UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

The Gabelli Utility Trust

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: March 31, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

The Gabelli Utility Trust

First Quarter Report
March 31, 2009

To Our Shareholders,

     The Gabelli Utility Trust’s (the “Fund”) net asset value (“NAV”) total return was (16.9)% during the first quarter of 2009, compared with declines of 10.8% and 11.5% for the Standard & Poor’s (“S&P”) 500 Utilities Index and the Lipper Utility Fund Average, respectively. The total return for the Fund’s publicly traded shares was (2.3)% during the first quarter. On March 31, 2009, the Fund’s NAV per share was $4.06, while the price of the publicly traded shares closed at $5.58 on the New York Stock Exchange.

     Enclosed is the investment portfolio as of March 31, 2009.

Comparative Results

Average Annual Returns through March 31, 2009 (a)

																		Since
																		Inception
		Quarter				1 Year				3 Year				5 Year				(07/09/99)
Gabelli Utility Trust
NAV Total Return (b)			(16.87	)%			(33.00	)%			(8.01	)%			(0.32	)%			3.59	%
Investment Total Return (c)			(2.31	)			(32.84	)			(7.05	)			(2.64	)			5.40
S&P 500 Index			(10.98	)			(38.06	)			(13.05	)			(4.76	)			(3.92	)
S&P 500 Utilities Index			(10.79	)			(29.66	)			(2.54	)			4.79				1.44
Lipper Utility Fund Average			(11.46	)			(34.25	)			(4.94	)			3.69				1.29

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS
March 31, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 93.0%
				ENERGY AND UTILITIES — 81.4%
				Energy and Utilities: Alternative Energy — 0.3%
	20,000			Ormat Industries Ltd.		$	135,608
	12,500			Ormat Technologies Inc.			343,250
	9,000			Renegy Holdings Inc.†			13,500
							492,358
				Energy and Utilities: Electric Integrated — 48.2%
	248,000			Allegheny Energy Inc.			5,746,160
	23,000			ALLETE Inc.			613,870
	75,000			Alliant Energy Corp.			1,851,750
	20,000			Ameren Corp.			463,800
	80,000			American Electric Power Co. Inc.			2,020,800
	10,000			Avista Corp.			137,800
	35,000			Black Hills Corp.			626,150
	26,000			Central Vermont Public Service Corp.			449,800
	30,000			Cleco Corp.			650,700
	145,000			CMS Energy Corp.			1,716,800
	160,000			Constellation Energy Group Inc.			3,305,600
	33,000			Dominion Resources Inc.			1,022,670
	160,000			DPL Inc.			3,606,400
	24,000			DTE Energy Co.			664,800
	190,000			Duke Energy Corp.			2,720,800
	90,000			Edison International			2,592,900
	191,000			El Paso Electric Co.†			2,691,190
	3,000			Entergy Corp.			204,270
	51,000			FirstEnergy Corp.			1,968,600
	137,000			Florida Public Utilities Co.			1,338,490
	95,000			FPL Group Inc.			4,819,350
	254,080			Great Plains Energy Inc.			3,422,458
	55,000			Hawaiian Electric Industries Inc.			755,700
	92,000			Integrys Energy Group Inc.			2,395,680
	61,000			Maine & Maritimes Corp.			2,135,000
	66,000			MGE Energy Inc.			2,070,420
	48,000			NiSource Inc.			470,400
	115,000			NorthWestern Corp.			2,470,200
	35,000			NV Energy Inc.			328,650
	100,000			OGE Energy Corp.			2,382,000
	24,000			Otter Tail Corp.			529,200
	48,000			PG&E Corp.			1,834,560
	100,000			PNM Resources Inc.			826,000
	100,000			Progress Energy Inc.			3,626,000
	40,000			Progress Energy Inc., CVO† (a)			13,200
	38,000			Public Service Enterprise Group Inc.			1,119,860
	60,500			SCANA Corp.			1,868,845
	104,000			TECO Energy Inc.			1,159,600
	22,000			The Empire District Electric Co.			317,680
	150,000			Unisource Energy Corp.			4,228,500
	35,000			Unitil Corp.			702,800
	47,000			Vectren Corp.			991,230
	260,000			Westar Energy Inc.			4,557,800
	90,000			Wisconsin Energy Corp.			3,705,300
	195,000			Xcel Energy Inc.			3,632,850
							84,756,633
				Energy and Utilities: Electric Transmission and Distribution — 8.9%
	243			Brookfield Infrastructure Partners LP			3,212
	50,000			CH Energy Group Inc.			2,345,000
	60,000			Consolidated Edison Inc.			2,376,600
	135,000			Northeast Utilities			2,914,650
	215,000			NSTAR			6,854,200
	22,500			Pepco Holdings Inc.			280,800
	36,666			UIL Holdings Corp.			818,385
							15,592,847
				Energy and Utilities: Global Utilities — 3.5%
	1,500			Areva SA			625,095
	8,000			Chubu Electric Power Co. Inc.			175,380
	40,000			Electric Power Development Co. Ltd.			1,179,977
	37,000			Endesa SA			692,149
	200,000			Enel SpA			959,916
	300,000			Hera SpA			493,842
	8,000			Hokkaido Electric Power Co. Inc.			160,024
	8,000			Hokuriku Electric Power Co.			191,544
	3,500			Huaneng Power International Inc., ADR			93,975
	35,000			Korea Electric Power Corp., ADR†			320,250
	8,000			Kyushu Electric Power Co. Inc.			178,613
	2,000			Niko Resources Ltd.			93,084
	8,000			Shikoku Electric Power Co. Inc.			212,962
	8,000			The Chugoku Electric Power Co. Inc.			172,955
	8,000			The Kansai Electric Power Co. Inc.			172,955
	8,000			The Tokyo Electric Power Co. Inc.			198,818
	15,000			Tohoku Electric Power Co. Inc.			328,080
							6,249,619
				Energy and Utilities: Merchant Energy — 1.3%
	35,810			Dynegy Inc., Cl. A†			50,492
	8,130			Mirant Corp.†			92,682
	300,000			Mirant Corp. Escrow† (a)			0
	360,000			The AES Corp.†			2,091,600
							2,234,774
				Energy and Utilities: Natural Gas Integrated — 5.3%
	205,000			El Paso Corp.			1,281,250
	1,000			Energen Corp.			29,130
	130,000			National Fuel Gas Co.			3,987,100
	100,000			ONEOK Inc.			2,263,000
	120,000			Southern Union Co.			1,826,400
							9,386,880
				Energy and Utilities: Natural Gas Utilities — 7.0%
	26,000			AGL Resources Inc.			689,780
	50,000			Atmos Energy Corp.			1,156,000
	10,000			Chesapeake Utilities Corp.			304,800
	10,000			Corning Natural Gas Corp.†			172,500

