SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )
Filed by Registrant [ X ]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ X ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-12
THE GABELLI UTILITY TRUST
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[ X ] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and
0-11. 1) Title of each class of securities to which transaction applies:
2) Aggregate number of securities to which transaction applies:
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11(set forth the amount on which the
filing fee is calculated and state how it was determined):
4) Proposed maximum aggregate value of transaction:
5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
2) Form, Schedule or Registration Statement No.:
3) Filing Party:
4) Date Filed:
THE GABELLI UTILITY TRUST
One Corporate Center
Rye, New York 10580-1422
(914) 921-5070
------------------
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON MAY 20, 2002
------------------
To the Shareholders of
THE GABELLI UTILITY TRUST
Notice is hereby given that the Annual Meeting of Shareholders (the
"Meeting") of The Gabelli Utility Trust (the "Trust") will be held at The Bruce
Museum, One Museum Drive, Greenwich, Connecticut 06830, on Monday, May 20, 2002,
at 11:00 a.m., for the following purposes:
1. To elect four (4) Trustees of the Trust (PROPOSAL 1); and
2. To consider and vote upon such other matters as may properly come
before said Meeting or any adjournments thereof.
These items are discussed in greater detail in the attached Proxy
Statement.
The close of business on March 4, 2002 has been fixed as the record date
for the determination of shareholders entitled to notice of and to vote at the
Meeting and any adjournments thereof.
YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE
TRUST. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE
COMPLETE AND SIGN THE ENCLOSED PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED
ENVELOPE, WHICH NEEDS NO POSTAGE IF MAILED IN THE CONTINENTAL UNITED STATES.
INSTRUCTIONS FOR THE PROPER EXECUTION OF PROXIES ARE SET FORTH ON THE INSIDE
COVER.
By Order of the Board of Trustees
JAMES E. MCKEE
SECRETARY
April 15, 2002
INSTRUCTIONS FOR SIGNING PROXY CARDS
The following general rules for signing proxy cards may be of assistance
to you and avoid the time and expense to the Trust involved in validating your
vote if you fail to sign your proxy card properly.
1. INDIVIDUAL ACCOUNTS: Sign your name exactly as it appears in the
registration on the proxy card.
2. JOINT ACCOUNTS: Either party may sign, but the name of the party
signing should conform exactly to the name shown in the registration.
3. ALL OTHER ACCOUNTS: The capacity of the individuals signing the proxy
card should be indicated unless it is reflected in the form of
registration. For example:
REGISTRATION VALID SIGNATURE
CORPORATE ACCOUNTS
(1) ABC Corp. ABC Corp.
(2) ABC Corp. John Doe, Treasurer
(3) ABC Corp.
c/o John Doe, Treasurer John Doe
(4) ABC Corp., Profit Sharing Plan John Doe, Trustee
TRUST ACCOUNTS
(1) ABC Trust Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee
u/t/d 12/28/78 Jane B. Doe
CUSTODIAN OR ESTATE ACCOUNTS
(1) John B. Smith, Cust.
f/b/o John B. Smith, Jr. UGMA John B. Smith
(2) John B. Smith, Executor
Estate of Jane Smith John B. Smith, Executor
TELEPHONE/INTERNET VOTING
Various brokerage firms may offer the convenience of providing your voting
instructions via telephone or the Internet for shares held through such firms.
If available, instructions are included with this Proxy Statement and proxy
card.
THE GABELLI UTILITY TRUST
----------
ANNUAL MEETING OF SHAREHOLDERS
MAY 20, 2002
----------
PROXY STATEMENT
This Proxy Statement is furnished in connection with the solicitation of
proxies by the Board of Trustees of The Gabelli Utility Trust (the "Trust") for
use at the Annual Meeting of Shareholders of the Trust to be held on Monday, May
20, 2002, at 11:00 a.m., at The Bruce Museum, One Museum Drive, Greenwich,
Connecticut 06830, and at any adjournments thereof (the "Meeting"). A Notice of
Annual Meeting of Shareholders and proxy card accompany this Proxy Statement,
all of which are first being mailed to shareholders on or about April 15, 2002.
