0001282957 2026-01-01 2026-06-30 0001282957 glu:CommonStocksMember 2026-01-01 2026-06-30 0001282957 glu:CommonStocksMember 2026-06-30 0001282957 glu:SeriesACumulativePreferredStockMember 2026-06-30 0001282957 glu:SeriesACumulativePreferredStockMember 2025-12-31 0001282957 glu:SeriesACumulativePreferredStockMember 2024-12-31 0001282957 glu:SeriesACumulativePreferredStockMember 2023-12-31 0001282957 glu:SeriesACumulativePreferredStockMember 2022-12-31 0001282957 glu:SeriesACumulativePreferredStockMember 2021-12-31 0001282957 glu:SeriesACumulativePreferredStockMember 2026-01-01 2026-06-30 0001282957 glu:SeriesACumulativePreferredStockMember 2025-01-01 2025-12-31 0001282957 glu:SeriesACumulativePreferredStockMember 2024-01-01 2024-12-31 0001282957 glu:SeriesACumulativePreferredStockMember 2023-01-01 2023-12-31 0001282957 glu:SeriesACumulativePreferredStockMember 2022-01-01 2022-12-31 0001282957 glu:SeriesACumulativePreferredStockMember 2021-01-01 2021-12-31 0001282957 glu:SeriesBCumulativePreferredStockMember 2026-06-30 0001282957 glu:SeriesBCumulativePreferredStockMember 2025-12-31 0001282957 glu:SeriesBCumulativePreferredStockMember 2024-12-31 0001282957 glu:SeriesBCumulativePreferredStockMember 2023-12-31 0001282957 glu:SeriesBCumulativePreferredStockMember 2022-12-31 0001282957 glu:SeriesBCumulativePreferredStockMember 2021-12-31 0001282957 glu:SeriesBCumulativePreferredStockMember 2026-01-01 2026-06-30 0001282957 glu:SeriesBCumulativePreferredStockMember 2025-01-01 2025-12-31 0001282957 glu:SeriesBCumulativePreferredStockMember 2024-01-01 2024-12-31 0001282957 glu:SeriesBCumulativePreferredStockMember 2023-01-01 2023-12-31 0001282957 glu:SeriesBCumulativePreferredStockMember 2022-01-01 2022-12-31 0001282957 glu:SeriesBCumulativePreferredStockMember 2021-01-01 2021-12-31 0001282957 glu:CumulativePreferredStocksMember 2026-01-01 2026-06-30 0001282957 glu:SeriesACumulativePreferredStocksMember 2026-01-01 2026-06-30 0001282957 glu:SeriesBCumulativePreferredStocksMember 2026-01-01 2026-06-30 iso4217:USD shares iso4217:USD shares false N-CSRS 0001282957 Gabelli Global Utility & Income Trust 2026-06-30 Investment Objective (Unaudited) The Gabelli Global Utility & Income Trust is a diversified, closed-end management investment company. The Fund’s investment objective is to seek a consistent level of after-tax total return for its investors with an emphasis on tax advantaged dividend income under current tax law. Under normal market conditions, the Fund invests at least 80% of its assets in equity securities and income producing securities of domestic and foreign companies involved in the utilities industry and other industries that are expected to pay periodic dividends. 5991855

20.13

549000 549000 916000 1017000 1054000 1626000 11000 11000 18000 20000 21000 33000

50.00

57.39 47.51 46.88 48.03 48.08 46.44 293.62 272.19 218.95 166.05 127.34 141.18 24211000 24230000 25251000 37221000 60251000 60303000 484000 485000 505000 744000 1205000 1206000

