# EDGAR Filing Document

**Accession Number:** 0001080720
**File Stem:** 0001387131-23-003218
**Filing Date:** 2023-3
**Character Count:** 392880
**Document Hash:** 6fcd6d1438de573fbbf2a13e1fd528f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-003218.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001387131-23-003218

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GABELLI UTILITY TRUST
- **CENTRAL INDEX KEY:** 0001080720
- **IRS NUMBER:** 134046522
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09243
- **FILM NUMBER:** 23719639

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 9149215083

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GABELLI UTILITY FUND
- **DATE OF NAME CHANGE:** 19990225

?xml version="1.0" encoding="utf-8"?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-09243&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<u>The Gabelli Utility Trust</u> <br> (Exact name of registrant as specified in charter)

<u>One Corporate Center Rye, New York 10580-1422</u> <br> (Address of principal executive offices) (Zip code)

<u>John C. Ball Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-800-422-3554</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

**The Gabelli Utility Trust** 

**Annual Report** **— December 31, 2022** 

**(Y)our Portfolio Management Team**

---

| | | | |
|:---|:---|:---|:---|
| ![](gutncsr001.jpg) | ![](gutncsr002.jpg) | ![](gutncsr003.jpg) | ![](gutncsr004.jpg) |
| **Mario J. Gabelli, CFA** | **Timothy M. Winter, CFA** | **Justin Berger, CFA** | **Brett Kearney, CFA** |
| *Chief Investment Officer* | *Portfolio Manager* | *Portfolio Manager* | *Portfolio Manager* |
|  | *BA, Rollins College* | *BA, Yale University* | *BS, Washington and Lee* |
|  | *MBA, University of* | *MBA, Wharton School,* | *University* |
|  | *Notre Dame* | *University of Pennsylvania* | *MBA, Columbia Business* |
|  |  |  | *School* |

---

**To Our Shareholders,**

For the year ended December 31, 2022, the net asset value (NAV) total return of The Gabelli Utility Trust (the Fund) was (5.9)%, compared with a total return of 1.6% for the Standard & Poor's (S&P) 500 Utilities Index. The total return for the Fund's publicly traded shares was 3.3%. The Fund's NAV per share was $3.65, while the price of the publicly traded shares closed at $7.51 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2022.

**Investment Objective (Unaudited)**

The Fund's primary investment objective is long term growth of capital and income. The Fund will invest 80% of its assets, under normal market conditions, in common stocks and other securities of foreign and domestic companies involved in providing products, services, or equipment for (i) the generation or distribution of electricity, gas, and water and (ii) telecommunications services or infrastructure operations.

&nbsp;&nbsp;As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

**Performance Discussion (Unaudited)**

Utilities defensive growth profile appealed to investors looking for safety amidst global economic uncertainty. The late-February Russian invasion of Ukraine and associated economic sanctions increased global economic tensions and exacerbated ongoing energy supply issues. Over the past twelve-months, oil and gas prices have risen significantly and shined the spotlight on the value of energy and energy-related infrastructure and stocks.

Utility stocks overcame the higher natural gas prices and inflation. The outlook for utility earnings and dividend growth remains strong for the foreseeable future, driven by ongoing infrastructure investment. As regulated energy conduits, electric utilities pass-through higher fuel and inflationary costs and fuel diversity helps balance the evolving energy sentiment. Further, we expect ongoing favorable political and regulatory support for increasing clean energy and transmission/distribution infrastructure investment.

The transition to clean energy is among the more significant long term secular megatrends of this decade. The Inflation Reduction Act (IRA) provides expanded tax credits that benefit utility earnings growth and accelerate clean energy development. Utilities are the largest developers, owners, and operators of wind, solar, battery storage, and investing in pilot programs for green hydrogen, carbon capture, and small modular (nuclear) reactors.

In 2022, some of the top contribution utility stocks were, AES Corp (2.0% of total investments as of December 31, 2022), American Electric Power (1.4%), ONEOK (2.8%), Constellation Energy (0.5%), and PNM Resources (1.5%). AES benefited from growing renewable and clean energy business as well as improving credit metrics. Constellation Energy, the sector's only pure-play merchant nuclear generators, was opportunistically spun-off from Exelon amidst high power prices and demand for zero-carbon baseload generation. On February 24, 2022, SJI agreed to be acquired by an Infrastructure Fund for a 53% premium. Detractors included telecom media holdings Telenet (0.6%) and DISH Network (0.4%) as well as NextEra Energy (4.9%).

Thank you for your investment in The Gabelli Utilities Trust.

We appreciate your confidence and trust.

&nbsp;&nbsp;The views expressed reflect the opinions of the Fund's portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

**Comparative Results**

**<u>Average Annual Returns through December 31, 2022 (a) (Unaudited)</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1 Year | 5 year | 10 year | 15 year | 20 year | Since <br> Inception <br> (7/9/99) |
| **The Gabelli Utility Trust (GUT)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**NAV Total Return (b)** | (5.94)% | 4.26% | 7.41% | 6.36% | 8.67% | 8.03% |
| &nbsp;&nbsp;&nbsp;**Investment Total Return (c)** | 3.31 | 12.77 | 12.94 | 8.99 | 9.18 | 9.86 |
| S&P 500 Utilities Index | 1.57 | 9.58 | 11.09 | 7.39 | 10.75 | 7.32 |
| Lipper Utility Fund Average | 0.90 | 7.85 | 8.98 | 6.33 | 9.79 | 6.65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Returns
 represent past performance and do not guarantee future results. Investment returns and
 the principal value of an investment will fluctuate. The Fund's use of leverage may magnify
 the volatility of net asset value changes versus funds that do not employ leverage. 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. 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 Lipper Utility Fund Average reflects the average performance of mutual
 funds classified in this particular category. Dividends are considered reinvested. You
 cannot invest directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.**

**COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN**

**THE GABELLI UTILITY TRUST (INVESTMENT TOTAL RETURN) AND S&P 500 UTILITIES INDEX (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns\* | Average Annual Total Returns\* | Average Annual Total Returns\* | Average Annual Total Returns\* |
|  | 1 Year | 5 Year | 10 Year |
| Investment | 3.31% | 12.77% | 12.94% |

---

![](gutncsr005.jpg)

\* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

**Summary of Portfolio Holdings (Unaudited)**

The following tables present portfolio holdings as a percent of total investments as of December 31, 2022:

**The Gabelli Utility Trust**

---

| | |
|:---|:---|
| Electric Integrated | 41.3% |
| U.S. Government Obligations | 16.5% |
| Natural Gas Utilities | 5.8% |
| Natural Gas Integrated | 5.7% |
| Water | 5.5% |
| Telecommunications | 5.1% |
| Cable and Satellite | 3.2% |
| Electric Transmission and Distribution | 2.7% |
| Merchant Energy | 2.0% |
| Global Utilities | 2.0% |
| Alternative Energy | 1.5% |
| Services | 1.5% |
| Wireless Communications | 1.4% |
| Natural Resources | 1.2% |
| Machinery | 1.0% |

---

---

| | | |
|:---|:---|:---|
| Equipment and Supplies | 0.8 | % |
| Transportation | 0.7 | % |
| Diversified Industrial | 0.6 | % |
| Oil | 0.5 | % |
| Electronics | 0.4 | % |
| Environmental Services | 0.2 | % |
| Financial Services | 0.2 | % |
| Automotive | 0.1 | % |
| Communications Equipment | 0.1 | % |
| Entertainment | 0.0 | %\* |
| Specialty Chemicals | 0.0 | %\* |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**The Gabelli Utility Trust**

**Schedule of Investments — December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS — 83.1%** |  |  |
|  | **ENERGY AND UTILITIES — 70.5%** |  |  |
|  | **Alternative Energy — 1.5%** |  |  |
| 2950 | Brookfield Renewable Corp., Cl. A | $108382 | $81243 |
| 3300 | Clearway Energy Inc., Cl. C | 82745 | 105171 |
| 6500 | Eos Energy Enterprises Inc.† | 62346 | 9620 |
| 2700 | Landis+Gyr Group AG | 161779 | 190532 |
| 46250 | NextEra Energy Partners LP | 1847091 | 3241662 |
| 12600 | Ormat Technologies Inc. | 383693 | 1089648 |
| 600 | Orsted AS | 98525 | 54526 |
| 130 | SolarEdge Technologies Inc.† | 30312 | 36825 |
| 6000 | Vestas Wind Systems A/S | 124138 | 174555 |
|  |  | 2899011 | 4983782 |
|  | **Diversified Industrial — 0.6%** |  |  |
| 2000 | Alstom SA | 59738 | 48855 |
| 17294 | AZZ Inc. | 652854 | 695219 |
| 17000 | Bouygues SA | 596821 | 510262 |
| 300 | Chart Industries Inc.† | 41038 | 34569 |
| 10000 | General Electric Co. | 971759 | 837900 |
| 300 | Sulzer AG | 18379 | 23360 |
|  |  | 2340589 | 2150165 |
|  | **Electric Integrated — 41.1%** |  |  |
| 23000 | ALLETE Inc. | 1131117 | 1483730 |
| 78250 | Alliant Energy Corp. | 2946720 | 4320183 |
| 17150 | Ameren Corp. | 821759 | 1524978 |
| 50950 | American Electric Power Co. Inc. | 3441584 | 4837702 |
| 1800 | Atlantica Sustainable Infrastructure plc | 47248 | 46620 |
| 64000 | Avangrid Inc. | 2354494 | 2750720 |
| 45000 | Avista Corp. | 2001761 | 1995300 |
| 200 | Badger Meter Inc. | 12750 | 21806 |
| 33000 | Black Hills Corp. | 1715421 | 2321220 |
| 7000 | CenterPoint Energy Inc. | 179931 | 209930 |
| 80300 | CMS Energy Corp. | 3584786 | 5085399 |
| 45500 | Dominion Energy Inc. | 3240698 | 2790060 |
| 16800 | DTE Energy Co. | 1187643 | 1974504 |
| 72700 | Duke Energy Corp. | 6379402 | 7487373 |
| 65000 | Edison International | 3905402 | 4135300 |
| 6500 | Emera Inc. | 251579 | 248431 |
| 4200 | Entergy Corp. | 291556 | 472500 |
| 140500 | Evergy Inc. | 7847130 | 8841665 |
| 114700 | Eversource Energy | 7989305 | 9616448 |
| 100200 | FirstEnergy Corp. | 3291495 | 4202388 |
| 82000 | Hawaiian Electric Industries Inc. | 2719364 | 3431700 |
| 3700 | IDACORP Inc. | 377747 | 399045 |
| 59000 | MGE Energy Inc. | 3629476 | 4153600 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** |
| 200400 | NextEra Energy Inc. | $| 12489512 | $16753440 |
| 48000 | NiSource Inc. |  | 397800 | 1316160 |
| 72500 | NorthWestern Corp. |  | 3993527 | 4302150 |
| 180000 | OGE Energy Corp. |  | 6639466 | 7119000 |
| 68000 | Otter Tail Corp. |  | 2445771 | 3992280 |
| 55000 | PG&E Corp.† |  | 559726 | 894300 |
| 1100 | Pinnacle West Capital Corp. |  | 91937 | 83644 |
| 107000 | PNM Resources Inc. |  | 5234658 | 5220530 |
| 58250 | Portland General Electric Co. |  | 2528255 | 2854250 |
| 21500 | PPL Corp. |  | 640556 | 628230 |
| 31450 | Public Service Enterprise Group Inc. |  | 1268548 | 1926941 |
| 800 | Sempra Energy |  | 119157 | 123632 |
| 3300 | The Southern Co. |  | 215311 | 235653 |
| 17000 | Unitil Corp. |  | 448439 | 873120 |
| 125500 | WEC Energy Group Inc. |  | 10153451 | 11766880 |
| 143850 | Xcel Energy Inc. |  | 7799543 | 10085324 |
|  |  |  | 114374025 | 140526136 |
|  | **Electric Transmission and Distribution — 2.7%** | **Electric Transmission and Distribution — 2.7%** | **Electric Transmission and Distribution — 2.7%** |  |
| 35000 | Consolidated Edison Inc. |  | 2220382 | 3335850 |
| 20700 | Constellation Energy Corp. |  | 610505 | 1784547 |
| 66100 | Exelon Corp. |  | 1573511 | 2857503 |
| 110000 | Iberdrola SA |  | 1231554 | 1287002 |
| 500 | The Timken Co. |  | 39060 | 35335 |
|  |  |  | 5675012 | 9300237 |
|  | **Environmental Services — 0.2%** |  |  |  |
| 1300 | Evoqua Water Technologies Corp.† |  | 24928 | 51480 |
| 800 | Fluidra SA |  | 32048 | 12434 |
| 200 | Pentair plc |  | 14154 | 8996 |
| 200 | Tetra Tech Inc. |  | 17557 | 29038 |
| 27712 | Veolia Environnement SA |  | 507925 | 711944 |
|  |  |  | 596612 | 813892 |
|  | **Equipment and Supplies — 0.6%** |  |  |  |
| 4000 | Capstone Green Energy Corp.† |  | 17075 | 5800 |
| 3655 | Graham Corp.† |  | 31549 | 35161 |
| 29000 | Mueller Industries Inc. |  | 925528 | 1711000 |
| 1100 | Valmont Industries Inc. |  | 226893 | 363737 |
|  |  |  | 1201045 | 2115698 |
|  | **Global Utilities — 2.0%** |  |  |  |
| 8000 | Chubu Electric Power Co. Inc. |  | 135666 | 83023 |
| 7595 | EDP - Energias de Portugal SA |  | 27768 | 37854 |
| 117000 | Electric Power Development Co. Ltd. |  | 2549860 | 1868577 |
| 34000 | Endesa SA |  | 975561 | 641831 |
| 300000 | Enel SpA |  | 1862753 | 1615309 |

---

See accompanying notes to financial statements.

**The Gabelli Utility Trust Schedule of Investments (Continued) — December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **ENERGY AND UTILITIES (Continued)** |  |  |
|  | **Global Utilities (Continued)** |  |  |
| 560000 | Hera SpA | $1323309 | $1510019 |
| 15000 | Hokkaido Electric Power Co. Inc. | 73141 | 53261 |
| 12000 | Hokuriku Electric Power Co. | 87872 | 50015 |
| 5000 | Huaneng Power International Inc., ADR† | 71292 | 94597 |
| 37000 | Korea Electric Power Corp., ADR† | 451052 | 319680 |
| 22000 | Kyushu Electric Power Co. Inc. | 201429 | 124718 |
| 10000 | Shikoku Electric Power Co. Inc. | 108258 | 58290 |
| 8000 | The Chugoku Electric Power Co. Inc. | 130999 | 41146 |
| 25000 | The Kansai Electric Power Co. Inc. | 330129 | 243638 |
| 10000 | Tohoku Electric Power Co. Inc. | 116733 | 52652 |
|  |  | 8445822 | 6794610 |
|  | **Merchant Energy — 2.0%** |  |  |
| 240000 | The AES Corp. | 3847748 | 6902400 |
|  | **Natural Gas Integrated — 5.7%** |  |  |
| 8000 | DT Midstream Inc. | 201070 | 442080 |
| 85000 | Energy Transfer LP | 982671 | 1008950 |
| 105000 | Kinder Morgan Inc. | 1682895 | 1898400 |
| 105000 | National Fuel Gas Co. | 4495413 | 6646500 |
| 144500 | ONEOK Inc. | 6104799 | 9493650 |
|  |  | 13466848 | 19489580 |
|  | **Natural Gas Utilities — 5.4%** |  |  |
| 25500 | Atmos Energy Corp. | 2023097 | 2857785 |
| 9000 | Chesapeake Utilities Corp. | 753389 | 1063620 |
| 14000 | Engie SA | 406391 | 200637 |
| 69000 | National Grid plc, ADR | 4885254 | 4162080 |
| 30200 | ONE Gas Inc. | 1290898 | 2286744 |
| 20000 | RGC Resources Inc. | 172124 | 441000 |
| 16000 | South Jersey Industries Inc. | 527605 | 568480 |
| 108915 | Southwest Gas Holdings Inc. | 7496252 | 6739660 |
| 1200 | Spire Inc. | 98197 | 82632 |
| 600 | UGI Corp. | 26633 | 22242 |
|  |  | 17679840 | 18424880 |
|  | **Natural Resources — 1.2%** |  |  |
| 55700 | Cameco Corp. | 637707 | 1262719 |
| 30000 | Compania de Minas Buenaventura SAA, ADR | 327255 | 223500 |
| 21000 | Exxon Mobil Corp. | 1685066 | 2316300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| 2200 | Hess Corp. | $82673 | $312004 |
| 300 | Linde plc | 85639 | 97854 |
|  |  | 2818340 | 4212377 |
|  | **Oil — 0.5%** |  |  |
| 4500 | Devon Energy Corp. | 43702 | 276795 |
| 33000 | Halliburton Co. | 727796 | 1298550 |
|  |  | 771498 | 1575345 |
|  | **Services — 1.5%** |  |  |
| 22000 | ABB Ltd., ADR | 460109 | 670120 |
| 15000 | Dril-Quip Inc.† | 353238 | 407550 |
| 99500 | Enbridge Inc. | 2767495 | 3890450 |
|  |  | 3580842 | 4968120 |
|  | **Water — 5.5%** |  |  |
| 26000 | American States Water Co. | 1283095 | 2406300 |
| 22400 | American Water Works Co. Inc. | 2496124 | 3414208 |
| 23000 | Artesian Resources Corp., Cl. A | 638791 | 1347340 |
| 33500 | California Water Service Group | 761937 | 2031440 |
| 26400 | Essential Utilities Inc. | 516570 | 1260072 |
| 7000 | Middlesex Water Co. | 148368 | 550690 |
| 143000 | Severn Trent plc | 3757151 | 4583045 |
| 33000 | SJW Group | 1533628 | 2679270 |
| 9400 | The York Water Co. | 147534 | 422812 |
| 4100 | Zurn Elkay Water Solutions Corp. | 125381 | 86715 |
|  |  | 11408579 | 18781892 |
|  | **TOTAL ENERGY AND UTILITIES** | 189105811 | 241039114 |
|  | **COMMUNICATIONS — 9.8%** |  |  |
|  | **Cable and Satellite — 3.2%** |  |  |
| 32000 | Altice USA Inc., Cl. A† | 575391 | 147200 |
| 2700 | Charter Communications Inc., Cl. A† | 556245 | 915570 |
| 20400 | Cogeco Inc. | 411379 | 957775 |
| 90000 | DISH Network Corp., Cl. A† | 2460538 | 1263600 |
| 15000 | EchoStar Corp., Cl. A† | 348803 | 250200 |
| 320000 | ITV plc | 656259 | 290767 |
| 62000 | Liberty Global plc, Cl. A† | 1303745 | 1173660 |
| 120071 | Liberty Global plc, Cl. C† | 3379833 | 2332980 |
| 80000 | Liberty Latin America Ltd., Cl. A† | 882622 | 602400 |
| 5947 | Liberty Latin America Ltd., Cl. C† | 42462 | 45197 |
| 20000 | Rogers Communications Inc., Cl. B | 990846 | 936800 |
| 125400 | Telenet Group Holding NV | 4742840 | 2047075 |
|  |  | 16350963 | 10963224 |

---

See accompanying notes to financial statements.

**The Gabelli Utility Trust Schedule of Investments (Continued) — December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **COMMUNICATIONS (Continued)** |  |  |
|  | **Communications Equipment — 0.1%** |  |  |
| 8000 | Furukawa Electric Co. Ltd. | $206011 | $150808 |
|  | **Telecommunications — 5.1%** |  |  |
| 47000 | AT&T Inc. | 1114849 | 865270 |
| 12000 | BCE Inc., New York | 532628 | 527400 |
| 6047 | BCE Inc., Toronto | 257284 | 265684 |
| 105000 | BT Group plc, Cl. A | 296454 | 142236 |
| 7000 | Cogeco Communications Inc. | 259845 | 396994 |
| 115000 | Deutsche Telekom AG | 2020051 | 2294370 |
| 60000 | Deutsche Telekom AG, ADR | 991918 | 1198800 |
| 200 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 19 | 31 |
| 130000 | Lumen Technologies Inc. | 2028136 | 678600 |
| 70000 | Nippon Telegraph & Telephone Corp. | 813435 | 2006553 |
| 164000 | Orange Belgium SA† | 4177195 | 3026548 |
| 6000 | Orange SA, ADR | 71421 | 59280 |
| 59000 | Orascom Financial Holding SAE† | 9810 | 601 |
| 11800 | Orascom Investment Holding, GDR† | 10951 | 165 |
| 30000 | Pharol SGPS SA† | 8930 | 1680 |
| 6800 | Proximus SA | 140132 | 65482 |
| 2000 | PT Indosat Tbk | 1061 | 793 |
| 130000 | Sistema PJSC FC, GDR†(a) | 619941 | 65000 |
| 1350 | Tele2 AB, Cl. B | 15470 | 11010 |
| 220000 | Telefonica Deutschland Holding AG | 630305 | 542354 |
| 250000 | Telefonica SA, ADR | 1200752 | 892500 |
| 85000 | Telekom Austria AG | 712797 | 525912 |
| 25000 | Telephone and Data Systems Inc. | 398671 | 262250 |
| 22000 | Telesat Corp.† | 296960 | 165000 |
| 6500 | T-Mobile US Inc.† | 510528 | 910000 |
| 446972 | VEON Ltd., ADR† | 842272 | 219016 |
| 60000 | Verizon Communications Inc. | 2754662 | 2364000 |
|  |  | 20716477 | 17487529 |
|  | **Wireless Communications — 1.4%** |  |  |
| 5000 | America Movil SAB de CV, Cl. L, ADR | 68869 | 91000 |
| 12500 | Anterix Inc.† | 541212 | 402125 |
| 105000 | Millicom International Cellular SA, SDR† | 2470255 | 1329751 |
| 1154 | Mobile TeleSystems PJSC(a) | 6303 | 383 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| 7250 | Mobile TeleSystems PJSC, ADR†(a) | $75934 | $4423 |
| 1200 | Operadora De Sites Mexicanos SAB de CV | 1436 | 1176 |
| 1814 | SK Telecom Co. Ltd., ADR | 45728 | 37350 |
| 400 | SmarTone Telecommunications Holdings Ltd. | 207 | 241 |
| 60000 | Turkcell Iletisim Hizmetleri A/S, ADR | 399014 | 287400 |
| 37000 | United States Cellular Corp.† | 1569850 | 771450 |
| 190000 | Vodafone Group plc, ADR | 3928105 | 1922800 |
|  |  | 9106913 | 4848099 |
|  | **TOTAL COMMUNICATIONS** | 46380364 | 33449660 |
|  | **OTHER — 2.6%** |  |  |
|  | **Automotive — 0.1%** |  |  |
| 48000 | Iveco Group NV† | 375011 | 285579 |
|  | **Diversified Industrial — 0.0%** |  |  |
| 1200 | Accelleron Industries AG, ADR† | 17184 | 24480 |
| 600 | Arcosa Inc. | 30593 | 32604 |
| 290 | ITT Inc. | 25051 | 23519 |
| 3820 | L.B. Foster Co., Cl. A† | 45062 | 36978 |
|  |  | 117890 | 117581 |
|  | **Electronics — 0.4%** |  |  |
| 200 | Hubbell Inc. | 47614 | 46936 |
| 2200 | Keysight Technologies Inc.† | 218444 | 376354 |
| 567 | Resideo Technologies Inc.† | 9745 | 9327 |
| 14000 | Sony Group Corp., ADR | 960385 | 1067920 |
|  |  | 1236188 | 1500537 |
|  | **Entertainment — 0.0%** |  |  |
| 8000 | Warner Bros Discovery Inc.† | 107095 | 75840 |
|  | **Equipment and Supplies — 0.2%** |  |  |
| 22000 | CIRCOR International Inc.† | 417954 | 527120 |
|  | **Financial Services — 0.2%** |  |  |
| 110000 | GAM Holding AG† | 202878 | 111826 |
| 21000 | Kinnevik AB, Cl. A† | 477572 | 290200 |
| 15000 | Kinnevik AB, Cl. B† | 339745 | 205849 |
| 15000 | SDCL EDGE Acquisition Corp.† | 150000 | 151350 |
|  |  | 1170195 | 759225 |
|  | **Machinery — 1.0%** |  |  |
| 200000 | CNH Industrial NV | 2348130 | 3212000 |
| 1975 | Flowserve Corp. | 74326 | 60593 |

---

See accompanying notes to financial statements.

**The Gabelli Utility Trust Schedule of Investments (Continued) — December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |  |  |
|  | **OTHER (Continued)** |  |  |  |  |
|  | **Machinery (Continued)** |  |  |  |  |
| 600 | Medmix AG | $| 15254 | $| 11421 |
| 2965 | Mueller Water Products Inc., Cl. A |  | 33926 |  | 31903 |
| 1300 | Xylem Inc. |  | 127721 |  | 143741 |
|  |  |  | 2599357 |  | 3459658 |
|  | **Specialty Chemicals — 0.0%** |  |  |  |  |
| 200 | Air Products and Chemicals Inc. |  | 50793 |  | 61652 |
|  | **Transportation — 0.7%** |  |  |  |  |
| 21000 | GATX Corp. |  | 971259 |  | 2233140 |
|  | **TOTAL OTHER** |  | 7045742 |  | 9020332 |
|  | **INDEPENDENT POWER PRODUCERS AND ENERGY** | **INDEPENDENT POWER PRODUCERS AND ENERGY** | **INDEPENDENT POWER PRODUCERS AND ENERGY** | **INDEPENDENT POWER PRODUCERS AND ENERGY** | **INDEPENDENT POWER PRODUCERS AND ENERGY** |
|  | **TRADERS — 0.2%** |  |  |  |  |
|  | **Electric Integrated — 0.2%** |  |  |  |  |
| 20000 | NRG Energy Inc. |  | 480910 |  | 636400 |
|  | **TOTAL COMMON STOCKS** |  | 243012827 |  | 284145506 |
|  | **MANDATORY CONVERTIBLE SECURITIES(b) — 04%** | **MANDATORY CONVERTIBLE SECURITIES(b) — 04%** | **MANDATORY CONVERTIBLE SECURITIES(b) — 04%** | **MANDATORY CONVERTIBLE SECURITIES(b) — 04%** | **MANDATORY CONVERTIBLE SECURITIES(b) — 04%** |
|  | **ENERGY AND UTILITIES — 0.4%** |  |  |  |  |
|  | **Natural Gas Utilities — 0.4%** |  |  |  |  |
| 31200 | Spire Inc., Ser. A, 7.500%, 03/01/24 |  | 1560000 |  | 1557816 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| | **WARRANTS — 0.0%** | | |
|  | **ENERGY AND UTILITIES — 0.0%** |  |  |
|  | **Services — 0.0%** |  |  |
| 1425 | Weatherford International plc, expire 12/13/23† | $0 | $313 |
| **Principal Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 16.5%** | **U.S. GOVERNMENT OBLIGATIONS — 16.5%** | **U.S. GOVERNMENT OBLIGATIONS — 16.5%** |
| 56650000 | U.S. Treasury Bills, 2.953% to 4.542%††, 01/19/23 to 05/18/23(c) | 56311337 | 56321811 |
| **TOTAL INVESTMENTS — 100.0%** | **TOTAL INVESTMENTS — 100.0%** | $300884164 | 342025446 |
| **Other Assets and Liabilities (Net)** | **Other Assets and Liabilities (Net)** |  | 368145 |
| **PREFERRED SHARES** | **PREFERRED SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;(1,988,126 preferred shares outstanding) *.* | &nbsp;&nbsp;&nbsp;(1,988,126 preferred shares outstanding) *.* | &nbsp;&nbsp;&nbsp;(1,988,126 preferred shares outstanding) *.* | (72180650) |
| **NET ASSETS — COMMON SHARES** | **NET ASSETS — COMMON SHARES** | **NET ASSETS — COMMON SHARES** |  |
| &nbsp;&nbsp;&nbsp;(73,943,148 common shares outstanding) | &nbsp;&nbsp;&nbsp;(73,943,148 common shares outstanding) | &nbsp;&nbsp;&nbsp;(73,943,148 common shares outstanding) | $270212941 |
| **NET ASSET VALUE PER COMMON SHARE** | **NET ASSET VALUE PER COMMON SHARE** | **NET ASSET VALUE PER COMMON SHARE** |  |
| &nbsp;&nbsp;&nbsp;($270,212,941 ÷ 73,943,148 shares outstanding) | &nbsp;&nbsp;&nbsp;($270,212,941 ÷ 73,943,148 shares outstanding) | &nbsp;&nbsp;&nbsp;($270,212,941 ÷ 73,943,148 shares outstanding) | $3.65 |

---

(a) Security
is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(b) Mandatory convertible securities
are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

(c) At December
31, 2022, $1,000,000 of the principal amount was pledged as collateral for current or potential holdings.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

GDR Global Depositary Receipt

SDR Swedish Depositary Receipt

See accompanying notes to financial statements.

