UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-09243
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The Gabelli Utility Trust
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2006
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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, 100 F Street, NE, Washington, DC
20549. 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, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
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COMMON STOCKS -- 89.2%
AGRICULTURE -- 0.0%
800 Cadiz Inc.+................... $ 13,968
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AVIATION: PARTS AND SERVICES -- 0.2%
6,000 Sequa Corp., Cl. A+........... 586,800
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CABLE AND SATELLITE -- 4.1%
130,000 Cablevision Systems Corp.,
Cl. A+ ...................... 3,471,000
5,000 Cogeco Cable Inc.............. 120,521
20,000 Cogeco Inc.................... 482,082
15,000 Comcast Corp., Cl. A+......... 392,400
150,000 DIRECTV Group Inc.+........... 2,460,000
60,000 EchoStar Communications Corp.,
Cl. A+ ...................... 1,792,200
35,000 Liberty Global Inc., Cl. A+... 716,450
32,000 Liberty Global Inc., Cl. C+... 632,000
20,000 Rogers Communications Inc.,
Cl. B ....................... 763,000
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10,829,653
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COMMUNICATIONS EQUIPMENT -- 0.9%
280,000 Furukawa Electric Co. Ltd..... 2,321,835
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DIVERSIFIED INDUSTRIAL -- 1.7%
18,000 Catalytica Energy
Systems Inc.+ ............... 27,360
20,000 Cooper Industries Ltd.,
Cl. A ....................... 1,738,000
75,000 General Electric Co........... 2,608,500
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4,373,860
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ENERGY AND UTILITIES: ELECTRIC -- 21.1%
230,000 AES Corp.+.................... 3,923,800
355,000 Allegheny Energy Inc.+........ 12,016,750
24,000 ALLETE Inc.................... 1,118,400
60,000 American Electric
Power Co. Inc. .............. 2,041,200
20,000 Calpine Corp.+................ 5,400
30,000 Cleco Corp.................... 669,900
160,000 DPL Inc....................... 4,320,000
24,000 DTE Energy Co................. 962,160
220,000 Duquesne Light Holdings Inc... 3,630,000
90,000 Edison International.......... 3,706,200
200,000 El Paso Electric Co.+......... 3,808,000
9,600 Electric Power Development
Co. Ltd. .................... 304,231
130,000 FPL Group Inc................. 5,218,200
105,000 Great Plains Energy Inc....... 2,955,750
41,000 Green Mountain Power Corp..... 1,184,490
22,500 Pepco Holdings Inc............ 512,775
105,000 TECO Energy Inc............... 1,692,600
27,000 TXU Corp...................... 1,208,520
22,000 UIL Holdings Corp............. 1,151,700
165,000 Unisource Energy Corp......... 5,032,500
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55,462,576
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MARKET
SHARES VALUE*
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ENERGY AND UTILITIES: INTEGRATED -- 35.4%
75,000 Alliant Energy Corp........... $ 2,360,250
20,000 Ameren Corp................... 996,400
500,000 Aquila Inc.+.................. 1,995,000
1,500 Areva......................... 981,604
5,000 Avista Corp................... 103,250
35,000 Black Hills Corp.............. 1,190,000
70,000 Central Vermont Public
Service Corp. ............... 1,484,700
55,000 CH Energy Group Inc........... 2,640,000
8,000 Chubu Electric Power Co. Inc.. 200,510
8,000 Chugoku Electric Power
Co. Inc. .................... 166,525
85,000 Cinergy Corp.................. 3,859,850
190,000 CMS Energy Corp.+............. 2,460,500
57,000 Consolidated Edison Inc....... 2,479,500
76,000 Constellation Energy Group.... 4,157,960
3,000 Dominion Resources Inc........ 207,090
120,000 Duke Energy Corp.............. 3,498,000
180,000 El Paso Corp.................. 2,169,000
12,000 Empire District Electric Co... 266,640
54,000 Endesa SA..................... 1,743,329
200,000 Enel SpA...................... 1,691,752
80,000 Energy East Corp.............. 1,944,000
3,000 Entergy Corp.................. 206,820
55,979 FirstEnergy Corp.............. 2,737,373
131,850 Florida Public Utilities Co... 1,865,677
50,000 Hawaiian Electric
Industries Inc. ............. 1,356,500
300,000 Hera SpA...................... 907,075
8,000 Hokkaido Electric Power
Co. Inc. .................... 171,623
