Gabelli Utility Trust

 

 

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 811-09243

 

 

The Gabelli Utility 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: September 30, 2011

 

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 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. § 3507.

 

 

 


Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.


The Gabelli Utility Trust

Third Quarter Report

September 30, 2011

 

LOGO

Mario J. Gabelli, CFA

 

 

To Our Shareholders,

For the quarter ended September 30, 2011, the net asset value (“NAV”) total return of The Gabelli Utility Trust (the “Fund”) was (8.5)%, compared with the total return of the Standard & Poor’s (“S&P”) 500 Utilities Index increase of 1.6%. The total return for the Fund’s publicly traded shares was (2.8)%. On September 30, 2011, the Fund’s NAV per share was $5.12, while the price of the publicly traded shares closed at $6.87 on the New York Stock Exchange (“NYSE”).

Enclosed is the schedule of investments as of September 30, 2011.

Comparative Results

 

 

Average Annual Returns through September 30, 2011 (a) (Unaudited)

 
   

Quarter

   

Year to
Date

   

1 Year

   

5 Year

   

Since
Inception
(07/09/99)

 

Gabelli Utility Trust

         

NAV Total Return (b)

    (8.45 )%      4.29     12.32     4.43     7.76

Investment Total Return (c)

    (2.80     15.24        20.13        3.35        8.27   

S&P 500 Utilities Index

    1.55        10.74        11.95        3.88        4.31 (d) 

S&P 500 Index

    (13.87     (8.68     1.14        (1.18     0.23   

Lipper Utility Fund Average

    (6.15     3.42        8.58        3.27        4.09   
  (a) Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The S&P 500 Utilities Index is an unmanaged market capitalization weighted Index of large capitalization stocks that may include facilities generation and transmission or distribution of electricity, gas, or water. The S&P 500 Index is an unmanaged indicator of stock market performance. The Lipper Utility Fund Average reflects the average performance of open-end mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.  
  (b) Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, and adjustments for rights offerings and are net of expenses. Since inception return is based on an initial NAV of $7.50.  
  (c) Total returns and average annual returns reflect changes in closing market values on the NYSE, reinvestment of distributions, and adjustments for rights offerings. Since inception return is based on an initial offering price of $7.50.  
  (d) From June 30, 1999, the date closest to the Fund’s inception for which data is available.  


THE GABELLI UTILITY TRUST

SCHEDULE OF INVESTMENTS

September 30, 2011 (Unaudited)

 

Shares

       

Market
Value

 
   
 

COMMON STOCKS — 99.3%

  

 

ENERGY AND UTILITIES — 86.9%

  

 

Energy and Utilities: Alternative Energy — 0.1%

  

  6,000     

Ormat Industries Ltd.

  $ 34,434   
  11,000     

Ormat Technologies Inc.

    176,880   
  8,100     

Renegy Holdings Inc.†

    1,296   
   

 

 

 
      212,610   
   

 

 

 
 

Energy and Utilities: Electric Integrated — 47.9%

  

  23,000     

ALLETE Inc.

    842,490   
  75,000     

Alliant Energy Corp.

    2,901,000   
  17,000     

Ameren Corp.

    506,090   
  78,000     

American Electric Power Co. Inc.

    2,965,560   
  10,000     

Avista Corp.

    238,500   
  50,000     

Black Hills Corp.

    1,532,000   
  26,000     

Central Vermont Public Service Corp.

    915,460   
  27,000     

Cleco Corp.

    921,780   
  114,000     

CMS Energy Corp.

    2,256,060   
  116,000     

Constellation Energy Group Inc.

    4,414,960   
  29,000     

Dominion Resources Inc.

    1,472,330   
  50,000     

DPL Inc.

    1,507,000   
  23,000     

DTE Energy Co.

    1,127,460   
  125,000     

Duke Energy Corp.

    2,498,750   
  80,000     

Edison International

    3,060,000   
  172,000     

El Paso Electric Co.

    5,519,480   
  1,000     

Emera Inc.

    30,833   
  3,000     

Entergy Corp.

    198,870   
  106,000     

FirstEnergy Corp.

    4,760,460   
  195,000     

Great Plains Energy Inc.

    3,763,500   
  52,000     

Hawaiian Electric Industries Inc.

