UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21529

The Gabelli Global Utility & Income Trust
(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422
(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center

Rye, New York 10580-1422
(Name and address of agent for service)

Registrant's telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: December 31, 2020

 

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

 

The Gabelli Global Utility & Income Trust
Annual Report — December 31, 2020

 

(Y)our Portfolio Management Team

 

   
Mario J. Gabelli, CFA Timothy M. Winter, CFA Jose Garza
Chief Investment Officer Portfolio Manager
BA, Rollins College
MBA, University of
Notre Dame

Portfolio Manager 

BA, Yale University
MBA, Columbia 

Business School 

 

To Our Shareholders,

 

For the year ended December 31, 2020, the net asset value (NAV) total return of The Gabelli Global Utility & Income Trust (the Fund) was 2.3%, compared with a total return of 0.5% for the Standard & Poor’s (S&P) 500 Utilities Index. The total return for the Fund’s publicly traded shares was 4.9%. The Fund’s NAV per share was $19.47, while the price of the publicly traded shares closed at $18.42 on the NYSE American. See page 2 for additional performance information.

 

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2020.

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

 

 

 

 

Comparative Results

 

 

Average Annual Returns through December 31, 2020 (a) (Unaudited)

 

                            Since
                            Inception
      1 Year     3 Year     5 Year     10 Year   (05/28/04)
Gabelli Global Utility & Income Trust (GLU)                                        
NAV Total Return (b)     2.33 %     2.61 %     6.79 %     6.36 %     6.77 %
Investment Total Return (c)     4.86       2.98       9.69       6.43       6.69  
S&P 500 Utilities Index     0.48       9.74       11.50       11.27       10.19  
Lipper Utility Fund Average     (0.66 )     7.82       9.93       9.44       9.45  
S&P Global 1200 Utilities Index     5.72       10.65       10.78       7.60       8.45  

(a) Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The S&P 500 Utilities Index is an unmanaged indicator of electric and gas utility stock performance. The Lipper Utility Fund Average reflects the average performance of mutual funds classified in this particular category. The S&P Global 1200 Utilities Index is an unmanaged indicator of electric and gas utility stock performance. Dividends are considered reinvested. You cannot invest directly in an index.
(b) Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, and adjustments for the rights offering and are net of expenses. Since inception return is based on an initial NAV of $19.06.
(c) Total returns and average annual returns reflect changes in closing market values on the NYSE American, reinvestment of distributions, and adjustments for the rights offering. Since inception return is based on an initial offering price of $20.00.

 

 

 

 

Summary of Portfolio Holdings (Unaudited)

 

The following table presents portfolio holdings as a percent of total investments as of December 31, 2020:

 

The Gabelli Global Utility & Income Trust

 

Energy and Utilities: Integrated 22.3 %
U.S. Government Obligations 17.6 %
Telecommunications 8.6 %
Food and Beverage 5.2 %
Cable and Satellite 4.7 %
Financial Services 4.1 %
Alternative Energy 3.9 %
Diversified Industrial 2.9 %
Hotels and Gaming 2.8 %
Electric Transmission and Distribution 2.6 %
Consumer Products 2.4 %
Natural Gas Utilities 2.4 %
Services 2.1 %
Natural Gas Integrated 2.1 %
Entertainment 2.0 %
Electronics 1.9 %
Water 1.8 %
Machinery 1.7 %
Wireless Communications   1.7 %
Specialty Chemicals   1.6 %
Business Services   1.6 %
Health Care   0.7 %
Consumer Services   0.6 %
Computer Software and Services   0.6 %
Building and Construction   0.4 %
Aerospace   0.4 %
Oil   0.3 %
Environmental Services   0.3 %
Transportation   0.2 %
Natural Resources   0.2 %
Independent Power Producers and Energy Traders   0.1 %
Closed-End Funds   0.1 %
Automotive   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-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

 

Proxy Voting

 

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

 

 3

 

 

The Gabelli Global Utility & Income Trust
Schedule of Investments — December 31, 2020

 

 

Shares         Cost     Market
Value
 
        COMMON STOCKS — 82.3%                
        ENERGY AND UTILITIES — 40.0%                
        Alternative Energy — 3.9%                
        Non U.S. Companies                
  68,000     Siemens Gamesa Renewable Energy SA   $ 1,143,018     $ 2,748,859  
  450     SolarEdge Technologies Inc.†     47,095       143,604  
  1,700     Vestas Wind Systems A/S     169,141       401,673  
                         