**The Gabelli Utility Trust**

**Statement of Assets and Liabilities December 31, 2022**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value (cost $300,884,164) | $342025446 |
| &nbsp;&nbsp;&nbsp;Cash | 5453 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $11) | 11 |
| &nbsp;&nbsp;&nbsp;Deposit at brokers | 290596 |
| &nbsp;&nbsp;&nbsp;Receivable for investments in securities sold | 445571 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 822936 |
| &nbsp;&nbsp;&nbsp;Deferred offering expense | 180266 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 4429 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 343774708 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 600533 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 136639 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 272569 |
| &nbsp;&nbsp;&nbsp;Payable for preferred shares repurchased | 77501 |
| &nbsp;&nbsp;&nbsp;Payable for payroll expenses | 43832 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 11250 |
| &nbsp;&nbsp;&nbsp;Dividends payable on securities sold short | 2880 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 235913 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1381117 |
| **Cumulative Preferred Shares $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;Series B Preferred Shares (Auction Market, $25,000 liquidation value per share, 1,000 shares authorized with 900 shares issued and outstanding) | 22500000 |
| &nbsp;&nbsp;&nbsp;Series C Preferred Shares (5.375%, $25 liquidation value per share, 2,000,000 shares authorized with 1,987,226 shares issued and outstanding) | 49680650 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Shares** | 72180650 |
| &nbsp;&nbsp;&nbsp;**Net Assets Attributable to Common Shareholders** | $270212941 |
| **Net Assets Attributable to Common Shareholders Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $231181307 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 39031634 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $270212941 |
| **Net Asset Value per Common Share:** |  |
| &nbsp;&nbsp;&nbsp;($270,212,941 ÷ 73,943,148 shares outstanding at $0.001 par value; unlimited number of shares authorized) | $3.65 |

---

**Statement of Operations For the Year Ended December 31, 2022**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $190,734) | $8616660 |
| &nbsp;&nbsp;&nbsp;Interest | 934568 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 9551228 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 3511986 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 182855 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 152500 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 150259 |
| &nbsp;&nbsp;&nbsp;Payroll expenses | 121384 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 80536 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 46991 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 45000 |
| &nbsp;&nbsp;&nbsp;Dividend expense on securities sold short | 12607 |
| &nbsp;&nbsp;&nbsp;Interest expense | 532 |
| &nbsp;&nbsp;&nbsp;Service fees for securities sold short (See Note 2) | 304 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 220833 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 4525787 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fee reimbursements (See Note 3) | (225001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 5) | (4806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fee credits | (378) |
| &nbsp;&nbsp;&nbsp;**Total Credits and Reductions** | (230185) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 4295602 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 5255626 |
| **Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments in securities | 5213179 |
| &nbsp;&nbsp;&nbsp;Net realized gain on securities sold short | 69635 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (42699) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments in securities, securities sold short, and foreign currency transactions | 5240115 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments in securities | (28904878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (14766) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments in securities and foreign currency translations | (28919644) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, and Foreign Currency** | (23679529) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (18423903) |
| &nbsp;&nbsp;&nbsp;Total Distributions to Preferred Shareholders | (3291090) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Attributable to Common Shareholders Resulting from Operations** | $(21714993) |

---

See accompanying notes to financial statements.

**The Gabelli Utility Trust**

**Statement of Changes in Net Assets Attributable to Common Shareholders**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, 2022** | **Year Ended <br> December 31, 2021** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $5255626 | $4221130 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments in securities, securities sold short, and foreign currency transactions | 5240115 | 7677155 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments in securities and foreign currency translations | (28919644) | 31264327 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | (18423903) | 43162612 |
| **Distributions to Preferred Shareholders from Accumulated Earnings** | (3291090) | (4793409) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations** | (21714993) | 38369203 |
| **Distributions to Common Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | (8001577) | (5741013) |
| &nbsp;&nbsp;&nbsp;Return of capital | (34190446) | (30677186) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Common Shareholders** | (42192023) | (36418199) |
| **Fund Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Increase in net assets from common shares issued in offering | 50234410 | 43372120 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from common shares issued upon reinvestment of distributions | 6983503 | 6084011 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from repurchase of preferred shares | 16337 |  |
| &nbsp;&nbsp;&nbsp;Offering costs for common shares charged to paid-in capital | (411623) | (370377) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Fund Share Transactions** | 56822627 | 49085754 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders** | (7084389) | 51036758 |
| **Net Assets Attributable to Common Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 277297330 | 226260572 |
| &nbsp;&nbsp;&nbsp;End of year | $270212941 | $277297330 |

---

See accompanying notes to financial statements.

**The Gabelli Utility Trust** 

 **Financial Highlights**

**Selected data for a common share of beneficial interest outstanding throughout each year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $4.35 | $4.11 | $5.03 | $4.61 | $5.34 |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.08 | 0.07 | 0.09 | 0.11 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions | (0.33) | 0.69 | (0.35) | 0.99 | (0.27) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.25) | 0.76 | (0.26) | 1.10 | (0.15) |
| **Distributions to Preferred Shareholders: (a)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.04) | (0.10) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.03) | (0.04) |  | (0.08) | (0.08) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.00)(b) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions to preferred shareholders | (0.05) | (0.08) | (0.10) | (0.10) | (0.10) |
| **Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations** | (0.30) | 0.68 | (0.36) | 1.00 | (0.25) |
| **Distributions to Common Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.04) |  | (0.09) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.06) | (0.05) |  | (0.39) | (0.48) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.49) | (0.51) | (0.60) | (0.12) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions to common shareholders | (0.60) | (0.60) | (0.60) | (0.60) | (0.60) |
| **Fund Share Transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Increase in net asset value from common share transactions | 0.16 | 0.13 |  |  | 0.12 |
| &nbsp;&nbsp;&nbsp;Increase in net asset value from common shares issued upon reinvestment of distributions | 0.05 | 0.04 | 0.04 | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;Increase in net asset value from repurchase of preferred shares | 0.00 (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Offering costs and adjustments to offering costs for preferred shares charged or credited to paid-in capital |  |  |  | 0.00 (b) | (0.01) |
| &nbsp;&nbsp;&nbsp;Offering costs and adjustment to offering costs for common shares charged to paid-in capital | (0.01) | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Fund share transactions | 0.20 | 0.16 | 0.04 | 0.02 | 0.12 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value Attributable to Common Shareholders, End of Year** | $3.65 | $4.35 | $4.11 | $5.03 | $4.61 |
| &nbsp;&nbsp;&nbsp;NAV total return † | (5.94)% | 18.13% | (5.37)% | 23.21% | (5.02)% |
| &nbsp;&nbsp;&nbsp;Market value, end of year | $7.51 | $8.24 | $8.12 | $7.77 | $5.94 |
| &nbsp;&nbsp;&nbsp;Investment total return †† | 3.31% | 13.91% | 13.88% | 42.99% | (4.76)% |
| **Ratios to Average Net Assets and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets including liquidation value of preferred shares, end of year (in 000's) | $342394 | $378630 | $327593 | $374625 | $348449 |
| &nbsp;&nbsp;&nbsp;Net assets attributable to common shares, end of year (in 000's) | $270213 | $277297 | $226261 | $273293 | $247117 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets attributable to common shares before preferred share distributions | 1.89% | 1.61% | 2.16% | 2.30% | 2.51% |

---

See accompanying notes to financial statements.

**The Gabelli Utility Trust**

**Financial Highlights (Continued)**

**Selected data for a common share of beneficial interest outstanding throughout each year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets attributable to common shares before fees waived/fee reduction (c)(d) | 1.62% | 1.75% | 1.84% | 1.64 %(e) | 1.81% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets attributable to common shares net of fees waived/ fee reduction, if any (c) | 1.54 %(f)(g)(h) | 1.75% | 1.62 %(h) | 1.64 %(e)(h) | 1.60 %(h) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 7% | 10% | 19% | 23% | 26% |
| **Cumulative Preferred Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**5.625% Series A Preferred(i)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of year (in 000's) |  | $28832 | $28832 | $28832 | $28832 |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) |  | 1153 | 1153 | 1153 | 1153 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share |  | $25.00 | $25.00 | $25.00 | $25.00 |
| &nbsp;&nbsp;&nbsp;Average market value (j) |  | $26.93 | $26.78 | $26.19 | $25.43 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (k) |  | $93.41 | $80.82 | $92.43 | $85.97 |
| &nbsp;&nbsp;&nbsp;**Auction Market Series B Preferred** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of year (in 000's) | $22500 | $22500 | $22500 | $22500 | $22500 |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share | $25000 | $25000 | $25000 | $25000 | $25000 |
| &nbsp;&nbsp;&nbsp;Liquidation value (l) | $25000 | $25000 | $25000 | $25000 | $25000 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (k) | $118589 | $93413 | $80821 | $92425 | $85967 |
| &nbsp;&nbsp;&nbsp;**5.375% Series C Preferred** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of year (in 000's) | $49681 | $50000 | $50000 | $50000 | $50000 |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) | 1987 | 2000 | 2000 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 |
| &nbsp;&nbsp;&nbsp;Average market value (j) | $25.00 | $26.02 | $25.96 | $25.90 | $25.01 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (k) | $118.59 | $93.41 | $80.82 | $92.43 | $85.97 |
| &nbsp;&nbsp;&nbsp;**Asset Coverage (m)** | 474% | 374% | 323% | 370% | 344% |

---

† Based on net asset value
per share, adjusted for reinvestment of distributions at the net asset value per share on the ex-dividend dates and adjustments
for the rights offering.

†† Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund's dividend reinvestment plan and adjustments for the rights offering.

(a) Calculated
 based on average common shares outstanding on the record dates throughout the years.

(b) Amount
 represents less than $0.005 per share.

(c) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating
 expenses. For all years presented, there was no impact on the expense ratios.

(d) Ratio
 of operating expenses to average net assets including liquidation value of preferred
 shares before fee waived for the years ended December 31, 2022, 2021, 2020, 2019, and
 2018 would have been 1.28%, 1.26%, 1.28%, 1.19%, and 1.28%, respectively.

(e) In
 2019, due to failed auctions relating to previous fiscal years, the Fund reversed accumulated
 auction agent fees. The 2019 ratio of operating expenses to average net assets attributable
 to common shares and the ratio of operating expenses to average net assets including
 the liquidation value of preferred shares, excluding the reversal of auction agent fees,
 were 1.71% and 1.24%, respectively.

(f) The
 ratio of operating expenses excluding interest, dividends and service fees on securities
 sold short, and offering costs to average net assets attributable to common shares for
 the year ended December 31, 2022 would have been 1.54%.

(g) The
 fund received credits from the custodian. For the year ended December 31, 2022 there
 was no impact on the expense ratios.

(h) Ratio
 of operating expenses to average net assets including liquidation value of preferred
 shares net of advisory fee reduction for the years ended December 31, 2022, 2020, 2019,
 and 2018 would have been 1.22%, 1.12%, 1.19%, and 1.14%, respectively.

(i) The
 Fund redeemed and retired all its outstanding Series A Preferred Shares on January 31,
 2022.

(j) Based
 on weekly prices.

(k) Asset
 coverage per share is calculated by combining all series of preferred shares.

See accompanying notes to financial statements.

**The Gabelli Utility Trust**

**Financial Highlights (Continued)**

(l) Since February 2008, the
weekly auctions have failed. Holders that have submitted orders have not been able to sell any or all of their shares in the auction.

(m) Asset coverage is calculated
by combining all series of preferred shares.

See accompanying notes to financial statements.

**The Gabelli Utility Trust**

**Notes to Financial Statements**

**1. Organization** **.** The Gabelli Utility Trust(the Fund) was organized on February 25, 1999 as a Delaware statutory trust. The Fund is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund commenced investment operations on July 9, 1999.

The Fund's primary objective is long term growth of capital and income. The Fund will invest 80% of its assets, under normal market conditions, in common stocks and other securities of foreign and domestic companies involved in providing products, services, or equipment for (i) the generation or distribution of electricity, gas, and water and (ii) telecommunications services or infrastructure operations (the 80% Policy). The 80% Policy may be changed without shareholder approval. However, the Fund has adopted a policy to provide shareholders with notice at least sixty days prior to the implementation of any change in the 80% Policy.

**2. Significant Accounting Policies** **.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. 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 financial statements.

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

***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 obligations 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 securities are valued using the closing bid price, 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. 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. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

**The Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

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 American Depositary Receipt 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 Board's determinations as to the fair value of investments).

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 Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1 <br> Quoted Prices** | **Level 2 Other Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs (a)** |<br>**Total Market Value at 12/31/22** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communications |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | $17422529 |  | $65000 | $17487529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless Communications | 4843293 |  | 4806 | 4848099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Industries (b) | 11114032 |  |  | 11114032 |
| &nbsp;&nbsp;&nbsp;Energy and Utilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Utilities | 6700013 | $94597 |  | 6794610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Industries (b) | 234244504 |  |  | 234244504 |
| &nbsp;&nbsp;&nbsp;Independent Power Producers and Energy Traders (b) | 636400 |  |  | 636400 |
| &nbsp;&nbsp;&nbsp;Other (b) | 9020332 |  |  | 9020332 |
| Total Common Stocks | 283981103 | 94597 | 69806 | 284145506 |
| Mandatory Convertible Securities (b) |  | 1557816 |  | 1557816 |
| Warrants (b) | 313 |  |  | 313 |
| U.S. Government Obligations |  | 56321811 |  | 56321811 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $283981416 | $57974224 | $69806 | $342025446 |

---

(a) The
 inputs for these securities are not readily available and are derived based on the judgment
 of the Adviser according to procedures approved by the Board.

(b) Please
 refer to the Schedule of Investments for the industry classifications of these portfolio
 holdings.

During the year ended December 31, 2022, the Fund did not have material transfers into or out of Level 3.

**Additional Information to Evaluate Qualitative Information.**

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable

**The Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Derivative Financial Instruments.*** The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, 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, 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.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Fund's policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

The Fund's derivative contracts held at December 31, 2022, 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 swap transactions for the purpose of increasing the income of the Fund. 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 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

**The Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

at the time an equity contract for difference 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.

Unrealized gains related to swaps are reported as an asset and unrealized losses are reported as a liability in the Statement of Assets and Liabilities. The change in the value of swaps, including the accrual of periodic amounts of interest to be received or paid on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon receipt or payment of a periodic payment or termination of swap agreements. At December 31, 2022, the Fund held no investments in equity contract for difference swap agreements.

***Securities Sold Short***. The Fund entered into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. Securities sold short and details of collateral at December 31, 2022 are reflected within the Schedule of Investments. For the year ended December 31, 2022, the Fund incurred $304 in service fees related to its investment positions sold short and held by the broker. These amounts are included in the Statement of Operations under Expenses, Service fees for securities sold short.

***Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps.*** Subject to the guidelines of the Board, the Fund may engage in "commodity interest" transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (CFTC). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (CEA), the Adviser has filed a notice of exemption from registration as a "commodity pool operator" with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund which permit the Fund to engage in commodity interest transactions that include (i) "bona fide hedging" transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund's assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund's existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund's liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the Fund's commodity interest transactions would not exceed 100% of the market value of the Fund's liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures, and financial futures contracts). As a result, in the future the Fund will be more limited in its ability to use these

**The Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

instruments than in the past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund's performance.

***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.

***Restricted Securities.*** The Fund is not subject to an independent limitation on the amount it may invest in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and, accordingly, the Board will monitor their liquidity. At December 31, 2022, the Fund held no restricted securities.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

**The Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

***Custodian Fee Credits and Interest Expense.*** When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as "Custodian fee credits." When cash balances are overdrawn, the Fund is charged an overdraft fee of 110% of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, if any, would be included in the Statement of Operations.

***Distributions to Shareholders.*** Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the tax treatment of currency gains and losses and prior year return of capital. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2022, reclassifications were made to decrease paid-in capital by $700,947, with an offsetting adjustment to total distributable earnings.

The Fund declares and pays monthly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund's distribution level, taking into consideration the Fund's NAV and the financial market environment. The Fund's distribution policy is subject to modification by the Board at any time.

Distributions to shareholders of the Fund's the Series B Auction Market Cumulative Preferred Shares (Series B Preferred), and the 5.375% Series C Cumulative Preferred Shares (Series C Preferred) are recorded on a daily basis and are determined as described in Note 6.

The tax character of distributions paid during the years ended December 31, 2022 and 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Common** | **Preferred** | **Common** | **Preferred** |
| **Distributions paid from:** |  |  |  |  |
| Ordinary income (inclusive of short term capital gains) | $3733883 | $1535765 | $3029766 | $2529676 |
| Net long term capital gains | 4267694 | 1755325 | 2711247 | 2263733 |
| Return of capital | 34190446 | – | 30677186 | – |
| Total distributions paid | $42192023 | $3291090 | $36418199 | $4793409 |

---

***Provision for Income Taxes.*** The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute

**The Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

At December 31, 2022, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Net unrealized appreciation on investments and foreign currency translations | $39632167 |
| Other temporary differences<sup>\*</sup> | (600533) |
| Total | $39031634 |

---

\* Other temporary differences are due to preferred share class distributions payable.

At December 31, 2022, the temporary differences between book basis and tax basis net unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes, tax basis adjustments on investments in partnerships, tax basis adjustments due to corporate actions, Real Estate Investment Trusts estimates, and investments no longer considered passive foreign investment companies.

The following summarizes the tax cost of investments and derivatives and the related net unrealized appreciation at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | <br>**Net Unrealized**<br>**Appreciation** |
| Investments | $302374679 | $64059503 | $(24408736) | $39650767 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the year ended December 31, 2022, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2022, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

**3. Investment Advisory Agreement and Other Transactions.** The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of its average weekly net assets including the liquidation value of the preferred shares. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio and oversees the administration of all aspects of the Fund's business and affairs.

The Adviser has agreed to reduce the management fee on the incremental assets attributable to the Series B Preferred if the total return of the NAV of the common shares of the Fund, including distributions and advisory fee subject to reduction, does not exceed the stated dividend rates of the Series B Preferred for the year. The Fund's total return on the NAV of the common shares is monitored on a monthly basis to assess whether the total return on the NAV of the common shares exceeds the dividend rates of the Series B Preferred for the period. For the year ended December 31, 2022, the Fund's total return on the NAV of the common shares did

**The Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

not exceed the stated dividend rate of the Series B Preferred. Thus, advisory fees with respect to the liquidation value of the Preferred Shares were reduced by $225,001. Advisory fees were not accrued on the Series B Preferred Shares.

**4. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2022, other than short term securities and U.S. Government obligations, aggregated $21,252,268 and $23,337,961, respectively.

**5. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2022, the Fund paid $3,111 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the year ended December 31, 2022, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $4,806.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the year ended December 31, 2022, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the year ended December 31, 2022, the Fund accrued $121,384 in payroll expenses in the Statement of Operations.

The Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

**6. Capital.** The Fund is authorized to issue an unlimited number of shares of beneficial interest (par value $0.001). The Board has authorized the repurchase of its common 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 years ended December 31, 2022 and December 31, 2021, the Fund did not repurchase any common shares of beneficial interest in the open market.

Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net increase in net assets from common shares issued in rights offering | 9133529 | $50234410 | 7885840 | $43372120 |
| Net increase in net assets from common shares issued upon reinvestment of distributions | 1011565 | 6983503 | 820290 | 6084011 |
| &nbsp;&nbsp;&nbsp;Net increase | 10145094 | $57217913 | 8706130 | $49456131 |

---

**The Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

The Fund's Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred Shares. The 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 Preferred Shares are cumulative. The Fund is required by the 1940 Act and by the Statement of Additional Information 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, Series B and Series C Preferred Shares at redemption prices of $25,000 and $25, respectively, 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 investment income and gains available to common shareholders.

The Fund may redeem at any time, in whole or in part, the Series B Preferred at the redemption price. In addition, the Board has authorized the repurchase of the Series C Preferred in the open market at prices less than the $25 liquidation value per share. During the year ended December 31, 2022, the Fund repurchased and retired 12,774 of the Series C Preferred Shares in the open market at an investment of $303,012 and an average discount of approximately 5.2% from its liquidation preference; the Fund did not repurchase any shares of Series B Preferred.

On January 31, 2022, the Fund redeemed all Series A Preferred at the Redemption Price of $25.13671875 per share, which consisted of the liquidation preference of $25.00 plus $0.13671875 per share representing accumulated but unpaid dividends and distributions to the redemption date of January 31, 2022.

For Series B Preferred Shares, the dividend rates are typically set by an auction process that is generally held every seven days, and are typically expected to vary with short term interest rates. Since February 2008, the number of Series B Preferred Shares subject to bid orders by potential holders has been less than the number of shares of Series B sell orders. Holders that have submitted sell orders have not been able to sell any or all of the Series B Preferred Shares for which they have submitted sell orders. Therefore the weekly auctions have failed, and the dividend rate has been the maximum rate. The current maximum rate for Series B Preferred Shares is 200 basis points greater than the seven day ICE LIBOR rate on the date of such auction.

In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021. Since December 31, 2021, all sterling, euro, Swiss franc and Japanese yen LIBOR settings and the 1-week and 2-month U.S. dollar LIBOR settings have ceased to be published or are no longer representative. As a result, since December 31, 2021, the seven day ICE LIBOR rate has ceased to be published and is no longer representative. Because the Series B Preferred Shares have no other effective alternative rate setting provision, a last-resort fallback of fixing this LIBOR-based reference rate at its last published rate applies. The last published seven day ICE LIBOR rate was 0.076%, which results in a fixed maximum rate for Series B Preferred Shares of 2.076% for all failed auctions after December 31, 2021. In the absence of successful future auctions that establish dividend rates based on prevailing short term interest rates, this result could lead to divergent and unexpected economic results for the Fund and holders of the Series B Preferred Shares since the rates payable on the Series B Preferred Shares are no longer likely to be representative of prevailing market rates.

**The Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

Existing Series B Preferred shareholders may submit an order to hold, bid, or sell such shares on each auction date, or trade their shares in the secondary market.

The Fund has the authority to purchase its Series B auction market preferred shares through negotiated private transactions. The Fund is not obligated to purchase any dollar amount or number of auction market preferred shares, and the timing and amount of any auction market preferred shares purchased will depend on market conditions, share price, capital availability, and other factors. The Fund is not soliciting holders to sell these shares nor recommending that holders offer them to the Fund. Any offers can be accepted or rejected in the Fund's discretion.

The following table summarizes Cumulative Preferred Shares information:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Series** | <br>**Issue Date** | <br>**Authorized** | **Number of**<br>**Shares**<br>**Outstanding at**<br>**12/31/2022** | <br>**Net Proceeds** | <br>**2022 Dividend**<br>**Rate Range** | <br>**Dividend**<br>**Rate at**<br>**12/31/2022** | <br>**Accrued**<br>**Dividends at**<br>**12/31/2022** |
| B Auction Market | July 31, 2003 | 1000 | 900 | $24590026 | 2.076% | 2.076% | $3839 |
| C 5.375% | May 31, 2016 | 2000000 | 1987226 | $48142029 | Fixed Rate | 5.375% | $37088 |

---

The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders 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 shares, 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.

On March 11, 2021, the Fund distributed one transferable right for each of the 55,200,877 common shares outstanding held on that date. Seven rights were required to purchase one additional common share at the subscription price of $5.50 per share. On May 21, 2021, the Fund issued 7,885,840 common shares receiving net proceeds of $43,001,743, after the deduction of offering expenses of $370,377. The NAV of the Fund increased by $0.13 per share on the day the additional shares were issued due to the additional shares being issued above NAV. On March 10, 2022, the Fund distributed one transferable right for each of the 63,934,698 common shares outstanding held on that date. Seven rights were required to purchase one additional common share at the subscription price of $5.50 per share. On April 20, 2022, the Fund issued 9,133,529 common shares receiving net proceeds of $49,849,194, after the deduction of offering expenses of $385,216. The NAV of the Fund increased by $0.16 per share on the day the additional shares were issued due to the additional shares being issued above NAV. The fund has an effective shelf registration authorizing an additional $141 million of common or preferred shares.

**7. Industry Concentration.** Because the Fund primarily invests in common stocks and other securities of foreign and domestic companies in the utility industry, its portfolio may be subject to greater risk and market fluctuations than a portfolio of securities representing a broad range of investments.

**The Gabelli Utility Trust**

**Notes to Financial Statements (Continued)**

**8. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**9. Subsequent Events.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

**The Gabelli Utility Trust**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees and Shareholders of

The Gabelli Utility Trust:

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Gabelli Utility Trust (the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets attributable to common shareholders for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets attributable to common shareholders for each of the two years in the period ended December 31, 2022, and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

March 1, 2023

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**The Gabelli Utility Trust**

**Additional Fund Information (Unaudited)**

**Delaware Statutory Trust Act – Control Share Acquisitions**

The Fund is organized as a Delaware statutory trust and thus is subject to the control share acquisition statute contained in Subchapter III of the Delaware Statutory Trust Act (the DSTA Control Share Statute). The DSTA Control Share Statute applies to any closed-end investment company organized as a Delaware statutory trust and listed on a national securities exchange, such as the Fund. The DSTA Control Share Statute became automatically applicable to the Fund on August 1, 2022.

The DSTA Control Share Statute defines "control beneficial interests" (referred to as "control shares" herein) by reference to a series of voting power thresholds and provides that a holder of control shares acquired in a control share acquisition has no voting rights under the Delaware Statutory Trust Act (DSTA) or the Fund's Governing Documents (as used herein, "Governing Documents" means the Fund's Agreement and Declaration of Trust and By-Laws, together with any amendments or supplements thereto, including any Statement of Preferences establishing a series of preferred shares) with respect to the control shares acquired in the control share acquisition, except to the extent approved by the Fund's shareholders by the affirmative vote of two–thirds of all the votes entitled to be cast on the matter, excluding all interested shares (generally, shares held by the acquiring person and their associates and shares held by Fund insiders).

The DSTA Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. Whether one of these thresholds of voting power is met is determined by aggregating the holdings of the acquiring person as well as those of his, her or its "associates." These thresholds are:

● 10% or more, but less than 15% of all voting power;

● 15% or more, but less than 20% of all voting power;

● 20% or more, but less than 25% of all voting power;

● 25% or more, but less than 30% of all voting power;

● 30% or more, but less than a majority of all voting power; or

● a majority or more of all voting power.

Under the DSTA Control Share Statute, once a threshold is reached, an acquirer has no voting rights with respect to shares in excess of that threshold (i.e., the "control shares") until approved by a vote of shareholders, as described above, or otherwise exempted by the Fund's Board of Trustees. The DSTA Control Share Statute contains a statutory process for an acquiring person to request a shareholder meeting for the purpose of considering the voting rights to be accorded control shares. An acquiring person must repeat this process at each threshold level.

Under the DSTA Control Share Statute, an acquiring person's "associates" are broadly defined to include, among others, relatives of the acquiring person, anyone in a control relationship with the acquiring person, any investment fund or other collective investment vehicle that has the same investment adviser as the acquiring person, any investment adviser of an acquiring person that is an investment fund or other collective investment vehicle and any other person acting or intending to act jointly or in concert with the acquiring person.