50.00

50.43 50.39 50.24 49.91 50.25 51.67 293.62 272.19 218.95 166.05 127.34 141.18 7. Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The Board has authorized the repurchase of its shares on the open market when the shares are trading at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2026 and the year ended December 31, 2025, the Fund did not repurchase and retire any common shares in the open market. On May 12, 2022, the Fund distributed one transferable right for each of the 5,377,458 common shares outstanding on that date. Four rights were required to purchase one additional common share at the subscription price of $16 per share. On June 30, 2022, the Fund issued 591,453 common shares receiving net proceeds of $9,148,248 after the deduction of offering expenses of $315,000. The NAV of the Fund decreased by $0.15 per share on the day the additional shares were issued due to the shares being issued below NAV. For the six months ended June 30, 2026 and the year ended December 31, 2025, transactions in common stock were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: bottom; font-size: 10pt; text-align: center"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Six Months Ended June 30, 2026 (Unaudited)</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; text-align: center; font-size: 10pt; vertical-align: bottom"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center">Year Ended December 31, 2025</td> <td style="padding-bottom: 1pt; text-align: center; font-size: 10pt; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; font-size: 10pt; text-align: center"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Shares</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Amount</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Shares</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Amount</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Net increase in net assets from common shares issued upon reinvestment of distributions</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">4,400</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">86,391</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">12,306</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">203,517</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td></tr> </table> The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred Shares. Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on the Series A and Series B Preferred are cumulative and the liquidation value is $50 per share. The Fund is required by the 1940 Act and by the Fund’s Statement of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series A and Series B Preferred Shares at the redemption price of $50 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders. As of June 30, 2026, the Fund had an effective shelf registration authorizing the issuance of $150 million in common or preferred shares. The Series A Preferred has an annual dividend rate of 3.80%. The Fund may redeem at any time all or any part of the Series A Preferred at the liquidation value plus accumulated and unpaid dividends. During the years ended December 31, 2025, 2024, and 2023, the Fund repurchased and retired, respectively, 7,337, 2,035, and 738 of the Series A Preferred Shares in the open market at investments of $346,972, $87,487, and $33,803 and at average discounts of approximately 5.46%, 14.04%, and 8.41% from its liquidation preference. On December 11, 2023, the Board approved June 26, 2024 as an additional put date for the Series B Preferred, and on March 19, 2025 the Board approved December 26, 2025, June 26, 2026, December 26, 2026, and June 26, 2027 as additional put dates after which the Series B Preferred will become perpetual. After proper notification is given, the Series B preferred shares are callable at the liquidation value of $50 per share plus accrued dividends. On December 28, 2021, the Fund redeemed and retired 51,968 shares of Series B Preferred that were properly submitted for redemption during the 30-day period prior to December 26, 2021 at their liquidation value of $50 per share plus any accumulated and unpaid dividends. On January 8, 2022, the fund repurchased 1,048 shares of Series B Preferred at their liquidation preference of $50 per share. On December 26, 2023, the Fund redeemed and retired 460,602 shares of Series B preferred that were properly submitted for redemption during the 60-day period ending on December 26, 2023 at their liquidation value of $50 per share plus any accumulated or unpaid dividends. On June 26, 2024, the Fund redeemed and retired 119,802 shares of Series B preferred that were properly submitted for redemption during the 60-day period ending on June 26, 2024 at their liquidation value of $50 per share plus any accumulated or unpaid dividends. On December 26, 2024, the Fund redeemed and retired 119,595 shares of Series B preferred that were properly submitted for redemption during the 60-day period ending on December 26, 2024 at their liquidation value of $50 per share plus any accumulated or unpaid dividends. On June 26, 2025, the Fund redeemed and retired 4,839 shares of Series B preferred that were properly submitted for redemption during the 60-day period ending on June 26, 2025 at their liquidation value of $50 per share plus any accumulated or unpaid dividends. On December 26, 2025, the Fund redeemed and retired 15,585 shares of Series B preferred that were properly submitted for redemption during the 60-day period ending on December 26, 2025 at their liquidation value of $50 per share plus any accumulated or unpaid dividends. On June 26, 2026, the Fund redeemed and retired 362 shares of Series B preferred that were properly submitted for redemption during the 60-day period ending on June 26, 2026 at their liquidation value of $50 per share plus any accumulated or unpaid dividends. <p id="xdx_849_ecef--OutstandingSecuritiesTableTextBlock_hcef--RiskAxis__custom--CumulativePreferredStocksMember_zYJelFQgdamf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table summarizes Cumulative Preferred Stock information: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">Series</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Issue Date</td> <td> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Authorized</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Number of Shares Outstanding at 6/30/2026</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Net Proceeds</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">2026 Dividend Rate Range</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Dividend Rate at 6/30/2026</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Accrued Dividends at 6/30/2026</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_982_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesACumulativePreferredStocksMember_zDxmdW8nl0Q6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 