N-Q 1 d317897dnq.htm DUFF & PHELPS GLOBAL UTILITY INCOME FUND INC. <![CDATA[Duff & Phelps Global Utility Income Fund Inc. ]]>

 

 

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 811-22533

 

 

Duff & Phelps Global Utility Income Fund Inc.

(Exact name of registrant as specified in charter)

 

 

200 South Wacker Drive, Suite 500

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

 

 

 

Alan M. Meder   Lawrence R. Hamilton, Esq.
Duff & Phelps Global Utility Income Fund Inc.   Mayer Brown LLP
200 South Wacker Drive, Suite 500   71 South Wacker Drive
Chicago, Illinois 60606   Chicago, Illinois 60606

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 866-270-7598

Date of fiscal year end: October 31

Date of reporting period: January 31, 2012

 

 

 


Item 1. Schedule of Investments.

See the Statement of Net Assets below.


DUFF & PHELPS GLOBAL UTILITY INCOME FUND INC.

STATEMENT OF NET ASSETS

(UNAUDITED)

JANUARY 31, 2012

 

    Shares    

   

Description

  

Value

(Note 1)

   
  COMMON STOCKS & MLP INTERESTS—131.2%  
      n  ELECTRIC, GAS AND WATER—47.9%    
  6,939,645     

DUET Group (Australia)

   $  13,335,128  
  1,594,000     

Duke Energy Corp.

   33,968,140  
  439,000     

Entergy Corp.

   30,457,820  
  663,000     

FirstEnergy Corp.

   27,991,860  
  1,384,000     

GDF Suez (France)

   37,564,421  
  587,000     

Integrys Energy Group, Inc.

   30,471,170  
  2,787,000     

National Grid plc (United Kingdom)

   27,755,815  
  1,570,000     

Pepco Holdings, Inc.

   30,866,200  
  1,045,000     

PPL Corp.

   29,040,550  
  1,362,000     

Scottish & Southern Energy plc
(United Kingdom)

   26,248,440  
  3,045,000     

United Utilities Group plc (United Kingdom)

   28,885,755  
  1,136,000     

Westar Energy, Inc.

   32,307,840  
    

 

 
     348,893,139  
    

 

 
 

n  OIL & GAS  STORAGE AND TRANSPORTATION—

35.6%

  4,287,455     

APA Group (Australia)

   21,848,528  
  602,139     

Boardwalk Pipeline Partners LP

   16,588,929  
  414,200     

Buckeye Partners LP

   25,800,518  
  136,000     

Chesapeake Midstream Partners LP

   3,956,240  
  238,270     

Copano Energy LLC

   8,079,736  
  189,684     

DCP Midstream Partners LP

   9,235,714  
  825,861     

Enbridge Energy Partners LP

   26,749,638  
  570,600     

Energy Transfer Partners LP

   28,159,110  
  566,900     

Enterprise Products Partners L.P

   27,381,270  
  247,000     

Kinder Morgan Energy Partners LP

   20,990,060  
  69,000     

MarkWest Energy Partners LP

   3,999,240  
  595,465     

Targa Resources Partners LP

   23,383,911  
  353,834     

TC Pipelines LP

   16,318,824  
  439,820     

Teekay LNG Partners LP (Marshall Islands)

   16,207,367  
  384,919     

Teekay Offshore Partners LP (Marshall Islands)

   11,170,349  
    

 

 
     259,869,434  
    

 

 

    Shares    

   

Description

   Value
(Note 1)
 
 

n  TELECOMMUNICATIONS—47.7%

    

  930,000     

AT&T, Inc.

   $ 27,351,300   
  1,080,000     

CenturyLink, Inc.

     39,992,400   
  11,315,000     

Chorus Ltd. (New Zealand) (a)

     30,455,593   
  4,870,000     

Frontier Communications Corp.

