<SEC-DOCUMENT>0000950123-11-032203.txt : 20110404
<SEC-HEADER>0000950123-11-032203.hdr.sgml : 20110404
<ACCEPTANCE-DATETIME>20110401192648
ACCESSION NUMBER:		0000950123-11-032203
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20110406
FILED AS OF DATE:		20110404
DATE AS OF CHANGE:		20110401
EFFECTIVENESS DATE:		20110404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI UTILITY TRUST
		CENTRAL INDEX KEY:			0001080720
		IRS NUMBER:				134046522
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-09243
		FILM NUMBER:		11733167

	BUSINESS ADDRESS:	
		STREET 1:		1 CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215083

	MAIL ADDRESS:	
		STREET 1:		1 CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI UTILITY FUND
		DATE OF NAME CHANGE:	19990225
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>b84377a1def14a.htm
<DESCRIPTION>GABELLI UTILITY TRUST
<TEXT>
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<HEAD>
<TITLE>def14a</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE 14A INFORMATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934<BR>
(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Filed by Registrant &#091;&nbsp;X&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Filed by a Party other than the Registrant &#091;&nbsp;&nbsp;&nbsp; &nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Check the appropriate box:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preliminary Proxy Statement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;&nbsp;X&nbsp;&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Proxy Statement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Additional Materials</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting Material Pursuant to Sec. 240.14a-12</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>The Gabelli Utility Trust</B><BR>
(Name of Registrant as Specified In Its Charter)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Payment of Filing Fee (Check the appropriate box):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&#091;&nbsp;X&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">No fee required</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title of each class of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aggregate number of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule&nbsp;0-11(set forth the amount on which the filing fee is calculated and
state how it was determined):</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proposed maximum aggregate value of transaction:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total fee paid:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3"  valign="top" align="left">Fee paid previously with preliminary materials.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3"  valign="top" align="left">Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by
registration statement number, or the Form or Schedule and the date
of its filing.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount Previously Paid:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form, Schedule or Registration Statement No.:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filing Party:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date Filed:</TD>
</TR>
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</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    GABELLI UTILITY TRUST</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One Corporate Center<BR>
    Rye, New York 10580 - 1422<BR>
    <FONT style="white-space: nowrap">(914)&#160;921-5070</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 13%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<BR>
    To Be Held on May&#160;16, 2011</B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 13%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the Shareholders of<BR>
    THE GABELLI UTILITY TRUST
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notice is hereby given that the Annual Meeting of Shareholders
    of The Gabelli Utility Trust, a Delaware statutory trust (the
    &#147;Fund&#148;), will be held on Monday, May&#160;16, 2011, at
    10:30 a.m., at The Cole Auditorium, The Greenwich Library,
    101&#160;West Putnam Avenue, Greenwich, Connecticut 06830 and at
    any adjournments thereof (the &#147;Meeting&#148;), for the
    following purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: -4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;&#160;To elect four (4)&#160;Trustees of the Fund, three
    (3) Trustees to be elected by the holders of the Fund&#146;s
    Common Shares and holders of its 5.625% Series&#160;A Cumulative
    Preferred Shares and Series&#160;B Auction Market Preferred
    Shares (together, the &#147;Preferred Shares&#148;), voting
    together as a single class, and one (1) Trustee to be elected by
    the holders of the Fund&#146;s Preferred Shares, voting as a
    separate class <B>(Proposal&#160;1)</B>;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: -4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;&#160;To consider and vote upon such other matters,
    including adjournments, as may properly come before said Meeting
    or any adjournments thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These items are discussed in greater detail in the attached
    Proxy Statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The close of business on March&#160;21, 2011 has been fixed as
    the record date for the determination of shareholders entitled
    to notice of and to vote at the Meeting and any adjournments
    thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR
    HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE
    MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY.
    INSTRUCTIONS&#160;FOR THE PROPER VOTING AND/OR EXECUTION OF
    PROXIES ARE SET FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY
    PROVIDE THEIR VOTE BY TELEPHONE OR THE INTERNET BY FOLLOWING THE
    INSTRUCTIONS&#160;ACCOMPANYING THE PROXY CARD, VOTING
    INSTRUCTION FORM OR NOTICE OF INTERNET AVAILABILITY OF PROXY
    MATERIALS. ALTERNATIVELY, SHAREHOLDERS MAY SUBMIT VOTING
    INSTRUCTIONS&#160;BY SIGNING AND DATING THE PROXY CARD OR VOTING
    INSTRUCTION FORM AND RETURNING IT IN THE ACCOMPANYING
    POSTAGE-PAID ENVELOPE.</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By Order of the Board of Trustees,
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AGNES MULLADY
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Secretary</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    April&#160;6, 2011
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS&#160;FOR
    SIGNING PROXY CARDS TO BE RETURNED BY MAIL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following general rules for signing proxy cards may be of
    assistance to you and avoid the time and expense to the Fund
    involved in validating your vote if you fail to sign your proxy
    card properly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;&#160;
</TD>
    <TD align="left">
    <I>Individual Accounts</I>: Sign your name exactly as it appears
    in the registration on the proxy card.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;&#160;
</TD>
    <TD align="left">
    <I>Joint Accounts</I>: Either party may sign, but the name of
    the party signing should conform exactly to the name shown in
    the registration.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    3.&#160;&#160;
</TD>
    <TD align="left">
    <I>All Other Accounts</I>: The capacity of the individuals
    signing the proxy card should be indicated unless it is
    reflected in the form of registration. For example:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Registration</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Valid Signature</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Corporate Accounts</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    ABC Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    ABC Corp.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    ABC Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    John Doe, Treasurer
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    ABC Corp.<BR>
    <FONT style="white-space: nowrap">c/o&#160;John</FONT>
    Doe, Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    John Doe
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    ABC Corp., Profit Sharing Plan
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    John Doe, Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Trust Accounts</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    ABC Trust
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Jane B. Doe, Trustee
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Jane B. Doe, Trustee<BR>
    u/t/d 12/28/78
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Jane B. Doe
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Custodian or Estate Accounts</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    John B. Smith, Cust.<BR>
    f/b/o John B. Smith, Jr. UGMA
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    John B. Smith
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    John B. Smith, Executor<BR>
    Estate of Jane Smith
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    John B. Smith, Executor
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS&#160;FOR
    TELEPHONE/INTERNET VOTING</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Various brokerage firms may offer the convenience of providing
    you with voting instructions via telephone or the Internet for
    shares held through such firms. Instructions for Internet and
    telephonic voting are included with each of the Notice of
    Internet Availability of Proxy Materials and the proxy card.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    GABELLI UTILITY TRUST</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 13%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNUAL
    MEETING OF SHAREHOLDERS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">May&#160;16,
    2011</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 13%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROXY
    STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Proxy Statement is furnished in connection with the
    solicitation of proxies by the Board of Trustees (the
    &#147;Board,&#148; the members of which are referred to as
    &#147;Trustees&#148;) of The Gabelli Utility Trust, a Delaware
    statutory trust (the &#147;Fund&#148;) for use at the Annual
    Meeting of Shareholders of the Fund to be held on Monday,
    May&#160;16, 2011, at 10:30 a.m., at The Cole Auditorium, The
    Greenwich Library, 101&#160;West Putnam Avenue, Greenwich,
    Connecticut 06830, and at any adjournments thereof (the
    &#147;Meeting&#148;). A Notice of Internet Availability of Proxy
    Materials is being mailed on April&#160;6, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to the solicitation of proxies by mail, officers of
    the Fund and officers and regular employees of Computershare
    Trust&#160;Company, N.A. (&#147;Computershare&#148;), the
    Fund&#146;s transfer agent, and affiliates of Computershare or
    other representatives of the Fund may also solicit proxies by
    telephone, telegraph, Internet, or in person. In addition, the
    Fund has retained Morrow &#038; Co., LLC to assist in the
    solicitation of proxies for an estimated fee of $1,000 plus
    reimbursement of expenses. The Fund will pay the costs of the
    proxy solicitation and the expenses incurred in connection with
    preparing, printing, and mailing the Proxy Statement and its
    enclosures. The Fund will also reimburse brokerage firms and
    others for their expenses in forwarding solicitation materials
    to the beneficial owners of its shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The Fund&#146;s most recent annual report, including audited
    financial statements for the fiscal year ended December&#160;31,
    2010, is available upon request, without charge, by writing to
    the Secretary of the Fund, One Corporate Center, Rye, New York
    10580 <FONT style="white-space: nowrap">-1422,</FONT>
    by calling the Fund at
    <FONT style="white-space: nowrap">800-422-3554,</FONT>
    or via the Internet at www.gabelli.com.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the proxy is properly executed and returned in time to be
    voted at the Meeting, the Shares (as defined below) represented
    thereby will be voted &#147;FOR&#148; the election of the
    nominees as Trustees as described in this Proxy Statement,
    unless instructions to the contrary are marked thereon, and at
    the discretion of the proxy holders as to the transaction of any
    other business that may properly come before the Meeting. Any
    shareholder who has submitted a proxy has the right to revoke it
    at any time prior to its exercise either by attending the
    Meeting and voting his or her shares in person, or by submitting
    a letter of revocation, or a later dated proxy to the Fund at
    the above address prior to the date of the Meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A quorum of shareholders is constituted by the presence in
    person or by proxy of the holders of one-third of the
    outstanding shares of the Fund entitled to vote at the Meeting.
