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. § 3507.

For the year ended December 31, 2023, the net asset value (NAV) total return of The Gabelli Utility Trust (the Fund) was (3.1)%, compared with a total return of (7.1)% for the Standard & Poor’s (S&P) 500 Utilities Index. The total return for the Fund’s publicly traded shares was (20.6)%. The Fund’s NAV per share was $2.94, while the price of the publicly traded shares closed at $5.42 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2023.

The Fund’s primary investment objective is long term growth of capital and income. The Fund will invest at least 80% of its net assets (plus borrowings made for investment purposes), 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 (collectively, the Utility Industry). A company will be considered to be in the Utility Industry if it derives at least 50% of its revenues or earnings from, or devotes at least 50% of its assets to, the indicated activities or utility related activities.

In 2023, the S&P Utility Index returned a negative 7.1% and materially underperformed the S&P 500 Index, which returned 26.3%. After its outperformance in 2022, the sector buckled under the pressure of higher interest rates and ongoing economic strength. Over the past two years, the U.S. Treasury yield curve rose dramatically as the Fed employed an aggressive eleven rate hikes to tame inflation and cool the economy. Short term rates rose from zero to 5.5%, the 10-year Treasury yield rose from 1.5% to 3.9% (5.0% in mid October 2023), and utility stocks seemed to fluctuate with the market’s outlook for a recession. Indeed, the S&P Utility Index fell 12.3% in the two weeks following the September 20 FOMC meeting where the Fed emphasized a “higher-for-longer” interest rate outlook and raised concern that rates could go even higher than 5.0%. Alas, the S&P Utility Index hit a multi-year bottom (down 19% year-to-date) on October 4, 2023. In the fourth quarter, cooling inflation data and a softer economic outlook pulled the 10-year Treasury yield down 110 basis points, which led to a modest 12% utility stock rebound.

Higher interest rates hurt utility stocks (and all investments) by raising the discount rate used to determine the present value of future cash flows. In addition, the higher interest rate/lower stock price environment makes it more expensive for capital intensive utilities (and many companies) to fund growth and achieve historically high utility earnings-per-share targets (“5%-7%” and “6%-8%” compound annual growth rates). Finally, 5% plus short term treasuries represent an attractive risk averse return relative to the 3.7% current return on high quality utility stocks. All that said, the Fed appears likely to lower short term rates in 2024-2025, and utility valuations now reflect some growth moderation. Valuation multiples declined to under 16X, down from over 22X.

During the year ended December 31, 2023, some of the top contributing utility stocks were Otter Tail Corp (1.7% of total investments as of December 31, 2023), together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States; Cameco Corporation (0.8%); and ONEOK, Inc. (3.4%).

Detractors included: Eversource Energy (2.5%) is a public utility holding company that engages in the energy delivery business. It is involved in the transmission and distribution of electricity, solar power facilities, and distribution of natural gas; NextEra Energy, Inc. (4.0%); and Hawaiian Electric Industries, Inc. (0.4%).

Average Annual Returns through December 31, 2023 (a) (Unaudited)

	1 Year			5 Year			10 Year			15 Year			20 Year			Since Inception (7/9/99)
The Gabelli Utility Trust (GUT)
NAV Total Return (b)		(3.07	)%		4.69	%		5.05	%		8.73	%		7.58	%		7.56	%
Investment Total Return (c)		(20.64	)		8.74‌			8.92‌			10.10‌			7.08‌			8.41‌
S&P 500 Utilities Index		(7.08	)		7.11‌			8.91‌			9.33‌			9.07‌			6.69‌
Lipper Utility Fund Average		(2.83	)		6.73‌			6.71‌			8.95‌			8.56‌			6.24‌

	(a)	Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The S&P 500 Utilities Index is an unmanaged market capitalization weighted index of large capitalization stocks that may include facilities generation and transmission or distribution of electricity, gas, or water. The Lipper Utility Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.
	(b)	Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, and adjustments for rights offerings and are net of expenses. Since inception return is based on an initial NAV of $7.50.
	(c)	Total returns and average annual returns reflect changes in closing market values on the NYSE, reinvestment of distributions, and adjustments for rights offerings. Since inception return is based on an initial offering price of $7.50.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.

THE GABELLI UTILITY TRUST (INVESTMENT TOTAL RETURN) AND S&P 500 UTILITIES INDEX
(Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

The following tables present portfolio holdings as a percent of total investments as of December 31, 2023:

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

Shares			Cost		Market Value
		COMMON STOCKS — 88.8%
		ENERGY AND UTILITIES — 75.1%
		Alternative Energy — 1.0%
	2,950	Brookfield Renewable Corp., Cl. A	$	108,382	$	84,931
	3,300	Clearway Energy Inc., Cl. C		82,745		90,519
	6,300	Eos Energy Enterprises Inc.†		44,293		6,867
	2,622	Landis+Gyr Group AG		156,474		236,932
	40,950	NextEra Energy Partners LP		1,160,081		1,245,289
	12,500	Ormat Technologies Inc.		382,193		947,375
	600	Orsted AS		98,525		33,258
	250	SolarEdge Technologies Inc.†		45,514		23,400
	6,000	Vestas Wind Systems A/S†		124,138		190,413
				2,202,345		2,858,984
		Diversified Industrial — 1.0%
	2,000	Alstom SA		59,738		26,892
	15,964	AZZ Inc.		623,874		927,349
	17,000	Bouygues SA		596,821		640,335
	300	Chart Industries Inc.†		41,038		40,899
	10,000	General Electric Co.		768,947		1,276,300
	200	Sulzer AG		10,494		20,427
				2,100,912		2,932,202
		Electric Integrated — 41.6%
	23,000	ALLETE Inc.		1,131,117		1,406,680
	78,545	Alliant Energy Corp.		2,961,763		4,029,358
	17,150	Ameren Corp.		821,759		1,240,631
	50,950	American Electric Power Co. Inc.		3,441,584		4,138,159
	1,800	Atlantica Sustainable Infrastructure plc		44,595		38,700
	64,000	Avangrid Inc.		2,354,494		2,074,240
	52,000	Avista Corp.		2,240,078		1,858,480
	400	Badger Meter Inc.		41,569		61,748
	33,000	Black Hills Corp.		1,715,421		1,780,350
	7,500	CenterPoint Energy Inc.		194,516		214,275
	80,544	CMS Energy Corp.		3,531,338		4,677,190
	46,500	Dominion Energy Inc.		3,295,958		2,185,500
	16,800	DTE Energy Co.		1,187,643		1,852,368
	72,700	Duke Energy Corp.		6,379,402		7,054,808
	65,000	Edison International		3,905,402		4,646,850
	7,000	Emera Inc.		269,273		265,726
	4,200	Entergy Corp.		279,256		424,998
	140,500	Evergy Inc.		7,847,130		7,334,100
	116,700	Eversource Energy		8,095,955		7,202,724
	100,200	FirstEnergy Corp.		3,135,183		3,673,332
	75,000	Hawaiian Electric Industries Inc.		2,314,082		1,064,250
	3,700	IDACORP Inc.		377,747		363,784
	58,000	MGE Energy Inc.		3,590,785		4,193,980

Shares			Cost		Market Value
	190,300	NextEra Energy Inc.	$	11,750,906	$	11,558,822
	48,000	NiSource Inc.		397,800		1,274,400
	72,500	Northwestern Energy Group Inc.		3,993,527		3,689,525
	20,000	NRG Energy Inc.		480,910		1,034,000
	180,000	OGE Energy Corp.		6,639,466		6,287,400
	59,700	Otter Tail Corp.		2,221,163		5,072,709
	55,000	PG&E Corp.		559,726		991,650
	1,100	Pinnacle West Capital Corp.		91,937		79,024
	83,500	PNM Resources Inc.		4,070,233		3,473,600
	58,750	Portland General Electric Co.		2,548,340		2,546,225
	22,240	PPL Corp.		660,376		602,704
	31,673	Public Service Enterprise Group Inc.		1,282,115		1,936,804
	1,600	Sempra		119,157		119,568
	3,600	The Southern Co.		237,423		252,432
	17,000	Unitil Corp.		448,439		893,690
	123,370	WEC Energy Group Inc.		10,015,662		10,384,053
	142,821	Xcel Energy Inc.		7,748,147		8,842,048
				112,421,377		120,820,885
		Electric Transmission and Distribution — 3.1%
	30,000	Consolidated Edison Inc.		1,908,816		2,729,100
	20,650	Constellation Energy Corp.		622,947		2,413,778
	66,100	Exelon Corp.		1,573,511		2,372,990
	110,000	Iberdrola SA		1,231,554		1,441,428
	300	The Timken Co.		23,079		24,045
				5,359,907		8,981,341
		Energy and Utilities: Natural Resources — 0.0%
	292	Occidental Petroleum Corp.		18,463		17,435

		Energy and Utilities: Services — 0.0%
	2,031	RPC Inc.		18,035		14,786

		Environmental Services — 0.3%
	800	Fluidra SA		32,048		16,648
	100	Tetra Tech Inc.		16,501		16,693
	27,712	Veolia Environnement SA		507,925		873,726
				556,474		907,067
		Equipment and Supplies — 1.1%
	5,000	Capstone Green Energy Corp.†		18,370		1,050
	1,396	Graham Corp.†		27,160		26,482
	10,000	MDU Resources Group Inc.		200,502		198,000
	55,400	Mueller Industries Inc.		896,922		2,612,110
	65	Tidewater Inc.†		4,541		4,687
	1,150	Valmont Industries Inc.		236,694		268,537
				1,384,189		3,110,866

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Global Utilities — 2.8%
	8,000	Chubu Electric Power Co. Inc.	$	135,666	$	103,348
	7,595	EDP - Energias de Portugal SA		27,768		38,191
	117,000	Electric Power Development Co. Ltd.		2,549,860		1,898,968
	34,000	Endesa SA		975,561		692,883
	300,000	Enel SpA		1,862,753		2,228,875
	560,000	Hera SpA		1,323,308		1,837,326
	15,000	Hokkaido Electric Power Co. Inc.		73,141		66,447
	13,000	Hokuriku Electric Power Co.†		87,350		67,637
	220,000	Huaneng Power International Inc., Cl. H†		83,674		116,642
	35,000	Korea Electric Power Corp., ADR†		353,682		253,750
	22,000	Kyushu Electric Power Co. Inc.†		201,429		159,305
	10,000	Shikoku Electric Power Co. Inc.		108,258		71,879
	7,500	The Chugoku Electric Power Co. Inc.		101,272		53,537
	25,000	The Kansai Electric Power Co. Inc.		330,129		331,915
	11,000	Tohoku Electric Power Co. Inc.		95,368		74,808
				8,309,219		7,995,511
		Merchant Energy — 1.6%
	240,000	The AES Corp.		3,847,748		4,620,000

		Natural Gas Integrated — 6.4%
	8,000	DT Midstream Inc.		201,070		438,400
	85,000	Energy Transfer LP		877,696		1,173,000
	105,000	Kinder Morgan Inc.		1,599,840		1,852,200
	105,000	National Fuel Gas Co.		4,495,413		5,267,850
	142,000	ONEOK Inc.		5,895,426		9,971,240
				13,069,445		18,702,690
		Natural Gas Utilities — 6.6%
	25,500	Atmos Energy Corp.		2,023,097		2,955,450
	9,000	Chesapeake Utilities Corp.		753,389		950,670
	13,200	Engie SA		379,215		231,960
	69,000	National Grid plc, ADR		4,885,254		4,691,310
	30,300	ONE Gas Inc.		1,298,615		1,930,716
	42,000	RGC Resources Inc.		564,619		854,280
	118,915	Southwest Gas Holdings Inc.		8,079,619		7,533,265
	1,200	Spire Inc.		98,197		74,808