12%; text-align: left">A 3.800%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">April 11, 2013</td> <td style="width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td id="xdx_981_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesACumulativePreferredStocksMember_zU6HDfEu9X81" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">1,032,428</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td id="xdx_98E_ecef--OutstandingSecurityNotHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesACumulativePreferredStocksMember_z2B5IhG1STed" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">10,977</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">70,286,465</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: center">Fixed Rate</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: center">3.800%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">234</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td id="xdx_988_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesBCumulativePreferredStocksMember_zIlgzGecXf15" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">B 5.200%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">December 19, 2018</td> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_987_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesBCumulativePreferredStocksMember_z8Tx6LT7fOu8" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,370,433</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_98F_ecef--OutstandingSecurityNotHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesBCumulativePreferredStocksMember_zBaNuzjCz0k6" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">484,228</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">81,988,557</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Fixed Rate</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">5.200%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,994</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> </table> The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies. The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred Shares. Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on the Series A and Series B Preferred are cumulative and the liquidation value is $50 per share. The Fund is required by the 1940 Act and by the Fund’s Statement of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series A and Series B Preferred Shares at the redemption price of $50 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders. As of June 30, 2026, the Fund had an effective shelf registration authorizing the issuance of $150 million in common or preferred shares. The Series A Preferred has an annual dividend rate of 3.80%. The Fund may redeem at any time all or any part of the Series A Preferred at the liquidation value plus accumulated and unpaid dividends. During the years ended December 31, 2025, 2024, and 2023, the Fund repurchased and retired, respectively, 7,337, 2,035, and 738 of the Series A Preferred Shares in the open market at investments of $346,972, $87,487, and $33,803 and at average discounts of approximately 5.46%, 14.04%, and 8.41% from its liquidation preference. On December 11, 2023, the Board approved June 26, 2024 as an additional put date for the Series B Preferred, and on March 19, 2025 the Board approved December 26, 2025, June 26, 2026, December 26, 2026, and June 26, 2027 as additional put dates after which the Series B Preferred will become perpetual. After proper notification is given, the Series B preferred shares are callable at the liquidation value of $50 per share plus accrued dividends. <p id="xdx_849_ecef--OutstandingSecuritiesTableTextBlock_hcef--RiskAxis__custom--CumulativePreferredStocksMember_zYJelFQgdamf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table summarizes Cumulative Preferred Stock information: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">Series</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Issue Date</td> <td> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Authorized</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Number of Shares Outstanding at 6/30/2026</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Net Proceeds</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">2026 Dividend Rate Range</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Dividend Rate at 6/30/2026</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Accrued Dividends at 6/30/2026</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_982_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesACumulativePreferredStocksMember_zDxmdW8nl0Q6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 12%; text-align: left">A 3.800%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">April 11, 2013</td> <td style="width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td id="xdx_981_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesACumulativePreferredStocksMember_zU6HDfEu9X81" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">1,032,428</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td id="xdx_98E_ecef--OutstandingSecurityNotHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesACumulativePreferredStocksMember_z2B5IhG1STed" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">10,977</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">70,286,465</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: center">Fixed Rate</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: center">3.800%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">234</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td id="xdx_988_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesBCumulativePreferredStocksMember_zIlgzGecXf15" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">B 5.200%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">December 19, 2018</td> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_987_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesBCumulativePreferredStocksMember_z8Tx6LT7fOu8" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,370,433</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_98F_ecef--OutstandingSecurityNotHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesBCumulativePreferredStocksMember_zBaNuzjCz0k6" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">484,228</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">81,988,557</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Fixed Rate</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">5.200%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,994</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> </table> A 3.800% 1032428 10977 B 5.200% 1370433 484228 The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.