Edgar Filing: GABELLI UTILITY TRUST

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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: December 31, 2003
-------------------

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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 Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is attached herewith.

[GRAPHIC OMITTED]
GABELLI LOGO
THE GABELLI UTILITY TRUST

Annual Report
December 31, 2003

TO OUR SHAREHOLDERS,

The Sarbanes-Oxley Act requires a Fund's principal executive and financial
officers to certify the entire contents of the semi-annual and annual
shareholder reports in a filing with the Securities and Exchange Commission on
Form N-CSR. This certification would cover the portfolio manager's commentary
and subjective opinions if they are attached to or a part of the financial
statements. Many of these comments and opinions would be difficult or impossible
to certify.

Because we do not want our portfolio managers to eliminate their opinions
and/or restrict their commentary to historical facts, we have separated their
commentary from the financial statements and investment portfolio and have sent
it to you separately. Both the commentary and the financial statements,
including the portfolio of investments, will be available on our website at
www.gabelli.com/funds.

Enclosed are the audited financial statements and the investment portfolio
as of December 31, 2003.

COMPARATIVE RESULTS
--------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH DECEMBER 31, 2003 (A)
SINCE
QUARTER 1 YEAR 3 YEAR INCEPTION (B)
------- ------ ------ -------------

Gabelli Utility Trust NAV Return (c) ................ 7.31% 18.65% 3.02% 7.47%
Gabelli Utility Trust Investment Return (d) ......... 24.26% 16.49% 10.69% 12.77%

S&P Utility Index ................................... 7.95% 26.26% (14.97)% (3.19)%
Lipper Utility Fund Average ......................... 9.72% 22.68% (9.76)% (2.92)%

(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. The S&P Utility Index is an unmanaged indicator of electric
and gas utility stock performance, while the Lipper Average reflects the
average performance of open-end mutual funds classified in this particular
category. Dividends are considered reinvested. Performance for periods
less than one year is not annualized.
(b) From commencement of investment operations on July 9, 1999.
(c) Total returns and average annual returns reflect changes in net asset
value ("NAV"), reinvestment of distributions at net asset value on the
ex-dividend date and adjustments for rights offerings, and are net of
expenses. Since inception return based on initial net asset value of
$7.50.
(d) 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 based on initial
offering price of $7.50.
--------------------------------------------------------------------------------

Sincerely yours,

/s/ BRUCE N. ALPERT
Bruce N. Alpert
President

February 24, 2004
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A description of the Trust's proxy voting policies and procedures is available
(i) without charge, upon request, by calling 800-GABELLI (800-422-3554); (ii)
by writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580; and
(iii) on the Securities and Exchange Commission's website at www.sec.gov.
--------------------------------------------------------------------------------

THE GABELLI UTILITY TRUST
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2003

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS -- 57.5%
AGRICULTURE -- 0.0%
800 Cadiz Inc.+ ....................... $ 3,000 $ 4,080
------------ ------------
COMMUNICATIONS EQUIPMENT -- 0.1%
65,000 Furukawa Electric Co. Ltd. ........ 437,833 215,919
------------ ------------
ENERGY AND UTILITIES: ELECTRIC -- 16.2%
240,000 AES Corp.+ ........................ 1,191,314 2,265,600
30,000 American Electric Power
Company Inc. .................... 904,239 915,300
20,000 Calpine Corp.+ .................... 52,600 96,200
55,000 Cinergy Corp. ..................... 1,727,502 2,134,550
20,000 Cleco Corp. ....................... 364,947 359,600
80,000 DPL Inc. .......................... 1,547,470 1,670,400
25,000 DTE Energy Co. .................... 1,021,956 985,000
194,600 Duquesne Light Holdings Inc. ...... 3,391,487 3,568,964
100,000 Edison International+ ............. 1,943,016 2,193,000
160,000 El Paso Electric Co. .............. 2,095,085 2,136,000
42,300 FPL Group Inc. .................... 2,466,478 2,767,266
60,000 Great Plains Energy Inc. .......... 1,932,898 1,909,200
170,000 Northeast Utilities ............... 3,354,148 3,428,900
55,000 SCANA Corp. ....................... 1,694,645 1,883,750
115,000 TECO Energy Inc. .................. 1,797,116 1,657,150
22,000 UIL Holdings Corp. ................ 966,711 992,200
231,000 Unisource Energy Corp. ............ 5,430,445 5,696,460
------------ ------------
31,882,057 34,659,540
------------ ------------
ENERGY AND UTILITIES: INTEGRATED -- 24.9%
349,400 Allegheny Energy Inc.+ ............ 3,621,770 4,458,344
13,000 ALLETE Inc. ....................... 222,462 397,800
75,000 Alliant Energy Corp. .............. 1,824,382 1,867,500
10,000 Ameren Corp. ...................... 455,300 460,000
270,000 Aquila Inc.+ ...................... 785,883 915,300
500 Avista Corp. ...................... 5,575 9,060
25,000 Central Vermont Public
Service Corp. ................... 491,946 587,500
52,000 CH Energy Group Inc. .............. 2,365,089 2,438,800
200,000 CMS Energy Corp.+ ................. 1,572,268 1,704,000
5,000 Consolidated Edison Inc. .......... 215,150 215,050
75,000 Constellation Energy
Group Inc. ...................... 2,109,100 2,937,000
2,000 Dominion Resources Inc. ........... 80,310 127,660
170,000 Duke Energy Corp. ................. 3,248,645 3,476,500
120,000 El Paso Corp. ..................... 1,119,698 982,800
13,000 Empire District Electric Co. ...... 259,961 285,090
50,000 Enel SpA+ ......................... 317,731 339,934
40,000 Energy East Corp. ................. 778,293 896,000
4,000 Entergy Corp. ..................... 112,332 228,520
35,979 FirstEnergy Corp. ................. 1,170,679 1,266,461
83,666 Florida Public Utilities Co. ...... 1,051,557 1,320,668
35,000 Green Mountain Power Corp. ........ 740,553 826,000
280,000 Hera SpA+ ......................... 388,845 438,295
59,000 Maine & Maritimes Corp. ........... 1,885,148 2,065,590
50,000 MGE Energy Inc. ................... 1,457,120 1,575,500
400,000 Mirant Corp.+ ..................... 924,868 156,000
5,000 NiSource Inc. ..................... 103,120 109,700
45,000 NiSource Inc. (Sails)+ ............ 90,000 115,200
75,000 NSTAR ............................. 3,220,074 3,637,500
100,000 OGE Energy Corp. .................. 2,406,141 2,419,000
12,000 Otter Tail Corp. .................. 329,751 320,760
50,000 PG&E Corp.+ ....................... 1,309,559 1,388,500
10,000 PNM Resources Inc. ................ 185,900 281,000

MARKET
SHARES COST VALUE
------ ---- ------
73,300 Progress Energy Inc. .............. $ 3,202,909 $ 3,317,558
40,000 Progress Energy Inc., CVO+ ........ 20,800 9,200
20,000 Puget Energy Inc. ................. 456,515 475,400
30,000 Sierra Pacific Resources+ ......... 227,798 220,200
35,000 TXU Corp. ......................... 587,515 830,200
14,700 Unitil Corp. ...................... 392,642 379,260
10,000 Vectren Corp. ..................... 245,531 246,500
215,000 Westar Energy Inc. ................ 3,192,547 4,353,750
20,000 Wisconsin Energy Corp. ............ 560,104 669,000
7,000 WPS Resources Corp. ............... 204,319 323,610
250,000 Xcel Energy Inc. .................. 4,194,837 4,245,000
------------ ------------
48,134,727 53,316,710
------------ ------------
ENERGY AND UTILITIES: NATURAL GAS -- 8.8%
30,000 AGL Resources Inc. ................ 732,686 873,000
3,000 Atmos Energy Corp. ................ 66,880 72,900
15,000 Cascade Natural Gas Corp. ......... 318,126 316,350
3,000 Chesapeake Utilities Corp. ........ 55,515 78,150
29,700 Delta Natural Gas Co. Inc. ........ 494,549 708,642
40,000 Dynegy Inc., Cl. A+ ............... 250,000 171,200
1,000 EnergySouth Inc. .................. 26,780 35,000
70,000 KeySpan Corp. ..................... 2,493,022 2,576,000
70,000 National Fuel Gas Co. ............. 1,672,723 1,710,800
90,000 Nicor Inc. ........................ 3,094,431 3,063,600
15,000 NUI Corp. ......................... 174,468 241,800
70,000 ONEOK Inc. ........................ 1,229,202 1,545,600
19,000 Peoples Energy Corp. .............. 665,481 798,760
15,000 Piedmont Natural
Gas Co. Inc. .................... 428,588 651,900
3,000 RGC Resources Inc. ................ 59,164 68,550
130,000 SEMCO Energy Inc. ................. 1,278,536 637,000
107,329 Southern Union Co.+ ............... 1,892,655 1,974,853
150,000 Southwest Gas Corp. ............... 3,710,968 3,367,500
------------ ------------
18,643,774 18,891,605
------------ ------------
ENERGY AND UTILITIES: OIL -- 0.4%
5,000 ConocoPhillips .................... 282,072 327,850
15,000 Exxon Mobil Corp. ................. 542,840 615,000
------------ ------------
824,912 942,850
------------ ------------
ENERGY AND UTILITIES: WATER -- 2.6%
12,000 American States Water Co. ......... 266,713 300,000
16,500 Artesian Resources Corp.,
Cl. A ........................... 257,250 459,673
20,500 BIW Ltd. .......................... 385,069 391,550
20,520 California Water
Service Group ................... 566,928 562,248
7,500 Connecticut Water
Service Inc. .................... 146,455 207,375
51,333 Middlesex Water Co. ............... 801,882 1,042,060
13,066 Pennichuck Corp. .................. 342,804 369,297
15,000 Philadelphia Suburban Corp. ....... 183,101 331,500
18,000 SJW Corp. ......................... 1,733,878 1,606,500
5,512 Southwest Water Co. ............... 52,058 88,468
6,000 York Water Co. .................... 108,269 109,080
------------ ------------
4,844,407 5,467,751
------------ ------------
ENVIRONMENTAL SERVICES -- 0.0%
20,000 Catalytica Energy
Systems Inc.+ ................... 185,926 69,980
------------ ------------
EQUIPMENT AND SUPPLIES -- 0.0%
50,000 Capstone Turbine Corp.+ ........... 83,080 93,000
------------ ------------

See accompanying notes to financial statements.

