Edgar Filing: GABELLI UTILITY TRUST

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
------------

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, 2007
----------------

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

First Quarter Report
March 31, 2007

TO OUR SHAREHOLDERS,

During the first quarter of 2007, The Gabelli Utility Trust's (the "Fund")
total return was 5.23% on a net asset value ("NAV") basis while the Standard &
Poor's ("S&P") 500 Utility Index rose 9.29% and the Lipper Utility Fund Average
rose 7.74%. The Fund's market price on March 31, 2007 was $10.00, which equates
to an 18.62% premium to its NAV of $8.43. The Fund's market price, adjusted for
distributions, rose 2.54% during the first quarter of 2007.

Enclosed is the investment portfolio as of March 31, 2007.

COMPARATIVE RESULTS

--------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2007 (A)

Since
Inception
Quarter 1 Year 3 Year 5 Year (07/09/99)
---------------------------------------------------------------------------------------------------------------------

GABELLI UTILITY TRUST
NAV TOTAL RETURN (B)............................... 5.23% 29.76% 17.93% 12.78% 11.69%
INVESTMENT TOTAL RETURN (C) ....................... 2.54 19.52 9.19 8.34 12.49
S&P 500 Utilities Index.............................. 9.29 33.77 22.23 10.42 6.78
Lipper Utility Fund Average.......................... 7.74 31.44 22.48 13.29 7.36

(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE.
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. PERFORMANCE RETURNS FOR LESS THAN ONE YEAR ARE NOT
ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES,
RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE INVESTING. THE S&P 500
UTILITIES INDEX IS AN UNMANAGED INDICATOR OF ELECTRIC AND GAS UTILITY STOCK
PERFORMANCE. THE LIPPER AVERAGE REFLECTS THE AVERAGE PERFORMANCE OF
OPEN-END 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 NAV PER
SHARE, REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE,
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 NEW YORK STOCK EXCHANGE, REINVESTMENT OF DISTRIBUTIONS, AND
ADJUSTMENTS FOR RIGHTS OFFERINGS. SINCE INCEPTION RETURN IS BASED ON AN
INITIAL OFFERING PRICE OF $7.50.

--------------------------------------------------------------------------------
We have separated the portfolio manager's commentary from the financial
statements and investment portfolio due to corporate governance regulations
stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that
the content of the portfolio manager's commentary is unrestricted. The financial
statements and investment portfolio are mailed separately from the commentary.
Both the commentary and the financial statements, including the portfolio of
investments, will be available on our website at www.gabelli.com.
--------------------------------------------------------------------------------

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS
MARCH 31, 2007 (UNAUDITED)

MARKET
SHARES VALUE
------ ------

COMMON STOCKS -- 92.5%
AEROSPACE -- 0.2%
65,000 Rolls-Royce Group plc+........ $ 632,195
3,848,000 Rolls-Royce Group plc, Cl. B.. 7,761
------------
639,956
------------
AGRICULTURE -- 0.0%
800 Cadiz Inc.+................... 20,352
------------
AUTOMOTIVE -- 0.5%
50,000 ADESA Inc..................... 1,381,500
------------
CABLE AND SATELLITE -- 2.2%
3,500 Cablevision Systems Corp., Cl. A+ 106,505
5,000 Cogeco Cable Inc.............. 179,082
20,000 Cogeco Inc.................... 653,963
7,500 Comcast Corp., Cl. A+......... 194,625
50,000 EchoStar Communications Corp.,
Cl. A+ ..................... 2,171,500
35,000 Liberty Global Inc., Cl. A+... 1,152,550
20,000 Liberty Global Inc., Cl. C+... 612,800
12,000 Rogers Communications Inc., Cl. B 393,120
60,000 The DIRECTV Group Inc.+....... 1,384,200
------------
6,848,345
------------
UNITS
-----
CLOSED-END FUNDS -- 0.0%
4,350 Bell Aliant Regional Communications
Income Fund+ (a)(c)......... 111,273
------------
SHARES
------
COMMUNICATIONS EQUIPMENT -- 0.6%
280,000 The Furukawa Electric Co. Ltd. 1,710,794
------------
CONSUMER PRODUCTS -- 0.3%
20,000 The Scotts Miracle-Gro Co., Cl. A 880,600
------------
DIVERSIFIED INDUSTRIAL -- 0.8%
18,000 Catalytica Energy Systems Inc.+ 25,920
12,000 Cooper Industries Ltd., Cl. A. 539,880
50,000 General Electric Co........... 1,768,000
------------
2,333,800
------------
ENERGY AND UTILITIES: ALTERNATIVE ENERGY -- 0.2%
12,000 Ormat Technologies Inc........ 503,520
------------
ENERGY AND UTILITIES: ELECTRIC INTEGRATED -- 46.0%
315,000 Allegheny Energy Inc.+........ 15,479,100
23,000 ALLETE Inc.................... 1,072,260
75,000 Alliant Energy Corp........... 3,361,500
10,000 Ameren Corp................... 503,000
80,000 American Electric Power Co. Inc. 3,900,000
700,000 Aquila Inc.+.................. 2,926,000
6,000 Avista Corp................... 145,380

