Gabelli Global Utility & Income Trust, Series A Cumulative, Puttable/Callable Redeemable Preferred Shares

For year 1 (6/13 to 6/14) the coupon will be 6%. During years 2 and 3 (6/14 to 6/16) the coupon will be 3%. After 6/16 the coupon will be be announced by the board of directors for subsequent dividend periods. That rate will be 200 basis points (2%) plus the 10 year treasury. The rate shall not be less than 3% nor more than 5%. The fund will redeem all shares properly “put” to it during the period 30 days prior to 6/26/2015 and 6/26/2018. The redemption is at $50/share plus accrued dividends.

Coupon as of 12/31/2018 is 3.80%

NOTE THIS SECURITY IS NOW TRADING AS A PERPETUAL PREFERRED–ALL “PUT” PERIODS HAVE PASSED


Dividends Paid by Closed End Fund Preferreds may be qualified or may not be qualified distributions. Investors should check the issuer info closely to see what the current dividend status is at the time of investment




Gabelli Global Utility & Income Trust Series B, Cumulative Puttable/Callable Preferred Shares

For year 1 (11/2018-11/2019) the coupon will be 7%. During the last dividend period of year 1 the coupon will be announced by the board of directors for years 2 and 3. During the last dividend period in year 3 (2021) the board of directors will determine the coupon for the balance of the time this issue remains outstanding. All dividend (coupon) resets will be at least 200 basis points (2%) over the 10 year treasury and the coupon will not be less than 4% nor more than 7%. The fund will redeem all shares properly “put” to it during the 30 days prior to 12/26/2021 and 12/26/2023. The redemption is at $50/share plus accrued divIdends.

As of 7/2019 the shares pay 7%, BUT this will be reset in the next 3 months


For 2020 the coupon will be 4%

Dividends Paid by Closed End Fund Preferreds may be qualified or may not be qualified distributions. Investors should check the issuer info closely to see what the current dividend status is at the time of investment




Gabelli Go Anywhere Fund Series A 8% (now 5%) Cumulative, Puttable and Callable Preferred Shares

The preferred stock was originally issued in July, 2016 as part of a combination share which was sold for $100/share.  This represented 3 common shares  and 1 cumulative, puttable preferred share.  This combination share traded on the exchange until November, 2016 when the common and preferred shares were split and commenced independent trading.

The preferred shares traded around $54 to start, but only carry a liquidation preference of $40/share.  The giant kicker was the preferred carried a 8% coupon during the 1st year.  By the middle of 2017 the preferred shares had fallen to the $44-45 area as the ‘teaser’ rate was set to come to an end.

For years 2 and 3 the preferred shares pay a coupon of 5% (based on $40/share liquidation preference) meaning a 50 cent/quarter distribution.  After this time the distribution will be at a rate of 200 basis points over the 10 year treasury, but NOT LESS than 5% nor more than 7%.

Holders of the preferred stock will have the option of ‘putting’ the shares to the fund at $40/share in 2019 and 2021.  After the second ‘puttable’ period the shares will become perpetual preferreds with normal terms of redemption applying.

Current coupon is 5% as of 7/2019


Dividends Paid by Closed End Fund Preferreds may be qualified or may not be qualified distributions. Investors should check the issuer info closely to see what the current dividend status is at the time of investment




GDL Fund 4% Series C Cumulative Puttable and Callable Preferred Shares

Year 1 dividend will be 4%. During the last dividend period in year 1 a new coupon will be announced for years 2 and 3 (not less than 4% nor more than 6%) . During the last dividend period in year 3 a fixed dividend rate will be announced which shall apply for all remaining dividends until mandatory redemption in 2025.

The fund will redeem all shares properly submitted for redemption during the 30 day period prior to each of March 26,2020 and March 26, 2022 at the liquidation preference and accrued and unpaid dividends.

On 3/26/2020 1.95 million shares of this issue were ‘put’ to the fund. This leaves 688,932 shares outstanding
Announced–Dividend is 4% for years 2 and 3 (2019 and 2020)
Dividends Paid by Closed End Fund Preferreds may be qualified or may not be qualified distributions. Investors should check the issuer info closely to see what the current dividend status is at the time of investment