THE GABELLI UTILITY TRUST
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2003

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS (CONTINUED)
METALS AND MINING -- 0.2%
12,000 Compania de Minas
Buenaventura SA, ADR ............ $ 251,382 $ 339,360
------------ ------------
SATELLITE -- 0.3%
32,929 Hughes Electronics Corp.+ ......... 511,077 544,969
------------ ------------
TELECOMMUNICATIONS -- 3.7%
33,000 BellSouth Corp. ................... 928,816 933,900
32,000 BT Group plc, ADR ................. 1,108,709 1,095,040
40,000 CenturyTel Inc. ................... 1,420,040 1,304,800
135,000 Cincinnati Bell Inc.+ ............. 878,424 681,750
110,000 Citizens Communications Co.+ ...... 1,269,179 1,366,200
10,000 Commonwealth Telephone
Enterprises Inc.+ ............... 385,642 377,500
13,500 D&E Communications Inc. ........... 144,002 195,885
6,000 Deutsche Telekom AG, ADR+ ......... 92,456 108,780
2,000 France Telecom SA, ADR ............ 22,799 57,180
40,000 Touch America Holdings Inc.+ ...... 38,488 480
50,000 Verizon Communications Inc. ....... 1,894,226 1,754,000
------------ ------------
8,182,781 7,875,515
------------ ------------
WIRELESS COMMUNICATIONS -- 0.3%
39,000 mm02 plc, ADR+ .................... 405,354 532,740
------------ ------------
TOTAL COMMON
STOCKS ........................... 114,390,310 122,954,019
------------ ------------
PREFERRED STOCKS -- 2.9%
PUBLISHING -- 0.0%
3,683 News Corp. Ltd., Pfd., ADR ........ 107,175 111,410
------------ ------------
TELECOMMUNICATIONS -- 2.9%
121,000 Citizens Communications Co.,
5.000% Cv. Pfd. ................. 5,982,272 6,171,000
------------ ------------
TOTAL PREFERRED
STOCKS ........................... 6,089,447 6,282,410
------------ ------------

PRINCIPAL MARKET
AMOUNT COST VALUE
------ ---- ------
CORPORATE BONDS -- 0.3%
ENERGY AND UTILITIES: INTEGRATED -- 0.3%
$ 1,000,000 Mirant Corp., Sub. Deb. Cv.,
2.500%, 06/15/21+ (c) ........... $ 756,850 $ 615,000
------------ ------------
TELECOMMUNICATIONS -- 0.0%
100,000 Williams Comm Group Inc., Escrow,
Zero Coupon, 10/01/09 (b) ....... 0 0
------------ ------------
TOTAL CORPORATE
BONDS ............................ 756,850 615,000
------------ ------------
U.S. GOVERNMENT OBLIGATIONS -- 33.6%
72,000,000 U.S. Treasury Bills,
0.884%++, 03/25/04 .............. 71,853,840 71,857,080
------------ ------------

REPURCHASE AGREEMENTS -- 5.7%
12,263,000 Agreement with State Street Bank
and Trust Co., 0.810%, dated
12/31/03, due 01/02/04,
proceeds at maturity,
$12,263,552 (a) ................. 12,263,000 12,263,000
------------ ------------
TOTAL INVESTMENTS -- 100.0% .................... $205,353,447 $213,971,509
============
LIABILITIES IN EXCESS OF OTHER ASSETS .......................... (2,464,616)
------------
PREFERRED STOCK
(1,201,000 preferred shares outstanding) ..................... (55,000,000)
------------
NET ASSETS COMMON STOCK
(22,906,232 common shares outstanding) ....................... $156,506,893
============
NET ASSET VALUE PER COMMON SHARE
($156,506,893 / 22,906,232 shares outstanding) .............. $6.83
=====

-------------
For Federal tax purposes:
Aggregate cost .................................... $205,842,040
============
Gross unrealized appreciation ..................... $ 11,503,012
Gross unrealized depreciation ..................... (3,373,543)
------------
Net unrealized appreciation ....................... $ 8,129,469
============

-------------
(a) Collateralized by U.S. Treasury Note, 1.75%, due 12/31/04, market value
$12,511,434.
(b) Security fair valued under procedures established by the
Board of Directors. At December 31, 2003, the market value of fair valued
securities amounted to $0 or 0.0% of total investments.
(c) Bond in default.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
CVO - Contingent Value Obligation.

See accompanying notes to financial statements.

THE GABELLI UTILITY TRUST

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2003

ASSETS:
Investments, at value (cost $205,353,447) ................... $213,971,509
Cash and foreign currency, at value (cost $712) ............. 712
Dividends and interest receivable ........................... 409,033
Receivable for investments sold ............................. 207,665
Other assets ................................................ 11,251
------------
TOTAL ASSETS ................................................ 214,600,170
------------
LIABILITIES:
Dividends payable ........................................... 29,669
Payable for investments purchased ........................... 2,209,374
Payable for investment advisory fees ........................ 360,935
Payable for offering expenses ............................... 280,022
Payable for shareholder communication fees .................. 107,358
Other accrued expenses and liabilities ...................... 105,919
------------
TOTAL LIABILITIES ........................................... 3,093,277
------------
PREFERRED STOCK:
Series A Cumulative Preferred Stock (5.625%,
$25 liquidation value, $0.001
par value, 1,200,000 shares
authorized with 1,200,000 shares
issued and outstanding) ................................... 30,000,000
Series B Cumulative Preferred Stock
(Auction Rate, $25,000 liquidation value,
$0.001 par value, 1,000 shares
authorized with 1,000 shares
issued and outstanding) ................................... 25,000,000
------------
TOTAL PREFERRED STOCK ....................................... 55,000,000
------------
NET ASSETS ATTRIBUTABLE TO COMMON
STOCK SHAREHOLDERS ........................................ $156,506,893
============
NET ASSETS ATTRIBUTABLE TO COMMON STOCK
SHAREHOLDERS CONSIST OF:
Shares of beneficial interest, at par value ................. $ 22,906
Additional paid-in capital .................................. 148,384,187
Accumulated distributions in excess of net
investment income ......................................... (29,669)
Accumulated distributions in excess of
net realized gain on investments
and foreign currency transactions ......................... (488,593)
Net unrealized appreciation on investments
and foreign currency transactions ......................... 8,618,062
------------
TOTAL NET ASSETS ............................................ $156,506,893
============
NET ASSET VALUE PER COMMON SHARE
($156,506,893 / 22,906,232 shares outstanding;
unlimited number of shares authorized of
$0.001 par value) ........................................... $6.83
=====

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003

INVESTMENT INCOME:
Dividends (net of foreign taxes of $5,624) .................. $ 3,444,002
Interest .................................................... 447,155
-----------
TOTAL INVESTMENT INCOME ..................................... 3,891,157
-----------
EXPENSES:
Investment advisory fees .................................... 1,325,309
Shareholder communications expenses ......................... 342,165
Shareholder services fees ................................... 202,606
Payroll ..................................................... 128,951
Trustees' fees .............................................. 53,808
Legal and audit fees ........................................ 52,322
Custodian fees .............................................. 21,377
Miscellaneous expenses ...................................... 103,830
-----------
TOTAL EXPENSES .............................................. 2,230,368
-----------
LESS: CUSTODIAN FEE CREDIT .................................. (385)
-----------
NET EXPENSES ................................................ 2,229,983
-----------
NET INVESTMENT INCOME ....................................... 1,661,174
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on investments ............................ 3,352,137
Net realized gain on foreign currency transactions .......... 27,100
-----------
Net realized gain on investments and foreign
currency transactions ..................................... 3,379,237
-----------
Net change in unrealized appreciation/
depreciation on investments and foreign
currency transactions ..................................... 17,078,674
-----------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS ..................................... 20,457,911
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ........................................... 22,119,085
-----------
Total Distributions to Preferred
Stock Shareholders ........................................ (836,914)
-----------
NET INCREASE IN NET ASSETS ATTRIBUTABLE TO
COMMON STOCK SHAREHOLDERS RESULTING
FROM OPERATIONS ........................................... $21,282,171
===========

See accompanying notes to financial statements.

THE GABELLI UTILITY TRUST

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ -----------------
OPERATIONS:

Net investment income ............................................................. $ 1,661,174 $ 1,448,624
Net realized gain on investments and foreign currency transactions ................ 3,379,237 3,644,126
Net change in unrealized appreciation/depreciation on investments
and foreign currency transactions ............................................... 17,078,674 (11,989,550)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ................... 22,119,085 (6,896,800)
------------ ------------
DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS:
Net investment income ............................................................. (252,258) --
Net realized short-term gain on investments and foreign currency transactions ..... (29,505) --
Net realized long-term gains on investments and foreign currency transactions ..... (555,151) --
------------ ------------
TOTAL DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS ............................... (836,914) --
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS
RESULTING FROM OPERATIONS ....................................................... 21,282,171 (6,896,800)
------------ ------------
DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:
Net investment income ............................................................. (1,465,686) (1,475,143)
Net realized short-term gain on investments and foreign currency transactions ..... (193,597) (23,566)
Net realized long-term gains on investments and foreign currency transactions ..... (3,642,522) (4,737,063)
Return of capital ................................................................. (7,047,175) (3,261,058)
------------ ------------
TOTAL DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS .................................. (12,348,980) (9,496,830)
------------ ------------
TRUST SHARE TRANSACTIONS:
Net increase in net assets from common shares issued upon reinvestment of dividends
and distributions and rights offering ........................................... 54,012,622 29,307,320
Offering costs for preferred shares charged to paid-in capital .................... (1,550,000) --
------------ ------------
NET INCREASE IN NET ASSETS FROM TRUST SHARE TRANSACTIONS .......................... 52,462,622 29,307,320
------------ ------------
NET INCREASE IN NET ASSETS ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS .............. 61,395,813 12,913,690
NET ASSETS ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS:
Beginning of period ............................................................... 95,111,080 82,197,390
------------ ------------
End of period ..................................................................... $156,506,893 $ 95,111,080
============ ============

See accompanying notes to financial statements.