8,000 Hokuriku Electric Power Co.... 167,205
8,000 Kansai Electric Power Co. Inc. 177,740
30,000 Korea Electric Power
Corp., ADR .................. 648,000
8,000 Kyushu Electric Power Co. Inc. 180,459
65,000 Maine & Maritimes Corp........ 998,400
66,000 MGE Energy Inc................ 2,189,880
8,130 Mirant Corp.+................. 203,250
45,000 NiSource Inc.................. 909,900
170,000 Northeast Utilities........... 3,320,100
215,000 NSTAR......................... 6,151,150
101,000 OGE Energy Corp............... 2,929,000
12,000 Ormat Technologies Inc........ 457,200
25,000 Otter Tail Corp............... 717,250
50,000 PG&E Corp..................... 1,945,000
20,000 PNM Resources Inc............. 488,000
100,000 Progress Energy Inc........... 4,398,000
40,000 Progress Energy Inc., CVO+.... 13,200
25,000 Public Service Enterprise
Group Inc. .................. 1,601,000
35,000 Puget Energy Inc.............. 741,300
55,000 SCANA Corp.................... 2,158,200
8,000 Shikoku Electric Power
Co. Inc. .................... 165,845
30,000 Sierra Pacific Resources+..... 414,300
15,000 Tohoku Electric Power Co. Inc. 324,342
8,000 Tokyo Electric Power Co. Inc.. 199,490
2
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: INTEGRATED (CONTINUED)
27,500 Unitil Corp................... $ 718,025
47,000 Vectren Corp.................. 1,239,860
252,500 Westar Energy Inc............. 5,254,525
80,000 Wisconsin Energy Corp......... 3,199,200
52,000 WPS Resources Corp............ 2,559,440
270,000 Xcel Energy Inc............... 4,900,500
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93,210,689
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ENERGY AND UTILITIES: NATURAL GAS -- 12.1%
28,000 AGL Resources Inc............. 1,009,400
60,000 Atmos Energy Corp............. 1,579,800
35,000 Cascade Natural Gas Corp...... 689,500
10,000 Chesapeake Utilities Corp..... 312,400
1,500 Corning Natural Gas Corp.+.... 21,000
29,700 Delta Natural Gas Co. Inc..... 789,723
35,000 Dynegy Inc., Cl. A+........... 168,000
18,000 EnergySouth Inc............... 572,580
120,000 KeySpan Corp.................. 4,904,400
100,000 National Fuel Gas Co.......... 3,272,000
90,000 Nicor Inc..................... 3,560,400
105,800 ONEOK Inc..................... 3,412,050
50,000 Peoples Energy Corp........... 1,782,000
36,000 Piedmont Natural Gas Co. Inc.. 863,640
6,000 RGC Resources Inc............. 153,300
140,000 SEMCO Energy Inc.+............ 775,600
117,500 Southern Union Co............. 2,917,525
180,000 Southwest Gas Corp............ 5,031,000
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31,814,318
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ENERGY AND UTILITIES: OIL -- 0.7%
2,000 Anadarko Petroleum Corp....... 202,020
2,645 Chevron Corp.................. 153,331
20,000 Exxon Mobil Corp.............. 1,217,200
4,000 Royal Dutch Shell plc,
Cl. A, ADR .................. 249,040
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1,821,591
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ENERGY AND UTILITIES: WATER -- 3.3%
14,000 American States Water Co...... 523,040
21,333 Aqua America Inc.............. 593,483
16,500 Artesian Resources Corp.,
Cl. A ....................... 551,100
20,500 BIW Ltd....................... 400,365
20,520 California Water Service Group 924,426
7,500 Connecticut Water Service Inc. 196,650
51,333 Middlesex Water Co............ 972,247
24,088 Pennichuck Corp............... 607,018
120,000 SJW Corp...................... 3,222,000
8,101 Southwest Water Co............ 129,130
12,000 Suez SA....................... 474,369
12,000 Suez SA, Strips+.............. 145
6,000 York Water Co................. 157,380
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8,751,353
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MARKET
SHARES VALUE*
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ENTERTAINMENT -- 0.9%
60,000 Time Warner Inc............... $ 1,007,400
40,000 Vivendi Universal SA, ADR..... 1,368,000
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2,375,400
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EQUIPMENT AND SUPPLIES -- 0.2%
50,000 Capstone Turbine Corp.+....... 182,000
7,000 Mueller Industries Inc........ 249,830
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431,830
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METALS AND MINING -- 0.2%
20,000 Compania de Minas
Buenaventura SA, ADR ........ 493,800
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REAL ESTATE -- 0.1%
2,700 Brookfield Asset Management
