The Gabelli Utility Trust

Schedule of Investments — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 81.2%
		ENERGY AND UTILITIES — 65.9%
		Alternative Energy — 0.4%
	20,000	NextEra Energy Partners LP	$	932,800
	12,000	Ormat Technologies Inc.,
		New York		661,800
				1,594,600
		Electric Integrated — 38.0%
	22,000	ALLETE Inc.		1,809,060
	125,000	Alliant Energy Corp.		5,891,250
	17,000	Ameren Corp.		1,250,350
	72,000	American Electric Power Co. Inc.		6,030,000
	44,000	Avangrid Inc.		2,215,400
	28,000	Avista Corp.		1,137,360
	40,000	Black Hills Corp.		2,962,800
	91,000	CMS Energy Corp.		5,054,140
	48,273	Dominion Energy Inc.		3,700,608
	16,400	DTE Energy Co.		2,045,736
	74,000	Duke Energy Corp.		6,660,000
	80,000	Edison International		4,953,600
	7,000	EDP - Energias de Portugal SA		27,522
	185,500	El Paso Electric Co.		10,911,110
	1,000	Emera Inc.		37,393
	3,000	Entergy Corp.		286,890
	138,500	Evergy Inc.		8,039,925
	165,000	Eversource Energy		11,706,750
	67,000	FirstEnergy Corp.		2,787,870
	62,000	Hawaiian Electric Industries Inc.		2,527,740
	83,500	MGE Energy Inc.		5,675,495
	56,500	NextEra Energy Inc.		10,922,580
	48,000	NiSource Inc.		1,375,680
	72,000	NorthWestern Corp.		5,069,520
	185,000	OGE Energy Corp.		7,977,200
	48,000	Otter Tail Corp.		2,391,360
	48,000	PG&E Corp.†		854,400
	86,000	PNM Resources Inc.		4,071,240
	30,000	Public Service Enterprise Group Inc.		1,782,300
	17,000	Unitil Corp.		920,890
	140,000	WEC Energy Group Inc.		11,071,200
	160,000	Xcel Energy Inc.		8,993,600
				141,140,969
		Electric Transmission and Distribution — 1.8%
	40,000	Consolidated Edison Inc.		3,392,400
	65,100	Exelon Corp.		3,263,463
				6,655,863
		Global Utilities — 2.6%
	8,000	Chubu Electric Power Co. Inc.		124,768
	133,000	Electric Power Development Co. Ltd.		3,235,297
	33,000	Endesa SA		841,788
	300,000	Enel SpA		1,919,548

Shares			Market Value
	500,000	Hera SpA	$	1,808,270
	15,000	Hokkaido Electric Power Co. Inc.		86,078
	12,000	Hokuriku Electric Power Co.†		93,982
	3,000	Huaneng Power International Inc., ADR		69,450
	41,000	Korea Electric Power Corp., ADR†		533,410
	15,000	Kyushu Electric Power Co. Inc.		176,893
	8,000	Shikoku Electric Power Co. Inc.		97,302
	8,000	The Chugoku Electric Power Co. Inc.		99,684
	20,000	The Kansai Electric Power Co. Inc.		294,505
	13,000	Tohoku Electric Power Co. Inc.		165,623
				9,546,598
		Merchant Energy — 1.6%
	323,500	The AES Corp.(a)		5,848,880
		Natural Gas Integrated — 6.4%
	8,000	Devon Energy Corp.		252,480
	125,000	Energy Transfer LP		1,921,250
	90,000	Kinder Morgan Inc.		1,800,900
	136,000	National Fuel Gas Co.		8,290,560
	165,000	ONEOK Inc.		11,523,600
				23,788,790
		Natural Gas Utilities — 5.8%
	25,000	Atmos Energy Corp.		2,573,250
	24,800	Chesapeake Utilities Corp.		2,262,008
	30,262	Corning Natural Gas Holding Corp.		599,944
	15,500	Engie SA		230,902
	72,066	National Grid plc, ADR		4,024,165
	42,000	ONE Gas Inc.		3,739,260
	18,000	RGC Resources Inc.		477,180
	90,000	Southwest Gas Holdings Inc.		7,403,400
	2,000	Spire Inc.		164,580
				21,474,689
		Natural Resources — 2.0%
	10,000	Anadarko Petroleum Corp.		454,800
	3,500	Apache Corp.		121,310
	25,000	California Resources Corp.†		642,750
	55,000	Cameco Corp.		648,450
	25,000	CNX Resources Corp.†		269,250
	32,000	Compania de Minas Buenaventura SAA, ADR		552,960
	3,125	CONSOL Energy Inc.†		106,937
	50,000	Exxon Mobil Corp.		4,040,000
	3,000	Hess Corp.		180,690
	3,000	Royal Dutch Shell plc, Cl. A, ADR		187,770
				7,204,917