THE GABELLI UTILITY TRUST
NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION. The Gabelli Utility Trust (the "Utility Trust") is a
closed-end, non-diversified management investment company organized as a
Delaware business trust on February 25, 1999 and registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), whose primary objective is
long-term growth of capital and income. The Utility Trust had no operations
prior to July 9, 1999, other than the sale of 10,000 shares of beneficial
interest for $100,000 to The Gabelli Equity Trust Inc. (the "Equity Trust") at
$10.00 per share. On July 9, 1999, the Utility Trust had a 4 for 3 stock split
making the balance of Utility Trust shares held by the Equity Trust as 13,333.
On July 9, 1999, the Equity Trust contributed $79,487,260 in cash and securities
in exchange for shares of the Utility Trust, and on the same date distributed
such shares to Equity Trust shareholders of record on July 1, 1999 at the rate
of one share of the Utility Trust for every ten shares of the Equity Trust.
Investment operations commenced on July 9, 1999.

Effective August 1, 2002, the Utility Trust modified its non-fundamental
investment policy to increase, from 65% to 80%, the portion of its assets that
it will invest, under normal market conditions, in common stocks and other
securities of foreign and domestic companies involved in providing products,
services or equipment for (i) the generation or distribution of electricity, gas
and water and (ii) telecommunications services or infrastructure operations (the
"80% Policy").

The 80% Policy may be changed without shareholder approval. However, the
Utility Trust has adopted a policy to provide shareholders with at least 60
days' notice of the implementation of any change in the 80% Policy.

2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Utility Trust in the preparation of its financial statements.

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

THE GABELLI UTILITY TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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 so determines, by such
other method as the Board of Trustees 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 in foreign markets are generally valued at
the preceding closing values of such securities on their respective exchanges or
markets. Securities and assets for which market quotations are not readily
available are valued at their fair value as determined in good faith under
procedures established by and under the general supervision of the Board of
Trustees. Short term debt securities with remaining maturities of 60 days or
less are valued at amortized cost, unless the Board of Trustees determines such
does not reflect the securities fair value, in which case these securities will
be valued at their fair value as determined by the Board of Trustees. Debt
instruments having a maturity greater than 60 days for which market quotations
are readily available are valued at the latest average of the bid and asked
prices. If there were no asked prices quoted on such day, the security is valued
using the closing bid price on that day. Options are valued at the last sale
price on the exchange on which they are listed. If no sales of such options have
taken place that day, they will be valued at the mean between their closing bid
and asked prices.

REPURCHASE AGREEMENTS. The Utility Trust may enter into repurchase
agreements with primary government securities dealers recognized by the Federal
Reserve Bank of New York, with member banks of the Federal Reserve System or
with other brokers or dealers that meet credit guidelines established by the
Adviser and reviewed by the Board of Trustees. Under the terms of a typical
repurchase agreement, the Utility Trust takes possession of an underlying debt
obligation subject to an obligation of the seller to repurchase, and the Utility
Trust to resell, the obligation at an agreed-upon price and time, thereby
determining the yield during the Utility Trust's holding period. The Utility
Trust will always receive and maintain securities as collateral whose market
value, including accrued interest, will be at least equal to 102% of the dollar
amount invested by the Utility Trust in each agreement. The Utility Trust will
make payment for such securities only upon physical delivery or upon evidence of
book entry transfer of the collateral to the account of the custodian. To the
extent that any repurchase transaction exceeds one business day, the value of
the collateral is marked-to-market on a daily basis to maintain the adequacy of
the collateral. If the seller defaults and the value of the collateral declines
or if bankruptcy proceedings are commenced with respect to the seller of the
security, realization of the collateral by the Utility Trust may be delayed or
limited.

FOREIGN CURRENCY TRANSACTION. The books and records of the Utility Trust
are maintained in United States (U.S.) dollars. Foreign currencies, investments
and other assets and liabilities are translated into U.S. dollars at the
exchange rates prevailing at the end of the period, and 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, which 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 transactions. 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 Utility Trust and the amounts actually received.
The portion of foreign currency gains and losses related to fluctuation in
exchange rates between the initial trade date and subsequent sale trade date is
included in realized gain/(loss) on investments.

SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted for as of the trade date with realized gain or loss on investments
determined by using the identified cost method. Interest income (including
amortization of premium and accretion of discount) is recorded as earned.
Dividend income is recorded on the ex-dividend date.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders
are recorded on the ex-dividend date. Income distributions and capital gain
distributions are determined in accordance with Federal income tax regulations,
which may differ from accounting principles generally accepted in the United
States.

For the year ended December 31, 2003, reclassifications were made to
increase distributions in excess of net investment income for $27,100 and to
decrease distributions in excess of net realized gain on investments for
$27,100, with an offsetting adjustment to additional paid-in capital.

The tax character of distributions paid during the fiscal year ended
December 31, 2003 and December 31, 2002 were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
---------------------------- ----------------------------
COMMON PREFERRED COMMON PREFERRED
----------- -------- ---------- -------

DISTRIBUTIONS PAID FROM:
Ordinary income
(inclusive of short term capital gains) .. $1,659,283 $281,763 $1,498,709 --
Net long term capital gains ................ 3,642,522 555,151 4,737,063 --
Non-taxable return of capital .............. 7,047,175 -- 3,261,058 --
----------- -------- ---------- -------
Total distributions paid ................... $12,348,980 $836,914 $9,496,830 --
=========== ======== ========== =======

THE GABELLI UTILITY TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

PROVISION FOR INCOME TAXES. The Trust intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended. It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

Dividends and interest from non-U.S. sources received by the Utility Trust
are generally subject to non-U.S. withholding taxes at rates ranging up to 30%.
Such withholding taxes may be reduced or eliminated under the terms of
applicable U.S. income tax treaties, and the Utility Trust intends to undertake
any procedural steps required to claim the benefits of such treaties.

As of December 31, 2003, the components of accumulated earnings/(losses) on
a tax basis were as follows:

Net unrealized appreciation on investments ....... $8,129,469
Dividends payable ................................ (29,669)
----------
Total accumulated gain ........................... $8,099,800
==========

3. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES. The Utility Trust has entered
into an investment advisory agreement (the "Advisory Agreement") with the
Adviser which provides that the Utility Trust will pay the Adviser on the first
business day of each month a fee for the previous month equal on an annual basis
to 1.00% of the value of the Utility Trust's average daily net assets plus
liquidation value of preferred stock. In accordance with the Advisory Agreement,
the Adviser provides a continuous investment program for the Utility Trust's
portfolio and oversees the administration of all aspects of the Utility Trust's
business and affairs. The Adviser has agreed to reduce the management fee on the
incremental assets attributable to the Cumulative Preferred Stock if the total
return of the net asset value of the common shares of the Utility Trust,
including distributions and advisory fee subject to reduction, does not exceed
the stated dividend rate of the Cumulative Preferred Stock for the year.

The Trust's total return on the net asset value of the common shares is
monitored on a monthly basis to assess whether the total return on the net asset
value of the common shares exceeds the stated dividend rate of the Cumulative
Preferred Stock for the period. For the period of July 31, 2003 (offering of
5.625% Series A and Series B Auction Rate Cumulative Preferred Stock) through
December 31, 2003, the Trust's total return on the net asset value of the common
shares exceeded the stated dividend rates of all outstanding preferred stock.
Thus, management fees were earned on these assets.

During the year ended December 31, 2003, Gabelli & Company, Inc. and its
affiliates received $150,478 in brokerage commissions as a result of executing
agency transactions in portfolio securities on behalf of the Utility Trust.

The cost of calculating the Trust's net asset value per share is a Trust
expense pursuant to the Investment Advisory Agreement between the Trust and the
Adviser. During fiscal 2003, the Gabelli Utility Trust reimbursed the Adviser
$34,800 in connection with the cost of computing the Trust's net asset value.

4. PORTFOLIO SECURITIES. Cost of purchases and proceeds from sales of
securities, other than short-term securities, for the year ended December 31,
2003 aggregated $65,117,299 and $25,747,674, respectively.

5. CAPITAL. The Board of Trustees of the Utility Trust has authorized the
repurchase of its shares on the open market when the shares are trading at a
discount of 10% or more (or such other percentage as the Board of Trustees may
determine from time to time) from the net asset value of the shares. During the
year ended December 31, 2003, the Utility Trust did not repurchase any shares of
beneficial interest in the open market.

On May 22, 2002, the Utility Trust distributed one transferable right for
each of the 11,294,893 common shares outstanding to shareholders of record on
that date. Three rights were required to purchase one additional common share at
the subscription price of $7.50 per share. The subscription period expired on
June 27, 2002. The rights offering was fully subscribed resulting in the
issuance of 3,764,965 common shares and proceeds of $28,237,239 to the Utility
Trust, prior to the deduction of expenses of $444,238. The net asset value per
share of the Utility Trust common shareholders was enhanced by approximately
$0.15 per share as a result of the issuance of shares above net asset value.

On August 20, 2003, the Utility Trust distributed one transferable right
for each of the 15,298,490 common shares outstanding to shareholders of record
on that date. Three rights were required to purchase one additional common share
at the subscription price of $7.00 per share. Shareholders who exercised their
full primary subscription rights were eligible for an over-subscription
privilege entitling them to subscribe, subject to certain limitations and a
pro-rata allotment, for any additional shares not purchased pursuant to the
primary subscription plus such additional amounts as authorized by the Board
of Trustees in accordance with the registration statement. The subscription
period expired on September 25, 2003. The rights offering was fully and
over-subscribed resulting in the issuance of 7,500,000 common shares and
proceeds of $52,500,000 to the Utility Trust, prior to the deduction of
estimated expenses

THE GABELLI UTILITY TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

of $500,000. The net asset value per share of the Utility Trust common
shareholders was enhanced by approximately $0.12 per share as a result of the
issuance of shares above net asset value.

Transactions in shares of beneficial interest were as follows:

YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
-------------------------- ---------------------------
Shares Amount Shares Amount
--------- ----------- --------- -----------

Shares issued in rights offering ............... 7,500,000 $52,105,762 3,764,965 $27,737,239
Shares issued upon reinvestment
of dividends and distributions ............... 225,740 1,906,860 185,730 1,570,081
--------- ----------- --------- -----------
Net increase ................................... 7,725,740 $54,012,622 3,950,695 $29,307,320
========= =========== ========= ===========

On July 31, 2003, the Utility Trust received net proceeds of $28,877,500
(after underwriting discounts of $945,000 and estimated offering expenses of
$177,500) from the public offering of 1,200,000 shares of 5.625% Series A
Cumulative Preferred Stock. Commencing July 31, 2008 and thereafter, the Utility
Trust, at its option, may redeem the 5.625% Series A Cumulative Preferred Stock
in whole or in part at the redemption price. During the year ended December 31,
2003, the Utility Trust did not repurchase any shares of 5.625% Series A
Cumulative Preferred Stock. At December 31, 2003, 1,200,000 shares of the 5.625%
Series A Cumulative Preferred Stock were outstanding at the fixed rate of 5.625
percent per share and accrued dividends amounted to $28,125.