In addition to the solicitation of proxies by mail, officers of the Trust
and officers and regular employees of EquiServe Trust Company N.A.
("EquiServe"), the Trust's transfer agent, and affiliates of EquiServe or other
representatives of the Trust also may solicit proxies by telephone, telegraph,
Internet or in person. In addition, the Trust has retained Georgeson Shareholder
Communications Inc. to assist in the solicitation of proxies for a minimum fee
of $5,000 plus reimbursement of expenses. The costs of proxy solicitation and
the expenses incurred in connection with preparing the Proxy Statement and its
enclosures will be paid by the Trust. The Trust will also reimburse brokerage
firms and others for their expenses in forwarding solicitation materials to the
beneficial owners of its shares.
THE TRUST'S MOST RECENT ANNUAL REPORT, INCLUDING AUDITED FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001 IS AVAILABLE UPON
REQUEST, WITHOUT CHARGE, BY WRITING THE TRUST AT ONE CORPORATE CENTER, RYE, NEW
YORK 10580-1422 OR CALLING THE TRUST AT 1-800-422-3554 OR VIA THE INTERNET AT
WWW.GABELLI.COM.
If the enclosed proxy is properly executed and returned in time to be
voted at the Meeting, the Shares (as defined below) represented thereby will be
voted "FOR" the election of the nominees as Trustees listed in the accompanying
Notice of Annual Meeting of Shareholders, unless instructions to the contrary
are marked thereon, and in the discretion of the proxy holders as to the
transaction of any other business that may properly come before the Meeting. Any
shareholder who has given a proxy has the right to revoke it at any time prior
to its exercise either by attending the Meeting and voting his or her shares in
person or by submitting a letter of revocation or a later-dated proxy to the
Trust at the above address prior to the date of the Meeting.
In the event a quorum is not present at the meeting or in the event that
quorum is present at the Meeting, but sufficient votes to approve any of the
proposed items are not received, the persons named as proxies may propose one or
more adjournments of such Meeting to permit further solicitation of proxies. A
shareholder vote may be taken on one or more of the proposals in this Proxy
Statement prior to such adjournment if sufficient votes have been received for
approval and it is otherwise appropriate. Any such adjournment will require the
affirmative vote of a majority of those shares present at the Meeting in person
or by proxy. If a quorum is present, the persons named as proxies will vote
those proxies which they are entitled to vote "FOR" any proposal in favor of
such adjournment and will vote those proxies required to be voted "AGAINST" any
proposal against such adjournment.
The close of business on March 4, 2002 has been fixed as the record date
for the determination of shareholders entitled to notice of and to vote at the
Meeting and all adjournments thereof.
1
Each shareholder is entitled to one vote for each full share and an
appropriate fraction of a vote for each fractional share held. On the record
date, March 4, 2002, there were 11,255,780 shares of Common Stock ("Common
Stock" or the "Shares") outstanding.
The following persons were known to the Trust to be beneficial owners or
owners of record of 5% or more of the Trust's outstanding shares of Common Stock
as of the record date:
NAME AND ADDRESS OF NUMBER OF SHARES AND
BENEFICIAL/RECORD OWNER NATURE OF OWNERSHIP PERCENT OF CLASS
----------------------- ------------------- ----------------
Cede & Co.* 9,171,659 (record) 81.58%
P.O. Box 20
Bowling Green Station
New York, NY 10274-0020
A.G. Edwards & Sons Inc.** 1,000,231 (record) 8.90%
125 Broad Street, 40th Fl.
New York, NY 10004
Charles Schwab & Co., Inc.** 746,727 (record) 6.64%
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
Prudential Securities Inc.** 675,140 (record) 6.01%
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
Salomon Smith Barney Inc.** 1,394,581 (record) 12.40%
333 W. 34th Street
New York, NY 10001
------------------
* A nominee partnership of The Depository Trust Company.
