
57,600 | ||||||
17,000 | SJW Corp. |
432,310 | ||||||
1,745,881 | ||||||||
Diversified Industrial 1.0% |
||||||||
Non U.S. Companies |
||||||||
13,000 | Bouygues SA |
464,958 | ||||||
U.S. Companies |
||||||||
3,000 | Woodward Governor Co. |
33,540 | ||||||
498,498 | ||||||||
Environmental Services 0.6% |
||||||||
Non U.S. Companies |
||||||||
500 | Suez Environnement SA |
7,357 | ||||||
12,000 | Veolia Environnement |
250,628 | ||||||
257,985 | ||||||||
Shares/ | Market | |||||||
Units | Value | |||||||
Equipment and Supplies 0.1% |
||||||||
U.S. Companies |
||||||||
800 | Flowserve Corp. |
$ | 44,896 | |||||
Independent Power Producers and |
||||||||
Energy Traders 0.4% |
||||||||
U.S. Companies |
||||||||
12,000 | NRG Energy Inc. |
211,200 | ||||||
TOTAL ENERGY AND UTILITIES |
34,268,911 | |||||||
COMMUNICATIONS 19.3% |
||||||||
Cable and Satellite 6.1% |
||||||||
Non U.S. Companies |
||||||||
10,000 | Cogeco Inc. |
190,752 | ||||||
2,500 | Rogers Communications Inc., Cl. B |
57,075 | ||||||
5,400 | Zon Multimedia Servicos de
Telecomunicacoes e Multimedia
SGPS SA |
28,770 | ||||||
U.S. Companies |
||||||||
25,000 | Cablevision Systems Corp., Cl. A |
323,500 | ||||||
32,000 | DISH Network Corp., Cl. A |
355,520 | ||||||
3,600 | EchoStar Corp., Cl. A |
53,388 | ||||||
4,580 | Liberty Global Inc., Cl. A |
66,685 | ||||||
4,000 | Liberty Global Inc., Cl. C |
56,520 | ||||||
80,000 | The DIRECTV Group Inc. |
1,823,200 | ||||||
2,955,410 | ||||||||
Telecommunications 11.9% |
||||||||
Non U.S. Companies |
||||||||
26,000 | BCE Inc. |
517,400 | ||||||
2,000 | Belgacom SA |
62,710 | ||||||
2,102 | Bell Aliant Regional Communications
Income Fund (a)(b) |
40,179 | ||||||
27,000 | BT Group plc, ADR |
301,590 | ||||||
35,000 | Deutsche Telekom AG, ADR |
432,250 | ||||||
6,000 | France Telecom SA, ADR |
135,960 | ||||||
6,000 | Manitoba Telecom Services Inc. |
152,046 | ||||||
3,500 | Orascom Telecom Holding SAE, GDR |
78,330 | ||||||
25,000 | Portugal Telecom SGPS SA |
193,644 | ||||||
15,000 | Royal KPN NV, ADR |
199,500 | ||||||
1,500 | Swisscom AG |
421,352 | ||||||
10,000 | Telecom Italia SpA |
12,901 | ||||||
16,000 | Telefonica SA, ADR |
953,920 | ||||||
14,000 | Telefonos de Mexico SAB de CV,
Cl. L, ADR |
210,560 | ||||||
13,000 | Telmex Internacional SAB de CV, ADR |
119,210 | ||||||
U.S.