Voting power under the DSTA Control Share Statute is the power (whether such power is direct or indirect or through any contract, arrangement, understanding, relationship or otherwise) to directly or indirectly exercise or direct the exercise of the voting power of shares of the Fund in the election of the Fund's Trustees (either

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

generally or with respect to any subset, series or class of trustees, including any Trustees elected solely by a particular series or class of shares, such as the preferred shares). Thus, Fund preferred shares, including the Series B and Series C Preferred Shares, acquired in excess of the above thresholds would be considered control shares with respect to the preferred share class vote for two Trustees.

Any control shares of the Fund acquired before August 1, 2022 are not subject to the DSTA Control Share Statute; however, any further acquisitions on or after August 1, 2022 are considered control shares subject to the DSTA Control Share Statute.

The DSTA Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition, and also permits the Fund to require a shareholder or an associate of such person to disclose the number of shares owned or with respect to which such person or an associate thereof can directly or indirectly exercise voting power. Further, the DSTA Control Share Statute requires a shareholder or an associate of such person to provide to the Fund within 10 days of receiving a request therefor from the Fund any information that the Fund's Trustees reasonably believe is necessary or desirable to determine whether a control share acquisition has occurred.

The DSTA Control Share Statute permits the Fund's Board of Trustees, through a provision in the Fund's Governing Documents or by Board action alone, to eliminate the application of the DSTA Control Share Statute to the acquisition of control shares in the Fund specifically, generally, or generally by types, as to specifically identified or unidentified existing or future beneficial owners or their affiliates or associates or as to any series or classes of shares. The DSTA Control Share Statute does not provide that the Fund can generally "opt out" of the application of the DSTA Control Share Statute; rather, specific acquisitions or classes of acquisitions may be exempted by the Fund's Board of Trustees, either in advance or retroactively, but other aspects of the DSTA Control Share Statute, which are summarized above, would continue to apply. The DSTA Control Share Statute further provides that the Board of Trustees is under no obligation to grant any such exemptions.

The foregoing is only a summary of the material terms of the DSTA Control Share Statute. Shareholders should consult their own counsel with respect to the application of the DSTA Control Share Statute to any particular circumstance.

**The Gabelli Utility Trust**

**Additional Fund Information (Unaudited)**

**Summary of Updated Information Regarding the Fund**

The following includes information that is incorporated by reference in the Fund's Registration Statement and is also a summary of certain changes during the most recent fiscal year ended December 31, 2022. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.

**Investment Objective and Strategies**

During the Fund's most recent fiscal year, there were no material changes to the Fund's investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with an investment in the Fund.

**Investment Objective**

The Fund's primary investment objective is long term growth of capital and income. The Fund will invest at least 80% of its net assets (plus borrowings made for investment purposes), under normal market conditions, in common stocks and other securities of foreign and domestic companies involved in providing products, services, or equipment for (i) the generation or distribution of electricity, gas, and water and (ii) telecommunications services or infrastructure operations (collectively, the "Utility Industry"). A company will be considered to be in the Utility Industry if it derives at least 50% of its revenues or earnings from, or devotes at least 50% of its assets to, the indicated activities or utility-related activities. The remaining 20% of its assets may be invested in other securities including stocks, equity securities, debt obligations and money market instruments, as well as certain derivative instruments in the Utility Industry or other industries. Moreover, should extraordinary conditions affecting such sectors or securities markets as a whole warrant, the Fund may temporarily be primarily invested in money market instruments. When the Fund is invested in these instruments for temporary or defensive purposes it may not achieve its investment objective.

The investment policy of the Fund relating to the type of securities in which at least 80% of the Fund's net assets (plus borrowings made for investment purposes) must be invested may be changed by the Board without shareholder approval. Shareholders will, however, receive at least 60 days prior notice of any change in this policy.

Although many companies in the Utility Industry traditionally pay above average dividends, the Fund intends to focus on those companies whose securities have the potential to increase in value. The Fund's performance is expected to reflect conditions affecting public utility industries. These industries are sensitive to factors such as interest rates, local and national government regulations, the price and availability of fuel, environmental protection or energy conservation regulations, weather, the level of demand for services, and the risks associated with constructing and operating nuclear power facilities. These factors may change rapidly. The Fund emphasizes quality in selecting utility investments, and generally looks for companies that have proven dividend records and sound financial structures. Believing that the industry is under consolidation due to changes in regulation, the Fund intends to position itself to take advantage of trends in consolidation.

Under normal circumstances the Fund will invest in securities of issuers located in countries other than the United States and may invest in such foreign securities without limitation. Among the foreign securities in which the Fund may invest are those issued by companies located in emerging markets. Investing in securities of foreign issuers, which generally are denominated in foreign currencies, may involve certain risk and opportunity

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

considerations not typically associated with investing in domestic companies and could cause the Fund to be affected favorably or unfavorably by changes in currency exchange rates and revaluations of currencies. The Fund may invest in securities across all market capitalization ranges.

No assurance can be given that the Fund's investment objective will be achieved.

**Investment Methodology of the Fund**

In selecting securities for the Fund, Gabelli Funds, LLC (the "Investment Adviser") normally will consider the following factors, among others:

● the Investment Adviser's own evaluations of the private market value (as defined below), cash flow, earnings per share and other fundamental aspects of the underlying assets and business of the company;

● the potential for capital appreciation of the securities;

● the interest or dividend income generated by the securities;

● the prices of the securities relative to other comparable securities;

● whether the securities are entitled to the benefits of call protection or other protective covenants;

● the existence of any anti-dilution protections or guarantees of the security; and

● the diversification of the portfolio of the Fund as to issuers.

The Investment Adviser's investment philosophy with respect to equity securities is to identify assets that are selling in the public market at a discount to their private market value. The Investment Adviser defines private market value as the value informed purchasers are willing to pay to acquire assets with similar characteristics. The Investment Adviser also normally evaluates an issuer's free cash flow and long term earnings trends. Finally, the Investment Adviser looks for a catalyst, something indigenous to the company, its industry or country that will surface additional value.

**Certain Investment Practices**

***Corporate Reorganizations.*** The Fund may invest without limit in securities of companies for which a tender or exchange offer has been made or announced and in securities of companies for which a merger, consolidation, liquidation or similar reorganization proposal has been announced if, in the judgment of the Investment Adviser, there is a reasonable prospect of capital appreciation significantly greater than the added portfolio turnover expenses inherent in the short term nature of such transactions. The principal risk is that such offers or proposals may not be consummated within the time and under the terms contemplated at the time of the investment, in which case, unless such offers or proposals are replaced by equivalent or increased offers or proposals that are consummated, the Fund may sustain a loss.

***Temporary Defensive Investments.*** Subject to the Fund's investment restrictions, when a temporary defensive period is believed by the Investment Adviser to be warranted ("temporary defensive periods"), the Fund may, without limitation, hold cash or invest its assets in securities of United States government sponsored instrumentalities, in repurchase agreements in respect of those instruments, and in certain high-grade commercial paper instruments. During temporary defensive periods, the Fund may also invest in money market mutual funds that invest primarily in securities of United States government sponsored instrumentalities and

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

repurchase agreements in respect of those instruments. Obligations of certain agencies and instrumentalities of the United States government, such as the Government National Mortgage Association, are supported by the "full faith and credit" of the United States government; others, such as those of the Export-Import Bank of the United States, are supported by the right of the issuer to borrow from the United States Treasury; others, such as those of the Federal National Mortgage Association, are supported by the discretionary authority of the United States government to purchase the agency's obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. No assurance can be given that the United States government would provide financial support to United States government sponsored instrumentalities if it is not obligated to do so by law. During temporary defensive periods, the Fund may not achieve its investment objective.

***Non-Investment Grade Securities.*** The Fund may invest up to 25% of its total assets in fixed income securities rated in the lower rating categories of recognized statistical rating agencies, such as securities rated "CCC" or lower by Standard & Poor's Ratings Services, a Division of The McGraw-Hill Companies, Inc. ("S&P"), or "Caa" or lower by Moody's Investors Services, Inc. ("Moody's"), or unrated securities of comparable quality. These securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to adverse conditions. Debt securities that are not rated or that are rated lower than "BBB" by S&P or lower than "Baa" by Moody's are often referred to in the financial press as "junk bonds."

Generally, such non-investment grade securities and unrated securities of comparable quality offer a higher current yield than is offered by higher rated securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of the rating organizations, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. The market values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher quality securities. In addition, such securities generally present a higher degree of credit risk. The risk of loss due to default by these issuers is significantly greater because such non-investment grade securities and unrated securities of comparable quality generally are unsecured and frequently are subordinated to the prior payment of senior indebtedness. In light of these risks, the Investment Adviser, in evaluating the creditworthiness of an issue, whether rated or unrated, will take various factors into consideration, which may include, as applicable, the issuer's operating history, financial resources and its sensitivity to economic conditions and trends, the market support for the facility financed by the issue, the perceived ability and integrity of the issuer's management and regulatory matters.

In addition, the market value of non-investment grade securities is more volatile than that of higher quality securities, and the markets in which such non-investment grade or unrated securities are traded are more limited than those in which higher rated securities are traded. The existence of limited markets may make it more difficult for the Fund to obtain accurate market quotations for purposes of valuing its portfolio and calculating its net asset value ("NAV"). Moreover, the lack of a liquid trading market may restrict the availability of securities for the Fund to purchase and may also have the effect of limiting the ability of the Fund to sell securities at their fair value in response to changes in the economy or the financial markets.

Non-investment grade securities also present risks based on payment expectations. If an issuer calls the obligation for redemption (often a feature of fixed income securities), the Fund may have to replace the security

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

with a lower yielding security, resulting in a decreased return for investors. Also, as the principal value of nonconvertible bonds and preferred stocks moves inversely with movements in interest rates, when interest rates rise, the value of the securities held by the Fund may decline proportionately more than a portfolio consisting of higher rated securities. Investments in zero coupon bonds may be more speculative and subject to greater fluctuations in value due to changes in interest rates than bonds that pay regular income streams. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address rising inflation. There is a risk that interest rates will continue to rise, which will likely drive down prices of bonds and other fixed-income securities. The magnitude of these price reductions in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund's investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund's NAV. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by the Investment Adviser.

As part of its investment in non-investment grade securities, the Fund may invest in securities of issuers in default. The Fund will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their obligations or emerge from bankruptcy protection under a plan pursuant to which the securities received by the Fund in exchange for its defaulted securities will have a value in excess of the Fund's investment. By investing in securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations or emerge from bankruptcy protection or that the value of the securities will not otherwise appreciate.

In addition to using recognized rating agencies and other sources, the Investment Adviser also performs its own analysis of issues in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition of the issuer. Its analysis of securities of issuers may include, among other things, current and anticipated cash flow and borrowing requirements, value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing, and current anticipated results of operations. In selecting investments for the Fund, the Investment Adviser may also consider general business conditions, anticipated changes in interest rates, and the outlook for specific industries.

Subsequent to its purchase by the Fund, an issuer of securities may cease to be rated or its rating may be reduced. In addition, it is possible that statistical rating agencies may change their ratings of a particular issuer to reflect subsequent events. Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue to hold the securities.

The market for non-investment grade and comparable unrated securities has experienced several periods of significantly adverse price and liquidity, particularly at or around times of economic recessions. Past market recessions have adversely affected the value of such securities as well as the ability of certain issuers of such securities to repay principal and pay interest thereon or to refinance such securities. The market for those securities may react in a similar fashion in the future.

***Options.*** On behalf of the Fund, the Investment Adviser may, subject to the guidelines of the Board, purchase or sell (i.e., write) options on securities, securities indices and foreign currencies which are listed on a national

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

securities exchange or in the U.S. over-the-counter ("OTC") markets as a means of achieving additional return or of hedging the value of the Fund's portfolio. The Fund may write covered call options on common stocks that it owns or has an immediate right to acquire through conversion or exchange of other securities in an amount not to exceed 25% of total assets or invest up to 10% of its total assets in the purchase of put options on common stocks that the Fund owns or may acquire through the conversion or exchange of other securities that it owns.

A call option is a contract that gives the holder of the option the right to buy from the writer (seller) of the call option, in return for a premium paid, the security underlying the option at a specified exercise price at any time during the term of the option. The writer of the call option has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price during the option period.

A put option is a contract that gives the holder of the option the right to sell to the writer (seller), in return for the premium, the underlying security at a specified price during the term of the option. The writer of the put, who receives the premium, has the obligation to buy the underlying security upon exercise, at the exercise price during the option period.

If the Fund has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished by purchasing an option of the same series as the option previously written. There can be no assurance that a closing purchase transaction can be effected when the Fund so desires.

An exchange-traded option may be closed out only on an exchange which provides a secondary market for an option of the same series. Although the Fund will generally purchase or write only those options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option.

A call option is "covered" if the Fund owns the underlying instrument covered by the call or has an absolute and immediate right to acquire that instrument without additional cash consideration upon conversion or exchange of another instrument held in its portfolio (or for additional cash consideration held in a segregated account by its custodian). A call option is also covered if the Fund holds a call on the same instrument as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written or (ii) greater than the exercise price of the call written if the difference is maintained by the Fund in cash, U.S. government obligations or other high-grade short term obligations in a segregated account with its custodian. A put option is "covered" if the Fund maintains cash or other high-grade short term obligations with a value equal to the exercise price in a segregated account with its custodian, or else holds a put on the same instrument as the put written where the exercise price of the put held is equal to or greater than the exercise price of the put written. If the Fund has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished by purchasing an option of the same series as the option previously written. However, once the Fund has been assigned an exercise notice, it will be unable to effect a closing purchase transaction. Similarly, if the Fund is the holder of an option, it may liquidate its position by effecting a closing sale transaction. This is accomplished by selling an option with the same terms as the option previously purchased. There can be no assurance that either a closing purchase or sale transaction can be effected when the Fund so desires.

The Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium it received from writing the option or is more than the premium it paid to purchase the option; the Fund will realize a loss from a closing transaction if the price of the transaction is more than the premium it received from writing

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

the option or is less than the premium it paid to purchase the option. Since call option prices generally reflect increases in the price of the underlying security, any loss resulting from the repurchase of a call option may also be wholly or partially offset by unrealized appreciation of the underlying security. Other principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price and price volatility of the underlying security and the time remaining until the expiration date. Gains and losses on investments in options depend, in part, on the ability of the Investment Adviser to predict correctly the effect of these factors. The use of options cannot serve as a complete hedge since the price movement of securities underlying the options will not necessarily follow the price movements of the portfolio securities subject to the hedge.

An option position may be closed out only on an exchange that provides a secondary market for an option with the same terms or in a private transaction. Although the Fund will generally purchase or write only those options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option. In such event, it might not be possible to effect closing transactions in particular options, so that the Fund would have to exercise its options in order to realize any profit and would incur brokerage commissions upon the exercise of call options and upon the subsequent disposition of underlying securities for the exercise of put options. If the Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying security until the option expires or it delivers the underlying security upon exercise or otherwise covers the position.

In addition to options on securities, the Fund may also purchase and sell call and put options on securities indices. A stock index reflects in a single number the market value of many different stocks. Relative values are assigned to the stocks included in an index and the index fluctuates with changes in the market values of the stocks. The options give the holder the right to receive a cash settlement during the term of the option based on the difference between the exercise price and the value of the index. By writing a put or call option on a securities index, the Fund is obligated, in return for the premium received, to make delivery of this amount. The Fund may offset its position in the stock index options prior to expiration by entering into a closing transaction on an exchange or it may let the option expire unexercised.

The Fund may also buy or sell put and call options on foreign currencies. A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. Currency options traded on U.S. or other exchanges may be subject to position limits which may limit the ability of the Fund to reduce foreign currency risk using such options. OTC options differ from exchange-traded options in that they are two-party contracts with price and other terms negotiated between buyer and seller and generally do not have as much market liquidity as exchange-traded options. OTC options are considered illiquid securities.

Use of options on securities indices entails the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted. The Fund will not purchase these options unless the Investment Adviser is satisfied with the development, depth and liquidity of the market and the Investment Adviser believes the options can be closed out.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

Price movements in the portfolio of the Fund may not correlate precisely with the movements in the level of an index and, therefore, the use of options on indices cannot serve as a complete hedge and will depend, in part, on the ability of the Investment Adviser to predict correctly movements in the direction of the stock market generally or of a particular industry. Because options on securities indices require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations.

Although the Investment Adviser will attempt to take appropriate measures to minimize the risks relating to the Fund's writing of put and call options, there can be no assurance that the Fund will succeed in any option writing program it undertakes.

***Futures Contracts and Options on Futures.*** On behalf of the Fund, the Investment Adviser may, subject to the Fund's investment restrictions and guidelines of the Board, purchase and sell financial futures contracts and options thereon which are traded on a commodities exchange or board of trade for certain hedging, yield enhancement and risk management purposes. These futures contracts and related options may be written on debt securities, financial indices, securities indices, United States government securities and foreign currencies. A financial futures contract is an agreement to purchase or sell an agreed amount of securities or currencies at a set price for delivery in the future. A "sale" of a futures contract (or a "short" futures position) means the assumption of a contractual obligation to deliver the assets underlying the contract at a specified price at a specified future time. A "purchase" of a futures contract (or a "long" futures position) means the assumption of a contractual obligation to acquire the assets underlying the contract at a specified price at a specified future time. Certain futures contracts, including stock and bond index futures, are settled on a net cash payment basis rather than by the sale and delivery of the assets underlying the futures contracts. No consideration will be paid or received by the Fund upon the purchase or sale of a futures contract. Initially, the Fund will be required to deposit with the broker an amount of cash or cash equivalents equal to approximately 1% to 10% of the contract amount (this amount is subject to change by the exchange or board of trade on which the contract is traded and brokers or members of such board of trade may charge a higher amount). This amount is known as "initial margin" and is in the nature of a performance bond or good faith deposit on the contract. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the index or security underlying the futures contract fluctuates. At any time prior to the expiration of a futures contract, the Fund may close the position by taking an opposite position, which will operate to terminate its existing position in the contract.

An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract at a specified exercise price at any time prior to the expiration of the option. Upon exercise of an option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account attributable to that contract, which represents the amount by which the market price of the futures contract exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option on the futures contract. The potential loss related to the purchase of an option on a futures contract is limited to the premium paid for the option (plus transaction costs). Because the value of the option purchased is fixed at the point of sale, there are no daily cash payments by the purchaser to reflect changes in the value of the underlying contract; however, the value of the option does change daily and that change would be reflected in the net assets of the Fund.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

Futures and options on futures entail certain risks, including but not limited to the following: no assurance that futures contracts or options on futures can be offset at favorable prices, possible reduction of the yield of the Fund due to the use of hedging, possible reduction in value of both the securities hedged and the hedging instrument, possible lack of liquidity due to daily limits on price fluctuations, imperfect correlation between the contracts and the securities being hedged and losses from investing in futures transactions that are potentially unlimited.

The Investment Adviser has claimed an exclusion, granted to operators of registered investment companies like the Fund, from registration as a commodity pool operator ("CPO") with respect to the Fund under the Commodity Exchange Act (the "CEA"), and, therefore, is not subject to registration or regulation with respect to the Fund under the CEA. As a result, the Fund is limited in its ability to use commodity futures (which include futures on broad-based securities indices and interest rate futures) or options on commodity futures, engage in certain swaps transactions or make certain other investments (whether directly or indirectly through investments in other investment vehicles) for purposes other than "bona fide hedging," as defined in the rules of the Commodity Futures Trading Commission. With respect to transactions other than for bona fide hedging purposes, either: (1) the aggregate initial margin and premiums required to establish the Fund's positions in such investments may not exceed 5% of the liquidation value of its portfolio (after accounting for unrealized profits and unrealized losses on any such investments); or (2) the aggregate net notional value of such instruments, determined at the time the most recent position was established, may not exceed 100% of the liquidation value of its portfolio (after accounting for unrealized profits and unrealized losses on any such positions). In addition to meeting one of the foregoing trading limitations, the Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets. If the Investment Adviser were required to register as a CPO with respect to the Fund, compliance with additional registration and regulatory requirements would increase Fund expenses. Other potentially adverse regulatory initiatives could also develop.

***Interest Rate Futures Contracts and Options Thereon.*** The Fund may purchase or sell interest rate futures contracts to take advantage of, or to protect against, fluctuations in interest rates affecting the value of debt securities which the Fund holds or intends to acquire. For example, if interest rates are expected to increase, the Fund might sell futures contracts on debt securities, the values of which historically have a high degree of positive correlation to the values of the Fund's portfolio securities. Such a sale would have an effect similar to selling an equivalent value of the Fund's portfolio securities. If interest rates increase, the value of the Fund's portfolio securities will decline, but the value of the futures contracts to the Fund will increase at approximately an equivalent rate, thereby keeping the NAV of the Fund from declining as much as it otherwise would have. The Fund could accomplish similar results by selling debt securities with longer maturities and investing in debt securities with shorter maturities when interest rates are expected to increase. However, since the futures market may be more liquid than the cash market, the use of futures contracts as a risk management technique allows the Fund to maintain a defensive position without having to sell its portfolio securities.

Similarly, the Fund may purchase interest rate futures contracts when it is expected that interest rates may decline. The purchase of futures contracts for this purpose constitutes a hedge against increases in the price of debt securities (caused by declining interest rates) which the Fund intends to acquire. Since fluctuations in the value of appropriately selected futures contracts should approximate that of the debt securities that will be purchased, the Fund can take advantage of the anticipated rise in the cost of the debt securities without actually

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

buying them. Subsequently, the Fund can make its intended purchase of the debt securities in the cash market and concurrently liquidate its futures position.

The purchase of a call option on a futures contract is similar in some respects to the purchase of a call option on an individual security. Depending on the pricing of the option compared to either the price of the futures contract upon which it is based or the price of the underlying debt securities, it may or may not be less risky than ownership of the futures contract or underlying debt securities. As with the purchase of futures contracts, when the Fund is not fully invested it may purchase a call option on a futures contract to hedge against a market advance due to declining interest rates.

The purchase of a put option on a futures contract is similar to the purchase of protective put options on portfolio securities. The Fund will purchase a put option on a futures contract to hedge the Fund's portfolio against the risk of rising interest rates and a consequent reduction in the value of portfolio securities.

The writing of a call option on a futures contract constitutes a partial hedge against declining prices of the securities that are deliverable upon exercise of the futures contract. If the futures price at expiration of the option is below the exercise price, the Fund will retain the full amount of the option premium, which provides a partial hedge against any decline that may have occurred in the Fund's portfolio holdings. The writing of a put option on a futures contract constitutes a partial hedge against increasing prices of the securities that are deliverable upon exercise of the futures contract. If the futures price at expiration of the option is higher than the exercise price, the Fund will retain the full amount of the option premium, which provides a partial hedge against any increase in the price of debt securities that the Fund intends to purchase. If a put or call option the Fund has written is exercised, the Fund will incur a loss which will be reduced by the amount of the premium it received. Depending on the degree of correlation between changes in the value of its portfolio securities and changes in the value of its futures positions, losses of the Fund from options on futures it has written may to some extent be reduced or increased by changes in the value of its portfolio securities.

***Swap Contracts.*** On behalf of the Fund, the Investment Adviser may, subject to the Fund's investment restrictions and guidelines established by the Board, enter into swap transactions, including total rate of return, credit default, interest rate or other types of swaps and related derivatives. Swap contracts generally will be used by the Fund for the purpose of seeking to increase the income of the Fund. 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 a typical swap transaction on an equity security, 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 an equity 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.

***Securities Index Futures Contracts and Options Thereon.*** Purchases or sales of securities index futures contracts are used for hedging purposes to attempt to protect the Fund's current or intended investments from broad fluctuations in stock or bond prices. For example, the Fund may sell securities index futures contracts in anticipation of or during a market decline to attempt to offset the decrease in market value of its securities

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

portfolio that might otherwise result. If such decline occurs, the loss in value of portfolio securities may be offset, in whole or part, by gains on the futures position. When the Fund is not fully invested in the securities market and anticipates a significant market advance, it may purchase securities index futures contracts in order to gain rapid market exposure that may, in part or entirely, offset increases in the cost of securities that it intends to purchase. As such purchases are made, the corresponding positions in securities index futures contracts will be closed out. The Fund may write put and call options on securities index futures contracts for hedging purposes.

***Currency Futures and Options Thereon.*** Generally, foreign currency futures contracts and options thereon are similar to the interest rate futures contracts and options thereon discussed previously. By entering into currency futures and options thereon, the Fund will seek to establish the rate at which it will be entitled to exchange U.S. dollars for another currency at a future time. By selling currency futures, the Fund will seek to establish the number of dollars it will receive at delivery for a certain amount of a foreign currency. In this way, whenever the Fund anticipates a decline in the value of a foreign currency against the U.S. dollar, the Fund can attempt to "lock in" the U.S. dollar value of some or all of the securities held in its portfolio that are denominated in that currency. By purchasing currency futures, the Fund can establish the number of dollars it will be required to pay for a specified amount of a foreign currency in a future month. Thus, if the Fund intends to buy securities in the future and expects the U.S. dollar to decline against the relevant foreign currency during the period before the purchase is effected, the Fund can attempt to "lock in" the price in U.S. dollars of the securities it intends to acquire.

The purchase of options on currency futures will allow the Fund, for the price of the premium and related transaction costs it must pay for the option, to decide whether or not to buy (in the case of a call option) or to sell (in the case of a put option) a futures contract at a specified price at any time during the period before the option expires. If the Investment Adviser, in purchasing an option, has been correct in its judgment concerning the direction in which the price of a foreign currency would move as against the U.S. dollar, the Fund may exercise the option and thereby take a futures position to hedge against the risk it had correctly anticipated or close out the option position at a gain that will offset, to some extent, currency exchange losses otherwise suffered by the Fund. If exchange rates move in a way the Fund did not anticipate, however, the Fund will have incurred the expense of the option without obtaining the expected benefit; any such movement in exchange rates may also thereby reduce, rather than enhance, the Fund's profits on its underlying securities transactions.

***Forward Currency Exchange Contracts.*** Subject to guidelines of the Board, the Fund may enter into forward foreign currency exchange contracts to protect the value of its portfolio against future changes in the level of currency exchange rates. The Fund may enter into such contracts on a "spot" (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a forward basis, by entering into a forward contract to purchase or sell currency. A forward contract on foreign currency is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days agreed upon by the parties from the date of the contract at a price set on the date of the contract. The Fund's dealings in forward contracts generally will be limited to hedging involving either specific transactions or portfolio positions. The Fund does not have an independent limitation on its investments in foreign currency futures contracts and options on foreign currency futures contracts.

At or before the maturity of a forward sale contract, the Fund may either sell a portfolio security and make delivery of the currency, or retain the security and offset its contractual obligations to deliver the currency by

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

purchasing a second contract pursuant to which the Fund will obtain, on the same maturity date, the same amount of the currency which it is obligated to deliver. If the Fund retains the portfolio security and engages in an offsetting transaction, the Fund, at the time of execution of the offsetting transaction, will incur a gain or a loss to the extent that movement has occurred in forward contract prices. Should forward prices decline during the period between entering into a forward contract by the Fund for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent the price of the currency it has agreed to purchase is less than the price of the currency it has agreed to sell. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. Closing out forward purchase contracts involves similar offsetting transactions.

The cost to the Fund of engaging in currency transactions varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because forward transactions in currency exchange are usually conducted on a principal basis, no fees or commissions are involved. The use of foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. In addition, although forward currency 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 if the value of the currency increases.

If a decline in any currency is generally anticipated by the Investment Adviser, the Fund may not be able to contract to sell the currency at a price above the level to which the currency is anticipated to decline.