     20,843,600   
  16,500,000     

Singapore Telecommunications Ltd. (Singapore)

     40,664,626   
  6,075,000     

Telecom Corporation of New Zealand Ltd. (New Zealand)

     10,508,124   
  2,302,150     

Telefonica S.A. (Spain)

     40,140,823   
  13,793,000     

Telstra Corp., Ltd. (Australia)

     48,762,318   
  17,990,000     

Vodafone Group plc (United Kingdom)

     48,419,351   
  3,340,000     

Windstream Corp.

     40,313,800   
    

 

 

 
       347,451,935   
    

 

 

 
  Total Common Stocks & MLP Interests
(Cost $928,756,123)
     956,214,508   
    

 

 

 
 

 

TOTAL INVESTMENTS—131.2%

(Cost $934,170,110)

     956,214,508   
    

 

 

 

 

Cash—4.2%

     30,533,667   

 

Borrowings—(35.7)%

     (260,000,000

 

Other assets in excess of other liabilities—0.3%

     2,190,994   
    

 

 

 
 
 
NET ASSETS APPLICABLE TO COMMON
STOCK—100.0%
   $ 728,939,169   
    

 

 

 
 
 
NET ASSET VALUE PER SHARE OF COMMON
STOCK ($728,939,169 / 37,874,617)
   $ 19.25   
    

 

 

 

(a) Non-income producing.

The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable to common stock of the Fund.

 

 

The accompanying notes are an integral part of this Statement of Net Assets.

 

1


DUFF & PHELPS GLOBAL UTILITY INCOME FUND INC.

STATEMENT OF NET ASSETS (Continued)

(UNAUDITED)

JANUARY 31, 2012

 

Fund Country Weighting*

 

United States

     58

United Kingdom

     14   

Australia

     9   

France

     4   

New Zealand

     4   

Singapore

     4   

Spain

     4   

Other

     3   
  

 

 

 

Total

     100
  

 

 

 

 

* Percentages are based on total investments rather than net assets applicable to common stock and include securities pledged as collateral under the Fund’s credit agreement.

 

 

The accompanying notes are an integral part of this Statement of Net Assets.

 

2


DUFF & PHELPS GLOBAL UTILITY INCOME FUND INC.

NOTES TO STATEMENT OF NET ASSETS

(UNAUDITED)

JANUARY 31, 2012

Note 1. Security Valuation

The Fund’s investments are carried at fair value which is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. The three-tier hierarchy of inputs established to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed 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 spreads, credit risks, etc.)

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. For more information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements contained in its annual report. The following is a summary of the inputs used to value each of the Fund’s investments at January 31, 2012:

 

     Level 1  

Common Stocks & MLP Interests

   $ 956,214,508   
  

 

 

 

Total

   $ 956,214,508   
  

 

 

 

There were no Level 2 or Level 3 priced securities held at January 31, 2012. There were no transfers between Level 1 and Level 2 during the quarter ended January 31, 2012.

Note 2. Federal Income Tax Information

At January 31, 2012, the federal tax cost of the Fund’s investments and aggregate gross unrealized appreciation (depreciation) were as follows:

 

Federal Tax Cost

   Unrealized
Appreciation
   Unrealized Depreciation   Net Unrealized Appreciation

$928,756,123

   $57,139,350    $(29,680,965)   $27,458,385
       
       
       
       

Other information regarding the Fund is available on the Fund’s website at www.dpgfund.com or the Securities and Exchange Commission’s website at www.sec.gov.


Item 2. Controls and Procedures.

 

  (a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934.

 

  (b) There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

 

Exhibit 99.CERT

  Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002


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)   Duff & Phelps Global Utility Income Fund Inc.
By (Signature and Title)  

/s/ Nathan I. Partain

 

Nathan I. Partain, President and Chief Executive Officer

(principal executive officer)

Date          March 20, 2012

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/ Nathan I. Partain

 

Nathan I. Partain, President and Chief Executive Officer

(principal executive officer)

Date          March 20, 2012
By (Signature and Title)  

/s/ Alan M. Meder

 

Alan M. Meder, Treasurer and Assistant Secretary

(principal financial officer)

Date          March 20, 2012