    1,262,560   
  89,000     

Integrys Energy Group Inc.

    4,327,180   
  63,000     

MGE Energy Inc.

    2,562,210   
  95,000     

NextEra Energy Inc.

    5,131,900   
  48,000     

NiSource Inc.

    1,026,240   
  109,000     

NorthWestern Corp.

    3,481,460   
  35,000     

NV Energy Inc.

    514,850   
  99,000     

OGE Energy Corp.

    4,731,210   
  22,400     

Otter Tail Corp.

    409,920   
  48,000     

PG&E Corp.

    2,030,880   
  100,000     

PNM Resources Inc.

    1,643,000   
  90,000     

Progress Energy Inc.

    4,654,800   
  40,000     

Progress Energy Inc., CVO†

    3,600   
  38,000     

Public Service Enterprise Group Inc.

    1,268,060   
  60,500     

SCANA Corp.

    2,447,225   
  104,000     

TECO Energy Inc.

    1,781,520   
  25,000     

The Empire District Electric Co.

    484,500   
  140,000     

UniSource Energy Corp.

    5,052,600   
  18,000     

Unitil Corp.

    462,240   
  47,000     

Vectren Corp.

    1,272,760   
  250,000     

Westar Energy Inc.

    6,605,000   
  180,000     

Wisconsin Energy Corp.

    5,632,200   

Shares

       

Market
Value

 
   
  179,000     

Xcel Energy Inc.

  $ 4,419,510   
   

 

 

 
      102,638,008   
   

 

 

 
 

Energy and Utilities: Electric Transmission and
Distribution — 9.2%

   

  243     

Brookfield Infrastructure Partners LP

    5,915   
  1,000     

Capital Power Income LP

    18,036   
  50,000     

CH Energy Group Inc.

    2,608,500   
  56,000     

Consolidated Edison Inc.

    3,193,120   
  127,000     

Northeast Utilities

    4,273,550   
  180,000     

NSTAR

    8,065,800   
  22,500     

Pepco Holdings Inc.

    425,700   
  36,666     

UIL Holdings Corp.

    1,207,411   
   

 

 

 
      19,798,032   
   

 

 

 
 

Energy and Utilities: Global Utilities — 2.8%

  

  16,250     

Areva SA†

    516,514   
  8,000     

Chubu Electric Power Co. Inc.

    151,640   
  38,000     

Electric Power Development Co. Ltd.

    1,129,210   
  34,000     

Endesa SA

    793,960   
  300,000     

Enel SpA

    1,335,191   
  300,000     

Hera SpA

    458,193   
  8,000     

Hokkaido Electric Power Co. Inc.

    118,864   
  8,000     

Hokuriku Electric Power Co.

    149,462   
  3,500     

Huaneng Power International Inc., ADR

    58,905   
  35,000     

Korea Electric Power Corp., ADR†

    297,500   
  8,000     

Kyushu Electric Power Co. Inc.

    129,962   
  2,000     

Niko Resources Ltd.

    82,393   
  8,000     

Shikoku Electric Power Co. Inc.

    221,755   
  8,000     

The Chugoku Electric Power Co. Inc.

    142,201   
  8,000     

The Kansai Electric Power Co. Inc.

    139,816   
  14,500     

Tohoku Electric Power Co. Inc.

    203,034   
   

 

 

 
      5,928,600   
   

 

 

 
 

Energy and Utilities: Merchant Energy — 1.4%

  

  23,000     

Dynegy Inc.†

    94,760   
  23,048     

GenOn Energy Inc.†

    64,074   
  300,000     

GenOn Energy Inc., Escrow† (a)

    0   
  300,000     

The AES Corp.†

    2,928,000   
   

 

 

 
      3,086,834   
   

 

 

 
 

Energy and Utilities: Natural Gas Integrated — 10.9%

  

  334,459     

El Paso Corp.

    5,846,344   
  1,000     

Energen Corp.

    40,890   
  127,000     

National Fuel Gas Co.

    6,182,360   
  99,000     

ONEOK Inc.

    6,537,960   
  117,000     

Southern Union Co.

    4,746,690   
   

 

 

 
      23,354,244   
   

 

 

 
 

Energy and Utilities: Natural Gas Utilities — 8.7%

  

  26,000     

AGL Resources Inc.

