GABELLI UTILITY TRUST

Regulatory Filings • May 28, 2013

N-Q 1 d516694dnq.htm GABELLI UTILITY TRUST Gabelli Utility Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09243

The Gabelli Utility Trust

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: March 31, 2013

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

The Gabelli Utility Trust First Quarter Report — March 31, 2013
Mario J. Gabelli, CFA
Portfolio Manager

To Our Shareholders,

For the quarter ended March 31, 2013, the net asset value (“NAV”) total return of The Gabelli Utility Trust (the “Fund”) was 11.3%, excluding the effect of the recent common share rights offering. The total return for the Standard & Poor’s (“S&P”) 500 Utilities Index was 13.0%. The total return for the Fund’s publicly traded shares was 14.7%. The Fund’s NAV per share was $5.94, while the price of the publicly traded shares closed at $6.90 on the New York Stock Exchange (“NYSE”). See below for additional performance information.

Enclosed is the schedule of investments as of March 31, 2013.

Comparative Results

Average Annual Returns through March 31, 2013 (a) (Unaudited) — Quarter	1 Year		5 Year	10 Year	Since Inception (07/09/99)
Gabelli Utility Trust
NAV Total Return (b)	11.30 %	17.21	%	9.71 %	11.73 %	9.19	%
Investment Total Return (c)	14.66	(7.07	)	3.95	6.24	8.37
S&P 500 Utilities Index	13.02	16.37		5.02	12.14	5.47	(d)
Lipper Utility Fund Average	11.78	18.83		5.79	12.32	5.71
S&P 500 Index	10.61	13.96		5.81	8.53	2.87

(a) Returns represent past performance and do not guarantee future results . Investment returns and the principal value of an investment will fluctuate. 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. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. 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 open-end mutual funds classified in this particular category. The S&P 500 Index is an unmanaged indicator of stock market performance. Dividends are considered reinvested. You cannot invest directly in an index.

(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.

(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.

(d) From June 30, 1999, the date closest to the Fund’s inception for which data is available.

The Gabelli Utility Trust

Schedule of Investments — March 31, 2013 (Unaudited)

Shares		Market Value
	COMMON STOCKS — 85.8%
	ENERGY AND UTILITIES — 72.1%
	Energy and Utilities: Alternative Energy — 0.1%
6,000	Ormat Industries Ltd.†	$ 35,877
12,000	Ormat Technologies Inc.	247,800
8,100	Renegy Holdings Inc.(a)	648
		284,325
	Energy and Utilities: Electric Integrated — 39.4%
23,000	ALLETE Inc.	1,127,460
72,000	Alliant Energy Corp.	3,612,960
17,000	Ameren Corp.	595,340
75,000	American Electric Power Co. Inc.	3,647,250
10,000	Avista Corp.	274,000
50,000	Black Hills Corp.	2,202,000
27,000	Cleco Corp.	1,269,810
114,000	CMS Energy Corp.	3,185,160
29,000	Dominion Resources Inc.	1,687,220
23,000	DTE Energy Co.	1,571,820
105,000	Duke Energy Corp.	7,621,977
80,000	Edison International	4,025,600
170,000	El Paso Electric Co.	5,720,500
1,000	Emera Inc.	34,552
3,000	Entergy Corp.	189,720
98,000	FirstEnergy Corp.	4,135,600
178,000	Great Plains Energy Inc.	4,127,820
52,000	Hawaiian Electric Industries Inc.	1,440,920
89,000	Integrys Energy Group Inc.	5,176,240
63,000	MGE Energy Inc.	3,492,720
95,000	NextEra Energy Inc.	7,379,600
48,000	NiSource Inc.	1,408,320
105,000	NorthWestern Corp.	4,185,300
35,000	NV Energy Inc.	701,050
98,000	OGE Energy Corp.	6,858,040
30,000	Otter Tail Corp.	934,200
48,000	PG&E Corp.	2,137,440
100,000	PNM Resources Inc.	2,329,000
38,000	Public Service Enterprise Group Inc.	1,304,920
56,000	SCANA Corp.	2,864,960
101,000	TECO Energy Inc.	1,799,820
25,000	The Empire District Electric Co.	560,000
16,500	Unitil Corp.	464,145
133,000	UNS Energy Corp.	6,509,020
47,000	Vectren Corp.	1,664,740
235,000	Westar Energy Inc.	7,797,300
180,000	Wisconsin Energy Corp.	7,720,200
179,000	Xcel Energy Inc.	5,316,300
		117,073,024
	Energy and Utilities: Electric Transmission and Distribution — 9.1%
243	Brookfield Infrastructure Partners LP	9,249
50,000	CH Energy Group Inc.	3,269,500