On July 31, 2003, the Utility Trust received net proceeds of $24,572,500
(after underwriting discounts of $250,000 and estimated offering expenses of
$177,500) from the public offering of 1,000 shares of Series B Auction Rate
Cumulative Preferred Stock. The dividend rate, as set by the auction process,
which is generally held every 7 days, is expected to vary with short-term
interest rates. The rates of Series B Auction Rate Cumulative Preferred Stock
ranged from 1.00% to 1.75% from July 31, 2003 to December 31, 2003. Existing
shareholders may submit an order to hold, bid or sell such shares on each
auction date. Series B Auction Rate Cumulative Preferred Stock shareholders may
also trade shares in the secondary market. The Utility Trust, at its option, may
redeem the Series B Auction Rate Cumulative Preferred Stock in whole or in part
at the redemption price at any time. During the year ended December 31, 2003,
the Utility Trust did not repurchase any shares of Series B Auction Rate
Cumulative Preferred Stock. At December 31, 2003, 1,000 shares of the Series B
Auction Rate Cumulative Preferred Stock were outstanding at the annual rate of
1.23 percent per share and accrued dividends amounted to $854.

The holders of Cumulative Preferred Stock have voting rights equivalent to
those of the holders of Common Stock (one vote per share) and will vote together
with holders of shares of Common Stock as a single class. In addition, the 1940
Act requires that along with approval of a majority of the holders of Common
Stock, approval of a majority of the holders of any outstanding shares of
Cumulative Preferred Stock, voting separately as a class, would be required to
(a) adopt any plan of reorganization that would adversely affect the Cumulative
Preferred Stock, and (b) take any action requiring a vote of security holders,
including, among other things, changes in the Fund's subclassification as a
closed-end investment company or changes in its fundamental investment
restrictions. The income received on the Fund's assets may vary in a manner
unrelated to the fixed and variable rates, which could have either a beneficial
or detrimental impact on net investment income and gains available to common
shareholders.

Under Emerging Issues Task Force (EITF) promulgating Topic D-98,
Classification and Measurement of Redeemable Securities, which was issued on
July 19, 2001, preferred securities that are redeemable for cash or other assets
are to be classified outside of permanent equity to the extent that the
redemption is at a fixed or determinable price and at the option of the holder
or upon the occurrence of an event that is not solely within the control of the
issuer. Subject to the guidance of the EITF, the Fund's Cumulative Preferred
Stock has been reclassified outside of permanent equity (net assets attributable
to common stock shareholders) in the accompanying financial statements.

6. INDUSTRY CONCENTRATION. Because the Utility Trust primarily invests in common
stocks and other securities of foreign and domestic companies in the utility
industry, its portfolio may be subject to greater risk and market fluctuations
than a portfolio of securities representing a broad range of investments.

7. OTHER MATTERS. On October 7, 2003, the Trust's Adviser received a subpoena
from the Attorney General of the State of New York requesting information on
mutual fund shares trading practices. The Adviser is fully cooperating in
responding to the request. The Trust does not believe that this matter will have
a material adverse effect on the Trust's financial position or results of the
operations.

THE GABELLI UTILITY TRUST
FINANCIAL HIGHLIGHTS

SELECTED DATA FOR A UTILITY TRUST SHARE OF BENEFICIAL INTEREST OUTSTANDING
THROUGHOUT EACH PERIOD:
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------
2003 2002 2001 2000 1999(A)
-------- ------- ------- ------- -------
OPERATING PERFORMANCE:

Net asset value, beginning of period .......................... $ 6.27 $ 7.32 $ 8.21 $ 7.62 $ 7.50
-------- ------- ------- ------- -------
Net investment income ......................................... 0.10 0.11 0.12 0.15 0.08
Net realized and unrealized gain (loss) on investments ........ 1.17 (0.62) (0.32) 1.44 0.19
-------- ------- ------- ------- -------
Total from investment operations .............................. 1.27 (0.51) (0.20) 1.59 0.27
-------- ------- ------- ------- -------
DISTRIBUTIONS TO PREFERRED STOCK SHAREHOLDERS:
Net investment income ......................................... (0.01) -- -- -- --
Net realized gain on investments .............................. (0.04) -- -- --
-------- ------- ------- ------- -------
Total distributions to preferred stock shareholders ........... (0.05) -- -- -- --
-------- ------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO
COMMON STOCK SHAREHOLDERS RESULTING FROM OPERATIONS ........... 1.22 (0.51) (0.20) 1.59 0.27
-------- ------- ------- ------- -------
DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:
Net investment income ......................................... (0.09) (0.11) (0.21) (0.06) (0.08)
Net realized gain on investments .............................. (0.22) (0.36) (0.49) (0.94) (0.07)
Return of capital ............................................. (0.41) (0.25) -- -- --
-------- ------- ------- ------- -------
Total distributions to common stock shareholders .............. (0.72) (0.72) (0.70) (1.00) (0.15)
-------- ------- ------- ------- -------
CAPITAL SHARE TRANSACTIONS:
Increase in net asset value from common stock
share transactions ........................................... 0.03 0.03 0.01 -- --
Increase in net asset value from shares issued
in rights offering ........................................... 0.12 0.15 -- -- --
Offering costs for preferred shares charged to
paid-in capital .............................................. (0.09) -- -- -- --
-------- ------- ------- ------- -------
Total capital share transactions .............................. 0.06 0.18 0.01 -- --
-------- ------- ------- ------- -------
NET ASSET VALUE ATTRIBUTABLE TO COMMON STOCK SHAREHOLDERS,
END OF PERIOD ............................................... $ 6.83 $ 6.27 $ 7.32 $ 8.21 $ 7.62
======== ======= ======= ======= =======
Net Asset Value Total Return + ................................ 18.60% (6.79)% (3.15)% 22.01% 3.62%
======== ======= ======= ======= =======
Market value, end of period ................................... $ 9.60 $ 8.72 $ 9.33 $ 8.75 $ 7.63
======== ======= ======= ======= =======
Total Investment Return ++ .................................... 19.86% 1.70% 15.82% 29.95% 3.70%
======== ======= ======= ======= =======
RATIOS AND SUPPLEMENTAL DATA:
Net assets including liquidation value of preferred shares,
end of period (in 000's) .................................... $211,507 $95,111 $82,197 $90,669 $83,330
Net assets attributable to common shares, end of period
(in 000's) .................................................. $156,507 $95,111 $82,197 $90,669 $83,330
Ratio of net investment income to average net assets
attributable to common shares (c) ........................... 1.52% 1.65% 1.57% 1.88% 2.27%(b)
Ratio of operating expenses to average net assets
attributable to common shares (c)(d) ........................ 2.04% 1.93% 2.00% 1.95% 1.85%(b)
Ratio of operating expenses to average total net assets
including liquidation value of preferred shares (d) ......... 1.68% -- -- -- --
Portfolio turnover rate ....................................... 28% 29% 41% 92% 37%

PREFERRED STOCK:
5.625% CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) ................... $ 30,000 -- -- -- --
Total shares outstanding (in 000's) ........................... 1,200 -- -- -- --
Liquidation preference per share .............................. $ 25.00 -- -- -- --
Average market value (e) ...................................... $ 25.12 -- -- --
Asset coverage per share ...................................... $ 96.14 -- -- -- --
AUCTION RATE CUMULATIVE PREFERRED STOCK
Liquidation value, end of period (in 000's) ................... $ 25,000 -- -- -- --
Total shares outstanding (in 000's) ........................... 1 -- -- -- --
Liquidation preference per share .............................. $ 25,000 -- -- -- --
Average market value (e) ...................................... $ 25,000 -- -- -- --
Asset coverage per share ...................................... $ 96,140 -- -- -- --
ASSET COVERAGE (f) ............................................ 385% -- -- -- --

--------------------------
+ Based on net asset value per share, adjusted for reinvestment of
distributions, including the effect of shares issued pursuant to rights
offering, assuming full subscription by shareholder.
++ Based on market value per share, adjusted for reinvestment of distributions,
including the effect of shares issued pursuant to rights offering, assuming
full subscription by shareholder.
(a) The Gabelli Utility Trust commenced operations on July 9, 1999.
(b) Annualized.
(c) During the period ended December 31, 1999, the Utility Trust's administrator
voluntarily reimbursed certain expenses. If such reimbursement had not
occurred, the annualized ratios of net investment income and operating
expenses to average net assets would have been 1.85% and 2.17%,
respectively.
(d) The ratios do not include a reduction of expenses for custodian fee credits
on cash balances maintained with the custodian. Including such custodian fee
credits for the years ended December 31, 2003, 2002, 2001 and 2000, the
ratios of operating expenses to average net assets attributable to common
stock would be 2.04%, 1.93%, 2.00%, and 1.93%, respectively, and the ratios
of operating expenses to average total net assets including liquidation
value of preferred shares would be 1.68%.
(e) Based on weekly prices.
(f) Asset coverage is calculated by combining all series of preferred stock.

THE GABELLI UTILITY TRUST
REPORT OF INDEPENDENT AUDITORS

To the Board of Trustees and Shareholders of
The Gabelli Utility Trust

In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of The Gabelli Utility Trust (the
"Trust") at December 31, 2003, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended and the financial highlights for each of the four years in the period
then ended and for the period July 9, 1999 (commencement of investment
operations) through December 31, 1999, in conformity with accounting principles
generally accepted in the United States of America. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Trust's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
December 31, 2003 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
February 20, 2004

THE GABELLI UTILITY TRUST
ADDITIONAL FUND INFORMATION (UNAUDITED)

The business and affairs of the Trust are managed under the direction of
the Trust's Board of Trustees. Information pertaining to the Trustees and
officers of the Trust is set forth below. The Fund's Statement of Additional
Information includes additional information about The Gabelli Utility Trust
Trustees and is available, without charge, upon request, by calling 800-GABELLI
(800-422-3554) or by writing to The Gabelli Utility Trust at One Corporate
Center, Rye, NY 10580-1422.