      U.S. Companies                
  1,950     Brookfield Renewable Corp., Cl. A     55,559       113,627  
  36,314     NextEra Energy Partners LP     1,349,259       2,434,854  
  8,150     Ormat Technologies Inc.     372,055       735,782  
              3,136,127       6,578,399  
        Diversified Industrial — 2.0%                
        Non U.S. Companies                
  16,000     Bouygues SA     562,608       657,736  
  16,500     Jardine Matheson Holdings Ltd.     893,304       924,000  
  17,000     Jardine Strategic Holdings Ltd.     566,077       422,960  
                         
        U.S. Companies                
  29,000     Flowserve Corp.     971,129       1,068,650  
  22,000     General Electric Co.     205,972       237,600  
  4,500     Mueller Water Products Inc., Cl. A     44,107       55,710  
              3,243,197       3,366,656  
        Electric Transmission and Distribution — 2.6%          
        Non U.S. Companies                
  8,500     Algonquin Power & Utilities Corp.     66,376       139,897  
  1,700     Boralex Inc., Cl. A     34,193       63,091  
  28,000     Enel Chile SA, ADR     78,326       108,920  
  1,000     Equatorial Energia SA     6,061       4,459  
  12,000     Fortis Inc.     380,825       490,219  
  1,250     Fortis Inc.     52,024       51,025  
  8,600     Landis+Gyr Group AG     561,703       674,167  
  1,100     Orsted AS     111,506       224,517  
  20,000     Red Electrica Corp. SA     227,553       409,864  
                         
        U.S. Companies                
  2,400     Consolidated Edison Inc.     109,137       173,448  
  350     Sempra Energy     52,206       44,593  
  30,000     Twin Disc Inc.†     288,921       235,500  
  6,000     Unitil Corp.     242,734       265,620  
  16,300     WEC Energy Group Inc.     663,688       1,500,089  
              2,875,253       4,385,409  
        Energy and Utilities: Integrated — 22.3%          
        Non U.S. Companies                
  140,000     A2A SpA     257,158       223,110  
Shares         Cost     Market
Value
 
  15,000     BP plc, ADR   $ 519,722     $ 307,800  
  10,000     Chubu Electric Power Co. Inc.     149,071       120,382  
  152,000     Datang International Power Generation Co. Ltd., Cl. H     59,610       19,607  
  2,000     E.ON SE     20,087       22,146  
  14,000     E.ON SE, ADR     162,822       154,840  
  20,615     EDP - Energias de Portugal SA     83,630       129,850  
  9,000     EDP - Energias de Portugal SA, ADR     241,083       590,760  
  15,000     Electric Power Development Co. Ltd.     327,135       206,431  
  33,000     Emera Inc.     1,314,190       1,402,545  
  8,500     Endesa SA     198,665       232,083  
  28,000     Enel Americas SA, ADR     88,325       230,160  
  152,000     Enel SpA     887,041       1,536,777  
  4,000     Eni SpA     66,742       41,771  
  6,000     Eni SpA, ADR     167,606       123,600  
  225,000     Hera SpA     461,298       819,116  
  12,000     Hokkaido Electric Power Co. Inc.     106,603       43,581  
  20,000     Hokuriku Electric Power Co.     210,929       130,163  
  14,000     Huaneng Power International Inc., ADR     389,439       201,740  
  216,600     Iberdrola SA     1,682,161       3,095,930  
  1,800     Innergex Renewable Energy Inc.     25,131       38,704  
  34,000     Korea Electric Power Corp., ADR†     392,916       417,180  
  22,000     Kyushu Electric Power Co. Inc.     297,967       189,201  
  12,000     Shikoku Electric Power Co. Inc..     132,963       78,098  
  15,000     The Chugoku Electric Power Co. Inc.     218,583       175,633  
  14,000     The Kansai Electric Power Co. Inc.     162,292       132,021  
  7,000     Tohoku Electric Power Co. Inc.     102,133       57,624  
  100     Uniper SE     1,124       3,450  
  2,000     Verbund AG     33,429       170,665  
                         
        U.S. Companies                
  2,000     ALLETE Inc.     71,269       123,880  
  1,400     Alliant Energy Corp.     76,524       72,142  
  18,500     Ameren Corp.     721,946       1,444,110  
  25,000     American Electric Power Co. Inc.     2,082,289       2,081,750  
  13,100     Avangrid Inc.     627,490       595,395  
  18,000     Avista Corp.     683,180       722,520  
  600     Black Hills Corp.     15,133       36,870  
  500     CMS Energy Corp.     31,518       30,505  
  11,007     Dominion Energy Inc.     467,615       827,726  
  1,000     DTE Energy Co.     122,992       121,410  
  10,700     Duke Energy Corp.     498,621       979,692  
  500     Entergy Corp.     59,918       49,920  
  2,000     Eos Energy Enterprises Inc.†     21,190       41,680  
  17,500     Evergy Inc.     956,639       971,425  
  20,700     Eversource Energy     1,074,732       1,790,757  


 

See accompanying notes to financial statements.

