UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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: September 30, 2009

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

Third Quarter Report
September 30, 2009

To Our Shareholders,

     During the third quarter of 2009, The Gabelli Utility Trust’s (the “Fund”) total return was 15.6% on a net asset value (“NAV”) basis compared with the Standard & Poor’s (“S&P”) 500 Utilities Index and the Lipper Utility Fund Average of 6.2% and 9.6%, respectively.

     Enclosed is the investment portfolio as of September 30, 2009.

Comparative Results

 

(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 Index is an unmanaged indicator of stock market performance. The S&P 500 Utilities Index is an unmanaged indicator of electric and gas utility stock performance. The Lipper Utility Fund Average reflects the average performance of open-end mutual funds classified in this particular category. 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 New York Stock Exchange, reinvestment of distributions, and adjustments for rights offerings. Since inception return is based on an initial offering price of $7.50.

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS
September 30, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 98.5%
				ENERGY AND UTILITIES — 84.5%
				Energy and Utilities: Alternative Energy — 0.3%
	20,000			Ormat Industries Ltd.		$	167,795
	12,500			Ormat Technologies Inc.			510,250
	9,000			Renegy Holdings Inc.†			12,150
							690,195
				Energy and Utilities: Electric Integrated — 48.1%
	247,000			Allegheny Energy Inc.			6,550,440
	23,000			ALLETE Inc.			772,110
	75,000			Alliant Energy Corp.			2,088,750
	20,000			Ameren Corp.			505,600
	80,000			American Electric Power Co. Inc.			2,479,200
	10,000			Avista Corp.			202,200
	45,000			Black Hills Corp.			1,132,650
	26,000			Central Vermont Public Service Corp.			501,800
	30,000			Cleco Corp.			752,400
	145,000			CMS Energy Corp.			1,943,000
	160,000			Constellation Energy Group Inc.			5,179,200
	33,000			Dominion Resources Inc.			1,138,500
	160,000			DPL Inc.			4,176,000
	24,000			DTE Energy Co.			843,360
	190,000			Duke Energy Corp.			2,990,600
	90,000			Edison International			3,022,200
	193,000			El Paso Electric Co.†			3,410,310
	3,000			Entergy Corp.			239,580
	51,000			FirstEnergy Corp.			2,331,720
	130,000			Florida Public Utilities Co.			1,579,500
	95,000			FPL Group Inc.			5,246,850
	245,000			Great Plains Energy Inc.			4,397,750
	60,000			Hawaiian Electric Industries Inc.			1,087,200
	92,000			Integrys Energy Group Inc.			3,301,880
	61,000			Maine & Maritimes Corp.			2,192,950
	65,000			MGE Energy Inc.			2,371,200
	48,000			NiSource Inc.			666,720
	115,000			NorthWestern Corp.			2,809,450
	35,000			NV Energy Inc.			405,650
	100,000			OGE Energy Corp.			3,308,000
	24,000			Otter Tail Corp.			574,320
	48,000			PG&E Corp.			1,943,520
	100,000			PNM Resources Inc.			1,168,000
	100,000			Progress Energy Inc.			3,906,000
	40,000			Progress Energy Inc., CVO†			9,200
	38,000			Public Service Enterprise Group Inc.			1,194,720
	60,500			SCANA Corp.			2,111,450
	104,000			TECO Energy Inc.			1,464,320
	25,000			The Empire District Electric Co.			452,250
	150,000			Unisource Energy Corp.			4,612,500
	18,000			Unitil Corp.			404,100
	47,000			Vectren Corp.			1,082,880
	260,000			Westar Energy Inc.			5,072,600
	90,000			Wisconsin Energy Corp.			4,065,300
	195,000			Xcel Energy Inc.			3,751,800
							99,439,730
				Energy and Utilities: Electric Transmission and Distribution — 7.8%
	243			Brookfield Infrastructure Partners LP			4,000
	50,000			CH Energy Group Inc.			2,215,500
	60,000			Consolidated Edison Inc.			2,456,400
	135,000			Northeast Utilities			3,204,900
	215,000			NSTAR			6,841,300
	22,500			Pepco Holdings Inc.			334,800
	36,666			UIL Holdings Corp.			967,616
							16,024,516
				Energy and Utilities: Global Utilities — 4.3%
	1,500			Areva SA			865,722
	8,000			Chubu Electric Power Co. Inc.			194,285
	40,000			Electric Power Development Co. Ltd.			1,267,755
	45,000			Endesa SA			1,486,918
	304,000			Enel SpA			1,929,583
	300,000			Hera SpA			730,069
	8,000			Hokkaido Electric Power Co. Inc.			166,479
	8,000			Hokuriku Electric Power Co.			203,643
	3,500			Huaneng Power International Inc., ADR			93,240
	35,000			Korea Electric Power Corp., ADR†			533,400
	8,000			Kyushu Electric Power Co. Inc.			181,362
	2,000			Niko Resources Ltd.			156,447
	8,000			Shikoku Electric Power Co. Inc.			244,193
	8,000			The Chugoku Electric Power Co. Inc.			175,926
	8,000			The Kansai Electric Power Co. Inc.			193,394
	8,000			The Tokyo Electric Power Co. Inc.			209,881
	15,000			Tohoku Electric Power Co. Inc.			334,206
							8,966,503
				Energy and Utilities: Merchant Energy — 2.7%
	35,810			Dynegy Inc., Cl. A†			91,316
	8,130			Mirant Corp.†			133,576
	300,000			Mirant Corp., Escrow† (a)			0
	360,000			The AES Corp.†			5,335,200
							5,560,092
				Energy and Utilities: Natural Gas Integrated — 7.0%
	205,000			El Paso Corp.			2,115,600
	1,000			Energen Corp.			43,100
	130,000			National Fuel Gas Co.			5,955,300
	2,000			Occidental Petroleum Corp.			156,800
	100,000			ONEOK Inc.			3,662,000
	120,000			Southern Union Co.			2,494,800
							14,427,600