    In the event a quorum is not present at the Meeting, or in the
    event that a quorum is present at the Meeting but sufficient
    votes to approve any of the proposed items are not received, the
    meeting may be adjourned by an individual appointed by the Board
    to be the chairman of the Meeting (or in his absence, a person
    designated pursuant to the By-Laws to act as chairman of the
    Meeting). Alternatively, the chairman of the Meeting may, in his
    discretion, submit the question of adjournment to a vote of
    shareholders. Any such adjournment on which the shareholders
    vote will require the affirmative vote of a majority of those
    shares present at the Meeting in person or by proxy. If a quorum
    is present, the persons named as proxies will vote those proxies
    which they are entitled to vote &#147;FOR&#148; any proposal in
    favor of such adjournment and will vote those proxies required
    to be voted &#147;AGAINST&#148; any proposal against any such
    adjournment. If a quorum is present, a shareholder vote may be
    taken on one or more of the proposals in this Proxy Statement
    prior to such adjournment if sufficient votes have been received
    for approval and it is otherwise appropriate. The chairman of
    the meeting may adjourn any meeting of shareholders from time to
    time to a date not more than 130&#160;days after the original
    record date without notice other than announcement at the
    meeting. At such adjourned meeting at which a quorum shall be
    present, any business may be transacted which might have been
    transacted at the meeting as originally notified. If the Meeting
    is held more than 130 days after the initial record date, the
    Fund must set a new record date and give notice of it to
    shareholders, in which case the meeting may be held not more
    than 130&#160;days beyond the new record date. The Fund may
    postpone or cancel a meeting of shareholders, and if it does the
    Fund will make a public announcement of such
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    postponement or cancellation prior to the meeting. The postponed
    meeting may not be held more than 130 days after the original
    record date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The close of business on March&#160;21, 2011 has been fixed as
    the record date for the determination of shareholders entitled
    to notice of and to vote at the Meeting and all adjournments
    thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has two classes of shares of beneficial interests
    outstanding: common shares, par value $0.001 per share (the
    &#147;Common Shares&#148;) and preferred shares consisting of
    (i)&#160;5.625% Series&#160;A Cumulative Preferred Shares
    (&#147;Series&#160;A Preferred&#148;) and
    (ii)&#160;Series&#160;B Auction Market Preferred Shares
    (&#147;Series&#160;B Preferred&#148;), each having a par value
    of $0.001 per share (together, the &#147;Preferred Shares&#148;
    and together with the Common Shares, the &#147;Shares&#148;).
    The holders of the Common Shares and Preferred Shares are each
    entitled to one vote for each full share held. On the record
    date, there were 31,508,426 Common Shares, 1,153,288
    Series&#160;A Preferred, and 900 Series&#160;B Preferred
    out-standing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of record date, there were no persons known to the Fund to be
    beneficial owners of more than 5% of the Fund&#146;s outstanding
    Common Shares or Preferred Shares.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF VOTING RIGHTS ON PROXY PROPOSALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Proposal</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Common Shareholders</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Preferred
    Shareholders</FONT></B>
</DIV>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1.&#160;&#160;Election of<BR>
    &#160;&#160;Trustees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Common and Preferred Shareholders, voting together as a single
    class, vote to elect three Trustees: <BR>
    Frank J.&#160;Fahrenkopf, Jr.,<BR>
    Robert J.&#160;Morrissey, and <BR>
    Salvatore J.&#160;Zizza
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Common and Preferred Shareholders, voting together as a single
    class, <BR>
    vote to elect three Trustees: <BR>
    Frank J.&#160;Fahrenkopf, Jr.,<BR>
    Robert J.&#160;Morrissey, and <BR>
    Salvatore J.&#160;Zizza
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Preferred Shareholders, voting as a separate class, vote to
    elect one Trustee:<BR>
    Anthony J.&#160;Colavita
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2.&#160;&#160;Other Business
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Common and Preferred Shareholders, voting together as a single
    class.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order that your Shares may be represented at the Meeting, you
    are requested to vote on the following matters:
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;1:
    TO ELECT FOUR (4)&#160;TRUSTEES OF THE FUND</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Nominees
    for the Board of Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board consists of ten Trustees, eight of whom are not
    &#147;interested persons&#148; of the Fund (as defined in the
    Investment Company Act of 1940, as amended (the &#147;1940
    Act&#148;)). The Fund divides the Board into three classes, each
    class having a term of three years. Each year, the term of
    office of one class will expire. Anthony J.&#160;Colavita, Frank
    J.&#160;Fahrenkopf, Jr., Robert J. Morrissey, and Salvatore
    J.&#160;Zizza have each been nominated by the Board of Trustees
    for election to serve for a three year term to expire at the
    Fund&#146;s 2014 Annual Meeting of Shareholders or until their
    successors are duly elected and qualified. Each of the Trustees
    of the Fund has served in that capacity since the March&#160;29,
    1999 organizational meeting of the Fund. All of the Trustees of
    the Fund are also directors or trustees of other investment
    companies for which Gabelli Funds, LLC (the &#147;Adviser&#148;)
    or its affiliates serve as investment adviser. The classes of
    Trustees are indicated below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><U>Nominees to Serve Until 2014 Annual Meeting of
    Shareholders</U></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anthony J. Colavita
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Frank J. Fahrenkopf,&#160;Jr.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Robert J. Morrissey
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Salvatore J. Zizza
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><U>Trustees Serving Until 2013 Annual Meeting of
    Shareholders</U></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mario J. Gabelli, CFA
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Thomas E. Bratter
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Vincent D. Enright
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><U>Trustees Serving Until 2012 Annual Meeting of
    Shareholders</U></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    James P. Conn
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    John D. Gabelli
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anthony R. Pustorino
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Fund&#146;s Declaration of Trust, Statements of
    Preferences, and the 1940 Act, holders of the Fund&#146;s
    outstanding Preferred Shares, voting as a separate class, are
    entitled to elect two Trustees, and holders of the Fund&#146;s
    outstanding Common Shares and Preferred Shares, voting together
    as a single class, are entitled to elect the remaining Trustees.