MARIO J. GABELLI Since 1999** 24 Chairman of the Board and Chief Executive Director of Morgan Group
Trustee and Officer of Gabelli Asset Management Inc. and Holdings, Inc. (holding
Chief Investment Officer Chief Investment Officer of Gabelli Funds, company); Vice Chairman
Age: 61 LLC and GAMCO Investors, Inc.; Vice of Lynch Corporation
Chairman and Chief Executive Officer of (diversified manufacturing)
Lynch Interactive Corporation (multimedia
and services)

JOHN D. GABELLI Since 1999* 10 Senior Vice President of Gabelli & --
Trustee Company, Inc., Director of Gabelli Advisers, Inc.
Age: 59

KARL OTTO POHL Since 1999* 33 Member of the Shareholder Committee of Director of Gabelli Asset
Trustee Sal Oppenheim Jr. & Cie, Zurich (private Management Inc. (investment
Age: 74 investment bank); Former President of the management); Chairman,
Deutsche Bundesbank and Chairman of its Incentive Capital and
Central Bank Council (1980-1991) Incentive Asset Management
(Zurich); Director at Sal
Oppenheim Jr. & Cie, Zurich

NON-INTERESTED TRUSTEES:
-----------------------
THOMAS E. BRATTER Since 1999** 3 Director, President and Founder, The John --
Trustee Dewey Academy (residential college
Age: 64 preparatory therapeutic high school)

ANTHONY J. COLAVITA Since 1999*** 35 President and Attorney at Law in the law firm --
Trustee of Anthony J. Colavita, P.C.
Age: 68

JAMES P. CONN Since 1999* 12 Former Managing Director and Chief Investment Director of LaQuinta Corp.
Trustee Officer of Financial Security Assurance (hotels) and First Republic
Age: 65 Holdings Ltd. (1992-1998) Bank

VINCENT D. ENRIGHT Since 1999** 12 Former Senior Vice President and Chief --
Trustee Financial Officer of KeySpan Energy
Age: 60 Corporation

FRANK J. FAHRENKOPF JR. Since 1999*** 4 President and Chief Executive Officer of the Director of First Republic
Trustee American Gaming Association since June Bank
Age: 64 1995; Partner of Hogan & Hartson (law
firm); Co-Chairman of the Commission on
Presidential Debates; Former Chairman of
the Republican National Committee

ROBERT J. MORRISSEY Since 1999*** 10 Partner in the law firm of Morrissey, --
Trustee Hawkins & Lynch
Age: 64

ANTHONY R. PUSTORINO Since 1999* 17 Certified Public Accountant; Professor Director of Lynch Corporation
Trustee Emeritus, Pace University (diversified manufacturing)
Age: 78

SALVATORE J. ZIZZA Since 1999*** 11 Chairman, Hallmark Electrical Supplies Corp. Director of Hollis Eden
Director Pharmaceuticals
Age: 58

THE GABELLI UTILITY TRUST
ADDITIONAL FUND INFORMATION (CONTINUED) (UNAUDITED)

TERM OF NUMBER OF
OFFICE AND FUNDS IN TRUST
NAME, POSITION(S) LENGTH OF COMPLEX
ADDRESS 1 TIME OVERSEEN BY PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS
AND AGE SERVED 2 TRUSTEE DURING PAST FIVE YEARS HELD BY TRUSTEE
---------------- -------- ------------ ---------------------- ------------------
OFFICERS:
---------
BRUCE N. ALPERT Since 2003 -- Executive Vice President and Chief Operating --
President Officer of Gabelli Funds, LLC since 1988 and
Age: 52 an officer of all mutual funds advised by
Gabelli Funds, LLC and its affiliates.
Director and President of the Gabelli
Advisers, Inc.

DAVID I. SCHACHTER Since 1999 -- Vice President of the Trust since 1999. --
Vice President Research Analyst of Gabelli & Company, Inc.
Age: 50 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. since 1999
Age: 40 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, NY 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. The three year term for each class expires as follows:
* - Term expires at the Trust's 2006 Annual Meeting of Shareholders and
until their successors are duly elected and qualified.
** - Term expires at the Trust's 2004 Annual Meeting of Shareholders and
until their successors are duly elected and qualified.
*** - Term expires at the Trust's 2005 Annual Meeting of Shareholders and
until their successors are 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. Mario J. Gabelli and John D.
Gabelli are brothers.

--------------------------------------------------------------------------------
THE GABELLI UTILITY TRUST
AND YOUR PERSONAL PRIVACY

WHO ARE WE?
The Gabelli Utility Trust (the "Trust") is a closed-end investment company
registered with the Securities and Exchange Commission under the Investment
Company Act of 1940. We are managed by Gabelli Funds, LLC, which is
affiliated with Gabelli Asset Management Inc. Gabelli Asset Management is a
publicly-held company that has subsidiaries that provide investment
advisory or brokerage services for a variety of clients.

WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
GABELLI CUSTOMER?
When you purchase shares of the Trust on the New York Stock Exchange, you
have the option of registering directly with our transfer agent in order,
for example, to participate in our dividend reinvestment plan.
o INFORMATION YOU GIVE US ON YOUR APPLICATION FORM. This could include your
name, address, telephone number, social security number, bank account
number, and other information.
o INFORMATION ABOUT YOUR TRANSACTIONS WITH US. This would include
information about the shares that you buy or sell, it may also include
information about whether you sell or exercise rights that we have issued
from time to time. If we hire someone else to provide services--like a
transfer agent--we will also have information about the transactions that
you conduct through them.

WHAT INFORMATION DO WE DISCLOSE AND TO WHOM DO WE DISCLOSE IT?
We do not disclose any non-public personal information about our customers
or former customers to anyone, other than our affiliates, our service
providers who need to know such information and as otherwise permitted by
law. If you want to find out what the law permits, you can read the privacy
rules adopted by the Securities and Exchange Commission. They are in volume
17 of the Code of Federal Regulations, Part 248. The Commission often posts
information about its regulations on its web site, WWW.SEC.GOV.

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?
We restrict access to non-public personal information about you to the
people who need to know that information in order to provide services to
you or the Fund and to ensure that we are complying with the laws governing
the securities business. We maintain physical, electronic, and procedural
safeguards to keep your personal information confidential.
--------------------------------------------------------------------------------

THE GABELLI UTILITY TRUST
INCOME TAX INFORMATION (UNAUDITED)
DECEMBER 31, 2003

CASH DIVIDENDS AND DISTRIBUTIONS
TOTAL AMOUNT ORDINARY LONG-TERM DIVIDEND
PAYABLE RECORD PAID INVESTMENT CAPITAL RETURN OF REINVESTMENT
DATE DATE PER SHARE (A) INCOME (A) GAINS (A) CAPITAL (C) PRICE
-------- -------- ------------ ---------- --------- --------- ---------

COMMON SHARES
01/27/03 01/10/03 $0.06000 $0.00806 $0.01770 $0.03424 $8.21788
02/24/03 02/07/03 0.06000 0.00806 0.01770 0.03424 8.31295
03/25/03 03/11/03 0.06000 0.00806 0.01770 0.03424 8.30347
04/24/03 04/09/03 0.06000 0.00806 0.01770 0.03424 8.47442
05/23/03 05/09/03 0.06000 0.00806 0.01770 0.03424 8.83526
06/24/03 06/10/03 0.06000 0.00806 0.01770 0.03424 8.97775
07/25/03 07/11/03 0.06000 0.00806 0.01770 0.03424 9.19656
08/25/03 08/11/03 0.06000 0.00806 0.01770 0.03424 7.92317
09/24/03 09/19/03 0.06000 0.00806 0.01770 0.03424 7.64782
10/27/03 10/10/03 0.06000 0.00806 0.01770 0.03424 8.30310
11/24/03 11/10/03 0.06000 0.00806 0.01770 0.03424 8.53119
12/24/03 12/10/03 0.06000 0.00806 0.01770 0.03424 8.79689
5.625% PREFERRED SHARES
09/26/03 09/19/03 $0.21875 $0.06844 $0.15031 --
12/26/03 12/18/03 0.35156 0.11000 0.24157 --
-------- -------- -------- ---------
$0.57031 $0.17844 $0.39188 --

AUCTION RATE PREFERRED SHARES
Auction rate preferred shares pay dividends weekly based on a rate set at
auction, usually held every seven days.

A Form 1099-DIV has been mailed to all shareholders of record for the
distributions mentioned above, setting forth specific amounts to be included in
the 2003 tax returns. Ordinary income distributions include net investment
income and realized net short-term capital gains. Ordinary income is reported in
box 1a of Form 1099-DIV. Capital gain distributions are reported in box 2a of
Form 1099-DIV. 100% of the long-term capital gains paid by the Gabelli Utility
Trust in 2003 were classified as "Post May 5 capital gains" and reported in box
2b of Form 1099-DIV.

NON-TAXABLE RETURN OF CAPITAL
The amount received as a non-taxable (return of capital) distribution should
be applied to reduce the tax cost of shares. There was $0.41088 per share return
of capital in 2003 reported in box 3 of Form 1099-DIV for common stock
shareholders.

CORPORATE DIVIDENDS RECEIVED DEDUCTION, QUALIFIED DIVIDEND INCOME AND U.S.
GOVERNMENT SECURITIES INCOME
The Utility Trust paid to common and 5.625% Series A preferred shareholders
ordinary income dividends of $0.09672 and $0.17844 per share, respectively, in
2003. The Utility Trust paid to Series B Auction Rate preferred shareholders an
ordinary income dividend totalling $38.64 per share in 2003. For the fiscal year
ended December 31, 2003, 100% of the ordinary income dividend qualifies for the
dividend received deduction available to corporations, and 100% of the ordinary
income distribution was deemed qualifying dividend income. The percentage of the
ordinary income dividends paid by the Utility Trust during 2003 derived from
U.S. Government Securities was 3.06%. However, it should be noted that the
Utility Trust did not hold more than 50% of its assets in U.S. Government
Securities at the end of each calendar quarter during 2003.

