UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-09243
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The Gabelli Utility Trust
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, NY 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, NY 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2005
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
-------- --------
COMMON STOCKS -- 73.5%
AGRICULTURE -- 0.0%
800 Cadiz Inc.+ ....................$ 12,320
------------
CABLE AND SATELLITE -- 2.9%
55,000 Cablevision Systems Corp.,
Cl. A+ ....................... 1,542,751
5,000 Cogeco Cable Inc. .............. 103,331
20,000 Cogeco Inc. .................... 384,393
10,000 Comcast Corp., Cl. A+ .......... 337,800
100,000 DIRECTV Group Inc.+ ............ 1,442,000
57,000 EchoStar Communications
Corp., Cl. A ................. 1,667,250
2,500 Insight Communications
Co. Inc.,
Cl A+ ........................ 29,625
35,000 Liberty Media International
Inc., Cl. A+ ................. 1,530,900
50,000 UnitedGlobalCom Inc., Cl. A+ ... 473,000
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7,511,050
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COMMUNICATIONS EQUIPMENT -- 0.3%
140,000 Furukawa Electric Co. Ltd.+ .... 641,052
2,000 Thomas & Betts Corp.+ .......... 64,600
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705,652
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DIVERSIFIED INDUSTRIAL -- 0.8%
3,250 Brascan Corp., Cl. A ........... 122,688
19,000 Catalytica Energy
Systems Inc.+ ................ 38,950
2,200 Cooper Industries Ltd., Cl. A .. 157,344
50,000 General Electric Co. ........... 1,803,000
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2,121,982
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ENERGY AND UTILITIES: ELECTRIC -- 19.1%
230,000 AES Corp.+ ..................... 3,767,400
369,400 Allegheny Energy Inc.+ ......... 7,631,804
24,000 ALLETE Inc. .................... 1,004,400
50,000 American Electric Power
Co. Inc. ..................... 1,703,000
20,000 Calpine Corp.+ ................. 56,000
25,000 Cleco Corp. .................... 532,500
120,000 DPL Inc. ....................... 3,000,000
25,000 DTE Energy Co. ................. 1,137,000
200,000 Duquesne Light Holdings Inc. ... 3,584,000
90,000 Edison International ........... 3,124,800
200,000 El Paso Electric Co.+ .......... 3,800,000
4,000 Electric Power
Development Co. Ltd. ......... 123,100
116,000 FPL Group Inc. ................. 4,657,400
105,000 Great Plains Energy Inc. ....... 3,210,900
41,000 Green Mountain Power Corp. ..... 1,201,300
22,500 Pepco Holdings Inc. ............ 472,275
105,000 TECO Energy Inc. ............... 1,646,400
32,000 TXU Corp. ...................... 2,548,160
22,000 UIL Holdings Corp. ............. 1,114,300
175,000 Unisource Energy Corp. ......... 5,419,750
------------
49,734,489
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MARKET
SHARES VALUE*
-------- --------
ENERGY AND UTILITIES: INTEGRATED -- 31.2%
75,000 Alliant Energy Corp. ...........$ 2,008,500
20,000 Ameren Corp. ................... 980,200
434,000 Aquila Inc.+ ................... 1,662,220
3,500 Avista Corp. ................... 61,250
35,000 Black Hills Corp. .............. 1,157,450
60,000 Central Vermont Public
Service Corp. ................ 1,348,800
53,600 CH Energy Group Inc. ........... 2,449,520
4,000 Chubu Electric Power Co. Inc. .. 96,055
4,000 Chugoku Electric
Power Co. Inc. ............... 75,912
55,000 Cinergy Corp. .................. 2,228,600
200,000 CMS Energy Corp.+ .............. 2,608,000
57,000 Consolidated Edison Inc. ....... 2,404,260
76,000 Constellation Energy Group ..... 3,929,200
3,000 Dominion Resources Inc. ........ 223,290
160,000 Duke Energy Corp. .............. 4,481,600
170,000 El Paso Corp. .................. 1,798,600
12,000 Empire District Electric Co. ... 279,120
200,000 Enel SpA ....................... 1,913,330
80,000 Energy East Corp. .............. 2,097,600
3,000 Entergy Corp. .................. 211,980
55,979 FirstEnergy Corp. .............. 2,348,319
87,900 Florida Public Utilities Co. ... 1,652,520
25,000 Hawaiian Electric
Industries Inc. .............. 638,000
300,000 Hera SpA ....................... 842,915
4,000 Hokkaido Electric Power
Co. Inc. ..................... 81,320
4,000 Hokuriku Electric Power Co. .... 72,853
4,000 Kansai Electric Power Co. Inc. . 80,201
4,000 Kyushu Electric Power Co. Inc. . 85,051
68,000 Maine & Maritimes Corp. ........ 1,717,000
65,100 MGE Energy Inc. ................ 2,158,065
300,000 Mirant Corp.+ .................. 85,500
