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
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Date of reporting period: September 30, 2005
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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(s) of Investments is attached herewith.
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
COMMON STOCKS -- 85.8%
AGRICULTURE -- 0.0%
800 Cadiz Inc.+ .................... $ 15,200
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AVIATION: PARTS AND SERVICES -- 0.1%
6,000 Sequa Corp., Cl. A+ ............ 354,000
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CABLE AND SATELLITE -- 3.6%
100,000 Cablevision Systems Corp.,
Cl. A+ ....................... 3,067,000
5,000 Cogeco Cable Inc. .............. 131,699
20,000 Cogeco Inc. .................... 468,817
15,000 Comcast Corp., Cl. A+ .......... 440,700
100,000 DIRECTV Group Inc.+ ............ 1,498,000
65,000 EchoStar Communications
Corp., Cl. A ................. 1,922,050
2,500 Insight Communications
Co. Inc., Cl. A+ ............. 29,075
32,900 Liberty Global Inc., Cl. A+ .... 890,932
32,900 Liberty Global Inc., Cl. C+ .... 847,175
20,000 Rogers Communications Inc.,
Cl. B ........................ 789,000
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10,084,448
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COMMUNICATIONS EQUIPMENT -- 0.5%
280,000 Furukawa Electric Co. Ltd.+ .... 1,418,252
2,000 Thomas & Betts Corp.+ .......... 68,820
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1,487,072
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DIVERSIFIED INDUSTRIAL -- 1.2%
18,000 Catalytica Energy
Systems Inc.+ ................ 25,200
5,000 Cooper Industries Ltd., Cl. A .. 345,700
70,000 General Electric Co. ........... 2,356,900
5,000 ITT Industries Inc. ............ 568,000
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3,295,800
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ENERGY AND UTILITIES: ELECTRIC -- 21.1%
230,000 AES Corp.+ ..................... 3,778,900
369,400 Allegheny Energy Inc.+ ......... 11,347,968
24,000 ALLETE Inc. .................... 1,099,440
60,000 American Electric
Power Co. Inc. ............... 2,382,000
20,000 Calpine Corp.+ ................. 51,800
30,000 Cleco Corp. .................... 707,400
160,000 DPL Inc. ....................... 4,448,000
24,000 DTE Energy Co. ................. 1,100,640
200,000 Duquesne Light Holdings Inc. ... 3,442,000
90,000 Edison International ........... 4,255,200
200,000 El Paso Electric Co.+ .......... 4,170,000
8,000 Electric Power Development
Co. Ltd. ..................... 267,090
130,000 FPL Group Inc. ................. 6,188,000
105,000 Great Plains Energy Inc. ....... 3,140,550
41,000 Green Mountain Power Corp. ..... 1,350,130
22,500 Pepco Holdings Inc. ............ 523,575
105,000 TECO Energy Inc. ............... 1,892,100
MARKET
SHARES VALUE*
------ --------
14,000 TXU Corp. ...................... $ 1,580,320
22,000 UIL Holdings Corp. ............. 1,150,820
165,000 Unisource Energy Corp. ......... 5,484,600
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58,360,533
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ENERGY AND UTILITIES: INTEGRATED -- 35.9%
75,000 Alliant Energy Corp. ........... 2,184,750
20,000 Ameren Corp. ................... 1,069,800
480,000 Aquila Inc.+ ................... 1,900,800
1,500 Areva .......................... 784,388
5,000 Avista Corp. ................... 97,000
35,000 Black Hills Corp. .............. 1,517,950
68,000 Central Vermont Public
Service Corp. ................ 1,190,000
55,000 CH Energy Group Inc. ........... 2,611,400
8,000 Chubu Electric Power Co. Inc. .. 195,208
8,000 Chugoku Electric Power
Co. Inc. ..................... 164,905
75,000 Cinergy Corp. .................. 3,330,750
190,000 CMS Energy Corp.+ .............. 3,125,500
57,000 Consolidated Edison Inc. ....... 2,767,350
76,000 Constellation Energy Group ..... 4,681,600
3,000 Dominion Resources Inc. ........ 258,420
140,000 Duke Energy Corp. .............. 4,083,800
180,000 El Paso Corp. .................. 2,502,000
3,000 Electrabel SA .................. 1,503,515
12,000 Empire District Electric Co. ... 274,440
54,000 Endesa SA ...................... 1,445,322
200,000 Enel SpA ....................... 1,723,454
80,000 Energy East Corp. .............. 2,015,200
3,000 Entergy Corp. .................. 222,960
55,979 FirstEnergy Corp. .............. 2,917,626
131,850 Florida Public Utilities Co. ... 2,093,778
50,000 Hawaiian Electric
Industries Inc. .............. 1,394,000
300,000 Hera SpA ....................... 843,699
8,000 Hokkaido Electric Power
Co. Inc. ..................... 170,190
8,000 Hokuriku Electric Power Co. .... 165,257
8,000 Kansai Electric Power Co. Inc. . 176,533
30,000 Korea Electric Power Corp.,