 

 4

 

 

The Gabelli Global Utility & Income Trust 

Schedule of Investments (Continued) — December 31, 2020

 

 

Shares         Cost     Market
Value
 
        COMMON STOCKS (Continued)                
        ENERGY AND UTILITIES (Continued)          
        Energy and Utilities: Integrated (Continued)      
        U.S. Companies (Continued)                
  100     FirstEnergy Corp.   $ 2,740     $ 3,061  
  380,000     Gulf Coast Ultra Deep Royalty Trust     9,538       6,080  
  16,000     Hawaiian Electric Industries Inc.     419,560       566,240  
  300     IDACORP Inc.     24,834       28,809  
  10,000     MGE Energy Inc.     221,454       700,300  
  21,200     NextEra Energy Inc.     393,398       1,635,580  
  36,000     NiSource Inc.     282,621       825,840  
  10,500     NorthWestern Corp.     303,804       612,255  
  35,000     OGE Energy Corp.     432,547       1,115,100  
  14,000     Otter Tail Corp.     391,637       596,540  
  13,500     PG&E Corp.†     123,043       168,210  
  14,000     Pinnacle West Capital Corp.     674,487       1,119,300  
  35,000     PNM Resources Inc.     1,712,758       1,698,550  
  35,500     Portland General Electric Co.     1,458,981       1,518,335  
  8,400     PPL Corp.     247,022       236,880  
  15,000     Public Service Enterprise Group Inc.     499,650       874,500  
  121,500     The AES Corp.     1,604,649       2,855,250  
  19,000     The Southern Co.     597,707       1,167,170  
  18,500     Xcel Energy Inc.     341,939       1,233,395  
              26,013,280       37,746,145  
                         
        Environmental Services — 0.3%          
        Non U.S. Companies                
  2,500     Cia de Saneamento Basico do Estado de Sao Paulo, ADR     37,424       21,475  
  900     Pentair plc     31,672       47,781  
  2,500     Suez SA     32,816       49,538  
  13,000     Veolia Environnement SA     213,867       317,788  
                         
        U.S. Companies                
  300     Tetra Tech Inc.     26,336       34,734  
              342,115       471,316  
                         
        Independent Power Producers and Energy Traders — 0.0%  
        Non U.S. Companies                
  3,000     Atlantica Sustainable                
        Infrastructure plc     81,239       113,940  
                         
        Natural Gas Integrated — 2.1%                
        Non U.S. Companies                
  80,000     Snam SpA     288,733       449,665  
  1,100     TC Energy Corp.     57,893       44,792  
                         
        U.S. Companies                
  4,000     Apache Corp.     64,285       56,760  
  25,000     Kinder Morgan Inc.     376,543       341,750  
  61,000     National Fuel Gas Co.     2,801,353       2,508,930  
Shares         Cost     Market
Value
 
  4,000     ONEOK Inc.   $ 7,401     $ 153,520  
              3,596,208       3,555,417  
                         
        Natural Gas Utilities — 2.4%                
        Non U.S. Companies                
  1,500     Enagas SA     37,053       32,920  
  1,000     Engie SA†     15,461       15,295  
  9,800     Engie SA, ADR†     245,743       149,939  
  16,000     Italgas SpA     72,388       101,641  
  101,000     National Grid plc     1,201,440       1,194,716  
  15,700     National Grid plc, ADR     982,057       926,771  
                         
        U.S. Companies                
  6,000     Atmos Energy Corp.     148,311       572,580  
  1,700     Chesapeake Utilities Corp.     47,855       183,957  
  1,300     ONE Gas Inc.     32,391       99,801  
  10,000     Southwest Gas Holdings Inc.     381,768       607,500  
  2,000     Spire Inc.     70,415       128,080  
              3,234,882       4,013,200  
                         
        Natural Resources — 0.2%                
        Non U.S. Companies                
  12,000     Cameco Corp.     119,302       160,800  
  200     Linde plc.     42,364       52,702  
                         
        U.S. Companies                
  2,000     Diamondback Energy Inc.     77,805       96,800  
              239,471       310,302  
                         
        Oil — 0.3%                
        Non U.S. Companies                
  5,000     PetroChina Co. Ltd., ADR.     261,530       153,600  
  10,000     Petroleo Brasileiro SA, ADR     83,744       112,300  
  6,000     Royal Dutch Shell plc, Cl. A, ADR     282,199       210,840  
                         
        U.S. Companies                
  1,000     ConocoPhillips     28,509       39,990  
              655,982       516,730  
                         
        Services — 2.1%                
        Non U.S. Companies                
  1,000     ABB Ltd.     23,097       27,911  
  35,000     ABB Ltd., ADR     701,409       978,600  
  23,000     Enbridge Inc.     485,412       735,770  
  5,726     First Sensor AG     181,141       282,605  
                         
        U.S. Companies                
  29,500     AZZ Inc.     1,095,352       1,399,480  
  10,000     Halliburton Co.     152,978       189,000  
              2,639,389       3,613,366  


 

See accompanying notes to financial statements.

