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
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The Gabelli Global Utility & Income Trust
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: June 30, 2007
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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 OMITTED]
THE GABELLI
GLOBAL UTILITY
& INCOME TRUST
THE GABELLI GLOBAL UTILITY & INCOME TRUST
Semi-Annual Report
June 30, 2007
TO OUR SHAREHOLDERS,
The Gabelli Global Utility & Income Trust's (the "Fund") net asset value
("NAV") total return was 4.81% during the first half of 2007, compared with
gains of 8.87% and 11.50% for the Standard & Poor's ("S&P") 500 Utilities Index
and for the Lipper Utility Fund Average, respectively. The total return for the
Fund's publicly traded shares was 0.98% during the first half of the year. On
June 30, 2007, the Fund's NAV per share was $25.09, while the price of the
publicly traded shares closed at $21.80 on the American Stock Exchange.
Enclosed are the financial statements and the investment portfolio as of
June 30, 2007.
COMPARATIVE RESULTS
--------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH JUNE 30, 2007 (A)
------------------------------------------------
Since
Year to Inception
Date 1 Year 2 Year (05/28/04)
---- ------ ------ ----------
GABELLI GLOBAL UTILITY & INCOME TRUST
NAV TOTAL RETURN (B) ......................... 4.81% 22.94% 14.45% 15.78%
INVESTMENT TOTAL RETURN (C) .................. 0.98 26.02 11.89 9.56
S&P 500 Utilities Index .......................... 8.87 26.09 15.56 22.47
Lipper Utility Fund Average ...................... 11.50 30.86 20.47 23.59
(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 LESS THAN ONE YEAR ARE
NOT ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT
OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE INVESTING. THE
S&P 500 UTILITIES INDEX IS AN UNMANAGED INDICATOR OF ELECTRIC AND GAS
UTILITY STOCK PERFORMANCE. THE LIPPER 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 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.
--------------------------------------------------------------------------------
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We have separated the portfolio manager's commentary from the financial
statements and investment portfolio due to corporate governance regulations
stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that
the content of the portfolio manager's commentary is unrestricted. The financial
statements and investment portfolio are mailed separately from the commentary.
Both the commentary and the financial statements, including the portfolio of
investments, will be available on our website at www.gabelli.com/funds.
--------------------------------------------------------------------------------
THE GABELLI GLOBAL UTILITY & INCOME TRUST
SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)
The following table presents portfolio holdings as a percent of total
investments as of June 30, 2007:
LONG POSITIONS
Energy and Utilities: Integrated ................... 43.7%
Telecommunications ................................. 11.7%
U.S. Government Obligations ........................ 6.9%
Energy and Utilities:
Electric Transmission and Distribution .......... 5.7%
Energy and Utilities: Natural Gas Utilities ........ 5.1%
Energy and Utilities: Water ........................ 5.0%
Energy and Utilities: Natural Gas Integrated ....... 4.6%
Cable and Satellite ................................ 4.0%
Diversified Industrial ............................. 3.4%
Wireless Communications ............................ 2.6%
Energy and Utilities: Oil .......................... 2.4%
Environmental Services ............................. 1.7%
Aerospace .......................................... 1.0%
Entertainment ...................................... 0.4%
Real Estate ........................................ 0.4%
Aviation: Parts and Services ....................... 0.4%
Metals and Mining .................................. 0.2%
Transportation ..................................... 0.2%
Energy and Utilities: Services ..................... 0.1%
Business Services .................................. 0.1%
Communications Equipment ........................... 0.1%
Energy and Utilities: Alternative Energy ........... 0.1%
Computer Software and Services ..................... 0.1%
Publishing ......................................... 0.1%
-----
100.0%
=====
THE FUND FILES A COMPLETE SCHEDULE OF PORTFOLIO HOLDINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION (THE "SEC") FOR THE FIRST AND THIRD QUARTERS OF EACH FISCAL
YEAR ON FORM N-Q, THE LAST OF WHICH WAS FILED FOR THE QUARTER ENDED MARCH 31,
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; or (iii) visiting the SEC's website at
www.sec.gov.
SHAREHOLDER MEETING - MAY 14, 2007 - FINAL RESULTS
The Annual Meeting of Shareholders was held on May 14, 2007 at the
Greenwich Library in Greenwich, Connecticut. At that meeting, common
shareholders elected Mario d'Urso, Vincent D. Enright, and Michael J. Melarkey
as Trustees of the Fund. A total of 2,458,538 votes, 2,457,918 votes, and
2,457,618 votes were cast in favor of each Trustee and a total of 17,316 votes,
17,936 votes, and 18,236 votes were withheld for each Trustee, respectively.
Anthony J. Colavita, James P. Conn, Salvatore M. Salibello, and Salvatore
J. Zizza continue to serve in their capacities as Trustees of the Fund.
We thank you for your participation and appreciate your continued support.
