UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
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: September 30, 2006
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q 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 the
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. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
-------- --------
COMMON STOCKS -- 91.0%
AEROSPACE -- 0.8%
NON U.S. COMPANIES
68,000 Rolls-Royce Group plc+ ....... $ 576,757
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BUSINESS SERVICES -- 0.1%
NON U.S. COMPANIES
3,700 Sistema JSFC, GDR ............ 96,755
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CABLE AND SATELLITE -- 2.9%
NON U.S. COMPANIES
10,000 Cogeco Inc. .................. 210,244
2,500 Rogers Communications Inc.,
Cl. B ...................... 137,175
U.S. COMPANIES
33,000 Cablevision Systems Corp.,
Cl. A+ ..................... 749,430
16,000 EchoStar Communications Corp.,
Cl. A+ ..................... 523,840
4,580 Liberty Global Inc., Cl. A+ .. 117,889
4,000 Liberty Global Inc., Cl. C+ .. 100,240
8,000 The DIRECTV Group Inc.+ ...... 157,440
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1,996,258
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UNITS
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CLOSED-END FUNDS -- 0.1%
2,103 Bell Aliant Regional
Communications Income Fund.. 65,741
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SHARES
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COMPUTER SOFTWARE AND SERVICES -- 0.4%
U.S. COMPANIES
12,000 MRO Software Inc.+ ........... 308,040
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DIVERSIFIED INDUSTRIAL -- 1.6%
NON U.S. COMPANIES
19,000 Bouygues SA .................. 1,016,244
U.S. COMPANIES
3,600 Woodward Governor Co. ........ 120,744
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1,136,988
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ELECTRONICS -- 1.0%
U.S. COMPANIES
45,000 Symbol Technologies Inc. ..... 668,700
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ENERGY AND UTILITIES: ALTERNATIVE ENERGY -- 0.1%
U.S. COMPANIES
3,000 Ormat Technologies Inc. ...... 98,160
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ENERGY AND UTILITIES:
ELECTRIC TRANSMISSION AND DISTRIBUTION -- 7.1%
NON U.S. COMPANIES
8,775 National Grid plc, ADR ....... 550,105
U.S. COMPANIES
4,900 CH Energy Group Inc. ......... 252,203
1,000 Consolidated Edison Inc. ..... 46,200
40,000 Duquesne Light Holdings Inc. . 786,400
18,000 Energy East Corp. ............ 426,960
MARKET
SHARES VALUE*
-------- --------
5,000 Northeast Utilities .......... $ 116,350
50,000 NSTAR ........................ 1,668,000
40,000 Pepco Holdings Inc. .......... 966,800
1,666 UIL Holdings Corp. ........... 62,475
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4,875,493
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ENERGY AND UTILITIES: INTEGRATED -- 45.4%
NON U.S. COMPANIES
150,000 AEM SpA ...................... 405,143
500 Areva ........................ 303,445
8,000 Chubu Electric Power Co. Inc 207,915
76,000 Datang International Power
Generation Co. Ltd. ........ 57,068
9,000 E.ON AG, ADR ................. 357,030
8,400 Electric Power Development
Co. Ltd. ................... 299,378
8,000 Endesa SA .................... 340,346
38,000 Endesa SA, ADR ............... 1,618,800
45,000 Enel SpA ..................... 410,564
9,760 Energias de Portugal SA, ADR 421,339
30,000 Enersis SA, ADR .............. 396,000
142,000 Hera SpA ..................... 530,287
10,000 Hokkaido Electric Power
Co. Inc. ................... 242,540
10,000 Hokuriku Electric Power Co. .. 209,101
2,000 Huaneng Power International
Inc., ADR .................. 57,840
22,000 Iberdrola SA ................. 984,771
5,000 Korea Electric Power Corp.,
ADR ........................ 97,750
10,000 Kyushu Electric Power Co. Inc. 236,190
4,500 Oesterreichische
Elektrizitaetswirtschafts
AG, Cl. A .................. 217,693
27,777 Scottish Power plc, ADR ...... 1,348,851
10,000 Shikoku Electric Power Co. Inc. 217,989
10,000 The Chugoku Electric Power
Co. Inc. ................... 210,794
16,000 The Kansai Electric Power Co.