 

 5

 

 

The Gabelli Global Utility & Income Trust 

Schedule of Investments (Continued) — December 31, 2020

 

 

Shares         Cost     Market
Value
 
        COMMON STOCKS (Continued)                
        ENERGY AND UTILITIES (Continued)      
        Water — 1.8%                
        Non U.S. Companies                
  1,500     Cia de Saneamento de Minas Gerais-COPASA   $ 8,100     $ 4,736  
  5,000     Consolidated Water Co. Ltd.     60,554       60,250  
  2,000     Fluidra SA     24,136       51,187  
  34,000     Severn Trent plc     893,655       1,064,270  
  35,000     United Utilities Group plc     346,011       428,369  
                         
        U.S. Companies                
  500     Artesian Resources Corp., Cl. A     18,961       18,540  
  5,400     California Water Service Group     76,295       291,762  
  8,000     Essential Utilities Inc.     95,796       378,320  
  40,000     Fluence Corp. Ltd.†     9,946       6,939  
  4,000     Middlesex Water Co.     75,033       289,880  
  7,000     SJW Group     164,995       485,520  
              1,773,482       3,079,773  
        TOTAL ENERGY AND UTILITIES     47,830,625       67,750,653  
                         
        OTHER — 27.2%                
        Aerospace — 0.4%                
        Non U.S. Companies                
  130,000     Rolls-Royce Holdings plc†     243,278       197,775  
                         
        U.S. Companies                
  14,000     AAR Corp.     413,775       507,080  
              657,053       704,855  
                         
        Automotive — 0.1%                
        Non U.S. Companies                
  350     Ferrari NV     13,358       80,332  
                         
        Building and Construction — 0.4%                
        Non U.S. Companies                
  500     Acciona SA     25,414       71,283  
  1,700     Sika AG     256,442       464,317  
                         
        U.S. Companies                
  4,000     Arcosa Inc.     101,624       219,720  
              383,480       755,320  
                         
        Business Services — 1.6%                
        Non U.S. Companies                
  6,000     Ahlstrom-Munksjo Oyj     125,411       132,671  
  48,000     JCDecaux SA†     1,339,325       1,092,448  
  140,000     Sistema PJSC FC, GDR     474,533     1,050,000  
                         
        U.S. Companies                
  12,000     Diebold Nixdorf Inc.†     98,578       127,920  
  7,500     Macquarie Infrastructure Corp.     219,745       281,625  
              2,257,592       2,684,664  
Shares         Cost     Market
Value
 
        Computer Software and Services — 0.6%          
        Non U.S. Companies                
  2,600     Prosus NV   $ 229,243     $ 280,657  
  2,000     Tencent Holdings Ltd.     86,905       145,502  
                         
        U.S. Companies                
  2,430     Global Payments Inc.     360,295       523,471  
              676,443       949,630  
                         
        Consumer Products — 2.4%                
        Non U.S. Companies                
  16,000     Essity AB, Cl. B     478,025       514,366  
  500     Ferguson plc     44,684       60,744  
  1,500     Salvatore Ferragamo SpA†     24,778       29,063  
  15,000     Scandinavian Tobacco Group A/S     205,275       256,303  
  42,000     Swedish Match AB     1,779,293       3,255,822  
              2,532,055       4,116,298  
                         
        Consumer Services — 0.6%                
        U.S. Companies                
  35,000     Matthews International Corp., Cl. A     969,459       1,029,000  
                         
        Diversified Industrial — 0.9%                
        Non U.S. Companies                
  46,000     Ardagh Group SA     781,996       791,660  
  600     Sulzer AG     61,527       63,097  
                         
        U.S. Companies                
  23,000     Trinity Industries Inc.     477,055       606,970  
              1,320,578       1,461,727  
                         
        Electronics — 1.9%                
        Non U.S. Companies                
  6,500     Kyocera Corp.     392,741       398,228  
  1,000     Signify NV†     34,849       42,184  
  26,000     Sony Corp., ADR     1,019,964       2,628,600  
                         
        U.S. Companies                
  400     Hubbell Inc.     58,570       62,716  
              1,506,124       3,131,728  
                         
        Entertainment — 2.0%                
        Non U.S. Companies                
  80,000     Grupo Televisa SAB, ADR†     827,437       659,200  
  24,000     Manchester United plc, Cl. A     422,430       401,760  
  2,000     Naspers Ltd., Cl. N     447,122       410,936  
  48,000     Vivendi SA     1,272,825       1,546,902  
                         
        U.S. Companies                
  15,000     Fox Corp., Cl. B     528,648       433,200  
              3,498,462       3,451,998  


 

See accompanying notes to financial statements.