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The Gabelli Utility Trust

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Services — 1.2%
	24,000	ABB Ltd., ADR	$	452,880
	100,000	Enbridge Inc.		3,626,000
	13,000	Sunoco LP		405,080
	60,000	Weatherford International plc†		41,880
				4,525,840
		Water — 5.0%
	27,000	American States Water Co.		1,925,100
	25,000	American Water Works Co. Inc.		2,606,500
	27,291	Aqua America Inc.		994,484
	24,000	Artesian Resources Corp., Cl. A		894,480
	34,000	California Water Service Group		1,845,520
	48,000	Middlesex Water Co.		2,687,520
	163,000	Severn Trent plc		4,195,056
	50,000	SJW Group		3,087,000
	9,000	The York Water Co.		308,880
				18,544,540
		Diversified Industrial — 0.4%
	2,000	Alstom SA		86,644
	2,000	AZZ Inc.		81,860
	11,000	Bouygues SA		393,007
	90,000	General Electric Co.		899,100
				1,460,611
		Environmental Services — 0.4%
	56,000	Evoqua Water Technologies Corp.†		704,480
	3,000	Suez		39,744
	30,000	Veolia Environnement SA		670,697
				1,414,921
		Equipment and Supplies — 0.1%
	2,500	Capstone Turbine Corp.†		2,250
	12,000	Mueller Industries Inc.		376,080
				378,330
		Independent Power Producers and Energy Traders — 0.2%
	20,000	NRG Energy Inc.		849,600
		TOTAL ENERGY AND UTILITIES		244,429,148
		COMMUNICATIONS — 12.6%
		Cable and Satellite — 3.9%
	3,000	Charter Communications Inc., Cl. A†		1,040,730
	20,000	Cogeco Inc.		1,176,937
	60,000	DISH Network Corp., Cl. A†		1,901,400
	10,000	EchoStar Corp., Cl. A†		364,500
	250,000	ITV plc		413,855
	42,421	Liberty Global plc, Cl. A†		1,057,131
	108,771	Liberty Global plc, Cl. C†		2,633,346
	10,000	Liberty Latin America Ltd., Cl. A†		193,400
	20,000	Liberty Latin America Ltd., Cl. C†		389,000

Shares			Market Value
	10,000	Rogers Communications Inc., Cl. B	$	538,200
	100,000	Telenet Group Holding NV		4,810,087
				14,518,586
		Communications Equipment — 0.1%
	18,000	Furukawa Electric Co. Ltd.		453,289
		Telecommunications — 4.7%
	75,000	AT&T Inc.		2,352,000
	6,000	BCE Inc., New York		266,340
	6,047	BCE Inc., Toronto		268,514
	20,000	BT Group plc, ADR		295,800
	136,002	CenturyLink Inc.		1,630,664
	80,000	Cincinnati Bell Inc.†		763,200
	5,000	Cogeco Communications Inc.		319,303
	43,000	Deutsche Telekom AG, ADR		713,155
	59,000	Global Telecom Holding SAE†		15,422
	200	Hutchison Telecommunications Hong Kong Holdings Ltd.		85
	40,038	Internap Corp.†		198,588
	35,000	Nippon Telegraph & Telephone Corp.		1,485,203
	1,000	Orange Belgium SA		21,538
	2,000	Orange SA, ADR		32,600
	11,800	Orascom Investment Holding, GDR†		2,006
	30,000	Pharol SGPS SA†		6,495
	4,000	Proximus SA		115,361
	2,000	PT Indosat Tbk		351
	115,000	Sistema PJSC FC, GDR		323,380
	1,350	Tele2 AB, Cl. B		17,983
	20,000	Telefonica Deutschland Holding AG		62,796
	85,000	Telekom Austria AG		617,863
	1,200	Telesites SAB de CV†		775
	20,000	T-Mobile US Inc.†		1,382,000
	115,000	VEON Ltd., ADR		240,350
	105,000	Verizon Communications Inc.		6,208,650
				17,340,422
		Wireless Communications — 3.9%
	2,500	America Movil SAB de CV, Cl. L, ADR		35,700
	2,000	China Mobile Ltd., ADR		101,980
	2,000	China Unicom Hong Kong Ltd., ADR		25,600
	85,000	Millicom International Cellular SA, SDR		5,160,907
	1,154	Mobile Telesystems PJSC		4,440
	11,250	Mobile TeleSystems PJSC, ADR		85,050
	100,000	NTT DoCoMo Inc.		2,211,946
	2,000	SK Telecom Co. Ltd., ADR		48,980
	400	SmarTone Telecommunications Holdings Ltd.		435
	60,000	Turkcell Iletisim Hizmetleri A/S, ADR		321,600
	49,000	United States Cellular Corp.†		2,249,590
	240,000	Vodafone Group plc, ADR		4,363,200
				14,609,428
		TOTAL COMMUNICATIONS		46,921,725