Inc. ....................... 369,101
10,000 The Tokyo Electric Power Co.
Inc. ....................... 287,831
10,000 Tohoku Electric Power Co. Inc. 218,836
U.S. COMPANIES
1,000 Allegheny Energy Inc.+ ....... 40,170
7,000 ALLETE Inc. .................. 304,150
22,000 Ameren Corp................... 1,161,380
33,000 American Electric Power Co.
Inc. ....................... 1,200,210
50,000 Aquila Inc.+ ................. 216,500
1,000 Avista Corp. ................. 23,680
6,000 Black Hills Corp. ............ 201,660
500 Cleco Corp. .................. 12,620
500 CMS Energy Corp.+ ............ 7,220
300 Constellation Energy Group ... 17,760
60,000 DPL Inc. ..................... 1,627,200
44,000 Duke Energy Corp. ............ 1,328,800
1,000 El Paso Electric Co.+ ........ 22,340
6,000 Florida Public Utilities Co. . 82,800
10,000 FPL Group Inc. ............... 450,000
60,000 Great Plains Energy Inc. ..... 1,861,200
2
THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
-------- --------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: INTEGRATED (CONTINUED)
U.S. COMPANIES (CONTINUED)
500 Green Mountain Power Corp..... $ 16,685
24,000 Hawaiian Electric Industries
Inc. ....................... 649,440
7,000 Maine & Maritimes Corp.+ ..... 117,250
6,000 MGE Energy Inc. .............. 194,280
45,000 NiSource Inc. ................ 978,300
6,000 NorthWestern Corp. ........... 209,880
19,500 OGE Energy Corp. ............. 704,145
4,000 Otter Tail Corp. ............. 116,960
1,000 PG&E Corp. ................... 41,650
15,000 Pinnacle West Capital Corp. .. 675,750
4,200 PPL Corp. .................... 138,180
33,000 Progress Energy Inc. ......... 1,497,540
20,000 Public Service Enterprise
Group Inc. ................. 1,223,800
19,000 SCANA Corp. .................. 765,130
1,000 TECO Energy Inc. ............. 15,650
500 The Empire District
Electric Co. ............... 11,190
45,000 The Southern Co. ............. 1,550,700
800 TXU Corp. .................... 50,016
18,000 Unisource Energy Corp. ....... 599,940
17,000 Vectren Corp. ................ 456,450
41,000 Westar Energy Inc. ........... 963,910
5,000 Wisconsin Energy Corp. ....... 215,700
13,000 WPS Resources Corp. .......... 645,190
45,000 Xcel Energy Inc. ............. 929,250
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31,371,278
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ENERGY AND UTILITIES: NATURAL GAS INTEGRATED -- 2.5%
NON U.S. COMPANIES
80,000 Snam Rete Gas SpA ............ 388,532
U.S. COMPANIES
25,000 El Paso Corp. ................ 341,000
1,000 Energen Corp. ................ 41,870
16,000 National Fuel Gas Co. ........ 581,600
2,000 ONEOK Inc. ................... 75,580
10,500 Southern Union Co. ........... 277,305
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1,705,887
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ENERGY AND UTILITIES: NATURAL GAS UTILITIES -- 7.0%
U.S. COMPANIES
25,000 Atmos Energy Corp. ........... 713,750
6,000 Cascade Natural Gas Corp. .... 156,540
2,000 Chesapeake Utilities Corp. ... 60,100
33,000 KeySpan Corp. ................ 1,357,620
20,000 Nicor Inc. ................... 855,200
20,000 Peoples Energy Corp. ......... 813,000
5,000 Piedmont Natural Gas Co. Inc. 126,550
15,000 Southwest Gas Corp. .......... 499,800
8,000 The Laclede Group Inc. ....... 256,640
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4,839,200
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MARKET
SHARES VALUE*
-------- --------
ENERGY AND UTILITIES: OIL -- 2.5%
NON U.S. COMPANIES
500 Niko Resources Ltd ........... $ 29,747
1,500 PetroChina Co. Ltd., ADR ..... 161,475
10,000 Royal Dutch Shell plc,
Cl. A, ADR ................. 661,000
U.S. COMPANIES
4,929 Chevron Corp. ................ 319,695
2,000 ConocoPhillips ............... 119,060
2,000 Devon Energy Corp. ........... 126,300
1,000 Exxon Mobil Corp. ............ 67,100
2,000 Giant Industries Inc.+ ....... 162,400
1,000 Murphy Oil Corp. ............. 47,550
29 Tel Offshore Trust ........... 177