Shares			Cost		Market Value
	600	UGI Corp.	$	26,633	$	14,760
				18,108,638		19,237,219
		Natural Resources — 1.8%
	250	Antero Resources Corp.†		6,991		5,670
	56,489	Cameco Corp.		740,389		2,434,676
	30,000	Compania de Minas Buenaventura SAA, ADR		327,255		457,200
	19,800	Exxon Mobil Corp.		1,588,452		1,979,604
	2,200	Hess Corp.		82,673		317,152
				2,745,760		5,194,302
		Oil — 0.1%
	122	Chevron Corp.		19,630		18,197
	4,500	Devon Energy Corp.		43,702		203,850
				63,332		222,047
		Services — 2.1%
	22,000	ABB Ltd., ADR		460,109		974,600
	505	Baker Hughes Co.		17,940		17,261
	350	Diamond Offshore Drilling Inc.†		4,662		4,550
	15,880	Dril-Quip Inc.†		375,633		369,528
	99,500	Enbridge Inc.		2,767,495		3,583,990
	33,605	Halliburton Co.		750,194		1,214,821
	807	NOV Inc.		16,156		16,366
	1,173	Oceaneering International Inc.†		26,191		24,961
	430	Schlumberger NV		24,382		22,377
	1,085	TechnipFMC plc		22,384		21,852
				4,465,146		6,250,306
		Water — 5.6%
	26,000	American States Water Co.		1,283,095		2,090,920
	22,400	American Water Works Co. Inc.		2,496,124		2,956,576
	23,000	Artesian Resources Corp., Cl. A		638,791		953,350
	33,200	California Water Service Group		757,390		1,722,084
	26,400	Essential Utilities Inc.		516,570		986,040
	6,700	Middlesex Water Co.		143,238		439,654
	140,000	Severn Trent plc		3,673,440		4,602,251
	29,000	SJW Group		1,459,875		1,895,150
	9,400	The York Water Co.		155,898		363,028
	4,100	Zurn Elkay Water Solutions Corp.		125,381		120,581
				11,249,802		16,129,634
		TOTAL ENERGY AND UTILITIES		185,920,792		217,995,275

		COMMUNICATIONS — 10.8%
		Cable and Satellite — 1.8%
	5,000	Altice USA Inc., Cl. A†		30,056		16,250

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		COMMUNICATIONS (Continued)
		Cable and Satellite (Continued)
	2,500	Charter Communications Inc., Cl. A†	$	527,767	$	971,700
	20,400	Cogeco Inc.		411,380		880,169
	60,000	DISH Network Corp., Cl. A†		807,698		346,200
	20,000	EchoStar Corp., Cl. A†		420,538		331,400
	250,000	ITV plc		451,395		201,650
	90,000	Liberty Latin America Ltd., Cl. A†		968,328		657,900
	5,947	Liberty Latin America Ltd., Cl. C†		42,462		43,651
	20,000	Rogers Communications Inc., Cl. B		990,846		936,200
	32,200	Telenet Group Holding NV		535,443		746,491
				5,185,913		5,131,611
		Communications Equipment — 0.0%
	7,500	Furukawa Electric Co. Ltd.		173,929		117,925

		Telecommunications — 6.8%
	36,000	AT&T Inc.		827,136		604,080
	12,000	BCE Inc., New York		532,628		472,560
	6,047	BCE Inc., Toronto		257,284		238,083
	100,000	BT Group plc, Cl. A		280,918		157,547
	7,000	Cogeco Communications Inc.		259,845		313,535
	115,000	Deutsche Telekom AG		2,020,051		2,761,255
	60,000	Deutsche Telekom AG, ADR		991,918		1,447,800
	21,250	Eurotelesites AG†		98,865		85,156
	200	Hutchison Telecommunications Hong Kong Holdings Ltd.		19		28
	62,000	Liberty Global Ltd., Cl. A†		1,303,745		1,101,740
	122,000	Liberty Global Ltd., Cl. C†		3,418,450		2,274,080
	1,750,000	Nippon Telegraph & Telephone Corp.		813,435		2,138,475
	156,500	Orange Belgium SA†		3,963,482		2,332,370
	6,000	Orange SA, ADR		71,421		68,580
	59,000	Orascom Financial Holding SAE†		9,810		622
	10,000	Orascom Investment Holding, GDR†(a)		9,221		140
	30,000	Pharol SGPS SA†		8,930		1,245
	8,500	Proximus SA		151,084		79,854
	2,000	PT Indosat Tbk		1,061		1,218
	1,350	Tele2 AB, Cl. B		15,470		11,583
	220,000	Telefonica Deutschland Holding AG		630,305		571,228
	250,000	Telefonica SA, ADR		1,200,752		975,000
	85,000	Telekom Austria AG		613,919		717,844

Shares			Cost		Market Value
	25,000	Telephone and Data Systems Inc.	$	398,671	$	458,750
	30,000	Telesat Corp.†		370,000		312,900
	5,500	T-Mobile US Inc.		431,985		881,815
	10,000	VEON Ltd., ADR†		242,166		197,000
	40,000	Verizon Communications Inc.		1,863,020		1,508,000
				20,785,591		19,712,488
		Wireless Communications — 2.2%
	5,000	America Movil SAB de CV, ADR		68,868		92,600
	16,000	Anterix Inc.†		624,666		533,120
	103,000	Millicom International Cellular SA, SDR†		2,341,063		1,840,735
	1,200	Operadora De Sites Mexicanos SAB de CV		1,436		1,683
	1,814	SK Telecom Co. Ltd., ADR		45,728		38,820
	400	SmarTone Telecommunications Holdings Ltd.		207		208
	60,000	Turkcell Iletisim Hizmetleri A/S, ADR		399,014		288,600
	32,500	United States Cellular Corp.†		1,208,037		1,350,050
	250,000	Vodafone Group plc, ADR		4,247,092		2,175,000
				8,936,111		6,320,816
		TOTAL COMMUNICATIONS		35,081,544		31,282,840

		OTHER — 2.9%
		Automotive — 0.1%
	45,000	Iveco Group NV†		336,699		404,675

		Building and Construction — 0.1%
	2,700	Knife River Corp.†		100,820		178,686

		Diversified Industrial — 0.2%
	1,200	Accelleron Industries AG, ADR		17,184		37,410
	200	Arcosa Inc.		15,750		16,528
	290	ITT Inc.		34,875		34,603
	2,271	L.B. Foster Co., Cl. A†		36,038		49,939
	500	Matthews International Corp., Cl. A		18,220		18,325
	13,500	Trinity Industries Inc.		361,406		358,965
				483,473		515,770
		Electronics — 0.6%
	1,200	Allient Inc.		40,056		36,252
	74	Hubbell Inc.		24,240		24,341
	2,200	Keysight Technologies Inc.†		218,444		349,998
	567	Resideo Technologies Inc.†		9,745		10,671

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		Electronics (Continued)
	14,000	Sony Group Corp., ADR	$	960,385	$	1,325,660
				1,252,870		1,746,922
		Financial Services — 0.1%
	150,000	GAM Holding AG†		226,477		69,824
	8,000	Kinnevik AB, Cl. A†		128,071		84,711
	8,000	Kinnevik AB, Cl. B†		169,291		85,742
				523,839		240,277
		Machinery — 0.9%
	200,000	CNH Industrial NV		2,348,129		2,436,000
	1,310	Flowserve Corp.		54,522		53,998
	400	Medmix AG		9,467		9,036
	2,965	Mueller Water Products Inc., Cl. A		33,926		42,696
	1,830	Xylem Inc.		150,199		209,279
				2,596,243		2,751,009
		Specialty Chemicals — 0.0%
	200	Air Products and Chemicals Inc.		50,793		54,760
	250	Linde plc		85,807		102,677
				136,600		157,437
		Transportation — 0.9%
	21,000	GATX Corp.		971,259		2,524,620

		TOTAL OTHER		6,401,803		8,519,396

		TOTAL COMMON STOCKS		227,404,139		257,797,511

		MANDATORY CONVERTIBLE SECURITIES(b) — 0.3%
		ENERGY AND UTILITIES — 0.3%
		Natural Gas Utilities — 0.3%
	17,400	Spire Inc., Ser. A, 7.500%, 03/01/24		870,000		830,850

Shares			Cost		Market Value
		WARRANTS — 0.0%
		OTHER — 0.0%
		Financial Services — 0.0%
	7,500	SDCL EDGE Acquisition Corp., expire 12/31/28†	$	2,702	$	236

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 10.9%
$	31,825,000	U.S. Treasury Bills, 5.263% to 5.472%††, 01/18/24 to 04/25/24		31,636,575		31,643,294

TOTAL INVESTMENTS — 100.0%			$	259,913,416		290,271,891

Other Assets and Liabilities (Net)						302,321

NOTE PAYABLE						(20,477,094	)

PREFERRED SHARES
(1,973,352 preferred shares outstanding)						(49,383,750	)

NET ASSETS — COMMON SHARES
(75,142,210 common shares outstanding)					$	220,713,368

NET ASSET VALUE PER COMMON SHARE
($220,713,368 ÷ 75,142,210 shares outstanding)					$	2.94

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(b)	Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.
†	Non-income producing security.
††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
SDR	Swedish Depositary Receipt

Statement of Assets and Liabilities

December 31, 2023

Assets:
Investments, at value (cost $259,913,416)	$	290,271,891
Cash		33,604
Foreign currency, at value (cost $348)		377
Receivable for investments sold		144,792
Dividends receivable		842,380
Deferred offering expense		60,522
Prepaid expenses		7,656
Total Assets		291,361,222
Liabilities:
Distributions payable		39,816
Payable for investments purchased		144,615
Payable for investment advisory fees		245,907
Payable for payroll expenses		82,697
Payable for accounting fees		3,750
Payable for shareholder communications		66,277
Payable for legal and audit fees		63,914
Note payable, maturity 12/31/24 (See Note 6)		20,477,094
Other accrued expenses		140,034
Total Liabilities		21,264,104
Cumulative Preferred Shares $0.001 par value:
Series B Preferred Shares (Auction Market, $25,000 liquidation value per share, 1,000 shares authorized with 2 shares issued and outstanding)		50,000
Series C Preferred Shares (5.375%, $25 liquidation value per share, 2,000,000 shares authorized with 1,973,350 shares issued and outstanding)		49,333,750
Total Preferred Shares		49,383,750
Net Assets Attributable to Common Shareholders	$	220,713,368

Net Assets Attributable to Common Shareholders Consist of:
Paid-in capital	$	199,221,996
Total distributable earnings		21,491,372
Net Assets	$	220,713,368

Net Asset Value per Common Share:
($220,713,368 ÷ 75,142,210 shares outstanding at $0.001 par value; unlimited number of shares authorized)	$	2.94

Statement of Operations

For the Year Ended December 31, 2023

Investment Income:
Dividends (net of foreign withholding taxes of $192,574)	$	8,898,350
Interest		2,270,337
Total Investment Income		11,168,687
Expenses:
Investment advisory fees		3,128,315
Interest expense on note		241,886
Shareholder communications expenses		224,752
Shelf offering expense		206,178
Payroll expenses		161,640
Legal and audit fees		154,886
Trustees’ fees		144,132
Shareholder services fees		117,351
Custodian fees		48,514
Accounting fees		45,000
Miscellaneous expenses		181,927
Total Expenses		4,654,581
Less:
Advisory fee reimbursements (See Note 3)		(175,568	)
Expenses paid indirectly by broker (See Note 5)		(3,821	)
Custodian fee credits		(2,210	)
Total Credits and Reductions		(181,599	)
Net Expenses		4,472,982
Net Investment Income		6,695,705

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(7,084,258	)
Net realized gain on foreign currency transactions		6,154
Net realized loss on investments and foreign currency transactions		(7,078,104	)
Net change in unrealized appreciation/depreciation:
on investments		(10,782,807	)
on foreign currency translations		9,652
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(10,773,155	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(17,851,259	)
Net Decrease in Net Assets Resulting from Operations		(11,155,554	)
Total Distributions to Preferred Shareholders		(3,033,943	)
Net Decrease in Net Assets Attributable to Common Shareholders Resulting from Operations	$	(14,189,497	)

Selected data for a common share of beneficial interest outstanding throughout each year:

1. Organization. The Gabelli Utility Trust (the Fund) was organized on February 25, 1999 as a Delaware statutory trust. The Fund is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund commenced investment operations on July 9, 1999.