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				ENERGY AND UTILITIES (Continued)
				Energy and Utilities: Natural Gas Utilities — 6.9%
	26,000			AGL Resources Inc.		$	917,020
	50,000			Atmos Energy Corp.			1,409,000
	12,100			Corning Natural Gas Corp.			187,550
	30,000			Delta Natural Gas Co. Inc.			795,000
	11,445			GDF Suez			508,222
	11,445			GDF Suez, Strips			17
	90,000			Nicor Inc.			3,293,100
	35,000			Piedmont Natural Gas Co. Inc.			837,900
	6,000			RGC Resources Inc.			165,240
	150,000			Southwest Gas Corp.			3,837,000
	120,000			Spectra Energy Corp.			2,272,800
							14,222,849
				Energy and Utilities: Natural Resources — 1.4%
	6,000			Anadarko Petroleum Corp.			376,380
	35,000			Compania de Minas Buenaventura SA, ADR			1,232,350
	14,000			Exxon Mobil Corp.			960,540
	3,000			Peabody Energy Corp.			111,660
	4,000			Royal Dutch Shell plc, Cl. A, ADR			228,760
							2,909,690
				Energy and Utilities: Services — 0.5%
	50,000			ABB Ltd., ADR			1,002,000
	3,000			Tenaris SA, ADR			106,860
							1,108,860
				Energy and Utilities: Water — 3.1%
	14,000			American States Water Co.			506,520
	30,000			American Water Works Co. Inc.			598,200
	21,833			Aqua America Inc.			385,134
	24,750			Artesian Resources Corp., Cl. A			416,295
	20,000			California Water Service Group			778,800
	7,500			Connecticut Water Service Inc.			167,925
	51,333			Middlesex Water Co.			774,102
	33,000			Pennichuck Corp.			718,080
	80,000			SJW Corp.			1,828,000
	8,101			Southwest Water Co.			39,857
	9,000			The York Water Co.			124,740
							6,337,653
				Diversified Industrial — 1.7%
	2,800			Alstom SA			204,337
	5,000			Bouygues SA			254,258
	10,000			Cooper Industries plc, Cl. A			375,700
	165,000			General Electric Co.			2,709,300
							3,543,595
				Equipment and Supplies — 0.1%
	50,000			Capstone Turbine Corp.†			66,000
	2,000			Mueller Industries Inc.			47,740
							113,740