 

 6

 

 

The Gabelli Global Utility & Income Trust 

Schedule of Investments (Continued) — December 31, 2020

 

 

Shares         Cost     Market Value  
        COMMON STOCKS (Continued)                
        OTHER (Continued)                
        Financial Services — 4.1%                
        Non U.S. Companies                
  4,500     Brookfield Asset Management Inc., Cl. A   $ 30,437     $ 185,715  
  55,000     Commerzbank AG†     292,033       353,826  
  48,000     Credit Suisse Group AG     606,648       618,096  
  28,000     Credit Suisse Group AG, ADR     340,208       358,400  
  8,000     Deutsche Bank AG†     59,019       87,200  
  65,000     GAM Holding AG†     266,360       158,884  
  18,000     Janus Henderson Group plc     399,587       585,180  
  10,000     Kinnevik AB, Cl. A     264,223       515,339  
  100,000     Resona Holdings Inc.     498,028       349,039  
  30,000     UBS Group AG     352,414       423,900  
  30,000     UBS Group AG     355,170       422,569  
                         
        U.S. Companies                
  7,500     AllianceBernstein Holding LP     187,125       253,275  
  20,000     Bank of America Corp.     513,699       606,200  
  1,000     M&T Bank Corp.     112,548       127,300  
  11,000     The Bank of New York Mellon Corp.     430,781       466,840  
  2,200     The Goldman Sachs Group Inc.     366,388       580,162  
  18,430     UGI Corp.     789,237       644,313  
  4,000     Wells Fargo & Co.     112,788       120,720  
              5,976,693       6,856,958  
                         
        Food and Beverage — 5.2%                
        Non U.S. Companies                
  110     Chocoladefabriken Lindt & Spruengli AG     553,941       1,072,292  
  3,000     Chr. Hansen Holding A/S†     114,931       308,450  
  70,000     Davide Campari-Milano NV     327,594       798,715  
  7,500     Diageo plc, ADR     844,336       1,191,075  
  2,000     Fomento Economico Mexicano SAB de CV, ADR     151,923       151,540  
  6,000     Heineken NV     406,982       668,633  
  1,000     Kerry Group plc, Cl. A     118,898       144,643  
  3,000     Kikkoman Corp.     148,208       208,319  
  54,000     Maple Leaf Foods Inc.     1,121,664       1,197,172  
  10,000     Nestlé SA     718,339       1,177,680  
  2,000     Pernod Ricard SA     223,358       383,109  
  2,000     Remy Cointreau SA     239,935       372,115  
  1,000     Yakult Honsha Co. Ltd.     51,696       50,361  
                         
        U.S. Companies                
  1,000     General Mills Inc.     46,773       58,800  
  11,000     McCormick & Co. Inc., Non-Voting     388,245       1,051,600  
              5,456,823       8,834,504  
Shares         Cost     Market Value  
        Health Care — 0.7%                
        U.S. Companies                
  2,000     Alexion Pharmaceuticals Inc.†   $ 315,801     $ 312,480  
  25,000     Pfizer Inc.     925,398       920,250  
              1,241,199       1,232,730  
                         
        Hotels and Gaming — 2.8%                
        Non U.S. Companies                
  150,000     Genting Singapore Ltd.     143,064       96,474  
  460,000     Mandarin Oriental International                
        Ltd.†     777,273       782,000  
  340,000     The Hongkong & Shanghai Hotels Ltd.     407,732       302,614  
  800,000     William Hill plc†     1,500,740       2,954,894  
                         
        U.S. Companies                
  2,700     Churchill Downs Inc.     231,552       525,933  
              3,060,361       4,661,915  
                         
        Machinery — 1.7%                
        Non U.S. Companies                
  185,000     CNH Industrial NV†     1,604,980       2,375,400  
                         
        U.S. Companies                
  5,500     Xylem Inc.     197,995       559,845  
              1,802,975       2,935,245  
                         
        Specialty Chemicals — 1.6%                
        Non U.S. Companies                
  6,000     Axalta Coating Systems Ltd.†     138,344       171,300  
  600     Givaudan SA     1,516,339       2,527,957  
                         
        U.S. Companies                
  300     Air Products and Chemicals Inc.     71,064       81,966  
              1,725,747       2,781,223  
                         