***When Issued, Delayed Delivery Securities and Forward Commitments.*** The Fund may enter into forward commitments for the purchase or sale of securities, including on a "when issued" or "delayed delivery" basis, in excess of customary settlement periods for the type of security involved. In some cases, a forward commitment may be conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring, i.e., a when, as and if issued security. When such transactions are negotiated, the price is fixed at the time of the commitment, with payment and delivery taking place in the future, generally a month or more after the date of the commitment. While it will only enter into a forward commitment with the intention of actually acquiring the security, the Fund may sell the security before the settlement date if it is deemed advisable.

Securities purchased under a forward commitment are subject to market fluctuation, and no interest (or dividends) accrues to the Fund prior to the settlement date.

***Short Sales Against the Box.*** The Fund may from time to time make short sales of securities. The market value for the securities sold short by any one issuer will not exceed 5% of the Fund's total assets or 5% of such issuer's voting securities. The Fund may not make short sales or maintain a short position if it would cause more than 25% of the Fund's total assets, taken at market value, to be held as collateral for such sales. The Fund may also make short sales "against the box." A short sale is "against the box" to the extent that the Fund contemporaneously owns or has the right to obtain at no added cost securities identical to those sold short. In a short sale, the Fund does not immediately deliver the securities sold or receive the proceeds from the sale.

To secure its obligations to deliver the securities sold short, the Fund will deposit in escrow in a separate account with its custodian an equal amount to the securities sold short or securities convertible into, or exchangeable

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

for such securities. The Fund may close out a short position by purchasing and delivering an equal amount of the securities sold short, rather than by delivering securities already held by the Fund, because the Fund may want to continue to receive interest and dividend payments on securities in its portfolio that are convertible into the securities sold short.

The Fund may make a short sale in order to hedge against market risks when it believes that the price of a security may decline, causing a decline in the value of a security owned by the Fund or a security convertible into, or exchangeable for, such security, or when the Fund does not want to sell the security it owns. Such short sale transactions may be subject to special tax rules, one of the effects of which may be to accelerate income to the Fund. Additionally, the Fund may use short sales in conjunction with the purchase of a convertible security when it is determined that a convertible security can be bought at a small conversion premium and has a yield advantage relative to the underlying common stock sold short.

***Repurchase Agreements.*** The Fund may enter into repurchase agreements with banks and non-bank dealers of United States government securities which are listed as reporting dealers of the Federal Reserve Bank and which furnish collateral at least equal in value or market price to the amount of their repurchase obligation. In a repurchase agreement, the Fund purchases a debt security from a seller who undertakes to repurchase the security at a specified resale price on an agreed future date. Repurchase agreements are generally for one business day and generally will not have a duration of longer than one week. The SEC has taken the position that, in economic reality, a repurchase agreement is a loan by a fund to the other party to the transaction secured by securities transferred to the fund. The resale price generally exceeds the purchase price by an amount which reflects an agreed upon market interest rate for the term of the repurchase agreement. The Fund's risk is primarily that, if the seller defaults, the proceeds from the disposition of the underlying securities and other collateral for the seller's obligation may be less than the repurchase price. If the seller becomes insolvent, the Fund might be delayed in or prevented from selling the collateral. In the event of a default or bankruptcy by a seller, the Fund will promptly seek to liquidate the collateral. To the extent that the proceeds from any sale of the collateral upon a default in the obligation to repurchase is less than the repurchase price, the Fund will experience a loss. If the financial institution that is a party to the repurchase agreement petitions for bankruptcy or becomes subject to the United States Bankruptcy Code, the law regarding the rights of the Fund is unsettled. As a result, under extreme circumstances, there may be a restriction on the Fund's ability to sell the collateral and the Fund could suffer a loss.

***Leverage.*** As provided in the Investment Company Act of 1940, as amended (the "1940 Act"), and subject to compliance with the Fund's investment limitations, the Fund may issue senior securities representing shares, such as preferred shares, so long as immediately following such issuance of shares, its total assets exceed 200% of the amount of such shares. The use of leverage magnifies the impact of changes in NAV. For example, a fund that uses 33% leverage will show a 1.5% increase or decline in NAV for each 1% increase or decline in the value of its total assets. In addition, if the cost of leverage exceeds the return on the securities acquired with the proceeds of leverage, the use of leverage will diminish, rather than enhance, the return to the Fund. The use of leverage generally increases the volatility of returns to the Fund. Under Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. See "Risk Factors and Special Considerations—Special Risks of Derivatives Transactions—Derivatives Transactions Subject to Rule 18f-4 Under the 1940 Act."

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

***Investment Restrictions.*** The Fund has adopted certain investment restrictions as fundamental policies of the Fund. Under the 1940 Act, a fundamental policy may not be changed without the vote of a majority, as defined in the 1940 Act, of the outstanding voting securities of the Fund (voting together as a single class). The Fund's fundamental investment restrictions prohibit the Fund from: (1) concentrating its investments (i.e., investing more than 25% of the Fund's total assets) in securities of issuers in any industry other than the Utility Industry; (2) purchasing or selling commodities or commodity contracts, except that the Fund may purchase or sell futures contracts and related options thereon if certain conditions are met, and purchasing or selling sell real estate, provided that the Fund may invest in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein; (3) making loans of money, except by the purchase of a portion of private or publicly distributed debt obligations or the entering into of repurchase agreements, and the Fund reserves the authority to make loans of its portfolio securities to financial intermediaries in an aggregate amount not exceeding 20% of its total assets; (4) borrowing money, except to the extent permitted by applicable law (i.e., the Fund generally may borrow money in amounts of up to one-third of the Fund's total assets for any purpose, subject to the requirement that the Fund have asset coverage of at least 300% of the amount of its borrowings at the time the borrowing is incurred, and may borrow up to 5% of the Fund's total assets for temporary purposes (for up to 60 days) without maintaining such 300% asset coverage); (5) issuing senior securities, except to the extent permitted by applicable law (i.e., the Fund may issue senior securities (which may be stock, such as preferred shares, and/or securities representing debt, such as notes), subject to the requirement that the Fund maintain asset coverage as required by the 1940 Act); and (6) underwriting securities of other issuers except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended, in selling portfolio securities.

***Portfolio Turnover.*** The Fund will buy and sell securities to accomplish its investment objective. The investment policies of the Fund may lead to frequent changes in investments, particularly in periods of rapidly fluctuating interest or currency exchange rates. The portfolio turnover may be higher than that of other investment companies.

Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed by dividing the lesser of the amount of the securities purchased or securities sold by the average monthly value of securities owned during the year (excluding securities whose maturities at acquisition were one year or less). High portfolio turnover may also result in the realization of substantial net short term capital gains and any distributions resulting from such gains will be taxable at ordinary income rates for United States federal income tax purposes. The Fund's portfolio turnover rates for the fiscal years ended December 31, 2021 and 2022 were 10% and 7%, respectively.

***Long Term Objective.*** The Fund is intended for investors seeking long term capital growth and income. The Fund is not meant to provide a vehicle for those who wish to benefit from short term swings in the stock market. An investment in shares of the Fund should not be considered a complete investment program. Each shareholder should take into account the shareholder's investment objectives as well as the shareholder's other investments when considering investing in the Fund.

***Loans of Portfolio Securities.*** To increase income, the Fund may lend its portfolio securities to securities broker-dealers or financial institutions if (i) the loan is collateralized in accordance with applicable regulatory

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

requirements and (ii) no loan will cause the value of all loaned securities to exceed 20% of the value of its total assets.

If the borrower fails to maintain the requisite amount of collateral, the loan automatically terminates and the Fund could use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over the value of the collateral. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in collateral should the borrower of the securities fail financially. While these loans of portfolio securities will be made in accordance with guidelines approved by the Board, there can be no assurance that borrowers will not fail financially. On termination of the loan, the borrower is required to return the securities to the Fund, and any gain or loss in the market price during the loan would inure to the Fund. If the counterparty to the loan petitions for bankruptcy or becomes subject to the United States Bankruptcy Code, the law regarding the Fund's rights is unsettled. As a result, under these circumstances, there may be a restriction on the Fund's ability to sell the collateral and it would suffer a loss.

***Borrowing.*** The Fund may borrow money in accordance with its investment restrictions, including as a temporary measure for extraordinary or emergency purposes.

**Risk Factors and Special Considerations**

Investors should consider the following risk factors and special considerations associated with investing in the Fund:

**Industry Risks**

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings made for investment purposes) in foreign and domestic companies involved in the Utility Industry and, as a result, the value of the common shares will be more susceptible to factors affecting those particular types of companies, including governmental regulation, inflation, cost increases in fuel and other operating expenses, technological innovations that may render existing products and equipment obsolete and increasing interest rates resulting in high interest costs on borrowings needed for capital construction programs, including costs associated with compliance with environmental and other regulations.

***Sector Risk.*** The Fund concentrates its investments in the Utility Industry. As a result, the Fund's investments may be subject to greater risk and market fluctuation than a fund that had securities representing a broader range of investment alternatives. The prices of securities issued by traditional utility companies may change in response to interest rate changes. There is no guarantee that this relationship will continue.

***Government Regulation.*** Companies in certain sectors of the Utility Industry (such as power generation and distribution) are subject to extensive governmental regulatory requirements. Certain of these regulations that are intended to limit the concentration of ownership and control of companies in these industries may prevent companies in which the Fund invests from making certain investments that they would otherwise make. Other regulations may cause Utility Industry companies to incur substantial additional costs or lengthy delays in connection with the completion of capital investments or the introduction of new products or services to market. There are substantial differences between the regulatory practices and policies in various jurisdictions, and any given regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory authorities will, in the future, permit companies to implement rate increases or that such increases

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

will be adequate to permit the payment of dividends on such issuer's common shares. Additionally, existing and possible future regulatory legislation may make it even more difficult for companies in the Utility Industry to obtain adequate relief from rate regulation.

Regulatory considerations limit the percentage of the shares of a public utility held by a fund or by an adviser and its affiliates on behalf of all their clients. Various types of ownership restrictions are imposed by the Federal Communications Commission ("FCC") on investment in media companies and cellular licensees. These rules limit the number of broadcast stations both locally and nationally that a single entity is permitted to own, operate, or control and prohibit ownership of certain competitive communications providers in the same location. The FCC also applies limited ownership restrictions on cellular licensees serving rural areas. Attributable interests that may result from the role of the Investment Adviser and its principals in connection with other funds, managed accounts and companies may limit the Fund's ability to invest in certain mass media and cellular companies. These limitations may unfavorably restrict the ability of the Fund to make certain investments.

***Deregulation.*** Changing regulation constitutes one of the industry-specific risks for the Fund, especially with respect to its investments in traditionally regulated public utilities and partially regulated utility companies. Domestic and foreign regulators monitor and control utility revenues and costs, and therefore may limit utility profits and dividends paid to investors, which could result in reduced income to the Fund. Regulatory authorities also may restrict a company's access to new markets, thereby diminishing the company's long term prospects. The deregulation of certain utility companies may eliminate restrictions on profits and dividends, but may also subject these companies to greater risks of loss. Deregulation of the utility industry could have a positive or negative impact on the Fund. The Investment Adviser believes that certain utility companies' fundamentals should continue to improve as the industry undergoes deregulation. Companies may seek to strengthen their competitive positions through mergers and takeovers. The loosening of the government regulation of utilities should encourage convergence within the industry. Improving earnings prospects, strong cash flows, share repurchases and takeovers from industry consolidation may tend to boost share prices. However, as has occurred in California and elsewhere, certain companies may be less able to meet the challenge of deregulation as competition increases and investments in these companies would not be likely to perform well. Individual sectors of the utility market are subject to additional risks. These risks can apply to all utility companies — regulated or fully or partially deregulated and unregulated. For example, telecommunications companies have been affected by technological developments leading to increased competition, as well as changing regulation of local and long-distance telephone services and other telecommunications businesses. Certain telecommunications companies have been adversely affected by the new competitive climate.

***Financing.*** Currently and historically, companies in the Utility Industry have encountered difficulties in obtaining financing for construction programs during inflationary periods. Issuers experiencing difficulties in financing construction programs may also experience lower profitability, which can result in reduced income to the Fund.

***Equipment and Supplies.*** Traditional utility companies face the risk of lengthy delays and increased costs associated with the design, construction, licensing and operation of their facilities. Moreover, technological innovations may render existing plants, equipment or products obsolete. Increased costs and a reduction in the availability of fuel (such as oil, coal, nuclear or natural gas) also may adversely affect the profitability of utility companies.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

Electric utilities may be burdened by unexpected increases in operating costs. They may also be negatively affected when long term interest rates rise. Long term borrowings are used to finance most utility investments, and rising interest rates lead to higher financing costs and reduced earnings. There are also the considerable costs associated with environmental compliance, nuclear waste clean-up, cap and trade or other programs designed to reduce carbon dioxide and other greenhouse emissions, and safety regulation. Increasingly, regulators are calling upon electric utilities to bear these added costs, and there is a risk that these costs will not be fully recovered through an increase in revenues.

Among gas companies, there has been a move to diversify into oil and gas exploration and development, making investment returns more sensitive to energy prices. In the case of the water utility sector, the industry is highly fragmented, and most water supply companies find themselves in mature markets, although upgrading of fresh water and waste water systems is an expanding business.

**Long Term Objective: Not a Complete Investment Program**

The Fund is intended for investors seeking long term capital growth and income. The Fund is not meant to provide a vehicle for those who wish to exploit short term swings in the stock market. An investment in shares of the Fund should not be considered a complete investment program. Each shareholder should take into account the Fund's investment objective as well as the shareholder's other investments when considering an investment in the Fund.

**Market Value and Net Asset Value**

The Fund is a diversified, closed-end management investment company. Shares of closed-end funds are bought and sold in the securities markets and may trade at either a premium to or discount from NAV. Listed shares of closed-end investment companies often trade at discounts from NAV. This characteristic of shares of a closed-end fund is a risk separate and distinct from the risk that its NAV may decrease. The Fund cannot predict whether its listed shares will trade at, below or above NAV. The risk of holding shares of a closed-end fund that might trade at a discount is more pronounced for shareholders who wish to sell their shares in a relatively short period of time after acquiring them because, for those investors, realization of a gain or loss on their investments is likely to be more dependent upon the existence of a premium or discount than upon portfolio performance. The Fund's shares are not subject to redemption. Shortly after the inception of the Fund, the market price of the Fund exceeded the NAV and the premium continues today. Shareholders desiring liquidity may, subject to applicable securities laws, trade their Fund shares on the NYSE or other markets on which such shares may trade at the then-current market value, which may differ from the then-current NAV. Shareholders will incur brokerage or other transaction costs to sell shares.

**Non-Investment Grade Securities**

The Fund may invest up to 25% of its total assets in fixed income securities rated below investment grade by recognized statistical rating agencies or unrated securities of comparable quality. These securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to adverse conditions. Debt securities that are not rated or that are rated lower than "BBB" by S&P or lower than "Baa" by Moody's are

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

referred to in the financial press as "junk bonds." Such securities are subject to greater risks than investment grade securities, which reflect their speculative character, including the following:

● greater volatility;

● greater credit risk;

● potentially greater sensitivity to general economic or industry conditions;

● potential lack of attractive resale opportunities (illiquidity); and

● additional expenses to seek recovery from issuers who default

Fixed income securities purchased by the Fund may be rated as low as C by Moody's or D by S&P or may be unrated securities considered to be of equivalent quality. Securities that are rated C by Moody's are the lowest rated class and can be regarded as having extremely poor prospects of ever obtaining investment-grade standing. Debt rated D by S&P is in default or is expected to default upon maturity of payment date.

The market value of non-investment grade securities may be more volatile than the market value of higher rated securities and generally tends to reflect the market's perception of the creditworthiness of the issuer and short term market developments to a greater extent than more highly rated securities, which primarily reflect fluctuations in general levels of interest rates. Generally, such non-investment grade securities and unrated securities of comparable quality offer a higher current yield than is offered by higher rated securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of the rating organizations, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. The market values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher quality securities. In addition, such securities generally present a higher degree of credit risk. The risk of loss due to default by these issuers is significantly greater because such non-investment grade securities and unrated securities of comparable quality generally are unsecured and frequently are subordinated to the prior payment of senior indebtedness. In light of these risks, the Investment Adviser, in evaluating the creditworthiness of an issue, whether rated or unrated, will take various factors into consideration, which may include, as applicable, the issuer's operating history, financial resources and its sensitivity to economic conditions and trends, the market support for the facility financed by the issue, the perceived ability and integrity of the issuer's management, and regulatory matters.

Non-investment grade securities also present risks based on payment expectations. If an issuer calls the obligation for redemption (often a feature of fixed income securities), the Fund may have to replace the security with a lower yielding security, resulting in a decreased return for investors. Also, as the principal value of nonconvertible bonds and preferred stocks moves inversely with movements in interest rates, when interest rates rise the value of the securities held by the Fund may decline proportionately more than a portfolio consisting of higher rated securities. Investments in zero coupon bonds may be more speculative and subject to greater fluctuations in value due to changes in interest rates than bonds that pay regular income streams.

Ratings are relative and subjective, and are not absolute standards of quality. Securities ratings are based largely on the issuer's historical financial condition and the rating agencies' analysis at the time of rating. Consequently, the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

As part of its investment in non-investment grade securities, the Fund may invest in securities of issuers in default. The Fund will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their obligations or emerge from bankruptcy protection under a plan pursuant to which the securities received by the Fund in exchange for its defaulted securities will have a value in excess of the Fund's investment. By investing in securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations or emerge from bankruptcy protection or that the value of the securities will not otherwise appreciate.

**Equity Risk**

Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in market value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund holds. An investment in the Fund represents an indirect economic stake in the securities owned by the Fund, which are for the most part traded on securities exchanges or in the OTC markets. The market value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The NAV of the Fund may at any point in time be worth less than the amount at the time the shareholder invested in the Fund, even after taking into account any reinvestment of distributions.

**Foreign Securities**

The Fund may invest its assets in foreign securities without limitation, including securities of issuers whose primary operations or principal trading market is in an "emerging market." Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily associated with investments in securities of domestic issuers. Foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to United States companies. Foreign securities exchanges, brokers and listed companies may be subject to less government supervision and regulation than exists in the United States. Dividend and interest income may be subject to withholding and other foreign taxes, which may adversely affect the net return on such investments. There may be difficulty in obtaining or enforcing a court judgment abroad. In addition, it may be difficult to effect repatriation of capital invested in certain countries. In addition, with respect to certain countries, there are risks of expropriation, confiscatory taxation, political or social instability or diplomatic developments that could affect assets of the Fund held in foreign countries. Dividend income that the Fund receives from foreign securities may not be eligible for the special tax treatment applicable to qualified dividend income.

There may be less publicly available information about a foreign company than a United States company. Foreign securities markets may have substantially less volume than United States securities markets and some foreign company securities are less liquid than securities of otherwise comparable United States companies. A portfolio of foreign securities may also be adversely affected by fluctuations in the rates of exchange between the currencies of different nations and by exchange control regulations. Foreign markets also have different clearance and settlement procedures that could cause the Fund to encounter difficulties in purchasing and selling securities on such markets and may result in the Fund missing attractive investment opportunities or experiencing loss. In addition, a portfolio that includes foreign securities can expect to have a higher expense

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

ratio because of the increased transaction costs on non-United States securities markets and the increased costs of maintaining the custody of foreign securities.

The Fund also may purchase sponsored American Depositary Receipts ("ADRs") or United States dollar denominated securities of foreign issuers. ADRs are receipts issued by United States banks or trust companies in respect of securities of foreign issuers held on deposit for use in the United States securities markets. While ADRs may not necessarily be denominated in the same currency as the securities into which they may be converted, many of the risks associated with foreign securities may also apply to ADRs. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.

**Emerging Markets**

An "emerging market" country is any country that is considered to be an emerging or developing country by the International Bank for Reconstruction and Development (the "World Bank"). Investing in securities of companies in emerging markets may entail special risks relating to potential political and economic instability and the risks of expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation of capital invested. Emerging securities markets are substantially smaller, less developed, less liquid and more volatile than the major securities markets. The limited size of emerging securities markets and limited trading value compared to the volume of trading in U.S. securities could cause prices to be erratic for reasons apart from factors that affect the quality of the securities. For example, limited market size may cause prices to be unduly influenced by traders who control large positions. Adverse publicity and investors' perceptions, whether or not based on fundamental analysis, may decrease the value and liquidity of portfolio securities, especially in these markets. Other risks include high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries; overdependence on exports, including gold and natural resources exports, making these economies vulnerable to changes in commodity prices; overburdened infrastructure and obsolete or unseasoned financial systems; environmental problems; potential for sanctions; less developed legal systems, and deficiencies in regulatory oversight, market infrastructure, shareholder protections; differences in regulatory, accounting, auditing and financial reporting and recordkeeping standards; and less reliable securities custodial services and settlement practices.

**Small and Mid-Cap Stock Risk**

The Fund may invest in companies with small or medium capitalizations. Smaller and medium company stocks can be more volatile than, and perform differently from, larger company stocks. There may be less trading in a smaller or medium company's stock, which means that buy and sell transactions in that stock could have a larger impact on the stock's price than is the case with larger company stocks. Smaller and medium company stocks may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Smaller and medium companies may have fewer business lines; changes in any one line of business, therefore, may have a greater impact on a smaller and medium company's stock price than is the case for a larger company. As a result, the purchase or sale of more than a limited number of shares of a small and medium company may

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. In addition, smaller or medium company stocks may not be well known to the investing public.

**Special Risks of Derivative Transactions**

The Fund may participate in derivative transactions. Such transactions entail certain execution, market, liquidity, hedging and tax risks. Participation in the options, futures or swaps markets and in currency exchange transactions involves investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies. If the Investment Adviser's prediction of movements in the direction of the securities, foreign currency and interest rate markets are inaccurate, the consequences to the Fund may leave the Fund in a worse position than if such strategies were not used. Risks inherent in the use of options, foreign currency, swaps contracts, futures contracts and options on futures contracts, swap contracts, securities indices and foreign currencies include:

● dependence on the Investment Adviser's ability to predict correctly movements in the direction of interest rates, securities prices and currency markets;

● imperfect correlation between the price of options and futures contracts and options thereon and movements in the prices of the securities or currencies being hedged;

● the fact that skills needed to use these strategies are different from those needed to select portfolio securities;

● the possible absence of a liquid secondary market for any particular instrument at any time;

● the possible need to defer closing out certain hedged positions to avoid adverse tax consequences;

● the possible inability of the Fund to purchase or sell a security at a time that otherwise would be favorable for it to do so; and

● the creditworthiness of counterparties.

Options, futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii) delays in the ability of the Fund to act upon economic events occurring in the foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States and (v) less trading volume. Exchanges on which options, futures, swaps, and options on futures or swaps are traded may impose limits on the positions that the Fund may take in certain circumstances.

Many OTC derivatives are valued on the basis of dealers' pricing of these instruments. However, the price at which dealers value a particular derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Fund's NAV and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments. Exchange-traded derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become subject

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements mandated by the SEC or the Commodity Futures Trading Commission. These regulators also have broad discretion to impose margin requirements on non-cleared OTC derivatives. These margin requirements will increase the overall costs for the Fund.

While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund's hedging transactions will be effective.

Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs.

Under Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. See "—Derivatives Transactions Subject to Rule18f-4 Under the 1940 Act" below.

*Derivatives Transactions Subject to Rule 18f-4 Under the 1940 Act*. Rule 18f-4 under the 1940 Act governs the Fund's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the Fund. Rule 18f-4 permits the Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the Investment Company Act, among other things, prohibits closed-end funds, including the Trust, from issuing or selling any "senior security" representing indebtedness (unless the fund maintains 300% "asset coverage") or any senior security representing stock (unless the fund maintains 200% "asset coverage"). In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering Derivatives Transactions and certain financial instruments.

Under Rule 18f-4, "Derivatives Transactions" include the following: (i) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing; (iii) reverse repurchase agreements and similar financing transactions, if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (iv) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless the Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Fund to (i) appoint a Derivatives Risk Manager, (ii) maintain a Derivatives Risk Management Program designed to identify, assess, and reasonably manage the risks associated with Derivatives Transactions; (iii) comply with certain value-at-risk (VaR)-based leverage limits (VaR is an estimate of an instrument's or portfolio's potential losses over a given time horizon and at a specified confidence level); and (iv) comply with certain Board reporting and recordkeeping requirements.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

Rule 18f-4 provides an exception from the requirements to appoint a Derivatives Risk Manager, adopt a Derivatives Risk Management Program, comply with certain VaR-based leverage limits, and comply with certain Board oversight and reporting requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception").

Pursuant to Rule 18f-4, if the Fund enters into reverse repurchase agreements or similar financing transactions, the Fund will (i) aggregate the amount of indebtedness associated with all of its reverse repurchase agreements or similar financing transactions with the amount of any other "senior securities" representing indebtedness (e.g., bank borrowings, if applicable) when calculating the Fund's asset coverage ratio or (ii) treat all such transactions as Derivatives Transactions.

The requirements of Rule 18f-4 may limit the Fund's ability to engage in Derivatives Transactions as part of its investment strategies. These requirements may also increase the cost of the Fund's investments and cost of doing business, which could adversely affect the value of the Fund's investments and/or the performance of the Fund.

**Futures Transactions**

Futures and options on futures entail certain risks, including but not limited to the following:

● no assurance that futures contracts or options on futures can be offset at favorable prices;

● possible reduction of the yield of the Fund due to the use of hedging;

● possible reduction in value of both the securities hedged and the hedging instrument;

● possible lack of liquidity due to daily limits or price fluctuations;

● imperfect correlation between the contracts and the securities being hedged; and

● losses from investing in futures transactions that are potentially unlimited.

The Fund's ability to establish and close out positions in futures contracts and options thereon will be subject to the development and maintenance of liquid markets. Although the Fund generally will purchase or sell only those futures contracts and options thereon for which there appears to be a liquid market, there is no assurance that a liquid market on an exchange will exist for any particular futures contract or option thereon at any particular time.

In the event no liquid market exists for a particular futures contract or option thereon in which the Fund maintains a position, it will not be possible to effect a closing transaction in that contract or to do so at a satisfactory price and the Fund would have to either make or take delivery under the futures contract or, in the case of a written option, wait to sell the underlying securities until the option expires or is exercised or, in the case of a purchased option, exercise the option. In the case of a futures contract or an option thereon which the Fund has written and which the Fund is unable to close, the Fund would be required to maintain margin deposits on the futures contract or option thereon and to make variation margin payments until the contract is closed.

Successful use of futures contracts and options thereon and forward contracts by the Fund is subject to the ability of the Investment Adviser to predict correctly movements in the direction of interest and foreign currency rates. If the Investment Adviser's expectations are not met, the Fund will be in a worse position than if a hedging

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

strategy had not been pursued. For example, if the Fund has hedged against the possibility of an increase in interest rates that would adversely affect the price of securities in its portfolio and the price of such securities increases instead, the Fund will lose part or all of the benefit of the increased value of its securities because it will have offsetting losses in its futures positions. In addition, in such situations, if the Fund has insufficient cash to meet daily variation margin requirements, it may have to sell securities to meet the requirements. These sales may be, but will not necessarily be, at increased prices that reflect the rising market. The Fund may have to sell securities at a time when it is disadvantageous to do so.

**Swap Agreements**

Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Whether the Fund's use of swap agreements will be successful in furthering its investment objective will depend on the Investment Adviser's ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Because they are two party contracts and because they may have terms of greater than seven days, some swap agreements may be considered by the Fund to be illiquid. Restrictions imposed by the tax rules applicable to regulated investment companies may limit the Fund's ability to use swap agreements. The swap market currently is largely unregulated. It is possible that developments in the swap market, including potential significant government regulation as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") or otherwise, could adversely affect the Fund's ability to enter into or terminate swap agreements or to realize amounts to be received under these agreements. Swap transactions may involve substantial leverage.

**Forward Currency Exchange Contracts**

The use of forward currency exchange contracts may involve certain risks, including the failure of the counterparty to perform its obligations under the contract and that the use of forward contracts may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts and the prices of the currencies hedged or used for cover.