** Shares held at The Depository Trust Company.
In order that your Shares may be represented at the Meeting, you are
requested to vote on the following matters:
PROPOSAL 1: TO ELECT FOUR (4) TRUSTEES OF THE TRUST
NOMINEES FOR THE BOARD OF TRUSTEES
The Board of Trustees is divided into three classes, each class having a
term of three years. Each year the term of one class will expire. Anthony J.
Colavita, Frank J. Fahrenkopf Jr., Robert J. Morrissey and Salvatore J. Zizza
have each been nominated by the Board of Trustees for a three-year term to
expire at the Trust's 2005 Annual Meeting of Shareholders and until their
successors are duly elected and qualified. Each of the Trustees of the Trust has
served in that capacity since the March 29, 1999 organizational meeting of
2
the Trust. All of the Trustees of the Trust are also directors or trustees of
other investment management companies for which Gabelli Funds, LLC (the
"Adviser") or its affiliates serve as adviser. The classes of Trustees are
indicated below:
NOMINEES TO SERVE UNTIL 2005 ANNUAL MEETING OF SHAREHOLDERS
Anthony J. Colavita
Frank J. Fahrenkopf, Jr.
Robert J. Morrissey
Salvatore J. Zizza
TRUSTEES SERVING UNTIL 2004 ANNUAL MEETING OF SHAREHOLDERS
Mario J. Gabelli, CFA
Dr. Thomas E. Bratter
Vincent D. Enright
TRUSTEES SERVING UNTIL 2003 ANNUAL MEETING OF SHAREHOLDERS
James P. Conn
John D. Gabelli
Karl Otto Pohl
Anthony R. Pustorino
Unless authority is withheld, it is the intention of the persons named in
the proxy to vote the proxy "FOR" the election of the nominees named below. Each
nominee has indicated that he has consented to serve as a Trustee if elected at
the Meeting. If a designated nominee declines or otherwise becomes unavailable
for election, however, the proxy confers discretionary power on the persons
named therein to vote in favor of a substitute nominee or nominees.
INFORMATION ABOUT DIRECTORS AND OFFICERS
Set forth in the table below are the existing Trustees and Nominees for
election to the Board of the Trust, including information relating to their
respective positions held with the Trust, a brief statement of their principal
occupations during the past five years and other directorships, if any.
TERM OF NUMBER OF
OFFICE AND PORTFOLIOS IN TRUST
NAME, POSITION(S) LENGTH OF COMPLEX
ADDRESS1 TIME PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS OVERSEEN
AND AGE SERVED2 DURING PAST FIVE YEARS HELD BY TRUSTEE BY TRUSTEE
------- ------- ---------------------- ------------------- ----------
INTERESTED TRUSTEES3:
-------------------
MARIO J. GABELLI Since 1999** Chairman of the Board and Chief Director of Morgan Group 21
Trustee, President and Executive Officer of Gabelli Asset Holdings, Inc. (transportation
Chief Investment Officer Management Inc. and Chief services); Vice Chairman
Age: 59 Investment Officer of Gabelli Funds, of Lynch Corporation
LLC and GAMCO Investors, Inc.; (diversified manufacturing)
Chairman and Chief Executive
Officer of Lynch Interactive
Corporation (multimedia and services)
JOHN D. GABELLI Since 1999* Senior Vice President of Gabelli & -- 9
Trustee Company, Inc., Director of Gabelli
Age: 57 Advisers, Inc.