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				ENERGY AND UTILITIES (Continued)
				Energy and Utilities: Natural Gas Utilities (Continued)
	30,000			Delta Natural Gas Co. Inc.		$	642,300
	11,445			GDF Suez			393,072
	11,445			GDF Suez, Strips			15
	90,000			Nicor Inc.			2,990,700
	35,000			Piedmont Natural Gas Co. Inc.			906,150
	6,000			RGC Resources Inc.			144,390
	150,000			Southwest Gas Corp.			3,160,500
	120,000			Spectra Energy Corp.			1,696,800
							12,257,007
				Energy and Utilities: Natural Resources — 1.3%
	4,000			Anadarko Petroleum Corp.			155,560
	35,000			Compania de Minas Buenaventura SA, ADR			839,300
	16,000			Exxon Mobil Corp.			1,089,600
	3,000			Peabody Energy Corp.			75,120
	4,000			Royal Dutch Shell plc, Cl. A, ADR			177,200
							2,336,780
				Energy and Utilities: Services — 0.4%
	50,000			ABB Ltd., ADR			697,000
	2,000			Tenaris SA, ADR			40,340
							737,340
				Energy and Utilities: Water — 3.7%
	14,000			American States Water Co.			508,480
	30,000			American Water Works Co. Inc.			577,200
	21,833			Aqua America Inc.			436,660
	24,750			Artesian Resources Corp., Cl. A			346,995
	20,000			California Water Service Group			837,200
	7,500			Connecticut Water Service Inc.			152,100
	51,333			Middlesex Water Co.			739,195
	33,000			Pennichuck Corp.			674,850
	80,000			SJW Corp.			2,034,400
	8,101			Southwest Water Co.			34,834
	9,000			York Water Co.			111,240
							6,453,154
				Diversified Industrial — 1.1%
	2,400			Alstom SA			124,309
	5,000			Bouygues SA			178,830
	14,000			Cooper Industries Ltd., Cl. A			362,040
	120,000			General Electric Co.			1,213,200
							1,878,379
				Equipment and Supplies — 0.0%
	50,000			Capstone Turbine Corp.†			36,000
	2,000			Mueller Industries Inc.			43,380
							79,380
				Environmental Services — 0.0%
	3,000			Suez Environnement SA†			44,143