Companies |
||||||||
31,000 | AT&T Inc. |
781,200 | ||||||
30,000 | Sprint Nextel Corp. |
107,100 | ||||||
10,000 | Telephone & Data Systems Inc. |
265,100 | ||||||
25,000 | Verizon Communications Inc. |
755,000 | ||||||
5,739,952 | ||||||||
3
Market | ||||||||
Shares | Value | |||||||
COMMUNICATIONS (Continued) |
||||||||
Wireless Communications 1.3% |
||||||||
Non U.S. Companies |
||||||||
2,000 | America Movil SAB de CV, Cl. L, ADR |
$ | 54,160 | |||||
10,000 | Millicom International Cellular SA |
370,400 | ||||||
1,600 | Mobile TeleSystems OJSC, ADR |
47,872 | ||||||
12,000 | Vimpel-Communications, ADR |
78,480 | ||||||
5,000 | Vodafone Group plc, ADR |
87,100 | ||||||
638,012 | ||||||||
TOTAL COMMUNICATIONS |
9,333,374 | |||||||
OTHER 2.1% |
||||||||
Aerospace 0.8% |
||||||||
Non U.S. Companies |
||||||||
90,000 | Rolls-Royce Group plc |
379,660 | ||||||
Building and Construction 0.1% |
||||||||
Non U.S. Companies |
||||||||
400 | Acciona SA |
41,160 | ||||||
Business Services 0.0% |
||||||||
Non U.S. Companies |
||||||||
3,700 | Sistema JSFC, GDR (b) |
21,164 | ||||||
Entertainment 0.6% |
||||||||
Non U.S. Companies |
||||||||
11,000 | Vivendi |
291,197 | ||||||
Metals and Mining 0.3% |
||||||||
Non U.S. Companies |
||||||||
6,400 | Compania de Minas Buenaventura SA, ADR |
153,472 | ||||||
Real Estate 0.1% |
||||||||
Non U.S. Companies |
||||||||
5,000 | Brookfield Asset Management Inc., Cl. A |
68,900 | ||||||
Transportation 0.2% |
||||||||
U.S. Companies |
||||||||
3,500 | GATX Corp. |
70,805 | ||||||
TOTAL OTHER |
1,026,358 | |||||||
TOTAL COMMON STOCKS |
44,628,643 | |||||||
CONVERTIBLE PREFERRED STOCKS 0.2% |
||||||||
COMMUNICATIONS 0.1% |
||||||||
Telecommunications 0.1% |
||||||||
U.S. Companies |
||||||||
2,000 | Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B |
53,740 | ||||||
OTHER 0.1% |
||||||||
Transportation 0.1% |
||||||||
U.S. Companies |
||||||||
200 | GATX Corp., $2.50 Cv. Pfd. |
59,874 | ||||||
TOTAL CONVERTIBLE
PREFERRED STOCKS |
113,614 | |||||||
WARRANTS 0.1% |
||||||||
COMMUNICATIONS 0.1% |
||||||||
Wireless Communications 0.1% |
||||||||
Non U.S. Companies |
||||||||
2,000 | Bharti Airtel Ltd., expire 09/19/13 (b) |
$ | 24,667 | |||||
Principal | ||||||||
Amount | ||||||||
CONVERTIBLE CORPORATE BONDS 0.4% |
||||||||
COMMUNICATIONS 0.2% |
||||||||
Communications Equipment 0.2% |
||||||||
U.S. Companies |
||||||||
$ | 100,000 | Agere Systems Inc., Sub. Deb. Cv.,
6.500%, 12/15/09 |
100,875 | |||||
OTHER 0.2% |
||||||||
Real Estate 0.2% |
||||||||
U.S. Companies |
||||||||
350,000 | Palm Harbor Homes Inc., Cv.,
3.250%, 05/15/24 |
87,938 | ||||||
TOTAL CONVERTIBLE
CORPORATE BONDS |
188,813 | |||||||
U.S. GOVERNMENT OBLIGATIONS 6.9% |
||||||||
U.S. Treasury Bills 4.5% |
||||||||
2,189,000 | U.S. Treasury Bills, 0.091% to 0.203%,
04/02/09 to 06/25/09 |
2,188,371 | ||||||
U.S. Treasury Notes 2.4% |
||||||||
1,150,000 | 4.500%, 04/30/09 |
1,153,039 | ||||||
TOTAL U.S. GOVERNMENT
OBLIGATIONS |
3,341,410 | |||||||
TOTAL INVESTMENTS 100.0% (Cost $55,231,164) |
$ | 48,297,147 | ||||||
Aggregate book cost |
$ | 55,231,164 | ||||||
Gross unrealized appreciation |
$ | 3,077,221 | ||||||
Gross unrealized depreciation |
(10,011,238 | ) | ||||||
Net unrealized appreciation/(depreciation) |
$ | (6,934,017 | ) | |||||