The Fund’s primary objective is long term growth of capital and income. The Fund will invest 80% of its assets, 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 Fund has adopted a policy to provide shareholders with notice at least sixty days prior to the implementation of any change in the 80% Policy.

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund 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 price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S.

dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2023 is as follows:

During the year ended December 31, 2023, the Fund did not have material transfers into or out of Level 3. The Fund’s policy is to recognize transfers among levels as of the beginning of the reporting period.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Fund’s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

The Fund’s derivative contracts held at December 31, 2023, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Swap Agreements. The Fund may enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an equity contract for difference swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short term interest rates and the returns on the Fund’s portfolio securities at the time an equity contract for difference swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction.

Unrealized gains related to swaps are reported as an asset and unrealized losses are reported as a liability in the Statement of Assets and Liabilities. The change in the value of swaps, including the accrual of periodic amounts of interest to be received or paid on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon receipt or payment of a periodic payment or termination of swap agreements. At December 31, 2023, the Fund held no investments in equity contract for difference swap agreements.

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (CFTC). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (CEA), the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund which permit the Fund to engage in commodity interest transactions that include (i) “bona fide hedging” transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the Fund’s commodity interest transactions would not exceed 100% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures, and

financial futures contracts). As a result, in the future the Fund will be more limited in its ability to use these instruments than in the past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund’s performance.

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the year ended December 31, 2023, there were no short sales outstanding.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. 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 that 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 translations. 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 Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund is not subject to an independent limitation on the amount it may invest in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is

not as well assured as that of publicly traded securities, and, accordingly, the Board will monitor their liquidity. At December 31, 2023, the Fund held no restricted securities.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee of 110% of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, if any, would be included in the Statement of Operations.

Distributions to Shareholders. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the tax treatment of currency gains, and losses, disallowed expenses, and prior year return of capital. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2023, reclassifications were made to decrease paid-in capital by $508,193, with an offsetting adjustment to total distributable earnings.

The Fund declares and pays monthly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s NAV and the financial market environment. The Fund’s distribution policy is subject to modification by the Board at any time.

Distributions to shareholders of the Fund’s the Series B Auction Market Cumulative Preferred Shares (Series B Preferred), and the 5.375% Series C Cumulative Preferred Shares (Series C Preferred), and interest expense on the Note are recorded on a daily basis and are determined as described in Note 6.

The tax character of distributions paid during the years ended December 31, 2023 and 2022 was as follows:

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the 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.

At December 31, 2023, the components of accumulated earnings/losses on a tax basis were as follows:

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. The Fund has a long term capital loss carryforward with no expiration of $6,848,448.

At December 31, 2023, the temporary differences between book basis and tax basis net unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes, tax basis adjustments on investments in partnerships and tax basis adjustments due to corporate actions, mark-to-market adjustments on investments in passive foreign investment companies, and investments no longer considered passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2023:

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the year ended December 31, 2023, the Fund did not incur any income tax, interest, or penalties.

As of December 31, 2023, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of its average weekly net assets including the liquidation value of the preferred shares. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration of all aspects of the Fund’s business and affairs.

The Adviser has agreed to reduce the management fee on the incremental assets attributable to the Series B Preferred if the total return of the NAV of the common shares of the Fund, including distributions and advisory fee subject to reduction, does not exceed the stated dividend rates of the Series B Preferred for the year. The Fund’s total return on the NAV of the common shares is monitored on a monthly basis to assess whether the total return on the NAV of the common shares exceeds the dividend rates of the Series B Preferred for the period. For the year ended December 31, 2023, the Fund’s total return on the NAV of the common shares did not exceed the stated dividend rate of the Series B Preferred. Thus, advisory fees with respect to the liquidation value of the Series B Preferred were reduced by $175,568.

4. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2023, other than short term securities and U.S. Government obligations, aggregated $5,917,161 and $14,298,453, respectively. Purchases and sales of U.S. Government obligations for the year ended December 31, 2023, aggregated $131,298,386 and $158,237,889, respectively.

5. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2023, the Fund paid $3,827 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the year ended December 31, 2023, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $3,821.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the year ended December 31, 2023, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the year ended December 31, 2023, the Fund accrued $161,640 in payroll expenses in the Statement of Operations.

The Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses

incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

7. Industry Concentration. Because the Fund 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.

8. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

9. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Gabelli Utility Trust (the “Fund”) as of December 31, 2023, the related statements of operations and cash flows for the year ended December 31, 2023, the statement of changes in net assets attributable to common shareholders for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations and its cash flows for the year then ended, the changes in its net assets attributable to common shareholders for each of the two years in the period ended December 31, 2023, and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

The following includes information that is incorporated by reference in the Fund’s Registration Statement and is also a summary of certain changes during the most recent fiscal year ended December 31, 2023. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.

Except as noted below, during the year ended December 31, 2023, there were no changes to the management team of the Fund.

Effective October 16, 2023, Brett Kearney, CFA was no longer a portfolio manager of the Fund.

Simon Wong became a portfolio manager of the Fund effective on October 16, 2023. Mr. Wong began his investment career at G.research (formerly Gabelli & Company) in 1997 as a specialty chemical analyst and subsequently became a generalist at Olstein Funds (now Olstein Capital Management), Lucid Asset Management, and Boyar Asset Management. Simon graduated from UCLA with a BA in Economics and received an MBA in Finance from Columbia Business School.

The Fund does not believe that there are any material unresolved written comments, received 180 days or more before December 31, 2023 from the Staff of the SEC regarding any of the Fund’s periodic or current reports under the Securities Exchange Act or the Investment Company Act, or its registration statement.

Under the Fund’s Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan (the “Plan”), a shareholder whose shares of common stock are registered in his or her own name will have all distributions reinvested automatically by Computershare Trust Company, N.A. (“Computershare”), which is an agent under the Plan, unless the shareholder elects to receive cash. Distributions with respect to shares registered in the name of a broker-dealer or other nominee (that is, in “street name”) will be reinvested by the broker or nominee in additional shares under the Plan, unless the service is not provided by the broker or nominee or the shareholder elects to receive distributions in cash. Investors who own shares of common stock registered in street name should consult their broker-dealers for details regarding reinvestment. All distributions to investors who do not participate in the Plan will be paid by check mailed directly to the record holder by Computershare as dividend-disbursing agent.

It is the policy of The Gabelli Utility Trust (the “Fund”) to automatically reinvest dividends payable to common shareholders. As a “registered” shareholder you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”). The Plan authorizes the Fund to credit common shares to participants upon an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium to net asset value.

Be advised that the common shares of The Gabelli Utility Trust have traded at excessive premiums (whereby the market price is much greater than the underlying net asset value.) Dividend reinvestment may be made at an excessive premium, which is not likely to be sustainable.

All distributions to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their share certificates to Computershare Trust Company, N.A. (“Computershare”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distributions in cash may submit this request through the Internet, by telephone or in writing to:

Shareholders requesting this cash election must include the shareholder’s name and address as they appear on the Fund’s records. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact Computershare at the website or telephone number above.

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

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

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

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

Participants in the Voluntary Cash Purchase Plan have the option of making additional cash payments to Computershare for investments in the Fund’s shares at the then current market price. Shareholders may send an amount from $250 to $10,000. Computershare will use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each shareholder who participates $0.75, plus a per share fee (currently $0.02 per share). Per share fees include any applicable brokerage commissions Computershare is required to pay and fees for such purchases are expected to be less than the usual fees for such transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box 6006, Carol Stream, IL 60197-6006 such that Computershare receives such payments approximately three business days before the 1st and 15th of the month. Funds not received at least three business days before the investment date shall be held for investment until the next purchase date. Computershare will wait up to three business days after receipt of a check to ensure it receives good funds and will then seek to purchase shares

for voluntary cash payments on the voluntary cash payment date. A payment may be withdrawn without charge if notice is received by Computershare at least two business days before such payment is to be invested.

Shareholders wishing to liquidate shares held at Computershare may do so through the Internet, in writing or by telephone to the above-mentioned website, address or telephone number. Include in your request your name, address, and account number. Computershare will sell such shares through a broker-dealer selected by Computershare within 5 business days of receipt of the request. The sale price will equal the weighted average price of all shares sold through the Plan on the day of the sale, less applicable fees. Participants should note that Computershare is unable to accept instructions to sell on a specific date or at a specific price. The cost to liquidate shares is $2.50 per transaction as well as the per share fee (currently $0.10 per share) Per share fees include any applicable brokerage commissions Computershare is required to pay and are expected to be less than the usual fees for such transactions.

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

The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to the members of the Plan at least 30 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 30 days written notice to participants in the Plan.

Selected data for a share of beneficial interest outstanding throughout each year:

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees. Information pertaining to the Trustees and Officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s 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.

Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

The Fund’s Board has overall responsibility for the management of the Fund. The Board decides upon matters of general policy and reviews the actions of the Investment Adviser, Gabelli Funds, LLC, One Corporate Center, Rye, New York 10580-1422, and the Sub-Administrator (as defined below). Pursuant to an investment advisory agreement between the Fund and the Investment Adviser (the “Investment Advisory Agreement”), the Investment Adviser, under the supervision of the Board, provides a continuous investment program for the Fund’s portfolio; provides investment research and makes and executes recommendations for the purchase and sale of securities; and provides all facilities and personnel, including officers required for its administrative management, and pays the compensation of Trustees of the Fund who are officers or employees of the Investment Adviser or its affiliates. As compensation for its services rendered and the related expenses borne by the Investment Adviser, the Fund pays the Investment Adviser a monthly fee, computed an annual rate of 1.00% of the Fund’s average weekly net assets. The Fund’s average weekly net assets shall be determined at the end of each month on the basis of the Fund’s average net assets for each week during the month. The assets for each weekly period shall be determined by averaging the net assets at the end of a week with the net assets at the end of the prior week. The value of the Fund’s average weekly net assets shall be deemed to be the average weekly value of the Fund’s total assets minus the sum of the Fund’s liabilities (such liabilities do not include the aggregate liquidation preference of any outstanding preferred shares and accumulated dividends, if any, on those shares). Therefore, the Fund will pay an advisory fee on any assets attributable to certain types of leverage it uses. Consequently, if the Fund has preferred shares outstanding, the investment management fees and other expenses as a percentage of net assets attributable to common shares may be higher than if the Fund does not utilize a capital structure leveraged with preferred equity.

Because the investment advisory fee is based on a percentage of the Fund’s net assets without deduction for the liquidation preference of any outstanding preferred shares, the Investment Adviser may have a conflict of interest in the input it provides to the Board regarding whether to use or increase the Fund’s use of preferred share leverage. The Board bases its decision, with input from the Investment Adviser, regarding whether and how much preferred share leverage to use for the Fund on its assessment of whether such use of leverage is in the best interests of the Fund, and the Board seeks to manage the Investment Adviser’s potential conflict of interest by retaining the final decision on these matters and by periodically reviewing the Fund’s performance and use of leverage.