    The holders of the Fund&#146;s outstanding Preferred Shares
    would be entitled to elect the minimum number of additional
    Trustees that would represent a majority of the Trustees in the
    event that dividends on the Fund&#146;s Preferred Shares are in
    arrears for two full years. No dividend arrearages exist as of
    the date of this Proxy Statement. Messrs.&#160;Colavita and Conn
    are currently the Trustees elected solely by the holders of the
    Fund&#146;s Preferred Shares. Mr.&#160;Conn&#146;s term as
    Trustee is scheduled to expire at the Fund&#146;s 2012 Annual
    Meeting of Shareholders, and therefore he is not standing for
    election at this Meeting. A quorum of the Preferred Shares must
    be present in person or by proxy at the Meeting in order for the
    proposal to elect Mr.&#160;Colavita to be considered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless authority is withheld, it is the intention of the persons
    named in the proxy to vote the proxy &#147;FOR&#148; the
    election of the nominees named above. Each nominee has indicated
    that he has consented to serve as a Trustee if elected at the
    Meeting. If a designated nominee declines or otherwise becomes
    unavailable for election, however, the proxy confers
    discretionary power on the persons named therein to vote in
    favor of a substitute nominee or nominees.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    about Trustees and Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below are the existing Trustees,
    including those Trustees who are not considered to be
    &#147;interested persons,&#148; as defined in the 1940 Act (the
    &#147;Independent Trustees&#148;), four of whom are nominated
    for reelection to the Board of the Fund, and officers of the
    Fund, including information relating to their respective
    positions held with the Fund, a brief statement of their
    principal occupations and other directorships during the past
    five years (excluding other funds managed by the Adviser), if
    any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund
    Complex<SUP style="font-size: 85%; vertical-align: top">(3)<BR>

    </SUP></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Address<SUP style="font-size: 85%; vertical-align: top">(1)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by Trustee<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>by Trustee</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="9" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><U>INTERESTED
    TRUSTEES</U><SUP style="font-size: 85%; vertical-align: top">(4)</SUP>:</B>

</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Mario J. Gabelli<BR>
    </B>Trustee and <BR>
    Chief Investment Officer<BR>
    Age: 68
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, Chief Executive Officer, and Chief Investment Officer
    - Value Portfolios of GAMCO Investors, Inc. and Chief Investment
    Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset
    Management Inc.; Director/Trustee or Chief Investment Officer of
    other registered investment companies in the Gabelli/GAMCO Funds
    Complex; Chief Executive Officer of GGCP, Inc.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Morgan Group Holdings, Inc. (holding company);
    Chairman of the Board and Chief Executive Officer of LICT Corp.
    (multimedia and communication services company); Director of
    CIBL, Inc. (broadcasting and wireless communications); Director
    of RLJ Acquisition, Inc. (blank check company)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    26
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>John D. Gabelli<BR>
    </B>Trustee<BR>
    Age: 66
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Senior Vice President of Gabelli &#038; Company, Inc.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    10
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD colspan="9">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><U>INDEPENDENT
    TRUSTEES/NOMINEES</U><SUP style="font-size: 85%; vertical-align: top">(5)</SUP>:</B>

</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Thomas E. Bratter<BR>
    </B>Trustee<BR>
    Age: 71
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, President and Founder of The John Dewey Academy
    (residential college preparatory therapeutic high school)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    none
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Anthony J.
    Colavita<SUP style="font-size: 85%; vertical-align: top">(6)<BR>

    </SUP></B>Trustee<BR>
    Age: 75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President of the law firm of Anthony J. Colavita,&#160;P.C.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    none
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    34
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>James P.
    Conn<SUP style="font-size: 85%; vertical-align: top">(6)<BR>

    </SUP></B>Trustee<BR>
    Age: 73
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Former Managing Director and Chief Investment Officer of
    Financial Security Assurance Holdings Ltd. (insurance holding
    company) (1992-1998)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of First Republic Bank (banking) through January 2008;
    Director of La Quinta Corp. (hotels) through January 2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    18
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Vincent D. Enright<BR>
    </B>Trustee<BR>
    Age: 67
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Former Senior Vice President and Chief Financial Officer of
    KeySpan Corp. (public utility) (1994-1998)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Echo Therapeutics, Inc. (therapeutics and
    diagnostics); and until September 2006, Director of Aphton
    Corporation (pharmaceuticals)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    16
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Frank J. Fahrenkopf, Jr.<BR>
    </B>Trustee<BR>
    Age: 71
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Executive Officer of the American Gaming
    Association; Co-Chairman of the Commission on Presidential
    Debates; Former Chairman of the Republican National Committee
    (1983-1989)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of First Republic Bank (banking)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    6
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Robert J. Morrissey<BR>
    </B>Trustee<BR>
    Age: 71
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner in the law firm of Morrissey, Hawkins &#038; Lynch
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    &#151;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    6
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Anthony R. Pustorino<BR>
    </B>Trustee <BR>
    Age: 85
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certified Public Accountant; Professor Emeritus, Pace University
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The LGL Group, Inc. (diversified manufacturing)
    <FONT style="white-space: nowrap">(2002-2010)</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    13
</TD>
</TR>
</TABLE>
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    <BR>
    4
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
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<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund
    Complex<SUP style="font-size: 85%; vertical-align: top">(3)<BR>

    </SUP></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Address<SUP style="font-size: 85%; vertical-align: top">(1)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by Trustee<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>by Trustee</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><U>INDEPENDENT
    TRUSTEES/NOMINEES</U><SUP style="font-size: 85%; vertical-align: top">(5)</SUP>:</B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Salvatore J. Zizza<BR>
    </B>Trustee<BR>
    Age: 65
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of Zizza &#038; Co., Ltd. (financial consulting) since
    1978; Chairman of Metropolitan Paper Recycling Inc. (recycling)
    since 2006; Chairman of BAM Inc., (manufacturing); Chairman of
    <FONT style="white-space: nowrap">E-Corp</FONT>
    English (global English instruction for corporate personnel)
    since 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Non-Executive Chairman and Director of Harbor BioSciences, Inc.
    (biotechnology); Vice Chairman and Director of Trans-Lux
    Corporation (business services); Chairman, Chief Executive
    Officer, and Director of General Employment Enterprises, Inc.
    (staffing); Director of Bion Environmental Technologies
    (technology) (2005-2008); Director of Earl Scheib Inc.
    (automotive painting) through April 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    28
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><U>OFFICERS:</U><SUP style="font-size: 85%; vertical-align: top">(7)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Bruce N. Alpert<BR>
    </B>President<BR>
    Age: 59
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2003
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Vice President and Chief Operating Officer of Gabelli
    Funds, LLC since 1988 and an officer of all of the registered
    investment companies in the Gabelli/GAMCO Funds Complex.
    Director of Teton Advisors, Inc. since 1998; Chairman of Teton
    Advisors, Inc. 2008 to 2010; President of Teton Advisors, Inc.