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1,694,504
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ENERGY AND UTILITIES: SERVICES -- 0.1%
NON U.S. COMPANIES
5,000 ABB Ltd., ADR ................ 65,900
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ENERGY AND UTILITIES: WATER -- 6.1%
NON U.S. COMPANIES
1,000 Consolidated Water Co. Ltd ... 24,570
75,000 Severn Trent plc ............. 1,876,089
2,000 Suez SA ...................... 87,851
12,000 Suez SA, ADR ................. 531,000
7,200 Suez SA, Strips+ ............. 91
50,000 United Utilities plc ......... 660,469
U.S. COMPANIES
8,666 Aqua America Inc. ............ 190,132
3,000 California Water Service Group 110,790
4,000 Middlesex Water Co. .......... 76,920
22,000 SJW Corp. .................... 658,020
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4,215,932
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ENTERTAINMENT -- 0.4%
NON U.S. COMPANIES
8,000 Vivendi ...................... 288,406
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ENVIRONMENTAL SERVICES -- 0.9%
NON U.S. COMPANIES
10,000 Veolia Environnement ......... 603,721
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METALS AND MINING -- 0.4%
NON U.S. COMPANIES
5,000 Compania de Minas Buenaventura
SA, ADR .................... 135,000
20,711 Excel Coal Ltd ............... 146,641
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281,641
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REAL ESTATE -- 0.2%
U.S. COMPANIES
5,000 Trizec Properties Inc. ....... 144,550
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3
THE GABELLI GLOBAL UTILITY & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
-------- --------
COMMON STOCKS (CONTINUED)
SPECIALTY CHEMICALS -- 0.1%
U.S. COMPANIES
1,000 Ashland Inc. ................. $ 63,780
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TELECOMMUNICATIONS -- 10.7%
NON U.S. COMPANIES
26,535 BCE Inc. ..................... 718,833
27,000 BT Group plc, ADR ............ 1,365,390
12,000 Deutsche Telekom AG, ADR ..... 190,440
6,000 France Telecom SA, ADR ....... 139,860
3,000 Manitoba Telecom Services Inc. 129,099
40,000 Portugal Telecom SGPS SA ..... 499,613
15,000 Royal KPN N.V. Sponsored, ADR. 191,400
1,500 Swisscom AG .................. 499,320
24,062 Telecom Italia SpA ........... 68,347
16,000 Telefonica SA, ADR ........... 828,960
15,000 Telefonos de Mexico SA de
CV, Cl. L, ADR ............. 383,700
U.S. COMPANIES
22,000 AT&T Inc. .................... 716,320
9,000 BellSouth Corp. .............. 384,750
1,000 Embarq Corp. ................. 48,370
20,000 Sprint Nextel Corp. .......... 343,000
24,000 Verizon Communications Inc. .. 891,120
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7,398,522
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TRANSPORTATION -- 0.1%
U.S. COMPANIES
2,000 GATX Corp. ................... 82,740
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WIRELESS COMMUNICATIONS -- 0.5%
NON U.S. COMPANIES
1,600 Mobile TeleSystems, ADR ...... 60,432
2,200 Vimpel-Communications, ADR+ .. 133,298
U.S. COMPANIES
2,100 United States Cellular Corp.+ 125,370
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319,100
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TOTAL COMMON STOCKS .......... 62,898,053
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CONVERTIBLE PREFERRED STOCKS -- 0.1%
TELECOMMUNICATIONS -- 0.0%
U.S. COMPANIES
500 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B .... 22,000
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TRANSPORTATION -- 0.1%
U.S. COMPANIES
200 GATX Corp.,$2.50 Cv. Pfd. .... 39,325
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TOTAL CONVERTIBLE
PREFERRED STOCKS ........... 61,325
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PRINCIPAL MARKET
AMOUNT VALUE*
--------- --------
CONVERTIBLE CORPORATE BONDS -- 1.2%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.2%
U.S. COMPANIES
$150,000 Pep Boys - Manny, Moe & Jack, Cv.,