3
TERM OF NUMBER OF
OFFICE AND PORTFOLIOS IN TRUST
NAME, POSITION(S) LENGTH OF COMPLEX
ADDRESS1 TIME PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS OVERSEEN
AND AGE SERVED2 DURING PAST FIVE YEARS HELD BY TRUSTEE BY TRUSTEE
------- ------- ---------------------- ------------------- ----------
INTERESTED TRUSTEES3:
-------------------
KARL OTTO POHL Since 1999* Member of the Shareholder Committee Director of Gabelli Asset 30
Trustee of Sal Oppenheim Jr. & Cie (private Management Inc. (investment
Age: 72 investment bank); Former President of management); Chairman,
the Deutsche Bundesbank and Chairman Incentive Capital and Incentive
of its Central Bank Council (1980-1991) Asset Management (Zurich);
Director at Sal Oppenheim Jr. &
Cie, Zurich
NON INTERESTED TRUSTEES:
------------------------
THOMAS E. BRATTER Since 1999** Director, President and Founder, -- 3
Trustee The John Dewey Academy
Age: 62 (residential college preparatory
therapeutic high school)
ANTHONY J. COLAVITA Since 1999*** President and Attorney at Law in the -- 32
Trustee law firm of Anthony J. Colavita, P.C.
Age: 66
JAMES P. CONN Since 1999* Former Managing Director and Director of LaQuinta Corp. 11
Trustee Chief Investment Officer of (hotels) and First Republic Bank
Age: 64 Financial Security Assurance
Holdings Ltd. (1992-1998)
VINCENT D. ENRIGHT Since 1999** Former Senior Vice President and Chief -- 10
Trustee Financial Officer of KeySpan Energy
Age: 58 Corporation
FRANK J. FAHRENKOPF JR. Since 1999*** President and Chief Executive -- 3
Trustee Officer of the American Gaming
Age: 62 Association since June 1995; Partner
of Hogan & Hartson (law firm);
Chairman of International Trade
Practice Group; Co-Chairman of the
Commission on Presidential Debates;
Former Chairman of the Republican
National Committee
ROBERT J. MORRISSEY Since 1999*** Partner in the law firm of Morrisey & -- 8
Trustee Hawkins
Age: 62
ANTHONY R. PUSTORINO Since 1999* Certified Public Accountant; Professor -- 16
Trustee Emeritus, Pace University
Age: 76
SALVATORE J. ZIZZA Since 1999*** Chariman, Hallmark Electrical Supplies Director of 8
Trustee Corp.; Former Executive Vice President Hollis Eden
Age: 56 of FMG Group, (a healthcare provider); Pharmaceuticals,
Former President and Chief Executive Bion Environmental
Executive Officer of the Lehigh Group Technologies Inc. and
Inc., an interior construction company, The Credit Store Inc.
through 1997
4
TERM OF
OFFICE AND
NAME, POSITION(S) LENGTH OF
ADDRESS1 TIME PRINCIPAL OCCUPATION(S)
AND AGE SERVED DURING PAST FIVE YEARS
------- ------ ----------------------
OFFICERS:
BRUCE N. ALPERT Since 1999 Executive Vice President and Chief
Vice President and Treasurer Operating Officer of Gabelli Funds, LLC
Age: 50 and an officer of all mutual funds
advised by Gabelli Funds, LLC and
its affiliates. Director and President of
Gabelli Advisers, Inc.
DAVID I. SCHACHTER Since 1999 Vice President of the Trust. Research
Vice President Analyst of Gabelli & Company, Inc.
Age: 48 since 1999. Prior to October 1999, Mr.
Schachter worked for Thomas J. Herzfeld
Advisors, an investment advisor
specializing in closed-end funds
JAMES E. MCKEE Since 1999 Vice President, General Counsel and
Secretary Secretary of Gabelli Asset Management Inc.
Age: 38 since 1999 and GAMCO Investors, Inc.
since 1993; Secretary of all mutual funds
advised by Gabelli Advisers, Inc. and
Gabelli Funds, LLC
---------------
1 Address: One Corporate Center, Rye, New York 10580-1422, unless otherwise
noted.
2 The Trust's Board of Trustees is divided into three classes, each class
having a term of three years. Each year the term of office of one class
expires and the successor or successors elected to such class serve for a
three-year term.
* Term expires at the Trust's 2003 Annual Meeting of Shareholders and
until his successor is duly elected and qualified.