**Dependence on Key Personnel**

The Investment Adviser is dependent upon the expertise of Mr. Mario J. Gabelli in providing advisory services with respect to the Fund's investments. If the Investment Adviser were to lose the services of Mr. Gabelli, its ability to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found for Mr. Gabelli in the event of his death, resignation, retirement or inability to act on behalf of the Investment Adviser.

**Coronavirus ("COVID-19") and Global Health Event Risk**

As of the date of this annual report, there is an outbreak of a highly contagious form of a novel coronavirus known as "COVID 19." COVID 19 has been declared a pandemic by the World Health Organization and, in response to the outbreak, the U.S. Health and Human Services Secretary has declared a public health emergency in the United States. COVID 19 had a devastating impact on the global economy, including the U.S. economy, and resulted in a global economic recession. Many states issued orders requiring the closure of non essential businesses and/ or requiring residents to stay at home. The COVID 19 pandemic and preventative measures taken to contain

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

or mitigate its spread have caused, and are continuing to cause, business shutdowns, cancellations of events and travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States. Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter. While several countries, as well as certain states, counties, and cities in the United States, began to relax the early public health restrictions with a view to partially or fully reopening their economies, many cities, both globally and in the United States, continue to experience, from time to time, surges in the reported number of cases and hospitalizations related to the COVID 19 pandemic. Recurring COVID 19 outbreaks, newly discovered variant and sub variant strains of the virus and increases in cases can, and has, led to the re introduction of restrictions and business shutdowns in certain states, counties, and cities in the United States and globally, and could continue to lead to the re introduction of such restrictions elsewhere. Even after the COVID 19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a substantial economic downturn or recession, and our business and operations, as well as the business and operations of our portfolio companies, could be materially adversely affected by a prolonged economic downturn or recession in the United States and other major markets.

The current economic situation and the unprecedented measures taken by state, local and national governments around the world to combat the spread of COVID 19, as well as various social, political and psychological tensions in the United States and around the world, may continue to contribute to severe market disruptions and volatility and reduced economic activity, may have long-term negative effects on the U.S. and worldwide financial markets and economy and may cause further economic uncertainties in the United States and worldwide. The prolonged continuation or further deterioration of the current U.S. and global economic downturn could adversely impact the Fund's portfolio. It is difficult to predict how long the financial markets and economic activity will continue to be impacted by these events and the Fund cannot predict the effects of these or similar events in the future on the U.S. economy and securities markets.

Despite actions of the U.S. federal government and foreign governments, the uncertainty surrounding the COVID 19 pandemic and other factors has contributed to significant volatility in the global public equity markets and global debt capital markets, including the NAV of the Fund's shares. These events could have, and/or have had, a significant impact on the Fund's performance, NAV, income, operating results and ability to pay distributions, as well as the performance, income, operating results and viability of issuers in which it invests.

It is virtually impossible to determine the ultimate impact of COVID 19 at this time. Further, the extent and strength of any economic recovery after the COVID 19 pandemic abates, including following any intensifying of the pandemic, is uncertain and subject to various factors and conditions. Accordingly, an investment in the Fund is subject to an elevated degree of risk as compared to other market environments.

**Market Disruption and Geopolitical Risk**

The consequences of the conflict between Russia and Ukraine, including international sanctions, further impact on inflation and increased disruption to supply chains may impact our portfolio companies, result in an economic downturn or recession either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military action, reignited "cold" wars or in the form of virtual

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

warfare such as cyberattacks) with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Fund's returns and NAV.

The occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics (such as COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, natural/environmental disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the United States and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the European Union ("EU") or the Economic and Monetary Union, continued changes in the balance of political power among and within the branches of the U.S. government, government shutdowns, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide. The current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, may in the future result in government shutdowns, which could have a material adverse effect on the Fund's investments and operations. In addition, the Fund's ability to raise additional capital in the future through the sale of securities could be materially affected by a government shutdown. Additional and/ or prolonged U.S. government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. In particular, the escalation of the conflict between Russia and Ukraine, including international sanctions, further impact on inflation and increased disruption to supply chains may impact our portfolio companies. Such unfavorable economic conditions also may also be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. The current political climate has intensified concerns about a potential trade war between China and the United States, as each country has recently imposed tariffs on the other country's products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, which could have a negative impact on our performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on our business, financial condition and results of operations.

On January 31, 2020, the United Kingdom ("UK") officially withdrew from the EU (commonly known as "Brexit"). The UK and EU reached a preliminary trade agreement, which became effective on January 1, 2021, regarding the terms of their future trading relationship relating principally to the trading of goods; however, negotiations are ongoing for matters not covered by the agreement, such as the trade of financial services. Due to uncertainty of the current political environment, it is not possible to foresee the form or nature of the future trading relationship between the UK and the EU. The longer term economic, legal, political and social framework to be put in place between the UK and the EU remains unclear and the ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets may continue for some time. In particular,

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

Brexit may lead to a call for similar referendums in other European jurisdictions which may cause increased economic volatility in the European and global markets and may destabilize some or all of the other EU member countries. This uncertainty may have an adverse effect on the economy generally and on the ability of the Fund and its investments to execute their respective strategies, to receive attractive returns and/or to exit certain investments at an advantageous time or price. In particular, currency volatility may mean that the returns of the Fund and its investments are adversely affected by market movements and may make it more difficult, or more expensive, if the Fund elects to execute currency hedges. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential downgrading of the UK's sovereign credit rating, may also have an impact on the performance of portfolio companies or investments located in the UK or Europe. In light of the above, no definitive assessment can currently be made regarding the impact that Brexit will have on the Fund, its investments or its organization more generally.

While the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the recent coronavirus (COVID-19) outbreak, generally subsided, uncertainty and periods of volatility still remain, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect to certain interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund's performance or impair the Fund's ability to achieve its investment objective.

Cybersecurity incidents affecting particular companies or industries may adversely affect the economies of particular countries, regions or parts of the work in which the Fund invests.

The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Fund's portfolio. The Fund does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications.

**Economic Events and Market Risk**

Periods of market volatility may continue to occur in the future, in response to various political, social and economic events both within and outside of the United States. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including by making valuation of some of the Fund's securities uncertain and/or result in sudden and significant valuation increases or declines in the Fund's holdings. If there is a significant decline in the value of the Fund's portfolio, this may impact the asset coverage levels for the Fund's outstanding leverage.

Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery, the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

results of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/ or a return to unfavorable economic conditions could impair the Fund's ability to achieve its investment objective.

**Regulation and Government Intervention Risk.**

Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Fund invests in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective.

In light of popular, political and judicial focus on finance related consumer protection. Financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a closed-end investment company such as the Fund and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors.

The Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and its ability to achieve its investment objective.

**Inflation Risk**

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy. As inflation increases, the real value of the Fund's shares and distributions therefore may decline. In addition, during any periods of rising inflation, dividend rates of any debt securities issued by the Fund would likely increase, which would tend to further reduce returns to common shareholders.

**Deflation Risk**

Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

**Anti-Takeover Provisions of the Fund's Governing Documents**

The Fund's Governing Documents include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to an open-end fund.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

**Special Risks Related to Fund Investments in Preferred Securities**

There are special risks associated with the Fund's investing in preferred securities, including:

● *Deferral.* Preferred securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its dividends or distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.

● *Non-Cumulative Dividends.* Some preferred securities are non-cumulative, meaning that the dividends do not accumulate and need not ever be paid. A portion of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation to make up any arrearages to its shareholders. Should an issuer of a non-cumulative preferred security held by the Fund determine not to pay dividends or distributions on such security, the Fund's return from that security may be adversely affected. There is no assurance that dividends or distributions on non-cumulative preferred securities in which the Fund invests will be declared or otherwise made payable.

● *Subordination.* Preferred securities are subordinated to bonds and other debt instruments in an issuer's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt security instruments.

● *Liquidity.* Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities.

● *Limited Voting Rights.* Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may be entitled to elect a number of directors to the issuer's board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights.

● *Special Redemption Rights.* In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in federal income tax or securities laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.

● *Phantom Income.* Some preferred securities are classified as debt for U.S. federal income tax purposes.

**Special Risks to Holders of Notes**

There may not be an established market for our notes. To the extent that our notes trade, they may trade at a price either higher or lower than their principal amount depending on interest rates, the rating (if any) on such notes and other factors.

**Special Risks of Notes to Holders of Common Shares**

If the interest rate on the notes approaches the net rate of return on the Fund's investment portfolio, the benefit of leverage to the holders of the common shares would be reduced. Any decline in the NAV of the Fund's investments would be borne entirely by the holders of common shares. Therefore, if the market value of the Fund's portfolio declines, the leverage will result in a greater decrease in NAV to the holders of common shares

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

than if the Fund were not leveraged. This greater NAV decrease will also tend to cause a greater decline in the market price for the common shares. The Fund might be in danger of failing to maintain the required asset coverage of the notes. Holders of notes may have different interests than holders of common shares and at times may have disproportionate influence over the Fund's affairs. In the event the Fund fails to maintain the specified level of asset coverage of any notes outstanding, the holders of the notes will have the right to elect a majority of the Fund's trustees.

**Special Risks for Holders of Subscription Rights**

The issuance of subscription rights to purchase our common shares may substantially dilute the aggregate NAV of the common shares owned by shareholders who do not fully exercise their rights in the offering. Shareholders who do not exercise their rights to purchase common shares will own a smaller proportional interest in the Fund than they did before the offering. In the case of subscription rights for preferred shares, there is a risk that changes in yield or changes in the credit quality of the Fund may result in the underlying preferred shares purchasable upon exercise of the subscription rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the subscription rights for the preferred shares. Investors who receive subscription rights may find that there is no market to sell rights they do not wish to exercise. If investors exercise only a portion of the rights, the number of preferred shares or common shares issued may be reduced, and the preferred shares or common shares may trade at less favorable prices than larger offerings for similar securities.

**Investment Companies**

The Fund may invest in the securities of other investment companies to the extent permitted by law. To the extent the Fund invests in the common equity of investment companies, the Fund will bear its ratable share of any such investment company's expenses, including management fees. The Fund will also remain obligated to pay management fees to the Investment Adviser with respect to the assets invested in the securities of other investment companies. In these circumstances holders of the Fund's common shares will be subject to duplicative investment expenses.

**Counterparty Risk**

The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

**Loans of Portfolio Securities**

Consistent with applicable regulatory requirements and the Fund's investment restrictions, the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are callable at any time by the Fund (subject to certain notice provisions) and are at all times secured by cash or cash equivalents, which are maintained in a segregated account pursuant to applicable regulations and that are at

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

least equal to the market value, determined daily, of the loaned securities. The advantage of such loans is that the Fund continues to receive the income on the loaned securities while at the same time earning interest on the cash amounts deposited as collateral, which will be invested in short term obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the laws or regulations of any state in which its shares are qualified for sale. The Fund's loans of portfolio securities will be collateralized in accordance with applicable regulatory requirements.

**Management Risk**

The Fund is subject to management risk because it is an actively managed portfolio. The Investment Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

**Status as a Regulated Investment Company**

The Fund has qualified, and intends to remain qualified, for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Qualification requires, among other things, compliance by the Fund with certain distribution requirements. Statutory limitations on distributions on the common shares if the Fund fails to satisfy the 1940 Act's asset coverage requirements could jeopardize the Fund's ability to meet such distribution requirements. The Fund presently intends, however, to purchase or redeem preferred shares to the extent necessary in order to maintain compliance with such asset coverage requirements.

**Leverage Risk**

The Fund's leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The Fund uses financial leverage for investment purposes by issuing preferred shares. As of December 31, 2022, the amount of leverage represented approximately 21% of the Fund's total net assets. All series of the Fund's preferred shares have the same seniority with respect to distributions and liquidation preference. Preferred shares have seniority over common shares with respect to distributions and upon liquidation of the Fund.

The Fund's use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, either through the issuance of preferred shares, borrowing or other forms of market exposure, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. The Fund's leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The Fund cannot assure that the issuance of preferred shares will result in a higher yield or return to the holders of the common shares. Also, as the Fund is utilizing leverage, a decline in NAV could affect the ability of the Fund to make common share distributions and such a failure to pay dividends or make distributions could result in the Fund ceasing to qualify as a regulated investment company under the Code.

● **Preferred Share Risk.** The issuance of preferred shares causes the NAV and market value of the common shares to become more volatile. If the dividend rate on the preferred shares approaches the net rate of return on the Fund's investment portfolio, the benefit of leverage to the holders of the common shares

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

would be reduced. If the dividend rate on the preferred shares plus the management fee annual rate of 1.00% (as applicable) exceeds the net rate of return on the Fund's portfolio, the leverage will result in a lower rate of return to the holders of common shares than if the Fund had not issued preferred shares.

Any decline in the NAV of the Fund's investments would be borne entirely by the holders of common shares. Therefore, if the market value of the Fund's portfolio declines, the leverage will result in a greater decrease in NAV to the holders of common shares than if the Fund were not leveraged. This greater NAV decrease will also tend to cause a greater decline in the market price for the common shares. The Fund might be in danger of failing to maintain the required asset coverage of the preferred shares or of losing its ratings on the preferred shares or, in an extreme case, the Fund's current investment income might not be sufficient to meet the dividend requirements on the preferred shares. In order to counteract such an event, the Fund might need to liquidate investments in order to fund a redemption of some or all of the preferred shares.

In addition, the Fund would pay (and the holders of common shares will bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares, including the advisory fees on the incremental assets attributable to such shares.

Holders of preferred shares may have different interests than holders of common shares and may at times have disproportionate influence over the Fund's affairs. Holders of preferred shares, voting separately as a single class, would have the right to elect two members of the Board at all times and in the event dividends become two full years in arrears would have the right to elect a majority of the Trustees until such arrearage is completely eliminated. In addition, preferred shareholders have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion of the Fund to open-end status, and accordingly can veto any such changes.

Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of the Fund's common shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund's ability to maintain its qualification as a regulated investment company for federal income tax purposes. While the Fund intends to redeem its preferred shares to the extent necessary to enable the Fund to distribute its income as required to maintain its qualification as a regulated investment company under the Code, there can be no assurance that such actions can be effected in time to meet the Code requirements.

● **Portfolio Guidelines of Rating Agencies for Preferred Shares and/or Credit Facility.** In order to obtain and maintain attractive credit quality ratings for preferred shares or borrowings, the Fund must comply with investment quality, diversification and other guidelines established by the relevant rating agencies. These tests tend to require over-collateralization and may be more difficult to satisfy to the extent the Fund's portfolio securities are of lower credit quality, longer maturity or not diversified by issuer and industry within the meaning of such rating agencies' collateralization tests. These guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. In the event that a rating on the Fund's preferred shares or notes is lowered or withdrawn by the relevant rating agency, the

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

Fund may also be required to redeem all or part of its outstanding preferred shares or notes, and the common shares of the Fund will lose the potential benefits associated with a leveraged capital structure.

● **Impact on Common Shares.** Assuming that leverage will (1) be equal in amount to approximately % of the Fund's total net assets, and (2) charge interest or involve dividend payments at a projected blended annual average leverage dividend or interest rate of 4.35% , then the annual return generated by the Fund's portfolio (net of estimated expenses) must exceed approximately 0.93% of the Fund's total net assets in order to cover such interest or dividend payments and other expenses specifically related to leverage. These numbers are merely estimates, used for illustration. Actual dividend rates, interest or payment rates may vary frequently and may be significantly higher or lower than the rate estimated above. The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of net investment income of the Fund, realized gains or losses of the Fund and changes in the value of the securities held in the Fund's portfolio) of –10%, –5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. See "Risks." The table further reflects leverage representing 21% of the Fund's total assets, the Fund's current projected blended annual average leverage dividend or interest rate of 4.35% , a management fee at an annual rate of 1.00% of the liquidation preference of any outstanding preferred shares and estimated annual incremental expenses attributable to any outstanding preferred shares of 0.02% of the Fund's net assets attributable to common shares.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Return on Portfolio (Net of Expenses) | (10.00)% | (5.00)% | 0.00% | 5.00% | 10.00% |
| Corresponding Return to Common Shareholder | (14.18)% | (7.84)% | (1.51)% | 4.83% | 11.17% |

---

Common share total return is composed of two elements — the common share distributions paid by the Fund (the amount of which is largely determined by the taxable income of the Fund (including realized gains or losses) after paying interest on any debt and/or dividends on any preferred shares) and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than to enjoy total return. For example, to assume a total return of 0% the Fund must assume that the income it receives on its investments is entirely offset by expenses and losses in the value of those investments. The Fund's shares are leveraged and the risks and special considerations related to leverage described in this prospectus apply. Such leveraging of the shares cannot be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Fund's investment objectives and policies.

**Special Risks to Holders of Fixed Rate Preferred Shares** 

● **Illiquidity Prior to Exchange Listing.** Prior to the offering, there will be no public market for any additional series of Fixed Rate Preferred Shares. In the event any additional series of Fixed Rate Preferred

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

Shares are issued, prior application will have been made to list such shares on a national securities exchange, which will likely be the NYSE. However, during an initial period, which is not expected to exceed 30 days after the date of its initial issuance, such shares may not be listed on any securities exchange. During such period, the underwriters may make a market in such shares, though, they will have no obligation to do so. Consequently, an investment in such shares may be illiquid during such period.

● **Market Price Fluctuation.** Fixed Rate Preferred Shares may trade at a premium to or discount from liquidation value for various reasons, including changes in interest rates.

**Common Share Distribution Policy Risk**

The Fund has adopted a policy, which may be changed at any time by the Board, of paying distributions on its common shares of $0.05 per share per month. In the event the Fund does not generate a total return from dividends and interest received and net realized capital gains in an amount equal to or in excess of its stated distribution in a given year, the Fund may return capital as part of such distribution, which may have the effect of decreasing the asset coverage per share with respect to the Fund's preferred shares. Any return of capital should not be considered by investors as yield or total return on their investment in the Fund. Shareholders should not assume that a distribution from the Fund is comprised exclusively of net profits. For the fiscal year ended December 31, 2022, the Fund made distributions of $0.60 per common share, of which approximately $0.49 per share is deemed a return of capital. The Fund has made monthly distributions with respect to its common shares since October 1999. A portion of the distributions to holders of common shares during seventeen of the twenty-two fiscal years since the Fund's inception has constituted a return of capital. The composition of each distribution is estimated based on the earnings of the Fund as of the record date for each distribution. The actual composition of each of the current year's distributions will be based on the Fund's investment activity through the end of the calendar year.

**Investment Restrictions**

The Fund has adopted certain investment limitations designed to limit investment risk and maintain portfolio diversification. These limitations are fundamental and may not be changed without the approval of the holders of a majority, as defined in the 1940 Act, of the outstanding shares of common shares and preferred shares voting together as a single class. The Fund may become subject to guidelines that are more limiting than the investment restrictions set forth above in order to obtain and maintain ratings from Moody's or Fitch Ratings Inc. on its preferred shares. See "Leverage Risk — Portfolio Guidelines of Rating Agencies for Preferred Shares and/or Credit Facility.

**Interest Rate Transactions**

The Fund may enter into interest rate swap or cap transactions in relation to all or a portion of the Fund's Series B Auction Market Preferred Shares (the "Series B Preferred") in order to manage the impact on its portfolio of changes in the dividend rate of such shares. At present, the Fund has not entered into an interest rate swap on a percentage of its outstanding Series B Preferred. Through these transactions the Fund may, for example, obtain the equivalent of a fixed rate for the Series B Preferred that is lower than the Fund would have to pay if it issued Fixed Rate Preferred Shares. The use of interest rate swaps and caps is a highly specialized activity that involves certain risks to the Fund including, among others, counterparty risk and early termination risk.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

The use of interest rate swaps and caps 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 to the other party to the interest rate swap (which is known as the "counterparty") periodically 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 its Series B Preferred. In an interest rate cap, the Fund would pay a premium to the counterparty to the interest rate cap and, to the extent that a specified variable rate index exceeds a predetermined fixed rate, would receive from the counterparty payments of the difference based on the notional amount of such cap. Interest rate swap and cap transactions introduce additional risk because the Fund would remain obligated to pay preferred shares dividends or distributions when due in accordance with the statement of preferences of the Series B Preferred even if the counterparty defaulted. Depending on the general state of short term interest rates and the returns on the Fund's portfolio securities at that point in time, such a default could negatively affect the Fund's ability to make dividend or distribution payments on the Series B Preferred. In addition, at the time an interest rate swap or cap 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. If this occurs, it could have a negative impact on the Fund's ability to make dividend or distribution payments on the Series B Preferred. To the extent there is a decline in interest rates, the value of the interest rate swap or cap could decline, resulting in a decline in the asset coverage for the Series B Preferred. A sudden and dramatic decline in interest rates may result in a significant decline in the asset coverage. Under the statement of preferences for each series of the preferred shares, if the Fund fails to maintain the required asset coverage on the outstanding preferred shares or fails to comply with other covenants, the Fund may be required to redeem some or all of these shares. The Fund generally may redeem the Series B Preferred, in whole or in part, at its option at any time (usually on a dividend or distribution payment date), other than during a non-call period. Such redemption would likely result in the Fund seeking to terminate early all or a portion of any swap or cap transactions. Early termination of a swap could result in a termination payment by the Fund to the counterparty, while early termination of a cap could result in a termination payment to the Fund.

The Fund will usually enter into swaps or caps on a net basis; that is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The Fund will monitor any such swap with a view to ensuring that the Fund remains in compliance with all applicable regulatory investment policy and tax requirements.

**Legislation Risk**

At any time after the date of this report, legislation may be enacted that could negatively affect the assets of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment Adviser cannot predict the effects of any new governmental regulation that may be implemented and there can be no assurance that any new governmental regulation will not adversely affect the Fund's ability to achieve its investment objective.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

**Reliance on Service Providers Risk**

The Fund must rely upon the performance of service providers to perform certain functions, which may include functions that are integral to the Fund's operations and financial performance. Failure by any service provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations to the Fund at all as a result of insolvency, bankruptcy or other causes could have a material adverse effect on the Fund's performance and returns to shareholders. The termination of the Fund's relationship with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of the Fund and could have a material adverse effect on the Fund's performance and returns to shareholders.

**Cyber Security Risk**

The Fund and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service providers use to service the Fund's operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers. Cyber attacks against or security breakdowns of the Fund or its service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses; the inability of Fund shareholders to transact business and the Fund to process transactions; inability to calculate the Fund's NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur additional costs for cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities in which the Fund invests, which may cause the Fund's investment in such issuers to lose value. There can be no assurance that the Fund or its service providers will not suffer losses relating to cyber attacks or other information security breaches in the future.

**Misconduct of Employees and of Service Providers Risk**

Misconduct or misrepresentations by employees of the Investment Adviser or the Fund's service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund's service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Fund's business prospects or future marketing activities. Despite the Investment Adviser's due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Investment Adviser's due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Investment Adviser will identify or prevent any such misconduct.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

**Senior Securities / leverage**

As of December 31, 2022, the Fund uses leverage through the issuance of preferred shares.

**Effects of Leverage**

The following information is furnished in response to requirements of the SEC. It is designed to, among other things, illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, on Common Share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund's continued use of preferred shares, as of December 31, 2022 as a percentage of total managed assets (including assets attributable to such leverage), the estimated annual effective preferred shares dividend rate and interest expense rate payable by the Fund on such instruments (based on market conditions as of December 31, 2022), and the annual return that the Fund's portfolio must experience (net of expenses) in order to cover such costs. The information below does not reflect the Fund's use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as derivative instruments.

---

| | |
|:---|:---|
| Preferred Shares as a Percentage of Total Managed Assets (Including Assets Attributable to Preferred Shares) | 21% |
| Estimated Annual Effective Preferred Share Dividend Rate | 4.35% |
| Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Preferred Share Dividend Rate | 0.93% |
| Common Share Total Return for (10.00)% Assumed Portfolio Total Return |  |
| Common Share Total Return for (5.00)% Assumed Portfolio Total Return | (7.77)% |
| Common Share Total Return for 0.00% Assumed Portfolio Total Return | (1.43)% |
| Common Share Total Return for 5.00% Assumed Portfolio Total Return | 4.90% |
| Common Share Total Return for 10.00% Assumed Portfolio Total Return | 11.24% |

---

Common shares total return is composed of two elements — the distributions paid by a Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that a Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, a Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

performance of the Fund's portfolio and not the actual performance of the Fund's common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund's investment objectives and policies. As noted above, the Fund's willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors, including, among other things, the Fund's assessment of the yield curve environment, interest rate trends, market conditions and other factors.

**SUMMARY OF FUND EXPENSES**

The following table is intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in shares of common Shares, as a percentage of net assets attributable to common Shares. All expenses of the Fund will be borne, directly or indirectly, by the common shareholders. Amounts are for the current fiscal year.

---

| | |
|:---|:---|
| **Annual Expenses** | |
| **Annual Expenses** | **Percentages of Net Assets**<br>**Attributable to Common Shares** |
| Management Fees(a) | 1.27% |
| Other Expense(b) | 0.38% |
| Total Annual Expenses | 1.65% |
| Dividends on Preferred Shares(c) | 1.16% |
| Total Annual Expenses and Dividends on Preferred | 2.81% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Investment Adviser's fee is 1.00% annually of the Fund's average weekly net
 assets. The Fund's average weekly net assets will be deemed to be the average weekly
 value of the Fund's total assets minus the sum of the Fund's liabilities
 (such liabilities exclude (i) the aggregate liquidation preference of outstanding shares
 of preferred Shares and accumulated dividends, if any, on those shares and (ii) the liabilities
 for any money borrowed). Consequently, because the Fund has preferred Shares outstanding,
 the investment management fees and other expenses as a percentage of net assets attributable
 to common Shares will be higher than if the Fund did not utilize a leveraged capital
 structure.

&nbsp;&nbsp;&nbsp;&nbsp;(b) "Other
Expenses" are based on the amounts for the year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividends
 on Preferred Stock represent the estimated annual distributions on the existing preferred
 stock outstanding.

The following example illustrates the expenses you would pay on a $1,000 investment in common Shares, assuming a 5% annual portfolio total return.\*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Year** | **5 Year** | **10 Year** |
| Total Expenses Incurred | $28 | $87 | $148 | $313 |

---

\* The example should not be considered a representation of future expenses. The example is based on Total Annual Expenses and Dividends on Preferred Shares shown in the table above and assumes that

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

the amounts set forth in the table do not change and that all distributions are reinvested at net asset value. Actual expenses may be greater or less than those assumed. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

The above example includes Dividends on Preferred Shares. If Dividends on Preferred Shares were not included in the example calculation, the expenses would be as follows (based on the same assumptions as above).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Year** | **5 Year** | **10 Year** |
| Total Expenses Incurred | $17 | $52 | $89 | $195 |

---

**Share Price Data** The following table sets forth for the quarters indicated, the high and low closing prices on the NYSE per share of the Fund's common shares and the NAV and the premium or discount from NAV at which the common shares was trading, expressed as a percentage of NAV, at each of the high and low NYSE closing prices provided.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Corresponding** | **Corresponding** |  |  |
|  |  |  | **Net Asset** | **Net Asset** | **Corresponding** | **Corresponding** |
|  |  |  | **Value** | **Value** | **Premium or** | **Premium or** |
|  | **Common Share** | **Common Share** | **("NAV") Per** | **("NAV") Per** | **Discount as a %** | **Discount as a %** |
|  | **Market Price** | **Market Price** | **Share** | **Share** | **of NAV** | **of NAV** |
| **<u>Quarter Ended</u>** | **High** | **Low** | **High** | **Low** | **High** | **Low** |
| March 31, 2021 | $8.00 | $6.64 | $4.23 | $3.79 | 89.12% | 75.12% |
| June 30, 2021 | $8.02 | $6.81 | $4.36 | $4.53 | 83.94% | 50.33% |
| September 30, 2021 | $8.28 | $7.58 | $4.36 | $4.28 | 89.90% | 77.10% |
| December 31, 2021 | $8.25 | $7.82 | $4.28 | $4.15 | 92.75% | 88.43% |
| March 31, 2022 | $8.34 | $6.90 | $4.25 | $4.09 | 96.24% | 68.70% |
| June 30, 2022 | $7.35 | $6.41 | $4.33 | $3.74 | 69.75% | 71.39% |
| September 30, 2022 | $7.98 | $6.57 | $4.08 | $3.58 | 95.59% | 83.52% |
| December 31, 2022 | $7.51 | $6.68 | $3.65 | $3.35 | 105.75% | 99.40% |

---

**Portfolio Managers**

During the year ended December 31, 2022, there were no changes to the management team of the Fund.