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The Gabelli Utility Trust

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		OTHER — 2.7%
		Aerospace — 0.3%
	100,000	Rolls-Royce Holdings plc	$	1,176,379
		Agriculture — 0.0%
	3,000	Cadiz Inc.†		29,040
		Electronics — 0.3%
	22,000	Sony Corp., ADR		929,280
		Entertainment — 0.6%
	80,000	Vivendi SA		2,317,995
		Financial Services — 0.6%
	40,000	GAM Holding AG		124,931
	22,000	Kinnevik AB, Cl. A		580,921
	55,000	Kinnevik AB, Cl. B		1,424,500
				2,130,352
		Machinery — 0.4%
	150,000	CNH Industrial NV		1,530,000
		Transportation — 0.5%
	25,000	GATX Corp.		1,909,250
		TOTAL OTHER		10,022,296
		TOTAL COMMON STOCKS		301,373,169
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		ENERGY AND UTILITIES — 0.0%
		Natural Gas Utilities — 0.0%
	4,203	Corning Natural Gas Holding Corp.,
		4.800%, Ser. B		93,518
		WARRANTS — 0.0%
		COMMUNICATIONS — 0.0%
		Telecommunications — 0.0%
	16,000	Bharti Airtel Ltd., expire 11/30/20†(b)		77,120

Principal Amount			Market Value
		CORPORATE BONDS — 0.0%
		Equipment and Supplies — 0.0%
	$       30,000	Mueller Industries Inc.,
		6.000%, 03/01/27	$	29,550
		U.S. GOVERNMENT OBLIGATIONS — 18.8%
	69,908,000	U.S. Treasury Bills,
		2.352% to 2.496%††,
		04/04/19 to 08/15/19(c)		69,533,654
		TOTAL INVESTMENTS — 100.0%
		(Cost $312,770,998)	$	371,107,011

(a) Securities, or a portion thereof, with a value of $2,260,000 are reserved and/or pledged with the custodian for current or potential holdings of swaps.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, the market value of the Rule 144A security amounted to $77,120 or 0.02% of total investments.

(c) At March 31, 2019, $500,000 of the principal amount was pledged as collateral for equity contract for difference swap agreements.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

GDR Global Depositary Receipt

SDR Swedish Depositary Receipt

As of March 31, 2019, equity contract for difference swap agreements outstanding were as follows:

Market Value Appreciation Received	One Month LIBOR Plus 90 bps plus Market Value Depreciation Paid	Counterparty	Payment Frequency	Termination Date	Notional Amount	Value	Upfront Payments/ Receipts	Unrealized Depreciation
Rolls-Royce Holdings plc	Rolls-Royce Holdings plc	The Goldman Sachs Group, Inc.	1 month	06/28/2019	$1,192,345	$(16,454)	—	$(16,454)
TOTAL EQUITY CONTRACT FOR DIFFERENCE SWAP AGREEMENT								$(16,454)

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