ADR .......................... 531,300
8,000 Kyushu Electric Power Co. Inc. . 177,942
66,000 Maine & Maritimes Corp. ........ 1,300,200
66,000 MGE Energy Inc. ................ 2,409,660
300,000 Mirant Corp.+ .................. 427,500
45,000 NiSource Inc. .................. 1,091,250
170,000 Northeast Utilities ............ 3,391,500
215,000 NSTAR .......................... 6,217,800
101,000 OGE Energy Corp. ............... 2,838,100
12,000 Ormat Technologies Inc. ........ 265,560
25,000 Otter Tail Corp. ............... 773,500
50,000 PG&E Corp. ..................... 1,962,500
20,000 PNM Resources Inc. ............. 573,400
100,000 Progress Energy Inc. ........... 4,475,000
40,000 Progress Energy Inc., CVO+ ..... 3,600
25,000 Public Service Enterprise
Group Inc. ................... 1,609,000
2
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: INTEGRATED (CONTINUED)
35,000 Puget Energy Inc. .............. $ 821,800
55,000 SCANA Corp. .................... 2,323,200
8,000 Shikoku Electric Power
Co. Inc. ..................... 173,362
30,000 Sierra Pacific Resources+ ...... 445,500
8,000 Tohoku Electric Power Co. Inc. . 177,942
8,000 Tokyo Electric Power Co. Inc. .. 202,255
26,900 Unitil Corp. ................... 755,890
47,000 Vectren Corp. .................. 1,332,450
252,500 Westar Energy Inc. ............. 6,092,825
80,000 Wisconsin Energy Corp. ......... 3,193,600
52,000 WPS Resources Corp. ............ 3,005,600
270,000 Xcel Energy Inc. ............... 5,294,700
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99,278,531
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ENERGY AND UTILITIES: NATURAL GAS -- 11.3%
28,000 AGL Resources Inc. ............. 1,039,080
55,000 Atmos Energy Corp. ............. 1,553,750
35,000 Cascade Natural Gas Corp. ...... 761,950
10,000 Chesapeake Utilities Corp. ..... 351,500
29,700 Delta Natural Gas Co. Inc. ..... 791,802
40,000 Dynegy Inc., Cl. A+ ............ 188,400
18,000 EnergySouth Inc. ............... 496,620
100,000 KeySpan Corp. .................. 3,678,000
100,000 National Fuel Gas Co. .......... 3,420,000
90,000 Nicor Inc. ..................... 3,782,700
100,000 ONEOK Inc. ..................... 3,402,000
50,000 Peoples Energy Corp. ........... 1,969,000
36,000 Piedmont Natural Gas Co. Inc. .. 906,120
6,000 RGC Resources Inc. ............. 160,380
140,000 SEMCO Energy Inc.+ ............. 922,600
115,500 Southern Union Co.+ ............ 2,976,447
180,000 Southwest Gas Corp. ............ 4,930,200
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31,330,549
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ENERGY AND UTILITIES: OIL -- 1.1%
2,000 Anadarko Petroleum Corp. ....... 191,500
2,645 Chevron Corp. .................. 171,211
20,000 Exxon Mobil Corp. .............. 1,270,800
4,000 Royal Dutch Shell plc,
Cl. A, ADR ................... 262,560
20,000 Spinnaker Exploration Co.+ ..... 1,293,800
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3,189,871
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ENERGY AND UTILITIES: WATER -- 2.8%
14,000 American States Water Co. ...... 468,440
16,000 Aqua America Inc. .............. 608,320
16,500 Artesian Resources Corp.,
Cl. A ........................ 496,320
20,500 BIW Ltd. ....................... 403,850
20,520 California Water Service Group . 845,424
7,500 Connecticut Water Service Inc. . 185,400
51,333 Middlesex Water Co. ............ 1,152,426
MARKET
SHARES VALUE*
------ --------
24,088 Pennichuck Corp. ............... $ 514,038
60,000 SJW Corp. ...................... 2,896,800
7,716 Southwest Water Co. ............ 111,882
6,000 York Water Co. ................. 155,040
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7,837,940
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ENTERTAINMENT -- 1.0%
60,000 Time Warner Inc. ............... 1,086,600
50,000 Vivendi Universal SA, ADR ...... 1,636,500
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2,723,100
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EQUIPMENT AND SUPPLIES -- 0.2%
50,000 Capstone Turbine Corp.+ ........ 177,500
9,000 Mueller Industries Inc. ........ 249,930
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427,430
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METALS AND MINING -- 0.3%
25,000 Compania de Minas
Buenaventura SA, ADR ......... 776,250
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REAL ESTATE -- 0.1%
3,250 Brascan Corp., Cl. A ........... 151,450
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TELECOMMUNICATIONS -- 5.0%
100,000 AT&T Corp. ..................... 1,980,000
60,000 BCE Inc. ....................... 1,646,400
35,000 BellSouth Corp. ................ 920,500
33,000 BT Group plc, ADR .............. 1,308,120
40,000 CenturyTel Inc. ................ 1,399,200
175,000 Cincinnati Bell Inc.+ .......... 771,750