        Transportation — 0.2%                
        U.S. Companies                
  5,000     GATX Corp.     179,156       415,900  
                         
        TOTAL OTHER     33,257,558       46,084,027  
                         
        COMMUNICATIONS — 15.0%                
        Cable and Satellite — 4.7%                
        Non U.S. Companies                
  10,600     Cogeco Inc.     232,199       682,684  
  70,000     ITV plc†     135,360       102,234  
  25,104     Liberty Global plc, Cl. A†     509,902       608,019  
  44,000     Liberty Global plc, Cl. C†     801,618       1,040,600  
  12,000     Liberty Latin America Ltd., Cl. A†     185,560       133,560  
  45,000     Rogers Communications Inc., Cl. B     1,898,796       2,096,550  
                         


 

See accompanying notes to financial statements.

 

 7

 

 

The Gabelli Global Utility & Income Trust 

Schedule of Investments (Continued) — December 31, 2020

 

 

Shares         Cost     Market
Value
 
        COMMON STOCKS (Continued)                
        COMMUNICATIONS (Continued)                
        Cable and Satellite (Continued)                
        U.S. Companies                
  200     Charter Communications Inc., Cl. A†   $ 42,288     $ 132,310  
  16,000     Comcast Corp., Cl. A     450,552       838,400  
  38,000     DISH Network Corp., Cl. A†     850,738       1,228,920  
  6,000     EchoStar Corp., Cl. A†     122,586       127,140  
  168     Liberty Broadband Corp., Cl. B†     8,321       26,544  
  3,632     Liberty Latin America Ltd., Cl. C†     25,925       40,279  
  85,000     WideOpenWest Inc.†     638,059       906,950  
              5,901,904       7,964,190  
                         
        Telecommunications — 8.6%                
        Non U.S. Companies                
  36,000     BCE Inc.     1,384,220       1,540,800  
  140,000     BT Group plc, Cl. A     455,903       253,193  
  44,000     Deutsche Telekom AG     786,512       803,870  
  56,000     Deutsche Telekom AG, ADR     915,070       1,023,120  
  465,000     Koninklijke KPN NV     1,371,180       1,412,783  
  5,000     Maroc Telecom     78,031       80,018  
  94,400     Orange Belgium SA     2,502,925       2,514,058  
  5,000     Orange SA, ADR     59,302       59,300  
  27,000     Orascom Investment Holding, GDR†     37,959       3,888  
  60,000     Pharol SGPS SA†     9,134       9,148  
  8,000     Proximus SA     178,511       158,424  
  1,200     Swisscom AG     384,765       646,696  
  2,000     Swisscom AG, ADR     88,550       107,500  
  40,000     Telecom Italia SpA     31,273       18,442  
  13,500     Telefonica Brasil SA, ADR     199,291       119,475  
  45,000     Telefonica Deutschland Holding  AG     216,897       123,967  
  72,791     Telefonica SA, ADR     828,962       294,076  
  70,000     Telekom Austria AG     606,149       541,313  
  23,000     Telenet Group Holding NV     1,033,962       985,676  
  5,000     TELUS Corp.     77,636       99,026  
  300,000     VEON Ltd., ADR     710,574       453,000  
                         
        U.S. Companies                
  7,000     AT&T Inc.     218,596       201,320  
  60,000     CenturyLink Inc.     842,168       585,000  
  10,000     Loral Space & Communications Inc.     222,159       209,900  
  15,000     Telephone and Data Systems Inc.     302,656       278,550  
  1,000     T-Mobile US Inc.†     22,694       134,850  
  32,000     Verizon Communications Inc.     1,352,836       1,880,000  
              14,917,915       14,537,393  
Shares         Cost     Market
Value
 
        Wireless Communications — 1.7%                
        Non U.S. Companies                
  3,000     America Movil SAB de CV, Cl. L, ADR   $ 43,419     $ 43,620  
  20,000     Millicom International Cellular SA, SDR†     978,899       787,107  
  6,000     Mobile TeleSystems PJSC, ADR     64,059       53,700  
  6,000     SK Telecom Co. Ltd., ADR     137,159       146,880  
  20,000     Turkcell Iletisim Hizmetleri A/S, ADR     136,221       107,800  
  75,000     Vodafone Group plc, ADR     1,485,106       1,236,000  
                         
        U.S. Companies                
  4,000     Anterix Inc.†     155,386       150,400  
  8,000     United States Cellular Corp.†     276,572       245,520  
              3,276,821       2,771,027  
        TOTAL COMMUNICATIONS     24,096,640       25,272,610  
                         