**Unresolved Staff Comments**

The Fund does not believe that there are any material unresolved written comments, received 180 days or more before December 31, 2022 from the Staff of the SEC regarding any of the Fund's periodic or current reports under the Securities Exchange Act or the Investment Company Act, or its registration statement.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

**AUTOMATIC DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLANS**

Under the Fund's Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan (the "Plan"), a shareholder whose shares of common stock are registered in his or her own name will have all distributions reinvested automatically by Computershare Trust Company, N.A. ("Computershare"), which is an agent under the Plan, unless the shareholder elects to receive cash. Distributions with respect to shares registered in the name of a broker-dealer or other nominee (that is, in "street name") will be reinvested by the broker or nominee in additional shares under the Plan, unless the service is not provided by the broker or nominee or the shareholder elects to receive distributions in cash. Investors who own shares of common stock registered in street name should consult their broker-dealers for details regarding reinvestment. All distributions to investors who do not participate in the Plan will be paid by check mailed directly to the record holder by Computershare as dividend-disbursing agent.

**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 common shares 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.

**Be advised that the common shares of The Gabelli Utility Trust have traded at excessive premiums (whereby the market price is much greater than the underlying net asset value.) Dividend reinvestment may be made at an excessive premium, which is not likely to be sustainable.**

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 share 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 may submit this request through the Internet, by telephone or in writing to:

The Gabelli Utility Trust

P.O. Box 505000

Louisville, KY 40233-5000

Telephone: (800) 336-6983

Website: www.computershare.com/investor

Shareholders requesting this cash election must include the shareholder's name and address as they appear on the Fund's records. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact Computershare at the website or telephone number above.

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

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

"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 common shares 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 shares 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 common shares 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 shares. 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 shares at the time of valuation exceeds the market price of the common shares, participants will receive common 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 common shares 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 shares 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 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 per share fee (currently $0.02 per share). Per share fees include any applicable brokerage commissions Computershare is required to pay and fees for such purchases are expected to be less than the usual fees for such transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box 6006, Carol Stream, IL 60197-6006 such that Computershare receives such payments approximately two business days before the 1st and 15th of the month. Funds not received at least two business 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 two business days before such payment is to be invested.

Shareholders wishing to liquidate shares held at Computershare may do so through the Internet, in writing or by telephone to the above-mentioned website, address or telephone number. Include in your request your name, address, and account number. Computershare will sell such shares through a broker-dealer selected by

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

Computershare within 5 business days of receipt of the request. The sale price will equal the weighted average price of all shares sold through the Plan on the day of the sale, less applicable fees. Participants should note that Computershare is unable to accept instructions to sell on a specific date or at a specific price. The cost to liquidate shares is $2.50 per transaction as well as the per share fee (currently $0.10 per share) Per share fees include any applicable brokerage commissions Computershare is required to pay and are expected to be less than the usual fees 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 30 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 30 days written notice to participants in the Plan.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

**Selected data for a share of beneficial interest outstanding throughout each year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2017** | **2016** | **2015** | **2014** | **2013** |
| **Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $5.45 | $5.13 | $6.16 | $5.98 | $5.48 |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.11 | 0.11 | 0.13 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions | 0.48 | 0.92 | (0.53) | 0.69 | 1.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.59 | 1.03 | (0.40) | 0.82 | 1.15 |
| **Distributions to Preferred Shareholders: (a)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.01) | (0.01) | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.09) | (0.07) | (0.03) | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions to preferred shareholders | (0.11) | (0.08) | (0.04) | (0.05) | (0.05) |
| **Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations** | 0.48 | 0.95 | (0.44) | 0.77 | 1.10 |
| **Distributions to Common Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.09) | (0.11) | (0.11) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.49) | (0.48) | (0.27) | (0.40) | (0.42) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.01) | (0.03) | (0.22) | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions to common shareholders | (0.60) | (0.60) | (0.60) | (0.60) | (0.60) |
| **Fund Share Transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Increase in net asset value from common share transactions | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 (b) |
| &nbsp;&nbsp;&nbsp;Offering costs and adjustments to offering costs for preferred shares charged or credited to paid-in capital | 0.00 (b) | (0.04) |  |  | 0.00 (b) |
| &nbsp;&nbsp;&nbsp;Total Fund share transactions | 0.01 | (0.03) | 0.01 | 0.01 | 0.00 (b) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value Attributable to Common Shareholders, End of Year** | $5.34 | $5.45 | $5.13 | $6.16 | $5.98 |
| &nbsp;&nbsp;&nbsp;NAV total return† | 9.27% | 18.62% | (7.12)% | 13.87% | 20.99% |
| &nbsp;&nbsp;&nbsp;Market value, end of year | $7.10 | $6.30 | $5.70 | $7.32 | $6.39 |
| &nbsp;&nbsp;&nbsp;Investment total return†† | 23.48% | 22.08% | (14.15)% | 25.32% | 14.13% |
| **Ratios to Average Net Assets and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets including liquidation value of preferred shares, end of year (in 000's) | $336165 | $337831 | $270508 | $311044 | $300389 |
| &nbsp;&nbsp;&nbsp;Net assets attributable to common shares, end of year (in 000's) | $234833 | $236498 | $219176 | $259711 | $249057 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets attributable to common shares before preferred share distributions | 2.04% | 2.02% | 2.41% | 2.06% | 2.36% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets attributable to common shares before fee waived | 1.80 %(c) | 1.71 %(c) | 1.57 %(c) | 1.59% | 1.55% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets attributable to common shares net of advisory fee reduction, if any | 1.80 %(c) | 1.71 %(c) | 1.35 %(c) | 1.59% | 1.55% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including liquidation value of preferred shares before fee waived | 1.26 %(c) | 1.27 %(c) | 1.29 %(c) | 1.32% | 1.28% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction, if any | 1.26 %(c) | 1.27 %(c) | 1.11 %(c) | 1.32% | 1.28% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 18% | 22% | 9% | 17% | 16% |

---

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

**Selected data for a share of beneficial interest outstanding throughout each year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2017** | **2016** | **2015** | **2014** | **2013** |
| **Cumulative Preferred Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**5.625% Series A Preferred** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of year (in 000's) | $28832 | $28832 | $28832 | $28832 | $28832 |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) | 1153 | 1153 | 1153 | 1153 | 1153 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 |
| &nbsp;&nbsp;&nbsp;Average market value (d) | $25.68 | $25.88 | $25.55 | $25.14 | $25.25 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (e) | $82.94 | $83.35 | $131.74 | $151.49 | $146.30 |
| &nbsp;&nbsp;&nbsp;**Series B Auction Market Preferred** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of year (in 000's) | $22500 | $22500 | $22500 | $22500 | $22500 |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share | $25000 | $25000 | $25000 | $25000 | $25000 |
| &nbsp;&nbsp;&nbsp;Liquidation value (f) | $25000 | $25000 | $25000 | $25000 | $25000 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (e) | $82936 | $83347 | $131744 | $151486 | $146297 |
| &nbsp;&nbsp;&nbsp;**5.375% Series C Preferred** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of year (in 000's) | $50000 | $50000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) | 2000 | 2000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share | $25.00 | $25.00 |  |  |  |
| &nbsp;&nbsp;&nbsp;Average market value (d) | $25.32 | $25.28 |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (e) | $82.94 | $83.35 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Asset Coverage (g)** | 332% | 333% | 527% | 606% | 585% |

---

† Based
 on net asset value per share, adjusted for reinvestment of distributions at the net asset
 value per share on the ex-dividend dates.

†† Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund's dividend reinvestment plan.

(a) Calculated
 based on average common shares outstanding on the record dates throughout the years.

(b) Amount
 represents less than $0.005 per share.

(c) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating
 expenses. For the years ended December 31, 2017, 2016, and 2015, there was no impact
 on the expense ratios.

(d) Based
 on weekly prices.

(e) Asset
 coverage per share is calculated by combining all series of preferred shares.

(f) Since
 February 2008, the weekly auctions have failed. Holders that have submitted orders have
 not been able to sell any or all of their shares in the auction.

(g) Asset
 coverage is calculated by combining all series of preferred shares.

**The Gabelli Utility Trust**

**Additional Fund Information (Unaudited) (Continued)**

**MANAGEMENT OF THE FUND**

**Trustees and Officers**

The business and affairs of the Fund are managed under the direction of the Fund's Board of Trustees. Information pertaining to the Trustees and Officers of the Fund is set forth below. The Fund's Statement of Additional Information includes additional information about the Fund's Trustees and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Utility Trust at One Corporate Center, Rye, NY 10580-1422.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s)**<br> **Address<sup>1</sup>**<br> **and Year of Birth** | **Term of Office**<br> **and**<br> **Length of**<br> **Time Served<sup>2</sup>** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee<sup>3</sup>** | **Principal Occupation(s)**<br> **During Past Five Years** | **Other Directorships**<br> **Held by Trustee<sup>3</sup>** |
| **<u>INTERESTED TRUSTEES<sup>4</sup>:</u>** | **<u>INTERESTED TRUSTEES<sup>4</sup>:</u>** |  |  |  |
| **Mario J. Gabelli, CFA**<br> Chairman and Chief<br> Investment Officer<br> 1942 | Since 1999\*\*\* | 31 | Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Gabelli Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc. | Director of Morgan Group Holding, Co. (holding company) (2001-2019); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications) (2013-2018) |
| **John D. Gabelli**<br> Trustee<br> 1944 | Since 1999\*\* | 12 | Former Senior Vice President of G.research, LLC (and its predecessor) (1991-2019) |  |
| **<u>INDEPENDENT TRUSTEES<sup>5</sup>:</u>** | **<u>INDEPENDENT TRUSTEES<sup>5</sup>:</u>** |  |  |  |
| **John Birch<sup>6,7</sup>**<br> Trustee<br> 1950 | Since 2018\* | 8 | Partner, The Cardinal Partners Global; Chief Operating Officer of Sentinel Asset Management and Chief Financial Officer and Chief Risk Officer of Sentinel Group Funds (2005-2015) |  |
| **Elizabeth C. Bogan**<br> Trustee<br> 1944 | Since 2018\*\*\* | 12 | Senior Lecturer in Economics at Princeton University |  |
| **James P. Conn<sup>6</sup>**<br> Trustee<br> 1938 | Since 1999\*\* | 23 | Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998) |  |

---

**The Gabelli Utility Trust**

**Additional Fund Information (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s)**<br> **Address<sup>1</sup>**<br> **and Year of Birth** | **Term of Office**<br> **and**<br> **Length of**<br> **Time Served<sup>2</sup>** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee<sup>3</sup>** | **Principal Occupation(s)**<br> **During Past Five Years** | **Other Directorships**<br> **Held by Trustee<sup>3</sup>** |
| **Vincent D. Enright<sup>8</sup>**<br> Trustee<br> 1943 | Since 1999\*\*\* | 17 | Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998) | Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008-2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014) |
| **Frank J. Fahrenkopf, Jr.<sup>7</sup>** <br> Trustee<br> 1939 | Since 1999\* | 11 | Co-Chairman of the Commission on Presidential Debates; Former President and Chief Executive Officer of the American Gaming Association (1995-2013); Former Chairman of the Republican National Committee (1983- 1989) | Director of First Republic Bank (banking); Director of Eldorado Resorts, Inc. (casino entertainment company) |
| **Michael Ferrantino<sup>9</sup>**<br> Trustee<br> 1971 | Since 2017\*\* | 6 | Chief Executive Officer of InterEx Inc. | President, CEO, and Director of LGL Group; Director of LGL Systems Acquisition Corp. (Aerospace and Defense Communications) |
| **Leslie F. Foley<sup>7</sup>**<br> Trustee<br> 1968 | Since 2021\*\* | 15 | Attorney; Serves on the Boards of the Addison Gallery of American Art at Phillips Academy Andover, Vice President, Global Ethics & Compliance and Associate General Counsel for News Corporation (2008-2010) |  |
| **Michael J. Melarkey**<br> Trustee<br> 1949 | Since 2016\*\* | 23 | Of Counsel in the law firm of McDonald Carano Wilson LLP; Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan & McKenzie (1980-2015) | Chairman of Southwest Gas Corporation (natural gas utility) |
| **Robert J. Morrissey**<br> Trustee<br> 1939 | Since 1999\* | 7 | Partner in the law firm of Morrissey, Hawkins & Lynch | Chairman of the Board of Directors, Belmont Savings Bank |
| **Kuni Nakamura**<br> Trustee<br> 1968 | Since 2012\*\*\* | 36 | President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees; Trustee on Fordham Preparatory School Board of Trustees |  |

---

**The Gabelli Utility Trust**

**Additional Fund Information (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s)**<br> **Address<sup>1</sup>**<br> **and Year of Birth** | **Term of Office**<br> **and**<br> **Length of**<br> **Time Served<sup>2</sup>** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee<sup>3</sup>** | **Principal Occupation(s)**<br> **During Past Five Years** | **Other Directorships**<br> **Held by Trustee<sup>3</sup>** |
| **Salvatore J. Zizza<sup>10</sup>** <br> Trustee<br> 1945 | Since 1999\* | 34 | President of Zizza & Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate) | Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing) |

---

**The Gabelli Utility Trust**

**Additional Fund Information (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| **Name, Position(s)**<br> **Address<sup>1</sup>**<br> **and Year of Birth** | **Term of Office**<br> **and Length of**<br> **Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past Five Years** |
| **<u>OFFICERS:</u>** |  |  |
| <br>**John C. Ball**<br> President and Treasurer<br> 1976 | Since 2017 | Officer of registered investment companies within the Gabelli Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020 |
| **Peter Goldstein**<br> Secretary and Vice President<br> 1953 | Since 2020 | General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc. since 2021; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020) |
| **Richard J. Walz**<br> Chief Compliance Officer<br> 1959 | Since 2013 | Chief Compliance Officer of registered investment companies within the Fund Complex since 2013 |
| **David I. Schachter**<br> Vice President and Ombudsman<br> 1953 | Since 1999 | Vice President and/or Ombudsman of closed-end funds within the Gabelli Fund Complex; Senior Vice President (since 2015) and Vice President (1999-2015) of G.research, LLC |

---

<sup>1</sup> Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

<sup>2</sup> The Fund's Board of Trustees is divided into three classes, each class having a term of three years. Each year the term of office of one class expires and the successor or successors elected to such class serve for a three year term. The three year term for each class expires as follows:

\* Term expires at the Fund's 2023 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

\*\* Term expires at the Fund's 2024 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

\*\*\* Term expires at the Fund's 2025 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

<sup>3</sup> This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

<sup>4</sup> "Interested person" of the Fund as defined in the 1940 Act. Messrs. Mario J. Gabelli and John D. Gabelli, who are brothers, are each considered an "interested person" because of their affiliation with Gabelli Funds, LLC, which acts as the Fund's investment adviser.

<sup>5</sup> Trustees who are not considered to be "interested persons" of the Fund as defined in the 1940 Act are considered to be "Independent" Trustees.

<sup>6</sup> This Trustee is elected solely by and represents the stockholders of the preferred stock issued by the Fund.

<sup>7</sup> Mr. Fahrenkopf's daughter, Leslie F. Foley, serves as a director of other funds in the Fund Complex. Mr. Birch is a director of Gabelli Merger Plus+ Trust Plc and GAMCO International SICAV, which may be deemed to be controlled by Mario Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund's Advisor..

<sup>8</sup> Mr. Enright is a Director of The LGL Group, Inc., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund's Adviser.

<sup>9</sup> Mr. Ferrantino is the President, CEO and a Director of The LGL Group, Inc. and a Director of LGL Systems Acquisition Corp., all of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund's Adviser.

<sup>10</sup> Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund's Adviser. On September 9, 2015, Mr. Zizza entered into a

**The Gabelli Utility Trust**

**Additional Fund Information (Unaudited) (Continued)**

settlement with the SEC to resolve an inquiry relating to an alleged violation regarding the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying the SEC's findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended. The Board has discussed this matter and has determined that it does not disqualify Mr. Zizza from serving as an independent director.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

**General**

The Fund's Board has overall responsibility for the management of the Fund. The Board decides upon matters of general policy and reviews the actions of the Investment Adviser, Gabelli Funds, LLC, One Corporate Center, Rye, New York 10580-1422, and the Sub-Administrator (as defined below). Pursuant to an investment advisory agreement between the Fund and the Investment Adviser (the "Investment Advisory Agreement"), the Investment Adviser, under the supervision of the Board, provides a continuous investment program for the Fund's portfolio; provides investment research and makes and executes recommendations for the purchase and sale of securities; and provides all facilities and personnel, including officers required for its administrative management, and pays the compensation of Trustees of the Fund who are officers or employees of the Investment Adviser or its affiliates. As compensation for its services rendered and the related expenses borne by the Investment Adviser, the Fund pays the Investment Adviser a monthly fee, computed an annual rate of 1.00% of the Fund's average weekly net assets. The Fund's average weekly net assets shall be determined at the end of each month on the basis of the Fund's average net assets for each week during the month. The assets for each weekly period shall be determined by averaging the net assets at the end of a week with the net assets at the end of the prior week. The value of the Fund's average weekly net assets shall be deemed to be the average weekly value of the Fund's total assets minus the sum of the Fund's liabilities (such liabilities do not include the aggregate liquidation preference of any outstanding preferred shares and accumulated dividends, if any, on those shares). Therefore, the Fund will pay an advisory fee on any assets attributable to certain types of leverage it uses. Consequently, if the Fund has preferred shares outstanding, the investment management fees and other expenses as a percentage of net assets attributable to common shares may be higher than if the Fund does not utilize a capital structure leveraged with preferred equity.

Because the investment advisory fee is based on a percentage of the Fund's net assets without deduction for the liquidation preference of any outstanding preferred shares, the Investment Adviser may have a conflict of interest in the input it provides to the Board regarding whether to use or increase the Fund's use of preferred share leverage. The Board bases its decision, with input from the Investment Adviser, regarding whether and how much preferred share leverage to use for the Fund on its assessment of whether such use of leverage is in the best interests of the Fund, and the Board seeks to manage the Investment Adviser's potential conflict of interest by retaining the final decision on these matters and by periodically reviewing the Fund's performance and use of leverage.

**The Investment Adviser**

The Investment Adviser is a New York limited liability company which serves as an investment adviser to registered investment companies with combined aggregate net assets of approximately $18.5 billion as of September 30, 2022. The Investment Adviser is a registered adviser under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of GAMCO Investors, Inc. ("GAMI"). Mr. Mario J. Gabelli owns a majority of the stock of GGCP, Inc. ("GGCP"), which holds a majority of the capital stock and voting power of GAMI. The Investment Adviser has several affiliates that provide investment advisory services: GAMCO Asset Management Inc., a wholly owned subsidiary of GAMI, acts as investment adviser for individuals, pension trusts, profit sharing trusts, endowments, and as a sub-adviser to certain third party investment funds, which include registered investment companies, having assets under management of approximately of $10.7 billion as of September 30, 2022; Teton Advisors, Inc., and its wholly owned investment adviser, Keeley Teton Advisers,

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

LLC, with assets under management of approximately $1.4 billion as of September 30, 2022, acts as investment adviser to The TETON Westwood Funds, the KEELEY Funds, and separately managed accounts; and Gabelli & Company Investment Advisers, Inc. (formerly, Gabelli Securities, Inc.), a wholly owned subsidiary of Associated Capital Group, Inc. ("Associated Capital"), acts as investment adviser for certain alternative investment products, consisting primarily of risk arbitrage and merchant banking limited partnerships and offshore companies, with assets under management of approximately $1.8 billion as of September 30, 2022. Teton Advisors, Inc. was spun off by GAMI in March 2009 and is an affiliate of GAMI by virtue of Mr. Gabelli's ownership of GGCP, the principal shareholder of Teton Advisors, Inc., as of December 31, 2022. Associated Capital was spun off from GAMI on November 30, 2015, and is an affiliate of GAMI by virtue of Mr. Gabelli's ownership of GGCP, the principal shareholder of Associated Capital.

A discussion regarding the basis for the Fund's Board approval of the Investment Advisory Agreement with the Investment Adviser is available in this Annual Report.

**Payment of Expenses**

The Investment Adviser is obligated to pay expenses associated with providing the services contemplated by the Investment Advisory Agreement including compensation of and office space for its officers and employees connected with investment and economic research, trading and investment management and administration of the Fund (but excluding costs associated with the calculation of the net asset value and allocated costs of the chief compliance officer function and officers of the Fund who are employed by the Fund and are not employed by the Investment Adviser although such officers may receive incentive based variable compensation from affiliates of the Investment Adviser), as well as the fees of all Trustees of the Fund who are officers or employees of the Investment Adviser or its affiliates.

In addition to the fees of the Investment Adviser, the Fund, and indirectly the holders of its common shares, is responsible for the payment of all its other expenses incurred in the operation of the Fund, which include, among other things, underwriting compensation and reimbursements in connection with sales of the Fund's securities, expenses for legal and the Fund's independent registered public accounting firm's services, stock exchange listing fees and expenses, costs of printing proxies, share certificates and shareholder reports, charges of the Fund's Custodian, any sub-custodian and any transfer agent and distribution disbursing agent, expenses in connection with the Automatic Dividend Reinvestment Plan and the Voluntary Cash Purchase Plan, SEC fees and preparation of filings with the SEC, fees and expenses of Trustees who are not officers or employees of the Investment Adviser or its affiliates, accounting and printing costs, the Fund's pro rata portion of membership fees in trade organizations, compensation and other expenses of officers and employees of the Fund (including, but not limited to, the Chief Compliance Officer, Vice President and Ombudsman) as approved by the Fund's Trustees, fidelity bond coverage for the Fund's officers and employees, Trustees' and officers' errors and omissions insurance coverage, interest, brokerage costs, taxes, expenses of qualifying the Fund's shares for sale in various states, expenses of personnel performing shareholder servicing functions, rating agency fees, organizational expenses, litigation and other extraordinary or non-recurring expenses and other expenses properly payable by the Fund.

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

**Selection of Securities Brokers**

The Investment Advisory Agreement contains provisions relating to the selection of securities brokers to effect the portfolio transactions of the Fund. Under those provisions, the Investment Adviser may (i) direct Fund portfolio brokerage to G.research, LLC ("G.research"), an affiliate of the Investment Adviser, or to other broker-dealer affiliates of the Investment Adviser and (ii) pay commissions to brokers other than G.research that are higher than might be charged by another qualified broker to obtain brokerage and/or research services considered by the Investment Adviser to be useful or desirable for its investment management of the Fund and/ or its other investment advisory accounts or those of any investment adviser affiliated with it. The SAI contains further information about the Investment Advisory Agreement, including a more complete description of the investment advisory and expense arrangements, exculpatory and brokerage provisions, as well as information on the brokerage practices of the Fund.

**Portfolio Managers**

There were no changes to the portfolio management team during the year ended December 31, 2022.

**Sub-Administrator**

The Investment Adviser has entered into a sub-administration agreement with BNY Mellon Investment Servicing (US) Inc. (the "Sub-Administrator") pursuant to which the Sub-Administrator provides certain administrative services necessary for the Fund's operations which do not include the investment and portfolio management services provided by the Investment Adviser. For these services and the related expenses borne by the Sub-Administrator, the Investment Adviser pays an annual fee based on the value of the aggregate average daily net assets of all funds under its administration managed by the Investment Adviser, GAMCO and Teton Advisors, Inc. as follows: 0.0275%—first $10 billion, 0.0125%—exceeding $10 billion but less than $15 billion, 0.01%— over $15 billion but less than $20 billion and 0.008% over $20 billion. The Sub-Administrator has its principal office at 301 Bellevue Parkway, Wilmington, Delaware 19809.

**NET ASSET VALUE**

The NAV of the Fund's shares is computed based on the market value of the securities it holds and determined daily as of the close of the regular trading day on the NYSE, normally 4:00 p.m., Eastern Time. The Investment Adviser has been designated as the Fund's valuation designee to perform fair value determinations for the Fund pursuant to Rule 2a-5 under the 1940 Act, in accordance with established procedures and under the general oversight of the Board.

For purposes of determining the Fund's NAV per share, portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. OTC 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 by such other method as the Investment Adviser shall determine in good faith to

**The Gabelli Utility Trust**

**Additional Fund Information (Continued) (Unaudited)**

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 the Investment 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 in good faith by the Investment Adviser pursuant to established procedures 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 60 days or less that are not credit impaired are valued at amortized cost, unless the Investment Adviser determines such amount does not reflect the securities' fair value, in which case these securities will be fair valued as determined by the Investment Adviser in good faith. Debt instruments having a maturity greater than 60 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. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

Options are valued using market quotations. When market quotations are not readily available, options are valued from broker quotes. In limited circumstances when neither market quotations nor broker quotes are readily available, options are valued using a Black Scholes model.

Securities and assets for which market quotations are not readily available are fair valued in good faith by the Investment Adviser. 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 to the valuation and changes in valuation of similar securities, including a comparison of foreign securities to 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 Fund obtains valuations on the basis of prices provided by one or more pricing services approved by the Board. All other investment assets, including restricted and not readily marketable securities, are fair valued in good faith by the Investment Adviser under established procedures and under the general oversight of the Board.

In addition, whenever developments in one or more securities markets after the close of the principal markets for one or more portfolio securities and before the time as of which the Fund determines its NAV would, if such developments had been reflected in such principal markets, likely have had more than a minimal effect on the Fund's NAV per share, the Fund may fair value such portfolio securities based on available market information as of the time the Fund determines its NAV.

*NYSE American Closings.* The holidays (as observed) on which the NYSE is closed, and therefore days upon which shareholders cannot purchase or sell shares, currently are: New Year's Day, Dr. Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day and on the preceding Friday or subsequent Monday when a holiday falls on a Saturday or Sunday, respectively.

**The Gabelli Utility Trust**

**Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)**

At its meeting on November 9, 2022, the Board of Trustees (Board) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not interested persons of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

**Nature, Extent, and Quality of Services.** The Independent Board Members considered information regarding the portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio managers, the nature, quality and extent of administrative and shareholder services supervised or provided by the Adviser, including portfolio management, supervision of Fund operations and compliance and regulatory filings and disclosures to shareholders, general oversight of other service providers, review of Fund legal issues, assisting the Independent Board Members in their capacity as directors, and other services, and the absence of significant service problems reported to the Board. The Independent Board Members concluded that the services are extensive in nature and that the Adviser consistently delivered a high level of service.

**Investment Performance of the Fund and Adviser.** The Independent Board Members considered short term and long term investment performance for the Fund over various periods of time as compared with relevant equity indices and the performance of other closed-end funds included in the Broadridge peer category. The Board noted that the Fund's total return performance was below the average but equal to the median of a select group of peers for the one-year and five-year periods, above the average and the median of a select group of peers for the three-year period, and modestly above the average but below the median of a select group of peers for the ten-year period ended September 30, 2022. The Board also noted that the Fund's common shares consistently trade at a meaningful premium to NAV. The Independent Board Members concluded that the Adviser was delivering satisfactory performance results consistent with the investment strategies being pursued by the Fund and disclosed to investors.