The Investment Adviser is a New York limited liability company which serves as an investment adviser to registered investment companies with combined aggregate net assets of approximately $20.3 billion as of December 31, 2023. The Investment Adviser is a registered adviser under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of GAMCO Investors, Inc. (“GAMI”). Mr. Mario J. Gabelli owns a majority of the stock of GGCP, Inc. (“GGCP”), which holds a majority of the capital stock and voting power of GAMI. The Investment Adviser has several affiliates that provide investment advisory services: GAMCO Asset Management Inc., a wholly owned subsidiary of GAMI, acts as investment adviser for individuals, pension trusts, profit sharing trusts, endowments, and as a sub-adviser to certain third party investment funds, which include registered investment companies, having assets under management of approximately of $10.7 billion as of December 31, 2023; Teton Advisors, Inc., and its wholly owned investment adviser, Keeley Teton Advisers,

LLC, with assets under management of approximately $1.3 billion as of September 30, 2023, acts as investment adviser to The TETON Westwood Funds, the KEELEY Funds, and separately managed accounts; and Gabelli & Company Investment Advisers, Inc. (formerly, Gabelli Securities, Inc.), a wholly owned subsidiary of Associated Capital Group, Inc. (“Associated Capital”), acts as investment adviser for certain alternative investment products, consisting primarily of risk arbitrage and merchant banking limited partnerships and offshore companies, with assets under management of approximately $1.6 billion as of December 31, 2023. Teton Advisors, Inc. was spun off by GAMI in March 2009 and is an affiliate of GAMI by virtue of Mr. Gabelli’s ownership of GGCP, the principal shareholder of Teton Advisors, Inc., as of December 31, 2023. Associated Capital was spun off from GAMI on November 30, 2015, and is an affiliate of GAMI by virtue of Mr. Gabelli’s ownership of GGCP, the principal shareholder of Associated Capital.

A discussion regarding the basis for the Fund’s Board approval of the Investment Advisory Agreement with the Investment Adviser is available in this Annual Report.

The Investment Adviser is obligated to pay expenses associated with providing the services contemplated by the Investment Advisory Agreement including compensation of and office space for its officers and employees connected with investment and economic research, trading and investment management and administration of the Fund (but excluding costs associated with the calculation of the net asset value and allocated costs of the chief compliance officer function and officers of the Fund who are employed by the Fund and are not employed by the Investment Adviser although such officers may receive incentive based variable compensation from affiliates of the Investment Adviser), as well as the fees of all Trustees of the Fund who are officers or employees of the Investment Adviser or its affiliates.

In addition to the fees of the Investment Adviser, the Fund, and indirectly the holders of its common shares, is responsible for the payment of all its other expenses incurred in the operation of the Fund, which include, among other things, underwriting compensation and reimbursements in connection with sales of the Fund’s securities, expenses for legal and the Fund’s independent registered public accounting firm’s services, stock exchange listing fees and expenses, costs of printing proxies, share certificates and shareholder reports, charges of the Fund’s Custodian, any sub-custodian and any transfer agent and distribution disbursing agent, expenses in connection with the Automatic Dividend Reinvestment Plan and the Voluntary Cash Purchase Plan, SEC fees and preparation of filings with the SEC, fees and expenses of Trustees who are not officers or employees of the Investment Adviser or its affiliates, accounting and printing costs, the Fund’s pro rata portion of membership fees in trade organizations, compensation and other expenses of officers and employees of the Fund (including, but not limited to, the Chief Compliance Officer, Vice President and Ombudsman) as approved by the Fund’s Trustees, fidelity bond coverage for the Fund’s officers and employees, Trustees’ and officers’ errors and omissions insurance coverage, interest, brokerage costs, taxes, expenses of qualifying the Fund’s shares for sale in various states, expenses of personnel performing shareholder servicing functions, rating agency fees, organizational expenses, litigation and other extraordinary or non-recurring expenses and other expenses properly payable by the Fund.

The Investment Advisory Agreement contains provisions relating to the selection of securities brokers to effect the portfolio transactions of the Fund. Under those provisions, the Investment Adviser may (i) direct Fund portfolio brokerage to G.research, LLC (“G.research”), an affiliate of the Investment Adviser, or to other broker-dealer affiliates of the Investment Adviser and (ii) pay commissions to brokers other than G.research that are higher than might be charged by another qualified broker to obtain brokerage and/or research services considered by the Investment Adviser to be useful or desirable for its investment management of the Fund and/ or its other investment advisory accounts or those of any investment adviser affiliated with it. The SAI contains further information about the Investment Advisory Agreement, including a more complete description of the investment advisory and expense arrangements, exculpatory and brokerage provisions, as well as information on the brokerage practices of the Fund.

There were no changes to the portfolio management team during the year ended December 31, 2022.

The Investment Adviser has entered into a sub-administration agreement with BNY Mellon Investment Servicing (US) Inc. (the “Sub-Administrator”) pursuant to which the Sub-Administrator provides certain administrative services necessary for the Fund’s operations which do not include the investment and portfolio management services provided by the Investment Adviser. For these services and the related expenses borne by the Sub-Administrator, the Investment Adviser pays an annual fee based on the value of the aggregate average daily net assets of all funds under its administration managed by the Investment Adviser, GAMCO and Teton Advisors, Inc. as follows: 0.0275%—first $10 billion, 0.0125%—exceeding $10 billion but less than $15 billion, 0.01%— over $15 billion but less than $20 billion and 0.008% over $20 billion. The Sub-Administrator has its principal office at 301 Bellevue Parkway, Wilmington, Delaware 19809.

The NAV of the Fund’s shares is computed based on the market value of the securities it holds and determined daily as of the close of the regular trading day on the NYSE, normally 4:00 p.m., Eastern Time. The Investment Adviser has been designated as the Fund’s valuation designee to perform fair value determinations for the Fund pursuant to Rule 2a-5 under the 1940 Act, in accordance with established procedures and under the general oversight of the Board.

For purposes of determining the Fund’s NAV per share, portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. OTC market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or by such other method as the Investment Adviser 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 the Investment Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued in good faith by the Investment Adviser pursuant to established procedures if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of 60 days or less that are not credit impaired are valued at amortized cost, unless the Investment Adviser determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Investment Adviser in good faith. Debt instruments having a maturity greater than 60 days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

Options are valued using market quotations. When market quotations are not readily available, options are valued from broker quotes. In limited circumstances when neither market quotations nor broker quotes are readily available, options are valued using a Black Scholes model.

Securities and assets for which market quotations are not readily available are fair valued in good faith by the Investment Adviser. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons to the valuation and changes in valuation of similar securities, including a comparison of foreign securities to the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The Fund obtains valuations on the basis of prices provided by one or more pricing services approved by the Board. All other investment assets, including restricted and not readily marketable securities, are fair valued in good faith by the Investment Adviser under established procedures and under the general oversight of the Board.

In addition, whenever developments in one or more securities markets after the close of the principal markets for one or more portfolio securities and before the time as of which the Fund determines its NAV would, if such developments had been reflected in such principal markets, likely have had more than a minimal effect on the Fund’s NAV per share, the Fund may fair value such portfolio securities based on available market information as of the time the Fund determines its NAV.

NYSE American Closings. The holidays (as observed) on which the NYSE is closed, and therefore days upon which shareholders cannot purchase or sell shares, currently are: New Year’s Day, Dr. Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day and on the preceding Friday or subsequent Monday when a holiday falls on a Saturday or Sunday, respectively.

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

At its meeting on November 14, 2023, the Board of Trustees (Board) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not interested persons of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio managers, the nature, quality, and extent of administrative and shareholder services supervised or provided by the Adviser, including portfolio management, supervision of Fund operations, and compliance and regulatory filings and disclosures to shareholders, general oversight of other service providers, review of Fund legal issues, assisting the Independent Board Members in their capacity as Trustees, and other services, and the absence of significant service problems reported to the Board. The Independent Board Members concluded that the services are extensive in nature and that the Adviser consistently delivered a high level of service.

Investment Performance of the Fund and Adviser. The Independent Board Members considered short term and long term investment performance for the Fund over various periods of time as compared with relevant equity indices and the performance of other closed-end funds included in the Broadridge peer category. The Independent Board Members noted that the Fund’s total return performance was below the average and median of a select group of peers for the one year and five year periods, above the average and the median of a select group of peers for the three year period, and above the average but below the median of a select group of peers for the ten year period ended September 30, 2023. The Independent Board Members also noted that the Fund’s common shares consistently trade at a meaningful premium to NAV. The Independent Board Members concluded that the Adviser was delivering satisfactory performance results consistent with the investment strategies being pursued by the Fund and disclosed to investors.

Costs of Services and Profits Realized by the Adviser. (a) Costs of Services to Fund: The Independent Board Members considered the Fund’s advisory fee rate and expense ratio relative to industry averages for the Fund’s Broadridge peer group category and the advisory fees charged by the Adviser and its affiliates to other fund and non-fund clients. The Independent Board Members considered the Adviser’s fee structure as compared with that of the Adviser’s affiliate, GAMCO Asset Management Inc. (GAMCO), for services provided to institutional and high net worth accounts and in connection with sub-advisory arrangements, noting that the service level for GAMCO accounts and sub-advisory relationships is materially different than the services provided by the Adviser to its registered funds and investors in such funds, which is reflected in the difference in fee structure. The Independent Board Members noted that the mix of services under the Advisory Agreement is more extensive than those under the advisory agreements for non-fund clients. The Independent Board Members noted the level of management and gross advisory fees, other non-management expenses, and total expenses paid by the Fund relative to the average and median for the Fund’s select group of peers. They took note of the fact that the use of leverage impacts comparative expenses to peer funds, not all of which utilize leverage and certain of which are open-end funds. The Independent Board Members were aware that the Adviser has agreed to waive its management fee on the incremental assets attributable to the Fund’s Series B Preferred Shares during a fiscal year if the total return on NAV of the Fund’s common shares, including distributions and advisory fees subject to reduction for that year, does not exceed the stated dividend rate or corresponding

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

swap rate for the Series B Preferred Shares for the year and that the comparative total expense ratio and other non-management expense information reflected these waivers, if applicable. The Independent Board Members concluded that the advisory fee is not excessive based upon the qualifications, experience, reputation, and performance of the Adviser and the other factors considered. (b) Profitability and Costs of Services to Adviser. The Independent Board Members considered the Adviser’s overall profitability and costs. The Independent Board Members referred to the Board Materials for the pro forma income statements for the Adviser and the Fund for the period ended December 31, 2022. They noted the pro forma estimates of the Adviser’s profitability and costs attributable to the Fund. The Independent Board Members also considered whether the amount of profit is a fair entrepreneurial profit for the management of the Fund and noted that the Adviser has continued to increase its resources devoted to Fund matters, including portfolio management resources, in response to regulatory requirements and new or enhanced Fund policies and procedures. The Independent Board Members concluded that the profitability to the Adviser of managing the Fund was not excessive.

Extent of Economies of Scale as Fund Grows. The Independent Board Members considered whether there have been economies of scale with respect to the management of the Fund and whether the Fund has appropriately benefited from any economies of scale, noting that assets under management for the Fund were below $300 million for the period. The Independent Board Members noted that, although the ability of the Fund to realize economies of scale through growth is more limited than for an open-end fund, economies of scale may develop for certain funds as their assets increase and their fund-level expenses decline as a percentage of assets, but that fund-level economies of scale may not necessarily result in Adviser-level economies of scale. The Independent Board Members were aware that economies can be shared through an adviser’s investment in its fund advisory business and noted the Adviser’s decrease in personnel and resources devoted to the Gabelli Fund Complex fund complex in recent years, which could benefit the Fund.

Whether Fee Levels Reflect Economies of Scale. The Independent Board Members also considered whether the advisory fee rate is reasonable in relation to the asset size of the Fund and any economies of scale that may exist, and concluded that the Fund’s current fee schedule (without breakpoints) was considered reasonable, particularly in light of the Fund’s performance over time.