MARKET
SHARES VALUE
------ ------

35,000 Black Hills Corp.............. $ 1,286,950
30,000 Cleco Corp.................... 774,900
185,000 CMS Energy Corp............... 3,293,000
76,000 Constellation Energy Group Inc. 6,608,200
5,000 Dominion Resources Inc........ 443,850
160,000 DPL Inc....................... 4,974,400
24,000 DTE Energy Co................. 1,149,600
200,000 Duke Energy Corp.............. 4,058,000
90,000 Edison International.......... 4,421,700
189,300 El Paso Electric Co.+......... 4,988,055
3,000 Entergy Corp.................. 314,760
53,000 FirstEnergy Corp.............. 3,510,720
131,500 Florida Public Utilities Co... 1,630,600
110,000 FPL Group Inc................. 6,728,700
105,000 Great Plains Energy Inc....... 3,407,250
62,000 Green Mountain Power Corp..... 2,161,940
50,000 Hawaiian Electric Industries Inc. 1,299,500
94,900 Integrys Energy Group Inc..... 5,267,899
62,000 Maine & Maritimes Corp.+...... 1,178,000
66,000 MGE Energy Inc................ 2,340,360
45,000 NiSource Inc.................. 1,099,800
40,000 NorthWestern Corp............. 1,417,200
100,000 OGE Energy Corp............... 3,880,000
24,000 Otter Tail Corp............... 821,760
48,000 PG&E Corp..................... 2,316,960
20,000 PNM Resources Inc............. 646,000
100,000 Progress Energy Inc........... 5,044,000
40,000 Progress Energy Inc., CVO+.... 12,800
20,000 Public Service Enterprise
Group Inc. ................. 1,660,800
35,000 Puget Energy Inc.............. 898,800
60,000 SCANA Corp.................... 2,590,200
30,000 Sierra Pacific Resources+..... 521,400
105,000 TECO Energy Inc............... 1,807,050
20,000 The Empire District Electric Co. 496,000
100,000 TXU Corp...................... 6,410,000
145,000 Unisource Energy Corp......... 5,444,750
30,700 Unitil Corp................... 834,119
47,000 Vectren Corp.................. 1,344,200
252,500 Westar Energy Inc............. 6,948,800
80,000 Wisconsin Energy Corp......... 3,881,600
200,000 Xcel Energy Inc............... 4,938,000
------------
140,239,863
------------
ENERGY AND UTILITIES:
ELECTRICTRANSMISSION AND DISTRIBUTION -- 8.2%
50,000 CH Energy Group Inc........... 2,434,500
57,000 Consolidated Edison Inc....... 2,910,420
190,000 Duquesne Light Holdings Inc... 3,760,100
80,000 Energy East Corp.............. 1,948,800
135,000 Northeast Utilities........... 4,423,950
215,000 NSTAR......................... 7,550,800
22,500 Pepco Holdings Inc............ 652,950
36,666 UIL Holdings Corp............. 1,272,310
------------
24,953,830
------------

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)