**Costs of Services and Profits Realized by the Adviser.** (a) Costs of Services to Fund: Fees and Expenses. The Independent Board Members considered the Fund's advisory fee rate and expense ratio relative to industry averages for the Fund's Broadridge peer group category and the advisory fees charged by the Adviser and its affiliates to other fund and non-fund clients. The Independent Board Members considered the Adviser's fee structure as compared to that of the Adviser's affiliate, GAMCO Asset Management Inc. ("GAMCO"), for services provided to institutional and high net worth accounts and in connection with sub-advisory arrangements, noting that the service level for GAMCO accounts and sub-advisory relationships is materially different than the services provided by the Adviser to its registered funds and investors in such funds, which is reflected in the difference in fee structure. The Independent Board Members noted that the mix of services under the Advisory Agreement is more extensive than those under the advisory agreements for non-fund clients. The Independent Board Members noted the level of management and gross advisory fees, other non-management expenses, and total expenses paid by the Fund relative to the average and median for the Fund's select group of peers. They took note of the fact that the use of leverage impacts comparative expenses to peer funds, not all of which utilize leverage and certain of which are open-end funds. The Independent Board Members were aware that the Adviser has agreed to waive its management fee on the incremental assets attributable to the Fund's Series B Preferred Shares during a fiscal year if the total return on NAV of the Fund's common shares, including distributions and advisory fees subject to reduction for that year, does not exceed the stated dividend rate or

**The Gabelli Utility Trust**

**Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)**

corresponding swap rate for the Series B Preferred Shares for the year and that the comparative total expense ratio and other non-management expense information reflected these waivers, if applicable. The Independent Board Members concluded that the advisory fee is not excessive based upon the qualifications, experience, reputation, and performance of the Adviser and the other factors considered. (b) Profitability and Costs of Services to Adviser. The Independent Board Members considered the Adviser's overall profitability and costs. The Independent Board Members referred to the Board Materials for the pro forma income statements for the Adviser and the Fund for the period ended December 31, 2021. They noted the pro forma estimates of the Adviser's profitability and costs attributable to the Fund. The Independent Board Members also considered whether the amount of profit is a fair entrepreneurial profit for the management of the Fund and noted that the Adviser has continued to increase its resources devoted to Fund matters, including portfolio management resources, in response to regulatory requirements and new or enhanced Fund policies and procedures. The Independent Board Members concluded that the profitability to the Adviser of managing the Fund was not excessive.

**Extent of Economies of Scale as Fund Grows**. The Independent Board Members considered whether there have been economies of scale with respect to the management of the Fund and whether the Fund has appropriately benefited from any economies of scale, noting that assets under management for the Fund were below $400 million for the period. The Independent Board Members noted that, although the ability of the Fund to realize economies of scale through growth is more limited than for an open-end fund, economies of scale may develop for certain funds as their assets increase and their fund-level expenses decline as a percentage of assets, but that fund-level economies of scale may not necessarily result in Adviser-level economies of scale. The Independent Board Members were aware that economies can be shared through an adviser's investment in its fund advisory business and noted the Adviser's increase in personnel and resources devoted to the Gabelli/ GAMCO fund complex in recent years, which could benefit the Fund.

**Whether Fee Levels Reflect Economies of Scale**. The Independent Board Members also considered whether the advisory fee rate is reasonable in relation to the asset size of the Fund and any economies of scale that may exist, and concluded that the Fund's current fee schedule (without breakpoints) was considered reasonable, particularly in light of the Fund's performance over time.

**Other Relevant Considerations**. (a) Adviser Personnel and Methods. The Independent Board Members considered the size, education, and experience of the Adviser's staff, the Adviser's fundamental research capabilities, and the Adviser's approach to recruiting, training, and retaining portfolio managers and other research and management personnel, and concluded that, in each of these areas, the Adviser was structured in such a way to support the high level of services being provided to the Fund. (b) Other Benefits to the Adviser. The Independent Board Members also considered the character and amount of other incidental benefits received by the Adviser and its affiliates from their association with the Fund. The Independent Board Members considered the brokerage commissions paid to an affiliate of the Adviser. The Independent Board Members concluded that potential "fall-out" benefits that the Adviser and its affiliates may receive, such as brokerage commissions paid to an affiliated broker, greater name recognition, or increased ability to obtain research services, appear to be reasonable and may in some cases benefit the Fund.

**Conclusions**. In considering the Advisory Agreement, the Independent Board Members did not identify any factor as all-important or all-controlling, and instead considered these factors collectively in light of the Fund's

**The Gabelli Utility Trust**

**Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)**

surrounding circumstances. Based on this review, it was the judgment of the Independent Board Members that shareholders had received satisfactory absolute and relative performance over time consistent with the investment strategies being pursued by the Fund at reasonable fees and, therefore, continuation of the Advisory Agreement was in the best interests of the Fund and its shareholders. As a part of its decision making process, the Independent Board Members noted that the Adviser has managed the Fund since its inception, and the Independent Board Members believe that a long term relationship with a capable, conscientious adviser is in the best interests of the Fund. The Independent Board Members considered, generally, that shareholders invested in the Fund knowing that the Adviser managed the Fund and knowing its investment advisory fee. As such, the Independent Board Members considered, in particular, whether the Adviser managed the Fund in accordance with its investment objectives and policies as disclosed to shareholders. The Independent Board Members concluded that the Fund was managed by the Adviser in a manner consistent with its investment objectives and policies. The Independent Board Members also confirmed that they were satisfied with the information provided by the Adviser, that it included all information the Independent Board Members believed was necessary to evaluate the terms of the Advisory Agreement, and that the Independent Board Members were satisfied that any questions they had were appropriately addressed. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund's advisory fee was fair and reasonable with respect to the nature and quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund's Advisory Agreement.

**THE GABELLI UTILITY TRUST**

**INCOME TAX INFORMATION (Unaudited)**

**December 31, 2022**

**Cash Dividends and Distributions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Payable**<br>**Date** | <br>**Record**<br>**Date** | **Ordinary**<br>**Investment**<br>**Income (a)** | **Long Term**<br>**Capital**<br>**Gains** | <br>**Return of**<br>**Capital (b)** | **Total Amount**<br>**Paid**<br>**Per Share (c)** | **Dividend**<br>**Reinvestment**<br>**Price** |
| **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |
| 01/24/22 | 01/14/22 | $0.00450 | $0.00500 | $0.04050 | $0.05000 | $7.66650 |
| 02/18/22 | 02/11/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 7.73000 |
| 03/24/22 | 03/17/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 7.03950 |
| 04/22/22 | 04/14/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 6.70700 |
| 05/23/22 | 05/16/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 6.70700 |
| 06/23/22 | 06/15/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 6.35550 |
| 07/22/22 | 07/15/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 7.27700 |
| 08/24/22 | 08/17/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 7.45750 |
| 09/23/22 | 09/16/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 6.39350 |
| 10/24/22 | 10/17/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 6.71000 |
| 11/22/22 | 11/15/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 6.65000 |
| 12/16/22 | 12/09/22 | 0.00450 | 0.00500 | 0.04050 | 0.05000 | 7.21000 |
|  |  | $0.05400 | $0.06000 | $0.48600 | $0.60000 |  |
| **5.625% Series A Cumulative Preferred Shares** | **5.625% Series A Cumulative Preferred Shares** | **5.625% Series A Cumulative Preferred Shares** | **5.625% Series A Cumulative Preferred Shares** |  |  |  |
| 01/31/22 | 01/31/22 | $0.0639456 | $0.0727732 |  | $0.1367188 |  |
|  |  | $0.0639456 | $0.0727732 |  | $0.1367188 |  |
| **5.375% Series C Cumulative Preferred Shares** | **5.375% Series C Cumulative Preferred Shares** | **5.375% Series C Cumulative Preferred Shares** | **5.375% Series C Cumulative Preferred Shares** |  |  |  |
| 03/28/22 | 03/21/22 | $0.1571234 | $0.1788141 |  | $0.3359375 |  |
| 06/27/22 | 06/17/22 | 0.1571234 | 0.1788141 |  | 0.3359375 |  |
| 09/26/22 | 09/19/22 | 0.1571234 | 0.1788141 |  | 0.3359375 |  |
| 12/27/22 | 12/19/22 | 0.1571234 | 0.1788141 |  | 0.3359375 |  |
|  |  | $0.6284936 | $0.7152564 |  | $1.3437500 |  |

---

A Form 1099-DIV has been mailed to all shareholders of record for the distributions mentioned above, setting forth specific amounts to be included in the 2022 tax returns. Ordinary income distributions include net investment income and net realized short term capital gains, if any. Ordinary income is reported in box 1a of Form 1099-DIV. Capital gain distributions are reported in box 2a of Form 1099-DIV. The long term gain distributions for the year ended December 31, 2022 were $4,267,694 or the maximum allowable.

**Series B Auction Rate Cumulative Preferred Shares**

Auction Rate Preferred Stocks pay dividends weekly based on the maximum rate. The distributions derived from long term gains for the Auction Rate Series B Cumulative Preferred Shares were $1,755,325.

**Corporate Dividends Received Deduction, Qualified Dividend Income, and U.S. Government Securities Income**

In 2022, the Fund paid to common, 5.625% Series A Cumulative Preferred, and 5.375% Series C Cumulative Preferred shareholders ordinary income dividends of $0.054, $0.0639456, and $0.6284936 per share, respectively. The Fund paid weekly distributions to Series B Auction Rate Cumulative Preferred shareholders at varying rates throughout the year, including an ordinary income dividend totaling $245.401262443 per share in 2022. For 2022, 100% of the ordinary dividend qualified for the dividend received deduction available to corporations, 100% of the ordinary income distribution was deemed qualified dividend income, and 9.68% of ordinary income distribution was qualified interest income and 100% of the ordinary income distribution was qualified short term capital gain. The percentage of ordinary income dividends paid by the Fund during 2022 derived from U.S. Government securities was 9.87%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its

**THE GABELLI UTILITY TRUST**

**INCOME TAX INFORMATION (Unaudited) (Continued)**

**December 31, 2022**

assets at the end of each quarter of its year in U.S. Government securities. The Fund did not meet this strict requirement in 2022. The percentage of U.S. Government securities held as of December 31, 2022 was 16.5% of total investments.

**THE GABELLI UTILITY TRUST**

**INCOME TAX INFORMATION (Unaudited) (Continued)**

**December 31, 2022**

**Historical Distribution Summary**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Investment**<br>**Income (a)** | **Short Term**<br>**Capital**<br>**Gains (a)** | **Long Term**<br>**Capital**<br>**Gains** | <br>**Return of**<br>**Capital (b)** | <br>**Total**<br>**Distributions (c)** | **Adjustment**<br>**to Cost**<br>**Basis (d)** |
| **Common Shares** | **Common Shares** | **Common Shares** | **Common Shares** | **Common Shares** |  |  |
| 2022 | $0.05280 | $0.00120 | $0.06000 | $0.48600 | $0.60000 | $0.48600 |
| 2021 | 0.04440 | 0.00480 | 0.04440 | 0.50640 | 0.60000 | 0.50640 |
| 2020 | 0.00120 |  |  | 0.59880 | 0.60000 | 0.59880 |
| 2019 | 0.10080 | 0.02520 | 0.36720 | 0.10680 | 0.60000 | 0.10680 |
| 2018 (e) | 0.10440 | 0.02880 | 0.45000 | 0.01680 | 0.60000 | 0.01680 |
| 2017 | 0.09960 |  | 0.49200 | 0.00840 | 0.60000 | 0.00840 |
| 2016 | 0.09360 | 0.01320 | 0.46440 | 0.02880 | 0.60000 | 0.02880 |
| 2015 | 0.10800 | 0.02160 | 0.25200 | 0.21840 | 0.60000 | 0.21840 |
| 2014 | 0.09960 | 0.00804 | 0.40104 | 0.09132 | 0.60000 | 0.09132 |
| 2013 | 0.14232 | 0.00576 | 0.39180 | 0.06012 | 0.60000 | 0.06012 |
| **5.625% Series A Cumulative Preferred Shares** | **5.625% Series A Cumulative Preferred Shares** | **5.625% Series A Cumulative Preferred Shares** | **5.625% Series A Cumulative Preferred Shares** | **5.625% Series A Cumulative Preferred Shares** |  |  |
| 2022 | $0.06371 | $0.00024 | $0.07277 |  | $0.13672 |  |
| 2021 | 0.66492 | 0.07655 | 0.66478 |  | 1.40625 |  |
| 2020 | 1.40625 |  |  |  | 1.40625 |  |
| 2019 | 0.28623 | 0.07260 | 1.04742 |  | 1.40625 |  |
| 2018 | 0.25125 | 0.06991 | 1.08509 |  | 1.40625 |  |
| 2017 | 0.23774 |  | 1.16851 |  | 1.40625 |  |
| 2016 | 0.23026 | 0.03347 | 1.14252 |  | 1.40625 |  |
| 2015 | 0.39725 | 0.07765 | 0.93135 |  | 1.40625 |  |
| 2014 | 0.27528 | 0.02227 | 1.10870 |  | 1.40625 |  |
| 2013 | 0.37067 | 0.01489 | 1.02069 |  | 1.40625 |  |
| **Series B Auction Market Cumulative Preferred Shares** | **Series B Auction Market Cumulative Preferred Shares** | **Series B Auction Market Cumulative Preferred Shares** | **Series B Auction Market Cumulative Preferred Shares** | **Series B Auction Market Cumulative Preferred Shares** |  |  |
| 2022 | $244.48530 | $0.91597 | $279.27874 |  | $524.68000 |  |
| 2021 | 248.69508 | 28.63046 | 248.64445 |  | 525.96999 |  |
| 2020 | 527.67000 |  |  |  | 527.67000 |  |
| 2019 | 186.42761 | 47.28547 | 682.19692 |  | 915.91000 |  |
| 2018 | 156.15811 | 43.44635 | 674.40554 |  | 874.01000 |  |
| 2017 | 109.26415 |  | 537.03585 |  | 646.30000 |  |
| 2016 | 80.27810 | 11.66970 | 398.32200 |  | 490.26980 |  |
| 2015 | 118.61073 | 23.18474 | 278.08453 |  | 419.88000 |  |
| 2014 | 80.26781 | 6.49443 | 323.28776 |  | 410.05000 |  |
| 2013 | 110.25405 | 4.42978 | 303.60617 |  | 418.29000 |  |
| **5.375% Series C Cumulative Preferred Shares** | **5.375% Series C Cumulative Preferred Shares** | **5.375% Series C Cumulative Preferred Shares** | **5.375% Series C Cumulative Preferred Shares** | **5.375% Series C Cumulative Preferred Shares** |  |  |
| 2022 | $0.62615 | $0.00235 | $0.71526 |  | $1.34375 |  |
| 2021 | 0.63537 | 0.07314 | 0.63524 |  | 1.34375 |  |
| 2020 | 1.34375 |  |  |  | 1.34375 |  |
| 2019 | 0.27351 | 0.06937 | 1.00086 |  | 1.34375 |  |
| 2018 | 0.24009 | 0.06680 | 1.03686 |  | 1.34375 |  |
| 2017 | 0.22718 |  | 1.11657 |  | 1.34375 |  |
| 2016 | 0.12591 | 0.01830 | 0.62471 |  | 0.76892 |  |

---

**THE GABELLI UTILITY TRUST**

**INCOME TAX INFORMATION (Unaudited) (Continued)**

**December 31, 2022**

(a) Taxable
as ordinary income for Federal tax purposes.

(b) Non-taxable.

(c) Total
amounts may differ due to rounding.

(d) Decrease
in cost basis.

(e) On
March 11, 2021, the Fund also distributed rights equivalent to $0.27 per share based upon full subscription of all issued common
shares.

(f) On
March 29, 2018, the Fund also distributed rights equivalent to $0.18 per share based upon full subscription of all issued common
shares.

(g) On
March 29, 2012, the Fund also distributed rights equivalent to $0.18 per share based upon full subscription of all issued common
shares.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**THE GABELLI UTILITY TRUST**

**AND YOUR PERSONAL PRIVACY**

**Who are we?**

The Gabelli Utility Trust 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., a publicly held company that has subsidiaries that provide investment advisory 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.

**This page was intentionally left blank.**

**THE GABELLI UTILITY TRUST**

**One Corporate Center**

**Rye, NY 10580-1422**

**Portfolio Manager Biography**

**Mario J. Gabelli, CFA,** is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

**Timothy M. Winter, CFA,** joined Gabelli in 2009 and covers the utility industry. He has over 25 years of experience as an equity research analyst covering the industry. Currently, he continues to specialize in the utility industry and also serves as a portfolio manager of Gabelli Funds, LLC. Mr. Winter received his BA in Economics from Rollins College and MBA degree in Finance from Notre Dame.

**Justin Bergner, CFA,** is a Vice President at Gabelli & Company and a portfolio manager for Gabelli Funds LLC. Justin rejoined Gabelli & Company in 2013 as a research analyst covering Diversified Industrials, Home Improvement, and Transport companies. He began his investment career at Gabelli & Company in 2005 as a metals and mining analyst, and subsequently spent five years at Axiom International Investors as a senior analyst focused on industrial and healthcare stocks. Prior to business school, Mr. Bergner worked in management consulting at both Bain & Company and Dean & Company. Mr. Bergner graduated cum laude from Yale University with a BA in Economics & Mathematics and received an MBA in Finance and Accounting from the Wharton School at the University of Pennsylvania.

**Brett Kearney, CFA,** is a portfolio manager covering industrials with a focus on the flow control and other niche manufacturing sectors. He joined the Firm in 2017. Previously he was an analyst at Schultze Asset Management, an analyst at Fidus Mezzanine Capital, and an investment analyst at the Bond & Corporate Finance Group of John Hancock Financial Services. Brett graduated cum laude with a BS in Business Administration from Washington and Lee University and holds an MBA from Columbia Business School, where he participated in the school's Value Investing Program.

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."

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.

![](gutncsr006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant, as of the end of the period covered by this report, has adopted a code of ethics
 that applies to the registrant's principal executive officer, principal financial officer,
 principal accounting officer or controller, or persons performing similar functions, regardless
 of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 have been no amendments, during the period covered by this report, to a provision of the
 code of ethics that applies to the registrant's principal executive officer, principal
 financial officer, principal accounting officer or controller, or persons performing similar
 functions, regardless of whether these individuals are employed by the registrant or a third
 party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 registrant has not granted any waivers, including an implicit waiver, from a provision of
 the code of ethics that applies to the registrant's principal executive officer, principal
 financial officer, principal accounting officer or controller, or persons performing similar
 functions, regardless of whether these individuals are employed by the registrant or a third
 party, that relates to one or more of the items set forth in paragraph (b) of this item's
 instructions.

**Item 3. Audit Committee Financial Expert.**

As of the end of the period covered by the report, the registrant's Board of Trustees has determined that Vincent D. Enright is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 aggregate fees billed for each of the last two fiscal years for professional services rendered
 by the principal accountant for the audit of the registrant's annual financial statements
 or services that are normally provided by the accountant in connection with statutory and
 regulatory filings or engagements for those fiscal years are $37,446 for 2021 and $39,318
 for 2022.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 aggregate fees billed in each of the last two fiscal years for assurance and related services
 by the principal accountant that are reasonably related to the performance of the audit of
 the registrant's financial statements and are not reported under paragraph (a) of this
 Item are $0 for 2021 and $0 for 2022.

<u>Tax fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 aggregate fees billed in each of the last two fiscal years for professional services rendered
 by the principal accountant for tax compliance, tax advice, and tax planning are $4,335 for
 2021 and $4,550 for 2022. Tax fees represent tax compliance services provided in connection
 with the review of the Registrant's tax returns.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 aggregate fees billed in each of the last two fiscal years for products and services provided
 by the principal accountant, other than the services reported in paragraphs (a) through (c)
 of this Item are $13,500 for 2021 and $0 for 2022. The fees relate to review of the Registrant's
 registration statement.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC ("Gabelli") that provides services to the registrant (a "Covered Services Provider") if the independent registered public accounting firm's engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to the other persons (other than Gabelli or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 percentage of hours expended on the principal accountant's engagement to audit the
 registrant's financial statements for the most recent fiscal year that were attributed
 to work performed by persons other than the principal accountant's full-time, permanent
 employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 aggregate non-audit fees billed by the registrant's accountant for services rendered
 to the registrant, and rendered to the registrant's investment adviser (not including
 any sub-adviser whose role is primarily portfolio management and is subcontracted with or
 overseen by another investment adviser), and any entity controlling, controlled by, or under
 common control with the adviser that provides ongoing services to the registrant for each
 of the last two fiscal years of the registrant was $13,500 for 2021 and $0 for 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 registrant's audit committee of the board of directors has considered whether the provision
 of non-audit services that were rendered to the registrant's investment adviser (not
 including any sub-adviser whose role is primarily portfolio management and is subcontracted
 with or overseen by another investment adviser), and any entity controlling, controlled by,
 or under common control with the investment adviser that provides ongoing services to the
 registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation
 S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not
 Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant has a separately designated audit committee consisting of the following members:
 John Birch, Vincent D. Enright, and Michael J. Melarkey.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments in securities of unaffiliated issuers as of the close of the reporting period
 is included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable due to no such divestments during the semi-annual period covered since the previous
 Form N-CSR filing

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

The Proxy Voting Policies are attached herewith.

**SECTION HH**

**The Voting of Proxies on Behalf of Clients**

***(This section pertains to all affiliated SEC registered investment advisers)***

Rule 206(4)-6 under the Investment Advisers Act of 1940 and Rule 30b1-4 under the Investment Company Act of 1940 require investment advisers to adopt written policies and procedures governing the voting of proxies on behalf of their clients.

These procedures will be used by GAMCO Asset Management Inc., Gabelli Funds, LLC, Gabelli & Company Investment Advisers, Inc., and Teton Advisors, Inc. (collectively, the "Advisers") to determine how to vote proxies relating to portfolio securities held by their clients, including the procedures that the Advisers use when a vote presents a conflict between the interests of the shareholders of an investment company managed by one of the Advisers, on the one hand, and those of the Advisers; the principal underwriter; or any affiliated person of the investment company, the Advisers, or the principal underwriter. These procedures will not apply where the Advisers do not have voting discretion or where the Advisers have agreed to with a client to vote the client's proxies in accordance with specific guidelines or procedures supplied by the client (to the extent permitted by ERISA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.&nbsp;&nbsp;&nbsp;&nbsp; Proxy Voting Committee**

The Proxy Voting Committee was originally formed in April 1989 for the purpose of formulating guidelines and reviewing proxy statements within the parameters set by the substantive proxy voting guidelines originally published in 1988 and updated periodically, a copy of which are appended as Exhibit A. The Committee will include representatives of Research, Administration, Legal, and the Advisers. Additional or replacement members of the Committee will be nominated by the Chairman and voted upon by the entire Committee.

Meetings are held on an as needed basis to form views on the manner in which the Advisers should vote proxies on behalf of their clients.

In general, the Director of Proxy Voting Services, using the Proxy Guidelines, and the analysts of GAMCO Investors, Inc. ("GBL"), will determine how to vote on each issue. For non-controversial matters, the Director of Proxy Voting Services may vote the proxy if the vote is: (1) consistent with the recommendations of the issuer's Board of Directors and not contrary to the Proxy Guidelines; (2) consistent with the recommendations of the issuer's Board of Directors and is a non-controversial issue not covered by the Proxy Guidelines; or (3) the vote is contrary to the recommendations of the Board of Directors but is consistent with the Proxy Guidelines. In those instances, the Director of Proxy Voting Services or the Chairman of the Committee may sign and date the proxy statement indicating how each issue will be voted.

All matters identified by the Chairman of the Committee, the Director of Proxy Voting Services or the Legal Department as controversial, taking into account the recommendations of the analysts of GBL, will be presented to the Proxy Voting Committee. If the Chairman of the Committee, the Director of Proxy Voting Services or the Legal Department has identified the matter as one that (1) is controversial; (2) would benefit from deliberation by the Proxy Voting Committee; or (3) may give rise to a conflict of interest between the Advisers and their clients, the Chairman of the Committee will initially determine what vote to recommend that the Advisers should cast and the matter will go before the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Conflicts of Interest.** 

The Advisers have implemented these proxy voting procedures in order to prevent conflicts of interest from influencing their proxy voting decisions. By following the Proxy Guidelines and the analysts of GBL, the Advisers are able to avoid, wherever possible, the influence of potential conflicts of interest. Nevertheless, circumstances may arise in which one or more of the Advisers are faced with a conflict of interest or the appearance of a conflict of interest in connection with its vote. In general, a conflict of interest may arise when an Adviser knowingly does business with an issuer, and may appear to have a material conflict between its own interests and the interests of the shareholders of an investment company managed by one of the Advisers regarding how the proxy is to be voted. A conflict also may exist when an Adviser has actual knowledge of a material business arrangement between an issuer and an affiliate of the Adviser.

In practical terms, a conflict of interest may arise, for example, when a proxy is voted for a company that is a client of one of the Advisers, such as GAMCO Asset Management Inc. A conflict also may arise when a client of one of the Advisers has made a shareholder proposal in a proxy to be voted upon by one or more of the Advisers. The Director of Proxy Voting Services, together with the Legal Department, will scrutinize all proxies for these or other situations that may give rise to a conflict of interest with respect to the voting of proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**&nbsp;&nbsp;&nbsp;&nbsp; **Operation of Proxy Voting Committee**

For matters submitted to the Committee, each member of the Committee will receive, prior to the meeting, a copy of the proxy statement, a summary of any views provided by the Chief Investment Officer and any recommendations by GBL analysts. The Chief Investment Officer or the GBL analysts may be invited to present their viewpoints. If the Director of Proxy Voting Services or the Legal Department believe that the matter before the committee is one with respect to which a conflict of interest may exist between the Advisers and their clients, counsel may provide an opinion to the Committee concerning the conflict. If the matter is one in which the interests of the clients of one or more of the Advisers may diverge, counsel may so advise and the Committee may make different recommendations as to different clients. For any matters where the recommendation may trigger appraisal rights, counsel may provide an opinion concerning the likely risks and merits of such an appraisal action.

Each matter submitted to the Committee will be determined by the vote of a majority of the members present at the meeting. Should the vote concerning one or more recommendations be tied in a vote of the Committee, the Chairman of the Committee will cast the deciding vote. The Committee will notify the proxy department of its decisions and the proxies will be voted accordingly.

Although the Proxy Guidelines express the normal preferences for the voting of any shares not covered by a contrary investment guideline provided by the client, the Committee is not bound by the preferences set forth in the Proxy Guidelines and will review each matter on its own merits. The Advisers subscribe to Institutional Shareholder Services Inc ("ISS") and Glass Lewis & Co., LLC ("Glass Lewis"), which supply current information on companies, matters being voted on, regulations, trends in proxy voting and information on corporate governance issues. The information provided by ISS and GL is for informational purposes only.

If the vote cast either by the analyst or as a result of the deliberations of the Proxy Voting Committee runs contrary to the recommendation of the Board of Directors of the issuer, the matter may be referred to legal counsel to determine whether an amendment to the most recently filed Schedule 13D is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Social Issues and Other Client Guidelines** 

If a client has provided and the Advisers have accepted special instructions relating to the voting of proxies, they should be noted in the client's account file and forwarded to the proxy department. This is the responsibility of the investment professional or sales assistant for the client. In accordance with Department of Labor guidelines, the Advisers' policy is to vote on behalf of ERISA accounts in the best interest of the plan participants with regard to social issues that carry an economic impact. Where an account is not governed by ERISA, the Advisers will vote shares held on behalf of the client in a manner consistent with any individual investment/voting guidelines provided by the client. Otherwise the Advisers may abstain with respect to those shares.

Specific to the Gabelli ESG Fund and the Gabelli Love Our Planet & People ETF, the Proxy Voting Committee will rely on the advice of the portfolio managers of the Gabelli ESG Fund and the Gabelli Love Our Planet & People ETF to provide voting recommendations on the securities held in the portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Client Retention of Voting Rights** 

If a client chooses to retain the right to vote proxies or if there is any change in voting authority, the following should be notified by the investment professional or sales assistant for the client.

