UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-09243
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The Gabelli Utility Trust
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31, 2004
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Date of reporting period: September 30, 2004
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 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. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is attached herewith.
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 80.2%
AGRICULTURE -- 0.0%
800 Cadiz Inc.+ .................... $ 9,600
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CABLE AND SATELLITE -- 1.7%
20,000 Cox Communications Inc., Cl. A+ 662,600
100,000 DIRECTV Group Inc.+ ............ 1,759,000
40,000 EchoStar Communications Corp.,
Cl. A+ ....................... 1,244,800
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3,666,400
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COMMUNICATIONS EQUIPMENT -- 0.1%
70,000 Furukawa Electric Co. Ltd.+ .... 274,373
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DIVERSIFIED INDUSTRIAL -- 0.8%
3,250 Brascan Corp., Cl. A ........... 98,150
20,100 Catalytica Energy Systems Inc.+ 42,411
50,000 General Electric Co. ........... 1,679,000
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1,819,561
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ENERGY AND UTILITIES: ELECTRIC -- 18.7%
230,000 AES Corp.+ ..................... 2,297,700
369,400 Allegheny Energy Inc.+ ......... 5,895,624
10,333 ALLETE Inc. .................... 335,833
40,000 American Electric Power Co. Inc. 1,278,400
20,000 Calpine Corp.+ ................. 58,000
20,000 Cleco Corp. .................... 344,800
110,000 DPL Inc. ....................... 2,263,800
25,000 DTE Energy Co. ................. 1,054,750
200,000 Duquesne Light Holdings Inc. ... 3,592,000
90,000 Edison International ........... 2,385,900
200,000 El Paso Electric Co.+ .......... 3,214,000
45,000 FPL Group Inc. ................. 3,074,400
100,000 Great Plains Energy Inc. ....... 2,915,000
41,000 Green Mountain Power Corp. ..... 1,068,050
10,000 Pepco Holdings Inc. ............ 199,000
105,000 TECO Energy Inc. ............... 1,420,650
34,000 TXU Corp. ...................... 1,629,280
22,000 UIL Holdings Corp. ............. 1,082,180
233,000 Unisource Energy Corp. ......... 5,673,550
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39,782,917
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ENERGY AND UTILITIES: INTEGRATED -- 32.8%
75,000 Alliant Energy Corp. ........... 1,866,000
20,000 Ameren Corp. ................... 923,000
434,000 Aquila Inc.+ ................... 1,354,080
500 Avista Corp. ................... 9,050
MARKET
SHARES VALUE*
------ ------
20,000 Black Hills Corp. .............. $ 555,600
48,400 Central Vermont Public
Service Corp. ................ 973,324
53,600 CH Energy Group Inc. ........... 2,454,880
55,000 Cinergy Corp. .................. 2,178,000
200,000 CMS Energy Corp.+ .............. 1,904,000
55,000 Consolidated Edison Inc. ....... 2,312,200
75,000 Constellation Energy
Group Inc. ................... 2,988,000
2,000 Dominion Resources Inc. ........ 130,500
185,000 Duke Energy Corp. .............. 4,234,650
145,000 El Paso Corp. .................. 1,332,550
10,000 Empire District Electric Co. ... 205,500
200,000 Enel SpA ....................... 1,634,478
100,000 Energy East Corp. .............. 2,518,000
3,000 Entergy Corp. .................. 181,830
35,979 FirstEnergy Corp. .............. 1,478,017
83,000 Florida Public Utilities Co. ... 1,423,450
300,000 Hera SpA ....................... 763,833
67,500 Maine & Maritimes Corp. ........ 1,957,500
64,100 MGE Energy Inc. ................ 2,039,662
300,000 Mirant Corp.+ .................. 123,000
20,000 NiSource Inc. .................. 420,200
45,000 NiSource Inc. (SAILS)+ ......... 114,750
170,000 Northeast Utilities ............ 3,296,300
100,000 NSTAR .......................... 4,910,000
101,000 OGE Energy Corp. ............... 2,548,230