2
THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS
JUNE 30, 2007 (UNAUDITED)
MARKET
SHARES COST VALUE
-------- -------- --------
COMMON STOCKS -- 92.1%
AEROSPACE -- 1.0%
NON U.S. COMPANIES
68,000 Rolls-Royce Group plc+ ............. $ 508,332 $ 735,331
4,025,600 Rolls-Royce Group plc,
Cl. B ............................ 7,888 8,245
----------- -----------
516,220 743,576
----------- -----------
AVIATION: PARTS AND SERVICES -- 0.4%
U.S. COMPANIES
2,400 Sequa Corp., Cl. B+ ................ 262,866 271,644
----------- -----------
BUSINESS SERVICES -- 0.1%
NON U.S. COMPANIES
3,700 Sistema JSFC, GDR .................. 103,097 105,080
----------- -----------
CABLE AND SATELLITE -- 4.0%
NON U.S. COMPANIES
10,000 Cogeco Inc. ........................ 195,069 373,715
4,000 Rogers Communications Inc.,
Cl. B ............................ 36,544 169,960
U.S. COMPANIES
40,000 Cablevision Systems Corp.,
Cl. A+ ........................... 879,238 1,447,600
16,000 EchoStar Communications
Corp., Cl. A+ .................... 499,545 693,920
4,580 Liberty Global Inc., Cl. A+ ........ 86,290 187,963
4,000 Liberty Global Inc., Cl. C+ ........ 72,761 157,200
3,000 The DIRECTV Group Inc.+ ............ 48,820 69,330
----------- -----------
1,818,267 3,099,688
----------- -----------
COMPUTER SOFTWARE AND SERVICES -- 0.1%
U.S. COMPANIES
2,000 Yahoo! Inc.+ ....................... 53,946 54,260
----------- -----------
DIVERSIFIED INDUSTRIAL -- 3.4%
NON U.S. COMPANIES
15,000 Bouygues SA ........................ 501,476 1,262,570
15,000 Rinker Group Ltd., ADR ............. 1,167,075 1,194,000
U.S. COMPANIES
3,000 Woodward Governor Co. .............. 85,802 161,010
----------- -----------
1,754,353 2,617,580
----------- -----------
ENERGY AND UTILITIES: ALTERNATIVE ENERGY -- 0.1%
U.S. COMPANIES
1,500 Ormat Technologies Inc. ............ 22,500 56,520
----------- -----------
MARKET
SHARES COST VALUE
-------- -------- --------
ENERGY AND UTILITIES:
ELECTRIC TRANSMISSION AND DISTRIBUTION -- 5.7%
NON U.S. COMPANIES
8,775 National Grid plc, ADR ............. $ 401,681 $ 647,419
U.S. COMPANIES
4,900 CH Energy Group Inc. ............... 219,678 220,353
1,000 Consolidated Edison Inc. ........... 44,903 45,120
20,000 Energy East Corp. .................. 481,338 521,800
5,000 Northeast Utilities ................ 90,818 141,800
50,000 NSTAR .............................. 1,187,449 1,622,500
40,000 Pepco Holdings Inc. ................ 757,783 1,128,000
1,666 UIL Holdings Corp. ................. 53,363 55,145
----------- -----------
3,237,013 4,382,137
----------- -----------
ENERGY AND UTILITIES: INTEGRATED -- 43.7%
NON U.S. COMPANIES
150,000 AEM SpA ............................ 276,010 553,732
500 Areva SA ........................... 204,193 537,112
8,000 Chubu Electric
Power Co. Inc. ................... 167,490 212,467
76,000 Datang International Power
Generation Co. Ltd., Cl. H+ ...... 59,610 117,414
9,000 E.ON AG, ADR ....................... 209,576 500,760
8,400 Electric Power
Development Co. Ltd. ............. 194,633 334,294
4,000 Endesa SA .......................... 215,360 217,690
45,000 Enel SpA ........................... 354,639 485,721
9,760 Energias de Portugal
SA, ADR .......................... 262,599 539,117
30,000 Enersis SA, ADR .................... 178,868 601,500
142,000 Hera SpA ........................... 303,068 595,310
10,000 Hokkaido Electric
Power Co. Inc. ................... 171,210 217,259
10,000 Hokuriku Electric
Power Co. ........................ 165,392 193,706
4,000 Huaneng Power
International Inc., ADR .......... 141,036 185,800
20,000 Iberdrola SA ....................... 407,115 1,124,179
18,288 Iberdrola SA, ADR .................. 912,114 1,025,743
5,000 Korea Electric
Power Corp., ADR ................. 72,677 109,500
10,000 Kyushu Electric
Power Co. Inc. ................... 178,959 262,335
4,500 Oesterreichische
Elektrizitaetswirtschafts
AG, Cl. A ........................ 209,779 230,710
10,000 Shikoku Electric
Power Co. Inc. ................... 171,759 235,939
See accompanying notes to financial statements.