10,200 Commonwealth Telephone
Enterprises Inc. ............. 384,540
20,000 D&E Communications Inc. ........ 181,400
20,000 Deutsche Telekom AG, ADR ....... 364,800
2,000 France Telecom SA, ADR ......... 57,500
200 Hutchison Telecommunications
International Ltd.+ .......... 290
150,000 MCI Inc. ....................... 3,805,500
500 Mobistar SA .................... 41,103
200 PT Indosat Tbk ................. 103
1,200 Tele2 AB, Cl. B ................ 12,226
3,000 Telecom Italia SpA, ADR ........ 97,800
40,000 Touch America Holdings Inc.+ ... 32
30,000 Verizon Communications Inc. .... 980,700
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13,951,964
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TRANSPORTATION -- 0.4%
25,000 GATX Corp. ..................... 988,750
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WIRELESS COMMUNICATIONS -- 1.2%
600 America Movil SA de CV,
Cl. L, ADR ................... 15,792
2,000 China Mobile (Hong Kong)
Ltd., ADR .................... 49,280
2,000 China Unicom Ltd., ADR ......... 16,560
3
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
COMMON STOCKS (CONTINUED)
WIRELESS COMMUNICATIONS (CONTINUED)
200 Cosmote Mobile
Telecommunications SA ........ $ 3,976
4,000 Mobile TeleSystems, ADR ........ 162,720
190 MobileOne Ltd. ................. 222
380,000 O2 plc ......................... 1,057,305
2,000 QUALCOMM Inc. .................. 89,500
600 SK Telecom Co. Ltd., ADR ....... 13,104
200 SmarTone Telecommunications
Holdings Ltd. ................ 207
1,000 Telefonica Moviles SA, ADR ..... 11,070
200 Tim Hellas Telecommunications
SA, ADR ...................... 3,870
200 Total Access Communication plc+ 644
28,000 United States Cellular Corp.+ .. 1,495,760
6,000 Vimpel-Communications, ADR+ .... 266,640
200 Virgin Mobile Holdings plc ..... 1,041
200 Vodafone Group plc, ADR ........ 5,194
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3,192,885
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TOTAL COMMON STOCKS ............ 237,445,773
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CONVERTIBLE PREFERRED STOCKS -- 1.5%
ENERGY AND UTILITIES: INTEGRATED -- 0.9%
2,000 El Paso Corp.,
4.990% Cv. Pfd. (b) 2,457,926
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TELECOMMUNICATIONS -- 0.6%
31,033 Citizens Communications Co.,
5.000% Cv. Pfd. 1,805,345
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TOTAL CONVERTIBLE
PREFERRED STOCKS 4,263,271
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PRINCIPAL
AMOUNT
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SHORT-TERM OBLIGATIONS -- 12.7%
REPURCHASE AGREEMENTS -- 8.0%
$22,258,000 Barclays Capital Inc., 3.200%,
dated 09/30/05, due 10/03/05,
proceeds at maturity,
$22,263,935 (a) .............. 22,258,000
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U.S. GOVERNMENT OBLIGATIONS -- 4.7%
13,000,000 U.S. Treasury Bill,
3.498%++, 11/17/05 ........... 12,941,955
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TOTAL SHORT-TERM
OBLIGATIONS .................. 35,199,955
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TOTAL INVESTMENTS -- 100.0%
(Cost $221,849,872) ........................ $ 276,908,999
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For Federal tax purposes:
Aggregate cost .................... $ 221,849,872
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Gross unrealized appreciation ..... $ 57,582,502
Gross unrealized depreciation ..... (2,523,375)
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Net unrealized appreciation
(depreciation) ................. $ 55,059,127
=============
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(a) Collateralized by U.S. Treasury Bond, 8.125%, due 08/15/19, market value
$22,703,160.
(b) Security exempt from registration under Rule 144A of the
Securities Act of 1933, as amended. These securities may be resold in
transactions exempt from registration, normally to qualified
institutional buyers. At September 30, 2005, the Rule 144A securities are
considered liquid and the market value amounted to $2,457,926 or 0.89% of
total investments.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
CVO Contingent Value Obligation
* Portfolio securities are valued at the last quoted sale price or
closing values. If these are 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 have materially affected, or are
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Utility Trust
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By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer
Date November 28, 2005
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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 28, 2005
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* Print the name and title of each signing officer under his or her signature.