    1,059,240   
  34,000     

Atmos Energy Corp.

    1,103,300   
  22,000     

Chesapeake Utilities Corp.

    882,420   
 

 

See accompanying notes to schedule of investments.

 

2


THE GABELLI UTILITY TRUST

SCHEDULE OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

 

Shares

       

Market
Value

 
   
 

COMMON STOCKS (Continued)

  

 

ENERGY AND UTILITIES (Continued)

  

 

Energy and Utilities: Natural Gas Utilities (Continued)

  

  11,000     

CONSOL Energy Inc.

  $ 373,230   
  22,418     

Corning Natural Gas Corp.

    397,911   
  30,000     

Delta Natural Gas Co. Inc.

    918,000   
  11,445     

GDF Suez

    344,081   
  11,445     

GDF Suez, Strips

    15   
  85,000     

Nicor Inc.

    4,675,850   
  35,000     

Piedmont Natural Gas Co. Inc.

    1,011,150   
  12,000     

RGC Resources Inc.

    228,000   
  137,000     

Southwest Gas Corp.

    4,955,290   
  112,000     

Spectra Energy Corp.

    2,747,360   
   

 

 

 
      18,695,847   
   

 

 

 
 

Energy and Utilities: Natural Resources — 1.2%

  

  4,000     

Anadarko Petroleum Corp.

    252,200   
  33,000     

Compania de Minas Buenaventura SA, ADR

    1,245,420   
  10,000     

Exxon Mobil Corp.

    726,300   
  3,000     

Peabody Energy Corp.

    101,640   
  4,000     

Royal Dutch Shell plc, Cl. A, ADR

    246,080   
   

 

 

 
      2,571,640   
   

 

 

 
 

Energy and Utilities: Services — 0.2%

  

  25,000     

ABB Ltd., ADR†

    427,000   
  2,400     

Tenaris SA, ADR

    61,080   
   

 

 

 
      488,080   
   

 

 

 
 

Energy and Utilities: Water — 3.1%

  

  14,000     

American States Water Co.

    475,020   
  28,000     

American Water Works Co. Inc.

    845,040   
  21,833     

Aqua America Inc.

    470,938   
  24,750     

Artesian Resources Corp., Cl. A

    433,373   
  40,000     

California Water Service Group

    708,400   
  7,500     

Connecticut Water Service Inc.

    187,650   
  50,000     

Middlesex Water Co.

    853,500   
  29,000     

Pennichuck Corp.

    811,420   
  80,000     

SJW Corp.

    1,741,600   
  9,000     

The York Water Co.

    145,620   
   

 

 

 
      6,672,561   
   

 

 

 
 

Diversified Industrial — 0.9%

  

  1,800     

Alstom SA

    59,987   
  1,000     

Bouygues SA

    33,407   
  6,000     

Cooper Industries plc

    276,720   
  100,000     

General Electric Co.

    1,524,000   
   

 

 

 
      1,894,114   
   

 

 

 
 

Equipment and Supplies — 0.1%

  

  50,000     

Capstone Turbine Corp.†

    50,000   
  2,000     

Mueller Industries Inc.

    77,180   
   

 

 

 
      127,180   
   

 

 

 

Shares

       

Market
Value

 
   
 

Environmental Services — 0.0%

  

  3,000     

Suez Environnement Co. SA

  $ 42,001   
   

 

 

 
 

Independent Power Producers and
Energy Traders — 0.4%

   

  40,000     

NRG Energy Inc.†

    848,400   
   

 

 

 
 

TOTAL ENERGY AND UTILITIES

    186,358,151   
   

 

 

 
 

COMMUNICATIONS — 10.6%

  

 

Cable and Satellite — 3.8%

  

  17,000     

AMC Networks Inc., Cl. A†

    543,150   
  1,000     

British Sky Broadcasting Group plc

    10,354   
  72,000     

Cablevision Systems Corp., Cl. A

    1,132,560   
  5,000     

Cogeco Cable Inc.

    227,837   
  20,000     

Cogeco Inc.

