GABELLI UTILITY TRUST — Director's Dealing 2003

Sep 26, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: ZIZZA SALVATORE J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-26	Common Stock	P	537	$7	Acquired	2148	Direct
2003-09-26	Common Stock	P	537	$7	Acquired	2148	Indirect
2003-09-26	Common Stock	P	537	$7	Acquired	2148	Indirect
2003-09-26	Common Stock	P	537	$7	Acquired	2148	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-26	Common Stock Purchase Rights	$7	X	1611	Disposed	2003-09-25	Common Stock (537)	Direct
2003-09-26	Common Stock Purchase Rights	$7	X	1611	Disposed	2003-09-25	Common Stock (537)	Indirect
2003-09-26	Common Stock Purchase Rights	$7	X	1611	Disposed	2003-09-25	Common Stock (537)	Indirect
2003-09-26	Common Stock Purchase Rights	$7	X	1611	Disposed	2003-09-25	Common Stock (537)	Indirect

Footnotes

F1: The reporting person acquired 1,611 common stock purchase rights as a result of a pro rata distribution of such rights on August 20, 2003.

F2: The son of the reporting person acquired 1,611 common stock purchase rights as a result of a pro rata distribution of such rights on August 20, 2003.

F3: The son of the reporting person acquired 1,611 common stock purchase rights as a result of a pro rata distribution of such rights on August 20, 2003.

F4: The son of the reporting person acquired 1,611 common stock purchase rights as a result of a pro rata distribution of such rights on August 20, 2003.