Company: GLU-PB
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001829126-25-007144
Chunk: 3

Company: GABELLI GLOBAL UTILITY & INCOME TRUST
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 3
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 prices recovered in 2025 and have stayed well above the pre-war levels. Electricity demand continues to rise more modestly than in the U.S., driven by Europe’s industrial electrification and net-zero goals, but cost inflation and supply chain constraints have slowed the pace of renewable and grid investment. Offshore wind projects have faced cancellations as developers reprice risk and financing costs have increased, and grid vulnerabilities were underscored by a major blackout in Iberia in April 2025.

Lower interest rates offer an added tailwind: the 10-year U.S. Treasury yield fell to 4.23% from 4.58% at 2024 year-end, and markets expect multiple Fed cuts through 2026. Lower yields support utility valuations and reduce financing costs, while utilities’ 3.5% median dividend yield and 9%–11% total return potential enhance their appeal.

Year-to-date, some of the Fund’s top performing stocks were National Fuel Gas (3.7% of total investments as of June 30, 2025), Iberdrola (1.9%; 40.9%), Deutsche Telekom (2.1%; 26.1%), and Enel (1.2%; 36.8%). Portfolio detractors included AES Corp (1.0%; -15.5%), XPLR Infrastructure (0.1%; -54.0%), and Halliburton (0.3%; -23.9%).

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Thank you for your investment in The Gabelli Global Utility & Income Trust.

We appreciate your confidence and trust.

| The views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |

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Comparative Results

Average Annual Returns through June 30, 2025 (a) (Unaudited)

|                                                 |     | Six    
 Months |       |   |     | 1 Year |       |   |     | 5 Year |       |   |     | 10 Year |       |   |     | 15 Year |       |   |     | 20 Year |      |   |     | Since     
 Inception 
 (5/28/04