        INDEPENDENT POWER PRODUCERS AND ENERGY    
        TRADERS — 0.1%                
        Independent Power Producers and Energy Traders — 0.1%  
        U.S. Companies                
  3,000     NRG Energy Inc.     66,530       112,650  
                         
        DIVERSIFIED INDUSTRIAL — 0.0%                
        Electronics — 0.0%                
        U.S. Companies                
  100     Roper Technologies Inc.     25,045       43,109  
                         
        ENVIRONMENTAL SERVICES — 0.0%        
        Water — 0.0%                
        U.S. Companies                
  1,500     Evoqua Water Technologies Corp.†     17,487       40,470  
                         
        TOTAL COMMON STOCKS     105,293,885       139,303,519  
        CLOSED-END FUNDS — 0.1%                
  10,000     Altaba Inc., Escrow†     103,000       145,500  
                         
        RIGHTS — 0.0%                
        OTHER — 0.0%                
        Health Care — 0.0%                
        Non U.S. Companies                
  17,029     Ipsen SA/Clementia, CVR†(a)     22,989       0  
                         
        WARRANTS — 0.0%                
        ENERGY AND UTILITIES — 0.0%                
        Natural Resources — 0.0%                
        U.S. Companies                
  1,500     Occidental Petroleum Corp., expire 08/03/27†     7,425       10,215  


 

See accompanying notes to financial statements.

 

 8

 

 

The Gabelli Global Utility & Income Trust 

Schedule of Investments (Continued) — December 31, 2020

 

 

Shares         Cost     Market
Value
 
        WARRANT (Continued)                
        ENERGY AND UTILITIES (Continued)        
        Services — 0.0%                
        Non U.S. Companies                
  2,850     Weatherford International plc, expire 12/13/23†   $ 0     $ 504  
                         
        TOTAL ENERGY AND UTILITIES     7,425       10,719  
        TOTAL WARRANT     7,425       10,719  

 

Principal
Amount
                 
      U.S. GOVERNMENT OBLIGATIONS — 17.6%    
      U.S. Cash Management Bill — 0.3%            
$ 460,000     0.055%††, 02/16/21     459,968       459,967  
        U.S. Treasury Bills — 17.3%                
  29,365,000     U.S. Treasury Bills, 0.055% to 0.120%†††, 01/07/21 to 06/17/21     29,355,672       29,358,662  
        TOTAL U.S. GOVERNMENT OBLIGATIONS     29,815,640       29,818,629  
TOTAL INVESTMENTS — 100.0%   $ 135,242,939       169,278,367  
                 
Other Assets and Liabilities (Net)             (33,442 )
                 
PREFERRED SHARES                
(1,292,258 preferred shares outstanding)             (64,612,900 )
                 
NET ASSETS — COMMON SHARES                
(5,373,578 common shares outstanding)           $ 104,632,025  
                 
NET ASSET VALUE PER COMMON SHARE                
($104,632,025 ÷ 5,373,578 shares outstanding)           $ 19.47  

 

 

(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Non-income producing security.

†† Represents annualized yield at date of purchase.

††† Represents annualized yields at dates of purchase.

ADR     American Depositary Receipt

CVR     Contingent Value Right

GDR     Global Depositary Receipt

SDR     Swedish Depositary Receipt

    % of Total   Market  
Geographic Diversification   Investments   Value  
United States     52.9 %   $ 89,579,799  
Europe     35.7       60,378,564  
Canada     5.3       8,928,789  
Japan     2.8       4,767,681  
Asia/Pacific     2.1       3,612,557  
Latin America     0.9       1,516,135  
South Africa     0.2       410,936  
Africa/Middle East     0.1       83,906  
Total Investments     100.0 %   $ 169,278,367  


 

See accompanying notes to financial statements.

 

 9

 

  

The Gabelli Global Utility & Income Trust

 

Statement of Assets and Liabilities
December 31, 2020

 

 

Assets:      
Investments, at value (cost $135,242,939)   $ 169,278,367  
Foreign currency, at value (cost $5,756)     5,770  
Cash     1,566  
Dividends receivable     369,144  
Deferred offering expense     58,621  
Prepaid expenses     5,287  
Total Assets     169,718,755  
Liabilities:        
Distributions payable     35,849  
Payable for investments purchased     136,141  
Payable for payroll expenses     33,467  
Payable for investment advisory fees     71,203  
Payable for accounting fees     3,750  
Payable for shareholder communications expenses     68,306  
Payable for legal and audit fees     58,956  
Other accrued expenses     66,158  
Total Liabilities     473,830  
Preferred Shares:        
Series A Cumulative Preferred Shares ($50 liquidation value, $0.001 par value, 1,200,000 shares authorized with 34,229 shares issued and outstanding)     1,711,450  
Series B Cumulative Preferred Shares ($50 liquidation value, 1,370,433 shares authorized with 1,258,029 shares issued and outstanding)     62,901,450  
Total Preferred Shares     64,612,900  
Net Assets Attributable to Common Shareholders   $ 104,632,025  
Net Assets Attributable to Common Shareholders Consist of:        
Paid-in capital   $ 73,735,562  
Total distributable earnings     30,896,463  
Net Assets   $ 104,632,025  
         