    1998 through 2008; Senior Vice President of GAMCO Investors,
    Inc. since&#160;2008
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Peter D. Goldstein<BR>
    </B>Chief Compliance Officer<BR>
    Age: 58
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Regulatory Affairs at GAMCO Investors, Inc. since
    2004; Chief Compliance Officer of all of the registered
    investment companies in the Gabelli /GAMCO Funds Complex
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Agnes Mullady<BR>
    </B>Treasurer and Secretary<BR>
    Age: 52
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Operating Officer of the Open-End Fund
    Division of Gabelli Funds, LLC since September 2010; Senior Vice
    President of GAMCO Investors, Inc. since 2009; Vice President of
    Gabelli Funds, LLC since 2007; Officer of all of the registered
    investment companies in the Gabelli/ GAMCO Funds Complex
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>David I. Schachter<BR>
    </B>Vice President and Ombudsman<BR>
    Age: 57
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President and Ombudsman of the Fund since 1999; Vice
    President of other closed-end funds within the Gabelli/GAMCO
    Funds Complex; Vice President of Gabelli &#038; Company, Inc.
    since 1999
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 6%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Address: One Corporate Center, Rye,
    New York
    <FONT style="white-space: nowrap">10580-1422.</FONT>
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">The Fund&#146;s Board of Trustees
    is divided into three classes, each class having a term of three
    years. Each year the term of office of one class expires and the
    successor or successors elected to such class serve for a three
    year term.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">The &#147;Fund&#160;Complex&#148;
    or the &#147;Gabelli/GAMCO Funds&#160;Complex&#148; includes all
    the registered funds that are considered part of the same fund
    complex as the Fund because they have common or affiliated
    investment advisers.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">&#147;Interested person&#148; of
    the Fund, as defined in the 1940 Act. Messrs.&#160;Mario Gabelli
    and John Gabelli are each considered to be an &#147;interested
    person&#148; of the Fund, because of their affiliation with the
    Fund&#146;s Adviser and Gabelli&#160;&#038; Company, Inc., which
    executes portfolio transactions for the Fund (and in the case of
    Mario Gabelli, as a controlling shareholder because of the level
    of his ownership of Common Shares of the Fund).
    Messrs.&#160;Mario Gabelli and John Gabelli are brothers.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(5)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Trustees who are not considered to
    be &#147;interested persons&#148; of the Fund, as defined in the
    1940 Act are considered to be &#147;Independent&#148; Trustees.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(6)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">As a Trustee, elected solely by
    holders of the Fund&#146;s Preferred Shares.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(7)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Each officer will hold office for
    an indefinite term until the date he or she resigns or retires
    or until his or her successor is elected and qualified.
    </FONT></TD>
</TR>

</TABLE>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Nominee, to serve, if elected,
    until the Fund&#146;s 2014 Annual Meeting of Shareholders and
    until his successor is duly elected and qualified.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Term continues until the
    Fund&#146;s 2013 Annual Meeting of Shareholders and until his
    successor is duly elected and qualified.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">***
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Term continues until the
    Fund&#146;s 2012 Annual Meeting of Shareholders and until his
    successor is duly elected and qualified.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board believes that each Trustee&#146;s experience,
    qualifications, attributes, or skills on an individual basis and
    in combination with those of other Trustees lead to the
    conclusion that each Trustee should serve in such capacity.
    Among the attributes or skills common to all Trustees are their
    ability to review critically and to evaluate, question, and
    discuss information provided to them, to interact effectively
    with the other Trustees, the Adviser, the
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    other service providers, counsel and the Fund&#146;s independent
    registered public accounting firm, and to exercise effective and
    independent business judgment in the performance of their duties
    as Trustees. Each Trustee&#146;s ability to perform his/her
    duties effectively has been attained in large part through the
    Trustee&#146;s business, consulting or public service positions
    and through experience from service as a member of the Board and
    one or more of the other funds in the Gabelli/GAMCO
    Funds&#160;Complex, public companies, or non-profit entities or
    other organizations as set forth above and below. Each
    Trustee&#146;s ability to perform his/her duties effectively
    also has been enhanced by education, professional training, and
    experience.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mario J. Gabelli. </I>Mr.&#160;Gabelli is Chairman of the
    Board of Trustees and Chief Investment Officer of the Fund. He
    also currently serves as Chairman of the boards of other funds
    in the Fund&#160;Complex. Mr.&#160;Gabelli is Chairman and,
    Chief Executive Officer, and Chief Investment
    Officer&#160;-&#160;Value Portfolios of GAMCO Investors, Inc.
    (&#147;GAMCO&#148;), a NYSE listed investment advisory firm. He
    is also the Chief Investment Officer of Value Portfolios of
    Gabelli Funds, LLC  and GAMCO Asset Management, Inc., each of
    which are asset management subsidiaries of GAMCO. In addition,
    Mr.&#160;Gabelli is Chief Executive Officer and a director and
    the controlling shareholder of GGCP, Inc., an investment holding
    company that holds a majority interest in GAMCO.
    Mr.&#160;Gabelli also sits on the boards of other publicly
    traded companies and private firms and various charitable
    foundations and educational institutions, including the Board of
    Trustees of Boston College and Roger Williams University and the
    Board of Overseers of Columbia University Graduate School of
    Business. Mr.&#160;Gabelli received his Bachelors degree from
    Fordham University and his Masters of Business Administration
    from Columbia Graduate University School of Business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>John D. Gabelli. </I>Mr.&#160;Gabelli is a Senior Vice
    President of Gabelli&#160;&#038; Company, Inc., an institutional
    research and brokerage firm, and President of John Gabelli Inc.,
    a general partner of two investment partnerships and has over
    thirty-five&#160;years of experience in the asset management
    industry. He also sits on the boards of various charitable
    foundations, including the Mount Vernon Police Foundation.
    Mr.&#160;Gabelli serves on the boards of other funds in the
    Fund&#160;Complex.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Thomas E. Bratter. </I>Dr.&#160;Bratter is the Founder, and
    President of The John Dewey Academy, a residential college
    preparatory therapeutic high school in Massachusetts. He is
    Director of the International Center for Study of Psychiatry and
    Psychology, was the Vice President of the Small Boarding Schools
    Association, and the Trustee of the Majorie Polikoff Estate. In
    addition to serving on the boards of other funds in the
    Fund&#160;Complex, Dr.&#160;Bratter has been an active investor
    in publicly traded equities for forty years. Dr.&#160;Bratter
    serves on the Advisory Board of the American Academy of Health
    Providers in the Addictive Disorders and sits on the editorial
    boards of six professional journals. Prior to establishing and
    managing The John Dewey Academy, Dr.&#160;Bratter was in private
    practice as a counseling psychologist and taught psychology at
    Columbia University as an adjunct faculty for more than
    twenty&#160;years. Dr.&#160;Bratter founded and sat on the
    boards of six community based treatment programs for
    adolescents. He has authored more than one hundred and fifty
    articles and four books concerning the treatment and education
    of gifted and self destructive adolescents and their families.
    Dr.&#160;Bratter received his Bachelor of Arts, Masters and
    Doctorate in Education from Columbia College and University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anthony J. Colavita, Esq.</I> Mr.&#160;Colavita is a
    practicing attorney with over forty-nine&#160;years of
    experience, including the field of business law. He is a member
    of the Fund&#146;s Nominating, Audit, and Proxy Voting
    Committees. Mr.&#160;Colavita also serves on comparable or other
    board committees with respect to other funds in the
    Fund&#160;Complex on whose boards he sits. Mr.&#160;Colavita
    also serves as a Trustee of a charitable remainder unitrust. He
    formerly served as a Commissioner of the New York State Thruway
    Authority and as a Commissioner of the New&#160;York State
    Bridge Authority. He served for ten years as the elected
    Supervisor of the Town of Eastchester, New&#160;York,
    responsible for ten annual municipal budgets of approximately
    eight million dollars per year. Mr.&#160;Colavita formerly
    served as Special Counsel to the New York State Assembly for
    five years and as a Senior Attorney with the New York State
    Insurance Department. He is the former Chairman of the
    Westchester County Republican Party and the New York State
    Republican Party. Mr.&#160;Colavita received his Bachelor of
    Arts from Fairfield University and his Juris Doctor from Fordham
    University School of Law.