- Operations

- Proxy Department

- Investment professional assigned to the account

In the event that the Board of Directors (or a Committee thereof) of one or more of the investment companies managed by one of the Advisers has retained direct voting control over any security, the Proxy Voting Department will provide each Board Member (or Committee member) with a copy of the proxy statement together with any other relevant information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Proxies of Certain Non-U.S. Issuers** 

Proxy voting in certain countries requires "share-blocking." Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting with a designated depository. During the period in which the shares are held with a depository, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients' custodian. Absent a compelling reason to the contrary, the Advisers believe that the benefit to the client of exercising the vote is outweighed by the cost of voting and therefore, the Advisers will not typically vote the securities of non-U.S. issuers that require share-blocking.

In addition, voting proxies of issuers in non-U.S. markets may also give rise to a number of administrative issues or give rise to circumstances under which voting would impose a cost (real or implied) on its client which may cause the Advisers to abstain from voting such proxies. For example, the Advisers may receive the notices for shareholder meetings without adequate time to consider the proposals in the proxy or after the cut-off date for voting. Other markets require the Advisers to provide local agents with power of attorney prior to implementing their respective voting instructions on the proxy. Other markets may require disclosure of certain ownership information in excess of what is required to vote in the U.S. market. Although it is the Advisers' policies to vote the proxies for its clients for which they have proxy voting authority, in the case of issuers in non-U.S. markets, we vote client proxies on a best efforts basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Voting Records** 

The Proxy Voting Department will retain a record of matters voted upon by the Advisers for their clients. The Advisers will supply information on how they voted a client's proxy upon request from the client.

The complete voting records for each registered investment company (the "Fund") that is managed by the Advisers will be filed on Form N-PX for the twelve months ended June 30th, no later than August 31st of each year. A description of the Fund's proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to Gabelli Funds, LLC at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at <u>www.sec.gov.</u>

The Advisers' proxy voting records will be retained in compliance with Rule 204-2 under the Investment Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Voting Procedures** 

1. Custodian banks, outside brokerage firms and clearing firms are responsible for forwarding proxies directly to the Advisers.

Proxies are received in one of two forms:

● Shareholder Vote Instruction Forms ("VIFs") - Issued by Broadridge Financial Solutions, Inc. ("Broadridge"). Broadridge is an outside service contracted by the various institutions to issue proxy materials.

● Proxy cards which may be voted directly.

2. Upon receipt of the proxy, the number of shares each form represents is logged into the proxy system, electronically or manually, according to security.

3. Upon receipt of instructions from the proxy committee, the votes are cast and recorded for each account.

Records have been maintained on the ProxyEdge system.

ProxyEdge records include:

Security Name and CUSIP Number

Date and Type of Meeting (Annual, Special, Contest)

Directors' Recommendation (if any)

How the Adviser voted for the client on item

4. VIFs are kept alphabetically by security. Records for the current proxy season are located in the Proxy Voting Department office. In preparation for the upcoming season, files are transferred to an offsite storage facility during January/February.

5. If a proxy card or VIF is received too late to be voted in the conventional matter, every attempt is made to vote including:

● When a solicitor has been retained, the solicitor is called. At the solicitor's direction, the proxy is faxed or sent electronically.

● In some circumstances VIFs can be faxed or sent electronically to Broadridge up until the time of the meeting.

6. In the case of a proxy contest, records are maintained for each opposing entity.

7. Voting in Person

a) At times it may be necessary to vote the shares in person. In this case, a "legal proxy" is obtained in the following manner:

● Banks and brokerage firms using the services at Broadridge:

Broadridge is notified that we wish to vote in person. Broadridge issues individual legal proxies and sends them back via email or overnight (or the Adviser can pay messenger charges). A lead-time of at least two weeks prior to the meeting is needed to do this. Alternatively, the procedures detailed below for banks not using Broadridge may be implemented.

● Banks and brokerage firms issuing proxies directly:

The bank is called and/or faxed and a legal proxy is requested.

All legal proxies should appoint:

**"Representative of [Adviser name] with full power of substitution."**

b) The legal proxies are given to the person attending the meeting along with the limited power of attorney.

**Appendix A**

**Proxy Guidelines**

**PROXY VOTING GUIDELINES**

**General Policy Statement**

It is the policy of GAMCO Investors, Inc, and its affiliated advisers (collectively "the Advisers") to vote in the best economic interests of our clients. As we state in our Magna Carta of Shareholders Rights, established in May 1988, we are neither *for* nor *against* management. We are for shareholders.

At our first proxy committee meeting in 1989, it was decided that each proxy statement should be evaluated on its own merits within the framework first established by our Magna Carta of Shareholders Rights. The attached guidelines serve to enhance that broad framework.

We do not consider any issue routine. We take into consideration all of our research on the company, its directors, and their short and long-term goals for the company. In cases where issues that we generally do not approve of are combined with other issues, the negative aspects of the issues will be factored into the evaluation of the overall proposals but will not necessitate a vote in opposition to the overall proposals.

***Board of Directors***

We do not consider the election of the Board of Directors a routine issue. Each slate of directors is evaluated on a case-by-case basis.

Factors taken into consideration include:

● Historical responsiveness to shareholders

This may include such areas as:

-Paying greenmail

-Failure to adopt shareholder resolutions receiving a majority of shareholder votes

● Qualifications

● Nominating committee in place

● Number of outside directors on the board

● Attendance at meetings

● Overall performance

***Selection of Auditors***

In general, we support the Board of Directors' recommendation for auditors.

**Blank Check Preferred Stock**

We oppose the issuance of blank check preferred stock.

Blank check preferred stock allows the company to issue stock and establish dividends, voting rights, etc. without further shareholder approval.

**Classified Board**

A classified board is one where the directors are divided into classes with overlapping terms. A different class is elected at each annual meeting.

While a classified board promotes continuity of directors facilitating long range planning, we feel directors should be accountable to shareholders on an annual basis. We will look at this proposal on a case-by-case basis taking into consideration the board's historical responsiveness to the rights of shareholders.

Where a classified board is in place we will generally not support attempts to change to an annually elected board.

When an annually elected board is in place, we generally will not support attempts to classify the board.

**Increase Authorized Common Stock**

The request to increase the amount of outstanding shares is considered on a case-by-case basis.

Factors taken into consideration include:

● Future use of additional shares

-Stock split

-Stock option or other executive compensation plan

-Finance growth of company/strengthen balance sheet

-Aid in restructuring

-Improve credit rating

-Implement a poison pill or other takeover defense

● Amount of stock currently authorized but not yet issued or reserved for stock option plans

● Amount of additional stock to be authorized and its dilutive effect

We will support this proposal if a detailed and verifiable plan for the use of the additional shares is contained in the proxy statement.

**Confidential Ballot**

We support the idea that a shareholder's identity and vote should be treated with confidentiality.

However, we look at this issue on a case-by-case basis.

In order to promote confidentiality in the voting process, we endorse the use of independent Inspectors of Election.

***Cumulative Voting***

In general, we support cumulative voting.

Cumulative voting is a process by which a shareholder may multiply the number of directors being elected by the number of shares held on record date and cast the total number for one candidate or allocate the voting among two or more candidates.

Where cumulative voting is in place, we will vote against any proposal to rescind this shareholder right.

Cumulative voting may result in a minority block of stock gaining representation on the board. When a proposal is made to institute cumulative voting, the proposal will be reviewed on a case-by-case basis. While we feel that each board member should represent all shareholders, cumulative voting provides minority shareholders an opportunity to have their views represented.

***Director Liability and Indemnification***

We support efforts to attract the best possible directors by limiting the liability and increasing the indemnification of directors, except in the case of insider dealing.

**Equal Access to the Proxy**

The SEC's rules provide for shareholder resolutions. However, the resolutions are limited in scope and there is a 500 word limit on proponents' written arguments. Management has no such limitations. While we support equal access to the proxy, we would look at such variables as length of time required to respond, percentage of ownership, etc.

***Fair Price Provisions***

Charter provisions requiring a bidder to pay all shareholders a fair price are intended to prevent two-tier tender offers that may be abusive. Typically, these provisions do not apply to board-approved transactions.

We support fair price provisions because we feel all shareholders should be entitled to receive the same benefits.

Reviewed on a case-by-case basis.

***Golden Parachutes***

Golden parachutes are severance payments to top executives who are terminated or demoted after a takeover.

We support any proposal that would assure management of its own welfare so that they may continue to make decisions in the best interest of the company and shareholders even if the decision results in them losing their job. We do not, however, support excessive golden parachutes. Therefore, each proposal will be decided on a case-by- case basis.

***Anti-Greenmail Proposals***

We do not support greenmail. An offer extended to one shareholder should be extended to all shareholders equally across the board.

**Limit Shareholders' Rights to Call Special Meetings**

We support the right of shareholders to call a special meeting.

Reviewed on a case-by-case basis.

**Consideration of Nonfinancial Effects of a Merger**

This proposal releases the directors from only looking at the financial effects of a merger and allows them the opportunity to consider the merger's effects on employees, the community, and consumers.

As a fiduciary, we are obligated to vote in the best economic interests of our clients. In general, this proposal does not allow us to do that. Therefore, we generally cannot support this proposal.

Reviewed on a case-by-case basis.

**Mergers, Buyouts, Spin-Offs, Restructurings**

Each of the above is considered on a case-by-case basis. According to the Department of Labor, we are not required to vote for a proposal simply because the offering price is at a premium to the current market price. We may take into consideration the long term interests of the shareholders.

***Military Issues***

Shareholder proposals regarding military production must be evaluated on a purely economic set of criteria for our ERISA clients. As such, decisions will be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients, we will vote according to the client's direction when applicable. Where no direction has been given, we will vote in the best economic interests of our clients. It is not our duty to impose our social judgment on others.

***Northern Ireland***

Shareholder proposals requesting the signing of the MacBride principles for the purpose of countering the discrimination of Catholics in hiring practices must be evaluated on a purely economic set of criteria for our ERISA clients. As such, decisions will be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients, we will vote according to client direction when applicable. Where no direction has been given, we will vote in the best economic interests of our clients. It is not our duty to impose our social judgment on others.

***Opt Out of State Anti-Takeover Law***

This shareholder proposal requests that a company opt out of the coverage of the state's takeover statutes. Example: Delaware law requires that a buyer must acquire at least 85% of the company's stock before the buyer can exercise control unless the board approves.

We consider this on a case-by-case basis. Our decision will be based on the following:

● State of Incorporation

● Management history of responsiveness to shareholders

● Other mitigating factors

**Poison Pill**

In general, we do not endorse poison pills.

In certain cases where management has a history of being responsive to the needs of shareholders and the stock is very liquid, we will reconsider this position.

***Reincorporation***

Generally, we support reincorporation for well-defined business reasons. We oppose reincorporation if proposed solely for the purpose of reincorporating in a state with more stringent anti-takeover statutes that may negatively impact the value of the stock.

***Stock Incentive Plans***

Director and Employee Stock incentive plans are an excellent way to attract, hold and motivate directors and employees. However, each incentive plan must be evaluated on its own merits, taking into consideration the following:

● Dilution of voting power or earnings per share by more than 10%.

● Kind of stock to be awarded, to whom, when and how much.

● Method of payment.

● Amount of stock already authorized but not yet issued under existing stock plans.

● The successful steps taken by management to maximize shareholder value.

**Supermajority Vote Requirements**

Supermajority vote requirements in a company's charter or bylaws require a level of voting approval in excess of a simple majority of the outstanding shares. In general, we oppose supermajority-voting requirements. Supermajority requirements often exceed the average level of shareholder participation. We support proposals' approvals by a simple majority of the shares voting.

Reviewed on a case-by-case basis.

***Limit Shareholders Right to Act by Written Consent***

Written consent allows shareholders to initiate and carry on a shareholder action without having to wait until the next annual meeting or to call a special meeting. It permits action to be taken by the written consent of the same percentage of the shares that would be required to effect proposed action at a shareholder meeting.

Reviewed on a case-by-case basis.

***"Say-on-Pay" / "Say-When-on-Pay" / "Say-on-Golden-Parachutes"***

Required under the Dodd-Frank Act; these proposals are non-binding advisory votes on executive compensation. We will generally vote with the Board of Directors' recommendation(s) on advisory votes on executive compensation ("Say-on-Pay"), advisory votes on the frequency of voting on executive compensation ("Say-When-on-Pay") and advisory votes relating to extraordinary transaction executive compensation ("Say-on-Golden-Parachutes"). In those instances when we believe that it is in our clients' best interest, we may abstain or vote against executive compensation and/or the frequency of votes on executive compensation and/or extraordinary transaction executive compensation advisory votes.

***Proxy Access***

Proxy access is a tool used to attempt to promote board accountability by requiring that a company's proxy materials contain not only the names of management nominees, but also any candidates nominated by long-term shareholders holding at least a certain stake in the company. We will review proposals regarding proxy access on a case-by-case basis taking into account the provisions of the proposal, the company's current governance structure, the successful steps taken by management to maximize shareholder value, as well as other applicable factors.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

<u>**PORTFOLIO MANAGERS**</u>

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer – Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of the Board of Directors of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School, and Honorary Doctorates from Fordham University and Roger Williams University.

Timothy Winter joined Gabelli in 2009 and covers the utility industry. He has over 25 years of experience as an equity research analyst covering the industry. Currently, he continues to specialize in the utility industry and serves as a portfolio manager of Gabelli Funds, LLC. Mr. Winter received his BA in Economics in 1991 from Rollins College and MBA in Finance from Notre Dame in 1992.

Justin Bergner, CFA, is currently a portfolio manager for the Adviser and a Vice President at Gabelli & Company, having rejoined Gabelli & Company in June 2013 as a research analyst covering Diversified Industrials, Home Improvement, and Transport companies. He began his investment career at Gabelli & Company in 2005 as a metals and mining analyst, and subsequently spent five years at Axiom International Investors as a senior analyst focused on industrial and healthcare stocks. Before entering the investment profession, Justin worked in management consulting at both Bain & Company and Dean & Company. Justin graduated cum laude from Yale University with a B.A. in Economics & Mathematics and received an M.B.A. in Finance and Accounting from Wharton Business School.

Brett Kearney is an analyst covering industrials with a focus on the flow control and other niche manufacturing sectors. He joined the firm in 2017. Previously he was an analyst at Schultze Asset Management, an analyst at Fidus Mezzanine Capital, and an investment analyst at the Bond & Corporate Finance Group of John Hancock Financial Services. Brett graduated cum laude with a BS in business administration from Washington and Lee University and holds an MBA from Columbia Business School, where he participated in the school's Value Investing Program. He is a CFA charterholder.

<u>**MANAGEMENT OF OTHER ACCOUNTS**</u>

The table below shows the number of other accounts managed by the portfolio managers and the total assets in each of the following categories: registered investment companies, other paid investment vehicles and other accounts as of December 31, 2022. For each category, the table also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of**<br> **Portfolio<br>Manager** | **Type of <br>Accounts** | **Total**<br> **No. of Accounts<br>Managed** | **Total**<br> **Assets** | **No. of**<br> **Accounts**<br> **where**<br> **Advisory Fee**<br> **is Based on<br>Performance** | **Total Assets in**<br> **Accounts**<br> **where**<br> **Advisory Fee**<br> **is Based on<br>Performance** |
| &nbsp;&nbsp;&nbsp;Mario J. Gabelli, CFA | Registered Investment Companies: | 22 | $16.2 billion | 4 | $4.8 billion |
|  | Other Pooled Investment Vehicles: | 7 | $1.0 billion | 7 | $937 million |
|  | Other Accounts: | 881 | $6.1 billion | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Timothy Winter | Registered Investment Companies: | 3 | $2.1 billion | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0 |
|  | Other Accounts: | 9 | $1.1 million | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Justin Berger | Registered Investment Companies: | 3 | $2.0 billion | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0 |
|  | Other Accounts:<br>| 16 | $3.0 million | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Brett Kearney | Registered Investment Companies: | 3 | $4.5 billion | 1 | $2.5 billion |
|  | Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0 |
|  | Other Accounts:<br>| 3 | $0.6 million | 0 | $0 |

---

<u>**POTENTIAL CONFLICTS OF INTEREST**</u>

As reflected above, Mr. Gabelli manages accounts in addition to the Trust. Actual or apparent conflicts of interest may arise when a Portfolio Manager also has day-to-day management responsibilities with respect to one or more other accounts. These potential conflicts include:

**ALLOCATION OF LIMITED TIME AND ATTENTION.** As indicated above, Mr. Gabelli manages multiple accounts. As a result, he will not be able to devote all of his time to management of the Trust. Mr. Gabelli, therefore, may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he were to devote all of his attention to the management of only the Trust.

**ALLOCATION OF LIMITED INVESTMENT OPPORTUNITIES.** As indicated above, Mr. Gabelli manages managed accounts with investment strategies and/or policies that are similar to the Trust. In these cases, if the he identifies an investment opportunity that may be suitable for multiple accounts, a Fund may not be able to take full advantage of that opportunity because the opportunity may be allocated among all or many of these accounts or other accounts managed primarily by other Portfolio Managers of the Adviser, and their affiliates. In addition, in the event Mr. Gabelli determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions.

**SELECTION OF BROKER/DEALERS.** Because of Mr. Gabelli's indirect majority ownership interest in G.research LLC., he may have an incentive to use G.research to execute portfolio transactions for a Fund.

**PURSUIT OF DIFFERING STRATEGIES.** At times, Mr. Gabelli may determine that an investment opportunity may be appropriate for only some of the accounts for which he exercises investment responsibility, or may decide that certain of the funds or accounts should take differing positions with respect to a particular security. In these cases, he may execute differing or opposite transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more other accounts.

**VARIATION IN COMPENSATION.** A conflict of interest may arise where the financial or other benefits available to Mr. Gabelli differ among the accounts that he manages. If the structure of the Adviser's management fee or the Portfolio Manager's compensation differs among accounts (such as where certain accounts pay higher management fees or performance-based management fees), the Portfolio Manager may be motivated to favor certain accounts over others. The Portfolio Manager also may be motivated to favor accounts in which he has an investment interest, or in which the Adviser, or their affiliates have investment interests. Similarly, the desire to maintain assets under management or to enhance a Portfolio Manager's performance record or to derive other rewards, financial or otherwise, could influence the Portfolio Manager in affording preferential treatment to those accounts that could most significantly benefit the Portfolio Manager. For example, as reflected above, if Mr. Gabelli manages accounts which have performance fee arrangements, certain portions of his compensation will depend on the achievement of performance milestones on those accounts. Mr. Gabelli could be incented to afford preferential treatment to those accounts and thereby by subject to a potential conflict of interest.

The Adviser, and the Funds have adopted compliance policies and procedures that are designed to address the various conflicts of interest that may arise for the Adviser and their staff members. However, there is no guarantee that such policies and procedures will be able to detect and prevent every situation in which an actual or potential conflict may arise.

<u>**COMPENSATION STRUCTURE FOR MARIO J. GABELLI**</u>

Mr. Gabelli receives incentive-based variable compensation based on a percentage of net revenues received by the Adviser for managing the Trust. Net revenues are determined by deducting from gross investment management fees the firm's expenses (other than Mr. Gabelli's compensation) allocable to this Trust. Four closed-end registered investment companies (including this Trust) managed by Mr. Gabelli have arrangements whereby the Adviser will only receive its investment advisory fee attributable to the liquidation value of outstanding preferred stock (and Mr. Gabelli would only receive his percentage of such advisory fee) if certain performance levels are met. Additionally, he receives similar incentive based variable compensation for managing other accounts within the firm and its affiliates. This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through appreciation and net investment activity. The level of compensation is not determined with specific reference to the performance of any account against any specific benchmark. One of the other closed-end registered investment companies managed by Mr. Gabelli has a performance (fulcrum) fee arrangement for which his compensation is adjusted up or down based on the performance of the investment company relative to an index. Mr. Gabelli manages other accounts with performance fees. Compensation for managing these accounts has two components. One component is based on a percentage of net revenues to the investment adviser for managing the account. The second component is based on absolute performance of the account, with respect to which a percentage of such performance fee is paid to Mr. Gabelli. As an executive officer of the Adviser's parent company, GBL, Mr. Gabelli also receives ten percent of the net operating profits of the parent company. He receives no base salary, no annual bonus, and no stock options.

<u>**OWNERSHIP OF SHARES IN THE FUND**</u>

Mario J. Gabelli, Timothy Winter, Justin Berger, and Brett Kearney owned over $1 million, $0, $0, and $0, respectively, of shares of the Trust as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

**REGISTRANT PURCHASES OF EQUITY SECURITIES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Period** | &nbsp;&nbsp;**(a) Total Number of<br> Shares (or Units)<br> Purchased** | **(b) Average Price Paid** <br> **per**<br> **Share (or Unit)** | **(c) Total Number of<br> Shares (or Units)<br> Purchased as Part of<br> Publicly Announced<br> Plans or Programs** | **(d) Maximum Number<br> (or Approximate Dollar<br> Value) of Shares (or<br> Units) that May Yet Be<br> Purchased Under the<br> Plans or Programs** |
| &nbsp;&nbsp;&nbsp; <br> Month #1<br> 07/01/2022<br> through<br> 07/31/2022 | &nbsp;&nbsp;Common – N/A<br>Preferred Series C – N/A | Common – N/A<br>Preferred Series C – N/A | Common – N/A<br>Preferred Series C – N/A | Common – 73,483,006<br>Preferred Series C – 1,996,500 |
| &nbsp;&nbsp;&nbsp; <br> Month #2<br> 08/01/2022<br> through<br> 08/31/2022 | &nbsp;&nbsp;Common – N/A<br>Preferred Series C – N/A | Common – N/A<br>Preferred Series C – N/A | Common – N/A<br>Preferred Series C – N/A | Common – 73,565,505<br>Preferred Series C – 1,996,500 |
| &nbsp;&nbsp;&nbsp; <br> Month #3<br> 09/01/2022<br> through<br> 09/30/2022 | &nbsp;&nbsp;Common – N/A<br>Preferred Series C – N/A | Common – N/A<br>Preferred Series C – N/A | Common – N/A<br>Preferred Series C – N/A | Common – 73,662,226<br>Preferred Series C – 1,996,500 |
| &nbsp;&nbsp;&nbsp;Month #4<br> 10/01/2022<br> through<br> 10/31/2022 | &nbsp;&nbsp;Common – N/A<br>Preferred Series C – 174 | Common – N/A<br>Preferred Series C – $22.40 | Common – N/A<br>Preferred Series C – 174 | Common – 73,755,282<br>Preferred Series C – 1,996,500 - 174 = 1,996,326 |
| &nbsp;&nbsp;&nbsp; <br> Month #5<br> 11/01/2022<br> through<br> 11/30/2022 | &nbsp;&nbsp;Common – N/A<br>Preferred Series C – N/A | Common – N/A<br>Preferred Series C – N/A | Common – N/A<br>Preferred Series C – N/A | Common – 73,851,084<br>Preferred Series C – 1,996,326 |
| &nbsp;&nbsp;&nbsp;Month #6<br> 12/01/2022<br> through<br> 12/31/2022 | &nbsp;&nbsp;Common – N/A<br>Preferred Series C – 9,100 | Common – N/A<br>Preferred Series C – $23.49 | Common – N/A<br>Preferred Series C – 9,100 | Common – 73,943,148<br>Preferred Series C – 1,996,326- 9,100 = 1,987,226 |
| &nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;Common – N/A<br>Preferred Series C – 9,274 | Common – N/A<br>Preferred Series C – $22.94 | Common – N/A<br>Preferred Series C – 9,274 | N/A |

---

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:

a. The
 date each plan or program was announced – The notice of the potential repurchase of
 common and preferred shares occurs semiannually in the Fund's reports to shareholders
 in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.

b. The dollar amount
 (or share or unit amount) approved – Any or all common shares outstanding may be repurchased
 when the Fund's common shares are trading at a discount of 10% or more from the net
 asset value of the shares. Any or all preferred shares outstanding may be repurchased when
 the Fund's preferred shares are trading at a discount to their respective liquidation
 values.

c. The
 expiration date (if any) of each plan or program – The Fund's repurchase plans
 are ongoing.

d. Each
 plan or program that has expired during the period covered by the table – The Fund's
 repurchase plans are ongoing.

e. Each
 plan or program the registrant has determined to terminate prior to expiration, or under
 which the registrant does not intend to make further purchases. – The Fund's
 repurchase plans are ongoing.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(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)).

&nbsp;&nbsp;&nbsp;&nbsp;(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 period
 covered by this report that has materially affected, or is reasonably likely to materially
 affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

(a) If the registrant
 is a closed-end management investment company, provide the following dollar amounts of income
 and fees/compensation related to the securities lending activities of the registrant during
 its most recent fiscal year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross income from securities lending activities; $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) ("revenue split"); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); $0 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)). $0

(b) If the registrant
 is a closed-end management investment company, describe the services provided to the registrant
 by the securities lending agent in the registrant's most recent fiscal year. N/A

**Item 13. Exhibits.**

[(a)(1)](ex99-a1.htm) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](ex99-a1.htm)

---

| | |
|:---|:---|
| [(a)(2)](ex99-a2.htm) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-a2.htm) |

---

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

[(b)](ex99-b.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](ex99-b.htm)

[(c)](ex99-c.htm) [Consent of Independent Registered Public Accounting Firm.](ex99-c.htm)

**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/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |

---

Date   <u>March 9, 2023</u>

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/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |

---

Date   <u>March 9, 2023</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |

---

Date   <u>March 9, 2023</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.(A)(1)

[The Gabelli Utility Trust N-CSR](gut-ncsr_123122.htm)

**Exhibit 99.(a)(1)**

**Joint Code of Ethics for Chief Executive** 

**and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds** 

Each affiliated registered investment company (each a "<u>Company</u>") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "<u>Senior Officers</u>"), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the "<u>Advisor</u>") and/or affiliates of the Advisor (the "Advisory Group") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the " <u>Advisers Act</u> ");

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the " <u>Trust's 1940 Act Code of Ethics</u> ");

● one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the " <u>Directors</u> ") of each Company that are not "interested persons" of such Company (the " <u>Independent Directors</u> ") within the meaning of the 1940 Act (the " <u>Advisory Group's 1940 Act Code of Ethics</u> " and, together with such Company's 1940 Act Code of Ethics, the " <u>1940 Act Codes of Ethics</u> ");

Revised: July 30, 2014

● the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the " <u>Conflict Policies</u> "); and

● the Advisory Group's policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Advisory Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly**

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

● comply with the laws, rules and regulations that govern the conduct of each Company's operations and report any suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

● adhere to a high standard of business ethics.

**Conflicts Of Interest**

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the "CCO") and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

● the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, of any of the Companies' service providers, other than the Advisory Group; or

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Advisory Group, such as compensation or equity ownership.

Revised: July 30, 2014

**Disclosures**

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company 's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

● familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

● not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company's independent auditors, such Company's counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics**

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time. *No one will be subject to retaliation because of a good faith report of a suspected violation*.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

● the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

● violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

● if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics**

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

**Recordkeeping**

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

● that provided the basis for any amendment or waiver to this Code of Ethics; and

● relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

**Amendments**

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company's Directors, including a majority of its Independent Directors.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company's related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time.

---

| |
|:---|
| Printed Name |
| Signature |
| Date |

---

Revised: July 30, 2014

## Ex-99.(A)(2)

[The Gabelli Utility Trust N-CSR](gut-ncsr_123122.htm)

**Exhibit 99.(a)(2)**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of The Gabelli Utility Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of The Gabelli Utility Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---

## Ex-99.(B)

[The Gabelli Utility Trust N-CSR](gut-ncsr_123122.htm)

**Exhibit 99.(b)**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of The Gabelli Utility Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of The Gabelli Utility Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---

## Ex-99.(C)

[The Gabelli Utility Trust N-CSR](gut-ncsr_123122.htm)

**Exhibit 99.(c)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 of our report dated March 1, 2023, relating to the financial statements and financial highlights, which appears in The Gabelli Utility Trust's Annual Report on Form N-CSR for the year ended December 31, 2022. We also consent to the references to us under the heading "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/PricewaterhouseCoopers LLP

New York, New York

March 9, 2023

*PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, www.pwc.com/us*