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: 2004-11-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-26	Common Stock	P	70862	$7	Acquired	354309	Direct
2004-11-26	Common Stock	P	1612	$7	Acquired	8103	Direct
2004-11-26	Common Stock	P	45525	$7	Acquired	227624	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-26	Common Stock Purchase Rights	$7	D	283448	Disposed	2004-11-26	Common Stock (70862)	Direct
2004-11-26	Common Stock Purchase Rights	$7	X	6448	Disposed	2004-11-26	Common Stock (1612)	Direct
2004-11-26	Common Stock Purchase Rights	$7	X	182100	Disposed	2004-11-26	Common Stock (45525)	Indirect

Footnotes

F1: Mr. Gabelli has less than 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.

F2: The reporting person acquired 283,448 common stock purchase rights as a result of a pro rata distribution of such rights on October 20, 2004.

F3: The reporting person acquired 6,448 common stock purchase rights as a result of a pro rata distribution of such rights on October 20, 2004.

F4: The reporting person acquired 182,100 common stock purchase rights as a result of a pro rata distribution of such rights on October 20, 2004.