Net Asset Value per Common Share:        
($104,632,025 ÷ 5,373,578 shares outstanding at $0.001 par value; unlimited number of shares authorized).   $ 19.47  

Statement of Operations 

For the Year Ended December 31, 2020

 

 

Investment Income:      
Dividends (net of foreign withholding taxes of $205,887)   $ 3,263,261  
Interest     168,119  
Total Investment Income     3,431,380  
Expenses:        
Investment advisory fees     790,441  
Payroll expenses     107,119  
Shareholder communications expenses     90,292  
Legal and audit fees     60,333  
Trustees’ fees     53,500  
Custodian fees     45,433  
Accounting fees     45,000  
Shareholder services fees     43,182  
Interest expense     782  
Miscellaneous expenses     64,893  
Total Expenses     1,300,975  
Less:        
Expenses paid indirectly by broker (See Note 3)     (1,956 )
Net Expenses     1,299,019  
Net Investment Income     2,132,361  
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:        
Net realized loss on investments     (2,677,151 )
Net realized gain on foreign currency transactions     18,561  
Net realized loss on investments and foreign currency transactions     (2,658,590 )
Net change in unrealized appreciation/depreciation:        
on investments     4,434,123  
on foreign currency translations     5,736  
Net change in unrealized appreciation/depreciation on investments and foreign currency translations     4,439,859  
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency     1,781,269  
Net Increase in Net Assets Resulting from Operations     3,913,630  
Total Distributions to Preferred Stock Shareholders     (2,581,093 )
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations   $ 1,332,537  


 

See accompanying notes to financial statements.

 

 10

 

 

The Gabelli Global Utility & Income Trust 

Statement of Changes in Net Assets Attributable to Common Shareholders

 

 

    Year Ended
December 31, 2020
    Year Ended
December 31, 2019
 
Operations:            
Net investment income   $ 2,132,361     $ 3,072,938  
Net realized gain/(loss) on investments, swap contracts, and foreign currency transactions     (2,658,590 )     5,643,568  
Net change in unrealized appreciation/depreciation on investments, swap contracts, and foreign currency translations     4,439,859       11,144,414  
Net Increase in Net Assets Resulting from Operations.     3,913,630       19,860,920  
Distributions to Preferred Shareholders                
Accumulated earnings     (2,259,204 )     (4,445,514 )
Return of capital     (321,889 )      
Distributions to Preferred Shareholders     (2,581,093 )     (4,445,514 )
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations     1,332,537       15,415,406  
Distributions to Common Shareholders.                
Accumulated earnings           (4,232,975 )
Return of capital     (6,446,351 )     (2,210,216 )
Total Distributions to Common Shareholders     (6,446,351 )     (6,443,191 )
                 
Fund Share Transactions:                
Net increase in net assets from common shares issued upon reinvestment of distributions     64,355        
Net increase in net assets from repurchase of preferred shares           39,181  
Adjustment to offering costs charged to paid-in capital           15,102  
Net Increase in Net Assets from Fund Share Transactions     64,355       54,283  
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders.     (5,049,459 )     9,026,498  
                 
Net Assets Attributable to Common Shareholders:                
Beginning of year     109,681,484       100,654,986  
End of year   $ 104,632,025     $ 109,681,484  

 

See accompanying notes to financial statements.

 

 11

 

 

The Gabelli Global Utility & Income Trust
Financial Highlights
 

 

Selected data for a common share of beneficial interest outstanding throughout each year:

 

          Year Ended December 31,              
    2020     2019     2018     2017     2016  
Operating Performance:                                        
Net asset value, beginning of year   $ 20.43     $ 18.75     $ 22.43     $ 19.83     $ 19.57  
Net investment income     0.40       0.57       0.58       0.62       0.78  
Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions     0.32       3.13       (2.15 )     3.65       1.11  
Total from investment operations     0.72       3.70       (1.57 )     4.27       1.89  
Distributions to Preferred Shareholders: (a)                                        
Net investment income     (0.42 )     (0.29 )     (0.12 )     (0.18 )     (0.24 )
Net realized gain           (0.54 )     (0.16 )     (0.29 )     (0.19 )
Return of capital     (0.06 )                        
Total distributions to preferred shareholders     (0.48