** Term expires at the Trust's 2004 Annual Meeting of Shareholders and
until his successor is duly elected and qualified.
*** Nominee to serve until the Trust's 2005 Annual Meeting of
Shareholders and until his successor is duly elected and qualified.
3 "Interested person" of the Trust as defined in the Investment Company Act
of 1940. Messrs. M. Gabelli, J. Gabelli and Pohl are each considered an
"interested person" because of their affiliation with Gabelli Funds, LLC
which acts as the Trust's investment adviser.
BENEFICIAL OWNERSHIP OF SHARES HELD IN THE TRUST AND THE FUND COMPLEX FOR EACH
TRUSTEE AND NOMINEE FOR ELECTION AS TRUSTEE
Set forth in the table below is the dollar range of equity securities held
in the Trust and the aggregate dollar range of equity securities in the Fund
complex beneficially owned by each Trustee.
AGGREGATE DOLLAR
NAME OF TRUSTEE DOLLAR RANGE OF EQUITY RANGE OF EQUITY
SECURITIES HELD SECURITIES HELD
IN THE TRUST*(1) IN FUND COMPLEX*(2)
Mario J. Gabelli E E
---- ----
John D. Gabelli A E
---- ----
Dr. Thomas E. Bratter C E
---- ----
Anthony J. Colavita C E
---- ----
James P. Conn C E
---- ----
Vincent D. Enright A E
---- ----
Frank J. Fahrenkopf, Jr. A A
---- ----
5
AGGREGATE DOLLAR
NAME OF TRUSTEE DOLLAR RANGE OF EQUITY RANGE OF EQUITY
SECURITIES HELD SECURITIES HELD
IN THE TRUST*(1) IN FUND COMPLEX*(2)
Robert J. Morrissey A C
---- ----
Karl Otto Pohl A A
---- ----
Anthony R. Pustorino B E
---- ----
Salvatore J. Zizza C E
---- ----
--------------------------
* KEY TO DOLLAR RANGES
A. None
B. $1 - $10,000
C. $10,001 - $50,000
D. $50,001 - $100,000
E. Over $100,000
All shares were valued as of December 31, 2001.
(1) This information has been furnished by each Trustee as of December 31,
2001. "Beneficial Ownership" is determined in accordance with Section
16a-1(a)(2) of the 1934 Act.
(2) Less than 1%.
The Trust pays each Trustee not affiliated with the Adviser or its
affiliates, a fee of $3,000 per year plus $500 per meeting attended in person
and by telephone, together with the Trustee's actual out-of-pocket expenses
relating to their attendance at such meetings. The aggregate remuneration (not
including out-of-pocket expenses) paid by the Trust to such Trustees during the
year ended December 31, 2001 amounted to $46,544. During the year ended December
31, 2001, the Trustees of the Trust met four times. Each Trustee then serving in
such capacity attended at least 75% of the meetings of Trustees and any
Committee of which he is a member.
The Trustees serving on the Trust's Nominating Committee are Messrs. Zizza
(Chairman) and Colavita, who are not "interested persons" of the Trust as
defined in the 1940 Act, The Nominating Committee is responsible for
recommending qualified candidates to the Board in the event that a position is
vacated or created. The Nominating Committee would consider recommendations by
shareholders if a vacancy were to exist. Such recommendations should be
forwarded to the Secretary of the Trust. The Nominating Committee did not meet
during the year ended December 31, 2001. The Trust does not have a standing
compensation committee.
Messrs. Pustorino (Chairman), Colavita and Enright who are not "interested
persons" of the Trust as defined in the 1940 Act serve on the Trust's Audit
Committee. The Audit Committee is responsible for reviewing and evaluating
issues related to the accounting and financial reporting policies and internal
controls of the Trust and the internal controls of certain service providers,
overseeing the quality and objectivity of the Trust's financial statements and
the audit thereof and to act as a liaison between the Board of Trustees and the
Trust's independent accountants. During the year ended December 31, 2001, the
Audit Committee met twice.