(a) | Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At March 31, 2009, the market value of fair valued securities amounted to $431,333 or 0.89% of total investments. | |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the market value of Rule 144A securities amounted to $86,010 or 0.18% of total investments. | |
| Non-income producing security. | |
| Represents annualized yield at date of purchase. | |
ADR | American Depositary Receipt. | |
GDR | Global Depositary Receipt. |
4
| Level 1 quoted prices in active markets for identical securities; | ||
| Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and | ||
| Level 3 significant unobservable inputs (including the Funds determinations as to the fair value of investments). |
Investments in | Other Financial Instruments | |||||||
Securities | (Unrealized | |||||||
(Market Value) | Appreciation)* | |||||||
Valuation Inputs | Assets | Assets | ||||||
Level 1 Quoted Prices |
$ | 44,702,078 | | |||||
Level 2 Other Significant Observable Inputs |
3,595,069 | $ | 15,436 | |||||
Total |
$ | 48,297,147 | $ | 15,436 | ||||
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, and swaps which are valued at the unrealized appreciation/depreciation on the investment. |
5
Net | ||||||||
Notional | Equity Security | Interest Rate/ | Termination | Unrealized | ||||
Amount | Received | Equity Security Paid | Date | Appreciation | ||||
Market Value | Overnight LIBOR plus 75 bps plus | |||||||
Appreciation on: | Market Value Depreciation on: | |||||||
$195,426 (50,000 Shares) |
Rolls-Royce Group plc | Rolls-Royce Group plc | 03/11/10 | $15,436 |
% of | ||||||||
Market | Market | |||||||
Geographic Diversification | Value | Value | ||||||
North America |
68.2 | % | $ | 32,925,654 | ||||
Europe |
21.5 | 10,408,313 | ||||||
Japan |
5.1 | 2,450,573 | ||||||
Latin America |
2.9 | 1,402,922 | ||||||
Asia/Pacific |
2.1 | 1,031,355 | ||||||
Africa/Middle East |
0.2 | 78,330 | ||||||
Total Investments |
100.0 | % | $ | 48,297,147 | ||||
6
Trustees |
Anthony J. Colavita |
Attorney-at-Law, |
Anthony J. Colavita, P.C. |
James P. Conn |
Former Managing Director & |
Chief Investment Officer, |
Financial Security Assurance Holdings Ltd. |
Mario dUrso |
Former Italian Senator |
Vincent D. Enright |
Former Senior Vice President & |
Chief Financial Officer, |
KeySpan Corp. |
Michael J. Melarkey |
Attorney-at-Law, |
Avansino, Melarkey, Knobel & Mulligan |
Salvatore M. Salibello |
Certified Public Accountant, |
Salibello & Broder LLP |
Salvatore J. Zizza |
Chairman, Zizza & Co., Ltd. |
Officers |
Bruce N. Alpert |
President |
Peter D. Goldstein |
Chief Compliance Officer |
Agnes Mullady |
Treasurer & Secretary |
David I. Schachter Vice President & Ombudsman |
Investment Adviser |
Gabelli Funds, LLC |
One Corporate Center |
Rye, New York 10580-1422 |
Custodian |
State Street Bank and Trust Company |
Counsel |
Skadden, Arps, Slate, Meagher & Flom, LLP |
Transfer Agent and Registrar |
Computershare Trust Company, N.A. |
Stock Exchange Listing |
Common | ||||
NYSE AmexSymbol: |
GLU | |||
Shares Outstanding: |
3,050,236 |
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). | ||
(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
By (Signature and Title)*
|
/s/ Bruce N. Alpert
|
By (Signature and Title)*
|
/s/ Bruce N. Alpert
|
By (Signature and Title)*
|
/s/ Agnes Mullady
|
* | Print the name and title of each signing officer under his or her signature. |