MARKET
SHARES VALUE
------ ------

COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: GLOBAL UTILITIES -- 3.1%
1,500 Areva SA...................... $ 1,459,844
8,000 Chubu Electric Power Co. Inc.. 274,949
9,600 Electric Power Development
Co. Ltd. ................... 483,096
20,000 Endesa SA..................... 1,081,500
200,000 Enel SpA...................... 2,140,023
300,000 Hera SpA...................... 1,262,373
8,000 Hokkaido Electric Power Co. Inc. 212,491
8,000 Hokuriku Electric Power Co.... 176,850
30,000 Korea Electric Power Corp., ADR 600,000
8,000 Kyushu Electric Power Co. Inc. 227,427
2,000 Niko Resources Ltd............ 145,414
8,000 Shikoku Electric Power Co. Inc. 191,107
8,000 The Chugoku Electric
Power Co. Inc. ............. 178,887
8,000 The Kansai Electric
Power Co. Inc. ............. 230,143
8,000 The Tokyo Electric
Power Co. Inc. ............. 273,591
15,000 Tohoku Electric Power Co. Inc. 380,601
------------
9,318,296
------------
ENERGY AND UTILITIES: MERCHANT ENERGY -- 1.9%
20,000 Calpine Corp.+................ 41,000
35,810 Dynegy Inc., Cl. A+ .......... 331,601
8,130 Mirant Corp.+ ................ 328,940
300,000 Mirant Corp. Escrow (c)+...... 0
230,000 The AES Corp.+ ............... 4,949,600
------------
5,651,141
------------
ENERGY AND UTILITIES: NATURAL GAS INTEGRATED -- 8.8%
170,000 El Paso Corp.................. 2,459,900
34,200 EnergySouth Inc............... 1,434,006
100,000 Kinder Morgan Inc............. 10,645,000
105,000 National Fuel Gas Co.......... 4,542,300
100,000 ONEOK Inc..................... 4,500,000
110,000 Southern Union Co............. 3,342,900
------------
26,924,106
------------
ENERGY AND UTILITIES: NATURAL GAS UTILITIES -- 8.5%
28,000 AGL Resources Inc. ........... 1,196,160
50,000 Atmos Energy Corp............. 1,564,000
60,000 Cascade Natural Gas Corp...... 1,581,000
10,000 Chesapeake Utilities Corp..... 309,400
3,000 Corning Natural Gas Corp.+.... 45,750
29,700 Delta Natural Gas Co. Inc..... 742,500
127,000 KeySpan Corp. ................ 5,226,050
90,000 Nicor Inc. ................... 4,357,800
35,000 Piedmont Natural Gas Co. Inc. 923,300
6,000 RGC Resources Inc. ........... 170,100
300,000 SEMCO Energy Inc.+............ 2,286,000
130,000 Southwest Gas Corp............ 5,053,100
100,000 Spectra Energy Corp. ......... 2,627,000
------------
26,082,160
------------

MARKET
SHARES VALUE
------ ------

ENERGY AND UTILITIES: OIL -- 0.6%
4,000 Anadarko Petroleum Corp....... $ 171,920
20,000 Exxon Mobil Corp.............. 1,509,000
4,000 Royal Dutch Shell plc,
Cl. A, ADR ................. 265,200
------------
1,946,120
------------
ENERGY AND UTILITIES: SERVICES -- 0.4%
70,000 ABB Ltd., ADR................. 1,202,600
------------
ENERGY AND UTILITIES: WATER -- 2.8%
14,000 American States Water Co. .... 516,180
21,333 Aqua America Inc. ............ 478,926
24,750 Artesian Resources Corp., Cl. A 509,850
20,500 BIW Ltd....................... 361,825
20,520 California Water Service Group 786,326
7,500 Connecticut Water Service Inc. 180,375
51,333 Middlesex Water Co. .......... 944,014
24,088 Pennichuck Corp. ............. 554,506
80,000 SJW Corp. .................... 3,238,400
8,101 Southwest Water Co. .......... 116,817
12,000 Suez SA....................... 632,870
12,000 Suez SA, Strips+.............. 160
9,000 York Water Co................. 152,100
------------
8,472,349
------------
ENTERTAINMENT -- 0.8%
60,000 Time Warner Inc. ............. 1,183,200
30,000 Vivendi ...................... 1,219,092
------------
2,402,292
------------
EQUIPMENT AND SUPPLIES -- 0.0%
50,000 Capstone Turbine Corp.+....... 53,000
3,000 Mueller Industries Inc. ...... 90,300
-----------
143,300
------------
FOOD AND BEVERAGE -- 0.0%
2,000 Dean Foods Co.+............... 93,480
------------
METALS AND MINING -- 0.2%
20,000 Compania de Minas
Buenaventura SA, ADR........ 599,000
3,000 Peabody Energy Corp........... 120,720
------------
719,720
------------
PUBLISHING -- 0.0%
3,000 Idearc Inc.................... 105,300
------------
REAL ESTATE -- 0.1%
4,050 Brookfield Asset Management Inc.,
Cl. A ..................... 211,653
------------
SPECIALTY CHEMICALS -- 1.1%
100,000 MacDermid Inc................. 3,487,000
------------
TELECOMMUNICATIONS -- 3.8%
46,500 AT&T Inc...................... 1,833,495
54,900 BCE Inc....................... 1,552,572
30,000 BT Group plc, ADR............. 1,800,300