Other Relevant Considerations. (a) The Independent Board Members considered the size, education, and experience of the Adviser’s staff, the Adviser’s fundamental research capabilities, and the Adviser’s approach to recruiting, training, and retaining portfolio managers and other research and management personnel, and concluded that, in each of these areas, the Adviser was structured in such a way to support the high level of services being provided to the Fund. (b) Other Benefits to the Adviser. The Independent Board Members also considered the character and amount of other incidental benefits received by the Adviser and its affiliates from their association with the Fund. The Independent Board Members considered the brokerage commissions paid to an affiliate of the Adviser. The Independent Board Members concluded that potential fall-out benefits that the Adviser and its affiliates may receive, such as brokerage commissions paid to an affiliated broker, greater name recognition, or increased ability to obtain research services, appear to be reasonable and may in some cases benefit the Fund.

Conclusions. In considering the Advisory Agreement, the Independent Board Members did not identify any factor as all important or all controlling, and instead considered these factors collectively in light of the Fund’s surrounding circumstances. Based on this review, it was the judgment of the Independent Board Members

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

that shareholders had received satisfactory absolute and relative performance over time consistent with the investment strategies being pursued by the Fund at reasonable fees and, therefore, continuation of the Advisory Agreement was in the best interests of the Fund and its shareholders. As a part of its decision making process, the Independent Board Members noted that the Adviser has managed the Fund since its inception, and the Independent Board Members believe that a long term relationship with a capable, conscientious adviser is in the best interests of the Fund. The Independent Board Members considered, generally, that shareholders invested in the Fund knowing that the Adviser managed the Fund and knowing its investment advisory fee. As such, the Independent Board Members considered whether the Adviser managed the Fund in accordance with its investment objectives and policies as disclosed to shareholders. The Independent Board Members concluded that the Fund was managed by the Adviser in a manner consistent with its investment objectives and policies. The Independent Board Members also confirmed that they were satisfied with the information provided by the Adviser, that it included all information the Independent Board Members believed was necessary to evaluate the terms of the Advisory Agreement, and that the Independent Board Members were satisfied that any questions they had were appropriately addressed. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the nature and quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement.

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 2023 tax returns. Ordinary income distributions include net investment income and net realized short term capital gains, if any. Ordinary income is reported in box 1a of Form 1099-DIV. Capital gain distributions are reported in box 2a of Form 1099-DIV.

Corporate Dividends Received Deduction, Qualified Dividend Income, and U.S. Government Securities Income

In 2023, the Fund paid to common and 5.375% Series C Cumulative Preferred shareholders ordinary income dividends of $0.06000 and $1.34375 per share, respectively. The Fund paid weekly distributions to Series B Auction Rate Cumulative Preferred shareholders at varying rates throughout the year, including an ordinary income dividend totaling $427.18000 per share in 2023. For 2023, 84.55% of the ordinary dividend qualified for the dividend received deduction available to corporations, 100% of the ordinary income distribution was deemed qualified dividend income, and 19.03% of ordinary income distribution was qualified interest income. The percentage of ordinary income dividends paid by the Fund during 2023 derived from U.S. Government securities was 18.60%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its year in U.S. Government securities. The Fund did not meet this strict requirement in 2023. The percentage of U.S. Government securities held as of December 31, 2023 was 10.9% of total investments.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

THE GABELLI UTILITY TRUST

AND YOUR PERSONAL PRIVACY

Who are we?

The Gabelli Utility Trust is a closed-end management 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 GAMCO Investors, Inc., a publicly held company that has subsidiaries that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

When you purchase shares of the Fund 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.

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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.

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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 website, 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.

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

Timothy M. Winter, CFA, joined Gabelli in 2009 and covers the utility industry. He has over 25 years of experience as an equity research analyst covering the industry. Currently, he continues to specialize in the utility industry and also serves as a portfolio manager of Gabelli Funds, LLC. Mr. Winter received his BA in Economics from Rollins College and an MBA degree in Finance from the University of Notre Dame.

Justin Bergner, CFA, is a Vice President at Gabelli and a portfolio manager for Gabelli Funds LLC. Justin rejoined Gabelli in 2013 as a research analyst covering Diversified Industrials, Home Improvement, and Transport companies. He began his investment career at Gabelli in 2005 as a metals and mining analyst, and subsequently spent five years at Axiom International Investors as a senior analyst focused on industrial and healthcare stocks. Prior to business school, Mr. Bergner worked in management consulting at both Bain & Company and Dean & Company. Mr. Bergner graduated cum laude from Yale University with a BA in Economics and Mathematics and received an MBA in Finance and Accounting from the Wharton School at the University of Pennsylvania.

Simon T. Wong, CFA, covers the energy sector. He began his investment career at Gabelli in 1997 as a specialty chemical analyst and subsequently became a generalist at Olstein Capital Management, Lucid Asset Management, and Boyar Asset Management. Simon graduated from the University of California, Los Angeles with a BA in Economics and received an MBA in Finance from Columbia Business School.

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized Equity Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

As of the end of the period covered by the report, the registrant’s Board of Trustees has determined that Vincent D. Enright is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

(This section pertains to all affiliated SEC registered investment advisers)

Rule 206(4)-6 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 Asset Management Inc., Gabelli Funds, LLC, Gabelli & Company Investment Advisers, Inc., and Teton Advisors, 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).

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 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.

Meetings are held on an 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, and the analysts of GAMCO Investors, Inc. (“GBL”), 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 the analysts of GBL, 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.

The Advisers have implemented these proxy voting procedures in order to prevent conflicts of interest from influencing their proxy voting decisions. By following the Proxy Guidelines and the analysts of GBL, the Advisers are able to avoid, wherever possible, the influence of potential conflicts of interest. Nevertheless, circumstances may arise in which one or more of the Advisers are faced with a conflict of interest or the appearance of a conflict of interest in connection with its vote. In general, a conflict of interest may arise when an Adviser knowingly does business with an issuer, and may appear to have a material conflict between its own interests and the interests of the shareholders of an investment company managed by one of the Advisers regarding how the proxy is to be voted. A conflict also may exist when an Adviser has actual knowledge of a material business arrangement between an issuer and an affiliate of the Adviser.

In practical terms, a conflict of interest may arise, for example, when a proxy is voted for a company that is a client of one of the Advisers, such as GAMCO Asset Management Inc. A conflict also may arise when a client of one of the Advisers has made a shareholder proposal in a proxy to be voted upon by one or more of the Advisers. The Director of Proxy Voting Services, together with the Legal Department, will scrutinize all proxies for these or other situations that may give rise to a conflict of interest with respect to the voting of proxies.

For matters submitted to the Committee, each member of the Committee will receive, prior to the meeting, a copy of the proxy statement, a summary of any views provided by the Chief Investment Officer and any recommendations by GBL analysts. The Chief Investment Officer or the GBL analysts may be invited to present their viewpoints. If the Director of Proxy Voting Services or the Legal Department believe 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 may 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 the Advisers may diverge, counsel may so advise and the Committee may make different recommendations as to different clients. For any matters where the recommendation may trigger appraisal rights, counsel may 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. The Advisers subscribe to Institutional Shareholder Services Inc (“ISS”) and Glass Lewis & Co., LLC (“Glass Lewis”), which supply current information on companies, matters being voted on, regulations, trends in proxy voting and information on corporate governance issues. The information provided by ISS and GL is for informational purposes only.

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 may be referred to legal counsel to determine whether an amendment to the most recently filed Schedule 13D is appropriate.

If a client has provided and the Advisers have accepted 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 may abstain with respect to those shares.

Specific to the Gabelli SRI Fund and the Gabelli Love Our Planet & People ETF, the Proxy Voting Committee will rely on the advice of the portfolio managers of the Gabelli SRI Fund and the Gabelli Love Our Planet & People ETF to provide voting recommendations on the securities held in the portfolios.

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.

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.

Proxy voting in certain countries requires “share-blocking.” Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting with a designated depository. During the period in which the shares are held with a depository, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients’ custodian. Absent a compelling reason to the contrary, the Advisers believe that the benefit to the client of exercising the vote is outweighed by the cost of voting and therefore, the Advisers will not typically vote the securities of non-U.S. issuers that require share-blocking.

In addition, voting proxies of issuers in non-U.S. markets may also give rise to a number of administrative issues or give rise to circumstances under which voting would impose a cost (real or implied) on its client which may cause the Advisers to abstain from voting such proxies. For example, the Advisers may receive the notices for shareholder meetings without adequate time to consider the proposals in the proxy or after the cut-off date for voting. Other markets require the Advisers to provide local agents with power of attorney prior to implementing their respective voting instructions on the proxy. Other markets may require disclosure of certain ownership information in excess of what is required to vote in the U.S. market. Although it is the Advisers’ policies to vote the proxies for its clients for which they have proxy voting authority, in the case of issuers in non-U.S. markets, we vote client proxies on a best efforts basis.

The Proxy Voting Department will retain a record of matters voted upon by the Advisers for their clients. The Advisers will supply information on how they voted a client’s proxy upon request from the client.

The complete voting records for each registered investment company (the “Fund”) that is managed by the Advisers will be filed on Form N-PX for the twelve months ended June 30th, no later than August 31st of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to Gabelli Funds, LLC at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Advisers’ proxy voting records will be retained in compliance with Rule 204-2 under the Investment Advisers Act.

1. Custodian banks, outside brokerage firms and clearing firms are responsible for forwarding proxies directly to the Advisers.

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

3. Upon receipt of instructions from the proxy committee, the votes are cast and recorded for each account.

4. VIFs 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.

5. If a proxy card or VIF is received too late to be voted in the conventional matter, every attempt is made to vote including:

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

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:

Broadridge is notified that we wish to vote in person. Broadridge issues individual legal proxies and sends them back via email or overnight (or the Adviser can pay messenger charges). 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 Broadridge may be implemented.

b) The legal proxies are given to the person attending the meeting along with the limited power of attorney.

It is the policy of GAMCO Investors, Inc, and its affiliated advisers (collectively “the Advisers”) 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.

We 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.

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

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

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.

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

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

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

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

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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:

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.

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.

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

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.

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.

Required under the Dodd-Frank Act; these proposals are non-binding advisory votes on executive compensation. We will generally vote with the Board of Directors’ recommendation(s) on advisory votes on executive compensation (“Say-on-Pay”), advisory votes on the frequency of voting on executive compensation (“Say-When-on-Pay”) and advisory votes relating to extraordinary transaction executive compensation (“Say-on-Golden-Parachutes”). In those instances when we believe that it is in our clients’ best interest, we may abstain or vote against executive compensation and/or the frequency of votes on executive compensation and/or extraordinary transaction executive compensation advisory votes.

Proxy access is a tool used to attempt to promote board accountability by requiring that a company’s proxy materials contain not only the names of management nominees, but also any candidates nominated by long-term shareholders holding at least a certain stake in the company. We will review proposals regarding proxy access on a case-by-case basis taking into account the provisions of the proposal, the company’s current governance structure, the successful steps taken by management to maximize shareholder value, as well as other applicable factors.

Effective October 16, 2023, Simon Wong joined the portfolio management team and Brett Kearney was no longer a member of the portfolio management team.

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer – Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of the Board of Directors of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School, and Honorary Doctorates from Fordham University and Roger Williams University.

Timothy Winter joined Gabelli in 2009 and covers the utility industry. He has over 25 years of experience as an equity research analyst covering the industry. Currently, he continues to specialize in the utility industry and serves as a portfolio manager of Gabelli Funds, LLC. Mr. Winter received his BA in Economics in 1991 from Rollins College and MBA in Finance from Notre Dame in 1992.