HISTORICAL DISTRIBUTION SUMMARY

SHORT- LONG- ADJUSTMENT
TERM TERM TO
INVESTMENT CAPITAL CAPITAL RETURN OF TOTAL COST
COMMON STOCK INCOME(B) GAINS(B) GAINS CAPITAL(C) DISTRIBUTIONS (A) BASIS (D)
-------- -------- -------- --------- ---------------- --------

2003 (f) .......................... $0.08544 $0.01128 $0.21240 $0.41088 $0.72000 $0.41088
2002 (e) .......................... 0.11175 0.00210 0.35900 0.24690 0.72000 0.24690
2001 .............................. 0.20835 0.33142 0.16023 -- 0.70000 --
2000 .............................. 0.05620 0.14020 0.80360 -- 1.00000 --
1999 .............................. 0.08049 0.00090 0.06861 -- 0.15000 --
5.625% PREFERRED STOCK
2003 .............................. $0.15761 $0.02083 $0.39187 -- $0.57031 --
AUCTION RATE PREFERRED SHARES
2003 .............................. $34.14000 $4.50000 $84.92000 -- $123.56000 --

----------------------
(a) Total amounts may differ due to rounding.
(b) Taxable as ordinary income.
(c) Non-taxable.
(d) Decrease in cost basis.
(e) On May 22, 2002, the Trust also distributed Rights equivalent to $0.085 per
share based upon full subscription of all issued shares.
(f) On August 20, 2003, the Trust also distributed Rights equivalent to $0.18
per share based upon full subscription of all issued shares.

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLAN
ENROLLMENT IN THE PLAN

It is the policy of The Gabelli Utility Trust ("Utility Trust") to
automatically reinvest dividends. As a "registered" shareholder you
automatically become a participant in the Utility Trust's Automatic Dividend
Reinvestment Plan (the "Plan"). The Plan authorizes the Utility Trust to issue
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 Utility Trust. Plan participants may send their stock
certificates to EquiServe Trust Company ("EquiServe") to be held in their
dividend reinvestment account. Registered shareholders wishing to receive their
distribution in cash must submit this request in writing to:

The Gabelli Utility Trust
c/o EquiServe
P.O. Box 43011
Providence, RI 02940-3011

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 may contact EquiServe at (800) 336-6983.

SHAREHOLDERS WISHING TO LIQUIDATE REINVESTED SHARES held at EquiServe 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.

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 dividends 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 shares of Common Stock 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 Utility Trust's Common Stock 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 shares of Common Stock 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 Utility Trust's Common Stock. The valuation
date is the dividend or distribution payment date or, if that date is not a New
York Stock Exchange trading day, the next trading day. If the net asset value of
the Common Stock at the time of valuation exceeds the market price of the Common
Stock, participants will receive shares from the Utility Trust valued at market
price. If the Utility Trust should declare a dividend or capital gains
distribution payable only in cash, EquiServe will buy Common Stock in the open
market, or on the New York Stock Exchange or elsewhere, for the participants'
accounts, except that EquiServe will endeavor to terminate purchases in the open
market and cause the Utility Trust to issue shares at net asset value if,
following the commencement of such purchases, the market value of the Common
Stock 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.

The Utility Trust 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 EquiServe on at least 90 days' written
notice to participants in the Plan.

VOLUNTARY CASH PURCHASE PLAN

The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders
to increase their investment in the Utility Trust. 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 EquiServe for investments in the Utility Trust's
shares at the then current market price. Shareholders may send an amount from
$250 to $10,000. EquiServe will use these funds to purchase shares in the open
market on or about the 1st and 15th of each month. EquiServe 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 EquiServe, P.O. Box 43011, Providence, RI
02940-3011 such that EquiServe 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 in the following period.
A payment may be withdrawn without charge if notice is received by EquiServe at
least 48 hours before such payment is to be invested.

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

--------------------------------------------------------------------------------
The Annual Meeting of The Gabelli Utility Trust's stockholders will be held at
10:30 A.M. on Monday, May 10, 2004, at the Greenwich Public Library, 101 West
Putnam Avenue in Greenwich, Connecticut.
--------------------------------------------------------------------------------

TRUSTEES AND OFFICERS
THE GABELLI UTILITY TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422

TRUSTEES

Mario J. Gabelli, CFA
CHAIRMAN AND CHIEF INVESTMENT OFFICER,
GABELLI ASSET MANAGEMENT INC.

Dr. Thomas E. Bratter
PRESIDENT, JOHN DEWEY ACADEMY

Anthony J. Colavita
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C.

James P. Conn
FORMER MANAGING DIRECTOR AND
CHIEF INVESTMENT OFFICER,
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.

Vincent D. Enright
FORMER SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER,
KEYSPAN ENERGY CORP.

Frank J. Fahrenkopf, Jr.
PRESIDENT AND CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION

John D. Gabelli
SENIOR VICE PRESIDENT,
GABELLI & COMPANY, INC.

Robert J. Morrissey
ATTORNEY-AT-LAW
MORRISSEY, HAWKINS & LYNCH

Karl Otto Pohl
FORMER PRESIDENT, DEUTSCHE BUNDESBANK

Anthony R. Pustorino
CERTIFIED PUBLIC ACCOUNTANT,
PROFESSOR EMERITUS, PACE UNIVERSITY

Salvatore J. Zizza
CHAIRMAN, HALLMARK ELECTRICAL SUPPLIES CORP.

OFFICERS

Bruce N. Alpert
PRESIDENT

David I. Schachter
VICE PRESIDENT & OMBUDSMAN

James E. McKee
SECRETARY

INVESTMENT ADVISOR
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

CUSTODIAN
Boston Safe Deposit and Trust Company

COUNSEL
Skadden, Arps, Slate, Meagher & Flom, LLP

TRANSFER AGENT AND REGISTRAR
EquiServe Trust Company

STOCK EXCHANGE LISTING
5.625%
Common Preferred
-------- ---------
NYSE-Symbol: GUT GUT PrA
Shares Outstanding: 22,906,232 1,200,000

The Net Asset Value appears in the Publicly Traded Funds column, under the
heading "Specialized Equity Funds," in Sunday's The New York Times and 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 may be obtained each day by calling (914) 921-5071.

--------------------------------------------------------------------------------
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM or e-mail us at: closedend@gabelli.com
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Utility Trust may, from time to
time, purchase its shares in the open market when the Utility Trust shares are
trading at a discount of 10% or more from the net asset value of the shares.
The Utility Trust may also, from time to time, purchase shares of its 5.625%
Series A Cumulative Preferred Shares in the open market when the shares are
trading at a discount to the Liquidation Value of $25.00.
--------------------------------------------------------------------------------

THE GABELLI UTILITY TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422

PHONE: 800-GABELLI (800-422-3554)
FAX: 914-921-5118 INTERNET: WWW.GABELLI.COM
E-MAIL: CLOSEDEND@GABELLI.COM

GBFUF-AR-12/03

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report, has
adopted a code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant
or a third party.

(b) No response required.

(c) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party, and that relates to any element of
the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party, that relates to one or more of the
items set forth in paragraph (b) of this item's instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by the report, the registrant's board of
trustees has determined that Anthony R. Pustorino is qualified to serve as an
audit committee financial expert serving on its audit committee and that he is
"independent," as defined by this Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) AUDIT FEES: The aggregate fees billed for each of the last two fiscal
years for professional services rendered by the principal accountant
for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection
with statutory and regulatory filings or engagements for those fiscal
years are $54,481 in 2003 and $29,245 in 2002.

(b) AUDIT-RELATED FEES: The aggregate fees billed in each of the last two
fiscal years for assurance and related services by the principal
accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item are $6,500 in 2003 and $0 in 2002.

Audit-related fees represent services provided in the preparation of
Preferred Shares Reports to Moody's.

(c) TAX FEES: The aggregate fees billed in each of the last two fiscal
years for professional services rendered by the principal accountant
for tax compliance, tax advice, and tax planning are $2,350 in 2003 and
$2,250 in 2002.

Tax fees represent tax compliance services provided in connection with
the review of the Registrant's tax returns.

(d) ALL OTHER FEES: The aggregate fees billed in each of the last two
fiscal years for products and services provided by the principal
accountant, other than the services reported in paragraphs (a) through
(c) of this Item are $0 for 2003 and $0 for 2002.

(e)(1) Disclose the audit committee's pre-approval policies and
procedures described in paragraph (c)(7) of Rule 2-01 of
Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee
("Committee") of the registrant is responsible for pre-approving
(i) all audit and permissible non-audit services to be provided by
the independent auditors to the registrant and (ii) all
permissible non-audit services to be provided by the independent
auditors to Gabelli and any affiliate of Gabelli that provides
services to the registrant (a "Covered Services Provider") if the
independent auditors' engagement relates directly to the
operations and financial reporting of the registrant. The
Committee may delegate its responsibility to pre-approve any such
audit and permissible non-audit services to the Chairperson of the
Committee, and the Chairperson must report to the Committee, at
its next regularly scheduled meeting after the Chairperson's
pre-approval of such services, his or her decision(s). The
Committee may also establish detailed pre-approval policies and
procedures for pre-approval of such services in accordance with
applicable laws, including the delegation of some or all of the
Committee's pre-approval responsibilities to other persons (other
than Gabelli or the registrant's officers). Pre-approval by the
Committee of any permissible non-audit services is not required so
long as: (i) the aggregate amount of all such permissible
non-audit services provided to the registrant, Gabelli and any
Covered Services Provider constitutes not more than 5% of the
total amount of revenues paid by the registrant to its independent
auditors during the fiscal year in which the permissible non-audit
services are provided; (ii) the permissible non-audit services
were not recognized by the registrant at the time of the
engagement to be non-audit services; and (iii) such services are
promptly brought to the attention of the Committee and approved by
the Committee or the Chairperson prior to the completion of the
audit.

(e)(2) The percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X
are as follows:

(b) 100%

(d) N/A

(f) The percentage of hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the
most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent
employees was zero percent (0%).

(g) The aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the
registrant's investment adviser (not including any sub-adviser
whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity
controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant for each
of the last two fiscal years of the registrant was $0 in 2003 and
$0 in 2002.

(h) The registrant's audit committee of the board of directors HAS
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and
any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. [RESERVED]

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

The Proxy Voting Policies are attached herewith.

GABELLI ASSET MANAGEMENT INC. AND AFFILIATES

--------------------------------------------------------------------------------

THE VOTING OF PROXIES ON BEHALF OF CLIENTS
--------------------------------------------------------------------------------

Rules 204(4)-2 and 204-2 under the Investment Advisers Act of 1940 and
Rule 30b1-4 under the Investment Company Act of 1940 require investment advisers
to adopt written policies and procedures governing the voting of proxies on
behalf of their clients.