</DIV>
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    <BR>
    6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>James P. Conn. </I>Mr.&#160;Conn is the lead independent
    Trustee of the Fund, a member of the Fund&#146;s Proxy Voting
    Committee, and also serves on comparable or other board
    committees for other funds in the Fund&#160;Complex on whose
    boards he sits. He was a senior business executive of an
    insurance holding company for much of his career, including
    service as Chief Investment Officer. Mr.&#160;Conn has been a
    director of several public companies in banking and other
    industries, and was lead Director
    <FONT style="white-space: nowrap">and/or</FONT> Chair
    of various committees. He received his Bachelor of Science in
    Business Administration from Santa&#160;Clara University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Vincent D. Enright. </I>Mr.&#160;Enright was a senior
    executive and Chief Financial Officer (&#147;CFO&#148;) of an
    energy public utility for four years. In accordance with his
    experience as a CFO, he is a member of the Fund&#146;s Audit
    Committee. Mr.&#160;Enright is also Chairman of the Fund&#146;s
    Proxy Voting Committee and is a member of both
    multi-fund&#160;<I>ad hoc</I> Compensation Committees (described
    below under &#147;Trustees-Leadership Structure and Oversight
    Responsibilities&#148;) and serves on comparable or other board
    committees with respect to other funds in the Fund&#160;Complex
    on whose boards he sits. Mr.&#160;Enright is also a Director of
    a therapeutics and diagnostics company and serves as Chairman of
    its compensation and audit committees. He is a former Director
    of a pharmaceutical company. Mr.&#160;Enright received his
    Bachelor of Science from Fordham University and completed the
    Advanced Management Program at Harvard University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Frank J. Fahrenkopf,&#160;Jr.</I> Mr.&#160;Fahrenkopf is the
    President and Chief Executive Officer of the American Gaming
    Association (&#147;AGA&#148;), the trade group for the
    hotel-casino industry. Additionally, he serves on certain board
    committees with respect to other funds in the Fund&#160;Complex
    on whose boards he sits. He presently is Co-Chairman of the
    Commission on Presidential Debates, which is responsible for the
    widely viewed Presidential debates during the quadrennial
    election cycle. Additionally, he serves as a board member of the
    International Republican Institute, which he founded in 1984. He
    served for many years as Chairman of the Pacific Democrat Union
    and Vice Chairman of the International Democrat Union, a
    worldwide association of political parties from the United
    States, Great Britain, France, Germany, Canada, Japan,
    Australia, and twenty other nations. Prior to becoming the
    AGA&#146;s first chief executive in 1995, Mr.&#160;Fahrenkopf
    was a partner in the law firm of Hogan&#160;&#038; Hartson,
    where he chaired the International Trade Practice Group and
    specialized in regulatory, legislative, and corporate matters
    for multinational, foreign, and domestic clients. He also served
    as Chairman of the Republican National Committee for six years
    during Ronald Reagan&#146;s presidency. Mr.&#160;Fahrenkopf is
    the former Chairman of the Finance Committee of the Culinary
    Institute of America and remains as a board member. Additionally
    he has over twenty&#160;years&#146; experience as a member of
    the board of directors of First Republic Bank.
    Mr.&#160;Fahrenkopf received his Bachelor of Arts from the
    University of Nevada, Reno and his Juris Doctor from UC Berkeley
    Boalt Hall School of Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Robert J. Morrissey. </I>Mr.&#160;Morrissey has over
    forty-seven&#160;years of experience as an attorney representing
    clients in the areas of estate planning, civil litigation,
    business planning, and real estate, including as current senior
    partner of a law firm. He is a member of the Fund&#146;s Proxy
    Voting Committee and also serves on comparable or other board
    committees with respect to other funds in the Fund&#160;Complex
    on whose boards he sits. Mr.&#160;Morrissey serves as Chairman
    of the Board of Trustees of the Belmont Savings Bank in
    Massachusetts. He also serves as a Trustee of Boston College and
    is Chairman of its Investment and Endowment Committee. In
    addition, Mr.&#160;Morrissey is a member of the Harvard Law
    School Dean&#146;s Advisory Board, is Chairman of the Investment
    Advisory Board of the New England Jesuit Province, is a member
    of the Financial Council of the Archdiocese of Boston, and
    Chairman of its Investment Committee. He is a member of the
    Investment Advisory Committee of Jesuit Curia, Vatican City, and
    is a Director of several other private and public funds, trusts,
    and foundations. Mr.&#160;Morrissey is a graduate of Boston
    College and the Harvard Law School.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anthony R. Pustorino. </I>Mr.&#160;Pustorino is a Certified
    Public Accountant (&#147;CPA&#148;) and a Professor Emeritus at
    Pace University with fifty&#160;years of experience in public
    accounting. Mr.&#160;Pustorino is Chair of the Audit Committee
    and has been designated the Fund&#146;s Audit Committee
    Financial Expert. He is also the Chair of the Proxy Voting
    Committee and is a member of both multi-fund <I>ad hoc</I>
    Compensation Committees. Mr.&#160;Pustorino also serves on
    comparable or other board committees with respect to other
    boards of funds in the Fund&#160;Complex on whose boards he
    sits. Mr.&#160;Pustorino was a Director of the LGL Group, Inc.,
    a diversified manufacturing company. Mr.&#160;Pustorino was
    previously the President and Shareholder of a CPA firm and a
    Professor of accounting, most recently at Pace University. He
    served as Chairman of the Board of Directors of the New York
    State Board for Public Accountancy and of the CPA Examination
    Review Board of the National Association of State Board of
    Accountancy, was a member of the Executive Committee and a vice
    president of the New York State Society of CPAs, and was a
</DIV>
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    <BR>
    7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    member of the Council of the American Institute of CPAs.
    Mr.&#160;Pustorino is the recipient of numerous professional and
    teaching awards. He received a Bachelor of Science in Business
    from Fordham University and a Masters in Business Administration
    from New York University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Salvatore J. Zizza. </I>Mr.&#160;Zizza is the Chairman of a
    financial consulting firm. He also serves as Chairman to other
    companies involved in manufacturing, recycling, and real estate.
    He has been designated the Fund&#146;s Audit Committee Financial
    Expert. Mr.&#160;Zizza is also the Chairman of the Fund&#146;s
    Nominating Committee and is a member of both multi-fund <I>ad
    hoc</I> Compensation Committees. In addition, he serves on
    comparable or other board committees, including as lead
    independent director, with respect to other funds in the
    Fund&#160;Complex on whose boards he sits. Besides serving on
    the boards of many funds within the Fund&#160;Complex, he is
    currently a director of three other public companies and
    previously served on the boards of several other public
    companies. He previously served as the Chief Executive of a
    large NYSE listed construction company. Mr.&#160;Zizza received
    his Bachelor of Arts and his Master of Business Administration
    in Finance from St. John&#146;s University, which awarded him an
    Honorary Doctorate in Commercial Sciences.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Trustees&#160;&#151;
    Leadership Structure and Oversight Responsibilities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Overall responsibility for general oversight of the Fund rests
    with the Board. The Board has appointed Mr.&#160;Conn as the
    lead independent Trustee. The lead independent Trustee presides
    over executive sessions of the Trustees and also serves between
    meetings of the Board as a liaison with service providers,
    officers, counsel, and other Trustees on a wide variety of
    matters including scheduling agenda items for Board meetings.