Shares/						Market
Units						Value
				Independent Power Producers and Energy Traders — 0.4%
	40,000			NRG Energy Inc.†		$	704,000
				TOTAL ENERGY AND UTILITIES			143,203,294
				COMMUNICATIONS — 9.8%
				Cable and Satellite — 2.9%
	100,000			Cablevision Systems Corp., Cl. A			1,294,000
	5,000			Cogeco Cable Inc.			124,921
	20,000			Cogeco Inc.			381,504
	50,000			DISH Network Corp., Cl. A†			555,500
	10,000			EchoStar Corp., Cl. A†			148,300
	35,000			Liberty Global Inc., Cl. A†			509,600
	20,000			Liberty Global Inc., Cl. C†			282,600
	8,000			Rogers Communications Inc., Cl. B			182,640
	65,000			The DIRECTV Group Inc.†			1,481,350
	8,367			Time Warner Cable Inc.			207,502
	2,112			Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA			11,252
							5,179,169
				Communications Equipment — 0.5%
	3,000			QUALCOMM Inc.			116,730
	260,000			The Furukawa Electric Co. Ltd.			730,212
							846,942
				Telecommunications — 4.3%
	45,000			AT&T Inc.			1,134,000
	4,350			Bell Aliant Regional Communications Income Fund (a)(b)			83,150
	30,000			BT Group plc, ADR			335,100
	2,000			CenturyTel Inc.			56,240
	230,000			Cincinnati Bell Inc.†			529,000
	2,000			Comstar United Telesystems OJSC, GDR†			6,700
	20,000			D&E Communications Inc.			107,400
	60,000			Deutsche Telekom AG, ADR			741,000
	2,000			France Telecom SA, ADR			45,320
	10,000			Frontier Communications Corp.			71,800
	200			Hutchison Telecommunications International Ltd.			62
	500			Mobistar SA			31,588
	20,000			Nippon Telegraph & Telephone Corp.			753,650
	15,000			Portugal Telecom SGPS SA			116,186
	2,000			PT Indosat Tbk			818
	500			Rostelecom, ADR			25,780
	500			Sistema JSFC, GDR (c)			2,860
	1,200			Tele2 AB, Cl. B			10,147
	5,000			Telecom Italia SpA, ADR			63,950
	40,000			Touch America Holdings Inc.† (a)			0
	115,000			Verizon Communications Inc.			3,473,000
							7,587,751

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				COMMUNICATIONS (Continued)
				Wireless Communications — 2.1%
	600			America Movil SAB de CV, Cl. L, ADR		$	16,248
	2,000			China Mobile Ltd., ADR			87,040
	2,000			China Unicom Hong Kong Ltd., ADR			20,820
	3,000			Millicom International Cellular SA			111,120
	4,500			Mobile TeleSystems OJSC, ADR			134,640
	171			MobileOne Ltd.			167
	1,200			NTT DoCoMo Inc.			1,620,852
	600			SK Telecom Co. Ltd., ADR			9,270
	200			SmarTone Telecommunications Holdings Ltd.			117
	16,000			Turkcell Iletisim Hizmet A/S, ADR			196,640
	30,000			United States Cellular Corp.†			1,000,200
	75,000			Vimpel-Communications, ADR			490,500
							3,687,614
				TOTAL COMMUNICATIONS			17,301,476
				OTHER — 1.8%
				Aerospace — 0.2%
	75,000			Rolls-Royce Group plc†			316,383
				Agriculture — 0.0%
	2,000			Cadiz Inc.†			15,960
				Automotive: Parts and Accessories — 0.1%
	1,000			BERU AG			101,638
				Entertainment — 1.4%
	33,333			Time Warner Inc.			643,333
	66,000			Vivendi			1,747,180
							2,390,513
				Publishing — 0.0%
	8,000			Idearc Inc.†			288
				Real Estate — 0.0%
	6,075			Brookfield Asset Management Inc., Cl. A			83,713
				Transportation — 0.1%
	12,000			GATX Corp.			242,760
				TOTAL OTHER			3,151,255
				TOTAL COMMON STOCKS			163,656,025
				CONVERTIBLE PREFERRED STOCKS — 0.7%
				ENERGY AND UTILITIES — 0.7%
				Energy and Utilities: Natural Gas Integrated — 0.7%
	2,000			El Paso Corp., 4.990% Cv. Pfd. (b)			1,154,620
				WARRANTS — 0.1%
				ENERGY AND UTILITIES — 0.0%
				Energy and Utilities: Merchant Energy — 0.0%
	26,107			Mirant Corp., Ser. A, expire 01/03/11†			20,886
				Energy and Utilities: Natural Gas Utilities — 0.0%
	3,000			Corning Natural Gas Corp., expire 08/17/11†			2,625
				TOTAL ENERGY AND UTILITIES			23,511
				COMMUNICATIONS — 0.1%
				Wireless Communications — 0.1%
	8,000			Bharti Airtel Ltd., expire 09/19/13† (b)			98,669
				TOTAL WARRANTS			122,180