These procedures will be used by GAMCO Investors, Inc., Gabelli Funds,
LLC and Gabelli Advisers, Inc. (collectively, the "Advisers") to determine how
to vote proxies relating to portfolio securities held by their clients,
including the procedures that the Advisers use when a vote presents a conflict
between the interests of the shareholders of an investment company managed by
one of the Advisers, on the one hand, and those of the Advisers; the principal
underwriter; or any affiliated person of the investment company, the Advisers,
or the principal underwriter. These procedures will not apply where the Advisers
do not have voting discretion or where the Advisers have agreed to with a client
to vote the client's proxies in accordance with specific guidelines or
procedures supplied by the client (to the extent permitted by ERISA).

I. PROXY VOTING COMMITTEE

The Proxy Voting Committee was originally formed in April 1989 for the
purpose of formulating guidelines and reviewing proxy statements within the
parameters set by the substantive proxy voting guidelines originally published
by GAMCO Investors, Inc. in 1988 and updated periodically, a copy of which are
appended as Exhibit A. The Committee will include representatives of Research,
Administration, Legal, and the Advisers. Additional or replacement members of
the Committee will be nominated by the Chairman and voted upon by the entire
Committee. As of June 30, 2003, the members are:

Bruce N. Alpert, Chief Operating Officer of Gabelli Funds, LLC

Ivan Arteaga, Research Analyst

Caesar M. P. Bryan, Portfolio Manager

Stephen DeTore, Deputy General Counsel

Joshua Fenton, Director of Research

Douglas R. Jamieson, Chief Operating Officer of GAMCO

James E. McKee, General Counsel

Karyn M. Nappi, Director of Proxy Voting Services

William S. Selby, Managing Director of GAMCO

Howard F. Ward, Portfolio Manager

Peter D. Zaglio, Senior Vice President

Peter D. Zaglio currently chairs the Committee. In his absence, the
Director of Research will chair the Committee. Meetings are held as needed basis
to form views on the manner in which the Advisers should vote proxies on behalf
of their clients.

In general, the Director of Proxy Voting Services, using the Proxy
Guidelines, recommendations of Institutional Shareholder Corporate Governance
Service ("ISS"), other third-party services and the analysts of Gabelli &
Company, Inc., will determine how to vote on each issue. For non-controversial
matters, the Director of Proxy Voting Services may vote the proxy if the vote is
(1) consistent with the recommendations of the issuer's Board of Directors and
not contrary to the Proxy Guidelines; (2) consistent with the recommendations of
the issuer's Board of Directors and is a non-controversial issue not covered by
the Proxy Guidelines; or (3) the vote is contrary to the recommendations of the
Board of Directors but is consistent with the Proxy Guidelines. In those
instances, the Director of Proxy Voting Services or the Chairman of the
Committee may sign and date the proxy statement indicating how each issue will
be voted.

All matters identified by the Chairman of the Committee, the Director
of Proxy Voting Services or the Legal Department as controversial, taking into
account the recommendations of ISS or other third party services and the
analysts of Gabelli & Company, Inc., will be presented to the Proxy Voting
Committee. If the Chairman of the Committee, the Director of Proxy Voting
Services or the Legal Department has identified the matter as one that (1) is
controversial; (2) would benefit from deliberation by the Proxy Voting
Committee; or (3) may give rise to a conflict of interest between the Advisers
and their clients, the Chairman of the Committee will initially determine what
vote to recommend that the Advisers should cast and the matter will go before
the Committee.

For matters submitted to the Committee, each member of the Committee
will receive, prior to the meeting, a copy of the proxy statement, any relevant
third party research, a summary of any views provided by the Chief Investment
Officer and any recommendations by Gabelli & Company, Inc. analysts. The Chief
Investment Officer or the Gabelli & Company, Inc. analysts may be invited to
present their viewpoints. If the Legal Department believes that the matter
before the committee is one with respect to which a conflict of interest may
exist between the Advisers and their clients, counsel will provide an opinion to
the Committee concerning the conflict. If the matter is one in which the
interests of the clients of one or more of Advisers may diverge, counsel will so
advise and the Committee may make different recommendations as to different
clients. For any matters where the recommendation may trigger appraisal rights,
counsel will provide an opinion concerning the likely risks and merits of such
an appraisal action.

Each matter submitted to the Committee will be determined by the vote
of a majority of the members present at the meeting. Should the vote concerning
one or more recommendations be tied in a vote of the Committee, the Chairman of
the Committee will cast the deciding vote. The Committee will notify the proxy
department of its decisions and the proxies will be voted accordingly.

Although the Proxy Guidelines express the normal preferences for the
voting of any shares not covered by a contrary investment guideline provided by
the client, the Committee is not bound by the preferences set forth in the Proxy
Guidelines and will review each matter on its own merits. Written minutes of all
Proxy Voting Committee meetings will be maintained. The Advisers subscribe to
ISS, which supplies current information on companies, matters being voted on,
regulations, trends in proxy voting and information on corporate governance
issues.

If the vote cast either by the analyst or as a result of the
deliberations of the Proxy Voting Committee runs contrary to the recommendation
of the Board of Directors of the issuer, the matter will be referred to legal
counsel to determine whether an amendment to the most recently filed Schedule
13D is appropriate.

II. SOCIAL ISSUES AND OTHER CLIENT GUIDELINES

If a client has provided special instructions relating to the voting of
proxies, they should be noted in the client's account file and forwarded to the
proxy department. This is the responsibility of the investment professional or
sales assistant for the client. In accordance with Department of Labor
guidelines, the Advisers' policy is to vote on behalf of ERISA accounts in the
best interest of the plan participants with regard to social issues that carry
an economic impact. Where an account is not governed by ERISA, the Advisers will
vote shares held on behalf of the client in a manner consistent with any
individual investment/voting guidelines provided by the client. Otherwise the
Advisers will abstain with respect to those shares.

III. CLIENT RETENTION OF VOTING RIGHTS

If a client chooses to retain the right to vote proxies or if there is
any change in voting authority, the following should be notified by the
investment professional or sales assistant for the client.

- Operations

- Legal Department

- Proxy Department

- Investment professional assigned to the account

In the event that the Board of Directors (or a Committee thereof) of
one or more of the investment companies managed by one of the Advisers has
retained direct voting control over any security, the Proxy Voting Department
will provide each Board Member (or Committee member) with a copy of the proxy
statement together with any other relevant information including recommendations
of ISS or other third-party services.

IV. VOTING RECORDS

The Proxy Voting Department will retain a record of matters voted upon
by the Advisers for their clients. The Advisers' staff may request proxy-voting
records for use in presentations to current or prospective clients. Requests for
proxy voting records should be made at least ten days prior to client meetings.

If a client wishes to receive a proxy voting record on a quarterly,
semi-annual or annual basis, please notify the Proxy Voting Department. The
reports will be available for mailing approximately ten days after the quarter
end of the period. First quarter reports may be delayed since the end of the
quarter falls during the height of the proxy season.

A letter is sent to the custodians for all clients for which the
Advisers have voting responsibility instructing them to forward all proxy
materials to:

[Adviser name]

Attn: Proxy Voting Department

One Corporate Center

Rye, New York 10580-1433

The sales assistant sends the letters to the custodians along with the
trading/DTC instructions. Proxy voting records will be retained in compliance
with Rule 204-2 under the Investment Advisers Act.

V. VOTING PROCEDURES

1. Custodian banks, outside brokerage firms and Wexford Clearing Services
Corporation are responsible for forwarding proxies directly to GAMCO.

Proxies are received in one of two forms:

o Shareholder Vote Authorization Forms (VAFs) - Issued by ADP. VAFs must be
voted through the issuing institution causing a time lag. ADP is an outside
service contracted by the various institutions to issue proxy materials.

o Proxy cards which may be voted directly.

2. Upon receipt of the proxy, the number of shares each form represents is
logged into the proxy system according to security.

3. In the case of a discrepancy such as an incorrect number of shares, an
improperly signed or dated card, wrong class of security, etc., the issuing
custodian is notified by phone. A corrected proxy is requested. Any arrangements
are made to insure that a proper proxy is received in time to be voted
(overnight delivery, fax, etc.). When securities are out on loan on record date,
the custodian is requested to supply written verification.

4. Upon receipt of instructions from the proxy committee (see Administrative),
the votes are cast and recorded for each account on an individual basis.

Since January 1, 1992, records have been maintained on the Proxy Edge system.
The system is backed up regularly. From 1990 through 1991, records were
maintained on the PROXY VOTER system and in hardcopy format. Prior to 1990,
records were maintained on diskette and in hardcopy format.

PROXY EDGE records include:

Security Name and Cusip Number

Date and Type of Meeting (Annual, Special, Contest)

Client Name

Adviser or Fund Account Number

Directors' Recommendation

How GAMCO voted for the client on each issue

The rationale for the vote when it appropriate

Records prior to the institution of the PROXY EDGE system include:

Security name

Type of Meeting (Annual, Special, Contest)

Date of Meeting

Name of Custodian

Name of Client

Custodian Account Number

Adviser or Fund Account Number

Directors' recommendation

How the Adviser voted for the client on each issue

Date the proxy statement was received and by whom

Name of person posting the vote

Date and method by which the vote was cast

o From these records individual client proxy voting records are compiled. It is
our policy to provide institutional clients with a proxy voting record during
client reviews. In addition, we will supply a proxy voting record at the
request of the client on a quarterly, semi-annual or annual basis.

5. VAFs are kept alphabetically by security. Records for the current proxy
season are located in the Proxy Voting Department office. In preparation for the
upcoming season, files are transferred to an offsite storage facility during
January/February.

6. Shareholder Vote Authorization Forms issued by ADP are always sent directly
to a specific individual at ADP.

7. If a proxy card or VAF is received too late to be voted in the conventional
matter, every attempt is made to vote on one of the following manners:

o VAFs can be faxed to ADP up until the time of the meeting. This is followed
up by mailing the original form.

o When a solicitor has been retained, the solicitor is called. At the
solicitor's direction, the proxy is faxed.