Justin Bergner, CFA, is currently a portfolio manager for the Adviser and a Vice President at Gabelli & Company, having rejoined Gabelli & Company in June 2013 as a research analyst covering Diversified Industrials, Home Improvement, and Transport companies. He began his investment career at Gabelli & Company in 2005 as a metals and mining analyst, and subsequently spent five years at Axiom International Investors as a senior analyst focused on industrial and healthcare stocks. Before entering the investment profession, Justin worked in management consulting at both Bain & Company and Dean & Company. Justin graduated cum laude from Yale University with a B.A. in Economics & Mathematics and received an MBA in Finance and Accounting from Wharton Business School.

Simon T. Wong covers the energy sector. He began his investment career at G.research (formerly Gabelli & Company) in 1997 as a specialty chemical analyst and subsequently became a generalist at Olstein Funds (now Olstein Capital Management), Lucid Asset Management, and Boyar Asset Management. Simon graduated from UCLA with a B.A. in Economics and received an MBA in Finance from Columbia Business School.

The table below shows the number of other accounts managed by the portfolio managers and the total assets in each of the following categories: registered investment companies, other paid investment vehicles and other accounts as of December 31, 2023. For each category, the table also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.

As reflected above, Mr. Gabelli manages accounts in addition to the Trust. Actual or apparent conflicts of interest may arise when a Portfolio Manager also has day-to-day management responsibilities with respect to one or more other accounts. These potential conflicts include:

ALLOCATION OF LIMITED TIME AND ATTENTION. As indicated above, Mr. Gabelli manages multiple accounts. As a result, he will not be able to devote all of his time to management of the Trust. Mr. Gabelli, therefore, may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he were to devote all of his attention to the management of only the Trust.

ALLOCATION OF LIMITED INVESTMENT OPPORTUNITIES. As indicated above, Mr. Gabelli manages managed accounts with investment strategies and/or policies that are similar to the Trust. In these cases, if the he identifies an investment opportunity that may be suitable for multiple accounts, a Fund may not be able to take full advantage of that opportunity because the opportunity may be allocated among all or many of these accounts or other accounts managed primarily by other Portfolio Managers of the Adviser, and their affiliates. In addition, in the event Mr. Gabelli determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions.

SELECTION OF BROKER/DEALERS. Because of Mr. Gabelli’s indirect majority ownership interest in G.research LLC., he may have an incentive to use G.research to execute portfolio transactions for a Fund.

PURSUIT OF DIFFERING STRATEGIES. At times, Mr. Gabelli may determine that an investment opportunity may be appropriate for only some of the accounts for which he exercises investment responsibility, or may decide that certain of the funds or accounts should take differing positions with respect to a particular security. In these cases, he may execute differing or opposite transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more other accounts.

VARIATION IN COMPENSATION. A conflict of interest may arise where the financial or other benefits available to Mr. Gabelli differ among the accounts that he manages. If the structure of the Adviser’s management fee or the Portfolio Manager’s compensation differs among accounts (such as where certain accounts pay higher management fees or performance-based management fees), the Portfolio Manager may be motivated to favor certain accounts over others. The Portfolio Manager also may be motivated to favor accounts in which he has an investment interest, or in which the Adviser, or their affiliates have investment interests. Similarly, the desire to maintain assets under management or to enhance a Portfolio Manager’s performance record or to derive other rewards, financial or otherwise, could influence the Portfolio Manager in affording preferential treatment to those accounts that could most significantly benefit the Portfolio Manager. For example, as reflected above, if Mr. Gabelli manages accounts which have performance fee arrangements, certain portions of his compensation will depend on the achievement of performance milestones on those accounts. Mr. Gabelli could be incented to afford preferential treatment to those accounts and thereby by subject to a potential conflict of interest.

The Adviser, and the Funds have adopted compliance policies and procedures that are designed to address the various conflicts of interest that may arise for the Adviser and their staff members. However, there is no guarantee that such policies and procedures will be able to detect and prevent every situation in which an actual or potential conflict may arise.

Mr. Gabelli receives incentive-based variable compensation based on a percentage of net revenues received by the Adviser for managing the Trust. Net revenues are determined by deducting from gross investment management fees the firm’s expenses (other than Mr. Gabelli’s compensation) allocable to this Trust. Four closed-end registered investment companies (including this Trust) managed by Mr. Gabelli have arrangements whereby the Adviser will only receive its investment advisory fee attributable to the liquidation value of outstanding preferred stock (and Mr. Gabelli would only receive his percentage of such advisory fee) if certain performance levels are met. Additionally, he receives similar incentive based variable compensation for managing other accounts within the firm and its affiliates. This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through appreciation and net investment activity. The level of

compensation is not determined with specific reference to the performance of any account against any specific benchmark. One of the other closed-end registered investment companies managed by Mr. Gabelli has a performance (fulcrum) fee arrangement for which his compensation is adjusted up or down based on the performance of the investment company relative to an index. Mr. Gabelli manages other accounts with performance fees. Compensation for managing these accounts has two components. One component is based on a percentage of net revenues to the investment adviser for managing the account. The second component is based on absolute performance of the account, with respect to which a percentage of such performance fee is paid to Mr. Gabelli. As an executive officer of the Adviser’s parent company, GAMI, Mr. Gabelli also receives ten percent of the net operating profits of the parent company. He receives no base salary, no annual bonus, and no stock options.

Mario J. Gabelli, Timothy Winter, Justin Berger, and Simon Wong owned over $1 million, $0, $0, and $0, respectively, of shares of the Trust as of December 31, 2023.

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

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.

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.

	Year Ended December 31, 2023			Year Ended December 31, 2022
Operations:
Net investment income	$	6,695,705		$	5,255,626
Net realized gain/(loss) on investments, securities sold short, and foreign currency transactions		(7,078,104	)		5,240,115
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(10,773,155	)		(28,919,644	)
Net Decrease in Net Assets Resulting from Operations		(11,155,554	)		(18,423,903	)

Distributions to Preferred Shareholders from Accumulated Earnings		(3,033,943	)		(3,291,090	)

Net Decrease in Net Assets Attributable to Common Shareholders Resulting from Operations		(14,189,497	)		(21,714,993	)

Distributions to Common Shareholders:
Accumulated earnings		(3,858,958	)		(8,001,577	)
Return of capital		(40,828,185	)		(34,190,446	)
Total Distributions to Common Shareholders		(44,687,143	)		(42,192,023	)

Fund Share Transactions:
Increase in net assets from common shares issued in offering		—			50,234,410
Net increase in net assets from common shares issued upon reinvestment of distributions		7,571,314			6,983,503
Net increase in net assets from repurchase of preferred shares		1,806,203			16,337
Offering costs for common shares charged to paid-in capital		(450	)		(411,623	)
Net Increase in Net Assets from Fund Share Transactions		9,377,067			56,822,627

Net Decrease in Net Assets Attributable to Common Shareholders		(49,499,573	)		(7,084,389	)

Net Assets Attributable to Common Shareholders:
Beginning of year		270,212,941			277,297,330
End of year	$	220,713,368		$	270,212,941

Net decrease in net assets attributable to common shareholders resulting from operations	$	(14,189,497	)

Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities:
Purchase of long term investment securities		(4,739,523	)
Proceeds from sales of long term investment securities		13,954,323
Net sales of short term investment securities		26,939,502
Net realized loss on investments		7,084,258
Net change in unrealized depreciation on investments		10,782,807
Net amortization of discount		(2,267,812	)
Decrease in receivable for investments sold		300,779
Decrease in deposit at broker for securities sold short		290,596
Increase in dividends receivable		(19,444	)
Decrease in deferred offering expense		119,744
Increase in prepaid expenses		(3,227	)
Increase in payable for investments purchased		7,976
Increase in payable for shareholder communications expenses		66,277
Decrease in payable for investment advisory fees		(26,662	)
Increase in payable for legal and audit fees		63,914
Increase in payable for payroll expenses		38,865
Decrease in payable for accounting fees		(7,500	)
Decrease in payable for dividends payable on securities sold short		(2,880	)
Decrease in other accrued expenses		(95,879	)
Net cash provided by operating activities		38,296,617

Net decrease in net assets resulting from financing activities:
Redemption of Series C 5.375% Cumulative Preferred Shares		(313,603	)
Offering costs related to issuance of promissory notes		(200,000	)
Increase in offering cost charged to paid in capital		(450	)
Distributions to common shareholders		(37,676,546	)
Repurchase of preferred shares		(77,501	)
Net cash used in financing activities		(38,268,100	)
Net increase in cash		28,517
Cash (including foreign currency):
Beginning of year		5,464
End of year	$	33,981

Supplemental disclosure of cash flow information:
Interest paid on preferred shares	$	241,886
Increase in net assets from common shares issued upon reinvestment of distributions		7,571,314
Non-cash exchange of Promissory notes for Series B Preferred	$	20,477,094

	Year Ended December 31,
	2023			2022			2021			2020			2019
Operating Performance:
Net asset value, beginning of year	$	3.65		$	4.35		$	4.11		$	5.03		$	4.61
Net investment income		0.09			0.08			0.07			0.09			0.11
Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions		(0.23	)		(0.33	)		0.69			(0.35	)		0.99
Total from investment operations		(0.14	)		(0.25	)		0.76			(0.26	)		1.10

Distributions to Preferred Shareholders: (a)
Net investment income		(0.04	)		(0.02	)		(0.04	)		(0.10	)		(0.02	)
Net realized gain		—			(0.03	)		(0.04	)		—			(0.08	)
Return of capital		—			—			—			(0.00	)(b)		—
Total distributions to preferred shareholders		(0.04	)		(0.05	)		(0.08	)		(0.10	)		(0.10	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations		(0.18	)		(0.30	)		0.68			(0.36	)		1.00

Distributions to Common Shareholders:
Net investment income		(0.05	)		(0.05	)		(0.04	)		—			(0.09	)
Net realized gain		—			(0.06	)		(0.05	)		—			(0.39	)
Return of capital		(0.55	)		(0.49	)		(0.51	)		(0.60	)		(0.12	)
Total distributions to common shareholders		(0.60	)		(0.60	)		(0.60	)		(0.60	)		(0.60	)

Fund Share Transactions:
Increase in net asset value from common share transactions		—			0.16			0.13			—			—
Increase in net asset value from common shares issued upon reinvestment of distributions		0.05			0.05			0.04			0.04			0.02
Increase in net asset value from repurchase of preferred shares		0.02			0.00	(b)		—			—			—
Offering costs and adjustments to offering costs for preferred shares charged or credited to paid-in capital		—			—			—			—			0.00	(b)
Offering costs and adjustment to offering costs for common shares charged to paid-in capital		(0.00	)(b)		(0.01	)		(0.01	)		—			—
Total Fund share transactions		0.07			0.20			0.16			0.04			0.02

Net Asset Value Attributable to Common Shareholders, End of Year	$	2.94		$	3.65		$	4.35		$	4.11		$	5.03
NAV total return †		(3.07	)%		(5.94	)%		18.13	%		(5.37	)%		23.21	%
Market value, end of year	$	5.42		$	7.51		$	8.24		$	8.12		$	7.77
Investment total return ††		(20.64	)%		3.31	%		13.91	%		13.88	%		42.99	%

Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of year (in 000’s)	$	290,574		$	342,394		$	378,630		$	327,593		$	374,625
Net assets attributable to common shares, end of year (in 000’s)	$	220,713		$	270,213		$	277,297		$	226,261		$	273,293
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions		2.78	%		1.89	%		1.61	%		2.16	%		2.30	%


	Year Ended December 31,
	2023			2022			2021			2020			2019
Ratio of operating expenses to average net assets attributable to common shares before fees waived/fee reduction (c)(d)		1.93	%		1.62	%		1.75	%		1.84	%		1.64	%(e)
Ratio of operating expenses to average net assets attributable to common shares net of fees waived/fee reduction, if any (c)(f)		1.86	%(g)		1.54	%(g)(h)		1.75	%		1.62	%		1.64	%(e)
Portfolio turnover rate		2	%		7	%		10	%		19	%		23	%