Principal
Amount
				CORPORATE BONDS — 0.0%
				COMMUNICATIONS — 0.0%
				Telecommunications — 0.0%
$	100,000			Williams Communications Group Inc., Escrow, 10.875%, 10/01/09† (a)			0
				U.S. GOVERNMENT OBLIGATIONS — 6.2%
				U.S. Treasury Bills — 1.0%
	1,677,000			U.S. Treasury Bills, 0.091% to 0.264%††, 04/02/09 to 06/18/09			1,676,683
				U.S. Treasury Cash Management Bills — 0.1%
	225,000			U.S. Treasury Cash Management Bill, 0.173%††, 06/24/09			224,905
				U.S. Treasury Notes — 5.1%
	9,025,000			4.500%, 04/30/09			9,048,848
				TOTAL U.S. GOVERNMENT OBLIGATIONS			10,950,436
TOTAL INVESTMENTS — 100.0% (Cost $212,434,593)						$	175,883,261
				Aggregate book cost		$	212,434,593
				Gross unrealized appreciation		$	8,877,224
				Gross unrealized depreciation			(45,428,556	)
				Net unrealized appreciation/(depreciation)		$	(36,551,332	)

03/31/09

Acquisition

Acquisition

Acquisition

Carrying Value

Shares

Issuer

Date

Cost

Per Unit

500

Sistema JSFC, ADR

10/10/07

$

17,384

$

5.7200

†		Non-income producing security.
††		Represents annualized yield at date of purchase.
ADR		American Depositary Receipt
CVO		Contingent Value Obligation
GDR		Global Depositary Receipt

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

1. 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 instruments with remaining maturities of 60 days or less that are not credit impaired are valued at amortized cost, 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. 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.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board.

Statement of Financial Accounting Standard No. 157, “Fair Value Measurements” (“SFAS 157”) clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under SFAS 157 are described below:

	•		Level 1 — quoted prices in active markets for identical securities;
	•		Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
	•		Level 3 — significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

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 and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2009 is as follows:

		Investments in				Other Financial Instruments				Other Financial Instruments
		Securities				(Unrealized				(Unrealized
		(Market Value)				Appreciation)*				Depreciation)*
Valuation Inputs		Assets				Assets				Liabilities
Level 1 — Quoted Prices		$	164,735,182				—				—
Level 2 — Other Significant Observable Inputs			11,134,879			$	7,666			$	(722,679	)
Level 3 — Significant Unobservable Inputs			13,200				—				—
Total		$	175,883,261			$	7,666			$	(722,679	)

THE GABELLI UTILITY TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

		Investments in
		Securities
		(Market Value)
Balance as of 12/31/08		$	13,200
Accrued discounts/(premiums)			—
Realized gain/(loss)			—
Change in unrealized appreciation/(depreciation)			0
Net purchase/(sales)			—
Transfers in and/or out of Level 3			—
Balance as of 03/31/09		$	13,200
Net change in unrealized appreciation/(depreciation) during the period on Level 3 investments held at 03/31/09		$	0

Statement of Financial Accounting Standard No. 161, “Disclosures about Derivative Instruments and Hedging Activities” clarifies the financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. As of March 31, 2009, the Fund did not hold any significant investments in derivatives.