Shares/						Market
Units						Value
				Environmental Services — 0.0%
	3,000			Suez Environnement Co. SA		$	68,529
				Independent Power Producers and Energy Traders — 0.6%
	40,000			NRG Energy Inc.†			1,127,600
				TOTAL ENERGY AND UTILITIES			174,541,152
				COMMUNICATIONS — 11.9%
				Cable and Satellite — 4.0%
	100,000			Cablevision Systems Corp., Cl. A			2,375,000
	5,000			Cogeco Cable Inc.			141,596
	20,000			Cogeco Inc.			476,159
	65,000			DISH Network Corp., Cl. A†			1,251,900
	10,000			EchoStar Corp., Cl. A†			184,600
	35,000			Liberty Global Inc., Cl. A†			789,950
	20,000			Liberty Global Inc., Cl. C†			449,200
	8,000			Rogers Communications Inc., Cl. B			225,600
	65,000			The DIRECTV Group Inc.†			1,792,700
	12,000			Time Warner Cable Inc.			517,080
	2,112			Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA			14,322
							8,218,107
				Communications Equipment — 0.6%
	3,000			QUALCOMM Inc.			134,940
	260,000			The Furukawa Electric Co. Ltd.			1,057,205
							1,192,145
				Telecommunications — 4.5%
	50,000			AT&T Inc.			1,350,500
	2,000			Belgacom SA			77,909
	4,350			Bell Aliant Regional Communications Income Fund (a)(b)			113,441
	30,000			BT Group plc, ADR			624,300
	2,000			CenturyTel Inc.			67,200
	230,000			Cincinnati Bell Inc.†			805,000
	2,000			Comstar United Telesystems OJSC, GDR			10,500
	20,000			D&E Communications Inc.			229,800
	65,000			Deutsche Telekom AG, ADR			887,900
	2,000			France Telecom SA, ADR			53,840
	6,000			Frontier Communications Corp.			45,240
	200			Hutchison Telecommunications Hong Kong Holdings Ltd.			34
	200			Hutchison Telecommunications International Ltd.			41
	500			Mobistar SA			34,601
	20,000			Nippon Telegraph & Telephone Corp.			926,865
	2,000			Orascom Telecom Holding SAE, GDR			62,180
	15,000			Portugal Telecom SGPS SA			158,811

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				COMMUNICATIONS (Continued)
				Telecommunications (Continued)
	2,000			PT Indosat Tbk		$	1,128
	500			Rostelecom, ADR			14,680
	500			Sistema JSFC, GDR† (c)			7,300
	1,200			Tele2 AB, Cl. B			15,922
	27,000			Telekom Austria AG			486,771
	40,000			Touch America Holdings Inc.† (a)			0
	115,000			Verizon Communications Inc.			3,481,050
							9,455,013
				Wireless Communications — 2.8%
	600			America Movil SAB de CV, Cl. L, ADR			26,298
	2,000			China Mobile Ltd., ADR			98,220
	2,000			China Unicom Hong Kong Ltd., ADR			28,480
	7,000			Millicom International Cellular SA†			509,180
	4,500			Mobile TeleSystems OJSC, ADR			217,215
	171			MobileOne Ltd.			215
	1,200			NTT DoCoMo Inc.			1,917,006
	600			SK Telecom Co. Ltd., ADR			10,470
	200			SmarTone Telecommunications Holdings Ltd.			154
	22,000			Turkcell Iletisim Hizmetleri A/S, ADR			393,140
	30,000			United States Cellular Corp.†			1,172,100
	75,000			Vimpel-Communications, ADR†			1,402,500
							5,774,978
				TOTAL COMMUNICATIONS			24,640,243
				OTHER — 2.1%
				Aerospace — 0.3%
	75,000			Rolls-Royce Group plc†			564,310
				Agriculture — 0.0%
	3,000			Cadiz Inc.†			35,100
				Automotive: Parts and Accessories — 0.0%
	1,000			BERU AG			111,201
				Entertainment — 1.4%
	30,000			Time Warner Inc.			863,400
	64,000			Vivendi			1,980,333
							2,843,733
				Publishing — 0.0%
	8,000			Idearc Inc.†			200
				Real Estate — 0.1%
	6,075			Brookfield Asset Management Inc., Cl. A			137,963
				Transportation — 0.3%
	20,000			GATX Corp.			559,000
				TOTAL OTHER			4,251,507
				TOTAL COMMON STOCKS			203,432,902
				CONVERTIBLE PREFERRED STOCKS — 0.9%
				ENERGY AND UTILITIES — 0.9%
				Energy and Utilities: Natural Gas Integrated — 0.9%
	2,000			El Paso Corp., 4.990% Cv. Pfd. (b)			1,861,700
				WARRANTS — 0.1%
				ENERGY AND UTILITIES — 0.0%
				Energy and Utilities: Merchant Energy — 0.0%
	26,107			Mirant Corp., Ser. A, expire 01/03/11†			38,638
				COMMUNICATIONS — 0.1%
				Wireless Communications — 0.1%
	18,000			Bharti Airtel Ltd., expire 09/19/13† (b)			156,672
				TOTAL WARRANTS			195,310

Principal
Amount
				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 (b)			111,000
				U.S. GOVERNMENT OBLIGATIONS — 0.5%
	1,070,000			U.S. Treasury Bills, 0.066% to 0.178%††, 10/29/09 to 12/31/09			1,069,815
TOTAL INVESTMENTS — 100.0% (Cost $202,922,672)						$	206,670,727
				Aggregate book cost		$	202,922,672
				Gross unrealized appreciation		$	21,920,176
				Gross unrealized depreciation			(18,172,121	)
				Net unrealized appreciation/depreciation		$	3,748,055

09/30/09

Acquisition

Acquisition

Acquisition

Carrying Value

Shares

Issuer

Date

Cost

Per Unit

500

Sistema JSFC, GDR

10/10/07

$

17,384

$

14.6000

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

1. 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. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

     Securities and assets for which market quotations are not readily available are fair valued as determined by the Board.

