0001144204-13-047332.txt : 20130822 0001144204-13-047332.hdr.sgml : 20130822 20130821182946 ACCESSION NUMBER: 0001144204-13-047332 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20130822 DATE AS OF CHANGE: 20130821 GROUP MEMBERS: BRUCE M. KALLINS GROUP MEMBERS: YAKIRA OFFSHORE FUND LTD. GROUP MEMBERS: YAKIRA PARTNERS, L.P. GROUP MEMBERS: YP MANAGEMENT, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GABELLI GLOBAL UTILITY & INCOME TRUST CENTRAL INDEX KEY: 0001282957 IRS NUMBER: 320116828 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-79933 FILM NUMBER: 131053835 BUSINESS ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 BUSINESS PHONE: 8149219105 MAIL ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BK Management I, Inc. CENTRAL INDEX KEY: 0001584639 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 991 POST ROAD EAST, 2ND FLOOR CITY: WESTPORT STATE: CT ZIP: 06880 BUSINESS PHONE: (203) 341-0606 MAIL ADDRESS: STREET 1: 991 POST ROAD EAST, 2ND FLOOR CITY: WESTPORT STATE: CT ZIP: 06880 SC 13G 1 v353526_sc13g.htm SC 13G

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. ) *

The Gabelli Global Utility & Income Trust
(Name of Issuer)

Series A Cumulative Puttable and Callable Preferred Shares, par value $0.001
(Title of Class of Securities)

36242L204
(CUSIP Number)

July 9, 2013
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨	Rule 13d-1(b)
x	Rule 13d-1(c)
¨	Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Page 1 of 9 pages

CUSIP No.

36242L204

Names of Reporting Persons.

Bruce M. Kallins

I.R.S. Identification Nos. of above persons (entities only).

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x

(b) ¨

SEC Use Only

Citizenship or Place of Organization

United States

Number of

Sole Voting Power

69,261

Shares Bene-

ficially owned

Shared Voting Power

by Each

Reporting

Sole Dispositive Power

69,261

Person With:

Shared Dispositive Power

Aggregate Amount Beneficially Owned by Each Reporting Person

69,261

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)

11.

Percent of Class Represented by Amount in Row (9)

6.7%

12.

Type of Reporting Person (See Instructions) IN

Page 2 of 9 pages

CUSIP No.

36242L204

Names of Reporting Persons.

BK Management I, Inc.

I.R.S. Identification Nos. of above persons (entities only).

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x

(b) ¨

SEC Use Only

Citizenship or Place of Organization

Delaware

Number of

Sole Voting Power

69,261

Shares Bene-

ficially owned

Shared Voting Power

by Each

Reporting

Sole Dispositive Power

69,261

Person With:

Shared Dispositive Power

Aggregate Amount Beneficially Owned by Each Reporting Person

69,261

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)

11.

Percent of Class Represented by Amount in Row (9)

6.7%

12.

Type of Reporting Person (See Instructions)

IA, CO

Page 3 of 9 pages

CUSIP No.

36242L204

Names of Reporting Persons.

Yakira Partners, L.P.

I.R.S. Identification Nos. of above persons (entities only).

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x

(b) ¨

SEC Use Only

Citizenship or Place of Organization

Delaware

Number of

Sole Voting Power

29,074

Shares Bene-

ficially owned

Shared Voting Power

by Each

Reporting

Sole Dispositive Power

29,074

Person With:

Shared Dispositive Power

Aggregate Amount Beneficially Owned by Each Reporting Person

29,074

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)

11.

Percent of Class Represented by Amount in Row (9)

2.8%

12.

Type of Reporting Person (See Instructions) PN

Page 4 of 9 pages

CUSIP No.

36242L204

Names of Reporting Persons.

YP Management, LLC

I.R.S. Identification Nos. of above persons (entities only).

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x

(b) ¨

SEC Use Only

Citizenship or Place of Organization

Delaware

Number of

Sole Voting Power

29,074

Shares Bene-

ficially owned

Shared Voting Power

by Each

Reporting

Sole Dispositive Power

29,074

Person With:

Shared Dispositive Power

Aggregate Amount Beneficially Owned by Each Reporting Person

29,074

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)

11.

Percent of Class Represented by Amount in Row (9)

2.8%

12.