3
THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2007 (UNAUDITED)
MARKET
SHARES COST VALUE
-------- -------- --------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: INTEGRATED (CONTINUED)
NON U.S. COMPANIES (CONTINUED)
10,000 The Chugoku Electric
Power Co. Inc. ................... $ 170,328 $ 198,173
16,000 The Kansai Electric
Power Co. Inc. ................... 284,746 378,802
10,000 The Tokyo Electric
Power Co. Inc. ................... 220,693 321,624
10,000 Tohoku Electric
Power Co. Inc. ................... 164,025 224,568
U.S. COMPANIES
1,000 Allegheny Energy Inc.+ ............. 25,689 51,740
7,000 ALLETE Inc. ........................ 233,585 329,350
19,000 Ameren Corp. ....................... 837,474 931,190
30,000 American Electric
Power Co. Inc. ................... 947,988 1,351,200
220,000 Aquila Inc.+ ....................... 909,368 899,800
1,000 Avista Corp. ....................... 20,848 21,550
6,000 Black Hills Corp. .................. 181,668 238,500
500 Cleco Corp. ........................ 9,790 12,250
500 CMS Energy Corp. ................... 5,055 8,600
300 Constellation Energy
Group Inc. ....................... 13,206 26,151
60,000 DPL Inc. ........................... 1,627,242 1,700,400
44,000 Duke Energy Corp. .................. 619,285 805,200
1,000 El Paso Electric Co.+ .............. 17,760 24,560
6,000 Florida Public Utilities Co. ....... 70,646 73,800
9,000 FPL Group Inc. ..................... 317,570 510,660
60,000 Great Plains Energy Inc. ........... 1,797,801 1,747,200
24,000 Hawaiian Electric
Industries Inc. .................. 596,570 568,560
29,500 Integrys Energy Group Inc. ......... 1,408,474 1,496,535
5,500 Maine & Maritimes Corp.+ ........... 158,964 147,675
12,000 MGE Energy Inc. .................... 394,120 392,040
45,000 NiSource Inc. ...................... 917,604 931,950
8,000 NorthWestern Corp. ................. 275,613 254,480
19,500 OGE Energy Corp. ................... 481,891 714,675
6,000 Otter Tail Corp. ................... 180,524 192,420
1,000 PG&E Corp. ......................... 33,930 45,300
15,000 Pinnacle West Capital Corp. ........ 615,958 597,750
4,200 PPL Corp. .......................... 117,280 196,518
33,000 Progress Energy Inc. ............... 1,410,351 1,504,470
19,000 Public Service Enterprise
Group Inc. ....................... 1,265,780 1,667,820
19,000 SCANA Corp. ........................ 681,560 727,510
1,000 TECO Energy Inc. ................... 15,970 17,180
1,000 The Empire District
Electric Co. ..................... 23,376 22,370
MARKET
SHARES COST VALUE
-------- -------- --------
45,000 The Southern Co. ................... $ 1,322,848 $ 1,543,050
20,000 TXU Corp. .......................... 1,305,185 1,346,000
17,000 Unisource Energy Corp. ............. 418,728 559,130
17,000 Vectren Corp. ...................... 408,701 457,810
41,000 Westar Energy Inc. ................. 860,569 995,480
5,000 Wisconsin Energy Corp. ............. 171,276 221,150
45,000 Xcel Energy Inc. ................... 761,339 921,150
----------- -----------
27,157,465 33,656,629
----------- -----------
ENERGY AND UTILITIES: NATURAL GAS INTEGRATED -- 4.6%
NON U.S. COMPANIES
80,000 Snam Rete Gas SpA .................. 347,871 474,792
U.S. COMPANIES
25,000 El Paso Corp. ...................... 220,000 430,750
1,000 Energen Corp. ...................... 30,935 54,940
16,000 National Fuel Gas Co. .............. 410,803 692,960
2,000 ONEOK Inc. ......................... 51,437 100,820
110,000 SEMCO Energy Inc.+ ................. 848,749 854,700
10,500 Southern Union Co. ................. 229,082 342,195
22,000 Spectra Energy Corp. ............... 448,448 571,120
----------- -----------
2,587,325 3,522,277
----------- -----------
ENERGY AND UTILITIES: NATURAL GAS UTILITIES -- 5.1%
U.S. COMPANIES
23,000 Atmos Energy Corp. ................. 566,182 691,380
6,000 Cascade Natural Gas Corp. .......... 146,914 158,460
2,000 Chesapeake Utilities Corp. ......... 53,224 68,520
35,000 KeySpan Corp. ...................... 1,309,877 1,469,300
20,000 Nicor Inc. ......................... 667,385 858,400
5,000 Piedmont Natural
Gas Co. Inc. ..................... 116,790 123,250
6,000 Southwest Gas Corp. ................ 140,160 202,860
10,000 The Laclede Group Inc. ............. 300,238 318,800
----------- -----------
3,300,770 3,890,970
----------- -----------
ENERGY AND UTILITIES: OIL -- 2.4%
NON U.S. COMPANIES
500 Niko Resources Ltd. ................ 28,728 45,529
1,500 PetroChina Co. Ltd., ADR ........... 96,520 223,020
10,000 Royal Dutch Shell plc,
Cl. A, ADR ....................... 511,651 812,000
U.S. COMPANIES
4,000 Chevron Corp. ...................... 245,060 336,960
2,000 ConocoPhillips ..................... 74,050 157,000
2,000 Devon Energy Corp. ................. 67,255 156,580
1,000 Exxon Mobil Corp. .................. 45,500 83,880
----------- -----------
1,068,764 1,814,969
----------- -----------
See accompanying notes to financial statements.