    Designation as such does not impose on the lead independent
    Trustee any obligations or standards greater than or different
    from other Trustees. The Board has established a Nominating
    Committee and an Audit Committee to assist the Board in the
    oversight of the management and affairs of the Fund. The Board
    also has a Proxy Voting Committee that exercises voting and
    investment responsibilities on behalf of the Fund in selected
    situations. From time to time the Board establishes additional
    committees or informal working groups, such as pricing
    committees related to securities offerings by the Fund to
    address specific matters, or assigns one of its members to work
    with trustees or directors of other funds in the Gabelli/GAMCO
    Funds&#160;Complex on special committees or working groups that
    address complex wide matters, such as the multi-fund <I>ad
    hoc</I> Compensation Committee relating to compensation of the
    Chief Compliance Officer for all the funds in the
    Fund&#160;Complex, and a separate multi-fund&#160;<I>ad hoc</I>
    Compensation Committee relating to compensation of certain
    officers of the closed-end funds in the Fund&#160;Complex.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All of the Fund&#146;s Trustees other than Mr.&#160;Mario J.
    Gabelli and Mr.&#160;John D. Gabelli are Independent Trustees,
    and the Board believes they are able to provide effective
    oversight of the Fund&#146;s service providers. In addition to
    providing feedback and direction during Board meetings, the
    Trustees meet regularly in executive session and chair all
    committees of the Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s operations entail a variety of risks, including
    investment, administration, valuation, and a range of compliance
    matters. Although the Adviser, the
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    and the officers of the Fund are responsible for managing these
    risks on a
    <FONT style="white-space: nowrap">day-to-day</FONT>
    basis within the framework of their established risk management
    functions, the Board also addresses risk management of the Fund
    through its meetings and those of the committees and working
    groups. As part of its general oversight, the Board reviews with
    the Adviser at Board meetings the levels and types of risks
    being undertaken by the Fund, and the Audit Committee discusses
    the Fund&#146;s risk management and controls with the
    independent registered public accounting firm engaged by the
    Fund. The Board reviews valuation policies and procedures and
    the valuations of specific illiquid securities. The Board also
    receives periodic reports from the Fund&#146;s Chief Compliance
    Officer regarding compliance matters relating to the Fund and
    its major service providers, including results of the
    implementation and testing of the Fund&#146;s and such
    providers&#146; compliance programs. The Board&#146;s oversight
    function is facilitated by management reporting processes
    designed to provide visibility to the Board regarding the
    identification, assessment, and management of critical risks and
    the controls and policies and procedures used to mitigate those
    risks. The Board reviews its role in supervising the Fund&#146;s
    risk management from time to time and may make changes at its
    discretion at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board has determined that its leadership structure is
    appropriate for the Fund because it enables the Board to
    exercise informed and independent judgment over matters under
    its purview, allocates responsibility among committees in a
    manner that fosters effective oversight and allows the Board to
    devote appropriate resources to
</DIV>
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    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    specific issues in a flexible manner as they arise. The Board
    periodically reviews its leadership structure as well as its
    overall structure, composition, and functioning, and may make
    changes at its discretion at any time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Beneficial
    Ownership of Shares&#160;Held in the Fund and the Family of
    Invesment Companies for each Trustee and Nominee for Election as
    Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below is the dollar range of equity
    securities in the Fund beneficially owned by each Trustee and
    nominee for election as Trustee and the aggregate dollar range
    of equity securities in the Fund Complex beneficially owned by
    each Trustee and nominee for election as Trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range of Equity<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Securities Held<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Securities Held in<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Trustee/Nominee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>in the
    Fund<SUP style="font-size: 85%; vertical-align: top">*(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Family of Investment
    Companies<SUP style="font-size: 85%; vertical-align: top">*(1)(2)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><U>INTERESTED TRUSTEES:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Mario J. Gabelli
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    E
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    E
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    John D. Gabelli
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    E
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Thomas E. Bratter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    E
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Anthony J. Colavita
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    C
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    E
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    James P. Conn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    C
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    E
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Vincent D. Enright
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    E
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Frank J. Fahrenkopf, Jr.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    B
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Robert J. Morrissey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    E
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Anthony R. Pustorino
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    C
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    E
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Salvatore J. Zizza
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    C
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    E
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 18%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Key to Dollar Ranges<BR>
    A.&#160;&#160;None<BR>
    B.&#160;&#160;$1&#160;&#151; $10,000<BR>
    C.&#160;&#160;$10,001&#160;&#151; $50,000<BR>
    D.&#160;&#160;$50,001&#160;&#151; $100,000<BR>
    E.&#160;&#160;Over $100,000<BR>
    All shares were valued as of December&#160;31, 2010.
    </FONT></TD>
</TR>

</TABLE>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This information has been furnished
    by each Trustee and Nominee for election as Trustee as of
    December&#160;31, 2010. &#147;Beneficial Ownership&#148; is
    determined in accordance with
    <FONT style="white-space: nowrap">Rule&#160;16a-1(a)(2)</FONT>
    of the Securities Exchange Act of 1934, as amended (the
    &#147;1934&#160;Act&#148;).
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The term &#147;Family of Investment
    Companies&#148; includes two or more registered funds that share
    the same investment adviser or principal underwriter and hold
    themselves out to investors as related companies for purposes of
    investment and investor services. Currently, the registered
    funds that comprise the &#147;Fund&#160;Complex&#148; are
    identical to those that comprise the &#147;Family of Investment
    Companies.&#148;
    </FONT></TD>
</TR>

</TABLE>
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    <BR>
    9
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below is the amount of shares
    beneficially owned by each Trustee, nominee for election as
    Trustee, and executive officer of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount and Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percent of Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Trustee/Nominee/Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Beneficial
    Ownership<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Outstanding<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><U>INTERESTED TRUSTEES:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    Mario J. Gabelli
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    &#160;&#160;591,110<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    John D. Gabelli
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><U>INDEPENDENT
    TRUSTEES/NOMINEES<SUP style="font-size: 85%; vertical-align: top">(4):</SUP></U></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    Thomas E. Bratter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    Anthony J. Colavita
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    &#160;&#160;6,889<SUP style="font-size: 85%; vertical-align: top">(5)<BR>

    </SUP>800 Series A Preferred
    Shares<SUP style="font-size: 85%; vertical-align: top">(6)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    James P. Conn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5,543
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    1,000 Series A Preferred Shares
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    Vincent D. Enright
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    Frank J. Fahrenkopf, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    Robert J. Morrissey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    Anthony R. Pustorino
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    &#160;&#160;2,183<SUP style="font-size: 85%; vertical-align: top">(7)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    1,000 Series A Preferred Shares
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    Salvatore J. Zizza
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    4,335
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><U>OFFICERS:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    Bruce N. Alpert
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 32pt">
    Agnes Mullady
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 23%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This information has been furnished
    by each Trustee, including each nominee for election as Trustee,
    and executive officer as of December&#160;31, 2010.