     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).

THE GABELLI UTILITY TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     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 and other financial instruments by inputs used to value the Fund’s investments as of September 30, 2009 is as follows:

		Valuation Inputs
		Level 1				Level 2 Other Significant				Level 3 Significant				Total Market Value
		Quoted Prices				Observable Inputs				Unobservable Inputs				at 9/30/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
ENERGY AND UTILITIES
Energy and Utilities: Merchant Energy		$	5,560,092				—			$	0			$	5,560,092
COMMUNICATIONS
Telecommunications			9,455,013				—				0				9,455,013
Other Industries (a)			188,417,797				—				—				188,417,797
Total Common Stocks			203,432,902				—				—				203,432,902
Convertible Preferred Stocks (a)			1,861,700				—				—				1,861,700
Warrants
ENERGY AND UTILITIES
Energy and Utilities: Merchant Energy			38,638				—				—				38,638
COMMUNICATIONS
Wireless Communications			—			$	156,672				—				156,672
Total Warrants			38,638				156,672				—				195,310
Convertible Corporate Bonds			—				111,000				—				111,000
U.S. Government Obligations			—				1,069,815				—				1,069,815
TOTAL INVESTMENTS IN SECURITIES		$	205,333,240			$	1,337,487			$	0			$	206,670,727
OTHER FINANCIAL INSTRUMENTS:
LIABILITIES (Unrealized Depreciation): *
Interest Rate Swap Agreement		$	—			$	(675,492	)		$	—			$	(675,492	)
Contract for Difference Swap Agreement			—				(5,746	)			—				(5,746	)
TOTAL OTHER FINANCIAL INSTRUMENTS		$	—			$	(681,238	)		$	—			$	(681,238	)

THE GABELLI UTILITY TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

																														Net change
																														in unrealized
																														appreciation/
																														depreciation
														Change in																during the
		Balance				Accrued				Realized				unrealized				Net				Transfers in				Balance				period on Level 3
		as of				discounts/				gain/				appreciation/				purchases/				and/or out				as of				investments held
		12/31/08				(premiums)				(loss)				depreciation				(sales)				of Level 3				9/30/09				at 9/30/09
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
ENERGY AND UTILITIES
Energy and Utilities: Electric Integrated		$	13,200			$	—			$	—			$	—			$	—			$	(13,200	)		$	—			$	—
Energy and Utilities: Merchant Energy			0				—				—				—				—				—				0				—
COMMUNICATIONS
Telecommunications			0				—				—				—				—				—				0				—
Total Common Stocks			13,200				—				—				—				—				(13,200	)			0				—
Corporate Bonds			0				—				0				—				0				—				—				—
TOTAL INVESTMENTS IN SECURITIES		$	13,200			$	—			$	0			$	—			$	0			$	(13,200	)		$	0			$	—

2. Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose of increasing the income of the Fund, 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.

     Current notional amounts are an indicator of the volume of the Fund’s derivative activities during the period.

THE GABELLI UTILITY TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     Swap Agreements. The Fund may enter into equity, contract for difference, and interest rate swap or cap 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 a 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 a 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.

     The Fund has entered into an interest rate swap agreement with Citibank N.A. Under the agreement, the Fund receives a floating rate of interest and pays a respective fixed rate of interest on the nominal value of the swap. Details of the swap at September 30, 2009 are as follows:

Notional						Floating Rate*				Termination				Net Unrealized
Amount		Fixed Rate				(rate reset monthly)				Date				Depreciation
$25,000,000			4.00	%			0.25875	%			6/02/10			$	(675,492	)

The Fund has entered into an equity contract for difference swap agreement with The Goldman Sachs Group, Inc. Details of the swap at September 30, 2009 are as follows:

Notional

Equity Security

Interest Rate/

Termination

Net Unrealized

Amount

Received

Equity Security Paid

Date

Depreciation

$193,769 (25,000 Shares)

Market Value Appreciation on: Rolls-Royce Group plc

One month LIBOR plus 90 bps plus Market Value Depreciation on: Rolls-Royce Group plc

6/25/10

$

(5,746

)

     For open derivative instruments as of September 30, 2009, see the preceding tables, which are also indicative of activity for the year ended December 31, 2008.

     Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, which are included in unrealized appreciation/depreciation on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

     There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. At September 30, 2009, there were no open futures contracts.

     Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on investments and foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

     The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. At September 30, 2009, there were no open forward foreign exchange contracts.

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

     It is the policy of The Gabelli Utility Trust (the “Fund”) to automatically reinvest dividends payable to common shareholders. As a “registered” shareholder you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”). The Plan authorizes the Fund to credit common shares to participants upon an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium to net asset value. All distributions to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their share certificates to Computershare Trust Company, N.A. (“Computershare”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distributions in cash must submit this request in writing to:

The Gabelli Utility Trust
c/o Computershare
P.O. Box 43010
Providence, RI 02940-3010

     Shareholders requesting this cash election must include the shareholder’s name and address as they appear on the share certificate. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact Computershare at (800) 336-6983.

     If your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such institution, it may be necessary for you to have your shares taken out of “street name” and re-registered in your own name. Once registered in your own name your distributions will be automatically reinvested. Certain brokers participate in the Plan. Shareholders holding shares in “street name” at participating institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.

     The number of common shares distributed to participants in the Plan in lieu of cash dividends is determined in the following manner. Under the Plan, whenever the market price of the Fund’s common shares is equal to or exceeds net asset value at the time shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital gains distribution, participants are issued common shares valued at the greater of (i) the net asset value as most recently determined or (ii) 95% of the then current market price of the Fund’s common shares. The valuation date is the dividend or distribution payment date or, if that date is not a New York Stock Exchange (“NYSE”) trading day, the next trading day. If the net asset value of the common shares at the time of valuation exceeds the market price of the common shares, participants will receive common shares from the Fund valued at market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, Computershare will buy common shares in the open market, or on the NYSE or elsewhere, for the participants’ accounts, except that Computershare will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net asset value if, following the commencement of such purchases, the market value of the common shares exceeds the then current net asset value.

     The automatic reinvestment of dividends and capital gains distributions will not relieve participants of any income tax which may be payable on such distributions. A participant in the Plan will be treated for federal income tax purposes as having received, on a dividend payment date, a dividend or distribution in an amount equal to the cash the participant could have received instead of shares.

Voluntary Cash Purchase Plan

     The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.

     Participants in the Voluntary Cash Purchase Plan have the option of making additional cash payments to Computershare for investments in the Fund’s common shares at the then current market price. Shareholders may send an amount from $250 to $10,000. Computershare will use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each shareholder who participates $0.75, plus a pro rata share of the brokerage commissions. Brokerage charges for such purchases are expected to be less than the usual brokerage charge for such transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box 43010, Providence, RI 02940—3010 such that Computershare receives such payments approximately 10 days before the 1st and 15th of the month. Funds not received at least five days before the investment date shall be held for investment until the next purchase date. A payment may be withdrawn without charge if notice is received by Computershare at least 48 hours before such payment is to be invested.

     Shareholders wishing to liquidate shares held at Computershare must do so in writing or by telephone. Please submit your request to the above mentioned address or telephone number. Include in your request your name, address, and account number. The cost to liquidate shares is $2.50 per transaction as well as the brokerage commission incurred. Brokerage charges are expected to be less than the usual brokerage charge for such transactions.

     For more information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan, brochures are available by calling (914) 921-5070 or by writing directly to the Fund.

     The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to the members of the Plan at least 90 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 90 days written notice to participants in the Plan.

TRUSTEES AND OFFICERS
THE GABELLI UTILITY TRUST
One Corporate Center, Rye, NY 10580-1422

Trustees

Mario J. Gabelli, CFA

Chairman & Chief Executive Officer, GAMCO Investors, Inc.

Dr. Thomas E. Bratter

President & Founder, John Dewey Academy

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,

Gabelli & Company, Inc.

Robert J. Morrissey

Attorney-at-Law, Morrissey, Hawkins & Lynch

Anthony R. Pustorino

Certified Public Accountant, Professor Emeritus, Pace University

Salvatore J. Zizza

Chairman, Zizza & Co., Ltd.

Officers

Bruce N. Alpert

President

Peter D. Goldstein

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.

Stock Exchange Listing

						5.625%
		Common				Preferred
NYSE-Symbol:		GUT				GUT PrA
Shares Outstanding:			30,837,531				1,153,288

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.

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)*		/s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer

Date 11/30/09

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)*		/s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer
Date 11/30/09
By (Signature and Title)*		/s/ Agnes Mullady   Agnes Mullady, Principal Financial Officer and Treasurer

Date 11/30/09