Shares		Market Value
58,000	Consolidated Edison Inc.	$ 3,539,740
125,000	Exelon Corp.	4,310,000
322,000	Northeast Utilities(b)	13,994,120
22,500	Pepco Holdings Inc.	481,500
36,666	UIL Holdings Corp.	1,451,607
		27,055,716
	Energy and Utilities: Global Utilities — 2.6%
14,500	Areva SA†	214,121
8,000	Chubu Electric Power Co. Inc.	97,222
134,000	Electric Power Development Co. Ltd.	3,406,406
27,000	Endesa SA	570,547
300,000	Enel SpA	979,080
490,000	Hera SpA	862,393
11,000	Hokkaido Electric Power Co. Inc.†	112,179
8,000	Hokuriku Electric Power Co.	98,497
3,000	Huaneng Power International Inc., ADR	126,720
41,000	Korea Electric Power Corp., ADR†	557,190
13,000	Kyushu Electric Power Co. Inc.†	132,299
3,000	Niko Resources Ltd.	18,871
8,000	Shikoku Electric Power Co. Inc.†	113,709
8,000	The Chugoku Electric Power Co. Inc.	104,276
15,000	The Kansai Electric Power Co. Inc.†	141,977
13,000	Tohoku Electric Power Co. Inc.†	103,298
		7,638,785
	Energy and Utilities: Merchant Energy — 1.4%
300,000	GenOn Energy Inc., Escrow†(a)	0
320,000	The AES Corp.(b)	4,022,400
		4,022,400
	Energy and Utilities: Natural Gas Integrated — 7.5%
1,000	Devon Energy Corp.	56,420
130,000	Kinder Morgan Inc.	5,028,400
132,000	National Fuel Gas Co.	8,098,200
194,000	ONEOK Inc.	9,247,980
		22,431,000
	Energy and Utilities: Natural Gas Utilities — 6.6%
92,000	AGL Resources Inc.	3,859,400
28,000	Atmos Energy Corp.	1,195,320
20,000	Chesapeake Utilities Corp.	981,000
12,000	CONSOL Energy Inc.	403,800
25,219	Corning Natural Gas Corp.	390,642
59,600	Delta Natural Gas Co. Inc.	1,302,856
11,445	GDF Suez	220,356
11,445	GDF Suez, Strips†(a)	15
35,000	Piedmont Natural Gas Co. Inc.	1,150,800
12,000	RGC Resources Inc.	222,600
130,000	Southwest Gas Corp.	6,169,800
112,000	Spectra Energy Corp.	3,444,000
3,000	The Laclede Group Inc.	128,100
		19,468,689

See accompanying notes to schedule of investments.

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The Gabelli Utility Trust

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

Shares		Market Value
	COMMON STOCKS (Continued)
	ENERGY AND UTILITIES (Continued)
	Energy and Utilities: Natural Resources — 1.3%
4,000	Anadarko Petroleum Corp.	$ 349,800
32,000	Compania de Minas Buenaventura SA, ADR	830,720
10,000	Exxon Mobil Corp.	901,100
1,000	Hess Corp.	71,610
67,000	Peabody Energy Corp.	1,417,050
4,000	Royal Dutch Shell plc, Cl. A, ADR	260,640
		3,830,920
	Energy and Utilities: Services — 0.2%
25,000	ABB Ltd., ADR.	569,000
	Energy and Utilities: Water — 2.5%
13,500	American States Water Co.	777,195
27,000	American Water Works Co. Inc.	1,118,880
21,833	Aqua America Inc.	686,429
24,000	Artesian Resources Corp., Cl. A	539,280
40,000	California Water Service Group	796,000
7,500	Connecticut Water Service Inc.	219,225
50,000	Middlesex Water Co.	976,000
80,000	SJW Corp.	2,120,000
9,000	The York Water Co.	169,200
		7,402,209
	Diversified Industrial — 1.0%
1,000	Alstom SA.	40,699
130,000	General Electric Co.	3,005,600
		3,046,299
	Environmental Services — 0.0%
3,000	Suez Environnement Co.	38,259
	Equipment and Supplies — 0.0%
50,000	Capstone Turbine Corp.†.	45,000
1,400	Mueller Industries Inc.	74,606
		119,606
	Independent Power Producers and Energy Traders — 0.4%
42,802	NRG Energy Inc.	1,133,825
	TOTAL ENERGY AND UTILITIES	214,114,057
	COMMUNICATIONS — 11.6%
	Cable and Satellite — 5.6%
12,000	AMC Networks Inc., Cl. A†	758,160
10,000	British Sky Broadcasting Group plc	134,168
100,000	Cablevision Systems Corp., Cl. A	1,496,000
5,000	Cogeco Cable Inc.	224,541
20,000	Cogeco Inc.	818,034
30,000	DIRECTV†	1,698,300
59,000	DISH Network Corp., Cl. A	2,236,100
10,000	EchoStar Corp., Cl. A†	389,700
20,000	Liberty Global Inc., Cl. A†	1,468,000