30,521 NiSource Inc. .................. 695,574
170,000 Northeast Utilities ............ 3,275,900
100,000 NSTAR .......................... 5,430,000
101,000 OGE Energy Corp. ............... 2,721,950
20,000 Ormat Technologies Inc.+ ....... 313,200
23,000 Otter Tail Corp. ............... 575,920
50,000 PG&E Corp. ..................... 1,705,000
20,000 PNM Resources Inc. ............. 533,600
100,000 Progress Energy Inc. ........... 4,195,000
40,000 Progress Energy Inc., CVO+ ..... 5,200
17,200 Public Service Enterprise
Group Inc. ................... 935,508
33,000 Puget Energy Inc. .............. 727,320
55,000 SCANA Corp. .................... 2,102,100
4,000 Shikoku Electric Power
Co. Inc. ..................... 78,336
30,000 Sierra Pacific Resources+ ...... 322,500
4,000 Tohoku Electric Power Co. Inc. . 74,121
4,000 Tokyo Electric Power Co. Inc. .. 96,988
26,900 Unitil Corp. ................... 687,295
42,600 Vectren Corp. .................. 1,134,864
235,000 Westar Energy Inc. ............. 5,085,400
2
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
-------- --------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: INTEGRATED (CONTINUED)
75,000 Wisconsin Energy Corp. .........$ 2,662,500
30,000 WPS Resources Corp. ............ 1,587,600
270,000 Xcel Energy Inc. ............... 4,638,600
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81,361,707
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ENERGY AND UTILITIES: NATURAL GAS -- 10.8%
28,000 AGL Resources Inc. ............. 978,040
55,000 Atmos Energy Corp. ............. 1,485,000
34,000 Cascade Natural Gas Corp. ...... 678,640
10,000 Chesapeake Utilities Corp. ..... 266,000
29,700 Delta Natural Gas Co. Inc. ..... 765,072
40,000 Dynegy Inc., Cl. A+ ............ 156,400
16,500 EnergySouth Inc. ............... 472,478
100,000 KeySpan Corp. .................. 3,897,000
95,000 National Fuel Gas Co. .......... 2,716,050
90,000 Nicor Inc. ..................... 3,338,100
100,000 ONEOK Inc. ..................... 3,082,000
48,600 Peoples Energy Corp. ........... 2,037,312
36,000 Piedmont Natural Gas Co. Inc. .. 829,440
6,000 RGC Resources Inc. ............. 156,600
135,000 SEMCO Energy Inc. .............. 776,250
110,000 Southern Union Co.+ ............ 2,762,111
150,000 Southwest Gas Corp. ............ 3,624,000
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28,020,493
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ENERGY AND UTILITIES: OIL -- 0.6%
1,000 Anadarko Petroleum Corp. ....... 76,100
3,000 Cooper Cameron Corp.+ .......... 171,630
10,000 Exxon Mobil Corp. .............. 596,000
2,700 Kaneb Services LLC ............. 115,155
1,000 Murphy Oil Corp. ............... 98,730
10,000 Patina Oil & Gas Corp. ......... 400,000
1,000 Royal Dutch Petroleum Co. ...... 60,040
2,000 Unocal Corp. ................... 123,380
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1,641,035
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ENERGY AND UTILITIES: WATER -- 2.3%
14,000 American States Water Co. ...... 354,200
15,000 Aqua America Inc. .............. 365,400
16,500 Artesian Resources Corp.,
Cl. A ........................ 429,990
20,500 BIW Ltd. ....................... 419,225
20,520 California Water Service Group . 684,752
7,500 Connecticut Water Service Inc. . 187,050
51,333 Middlesex Water Co. ............ 931,694
14,066 Pennichuck Corp. ............... 364,872
58,500 SJW Corp. ...................... 2,055,105
7,716 Southwest Water Co. ............ 80,478
6,000 York Water Co. ................. 114,300
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5,987,066
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MARKET
SHARES VALUE*
-------- --------
ENTERTAINMENT -- 0.1%
10,000 Time Warner Inc.+ ..............$ 175,500
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EQUIPMENT AND SUPPLIES -- 0.1%
50,000 Capstone Turbine Corp.+ ........ 77,500
10,000 Mueller Industries Inc. ........ 281,500
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359,000
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METALS AND MINING -- 1.0%
25,000 Compania de Minas
Buenaventura SA, ADR ......... 569,500
330,000 WMC Resources Ltd. ............. 2,031,231
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2,600,731
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TELECOMMUNICATIONS -- 3.2%
53,000 BCE Inc. ....................... 1,324,470
33,000 BellSouth Corp. ................ 867,570
32,000 BT Group plc, ADR .............. 1,246,080
50,000 CenturyTel Inc. ................ 1,642,000
175,000 Cincinnati Bell Inc.+ .......... 743,750
10,200 Commonwealth Telephone