    839,775   
  30,000     

DIRECTV, Cl. A†

    1,267,500   
  60,000     

DISH Network Corp., Cl. A†

    1,503,600   
  10,000     

EchoStar Corp., Cl. A†

    226,100   
  21,000     

Liberty Global Inc., Cl. A†

    759,780   
  20,000     

Liberty Global Inc., Cl. C†

    692,200   
  8,000     

Rogers Communications Inc., Cl. B

    273,680   
  10,500     

Time Warner Cable Inc.

    658,035   
   

 

 

 
      8,134,571   
   

 

 

 
 

Communications Equipment — 0.3%

  

  245,000     

Furukawa Electric Co. Ltd.

    676,585   
  1,000     

QUALCOMM Inc.

    48,630   
   

 

 

 
      725,215   
   

 

 

 
 

Telecommunications — 4.2%

  

  40,000     

AT&T Inc.

    1,140,800   
  2,000     

Belgacom SA

    60,717   
  4,350     

Bell Aliant Inc. (b)

    114,780   
  11,000     

BT Group plc, ADR

    293,040   
  200,000     

Cincinnati Bell Inc.†

    618,000   
  45,000     

Deutsche Telekom AG, ADR

    527,850   
  2,000     

France Telecom SA, ADR

    32,740   
  200     

Hutchison Telecommunications Hong Kong Holdings Ltd.

    71   
  500     

Mobistar SA

    28,771   
  18,500     

Nippon Telegraph & Telephone Corp.

    894,658   
  11,800     

Orascom Telecom Holding SAE, GDR† (c)

    32,450   
  13,000     

Portugal Telecom SGPS SA

    95,792   
  2,000     

PT Indosat Tbk

    1,195   
  500     

Sistema JSFC, GDR (c)

    7,000   
  1,200     

Tele2 AB, Cl. B

    22,071   
  27,000     

Telekom Austria AG

    274,156   
  40,000     

Touch America Holdings Inc.† (a)

    0   
  110,000     

Verizon Communications Inc.

    4,048,000   
  75,000     

VimpelCom Ltd., ADR

    714,750   
   

 

 

 
      8,906,841   
   

 

 

 
 

 

See accompanying notes to schedule of investments.

 

3


THE GABELLI UTILITY TRUST

SCHEDULE OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

 

Shares

       

Market
Value

 
   
 

COMMON STOCKS (Continued)

  

 

COMMUNICATIONS (Continued)

  

 

Wireless Communications — 2.3%

  

  1,200     

America Movil SAB de CV, Cl. L, ADR

  $ 26,496   
  2,000     

China Mobile Ltd., ADR

    97,420   
  2,000     

China Unicom Hong Kong Ltd., ADR

    40,800   
  171     

M1 Ltd.

    322   
  13,000     

Millicom International Cellular SA, SDR

    1,308,270   
  11,250     

Mobile TeleSystems OJSC, ADR

    138,375   
  1,155     

Mobile Telesystems OJSC, Russian Trading System Stock Exchange

    6,653   
  1,000     

NTT DoCoMo Inc.

    1,837,158   
  600     

SK Telecom Co. Ltd., ADR

    8,442   
  400     

SmarTone Telecommunications Holdings Ltd.

    608   
  24,000     

Turkcell Iletisim Hizmetleri A/S, ADR†

    270,720   
  29,000     

United States Cellular Corp.†

    1,149,850   
   

 

 

 
      4,885,114   
   

 

 

 
 

TOTAL COMMUNICATIONS

    22,651,741   
   

 

 

 
 

OTHER — 1.8%

  

 

Aerospace — 0.4%

  

  100,000     

Rolls-Royce Holdings plc†

    927,847   
   

 

 

 
 

Agriculture — 0.0%

  

  3,000     

Cadiz Inc.†

    23,730   
   

 

 

 
 

Entertainment — 0.9%

  

  85,000     

Vivendi SA

    1,746,326   
   

 

 

 
 

Financial Services — 0.0%

  

  26     

Leucadia National Corp.

    597   
   

 

 

 
 

Investment Companies — 0.0%

  

  3,000     

Kinnevik Investment AB, Cl. B

    56,053   
   

 

 

 
 

Real Estate — 0.1%

  

  5,000     

Brookfield Asset Management Inc., Cl. A

    137,750   
   

 

 

 
 

Transportation — 0.4%

  

  30,000     

GATX Corp.