Shares		Market Value
20,000	Liberty Global Inc., Cl. C†	$ 1,372,600
8,000	Rogers Communications Inc., Cl. B	408,480
96,900	Telenet Group Holding NV	4,792,086
8,000	Time Warner Cable Inc.	768,480
		16,564,649
	Communications Equipment — 0.2%
230,000	Furukawa Electric Co. Ltd.	505,763
1,000	QUALCOMM Inc.	66,950
		572,713
	Telecommunications — 3.8%
40,000	AT&T Inc.	1,467,600
3,000	Belgacom SA	74,585
3,800	Bell Aliant Inc.(c)	100,130
11,000	BT Group plc, ADR	462,330
250,000	Cincinnati Bell Inc.†	815,000
43,000	Deutsche Telekom AG, ADR	454,940
2,000	France Telecom SA, ADR	20,320
200	Hutchison Telecommunications Hong Kong Holdings Ltd.	99
1,000	Mobistar SA	22,458
18,500	Nippon Telegraph & Telephone Corp.	805,758
11,800	Orascom Telecom Holding SAE, GDR†(d)	37,524
11,800	Orascom Telecom Media and Technology Holding SAE, GDR(c)	5,664
20,000	Portugal Telecom SGPS SA	99,062
2,000	PT Indosat Tbk	1,338
3,000	Sistema JSFC, GDR(d)	55,080
1,200	Tele2 AB, Cl. B	20,882
30,000	Telekom Austria AG	196,854
40,000	Touch America Holdings Inc.†(a)	0
110,000	Verizon Communications Inc.	5,406,500
75,000	VimpelCom Ltd., ADR	891,750
10,000	Virgin Media Inc.	489,700
		11,427,574
	Wireless Communications — 2.0%
1,200	America Movil SAB de CV, Cl. L, ADR	25,152
550,000	Cable & Wireless Communications plc	350,493
2,000	China Mobile Ltd., ADR	106,260
2,000	China Unicom Hong Kong Ltd., ADR	26,960
171	M1 Ltd.	408
15,000	MetroPCS Communications Inc.†	163,500
19,000	Millicom International Cellular SA, SDR	1,517,597
1,154	Mobile Telesystems OJSC	10,279
11,250	Mobile TeleSystems OJSC, ADR	233,325
26,000	NII Holdings Inc.†	112,580
1,000	NTT DoCoMo Inc.	1,482,977
2,000	SK Telecom Co. Ltd., ADR	35,740
400	SmarTone Telecommunications Holdings Ltd.	660
25,000	Turkcell Iletisim Hizmetleri A/S, ADR†	416,000
36,000	United States Cellular Corp.†	1,296,000

See accompanying notes to schedule of investments.

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The Gabelli Utility Trust

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

Shares		Market Value
	COMMON STOCKS (Continued)
	COMMUNICATIONS (Continued)
	Wireless Communications (Continued)
6,000	Vodafone Group plc, ADR.	$ 170,460
		5,948,391
	TOTAL COMMUNICATIONS	34,513,327
	OTHER — 2.1%
	Aerospace — 0.6%
100,000	Rolls-Royce Holdings plc	1,716,986
	Agriculture — 0.0%
3,000	Cadiz Inc.†	20,280
	Diversified Industrial — 0.2%
9,048	Eaton Corp. plc	554,190
	Entertainment — 0.6%
88,000	Vivendi SA	1,817,823
	Investment Companies — 0.1%
10,000	Kinnevik Investment AB, Cl. A	245,222
3,000	Kinnevik Investment AB, Cl. B	72,692
		317,914
	Real Estate — 0.1%
4,500	Brookfield Asset Management Inc., Cl. A	164,205
	Transportation — 0.5%
30,000	GATX Corp.	1,559,100
	TOTAL OTHER	6,150,498
	TOTAL COMMON STOCKS	254,777,882
	WARRANTS — 0.4%
	ENERGY AND UTILITIES — 0.4%
	Energy and Utilities: Natural Gas Integrated — 0.4%
211,200	Kinder Morgan Inc., expire 05/25/17†	1,085,568
	COMMUNICATIONS — 0.0%
	Wireless Communications — 0.0%
16,000	Bharti Airtel Ltd., expire 09/19/13†(c)	85,998
	TOTAL WARRANTS	1,171,566