6
AUDIT COMMITTEE REPORT
The role of the Trust's Audit Committee is to assist the Trust's Board of
Trustees in its oversight of the Trust's financial reporting process. The
Board of Trustees of the Trust has adopted a Charter for the Audit
Committee. Management, however, is responsible for maintaining appropriate
systems for accounting and internal control, and the Trust's independent
accountants are responsible for planning and carrying out proper audits
and reviews.
In connection with the Trust's audited financial statements for the fiscal
year ended December 31, 2001, included in the Trust's Annual Report dated
December 31, 2001 (the "Annual Report"), the Audit Committee reviewed and
discussed at a meeting held on February 15, 2002, the Trust's audited
financial statements with management and the Trust's independent
accountants, and discussed the audit of such financial statements with the
Trust's independent accountants.
The Audit Committee specifically discussed with the independent
accountants the quality, and not just the acceptability under generally
accepted accounting principles, of the accounting principles applied by
the Trust. The Audit Committee also received a formal written statement
from the Trust's independent accountants delineating the relationships
between the independent accountants and the Trust and its affiliates and
discussed matters designed to assist the Committee in determining whether
the independence of the accountants might reasonably be viewed as becoming
adversely affected.
Members of the Trust's Audit Committee are not professionally engaged in
the practice of auditing or accounting and are not employed by the Trust
for accounting, financial management or internal control. Moreover, the
Audit Committee relies on and makes no independent verification of the
facts presented to it or representations made by management or the Trust's
independent accountants. Accordingly, the Audit Committee's oversight does
not provide an independent basis to determine that management has
maintained appropriate accounting and/or financial reporting principles
and policies, or internal controls and procedures, designed to assure
compliance with accounting standards and applicable laws and regulations.
Furthermore, the Audit Committee's considerations and discussions referred
to above do not provide assurance that the audit of the Trust's financial
statements has been carried out in accordance with generally accepted
auditing standards or that the financial statements are presented in
accordance with generally accepted accounting principles.
Based on its consideration of the Trust's audited financial statements and
the discussions referred to above with management and the Trust's
independent accountants, and subject to the limitations on the
responsibilities and role of the Audit Committee set forth in the Charter
and those discussed above, the Audit Committee recommended to the Trust's
Board of Trustees that the Trust's audited financial statements be
included in the Trust's Annual Report.
Set forth in the table below are audit fees and non-audit related fees
billed by the Trust's independent accountants to the Trust for the Trust's
fiscal year ended December 31, 2001.
7
FINANCIAL INFORMATION SYSTEMS
DESIGN AND IMPLEMENTATION
AUDIT FEES FEES ALL OTHER FEES
---------- ---- --------------
$22,000 - For No fees were billed for $2,100 - For tax services and
professional services professional services rendered other attest services rendered
rendered for the audit to the Trust, the Trust's by the principal accountant
of the Trust's annual investment adviser and any (other than those disclosed in
financial statements entity controlling, controlled the previous columns) to the
for the fiscal year by or under common control Trust. There were no other
ended December 31, with the Adviser that provides fees paid by the Trust's
2001. services to the Trust. investment adviser and any
entity controlling, controlled by
or under common control
with the Adviser that provides
services to the Trust.
The Audit Committee has considered whether the provision of the non-audit
services is compatible with maintaining the auditors' independence.
SUBMITTED BY THE AUDIT COMMITTEE OF THE TRUST'S BOARD OF TRUSTEES
Anthony R. Pustorino, Chairman
Vincent D. Enright
Anthony J. Colavita
The following table sets forth certain information regarding the
compensation of the Trust's Trustees and officers for the fiscal year ended
December 31, 2001. Mr. Schachter is employed by the Trust and is not employed by
the Adviser (although he may receive incentive-based variable compensation from
affiliates of the Adviser). Officers of the Trust who are employed by the
Adviser receive no compensation or expense reimbursement from the Trust.