Notes:
Note Payable
Asset coverage per $1,000 (j)	$	4,159			—			—			—			—
Amount of Note outstanding (in 000’s)	$	20,477			—			—			—			—

Cumulative Preferred Shares:
5.625% Series A Preferred(k)
Liquidation value, end of year (in 000’s)		—			—		$	28,832		$	28,832		$	28,832
Total shares outstanding (in 000’s)		—			—			1,153			1,153			1,153
Liquidation preference per share		—			—		$	25.00		$	25.00		$	25.00
Average market value (i)		—			—		$	26.93		$	26.78		$	26.19
Asset coverage per share (l)		—			—		$	93.41		$	80.82		$	92.43

Auction Market Series B Preferred
Liquidation value, end of year (in 000’s)	$	50		$	22,500		$	22,500		$	22,500		$	22,500
Total shares outstanding (in 000’s)		0	(m)		1			1			1			1
Liquidation preference per share	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Liquidation value (n)	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Asset coverage per share (l)	$	103,983		$	118,589		$	93,413		$	80,821		$	92,425

5.375% Series C Preferred
Liquidation value, end of year (in 000’s)	$	49,334		$	49,681		$	50,000		$	50,000		$	50,000
Total shares outstanding (in 000’s)		1,973			1,987			2,000			2,000			2,000
Liquidation preference per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Average market value (i)	$	23.99		$	25.00		$	26.02		$	25.96		$	25.90
Asset coverage per share (l)	$	103.98		$	118.59		$	93.41		$	80.82		$	92.43
Asset Coverage (j)		416	%		474	%		374	%		323	%		370	%

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Investment	(20.64)%	8.74%	8.92%

Electric Integrated	41.6	%
U.S. Government Obligations	10.9	%
Natural Gas Utilities	6.9	%
Telecommunications	6.8	%
Natural Gas Integrated	6.4	%
Water	5.6	%
Electric Transmission and Distribution	3.1	%
Global Utilities	2.8	%
Wireless Communications	2.2	%
Services	2.1	%
Natural Resources	1.8	%
Cable and Satellite	1.8	%
Merchant Energy	1.6	%
Diversified Industrial	1.2	%
Equipment and Supplies	1.1	%
Alternative Energy	1.0	%

Machinery	0.9	%
Transportation	0.9	%
Electronics	0.6	%
Environmental Services	0.3	%
Automotive	0.1	%
Financial Services	0.1	%
Oil	0.1	%
Building and Construction	0.1	%
Specialty Chemicals	0.0	%*
Communications Equipment	0.0	%*
Energy and Utilities:Natural Resources	0.0	%*
Energy and Utilities:Services	0.0	%*
	100.0	%

The following table provides a reconciliation of cash and foreign currency reported within the Statement of Assets and Liabilities that sum to the total of the same amount above at December 31, 2023:

Cash		33,604
Foreign currency, at value		377
	$	33,981

	†	Based on net asset value per share, adjusted for reinvestment of distributions at the net asset value per share on the ex-dividend dates and adjustments for the rights offering.
	††	Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan and adjustments for the rights offering.
	(a)	Calculated based on average common shares outstanding on the record dates throughout the years.
	(b)	Amount represents less than $0.005 per share.
	(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios.
	(d)	Ratio of operating expenses to average net assets including liquidation value of preferred shares before fee waived for the years ended December 31, 2023, 2022, 2021, 2020, and 2019 would have been 1.49%, 1.28%, 1.26%, 1.28%, and 1.19%, respectively.
	(e)	In 2019, due to failed auctions relating to previous fiscal years, the Fund reversed accumulated auction agent fees. The 2019 ratio of operating expenses to average net assets attributable to common shares and the ratio of operating expenses to average net assets including the liquidation value of preferred shares, excluding the reversal of auction agent fees, were 1.71% and 1.24%, respectively.
	(f)	Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction for the years ended December 31, 2023, 2022, 2020, and 2019 would have been 1.43%, 1.22%, 1.12%, and 1.19%, respectively.
	(g)	The Fund received credits from the custodian. For the years ended December 31, 2023 and 2022, there was no impact on the expense ratios.

	(h)	The ratio of operating expenses excluding interest, dividends and service fees on securities sold short, and offering costs to average net assets attributable to common shares for the year ended December 31, 2022 would have been 1.54%.
	(i)	Based on weekly prices.
	(j)	Asset coverage is calculated by combining all series of preferred shares and indebtedness.
	(k)	The Fund redeemed and retired all its outstanding Series A Preferred Shares on January 31, 2022.
	(l)	Asset coverage per share is calculated by combining all series of preferred shares and indebtedness.
	(m)	Actual number of shares outstanding is two.
	(n)	Since February 2008, the weekly auctions have failed. Holders that have submitted orders have not been able to sell any or all of their shares in the auction.

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 12/31/23
INVESTMENTS:
ASSETS (Market Value):
Common Stocks:
Communications
Cable and Satellite	$	4,385,120	$	746,491		—	$	5,131,611
Telecommunications		19,712,348		—	$	140		19,712,488
Other Industries (b)		6,438,741		—		—		6,438,741
Energy and Utilities
Equipment and Supplies		3,109,816		1,050		—		3,110,866
Other Industries (b)		214,884,409		—		—		214,884,409
Other (b)		8,519,396		—		—		8,519,396
Total Common Stocks		257,049,830		747,541		140		257,797,511
Mandatory Convertible Securities (b)		830,850		—		—		830,850
Warrants (b)		236		—		—		236
U.S. Government Obligations		—		31,643,294		—		31,643,294
TOTAL INVESTMENTS – ASSETS	$	257,880,916	$	32,390,835	$	140	$	290,271,891

	(a)	The inputs for this security are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
	(b)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

	Year Ended				Year Ended
	December 31, 2023				December 31, 2022
	Common		Preferred		Common		Preferred
Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	3,858,958	$	3,033,943	$	3,733,883	$	1,535,765
Net long term capital gains		–		–		4,267,694		1,755,325
Return of capital		40,828,185		–		34,190,446		–
Total distributions paid	$	44,687,143	$	3,033,943	$	42,192,023	$	3,291,090

Capital loss carryforwards	$	(6,848,448	)
Net unrealized appreciation on investments and foreign currency translations		28,379,636
Other temporary differences^*		(39,816	)
Total	$	21,491,372

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	261,883,307			$	48,787,862			$	(20,399,278	)		$	28,388,584

Series	Issue Date	Authorized		Number of Shares Outstanding at 12/31/2023		Net Proceeds		2023 Dividend Rate Range	Dividend Rate at 12/31/2023			Accrued Dividends at 12/31/2023
B Auction Market	July 31, 2003		1,000		2	$	24,590,026	0.069% to 2.076%		0.069	%	$	0
C 5.375%	May 31, 2016		2,000,000		1,973,350	$	48,142,029	Fixed Rate		5.375	%	$	36,829

Assumed Return on Portfolio (Net of Expenses)			(10.00	)%			(5.00	)%			0.00	%			5.00	%			10.00	%
Corresponding Return to Common Shareholder			(15.18	)%			(8.60	)%			(2.02	)%			4.56	%			11.15	%

Preferred Shares and Principal Value of Notes as a Percentage of Total Managed Assets (Including Assets Attributable to Preferred Shares and Notes)	24	%
Estimated Annual Effective Preferred Share Dividend and Interest on Note Rate	5.34	%
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Preferred Share Dividend and Interest on Note Rate	1.31	%
Common Share Total Return for (10.00)% Assumed Portfolio Total Return	(15.18	)%
Common Share Total Return for (5.00)% Assumed Portfolio Total Return	(8.60	)%
Common Share Total Return for 0.00% Assumed Portfolio Total Return	(2.02	)%
Common Share Total Return for 5.00% Assumed Portfolio Total Return	4.56	%
Common Share Total Return for 10.00% Assumed Portfolio Total Return	11.15	%

Annual Expenses		Percentages of Net Assets Attributable to Common Shares
Management Fees (a)		1.32%
Interest on Borrowed Funds (b)		0.49%
Other Expense (c)		0.58%
Total Annual Expenses		2.39%
Dividends on Preferred Shares (d)		1.20%
Total Annual Expenses and Dividends on Preferred		3.59%

	(a)	The Investment Adviser’s fee is 1.00% annually of the Fund’s average weekly net assets. The Fund’s average weekly net assets will be deemed to be the average weekly value of the Fund’s total assets minus the sum of the Fund’s liabilities (such liabilities exclude (i) the aggregate liquidation preference of outstanding shares of preferred Shares and accumulated dividends, if any, on those shares and (ii) the liabilities for any money borrowed). Consequently, because the Fund has preferred Shares outstanding, the investment management fees and other expenses as a percentage of net assets attributable to common Shares will be higher than if the Fund did not utilize a leveraged capital structure.
	(b)	“Interest on Borrowed Funds” consists of interest on the Fund’s promissory notes with a total principal amount of $20,477,094, issued on October 16, 2023.
	(c)	“Other Expenses” are based on the amounts for the year ended December 31, 2023.
	(d)	Dividends on Preferred Stock represent the estimated annual distributions on the existing preferred stock outstanding.

		1 Year		3 Year		5 Year		10 Year
Total Expenses Incurred		$36		$110		$186		$385


	Common Share Market Price		Corresponding Net Asset Value (“NAV”) Per Share		Corresponding Premium or Discount as a % of NAV
Quarter Ended	High	Low	High	Low	High	Low
March 31, 2022	$8.34	$6.90	$4.25	$4.09	96.24%	68.70%
June 30, 2022	$7.35	$6.41	$4.33	$3.74	69.75%	71.39%
September 30, 2022	$7.98	$6.57	$4.08	$3.58	95.59%	83.52%
December 31, 2022	$7.48	$6.68	$3.71	$3.35	101.62%	99.40%
March 31, 2023	$7.81	$6.76	$3.74	$3.47	108.82%	94.81%
June 30, 2023	$7.34	$6.62	$3.59	$3.21	104.46%	106.23%
September 30, 2023	$7.08	$5.24	$3.28	$2.82	115.85%	85.82%
December 31, 2023	$6.26	$4.84	$2.96	$2.70	111.49%	79.26%

	Year Ended December 31,
	2018			2017			2016				2015		2014
Operating Performance:
Net asset value, beginning of year	$	5.34		$	5.45		$	5.13		$	6.16		$	5.98
Net investment income		0.12			0.11			0.11			0.13			0.13
Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions		(0.27	)		0.48			0.92			(0.53	)		0.69
Total from investment operations		(0.15	)		0.59			1.03			(0.40	)		0.82

Distributions to Preferred Shareholders: (a)
Net investment income		(0.02	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)
Net realized gain		(0.08	)		(0.09	)		(0.07	)		(0.03	)		(0.04	)
Total distributions to preferred shareholders		(0.10	)		(0.11	)		(0.08	)		(0.04	)		(0.05	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations		(0.25	)		0.48			0.95			(0.44	)		0.77

Distributions to Common Shareholders:
Net investment income		(0.10	)		(0.10	)		(0.09	)		(0.11	)		(0.11	)
Net realized gain		(0.48	)		(0.49	)		(0.48	)		(0.27	)		(0.40	)
Return of capital		(0.02	)		(0.01	)		(0.03	)		(0.22	)		(0.09	)
Total distributions to common shareholders		(0.60	)		(0.60	)		(0.60	)		(0.60	)		(0.60	)

Fund Share Transactions:
Increase in net asset value from common share transactions		—			0.01			0.01			0.01			0.01
Increase in net asset value from common shares issued in rights offering		0.12			—			—			—			—
Increase in net asset value from common shares issued upon reinvestment of distributions		0.01			—			—			—			—
Offering costs and adjustments to offering costs for preferred shares charged or credited to paid-in capital		(0.01	)		0.00	(b)		(0.04	)		—			—
Total Fund share transactions		0.12			0.01			(0.03	)		0.01			0.01