Principal Amount		Market Value
	CONVERTIBLE CORPORATE BONDS — 0.0%
	ENERGY AND UTILITIES — 0.0%
	Environmental Services — 0.0%
$ 100,000	Covanta Holding Corp., Cv.,
	3.250%, 06/01/14	$ 129,312
	U.S. GOVERNMENT OBLIGATIONS — 13.8%
40,858,000	U.S. Treasury Bills,
	0.050% to 0.110%††,
	04/18/13 to 09/12/13	40,851,006
	TOTAL INVESTMENTS — 100.0%
	(Cost $215,201,880)	$ 296,929,766
	Aggregate tax cost	$ 216,378,005
	Gross unrealized appreciation	$ 88,348,202
	Gross unrealized depreciation	(7,796,441	)
	Net unrealized appreciation/depreciation	$ 80,551,761

Notional Amount		Termination Date	Unrealized Appreciation
	EQUITY CONTRACT FOR DIFFERENCE SWAP AGREEMENTS
$ 1,636,180	Rolls-Royce Holdings plc	06/27/13	$ 80,104
(100,000 Shares)

(a) Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At March 31, 2013, the market value of fair valued securities amounted to $663 or 0.00% of total investments.

(b) Securities, or a portion thereof, with a value of $6,134,550, is reserved and/or pledged with the custodian for current or potential holdings of swaps.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the market value of Rule 144A securities amounted to $191,792 or 0.06% of total investments.

See accompanying notes to schedule of investments.

4

The Gabelli Utility Trust

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

(d) Security purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At March 31, 2013, the market value of Regulation S securities amounted to $92,604 or 0.03% of total investments, which were valued under methods approved by the Board of Trustees as follows:

Acquisition Shares	Issuer	Acquisition Date	Acquisition Cost	03/31/13 Carrying Value Per Unit
11,800	Orascom Telecom Holding SAE, GDR	07/27/09	$ 53,385	$ 3.1800
3,000	Sistema JSFC, GDR	10/10/07	66,136	18.3600

†	Non-income producing security.
††	Represents annualized yield at date of purchase.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSFC	Joint Stock Financial Corporation
OJSC	Open Joint Stock Company
SDR	Swedish Depositary Receipt
Strips	Regular income payment portion of the security traded separately from the principal portion of the security.

See accompanying notes to schedule of investments.

5

The Gabelli Utility Trust

Notes to Schedule of Investments (Unaudited)

The Fund’s schedule of investments is prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), which may require the use of management estimates and assumptions. 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 schedule of investments.

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 instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, 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. Debt instruments having a maturity greater than sixty 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

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 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 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 Fund’s determinations as to the fair value of investments).

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The Gabelli Utility Trust

Notes to Schedule of Investments (Unaudited) (Continued)

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 summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

| Level 1 Quoted Prices | Level 2 Other
Significant Observable Inputs | Level 3 Significant Unobservable
Inputs | Total Market Value at
3/31/13 | |
| --- | --- | --- | --- | --- |
| INVESTMENTS IN SECURITIES: | | | | |
| ASSETS (Market Value): | | | | |
| Common Stocks: | | | | |
| ENERGY AND UTILITIES | | | | |
| Energy and Utilities: Alternative Energy | $ 283,677 | — | $ 648 | $ 284,325 |
| Energy and Utilities: Merchant Energy | 4,022,400 | — | 0 | 4,022,400 |
| Other Industries (a) | 209,807,332 | — | — | 209,807,332 |
| COMMUNICATIONS | | | | |
| Telecommunications | 11,427,574 | — | 0 | 11,427,574 |
| Other Industries (a) | 23,085,753 | — | — | 23,085,753 |
| OTHER | | | | |
| Other Industries (a) | 6,150,498 | — | — | 6,150,498 |
| Total Common Stocks | 254,777,234 | — | 648 | 254,777,882 |
| Warrants (a) | 1,085,568 | $ 85,998 | — | 1,171,566 |
| Convertible Corporate Bonds (a) | — | 129,312 | — | 129,312 |
| U.S. Government Obligations | — | 40,851,006 | — | 40,851,006 |
| TOTAL INVESTMENTS IN SECURITIES – ASSETS | $ 255,862,802 | $ 41,066,316 | $ 648 | $ 296,929,766 |
| OTHER FINANCIAL INSTRUMENTS: | | | | |
| ASSETS (Unrealized Appreciation):* | | | | |
| EQUITY CONTRACT: | | | | |
| Contract for Difference Swap Agreement | — | $ 80,104 | — | $ 80,104 |
| TOTAL OTHER FINANCIAL INSTRUMENTS | — | $ 80,104 | — | $ 80,104 |

(a) Please refer to the Schedule of Investments (“SOI”) for the industry classifications of these portfolio holdings.