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)

MARKET
SHARES VALUE
------ ------

COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
197,000 Cincinnati Bell Inc.+......... $ 925,900
7,833 Citizens Communications Co.... 117,103
20,000 D&E Communications Inc........ 266,400
22,000 Deutsche Telekom AG, ADR...... 363,660
2,000 France Telecom SA, ADR........ 52,800
200 Hutchison Telecommunications
International Ltd.+......... 405
500 Mobistar SA .................. 42,280
200 PT Indosat Tbk................ 137
1,200 Tele2 AB, Cl. B............... 19,677
6,000 Telecom Italia SpA, ADR....... 171,960
40,000 Touch America Holdings Inc.+.. 5
115,000 Verizon Communications Inc. .. 4,360,800
------------
11,507,494
------------
TRANSPORTATION -- 0.4%
25,000 GATX Corp..................... 1,195,000
3,200 General Maritime Corp......... 92,416
------------
1,287,416
------------
WIRELESS COMMUNICATIONS -- 1.0%
600 America Movil SAB de CV,
Cl. L, ADR ................. 28,674
2,000 China Mobile Ltd., ADR........ 89,700
2,000 China Unicom Ltd., ADR........ 28,300
200 Cosmote Mobile
Telecommunications SA ...... 5,990
4,000 Mobile TeleSystems OJSC, ADR.. 223,840
190 MobileOne Ltd................. 274
3,000 QUALCOMM Inc.................. 127,980
600 SK Telecom Co. Ltd., ADR...... 14,052
200 SmarTone Telecommunications
Holdings Ltd. .............. 231
28,000 United States Cellular Corp.+. 2,056,600
6,000 Vimpel-Communications, ADR+... 569,040
------------
3,144,681
------------
TOTAL COMMON STOCKS........... 282,322,941
------------

CONVERTIBLE PREFERRED STOCKS -- 1.5%
ENERGY AND UTILITIES: NATURAL GAS INTEGRATED -- 0.8%
2,000 El Paso Corp.,
4.990% Cv. Pfd. (a).......... 2,565,110
------------
TELECOMMUNICATIONS -- 0.7%
31,033 Citizens Utilities Trust,
5.000% Cv. Pfd.............. 2,019,007
------------
TOTAL CONVERTIBLE
PREFERRED STOCKS............ 4,584,117
------------

PRINCIPAL MARKET
AMOUNT VALUE
--------- ------

CORPORATE BONDS -- 0.0%
TELECOMMUNICATIONS -- 0.0%
$ 100,000 Williams Communications
Group Inc., Escrow,
10.875%, 10/01/09+ (c)(d).. $ 0
------------
SHARES
------

WARRANTS -- 0.2%
ENERGY AND UTILITIES: MERCHANT ENERGY -- 0.2%
26,107 Mirant Corp., Ser. A,
expire 01/03/11+............ 553,468
------------
PRINCIPAL
AMOUNT
---------

REPURCHASE AGREEMENTS -- 5.8%
$17,571,000 Barclays Capital Inc., 5.080%,
dated 03/30/07, due 04/02/07,
proceeds at maturity,
$17,578,438 (b)............. 17,571,000
------------

TOTAL INVESTMENTS -- 100.0%
(Cost $234,958,900)..................... $305,031,526
============

--------------
Aggregate book cost.............. $234,958,900
============
Gross unrealized appreciation.... $ 71,795,143
Gross unrealized depreciation.... (1,722,517)
------------
Net unrealized appreciation
(depreciation) ................ $ 70,072,626
============
--------------