4
THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2007 (UNAUDITED)
SHARES/ MARKET
UNITS COST VALUE
-------- -------- --------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: SERVICES -- 0.1%
NON U.S. COMPANIES
5,000 ABB Ltd., ADR ...................... $ 54,615 $ 113,000
----------- -----------
ENERGY AND UTILITIES: WATER -- 5.0%
NON U.S. COMPANIES
1,000 Consolidated Water
Co. Ltd. ......................... 20,230 29,310
50,000 Severn Trent plc ................... 884,651 1,388,610
2,000 Suez SA ............................ 62,915 114,963
12,000 Suez SA, ADR ....................... 362,710 687,840
7,200 Suez SA, Strips+ ................... 0 97
50,000 United Utilities plc ............... 502,861 712,378
U.S. COMPANIES
8,666 Aqua America Inc. .................. 129,735 194,899
3,000 California Water
Service Group .................... 84,840 112,470
4,000 Middlesex Water Co. ................ 75,033 76,840
17,000 SJW Corp. .......................... 277,304 566,100
----------- -----------
2,400,279 3,883,507
----------- -----------
ENTERTAINMENT -- 0.4%
NON U.S. COMPANIES
8,000 Vivendi ............................ 215,620 345,510
----------- -----------
ENVIRONMENTAL SERVICES -- 1.7%
NON U.S. COMPANIES
75,000 Biffa plc .......................... 235,160 408,902
11,250 Veolia Environnement ............... 355,953 883,586
----------- -----------
591,113 1,292,488
----------- -----------
METALS AND MINING -- 0.2%
NON U.S. COMPANIES
5,000 Compania de Minas
Buenaventura SA, ADR ............. 104,752 187,300
----------- -----------
PUBLISHING -- 0.1%
U.S. COMPANIES
1,200 Idearc Inc. ........................ 36,474 42,396
----------- -----------
TELECOMMUNICATIONS -- 11.3%
NON U.S. COMPANIES
26,535 BCE Inc. ........................... 522,556 1,002,758
2,103 Bell Aliant Regional
Communications
Income Fund+ (a)(b) .............. 51,681 61,877
26,000 BT Group plc, ADR .................. 890,462 1,731,080
23,000 Deutsche Telekom AG, ADR ........... 397,479 423,430
6,000 France Telecom SA, ADR ............. 149,213 164,880
3,000 Manitoba Telecom
Services Inc. .................... 100,193 132,053
MARKET
SHARES COST VALUE
-------- -------- --------
30,000 Portugal Telecom SGPS SA ........... $ 357,165 $ 415,375
15,000 Royal KPN NV, ADR .................. 114,993 249,150
1,500 Swisscom AG ........................ 478,884 514,224
24,062 Telecom Italia SpA ................. 78,318 66,111
16,000 Telefonica SA, ADR ................. 658,948 1,068,160
15,000 Telefonos de Mexico SAB de
CV, Cl. L, ADR ................... 231,816 568,350
U.S. COMPANIES
20,000 AT&T Inc. .......................... 464,952 830,000
1,000 Embarq Corp. ....................... 32,460 63,370
20,000 Sprint Nextel Corp. ................ 328,202 414,200
24,000 Verizon
Communications Inc. .............. 875,363 988,080
----------- -----------
5,732,685 8,693,098
----------- -----------
TRANSPORTATION -- 0.1%
U.S. COMPANIES
2,000 GATX Corp. ......................... 56,076 98,500
----------- -----------
WIRELESS COMMUNICATIONS -- 2.6%
NON U.S. COMPANIES
500 America Movil SAB de CV,
Cl. L, ADR ....................... 31,301 30,965
2,500 Millicom International
Cellular SA+ ..................... 214,413 229,100
1,600 Mobile TeleSystems
OJSC, ADR ........................ 54,874 96,912
2,000 Vimpel-Communications,
ADR .............................. 61,000 210,720
2,000 Vodafone Group plc, ADR ............ 65,859 67,260
U.S. COMPANIES
18,000 Alltel Corp. ....................... 1,225,079 1,215,900
2,100 United States
Cellular Corp.+ .................. 95,968 190,260
----------- -----------
1,748,494 2,041,117
----------- -----------
TOTAL
COMMON STOCKS ...................... 52,822,694 70,912,246
----------- -----------
CONVERTIBLE PREFERRED STOCKS -- 0.1%
TELECOMMUNICATIONS -- 0.0%
U.S. COMPANIES
500 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B .......... 20,555 23,925
----------- -----------
TRANSPORTATION -- 0.1%
U.S. COMPANIES
200 GATX Corp.,
$2.50 Cv. Pfd. ................... 26,010 48,527
----------- -----------
TOTAL CONVERTIBLE
PREFERRED STOCKS ................. 46,565 72,452
----------- -----------
See accompanying notes to financial statements.
