GABELLI UTILITY TRUST — Director's Dealing 2003

Sep 30, 2003

SEC Form 4/A — Form 4/A

Issuer: GABELLI UTILITY TRUST (GUT)
CIK: 0001080720
Period of Report: 2003-09-25

Reporting Person: GABELLI MARIO J (Director, Chairman and CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-25	Common Stock	P	45530	$7	Acquired	182120	Direct
2003-09-25	Common Stock	P	14	$7	Acquired	56	Indirect
2003-09-25	Common Stock	P	27962	$7	Acquired	111848	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-25	Common Stock Purchase Rights	$7	X	136590	Disposed	2003-09-25	Common Stock (45530)	Direct
2003-09-25	Common Stock Purchase Rights	$7	X	42	Disposed	2003-09-25	Common Stock (14)	Indirect
2003-09-25	Common Stock Purchase Rights	$7	X	83886	Disposed	2003-09-25	Common Stock (27962)	Indirect

Footnotes

F1: Owned by custodial accounts, the custodian of which is the reporting person and the beneficiary of which is the nephew of the reporting person. Mr. Gabelli hereby disclaims beneficial ownership of these shares.

F2: Mr. Gabelli has less than a 100% interest in this entity. The securities reported reflect the total amount of securities beneficially owned by this entity, which is greater than Mr. Gabelli's indirect pecuniary interest. Mr. Gabelli hereby disclaims beneficial ownership of the shares held by this entity which are in excess of his indirect pecuniary interest.

F3: The reporting person acquired 136,590 common stock purchase rights as a result of a pro rata distribution of such rights on August 20, 2003.

F4: The custodial account for the nephew of the reporting person acquired 42 common stock purchase rights as a result of a pro rata distribution of such rights on August 20, 2003

F5: Gabelli Funds, LLC acquired 83,886 common stock purchase rights as a result of a pro rata distribution of such rights on August 20, 2003.