COMPENSATION TABLE
TOTAL COMPENSATION FROM
AGGREGATE COMPENSATION THE TRUST AND FUND COMPLEX
NAME OF PERSON AND POSITION FROM THE TRUST PAID TO TRUSTEES/OFFICERS*
--------------------------- -------------- --------------------------
MARIO J. GABELLI $0 $0 (21)
Chairman of the Board, President and
Chief Investment Officer
DR. THOMAS E. BRATTER $5,000 $31,500 (3)
Trustee
FELIX J. CHRISTIANA** $3,544 $50,533 (11)
Trustee
ANTHONY J. COLAVITA $6,500 $145,016 (32)
Trustee
JAMES P. CONN $5,000 $53,750 (11)
Trustee
VINCENT D. ENRIGHT $5,500 $46,250 (10)
Trustee
8
TOTAL COMPENSATION FROM
AGGREGATE COMPENSATION THE TRUST AND FUND COMPLEX
NAME OF PERSON AND POSITION FROM THE TRUST PAID TO TRUSTEES/OFFICERS*
--------------------------- -------------- --------------------------
FRANK J. FAHRENKOPF, JR. $5,000 $31,500 (3)
Trustee
JOHN D. GABELLI $0 $0 (9)
Trustee
ROBERT J. MORRISSEY $4,500 $37,266 (8)
Trustee
KARL OTTO POHL $0 $0 (30)
Trustee
ANTHONY R. PUSTORINO $6,000 $125,250 (16)
Trustee
SALVATORE J. ZIZZA $5,500 $64,266 (7)
Trustee
DAVID SCHACHTER $85,000 $85,000 (1)
Vice President
------------------
* Represents the total compensation paid to such persons during the calendar
year ended December 31, 2001 by investment companies (including the Trust)
or portfolios thereof from which such person receives compensation that
are considered part of the same fund complex as the Trust because they
have common or affiliated advisers. The number in parentheses represents
the number of such investment companies and portfolios.
** Mr. Christiana served as a Trustee of the Trust until June 7, 2001.
REQUIRED VOTE
The election of each of the listed nominees for Trustee of the Trust
requires the affirmative vote of the holders of a plurality of Shares of the
Trust represented at the Meeting if a quorum is present.
THE BOARD OF TRUSTEES, INCLUDING THE "NON-INTERESTED" TRUSTEES,
UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THE ELECTION OF EACH
NOMINEE.
9
ADDITIONAL INFORMATION
THE INVESTMENT ADVISER AND ADMINISTRATOR
Gabelli Funds, LLC is the Trust's Adviser and Administrator and its
business address is One Corporate Center, Rye, New York 10580-1422.
COMPLIANCE WITH THE SECURITIES EXCHANGE ACT OF 1934
Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, and the
rules thereunder, require the Trust's officers and Trustees, officers and
Directors of the Adviser, affiliated persons of the Adviser, and persons who own
more than 10% of a registered class of the Trust's securities, to file reports
of ownership and changes in ownership with the SEC and the New York Stock
Exchange, Inc. and to furnish the Trust with copies of all Section 16(a) forms
they file. Based solely on the Trust's review of the copies of such forms it
receives, the Trust believes that during the calendar year ended 2001 such
persons complied with all such applicable filing requirements.
BROKER NON-VOTES AND ABSTENTIONS
If a proxy which is properly executed and returned accompanied by
instructions to withhold authority to vote represents a broker "non-vote" (that
is, a proxy from a broker or nominee indicating that such person has not
received instructions from the beneficial owner or other person entitled to vote
Shares on a particular matter with respect to which the broker or nominee does
not have discretionary power), is unmarked or marked with an abstention
(collectively, "abstentions"), the Shares represented thereby will be considered
to be present at the Meeting for purposes of determining the existence of a
quorum for the transaction of business. Under Maryland law, abstentions do not
constitute a vote "for" or "against" a matter and will be disregarded in
determining the "votes cast" on an issue. The election of Trustees (Proposal 1)
requires that the four candidates who receive the highest number of votes cast
at the Meeting are elected; therefore, abstentions will be disregarded.