    &#147;Beneficial Ownership&#148; is determined in accordance
    with Rule16a-1(a)(2) of the 1934&#160;Act. Reflects ownership of
    shares of Common Shares unless otherwise noted.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">An asterisk indicates that the
    ownership amount constitutes less than 1% of the total shares
    outstanding. The Trustees, including nominees for election as
    Trustee, and executive officers ownership as a group constitutes
    1.9% of the total Common Shares outstanding and less than 1% of
    the total Preferred Shares outstanding.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">(3)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Comprised of 354,309 Common Shares
    owned directly by Mr.&#160;Gabelli, 9,177 Common Shares owned by
    a family partnership for which Mr. Gabelli serves as general
    partner, and 227,624 Common Shares owned by GAMCO Investors,
    Inc. or its affiliates. Mr. Gabelli disclaims beneficial
    ownership of the shares held by the discretionary accounts and
    by the entities named except to the extent of his interest in
    such entities.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">(4)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">None of the Independent Trustees
    nor their family members had any interest in the Adviser or any
    person directly or indirectly controlling, controlled by, or
    under common control with the Adviser as of December&#160;31,
    2010.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">(5)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">All 6,889&#160;Common Shares are
    owned by Mr.&#160;Colavita&#146;s spouse for which he disclaims
    beneficial ownership.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">(6)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">All 800&#160;Preferred Shares are
    owned by Mr.&#160;Colavita&#146;s spouse for which he disclaims
    beneficial ownership.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">(7)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 616&#160;Common Shares
    owned by Mr.&#160;Pustorino&#146;s spouse for which he disclaims
    beneficial ownership.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund pays each Trustee who is not affiliated with the
    Adviser or its affiliates a fee of $6,000 per year plus $500 per
    Board meeting attended, $500&#160;per standing Committee meeting
    attended, and $500&#160;per telephonic meeting attended,
    together with the Trustee&#146;s actual
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses relating to his attendance at such meetings. In
    addition, the lead independent Trustee receives an annual fee of
    $1,000, the Audit Committee Chairman receives an annual fee of
    $3,000 and the Nominating Committee Chairman receives an annual
    fee of $2,000. A Trustee may receive a single meeting fee,
    allocated among the participating funds, for participation in
    certain meetings on behalf of multiple funds. The aggregate
    remuneration (excluding
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses) paid by the Fund to such Trustees during the fiscal
    year ended December&#160;31, 2010 amounted to $79,242. During
    the fiscal year ended December&#160;31, 2010, the Trustees of
    the Fund met six times, two of which were special meetings of
    the Board of Trustees. Each Trustee then serving in such
    capacity attended at least 75% of the meetings of Trustees and
    of any Committee of which he is a member.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The Audit
    Committee and Audit Committee Report</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The role of the Fund&#146;s Audit Committee is to assist the
    Board of Trustees in its oversight of (i)&#160;the quality and
    integrity of the Fund&#146;s financial statement reporting
    process and the independent audit and reviews thereof;
    (ii)&#160;the Fund&#146;s accounting and financial reporting
    policies and practices, its internal controls, and, as
    appropriate, the internal controls of certain of its service
    providers; (iii)&#160;the Fund&#146;s compliance with legal and
    regulatory
</DIV>
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    <BR>
    10
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    requirements; and (iv)&#160;the independent registered public
    accounting firm&#146;s qualifications, independence, and
    performance. The Audit Committee also is required to prepare an
    audit committee report pursuant to the rules of the Securities
    and Exchange Commission (the &#147;SEC&#148;) for inclusion in
    the Fund&#146;s annual proxy statement. The Audit Committee
    operates pursuant to the Audit Committee Charter (the
    &#147;Audit Charter&#148;) that was most recently reviewed and
    approved by the Board of Trustees on February&#160;16, 2011. The
    Audit Committee Charter is available on the Fund&#146;s website
    at www.gabelli.com/corporate/closed/corp&#160;_ gov.html.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the Audit Charter, the Audit Committee is
    responsible for conferring with the Fund&#146;s independent
    registered public accounting firm, reviewing annual financial
    statements, approving the selection of the Fund&#146;s
    independent registered public accounting firm, and overseeing
    the Fund&#146;s internal controls. The Audit Charter also
    contains provisions relating to the pre-approval by the Audit
    Committee of audit and non-audit services to be provided by
    PricewaterhouseCoopers LLP (&#147;PricewaterhouseCoopers&#148;)
    to the Fund and to the Adviser and certain of its affiliates.
    The Audit Committee advises the full Board with respect to
    accounting, auditing, and financial matters affecting the Fund.
    As set forth in the Audit Charter, management is responsible for
    maintaining appropriate systems for accounting and internal
    control, and the Fund&#146;s independent registered public
    accounting firm is responsible for planning and carrying out
    proper audits and reviews. The independent registered public
    accounting firm is ultimately accountable to the Board of
    Trustees and to the Audit Committee, as representatives of
    shareholders. The independent registered public accounting firm
    for the Fund reports directly to the Audit Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In performing its oversight function, at a meeting held on
    February&#160;14, 2011, the Audit Committee reviewed and
    discussed with management of the Fund and PricewaterhouseCoopers
    the audited financial statements of the Fund as of and for the
    fiscal year ended December&#160;31, 2010, and discussed the
    audit of such financial statements with the independent
    registered public accounting firm.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Audit Committee discussed with the independent
    registered public accounting firm the accounting principles
    applied by the Fund and such other matters brought to the
    attention of the Audit Committee by the independent registered
    public accounting firm as required by Statement of Auditing
    Standards No.&#160;61, as amended (AICPA, Professional
    Standards, Vol. 1 AU Section&#160;380), as adopted by the Public
    Company Accounting Oversight Board (United States)
    (&#147;PCAOB&#148;) in Rule&#160;3200T. The Audit Committee also
    received from the independent registered public accounting firm
    the written disclosures and statements required by the
    SEC&#146;s independence rules, delineating relationships between
    the independent registered public accounting firm and the Fund,
    and discussed the impact that any such relationships might have
    on the objectivity and independence of the independent
    registered public accounting firm.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As set forth above, and as more fully set forth in the Audit
    Charter, the Audit Committee has significant duties and powers
    in its oversight role with respect to the Fund&#146;s financial
    reporting procedures, internal control systems, and the
    independent audit process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The members of the Audit Committee are not, and do not represent
    themselves to be, professionally engaged in the practice of
    auditing or accounting and are not employed by the Fund for
    accounting, financial management, or internal control purposes.
    Moreover, the Audit Committee relies on and makes no independent
    verification of the facts presented to it or representations
    made by management or the Fund&#146;s independent registered
    public accounting firm. Accordingly, the Audit Committee&#146;s
    oversight does not provide an independent basis to determine
    that management has maintained appropriate accounting
    <FONT style="white-space: nowrap">and/or</FONT>
    financial reporting principles and policies, or internal
    controls and procedures, designed to assure compliance with
    accounting standards and applicable laws and regulations.
    Furthermore, the Audit Committee&#146;s considerations and
    discussions referred to above do not provide assurance that the
    audit of the Fund&#146;s financial statements has been carried
    out in accordance with the standards of the PCAOB or that the
    financial statements are presented in accordance with generally
    accepted accounting principles (United States).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on its consideration of the audited financial statements
    and the discussions referred to above with management and the
    Fund&#146;s independent registered public accounting firm, and
    subject to the limitations on the responsibilities and role of
    the Audit Committee set forth in the Audit Charter and those
    discussed above, the Audit Committee recommended to the
    Fund&#146;s Board of Trustees that the Fund&#146;s audited
    financial statements be included in the Fund&#146;s Annual
    Report for the fiscal year ended December&#160;31, 2010.