5
THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2007 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT COST VALUE
--------- -------- --------
CONVERTIBLE CORPORATE BONDS -- 0.9%
COMMUNICATIONS EQUIPMENT -- 0.1%
U.S. COMPANIES
$ 100,000 Agere Systems Inc.,
Sub. Deb. Cv.,
6.500%, 12/15/09 ................. $ 100,500 $ 102,125
----------- -----------
REAL ESTATE -- 0.4%
U.S. COMPANIES
Palm Harbor Homes Inc., Cv.,
150,000 3.250%, 05/15/24 ................. 127,316 130,313
200,000 3.250%, 05/15/24 (a) ............. 197,494 173,750
----------- -----------
324,810 304,063
----------- -----------
TELECOMMUNICATIONS -- 0.4%
NON U.S. COMPANIES
300,000 Nortel Networks Corp., Cv.,
4.250%, 09/01/08 ................. 294,412 297,375
----------- -----------
TOTAL CONVERTIBLE
CORPORATE BONDS .................. 719,722 703,563
----------- -----------
U.S. GOVERNMENT OBLIGATIONS -- 6.9%
5,357,000 U.S. Treasury Bills,
4.563% to 4.949%++,
07/19/07 to 09/27/07 ............. 5,318,509 5,318,104
----------- -----------
TOTAL INVESTMENTS -- 100.0% ....................... $58,907,490 77,006,365
===========
OTHER ASSETS AND LIABILITIES (NET) .............................. (489,602)
-----------
NET ASSETS -- COMMON SHARES
(3,050,236 common shares outstanding) .......................... $76,516,763
===========
NET ASSET VALUE PER COMMON SHARE
($76,516,763 / 3,050,236 shares outstanding) .................. $25.09
======
------------------
(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 June 30,
2007, the Rule 144A securities are considered liquid and the market value
amounted to $235,627 or 0.31% of total investments.
(b) Security fair valued under procedures established by the Board of
Trustees. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At June 30, 2007, the
market value of fair valued securities amounted to $61,877 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
JSFC Joint Stock Financial Corporation
OJSC Open Joint Stock Company
% OF
MARKET MARKET
VALUE VALUE
------- ------
GEOGRAPHIC DIVERSIFICATION
North America ........................ 66.8% $51,433,239
Europe ............................... 25.6 19,746,800
Japan ................................ 3.4 2,579,167
Asia/Pacific ......................... 2.4 1,829,734
Latin America ........................ 1.8 1,417,425
----- -----------
100.0% $77,006,365
===== ===========
See accompanying notes to financial statements.
6
THE GABELLI GLOBAL UTILITY & INCOME TRUST
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2007 (UNAUDITED)
ASSETS:
Investments, at value (cost $58,907,490) ........... $77,006,365
Foreign currency, at value (cost $87,433) .......... 87,801
Dividends and interest receivable .................. 264,984
Unrealized appreciation on swap contracts .......... 3,088
Prepaid expense .................................... 2,166
-----------
TOTAL ASSETS ....................................... 77,364,404
-----------
LIABILITIES:
Payable to custodian ............................... 4,295
Payable for investments purchased .................. 696,175
Payable for investment advisory fees ............... 65,471
Payable for payroll expenses ....................... 18,221
Payable for accounting fees ........................ 3,872
Other accrued expenses ............................. 59,607
-----------
TOTAL LIABILITIES .................................. 847,641
-----------
NET ASSETS applicable to 3,050,236
shares outstanding ............................... $76,516,763
===========
NET ASSETS CONSIST OF:
Paid-in capital, at $0.001 par value ............... $57,339,953
Accumulated net realized gain on investments,
swap contracts, and foreign
currency transactions ............................ 1,074,334
Net unrealized appreciation on investments ......... 18,098,875
Net unrealized appreciation on swap contracts ...... 3,088
Net unrealized appreciation on foreign
currency translations ............................ 513
-----------
NET ASSETS ......................................... $76,516,763
===========
NET ASSET VALUE:
($76,516,763 / 3,050,236 shares outstanding;
unlimited number of shares authorized) ............. $25.09
======
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)
INVESTMENT INCOME:
Dividends (net of foreign taxes of $49,655) ........ $1,320,512
Interest ........................................... 123,802
----------
TOTAL INVESTMENT INCOME ............................ 1,444,314
----------
EXPENSES:
Investment advisory fees ........................... 382,542
Payroll expenses ................................... 59,059
Shareholder communications expenses ................ 30,109
Legal and audit fees ............................... 26,907
Trustees' fees ..................................... 25,371
Accounting fees .................................... 22,621
Custodian fees ..................................... 14,682
Shareholder services fees .......................... 7,163
Interest expense ................................... 48
Miscellaneous expenses ............................. 14,081
----------
TOTAL EXPENSES ..................................... 582,583
Less: Custodian fee credits ........................ (1,902)
----------
NET EXPENSES ....................................... 580,681
----------
NET INVESTMENT INCOME .............................. 863,633
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, SWAP CONTRACTS, AND
FOREIGN CURRENCY:
Net realized gain on investments ................... 1,781,812
Net realized gain on swap contracts ................ 5,147
Net realized loss on foreign currency transactions (1,358)
----------
Net realized gain on investments, swap contracts,
and foreign currency transactions ................ 1,785,601
----------
Net change in unrealized appreciation/depreciation on:
investments ...................................... 887,865
swap contracts ................................... 3,088
foreign currency translations .................... (15)
----------
Net change in unrealized appreciation/depreciation on
investments, swap contracts, and foreign
currency translations ............................ 890,938
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, SWAP CONTRACTS, AND
FOREIGN CURRENCY ................................. 2,676,539
----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS .................................. $3,540,172
==========
See accompanying notes to financial statements.