4.250%, 06/01/07 ........... $ 149,812
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COMMUNICATIONS EQUIPMENT -- 0.2%
U.S. COMPANIES
100,000 Agere Systems Inc., Sub. Deb. Cv.,
6.500%, 12/15/09 ........... 100,750
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REAL ESTATE -- 0.4%
U.S. COMPANIES
Palm Harbor Homes Inc., Cv.,
150,000 3.250%, 05/15/24 ............. 126,375
200,000 3.250%, 05/15/24 (a) ......... 168,500
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294,875
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TELECOMMUNICATIONS -- 0.4%
NON U.S. COMPANIES
300,000 Nortel Networks Corp.,
Cv.,4.250%, 09/01/08 ....... 288,000
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TOTAL CONVERTIBLE
CORPORATE BONDS ............ 833,437
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U.S. GOVERNMENT OBLIGATIONS -- 7.7%
5,423,000 U.S. Treasury Bills,
4.793% to 5.116%++,
10/12/06 to 03/08/07 ....... 5,354,560
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TOTAL INVESTMENTS -- 100.0%
(Cost $57,093,049) ........................ $69,147,375
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Aggregate book cost................. $57,093,049
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Gross unrealized appreciation ...... $12,348,925
Gross unrealized depreciation ...... (294,599)
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Net unrealized appreciation
(depreciation) ................... $12,054,326
===========
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(a) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. This security may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At September
30, 2006, the Rule 144A security is considered liquid and the market value
amounted to $168,500 or 0.24% of total investments.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
GDR Global Depository Receipt
* Portfolio securities are valued at the last quoted sale price or
closing values. If these are unavailable, then the average of the closing
bid and asked prices is used. If there is no asked price, the security is
valued at the closing bid price on that day. Debt instruments are valued at
the average of the closing bid and asked prices. If the security matures in
60 days or less and is not credit impaired, it is valued at amortized cost.
All securities and assets for which market quotations are not readily
available or any security that the Board determines does not reflect its
fair market value are valued in good faith under procedures established by
the Board.
% OF
MARKET MARKET
VALUE VALUE
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GEOGRAPHIC DIVERSIFICATION
North America .................. 67.7% $46,803,666
Europe ......................... 26.5 18,318,249
Japan .......................... 3.6 2,499,674
Latin America .................. 1.4 939,270
Asia/Pacific ................... 0.8 586,516
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Total Investments ..............100.0% $69,147,375
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4
ITEM 2. 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 last
fiscal quarter that have materially affected, or are reasonably likely
to materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 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
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By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer
Date 11/03/06
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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
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Bruce N. Alpert, Principal Executive Officer
Date 11/03/06
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By (Signature and Title)* /s/ Agnes Mullady
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Agnes Mullady,
Principal Financial Officer & Treasurer
Date 11/03/06
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* Print the name and title of each signing officer under his or her signature.