Inc., Cl. A ................. 148,662
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TELECOMMUNICATIONS -- 4.4%
77,942 AT&T Inc...................... 2,107,552
60,000 BCE Inc....................... 1,443,600
35,000 BellSouth Corp................ 1,212,750
30,000 BT Group plc, ADR............. 1,164,600
175,000 Cincinnati Bell Inc.+......... 791,000
10,200 Commonwealth Telephone
Enterprises Inc. ............ 351,390
20,000 D&E Communications Inc........ 224,800
20,000 Deutsche Telekom AG, ADR...... 336,400
2,000 France Telecom SA, ADR........ 44,960
200 Hutchison Telecommunications
International Ltd.+ ......... 341
500 Mobistar SA................... 36,295
200 PT Indosat Tbk................ 113
1,200 Tele2 AB, Cl. B............... 14,175
3,000 Telecom Italia SpA, ADR....... 87,600
40,000 Touch America Holdings Inc.+.. 80
115,000 Verizon Communications Inc.... 3,916,900
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11,732,556
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TRANSPORTATION -- 0.4%
25,000 GATX Corp..................... 1,032,250
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WIRELESS COMMUNICATIONS -- 3.5%
600 America Movil SA de CV,
Cl. L, ADR .................. 20,556
2,000 China Mobile (Hong Kong)
Ltd., ADR ................... 53,080
2,000 China Unicom Ltd., ADR........ 16,520
200 Cosmote Mobile
Telecommunications SA ....... 4,629
4,000 Mobile TeleSystems, ADR....... 132,400
190 MobileOne Ltd................. 277
250,000 Nextel Partners Inc., Cl. A+.. 7,080,000
2,000 QUALCOMM Inc.................. 101,220
600 SK Telecom Co. Ltd., ADR...... 14,154
3
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
WIRELESS COMMUNICATIONS (CONTINUED)
200 SmarTone Telecommunications
Holdings Ltd. ............... $ 219
1,000 Telefonica Moviles SA, ADR.... 12,870
28,000 United States Cellular Corp.+. 1,662,080
6,000 Vimpel-Communications, ADR+... 258,060
200 Virgin Mobile Holdings plc.... 1,310
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9,357,375
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TOTAL COMMON STOCKS........... 234,758,516
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CONVERTIBLE PREFERRED STOCKS -- 1.5%
ENERGY AND UTILITIES: INTEGRATED -- 0.8%
2,000 El Paso Corp.,
4.990% Cv. Pfd. (a) ......... 2,183,474
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TELECOMMUNICATIONS -- 0.7%
31,033 Citizens Communications Co.,
5.000% Cv. Pfd. ............. 1,798,052
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TOTAL CONVERTIBLE
PREFERRED STOCKS ............ 3,981,526
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WARRANTS -- 0.1%
ENERGY AND UTILITIES: INTEGRATED -- 0.1%
26,107 Mirant Corp., Ser. A,
expire 01/03/11+ ............ 266,292
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PRINCIPAL
AMOUNT
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REPURCHASE AGREEMENTS -- 9.2%
$24,205,000 Barclays Capital Inc., 4.400%,
dated 03/31/06, due 04/03/06,
proceeds at maturity,
$24,213,875 (b) ............. 24,205,000
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TOTAL INVESTMENTS -- 100.0%
(Cost $230,882,799) ..................... $263,211,334
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For Federal tax purposes:
Aggregate cost................... $230,882,799
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Gross unrealized appreciation.... $ 36,776,070
Gross unrealized depreciation.... (4,447,535)
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Net unrealized appreciation
(depreciation) ................. $ 32,328,535
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(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. The security may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At March
31, 2006, the Rule 144A security is considered liquid and the market
value amounted to $2,183,474 or 0.83% of total investments.
(b) Collateralized by U.S. Treasury Bill, 4.57%, due 06/01/06, market value
$24,689,100.
+ Non-income producing security.
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 1, 2006
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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
Date May 1, 2006
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By (Signature and Title)* /s/ Agnes Mullady
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Agnes Mullady, Principal Financial Officer & Treasurer
Date May 1, 2006
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* Print the name and title of each signing officer under his or her signature.