7
THE GABELLI GLOBAL UTILITY & INCOME TRUST
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
JUNE 30, 2007 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2006
----------------- -----------------
OPERATIONS:
Net investment income ............................................... $ 863,633 $ 1,962,778
Net realized gain on investments, swap contracts,
and foreign currency transactions ................................. 1,785,601 1,934,155
Net change in unrealized appreciation/depreciation on
investments, swap contracts, and
foreign currency translations ..................................... 890,938 12,189,107
----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................ 3,540,172 16,086,040
----------- -----------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ............................................... (863,633)* (1,977,497)
Net realized short-term gain on investments, swap contracts,
and foreign currency transactions ................................ (79,166)* (22,545)
Net realized long-term gain on investments, swap contracts,
and foreign currency transactions ................................ (887,343)* (1,660,252)
----------- -----------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS .......................... (1,830,142) (3,660,294)
----------- -----------
NET INCREASE IN NET ASSETS .......................................... 1,710,030 12,425,746
NET ASSETS:
Beginning of period ................................................. 74,806,733 62,380,987
----------- -----------
End of period (including undistributed net investment income
of $0 and $0, respectively) ....................................... $76,516,763 $74,806,733
=========== ===========
------------------------
* Based on fiscal year to date book income. Amounts are subject to change and
recharacterization at fiscal year end.
See accompanying notes to financial statements.
8
THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION. The Gabelli Global Utility & Income Trust (the "Fund") is a
non-diversified closed-end management investment company organized as a Delaware
statutory trust on March 8, 2004 and registered under the Investment Company Act
of 1940, as amended (the "1940 Act"). Investment operations commenced on May 28,
2004.
The Fund's investment objective is to seek a consistent level of after-tax
total return over the long term with an emphasis currently on qualified
dividends. The Fund will attempt to achieve its investment objective by
investing, under normal market conditions, at least 80% of its assets in equity
securities (including preferred securities) of domestic and foreign companies
involved to a substantial extent in providing products, services, or equipment
for the generation or distribution of electricity, gas, or water and
infrastructure operations, and in equity securities (including preferred
securities) of companies in other industries, in each case in such securities
that are expected to periodically pay dividends.
2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with United States ("U.S.") generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could differ
from those estimates. The following is a summary of significant accounting
policies followed by the Fund in the preparation of its financial statements.
SECURITY VALUATION. Portfolio securities listed or traded on a nationally
recognized securities exchange or traded in the U.S. over-the-counter market for
which market quotations are readily available are valued at the last quoted sale
price or a market's official closing price as of the close of business on the
day the securities are being valued. If there were no sales that day, the
security is valued at the average of the closing bid and asked prices or, if
there were no asked prices quoted on that day, then the security is valued at
the closing bid price on that day. If no bid or asked prices are quoted on such
day, the security is valued at the most recently available price or, if the
Board of Trustees (the "Board") so determines, by such other method as the Board
shall determine in good faith to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined
by Gabelli Funds, LLC (the "Adviser").
Portfolio securities primarily traded on a foreign market are generally
valued at the preceding closing values of such securities on the relevant
market, but may be fair valued pursuant to procedures established by the Board
if market conditions change significantly after the close of the foreign market
but prior to the close of business on the day the securities are being valued.
Debt instruments with remaining maturities of 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
9
THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
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 June 30,
2007, there were no open repurchase agreements.
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 for the common shares. 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.
10
THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
The Fund has entered into equity swap agreements with Bear, Stearns
International Limited. Details of the equity swaps at June 30, 2007 are as
follows:
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION NET UNREALIZED
AMOUNT RECEIVED EQUITY SECURITY PAID DATE APPRECIATION
-------- --------------- -------------------- ----------- --------------
Market Value Overnight LIBOR plus
Appreciation on: Market Value Depreciation on:
$124,686 (12,000 Shares) Rolls-Royce Group plc Rolls-Royce Group plc 04/15/2008 $3,088
------
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 June 30, 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 June 30, 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.
The use of forward foreign exchange contracts does not eliminate
fluctuations in the underlying prices of the Fund's portfolio securities, but it
does establish a rate of exchange that can be achieved in the future. Although
forward foreign exchange contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that might
result should the value of the currency increase. In addition, the Fund could be
exposed to risks if the counterparties to the contracts are unable to meet the
terms of their contracts. At June 30, 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
11
THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
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.
The tax character of distributions paid during the year ended December 31,
2006 was as follows:
DISTRIBUTIONS PAID FROM:
Ordinary income
(inclusive of short-term capital gains) ...... $2,000,042
Net long-term capital gains .................... 1,660,252
----------
Total distributions paid ....................... $3,660,294
==========
12
THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
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.