    929,700   
   

 

 

 
 

TOTAL OTHER

    3,822,003   
   

 

 

 
 

TOTAL COMMON STOCKS

    212,831,895   
   

 

 

 
 

WARRANTS — 0.1%

 
 

COMMUNICATIONS — 0.1%

  

 

Wireless Communications — 0.1%

  

  16,000     

Bharti Airtel Ltd., expire 09/19/13† (b)

    123,495   
   

 

 

 

Principal
Amount

       

  

 
 

CONVERTIBLE CORPORATE BONDS — 0.1%

  

 

ENERGY AND UTILITIES — 0.1%

  

 

Environmental Services — 0.1%

  

$ 100,000     

Covanta Holding Corp., Cv.,
3.250%, 06/01/14

    109,375   
   

 

 

 

Principal
Amount

             

Market
Value

 
     
 

U.S. GOVERNMENT OBLIGATIONS — 0.5%

  

$ 1,051,000     

U.S. Treasury Bills,
0.015% to 0.095%††,
12/15/11 to 03/22/12

    

  $ 1,050,817   
     

 

 

 
 

TOTAL INVESTMENTS — 100.0%
(Cost $170,825,626)

   

    214,115,582   
     

 

 

 
 

Aggregate tax cost

  

  $ 172,055,990   
     

 

 

 
 

Gross unrealized appreciation

  

  $ 51,774,923   
 

Gross unrealized depreciation

  

    (9,715,331
     

 

 

 
 

Net unrealized appreciation/depreciation

  

  $ 42,059,592   
     

 

 

 

Notional
Amount

       

Termination
Date

   

Unrealized
Depreciation

 
 

EQUITY CONTRACT FOR DIFFERENCE
SWAP AGREEMENT

   

$

 

243,451

(25,000

  

 Shares) 

 

Rolls-Royce Holdings plc

    06/27/12      $ (11,574
     

 

 

 

 

(a) Securities fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At September 30, 2011, the market value of the fair valued securities amounted to $0 or 0.00% of total investments.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2011, the market value of Rule 144A securities amounted to $238,275 or 0.11% of total investments.
(c) Securities purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At September 30, 2011, the market value of Regulation S securities amounted to $39,450 or 0.02% of total investments, which were valued under methods approved by Board of Trustees as follows:

 

Acquisition
Shares

   

Issuer

 

Acquisition
Date

   

Acquisition
Cost

   

09/30/11
Carrying
Value
Per Unit

 
  11,800     

Orascom Telecom Holding SAE, GDR

    07/27/09      $ 74,146      $ 2.7500   
  500     

Sistema JSFC, GDR

    10/10/07        17,384        14.0000   

 

Non-income producing security.
†† Represents annualized yield at date of purchase.
 

 

See accompanying notes to schedule of investments.

 

4


THE GABELLI UTILITY TRUST

SCHEDULE OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

 

ADR American Depositary Receipt
CVO Contingent Value Obligation
GDR Global Depositary Receipt.
JSFC Joint Stock Financial Company
OJSC Open Joint Stock Company.
SDR Swedish Depositary Receipt
Strips Regular coupon payment portion of the security traded separately from the principal portion of the security.

 

See accompanying notes to schedule of investments.

 

5


THE GABELLI UTILITY TRUST

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

 

The Fund’s schedule of investments is prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), which may require the use of management estimates and assumptions. 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 schedule of investments.

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 sixty 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 sixty 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. 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 with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with 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.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

   

Level 1 – quoted prices in active markets for identical securities;

 

   

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

 

   

Level 3 – significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

 

6


THE GABELLI UTILITY TRUST

NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

 

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of September 30, 2011 is as follows:

 

     Valuation Inputs         
     Level 1
Quoted
Prices
     Level 2
Other Significant
Observable Inputs
    Level 3
Significant
Unobservable Inputs
     Total
Market Value
at 9/30/11
 

INVESTMENTS IN SECURITIES:

          

ASSETS (Market Value):

          

Common Stocks:

          

ENERGY AND UTILITIES

          

Energy and Utilities: Electric Integrated

   $ 102,634,408       $ 3,600              $ 102,638,008   

Energy and Utilities: Merchant Energy

     3,086,834              $ 0         3,086,834   

Other Industries (a)

     80,633,309                        80,633,309   

COMMUNICATIONS

          

