GABELLI UTILITY TRUST — Director's Dealing 2004

Nov 30, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GABELLI UTILITY TRUST (GUT)
CIK: 0001080720
Period of Report: 2004-10-20

Reporting Person: ZIZZA SALVATORE J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-26	Common Stock	P	871	$7	Acquired	4355	Direct
2004-11-26	Common Stock	P	871	$7	Acquired	4355	Indirect
2004-11-26	Common Stock	P	871	$7	Acquired	4355	Indirect
2004-11-26	Common Stock	P	871	$7	Acquired	4355	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-26	Common Stock Purchase Rights	$7	X	3484	Disposed	2004-11-26	Common Stock (871)	Direct
2004-11-26	Common Stock Purchase Rights	$7	X	3484	Disposed	2004-11-26	Common Stock (871)	Indirect
2004-11-26	Common Stock Purchase Rights	$7	X	3484	Disposed	2004-11-26	Common Stock (871)	Indirect
2004-11-26	Common Stock Purchase Rights	$7	X	3484	Disposed	2004-11-26	Common Stock (871)	Indirect

Footnotes

F1: The reporting person acquired 3,484 common stock purchase rights as a result of a pro rata distribution of such rights on October 20, 2004.

F2: The son of the reporting person acquired 3,484 common stock purchase rights as a result of a pro rata distribution of such rights on October 20, 2004.

F3: The son of the reporting person acquired 3,484 common stock purchase rights as a result of a pro rata distribution of such rights on October 20, 2004.

F4: The son of the reporting person acquired 3,484 common stock purchase rights as a result of a pro rata distribution of such rights on October 20, 2004.