The following summarizes the tax cost of investments, and the related
unrealized appreciation/(depreciation) at June 30, 2007:
GROSS GROSS
UNREALIZED UNREALIZED NET UNREALIZED
COST APPRECIATION DEPRECIATION APPRECIATION
---- ------------ ------------ --------------
Investments ............. $58,908,836 $18,286,641 $(189,112) $18,097,529
Swap Contracts ......... -- 3,088 -- 3,088
----------- ----------- --------- -----------
$58,908,836 $18,289,729 $(189,112) $18,100,617
=========== =========== ========= ===========
In July 2006, the FASB issued Interpretation No. 48, "Accounting for
Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109" ("the
Interpretation"). The Interpretation established for all entities, including
pass-through entities such as the Fund, a minimum threshold for financial
statement recognition of the benefit of positions taken in filing tax returns
(including whether an entity is taxable in a particular jurisdiction), and
required certain expanded tax disclosures. The Interpretation was implemented by
the Fund on June 29, 2007 and applied to all open tax years as of the effective
date. Management has evaluated the application of the Interpretation to the
Fund, and the adoption of the Interpretation 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 six months ended June 30, 2007, the Fund paid brokerage
commissions of $15,575 to Gabelli & Company, Inc. ("Gabelli & Company"), an
affiliate of the Adviser.
The cost of calculating the Fund's NAV per share is a Fund expense pursuant
to the Advisory Agreement. During the six months ended June 30, 2007, the Fund
paid or accrued $22,621 to the Adviser in connection with the cost of computing
the Fund's NAV.
The Fund is assuming its portion of the allocated cost of the Gabelli
Funds' Chief Compliance Officer in the amount of $1,416 for the six months ended
June 30, 2007, which is included in payroll expenses in the Statement of
Operations.
As per the approval of the Board, the Fund compensates an officer of the
Fund that is employed by the Fund and is not employed by the Adviser (although
the officer may receive incentive-based variable compensation from affiliates of
the Adviser). For the six months ended June 30, 2007 the Fund paid or accrued
$57,643, which is included in payroll expenses in the Statement of Operations.
The Fund pays each Trustee that 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.
13
THE GABELLI GLOBAL UTILITY & INCOME TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
4. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the six months ended June 30, 2007, other than short-term and U.S. Government
securities, aggregated $15,178,769 and $6,923,887, respectively.
5. CAPITAL. The Fund is authorized to issue an unlimited number of common shares
of beneficial interest (par value $0.001). The Board has authorized the
repurchase of its shares on the open market when the shares are trading at a
discount of 10% or more (or such other percentage as the Board may determine
from time to time) from the NAV of the shares. During the six months ended June
30, 2007 and the fiscal year ended December 31, 2006, the Fund did not have any
transactions in shares of beneficial interest.
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 seven 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.
14
THE GABELLI GLOBAL UTILITY & INCOME TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT
EACH PERIOD:
SIX MONTHS ENDED
JUNE 30, 2007 YEAR ENDED YEAR ENDED PERIOD ENDED
(UNAUDITED) DECEMBER 31, 2006 DECEMBER 31, 2005 DECEMBER 31, 2004 (D)
-------------- ----------------- ----------------- ---------------------
OPERATING PERFORMANCE:
Net asset value, beginning of period .............. $ 24.52 $ 20.45 $ 21.03 $ 19.06(e)
------- ------- ------- -------
Net investment income ............................. 0.28 0.64 0.64 0.28
Net realized and unrealized gain on investments,
swap contracts, and foreign currency transactions 0.89 4.63 0.23 2.29
------- ------- ------- -------
Total from investment operations .................. 1.17 5.27 0.87 2.57
------- ------- ------- -------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Net investment income ............................. (0.28)(a) (0.65) (0.63) (0.28)
Net realized gain on investments .................. (0.32)(a) (0.55) (0.82) (0.06)
Return of capital ................................. -- -- -- (0.26)
------- ------- ------- -------
Total distributions to common shareholders ........ (0.60) (1.20) (1.45) (0.60)
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD .................... $ 25.09 $ 24.52 $ 20.45 $ 21.03
======= ======= ======= =======
NAV total return* ................................. 4.81% 26.66% 4.2% 13.9%***
======= ======= ======= =======
Market value, end of period ....................... $ 21.80 $ 22.17 $ 17.76 $ 19.63
======= ======= ======= =======
Total investment return** ......................... 0.98% 32.83% (2.3)% 1.3%****
======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) .............. $76,517 $74,807 $62,381 $64,160
Ratio of net investment income to average net assets 2.26%(b) 2.92% 2.99% 2.23%(b)
Ratio of operating expenses to average net assets 1.52%(b)(c) 1.66%(c) 1.56%(c) 1.49%(b)
Portfolio turnover rate ........................... 9.6% 21.8% 21.0% 16.9%
------------------
(a) Based on fiscal year to date book income. Amounts are subject to change and
recharacterization at fiscal year end.
(b) Annualized.
(c) For the six months ended June 30, 2007 and the fiscal years ended December
31, 2006 and 2005, the effect of the custodian fee credits was minimal.
(d) The Gabelli Global Utility & Income Trust commenced investment operations
on May 28, 2004.
(e) The beginning of period NAV reflects a $0.04 reduction for costs associated
with the initial public offering.
* 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 are not annualized.
** Based on market value per share, adjusted for reinvestment of
distributions. Total return for periods of less than one year are 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.
See accompanying notes to financial statements.
15
THE GABELLI GLOBAL UTILITY & INCOME TRUST
BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)
At its meeting on May 16, 2007, the Board of Trustees ("Board") of the Fund
approved the continuation of the investment advisory agreement with the Adviser
for the Fund on the basis of the recommendation by the trustees who are not
"interested persons" of the Fund (the "Independent Board Members"). The
following paragraphs summarize the material information and factors considered
by the Independent Board Members as well as their conclusions relative to such
factors.