Telecommunications

     8,906,841                0         8,906,841   

Other Industries (a)

     13,744,900                        13,744,900   

OTHER

          

Other Industries (a)

     3,822,003                        3,822,003   

Total Common Stocks

     212,828,295         3,600        0         212,831,895   

Warrants

             123,495                123,495   

Convertible Corporate Bonds

             109,375                109,375   

U.S. Government Obligations

             1,050,817                1,050,817   

TOTAL INVESTMENTS IN SECURITIES – ASSETS

   $ 212,828,295       $ 1,287,287      $ 0       $ 214,115,582   

OTHER FINANCIAL INSTRUMENTS:

          

LIABILITIES (Unrealized Depreciation):*

          

EQUITY CONTRACT:

          

Contract for Difference Swap Agreement

   $       $ (11,574   $       $ (11,574

 

(a) Please refer to the Schedule of Investments (“SOI”) for the industry classifications of these portfolio holdings.
* Other financial instruments are derivatives reflected in the SOI, such as futures, forwards, and swaps, which are valued at the unrealized appreciation/depreciation of the instrument.

The Fund did not have significant transfers between Level 1 and Level 2 during the period ended September 30, 2011.

 

7


THE GABELLI UTILITY TRUST

NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

 

The following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value:

 

     Balance
as of
12/31/10
    Accrued
discounts/
(premiums)
    Realized
gain/
(loss)
    Change in
unrealized
appreciation/
depreciation
    Purchases     Sales     Transfers
into
Level 3†
    Transfers
out of
Level 3†
    Balance
as of
9/30/11
    Net change in
unrealized
appreciation/
depreciation
during the
period on Level 3
investments held
at 9/30/11
 

INVESTMENTS IN SECURITIES:

                   

ASSETS (Market Value):

                   

Common Stocks:

                   

ENERGY AND UTILITIES

                   

Energy and Utilities: Merchant Energy

  $ 0      $      $      $      $      $      $      $      $ 0      $   

COMMUNICATIONS

                   

Telecommunications

    0                                                         0          

Total Common Stocks

    0                                                         0          

Warrants:

                   

ENERGY AND UTILITIES

                   

Energy and Utilities: Merchant Energy

    183               (51,616     51,433               (0                             

TOTAL INVESTMENTS IN
SECURITIES

  $ 183      $      $ (51,616   $ 51,433      $      $ (0   $      $      $ 0      $   

 

The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers into and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

 

 

8


THE GABELLI UTILITY TRUST

NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

 

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 current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates 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 purchase 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 inability 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 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.

Derivative Financial Instruments.  The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of hedging or protecting its exposure to interest rate movements and movements in the securities markets, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

 

9


THE GABELLI UTILITY TRUST

NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

 

The Fund’s derivative contracts held at September 30, 2011, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Swap Agreements.  The Fund may enter into equity contract for difference and interest rate swap or cap transactions for the purpose of hedging or protecting its exposure to interest rate movements and movements in the securities markets. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an interest rate swap, the Fund would agree to pay periodically to the other party (which is known as “counterparty”) a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund periodically a variable rate payment that is intended to approximate the Fund’s variable rate payment obligation on the Series B Auction Rate Cumulative Preferred Stock. In an interest rate cap, the Fund would pay a premium to the counterparty and, to the extent that a specified variable rate index exceeds a predetermined fixed rate, would receive from that counterparty payments of the difference based on the notional amount of such cap. Swaps and cap transactions introduce additional risk because the Fund would remain obligated to pay preferred stock dividends when due in accordance with the Statement of Preferences even if the counterparty defaulted. In an equity contract for difference swap, a set of future cash flows is 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. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at the time a 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.

The Fund has entered into an equity contract for difference swap agreement with The Goldman Sachs Group, Inc. Details of the swap at September 30, 2011 are reflected within the Schedule of Investments and further details are as follows:

 

Notional Amount

  

Equity Security Received

  

Interest Rate/ Equity Security Paid

  

Termination
Date

  

Net Unrealized
Depreciation

 
     Market Value Depreciation on:    One month LIBOR plus 90 bps plus
Market Value Depreciation on:
     
  $243,451     

(25,000 Shares)

   Rolls-Royce Holdings plc    Rolls-Royce Holdings plc    6/27/12    $ (11,574)   

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, and 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 September 30, 2011, the Fund held no investments in futures contracts.