2. Swap Agreements. The Fund may enter into equity, contract for difference, and interest rate swap or cap transactions. The use of swaps and caps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio transactions. Swap agreements may involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected in the Statement of Assets and Liabilities. In an interest rate swap, the Fund would agree to pay to the other party to the interest rate swap (which is known as the “counterparty”) periodically a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund periodically a variable rate payment that is intended to approximate the Fund’s variable rate payment obligation on the Series B Preferred Shares. In an interest rate cap, the Fund would pay a premium to the counterparty and, to the extent that a specified variable rate index exceeds a predetermined fixed rate, would receive from the counterparty payments of the difference based on the notional amount of such cap. In an equity swap, a set of future cash flows are 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. Swap and cap transactions introduce additional risk because the Fund would remain obligated to pay preferred stock dividends when due in accordance with the Statement of Preferences even if the counterparty defaulted. If there is a default by the counterparty to a swap contract, the Fund will be limited to contractual remedies pursuant to the agreements related to the transaction. There is no assurance that the swap contract counterparties will be able to meet their obligations pursuant to the swap contracts or that, in the event of default, the Fund will succeed in pursuing contractual remedies. The Fund thus assumes the risk that it may be delayed in or prevented from obtaining payments owed to it pursuant to the swap contracts. The creditworthiness of the swap contract counterparties is closely monitored in order to minimize this risk. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at that point in time, such a default could negatively affect the Fund’s ability to make dividend payments. In addition, at the time an interest rate swap or cap 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. If this occurs, it could have a negative impact on the Fund’s ability to make dividend payments.

THE GABELLI UTILITY TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

The use of derivative instruments involves, to varying degrees, elements of market and counterparty risk in excess of the amount recognized below.

The Fund has entered into an interest rate swap agreement with Citibank N.A. Under the agreement, the Fund receives a floating rate of interest and pays a respective fixed rate of interest on the nominal value of the swap. Details of the swap at March 31, 2009 are as follows:

Notional				Floating Rate*		Termination		Net Unrealized
Amount		Fixed Rate		(rate reset monthly)		Date		Depreciation
$25,000,000		4.00%		0.49688%		06/02/10		$(722,679)

Effective March 16, 2008, Bear, Stearns International Limited entered into a Guaranty Agreement with JPMorgan Chase & Co., whereby JPMorgan Chase & Co. unconditionally guaranteed the due and punctual payment of certain liabilities of Bear, Stearns International Limited, including the current liabilities of Bear, Stearns International Limited to the Fund. As of March 31, 2009, the Fund held a contract for difference swap with Bear, Stearns International Limited which is covered by the JPMorgan Chase & Co. Guaranty Agreement as of the date of the report. Details of the swap at March 31, 2009 are as follows:

Notional		Equity Security		Interest Rate/		Termination		Net Unrealized
Amount		Received		Equity Security Paid		Date		Appreciation
$97,713 (25,000 Shares)		Market Value Appreciation on:		Overnight LIBOR plus 75 bps plus Market Value Depreciation on:
		Rolls-Royce Group plc		Rolls-Royce Group plc		03/11/10		$7,666

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

     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. 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 must submit this request in writing to:

The Gabelli Utility Trust
c/o Computershare
P.O. Box 43010
Providence, RI 02940-3010

     Shareholders requesting this cash election must include the shareholder’s name and address as they appear on the share certificate. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact Computershare at (800) 336-6983.

     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 New York Stock Exchange (“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.

Voluntary Cash Purchase Plan

     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 common 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 pro rata share of the brokerage commissions. Brokerage charges for such purchases are expected to be less than the usual brokerage charge for such transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box 43010, Providence, RI 02940—3010 such that Computershare receives such payments approximately 10 days before the 1st and 15th of the month. Funds not received at least five days before the investment date shall be held for investment until the next purchase date. A payment may be withdrawn without charge if notice is received by Computershare at least 48 hours before such payment is to be invested.

     Shareholders wishing to liquidate shares held at Computershare must do so in writing or by telephone. Please submit your request to the above mentioned address or telephone number. Include in your request your name, address, and account number. The cost to liquidate shares is $2.50 per transaction as well as the brokerage commission incurred. Brokerage charges are expected to be less than the usual brokerage charge for such transactions.

     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 90 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 90 days written notice to participants in the Plan.

TRUSTEES AND OFFICERS
THE GABELLI UTILITY TRUST
One Corporate Center, Rye, NY 10580-1422

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.

Item 2. Controls and Procedures.

	(a)		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The Gabelli Utility Trust

By (Signature and Title)*		/s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer

Date 5/30/09

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer
Date 5/30/09
By (Signature and Title)*		/s/ Agnes Mullady   Agnes Mullady, Principal Financial Officer and Treasurer
Date 5/30/09