• Other financial instruments are derivatives reflected in the SOI, such as futures, forwards, and swaps, which are valued at the unrealized appreciation/depreciation of the instrument.

The Fund did not have material transfers between Level 1 and Level 2 during the period ended March 31, 2013. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

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 is 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.

7

The Gabelli Utility Trust

Notes to Schedule of Investments (Unaudited) (Continued)

Fair Valuation. Fair valued securities may be common and preferred equities, warrants, options, rights, and 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. Among the factors to be considered to fair value a security are recent prices of comparable 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 significantly lower or higher value in such Level 3 investments. 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 include back testing 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 a number of derivative financial instruments for the purposes of hedging or protecting its exposure to interest rate movements and movements in the securities markets, 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 that, 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.

The Fund’s derivative contracts held at March 31, 2013, 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 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.

8

The Gabelli Utility Trust

Notes to Schedule of Investments (Unaudited) (Continued)

The Fund has entered into an equity contract for difference swap agreement with The Goldman Sachs Group, Inc. Details of the swap at March 31, 2013 are reflected within the Schedule of Investments and further details are as follows:

Notional Amount	Equity Security Received	Interest Rate/ Equity Security Paid	Termination Date	Net Unrealized Appreciation
	Market Value	One month LIBOR plus 90 bps plus
	Appreciation on:	Market Value Depreciation on:
$1,636,180 (100,000 Shares)	Rolls-Royce Holdings plc	Rolls-Royce Holdings plc	6/27/13	$80,104

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. Due to the recent amendments to Rule 4.5 under the CEA, certain trading restrictions are now applicable to the Fund as of January 1, 2013. These trading restrictions 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 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

9

The Gabelli Utility Trust

Notes to Schedule of Investments (Unaudited) (Continued)

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.

Tax Information. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

Under the Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward for an unlimited period capital losses incurred in years beginning after December 22, 2010. As a result of the rule, post-enactment capital losses that are carried forward will retain their character as either short term or long term capital losses rather than being considered all short term as under previous law.

10

THE GABELLI UTILITY TRUST

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Mario J. Gabelli, CFA, is Chairman and Chief Executive Officer of GAMCO Investors, Inc. that he founded in 1976 and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia University Graduate School of Business, and an Honorary Doctorate Degree from Roger Williams University in Rhode Island.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

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.

THE GABELLI UTILITY TRUST
One Corporate Center
Rye, NY 10580-1422 t 800-GABELLI (800-422-3554) f 914-921-5118 e info@gabelli.com GABELLI.com
TRUSTEES Mario J. Gabelli, CFA Chairman & Chief Executive Officer, GAMCO Investors, Inc. Anthony J. Colavita President, Anthony J. Colavita, P.C. James P. Conn Former Managing Director & Chief Investment Officer, Financial Security Assurance Holdings Ltd. Vincent D. Enright Former Senior Vice President & Chief Financial Officer, KeySpan Corp. Frank J. Fahrenkopf, Jr. President & Chief Executive Officer, American Gaming Association John D.
Gabelli Senior Vice President, G.research,
Inc. Robert J. Morrissey Partner, Morrissey, Hawkins & Lynch Kuni Nakamura President, Advanced Polymer, Inc. Anthony R. Pustorino Certified Public Accountant, Professor Emeritus, Pace University Salvatore J. Zizza Chairman, Zizza & Associates Corp.	OFFICERS Bruce N. Alpert President & Acting Chief Compliance Officer Agnes Mullady Treasurer & Secretary David I. Schachter Vice President & Ombudsman INVESTMENT ADVISER Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422 CUSTODIAN The Bank of New York Mellon COUNSEL Willkie Farr & Gallagher LLP TRANSFER AGENT AND REGISTRAR Computershare Trust Company, N.A.

GUT Q1/2013

Item 2. Controls and Procedures.

(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)).

(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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)*
Bruce N. Alpert, Principal Executive Officer

Date 5/28/2013

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)*
Bruce N. Alpert, Principal Executive Officer

Date 5/28/2013

By (Signature and Title)*
Agnes Mullady, Principal Financial Officer and Treasurer

Date 5/28/2013

• Print the name and title of each signing officer under his or her signature.