23,000 Otter Tail Corp. ............... 586,500
50,000 PG&E Corp.+ .................... 1,520,000
20,000 PNM Resources Inc. ............. 450,200
100,000 Progress Energy Inc. ........... 4,234,000
40,000 Progress Energy Inc., CVO+ ..... 6,400
28,000 Puget Energy Inc. .............. 635,600
55,000 SCANA Corp. .................... 2,053,700
30,000 Sierra Pacific Resources+ ...... 268,500
25,000 Unitil Corp. ................... 675,125
39,600 Vectren Corp. .................. 997,128
235,000 Westar Energy Inc. ............. 4,747,000
60,000 Wisconsin Energy Corp. ......... 1,914,000
7,000 WPS Resources Corp. ............ 314,930
270,000 Xcel Energy Inc. ............... 4,676,400
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69,910,067
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ENERGY AND UTILITIES: NATURAL GAS -- 12.9%
28,000 AGL Resources Inc. ............. 861,560
50,000 Atmos Energy Corp. ............. 1,259,500
30,000 Cascade Natural Gas Corp. ...... 636,900
7,500 Chesapeake Utilities Corp. ..... 188,250
29,700 Delta Natural Gas Co. Inc. ..... 801,306
40,000 Dynegy Inc., Cl. A+ ............ 199,600
16,500 EnergySouth Inc. ............... 449,625
105,000 KeySpan Corp. .................. 4,116,000
2
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: NATURAL GAS (CONTINUED)
100,000 National Fuel Gas Co. .......... $ 2,833,000
90,000 Nicor Inc. ..................... 3,303,000
70,500 NUI Corp. ...................... 940,470
100,000 ONEOK Inc. ..................... 2,602,000
45,000 Peoples Energy Corp. ........... 1,875,600
15,000 Piedmont Natural Gas Co. Inc. .. 659,100
6,000 RGC Resources Inc. ............. 141,474
135,000 SEMCO Energy Inc. .............. 741,150
112,695 Southern Union Co.+ ............ 2,310,257
150,000 Southwest Gas Corp. ............ 3,592,500
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27,511,292
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ENERGY AND UTILITIES: OIL -- 0.1%
5,000 Exxon Mobil Corp. .............. 241,650
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ENERGY AND UTILITIES: WATER -- 2.7%
14,000 American States Water Co. ...... 348,600
15,000 Aqua America Inc. .............. 331,650
16,500 Artesian Resources Corp.,
Cl. A ........................ 448,470
20,500 BIW Ltd. ....................... 384,170
20,520 California Water Service Group . 602,673
7,500 Connecticut Water Service Inc. . 198,300
51,333 Middlesex Water Co. ............ 919,887
14,066 Pennichuck Corp. ............... 343,210
58,000 SJW Corp. ...................... 1,915,160
7,349 Southwest Water Co. ............ 90,025
6,000 York Water Co. ................. 104,040
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5,686,185
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EQUIPMENT AND SUPPLIES -- 0.0%
50,000 Capstone Turbine Corp.+ ........ 76,500
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METALS AND MINING -- 0.3%
25,000 Compania de Minas Buenaventura
SA, ADR ...................... 593,750
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REAL ESTATE INVESTMENT TRUSTS -- 0.6%
20,000 Rouse Co. ...................... 1,337,600
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TELECOMMUNICATIONS -- 5.0%
4,000 ALLTEL Corp. ................... 219,640
53,000 BCE Inc. ....................... 1,147,450
33,000 BellSouth Corp. ................ 894,960
32,000 BT Group plc, ADR .............. 1,054,400
60,000 CenturyTel Inc. ................ 2,054,400
150,000 Cincinnati Bell Inc.+ .......... 523,500
180,000 Citizens Communications Co. .... 2,410,200
MARKET
SHARES VALUE*
------ ------
10,200 Commonwealth Telephone
Enterprises Inc.+ ............ $ 444,210
10,000 D&E Communications Inc. ........ 115,000
10,000 Deutsche Telekom AG, ADR+ ...... 186,600
2,000 France Telecom SA, ADR ......... 50,000
40,000 Touch America Holdings Inc.+ ... 120
40,000 Verizon Communications Inc. .... 1,575,200
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10,675,680
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WIRELESS COMMUNICATIONS -- 4.5%