(a) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. The securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At March 31,
2007, the Rule 144A securities are considered liquid and the market value
amounted to $2,676,383 or 0.88% of total investments.
(b) Collateralized by $15,265,000 U.S. Treasury Bond, 6.125%, due 08/15/29,
market value $17,922,420.
(c) Securities fair valued under procedures established by the Board of
Trustees. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At March 31, 2007, the
market value of fair valued securities amounted to $111,273 or 0.04% of
total investments.
(d) Security is in default.
+ Non-income producing security.
ADR American Depository Receipt
CVO Contingent Value Obligation

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.

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.

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

2. SWAP AGREEMENTS. The Fund may enter into 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 as follows. 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 Stock. 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. Interest
rate swap and cap transactions introduce additional risk because the Fund would
remain obligated to pay preferred stock dividends when due in accordance with
the Articles Supplementary 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 for the Series B
Preferred Stock. 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 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, 2007 are as follows:

NET
NOTIONAL FLOATING RATE* TERMINATION UNREALIZED
AMOUNT FIXED RATE (RATE RESET MONTHLY) DATE APPRECIATION
------ ---------- -------------------- ---- ------------

$25,000,000 4.00% 5.32% June 2, 2010 $666,428

---------------------
* Based on Libor (London Interbank Offered Rate).

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 issue 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 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

TRUSTEES OFFICERS

Mario J. Gabelli, CFA Bruce N. Alpert
CHAIRMAN & CHIEF EXECUTIVE OFFICER, PRESIDENT
GAMCO INVESTORS, INC.
Peter D. Goldstein
Dr. Thomas E. Bratter CHIEF COMPLIANCE OFFICER
PRESIDENT & FOUNDER, JOHN DEWEY ACADEMY
James E. McKee
Anthony J. Colavita SECRETARY
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C. Agnes Mullady
TREASURER
James P. Conn
FORMER MANAGING DIRECTOR & David I. Schachter
CHIEF INVESTMENT OFFICER, VICE PRESIDENT & OMBUDSMAN
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
INVESTMENT ADVISER
Vincent D. Enright Gabelli Funds, LLC
FORMER SENIOR VICE PRESIDENT & One Corporate Center
CHIEF FINANCIAL OFFICER, Rye, New York 10580-1422
KEYSPAN CORP.
CUSTODIAN
Frank J. Fahrenkopf, Jr. Mellon Trust of New England, N.A.
PRESIDENT & CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION COUNSEL
Willkie Farr & Gallagher LLP
John D. Gabelli
SENIOR VICE PRESIDENT, TRANSFER AGENT AND REGISTRAR
GABELLI & COMPANY, INC. Computershare Trust Company, N.A.

Robert J. Morrissey STOCK EXCHANGE LISTING
ATTORNEY-AT-LAW, 5.625%
MORRISSEY, HAWKINS & LYNCH Common Preferred
------ ---------
Anthony R. Pustorino NYSE-Symbol: GUT GUT PrA
CERTIFIED PUBLIC ACCOUNTANT, Shares Outstanding: 29,759,033 1,184,200
PROFESSOR EMERITUS, PACE UNIVERSITY
The Net Asset Value per share
Salvatore J. Zizza appears in the Publicly Traded Funds
CHAIRMAN, ZIZZA & CO., LTD. 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.

--------------------------------------------------------------------------------
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM, or e-mail us at: closedend@gabelli.com
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time, purchase
its common shares in the open market when the Fund's shares are trading at a
discount of 10% or more from the net asset value of the shares. The Fund may
also, from time to time, purchase shares of its Series A Cumulative Preferred
Shares in the open market when the shares are trading at a discount to the
Liquidation Value of $25.00.
--------------------------------------------------------------------------------

THE GABELLI UTILITY TRUST
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM

FIRST QUARTER REPORT
MARCH 31, 2007

GUT Q1/2007

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 May 22, 2007
----------------------------------------------------------------------------

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 May 22, 2007
----------------------------------------------------------------------------

By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady, Principal Financial Officer & Treasurer

Date May 22, 2007
----------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.