Type of Reporting Person (See Instructions) OO

Page 5 of 9 pages

CUSIP No.

36242L204

Names of Reporting Persons.

Yakira Offshore Fund Ltd.

I.R.S. Identification Nos. of above persons (entities only).

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x

(b) ¨

SEC Use Only

Citizenship or Place of Organization

Cayman Islands

Number of

Sole Voting Power

4,497

Shares Bene-

ficially owned

Shared Voting Power

by Each

Reporting

Sole Dispositive Power

4,497

Person With:

Shared Dispositive Power

Aggregate Amount Beneficially Owned by Each Reporting Person

4,497

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)

11.

Percent of Class Represented by Amount in Row (9)

0.4%

12.

Type of Reporting Person (See Instructions) CO

Page 6 of 9 pages

Item 1.

(a)

The name of the issuer is The Gabelli Global Utility & Income Trust (the “Issuer”).

(b)

The principal executive office of the Issuer is located at One Corporate Center, Rye, NY 10580-1422.

Item 2.

(a)

This statement (this “Statement”) is being filed by: (1) Bruce M. Kallins; (2) BK Management I, Inc., a Delaware corporation (the “Investment Manager”); (3) Yakira Partners, L.P., a Delaware limited partnership (the “Domestic Fund”); (4) YP Management, LLC, a Delaware limited liability company (the “General Partner”); and (5) Yakira Offshore Fund Ltd., a Cayman Islands limited partnership (the “Offshore Fund”, and together with the Domestic Fund, the “Funds”) (all of the foregoing, collectively, the “Filers”). The Funds are private investment vehicles. The Investment Manager is the investment manager to the Funds, and also manages accounts on a discretionary basis (the “Accounts”). The Funds and the Accounts directly own the Preferred Stock reported in this Statement. Mr. Kallins and the Investment Manager may be deemed to beneficially own the Preferred Stock owned directly by the Funds and the Accounts. The General Partner is the general partner of the Domestic Fund and thus may be deemed to beneficially own the Preferred Stock owned directly by the Domestic Fund. Each Filer disclaims beneficial ownership with respect to any shares other than the shares owned directly by such Filer.

(b)

The principal business office of the Filers is 991 Post Road East, 2^nd Floor, Westport, CT 06880.

(c)

For citizenship information see Item 4 of the cover sheet of each Filer.

(d)

This Statement relates to the Series A Cumulative Puttable and Callable Preferred Shares, par value $0.001, of the Issuer (the “Preferred Stock”).

(e)

The CUSIP Number of the Preferred Stock of the Issuer is 36242L204.

Item 3. If this statement is filed pursuant to 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e)

An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the

Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

Group, in accordance with 240.13d-1(b)(1)(ii)(J);

Item 4. Ownership.

See Items 5-9 and 11 on the cover page for each Filer, and Item 2. The percentage ownership of each Filer is based on 1,032,428 shares of Preferred Stock outstanding as of June 19, 2013, as announced by the Issuer on June 19, 2013.

Page 7 of 9 pages

Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ¨.

Item 6. Ownership of More than Five Percent on Behalf of Another Person. Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not applicable.

Item 8. Identification and Classification of Members of the Group Not applicable.

Item 9. Notice of Dissolution of Group Not applicable. Item 10. Certification By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Page 8 of 9 pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: August 21, 2013

Bruce M. Kallins

BK Management I, Inc.

Yakira Partners, L.P.

YP Management, LLC

Yakira Offshore Fund Ltd.

By: /s/ Bruce M. Kallins

Bruce M. Kallins, for himself; as controlling shareholder of the Investment Manager (for itself and each of the Funds); and as the managing member of the General Partner

Page 9 of 9 pages

EXHIBIT INDEX

Exhibit No.	Document

1.	Joint Filing Agreement

Exhibit 1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Series A Cumulative Puttable and Callable Preferred Shares, par value $0.001 per share, of The Gabelli Global Utility & Income Trust, and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filing. In evidence thereof, the undersigned hereby execute this Agreement.

Dated: August 21, 2013

Bruce M. Kallins

BK Management I, Inc.

Yakira Partners, L.P.

YP Management, LLC

Yakira Offshore Fund Ltd.

By: Bruce M. Kallins

Bruce M. Kallins, for himself; as controlling shareholder of the Investment Manager (for itself and each of the Funds); and as the managing member of the General Partner