500,000 AT&T Wireless Services Inc.+ ... 7,390,000
40,000 Microcell Telecommunications Inc.,
Cl. B+ ....................... 1,125,203
38,000 mm02 plc, ADR+ ................. 674,500
800 Mobile Telesystems, ADR ........ 115,992
1,800 Vimpel-Communications, ADR+ .... 195,840
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9,501,535
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TOTAL COMMON STOCKS ............ 171,087,110
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PREFERRED STOCKS -- 1.7%
PUBLISHING -- 0.1%
3,682 News Corp. Ltd., Pfd., ADR ..... 115,357
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TELECOMMUNICATIONS -- 1.6%
59,900 Citizens Communications Co.,
5.000% Cv. Pfd. .............. 3,473,301
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TOTAL PREFERRED STOCKS ......... 3,588,658
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PRINCIPAL
AMOUNT
-------
CORPORATE BONDS -- 0.2%
ENERGY AND UTILITIES: INTEGRATED -- 0.2%
$ 500,000 Mirant Corp., Deb. Cv.,
2.500%, 06/15/21+ (b) ........ 317,500
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U.S. GOVERNMENT OBLIGATIONS -- 10.3%
22,000,000 U.S. Treasury Bills,
1.700%++, 12/23/04 ........... 21,916,466
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REPURCHASE AGREEMENTS -- 7.6%
16,292,000 State Street Bank and Trust Co.,
1.650%, dated 09/30/04,
due 10/01/04,
proceeds at maturity,
$16,292,747 (a) .............. 16,292,000
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3
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
VALUE*
------
TOTAL INVESTMENTS -- 100.0%
(Cost $195,379,568) ......................$213,201,734
OTHER ASSETS IN EXCESS OF LIABILITIES ...... (2,682,465)
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PREFERRED STOCK
(1,185,200 preferred shares outstanding) . (54,605,000)
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NET ASSETS COMMON STOCK
(23,118,091 common shares outstanding) ...$155,914,269
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NET ASSET VALUE PER COMMON SHARE
($155,914,269 / 23,118,091
shares outstanding) ...................... $6.74
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For Federal tax purposes:
Aggregate cost ....................$194,971,517
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Gross unrealized appreciation .....$ 20,102,962
Gross unrealized depreciation ..... (2,280,796)
============
Net unrealized appreciation
(depreciation) ..................$ 17,822,166
============
(a) Collateralized by U.S. Treasury Note, 1.625%, due 03/31/05, market value
$16,618,781.
(b) Bond in default.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
CVO - Contingent Value Obligation.
SAILS - Stock Appreciation Income Linked Securities.
* Portfolio securities are valued at the last quoted sale price or closing
values. If this is unavailable, then the average of the closing bid and
asked prices is used. If there is no asked price, the security is valued
at the closing bid price on that day. Debt instruments are valued at the
average of the closing bid and asked prices. If the security matures in
60 days or less and is not credit-impaired, it is valued at amortized
cost. All securities and assets for which market quotations are not
readily available or any security that the Board determines does not
reflect its fair market value are valued in good faith under procedures
established by the Board.
4
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's last fiscal
quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Utility Trust
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By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer
Date November 26, 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
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Bruce N. Alpert, Principal Executive
Officer & Principal
Financial Officer
Date November 26, 2004
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* Print the name and title of each signing officer under his or her signature.