Shareholders of the Trust will be informed of the voting results of the
Meeting in the Trust's Semi-Annual Report dated June 30, 2002.
OTHER MATTERS TO COME BEFORE THE MEETING
The Trustees of the Trust do not intend to present any other business at
the Meeting, nor are they aware that any shareholder intends to do so. If,
however, any other matters are properly brought before the Meeting, the persons
named in the accompanying form of proxy will vote thereon in accordance with
their judgment.
SHAREHOLDER PROPOSALS
All proposals by shareholders of the Trust which are intended to be
presented at the Trust's next Annual Meeting of Shareholders to be held in 2003
must be received by the Trust for consideration for inclusion in the Trust's
Proxy Statement and proxy relating to that meeting no later than December 16,
2002. There are additional requirements regarding proposals of shareholders, and
a shareholder contemplating submission of a proposal is referred to Rule 14a-8
under the Securities Exchange Act of 1934.
IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT
EXPECT TO ATTEND THE MEETING ARE THEREFORE URGED TO COMPLETE, SIGN, DATE AND
RETURN THE PROXY CARD AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.
10
THE GABELLI UTILITY TRUST
C/O EQUISERVE
P.O. BOX 43068
PROVIDENCE, RI 02940
DETACH HERE ZGBFU1
X Please mark
votes as in
this example.
1. To elect four (4) Trustees of the Trust:
(01) Anthony J. Colavita
(02) Frank J. Fahrenkopf, Jr.
(03) Robert J. Morrissey
(04) Salvatore J. Zizza
For All
Nominees____ Withhold____
For All
Except____
(INSTRUCTION: To withhold authority to vote for any individual nominee, write
that nominee's name in the space provided above.)
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THE GABELLI UTILITY TRUST
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Mark box at right if an address change or comment has been noted on the reverse
side of this card.____
Please be sure to sign and date this proxy.
Signature:_________ Date:____________ Co-owner:___________ Date:____________
DETACH HERE ZGBFU2
THE GABELLI UTILITY TRUST
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES
The undersigned hereby appoints Mario J. Gabelli, James E. McKee and Bruce N.
Alpert, and each of them, attorneys and proxies of the undersigned, with full
powers of substitution and revocation, to represent the undersigned and to vote
on behalf of the undersigned all shares of The Gabelli Utility Trust (the
"Trust") which the undersigned is entitled to vote at the Annual Meeting of
Shareholders of the Trust to be held at The Bruce Museum, One Museum Drive,
Greenwich, Connecticut 06830 on Monday, May 20, 2002 at 11:00 a.m., and at any
adjournments thereof. The undersigned hereby acknowledges receipt of the Notice
of Meeting and Proxy Statement and hereby instructs said attorneys and proxies
to vote said shares as indicated herein. In their discretion, the proxies are
authorized to vote upon such other business as may properly come before the
Meeting.
A majority of the proxies present and acting at the Meeting in person or by
substitute (or, if only one shall be so present, then that one) shall have and
may exercise all of the power and authority of said proxies hereunder. The
undersigned hereby revokes any proxy previously given.
This proxy, if properly executed, will be voted in the manner directed by the
undersigned shareholder. If no direction is made, this proxy will be voted FOR
the election of the nominees as Trustees and in the discretion of the proxy
holder as to any other matter that may properly come before the Meeting. Please
refer to the Proxy Statement for a discussion of Proposal No. 1.
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PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED
ENVELOPE.
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Please sign this proxy exactly as your name(s) appear(s) on the books of the
Trust. If joint owners, either may sign. Trustees and other fiduciaries should
indicate the capacity in which they sign, and where more than one name appears,
a majority must sign. If a corporation, this signature should be that of an
authorized officer who should state his or her title.
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HAS YOUR ADDRESS CHANGED?
_____________
_____________
_____________
DO YOU HAVE ANY COMMENTS?
_____________
_____________
_____________