8. In the case of a proxy contest, records are maintained for each opposing
entity.

9. Voting in Person

a) At times it may be necessary to vote the shares in person. In this case, a
"legal proxy" is obtained in the following manner:

o Banks and brokerage firms using the services at ADP:

A call is placed to ADP requesting legal proxies. The VAFs are then sent
overnight to ADP. ADP issues individual legal proxies and sends them back
via overnight. A lead-time of at least two weeks prior to the meeting is
needed to do this. Alternatively, the procedures detailed below for banks
not using ADP may be implemented.

o Banks and brokerage firms issuing proxies directly:

The bank is called and/or faxed and a legal proxy is requested.

All legal proxies should appoint:

"REPRESENTATIVE OF [ADVISER NAME] WITH FULL POWER OF SUBSTITUTION."

b) The legal proxies are given to the person attending the meeting along with
the following supplemental material:

o A limited Power of Attorney appointing the attendee an Adviser
representative.

o A list of all shares being voted by custodian only. Client names and account
numbers are not included. This list must be presented, along with the
proxies, to the Inspectors of Elections and/or tabulator at least one-half
hour prior to the scheduled start of the meeting. The tabulator must
"qualify" the votes (i.e. determine if the vote have previously been cast, if
the votes have been rescinded, etc. vote have previously been cast, etc.).

o A sample ERISA and Individual contract.

o A sample of the annual authorization to vote proxies form.

o A copy of our most recent Schedule 13D filing (if applicable).

APPENDIX A

PROXY GUIDELINES

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PROXY VOTING GUIDELINES
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GENERAL POLICY STATEMENT

It is the policy of GABELLI ASSET MANAGEMENT INC. to vote in the best economic
interests of our clients. As we state in our Magna Carta of Shareholders Rights,
established in May 1988, we are neither FOR nor AGAINST management. We are for
shareholders.

At our first proxy committee meeting in 1989, it was decided that each proxy
statement should be evaluated on its own merits within the framework first
established by our Magna Carta of Shareholders Rights. The attached guidelines
serve to enhance that broad framework.

We do not consider any issue routine. We take into consideration all of our
research on the company, its directors, and their short and long-term goals for
the company. In cases where issues that we generally do not approve of are
combined with other issues, the negative aspects of the issues will be factored
into the evaluation of the overall proposals but will not necessitate a vote in
opposition to the overall proposals.

BOARD OF DIRECTORS

The advisers do not consider the election of the Board of Directors a routine
issue. Each slate of directors is evaluated on a case-by-case basis.

Factors taken into consideration include:

o Historical responsiveness to shareholders

This may include such areas as:

-Paying greenmail

-Failure to adopt shareholder resolutions receiving a majority of
shareholder votes

o Qualifications

o Nominating committee in place

o Number of outside directors on the board

o Attendance at meetings

o Overall performance

SELECTION OF AUDITORS

In general, we support the Board of Directors' recommendation for auditors.

BLANK CHECK PREFERRED STOCK

We oppose the issuance of blank check preferred stock.

Blank check preferred stock allows the company to issue stock and establish
dividends, voting rights, etc. without further shareholder approval.

CLASSIFIED BOARD

A classified board is one where the directors are divided into classes with
overlapping terms. A different class is elected at each annual meeting.

While a classified board promotes continuity of directors facilitating long
range planning, we feel directors should be accountable to shareholders on an
annual basis. We will look at this proposal on a case-by-case basis taking into
consideration the board's historical responsiveness to the rights of
shareholders.

Where a classified board is in place we will generally not support attempts to
change to an annually elected board.

When an annually elected board is in place, we generally will not support
attempts to classify the board.

INCREASE AUTHORIZED COMMON STOCK

The request to increase the amount of outstanding shares is considered on a
case-by-case basis.

Factors taken into consideration include:

o Future use of additional shares

-Stock split

-Stock option or other executive compensation plan

-Finance growth of company/strengthen balance sheet

-Aid in restructuring

-Improve credit rating

-Implement a poison pill or other takeover defense

o Amount of stock currently authorized but not yet issued or reserved for stock
option plans

o Amount of additional stock to be authorized and its dilutive effect

We will support this proposal if a detailed and verifiable plan for the use of
the additional shares is contained in the proxy statement.

CONFIDENTIAL BALLOT

We support the idea that a shareholder's identity and vote should be treated
with confidentiality.

However, we look at this issue on a case-by-case basis.

In order to promote confidentiality in the voting process, we endorse the use of
independent Inspectors of Election.

CUMULATIVE VOTING

In general, we support cumulative voting.

Cumulative voting is a process by which a shareholder may multiply the number of
directors being elected by the number of shares held on record date and cast the
total number for one candidate or allocate the voting among two or more
candidates.

Where cumulative voting is in place, we will vote against any proposal to
rescind this shareholder right.

Cumulative voting may result in a minority block of stock gaining representation
on the board. When a proposal is made to institute cumulative voting, the
proposal will be reviewed on a case-by-case basis. While we feel that each board
member should represent all shareholders, cumulative voting provides minority
shareholders an opportunity to have their views represented.

DIRECTOR LIABILITY AND INDEMNIFICATION

We support efforts to attract the best possible directors by limiting the
liability and increasing the indemnification of directors, except in the case of
insider dealing.

EQUAL ACCESS TO THE PROXY

The SEC's rules provide for shareholder resolutions. However, the resolutions
are limited in scope and there is a 500 word limit on proponents' written
arguments. Management has no such limitations. While we support equal access to
the proxy, we would look at such variables as length of time required to
respond, percentage of ownership, etc.

FAIR PRICE PROVISIONS

Charter provisions requiring a bidder to pay all shareholders a fair price are
intended to prevent two-tier tender offers that may be abusive. Typically, these
provisions do not apply to board-approved transactions.

We support fair price provisions because we feel all shareholders should be
entitled to receive the same benefits.

Reviewed on a case-by-case basis.

GOLDEN PARACHUTES

Golden parachutes are severance payments to top executives who are terminated or
demoted after a takeover.

We support any proposal that would assure management of its own welfare so that
they may continue to make decisions in the best interest of the company and
shareholders even if the decision results in them losing their job. We do not,
however, support excessive golden parachutes. Therefore, each proposal will be
decided on a case-by- case basis.

NOTE: CONGRESS HAS IMPOSED A TAX ON ANY PARACHUTE THAT IS MORE THAN THREE TIMES
THE EXECUTIVE'S AVERAGE ANNUAL COMPENSATION.

ANTI-GREENMAIL PROPOSALS

We do not support greenmail. An offer extended to one shareholder should be
extended to all shareholders equally across the board.

LIMIT SHAREHOLDERS' RIGHTS TO CALL SPECIAL MEETINGS

We support the right of shareholders to call a special meeting.

CONSIDERATION OF NONFINANCIAL EFFECTS OF A MERGER

This proposal releases the directors from only looking at the financial effects
of a merger and allows them the opportunity to consider the merger's effects on
employees, the community, and consumers.

As a fiduciary, we are obligated to vote in the best economic interests of our
clients. In general, this proposal does not allow us to do that. Therefore, we
generally cannot support this proposal.

Reviewed on a case-by-case basis.

MERGERS, BUYOUTS, SPIN-OFFS, RESTRUCTURINGS

Each of the above is considered on a case-by-case basis. According to the
Department of Labor, we are not required to vote for a proposal simply because
the offering price is at a premium to the current market price. We may take into
consideration the long term interests of the shareholders.

MILITARY ISSUES

Shareholder proposals regarding military production must be evaluated on a
purely economic set of criteria for our ERISA clients. As such, decisions will
be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients, we will vote according to
the client's direction when applicable. Where no direction has been given, we
will vote in the best economic interests of our clients. It is not our duty to
impose our social judgment on others.

NORTHERN IRELAND

Shareholder proposals requesting the signing of the MacBride principles for the
purpose of countering the discrimination of Catholics in hiring practices must
be evaluated on a purely economic set of criteria for our ERISA clients. As
such, decisions will be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients, we will vote according to
client direction when applicable. Where no direction has been given, we will
vote in the best economic interests of our clients. It is not our duty to impose
our social judgment on others.

OPT OUT OF STATE ANTI-TAKEOVER LAW

This shareholder proposal requests that a company opt out of the coverage of the
state's takeover statutes. Example: Delaware law requires that a buyer must
acquire at least 85% of the company's stock before the buyer can exercise
control unless the board approves.

We consider this on a case-by-case basis. Our decision will be based on the
following:

o State of Incorporation

o Management history of responsiveness to shareholders

o Other mitigating factors

POISON PILL

In general, we do not endorse poison pills.

In certain cases where management has a history of being responsive to the needs
of shareholders and the stock is very liquid, we will reconsider this position.

REINCORPORATION

Generally, we support reincorporation for well-defined business reasons. We
oppose reincorporation if proposed solely for the purpose of reincorporating in
a state with more stringent anti-takeover statutes that may negatively impact
the value of the stock.

STOCK OPTION PLANS

Stock option plans are an excellent way to attract, hold and motivate directors
and employees. However, each stock option plan must be evaluated on its own
merits, taking into consideration the following:

o Dilution of voting power or earnings per share by more than 10%

o Kind of stock to be awarded, to whom, when and how much

o Method of payment

o Amount of stock already authorized but not yet issued under existing stock
option plans

SUPERMAJORITY VOTE REQUIREMENTS

Supermajority vote requirements in a company's charter or bylaws require a level
of voting approval in excess of a simple majority of the outstanding shares. In
general, we oppose supermajority-voting requirements. Supermajority requirements
often exceed the average level of shareholder participation. We support
proposals' approvals by a simple majority of the shares voting.

LIMIT SHAREHOLDERS RIGHT TO ACT BY WRITTEN CONSENT

Written consent allows shareholders to initiate and carry on a shareholder
action without having to wait until the next annual meeting or to call a special
meeting. It permits action to be taken by the written consent of the same
percentage of the shares that would be required to effect proposed action at a
shareholder meeting.

Reviewed on a case-by-case basis.

ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not yet applicable.

ITEM 10. 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 half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.

ITEM 11. EXHIBITS.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of
disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) of the Investment Company
Act of 1940, as amended, are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) of the Investment Company
Act of 1940, as amended, 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
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By (Signature and Title)* /s/ Bruce N. Alpert
--------------------------------------------------------
Bruce N. Alpert, Principal Executive
Officer

Date March 9, 2004
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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 and Principal Financial
Officer

Date March 9, 2004
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* Print the name and title of each signing officer under his or her signature.