Net Asset Value Attributable to Common Shareholders, End of Year	$	4.61		$	5.34		$	5.45		$	5.13		$	6.16
NAV total return†		(5.02	)%		9.27	%		18.62	%		(7.12	)%		13.87	%
Market value, end of year	$	5.94		$	7.10		$	6.30		$	5.70		$	7.32
Investment total return††		(4.76	)%		23.48	%		22.08	%		(14.15	)%		25.32	%

Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of year (in 000’s)	$	348,449		$	336,165		$	337,831		$	270,508		$	311,044
Net assets attributable to common shares, end of year (in 000’s)	$	247,117		$	234,833		$	236,498		$	219,176		$	259,711
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions		2.51	%		2.04	%		2.02	%		2.41	%		2.06	%
Ratio of operating expenses to average net assets attributable to common shares before fee waived(c)		1.81	%		1.80	%(d)		1.71	%(d)		1.57	%(d)		1.59	%
Ratio of operating expenses to average net assets attributable to common shares net of advisory fee reduction, if any(e)		1.60	%		1.80	%(d)		1.71	%(d)		1.35	%(d)		1.59	%
Portfolio turnover rate		26	%		18	%		22	%		9	%		17	%


	Year Ended December 31,
	2018			2017			2016			2015			2014
Cumulative Preferred Shares:
5.625% Series A Preferred
Liquidation value, end of year (in 000’s)	$	28,832		$	28,832		$	28,832		$	28,832		$	28,832
Total shares outstanding (in 000’s)		1,153			1,153			1,153			1,153			1,153
Liquidation preference per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Average market value (f)	$	25.43		$	25.68		$	25.88		$	25.55		$	25.14
Asset coverage per share (g)	$	85.97		$	82.94		$	83.35		$	131.74		$	151.49

Series B Auction Market Preferred
Liquidation value, end of year (in 000’s)	$	22,500		$	22,500		$	22,500		$	22,500		$	22,500
Total shares outstanding (in 000’s)		1			1			1			1			1
Liquidation preference per share	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Liquidation value (h)	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Asset coverage per share (g)	$	85,967		$	82,936		$	83,347		$	131,744		$	151,486

5.375% Series C Preferred
Liquidation value, end of year (in 000’s)	$	50,000		$	50,000		$	50,000			—			—
Total shares outstanding (in 000’s)		2,000			2,000			2,000			—			—
Liquidation preference per share	$	25.00		$	25.00		$	25.00			—			—
Average market value (f)	$	25.01		$	25.32		$	25.28			—			—
Asset coverage per share (g)	$	85.97		$	82.94		$	83.35			—			—
Asset Coverage (i)		344	%		332	%		333	%		527	%		606	%

Name, Position(s) Address¹ and Year of Birth	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Trustee³	Principal Occupation(s) During Past Five Years	Other Directorships Held by Trustee³

INTERESTED TRUSTEES⁴:

Mario J. Gabelli, CFA Chairman and Chief Investment Officer 1942	Since 1999**	31	Chairman, Co-Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies within the Gabelli Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chair of Associated Capital Group, Inc.	Director of Morgan Group Holding Co. (holding company) (2001-2019); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications) (2013-2018)

John D. Gabelli Trustee 1944	Since 1999*	12	Former Senior Vice President of G.research, LLC (and its predecessor) (1991-2019)	—

INDEPENDENT TRUSTEES⁵:

John Birch^6,7 Trustee 1950	Since 2018***	10	Partner, The Cardinal Partners Global; Chief Operating Officer of Sentinel Asset Management and Chief Financial Officer and Chief Risk Officer of Sentinel Group Funds (2005-2015)	—

Elizabeth C. Bogan Trustee 1944	Since 2018**	12	Former Senior Lecturer in Economics, Princeton University	—

James P. Conn⁶ Trustee 1938	Since 1999*	23	Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998)	—

Name, Position(s) Address¹ and Year of Birth	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years

OFFICERS:

John C. Ball President, Treasurer, Principal Financial & Accounting Officer 1976	Since 2017	Senior Vice President (since 2018) and other positions (2017 - 2018) of GAMCO Investors, Inc.; Chief Executive Officer, G.distributors, LLC since 2020; Officer of registered investment companies within the Gabelli Fund Complex since 2017

Peter Goldstein Secretary & Vice President 1953	Since 2020	General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc. since 2021; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Richard J. Walz Chief Compliance Officer 1959	Since 2013	Chief Compliance Officer of registered investment companies within the Gabelli Fund Complex since 2013

David I. Schachter Vice President and Ombudsman 1953	Since 1999	Vice President and/or Ombudsman of closed-end funds within the Gabelli Fund Complex; Senior Vice President (since 2015) of G.research, LLC

	¹	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
	²	The Fund’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 Fund’s 2024 Annual Meeting of Shareholders or until their successors are duly elected and qualified.
	**	Term expires at the Fund’s 2025 Annual Meeting of Shareholders or until their successors are duly elected and qualified.
	***	Term expires at the Fund’s 2026 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

	³	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.
	⁴	“Interested person” of the Fund as defined in the 1940 Act. Messrs. Mario J. Gabelli and John D. Gabelli, who are brothers, are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC, which acts as the Fund’s investment adviser.
	⁵	Trustees who are not considered to be “interested persons” of the Fund as defined in the 1940 Act are considered to be “Independent” Trustees.
	⁶	This Trustee is elected solely by and represents the stockholders of the preferred stock issued by the Fund.
	⁷	Mr. Fahrenkopf and Ms. Foley, father and daughter, serve as directors of other funds in the Fund Complex. Mr. Birch is a director of Gabelli Merger Plus+ Trust Plc and GAMCO International SICAV, which may be deemed to be controlled by Mario Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund’s Advisor..
	⁸	Mr. Enright is a Director of The LGL Group, Inc., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund’s Adviser.
	⁹	Mr. Ferrantino is the President, CEO and a Director of The LGL Group, Inc. and a Director of LGL Systems Acquisition Corp., all of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund’s Adviser.

	Payable Date	Record Date	Ordinary Investment Income (a)		Long Term Capital Gains		Return of Capital (b)		Total Amount Paid Per Share (c)		Dividend Reinvestment Price
Common Stock
	01/24/23	01/17/23	$	0.00500		—	$	0.04500	$	0.05000	$	7.22000
	02/21/23	02/13/23		0.00500		—		0.04500		0.05000		6.64050
	03/24/23	03/17/23		0.00500		—		0.04500		0.05000		6.65000
	04/21/23	04/14/23		0.00500		—		0.04500		0.05000		6.67850
	05/23/23	05/16/23		0.00500		—		0.04500		0.05000		6.49800
	06/23/23	06/15/23		0.00500		—		0.04500		0.05000		6.55500
	07/24/23	07/17/23		0.00500		—		0.04500		0.05000		6.65950
	08/24/23	08/17/23		0.00500		—		0.04500		0.05000		6.50750
	09/22/23	09/15/23		0.00500		—		0.04500		0.05000		6.21300
	10/24/23	10/17/23		0.00500		—		0.04500		0.05000		6.52900
	11/22/23	11/15/23		0.00500		—		0.04500		0.05000		5.53850
	12/22/23	12/15/23		0.00500		—		0.04500		0.05000		5.42450
			$	0.06000		—	$	0.54000	$	0.60000
5.375% Series C Cumulative Preferred Shares
	03/27/23	03/20/23	$	0.3359375		—		—	$	0.3359375
	06/26/23	06/16/23		0.3359375		—		—		0.3359375
	09/26/23	09/19/23		0.3359375		—		—		0.3359375
	12/26/23	12/18/23		0.3359375		—		—		0.3359375
			$	1.3437500		—		—	$	1.3437500

	Investment Income (a)		Short Term Capital Gains (a)		Long Term Capital Gains		Return of Capital (b)		Total Distributions (c)		Adjustment to Cost Basis (d)
Common Shares
2023	$	0.06000		—		—	$	0.54000	$	0.60000	$	0.54000
2022		0.05280	$	0.00120	$	0.06000		0.48600		0.60000		0.48600
2020		0.00120		—		—		0.59880		0.60000		0.59880
2019		0.10080		0.02520		0.36720		0.10680		0.60000		0.10680
2018 (e)		0.10440		0.02880		0.45000		0.01680		0.60000		0.01680
2017		0.09960		—		0.49200		0.00840		0.60000		0.00840
2016		0.09360		0.01320		0.46440		0.02880		0.60000		0.02880
2015		0.10800		0.02160		0.25200		0.21840		0.60000		0.21840
2014		0.09960		0.00804		0.40104		0.09132		0.60000		0.09132
5.625% Series A Cumulative Preferred Shares
2022	$	0.06371	$	0.00024	$	0.07277		—	$	0.13672		—
2020		1.40625		—		—		—		1.40625		—
2019		0.28623		0.07260		1.04742		—		1.40625		—
2018		0.25125		0.06991		1.08509		—		1.40625		—
2017		0.23774		—		1.16851		—		1.40625		—
2016		0.23026		0.03347		1.14252		—		1.40625		—
2015		0.39725		0.07765		0.93135		—		1.40625		—
2014		0.27528		0.02227		1.10870		—		1.40625		—
Series B Auction Market Cumulative Preferred Shares
2023	$	427.18000		—		—		—	$	427.18000		—
2022		244.48530	$	0.91597	$	279.27874		—		524.68000		—
2020		527.67000		—		—		—		527.67000		—
2019		186.42761		47.28547		682.19692		—		915.91000		—
2018		156.15811		43.44635		674.40554		—		874.01000		—
2017		109.26415		—		537.03585		—		646.30000		—
2016		80.27810		11.66970		398.32200		—		490.26980		—
2015		118.61073		23.18474		278.08453		—		419.88000		—
2014		80.26781		6.49443		323.28776		—		410.05000		—
5.375% Series C Cumulative Preferred Shares
2023	$	1.34375		—		—		—	$	1.34375		—
2022		0.62615	$	0.00235	$	0.71526		—		1.34375		—
2020		1.34375		—		—		—		1.34375		—
2019		0.27351		0.06937		1.00086		—		1.34375		—
2018		0.24009		0.06680		1.03686		—		1.34375		—
2017		0.22718		—		1.11657		—		1.34375		—
2016		0.12591		0.01830		0.62471		—		0.76892		—

	(a)	Taxable as ordinary income for Federal tax purposes.
	(b)	Non-taxable.
	(c)	Total amounts may differ due to rounding.
	(d)	Decrease in cost basis.

	(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 registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related 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 the 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 permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

Name of Portfolio Manager	Type of Accounts	Total No. of Accounts Managed	Total Assets	No. of Accounts where Advisory Fee is Based on Performance	Total Assets in Accounts where Advisory Fee is Based on Performance
Mario J. Gabelli, CFA	Registered Investment Companies:	22	$16.1 billion	4	$5.0 billion
	Other Pooled Investment Vehicles:	7	$896 million	7	$879 million
	Other Accounts:	834	$6.5 billion	0	$0
Timothy Winter	Registered Investment Companies:	3	$1.7 billion	0	$0
	Other Pooled Investment Vehicles:	0	$0	0	$0
	Other Accounts:	9	$1.4 million	0	$0
Justin Bergner	Registered Investment Companies:	3	$1.6 billion	0	$0
	Other Pooled Investment Vehicles:	0	$0	0	$0
	Other Accounts:	16	$3.4 million	0	$0
Simon Wong	Registered Investment Companies:	0	$0	0	$0
	Other Pooled Investment Vehicles:	0	$0	0	$0
	Other Accounts:	1	$0.3 million	0	$0

(Registrant)	The Gabelli Utility Trust

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer

Date	March 8, 2024

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

Date	March 8, 2024