NATURE, EXTENT AND QUALITY OF SERVICES. The Independent Board Members considered
information regarding the portfolio manager, the depth of the analyst pool
available to the Adviser and the portfolio manager, the scope of supervisory,
administrative, shareholder, and other services supervised or provided by the
Adviser, and the absence of significant service problems reported to the Board.
The Independent Board Members noted the experience, length of service, and
reputation of the portfolio manager.
INVESTMENT PERFORMANCE. The Independent Board Members reviewed the short,
medium, and long-term performance of the Fund since inception against a peer
group of equity closed-end funds and the customized peer group selected by
Lipper. The Independent Board Members noted that the Fund's comparative
performance was reasonable.
PROFITABILITY. The Independent Board Members reviewed summary data regarding the
profitability of the Fund to the Adviser both with an administrative overhead
charge and without such charge and found the profitability to be below normal.
The Board also noted that a portion of the Fund's portfolio transactions were
executed by the Adviser's affiliated broker, resulting in incremental profits to
the broker.
ECONOMIES OF SCALE. The Independent Board Members discussed the major elements
of the Adviser's cost structure and the relationship of those elements to
potential economies of scale. The Independent Board Members noted that the Fund
was a closed-end fund and unlikely to realize any economies of scale potentially
available through growth in the absence of additional offerings.
SHARING OF ECONOMIES OF SCALE. The Independent Board Members noted that the
investment advisory fee schedule for the Fund does not take into account any
potential economies of scale.
SERVICE AND COST COMPARISONS. The Independent Board Members compared the expense
ratios of the investment advisory fee, other expenses, and total expenses of the
Fund to similar expense ratios of the peer group of equity closed-end funds and
noted that the advisory fee includes substantially all administrative services
of the Fund as well as investment advisory services of the Adviser. The
Independent Board Members noted that the Fund's expense ratios were above
average and the Fund's size was below average within the group. The Independent
Board Members were presented with, but did not consider to be material to their
decision, various information comparing the advisory fee with the fee for other
types of accounts managed by the Adviser.
CONCLUSIONS. The Independent Board Members concluded that the Fund enjoyed
highly experienced portfolio management services, good ancillary services, and a
reasonable performance record within its conservative stance. The Independent
Board Members also concluded that the Fund's expense ratios were reasonable in
light of the Fund's size, and that, in part due to the Fund's structure as a
closed-end fund, economies of scale were not a significant factor in their
thinking. The Independent Board Members did not view the potential profitability
of ancillary services as material to their decision. On the basis of the
foregoing and without assigning particular weight to any single conclusion, the
Independent Board Members determined to recommend continuation of the investment
advisory agreement to the full Board.
16
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 issue 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, RI02940-3010
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.
17
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.
18
[GRAPHIC OMITTED]
PICTURES OF FLAGS
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 State Street Bank and Trust Company
CERTIFIED PUBLIC ACCOUNTANT,
SALIBELLO & BRODER, LLP COUNSEL
Skadden, Arps, Slate, Meagher & Flom, LLP
Salvatore J. Zizza
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
(914) 921-5070
WWW.GABELLI.COM
SEMI-ANNUAL REPORT
JUNE 30, 2007
GLU Q2/2007
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. 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.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
There has been no change, as of the date of this filing, in any of the portfolio
managers identified in response to paragraph (a)(1) of this Item in the
registrant's most recently filed annual report on Form N-CSR.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
REGISTRANT PURCHASES OF EQUITY SECURITIES
=============================================================================================================================
(C) TOTAL NUMBER OF (D) MAXIMUM NUMBER (OR
SHARES (OR UNITS) APPROXIMATE DOLLAR VALUE) OF
(A) TOTAL NUMBER OF PURCHASED AS PART OF SHARES (OR UNITS) THAT MAY YET
SHARES (OR UNITS) (B) AVERAGE PRICE PAID PUBLICLY ANNOUNCED PLANS BE PURCHASED UNDER THE PLANS
PERIOD PURCHASED PER SHARE (OR UNIT) OR PROGRAMS OR PROGRAMS
=============================================================================================================================
Month #1 Common - N/A Common - N/A Common - N/A Common - 3,050,236
01/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
01/31/07
=============================================================================================================================
Month #2 Common - N/A Common - N/A Common - N/A Common - 3,050,236
02/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
02/28/07
=============================================================================================================================
Month #3 Common - N/A Common - N/A Common - N/A Common - 3,050,236
03/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
03/31/07
=============================================================================================================================
Month #4 Common - N/A Common - N/A Common - N/A Common - 3,050,236
04/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
04/30/07
=============================================================================================================================
Month #5 Common - N/A Common - N/A Common - N/A Common - 3,050,236
05/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
05/31/07
=============================================================================================================================
Month #6 Common - N/A Common - N/A Common - N/A Common - 3,050,236
06/01/07
through Preferred - N/A Preferred - N/A Preferred - N/A Preferred - N/A
06/30/07
=============================================================================================================================
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) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) The Gabelli Global Utility & Income Trust
-------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date August 31, 2007
----------------------------------------------------------------------------
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 August 31, 2007
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Financial Officer and Treasurer
Date August 31, 2007
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.