Enterprises Inc.+ ............ 480,828
10,000 D&E Communications Inc. ........ 91,300
20,000 Deutsche Telekom AG, ADR+ ...... 399,200
2,000 France Telecom SA, ADR ......... 59,740
200 Hutchison Telecommunications
International Ltd.+ .......... 191
200 Indosat Tbk PT ................. 103
200 Mobistar SA+ ................... 17,565
12,000 Rogers Communications Inc.,
Cl. B ........................ 326,880
200 Tele2 AB, Cl. B ................ 6,604
200 Telecom Italia SpA, ADR ........ 7,548
40,000 Touch America Holdings Inc.+ ... 100
30,000 Verizon Communications Inc. .... 1,065,000
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8,278,929
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TRANSPORTATION -- 0.3%
20,000 GATX Corp. ..................... 663,800
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WIRELESS COMMUNICATIONS -- 0.8%
200 America Movil SA de CV,
Cl. L, ADR ................... 10,320
1,000 China Mobile (Hong Kong)
Ltd., ADR .................... 16,410
1,000 China Unicom Ltd., ADR ......... 7,720
200 Cosmote Mobile
Telecommunications SA ........ 3,531
4,000 Mobile TeleSystems, ADR ........ 140,760
190 MobileOne Ltd. ................. 230
1,000 Nextel Communications Inc.,
Cl. A+ ....................... 28,420
380,000 O2 plc+ ........................ 856,341
200 SK Telecom Co. Ltd., ADR ....... 3,944
200 SmarTone Telecommunications
Holdings Ltd. ................ 221
200 Telefonica Moviles SA, ADR ..... 2,350
3
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
-------- --------
COMMON STOCKS (CONTINUED)
WIRELESS COMMUNICATIONS (CONTINUED)
200 Tim Hellas Telecommunications
SA, ADR ......................$ 4,212
200 Total Access Communications
plc+ ......................... 576
20,000 United States Cellular Corp.+ .. 912,600
6,000 Vimpel-Communications, ADR+ .... 206,520
200 Virgin Mobile Holdings plc+ .... 835
200 Vodafone Group plc, ADR ........ 5,312
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2,200,302
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TOTAL COMMON STOCKS ............ 191,374,056
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PREFERRED STOCKS -- 0.7%
TELECOMMUNICATIONS -- 0.7%
31,033 Citizens Communications Co.,
5.000% Cv. Pfd. .............. 1,722,331
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PRINCIPAL
AMOUNT
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U.S. GOVERNMENT OBLIGATIONS -- 23.0%
$60,000,000 U.S. Treasury Bills,
2.509%++, 05/12/05 ........... 59,830,704
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REPURCHASE AGREEMENTS -- 2.8%
7,444,000 Barclays, 2.500%,
dated 03/31/05, due 04/01/05,
proceeds at maturity,
$7,444,517 (a) ............... 7,444,000
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TOTAL INVESTMENTS -- 100.0%
(Cost $227,683,252) ......................$260,371,091
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For Federal tax purposes:
Aggregate cost ....................$227,683,252
============
Gross unrealized appreciation .....$ 35,336,436
Gross unrealized depreciation ..... (2,648,597)
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Net unrealized appreciation
(depreciation) .................$ 32,687,839
============
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(a) Collateralized by U.S. Treasury Bond, 7.250%, due 08/15/22, market value
$7,618,703.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
CVO - Contingent Value Obligation.
* Portfolio securities are valued at the last quoted sale price or closing
values. If these are unavailable, then the average of the closing bid and
asked prices is used. If there is no asked price, the security is valued
at the closing bid price on that day. Debt instruments are valued at the
average of the closing bid and asked prices. If the security matures in 60
days or less and is not credit-impaired, it is valued at amortized cost.
All securities and assets for which market quotations are not readily
available or any security that the Board determines does not reflect its
fair market value are valued in good faith under procedures established by
the Board.
4
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably likely
to materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Utility Trust
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By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer
Date May 25, 2005
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer and
Principal Financial Officer
Date May 25, 2005
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* Print the name and title of each signing officer under his or her signature.