Forward Foreign Exchange Contracts.  The Fund may engage in forward foreign exchange contracts for the purpose of 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

 

10


THE GABELLI UTILITY TRUST

NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

 

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 September 30, 2011, the Fund held no investments in forward foreign exchange contracts.

The following table summarizes the net unrealized appreciation/depreciation of derivatives held at September 30, 2011 by primary risk exposure:

 

Liabilities Derivatives:

   Net
Unrealized
Depreciation
 

Equity Contract

   $ (11,574

Tax Information.  The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

At December 31, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $2,489,944 which are available to reduce future required distributions of net capital gains to shareholders. $890,229 of the loss carryforward is available through 2017; and $1,599,715 is available through 2018.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of the rule, pre-enactment capital loss carryforwards may have an increased likelihood of expiring unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

 

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.

 

11


AUTOMATIC DIVIDEND REINVESTMENT

AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

It is the policy of The Gabelli Utility 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 credit shares of common stock 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 stock 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 Utility Trust

c/o Computershare

P.O. Box 43010

Providence, RI 02940-3010

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 shares of common stock 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 stock 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 shares of common stock 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 stock. The valuation date is the dividend or distribution payment date or, if that date is not a New York Stock Exchange (“NYSE”) trading day, the next trading day. If the net asset value of the common stock at the time of valuation exceeds the market price of the common stock, participants will receive 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 shares of common stock in the open market, or on the NYSE 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 stock 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.

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.


 

THE GABELLI UTILITY TRUST

AND YOUR PERSONAL PRIVACY

Who are we?

The Gabelli Utility Trust (the “Fund”) is a closed-end management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients.

What kind of non-public information do we collect about you if you become a Fund shareholder?

When you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer agent in order, for example, to participate in our dividend reinvestment plan.

 

 

Information you give us on your application form.  This could include your name, address, telephone number, social security number, bank account number, and other information.

 

 

Information about your transactions with us.  This would include information about the shares that you buy or sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services—like a transfer agent—we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the Fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.


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TRUSTEES AND OFFICERS

THE GABELLI UTILITY TRUST

One Corporate Center, Rye, NY 10580-1422

 

Trustees

Mario J. Gabelli, CFA

Chairman & Chief Executive Officer,

GAMCO Investors, Inc.

Dr. Thomas E. Bratter

President & Founder, John Dewey Academy

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

James P. Conn

Former Managing Director &

Chief Investment Officer,

Financial Security Assurance Holdings Ltd.

Vincent D. Enright

Former Senior Vice President &

Chief Financial Officer, KeySpan Corp.

Frank J. Fahrenkopf, Jr.

President & Chief Executive Officer,

American Gaming Association

John D. Gabelli

Senior Vice President,

Gabelli & Company, Inc.

Robert J. Morrissey

Attorney-at-Law,

Morrissey, Hawkins & Lynch

Anthony R. Pustorino

Certified Public Accountant,

Professor Emeritus, Pace University

Salvatore J. Zizza

Chairman, Zizza & Co., Ltd.

Officers

Bruce N. Alpert

President

Peter D. Goldstein

Chief Compliance Officer

Agnes Mullady

Treasurer & Secretary

David I. Schachter

Vice President & Ombudsman

Investment Adviser

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

Custodian

The Bank of New York Mellon

Counsel

Willkie Farr & Gallagher LLP

Transfer Agent and Registrar

Computershare Trust Company, N.A.

Stock Exchange Listing

 

      

Common

    

5.625%

Preferred

NYSE–Symbol:

     GUT      GUT PrA

Shares Outstanding:

     31,755,140      1,153,288
 

 

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.

The NASDAQ symbol for the Net Asset Value is “XGUTX.”

 

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 common 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 Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.


LOGO

 


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 Utility Trust

 

By (Signature and Title)*   /s/  Bruce N. Alpert
  Bruce N. Alpert, Principal Executive Officer

 

Date    11/29/11

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    11/29/11

 

By (Signature and Title)*   /s/  Agnes Mullady
  Agnes Mullady, Principal Financial Officer and Treasurer

 

Date    11/29/11

* Print the name and title of each signing officer under his or her signature.