</DIV>
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    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Submitted
    by the Audit Committee of the Fund&#146;s Board of
    Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anthony R. Pustorino, Chairman
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anthony J. Colavita<BR>
    Vincent D. Enright<BR>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    February&#160;16, 2011
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Audit Committee met three times during the fiscal year ended
    December&#160;31, 2010. The Audit Committee is composed of three
    of the Fund&#146;s Independent Trustees, namely
    Messrs.&#160;Pustorino, Enright, and Colavita. Each member of
    the Audit Committee has been determined by the Board of Trustees
    to be financially literate. Mr. Zizza has been designated as the
    Fund&#146;s audit committee financial expert, as defined in
    Items 407(d)(5) (ii) and (iii) of Regulation S-K.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Nominating
    Committee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees has a Nominating Committee composed of
    three Independent Trustees, namely Messrs.&#160;Colavita,
    Enright and Zizza(Chairman). Each Nominating Committee Member is
    an Independent Trustee as determined under NYSE guidelines. The
    Nominating Committee met once during the fiscal year ended
    December&#160;31, 2010. The Nominating Committee is responsible
    for identifying and recommending qualified candidates to the
    Board in the event that a position is vacated or created. The
    Nominating Committee will consider recommendations by
    shareholders if a vacancy were to exist. In considering
    candidates submitted by shareholders, the Nominating Committee
    will take into consideration the needs of the Board, the
    qualifications of the candidate, and the interests of
    shareholders. The Nominating Committee may also take into
    consideration the number of shares held by the recommending
    shareholder and the length of time that such shares have been
    held. To recommend a candidate for consideration by the
    Nominating Committee, a shareholder must submit the
    recommendation in writing and must include all the following
    information:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The name of the shareholder and evidence of the
    shareholder&#146;s ownership of shares of the Fund, including
    the number of shares owned and the length of time of ownership;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The name of the candidate, the candidate&#146;s resume or a
    listing of his or her qualifications to be a Trustee of the
    Fund, and the person&#146;s consent to be named as a Trustee if
    selected by the Nominating Committee and nominated by the Board
    of Trustees;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    All other information required to be submitted under the
    Fund&#146;s Declaration of Trust and
    <FONT style="white-space: nowrap">By-Laws;&#160;and</FONT>
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If requested by the Nominating Committee, a completed and signed
    trustee&#146;s questionnaire.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The shareholder recommendation and information described above
    must be sent to the Fund&#146;s Secretary,
    <FONT style="white-space: nowrap">c/o&#160;Gabelli</FONT>
    Funds, LLC, One Corporate Center, Rye, NY
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    and must be received by the Secretary no less than
    120&#160;calendar days before the anniversary of the date that
    the Trust mailed (or otherwise disseminated) its proxy materials
    for the prior year&#146;s annual meeting or, if the meeting has
    moved by more than
    <FONT style="white-space: nowrap">twenty-five&#160;days,</FONT>
    no less than ten days following the date on which notice of the
    meeting, or public announcement, of the date of such annual
    meeting is first made. In no event shall the adjournment or
    postponement of an annual meeting, or the public announcement of
    such an adjournment or postponement, commence a new time period
    (or extend any time period) for the giving of notice as
    described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If information submitted pursuant to the By-Laws by any
    shareholder proposing a nominee for election as a Trustee shall
    be inaccurate or incomplete in any material respect, such
    information may be deemed not to have been provided, and the
    nomination in respect of which such information is required by
    the By-Laws may be deemed not to have been made, in accordance
    with the By-Laws. Any such shareholder shall notify the Fund of
    any inaccuracy or incompleteness (within two business days of
    becoming aware of such inaccuracy or change) in any such
    information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Nominating Committee believes that the minimum
    qualifications for serving as a Trustee of the Fund are that the
    individual demonstrate, by significant accomplishment in his or
    her field, an ability to make a meaningful contribution to the
    Board of Trustees oversight of the business and affairs of the
    Fund and have an impeccable record and reputation for honest and
    ethical conduct in both his or her professional and personal
    activities. In addition, the Nominating Committee examines a
    candidate&#146;s specific experiences and skills, time
    availability in light of other commitments, potential conflicts
    of interest, and independence from management and the Fund.
</DIV>
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    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Nominating Committee considers the overall composition of
    the Board, bearing in mind the benefits that may be derived from
    having members who have a variety of experiences,
    qualifications, attributes, or skills useful in overseeing a
    publicly traded, highly regulated entity such as the Fund. The
    Fund&#146;s governing documents state that a nominee for Trustee
    shall be at least twenty-one&#160;years of age and not older
    than such maximum age, if any, as the Trustees may determine and
    shall not be under legal disability. The Trustees have not
    determined a maximum age. The Fund&#146;s governing documents
    contain additional Trustee qualifications. A shareholder that
    wishes to nominate a candidate for Trustee should consult the
    Declaration of Trust and By-Laws. The Nominating Committee does
    not have a formal policy regarding the consideration of
    diversity in identifying trustee candidates. For a discussion of
    experiences, qualifications, attributes, or skills supporting
    the appropriateness of each Trustee&#146;s service on the
    Fund&#146;s Board, see the biographical information of the
    Trustees above in the section entitled &#147;Information about
    Trustees and Officers.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s Nominating Committee adopted a charter on
    May&#160;12, 2004, and amended the charter on November&#160;17,
    2004. The charter is available on the Fund&#146;s website at
    www.gabelli.com/corporate/closed/ corp&#160;_ gov.html.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Board-Related Matters</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees has established the following procedures
    in order to facilitate communications among the Board and the
    shareholders of the Fund and other interested parties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <U><FONT style="font-family: 'Times New Roman', Times">Receipt
    of Communications</FONT></U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholders and other interested parties may contact the Board
    or any member of the Board by mail or electronically. To
    communicate with the Board or any member of the Board,
    correspondence should be addressed to the Board or the Board
    member(s) with whom you wish to communicate either by name or
    title. All such correspondence should be sent to The Gabelli
    Utility Trust, Gabelli Funds, LLC, One Corporate Center, Rye, NY
    <FONT style="white-space: nowrap">10580-1422.</FONT>
    To communicate with the Board electronically, shareholders may
    go to the corporate website at www.gabelli.com under the heading
    &#147;Our Firm/Contact Us/EmailAddresses/Board of Directors
    (Gabelli Closed-End Funds).&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <U><FONT style="font-family: 'Times New Roman', Times">Forwarding
    the Communications</FONT></U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All communications received will be opened by the office of the
    General Counsel of the Adviser for the sole purpose of
    determining whether the contents represent a message to one or
    more Trustees. The office of the General Counsel will forward
    promptly to the addressee(s) any contents that relate to the
    Fund and that are not in the nature of advertising, promotion of
    a product or service, or patently offensive or otherwise
    objectionable material. In the case of communications to the
    Board of Trustees or any committee or group of members of the
    Board, the General Counsel&#146;s office will make sufficient
    copies of the contents to send to each Trustee who is a member
    of the group or committee to which the envelope or
    <FONT style="white-space: nowrap">e-mail</FONT> is
    addressed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund does not expect Trustees or nominees for election as
    Trustee to attend the Annual Meeting of Shareholders.
    Mr.&#160;Mario Gabelli attended the Fund&#146;s Annual Meeting
    of Shareholders held on May&#160;17, 2010.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth certain information regarding the
    compensation of the Trustees by the Fund and executive officers,
    if any, who were compensated by the Fund rather than the Adviser
    for the year ended December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">COMPENSATION
    TABLE<BR>
    FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="21%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="30%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate Compensation from<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>the Fund and Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">Name of Person and
    Position</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">from the Fund</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">Paid to Trustees*</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="9" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B><U>INTERESTED TRUSTEES:</U></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Mario J. Gabelli<BR>
    </B>Chairman of the Board and<BR>
    Chief Investment Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    (26)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>John D. Gabelli<BR>
    </B>Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    (10)
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Thomas E. Bratter<BR>
    </B>Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    43,500&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Anthony J. Colavita<BR>
    </B>Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,111
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    254,500&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    (33)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>James P. Conn<BR>
    </B>Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    144,500&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    (17)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Vincent D. Enright<BR>
    </B>Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    131,000&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    (15)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Frank J. Fahrenkopf, Jr.<BR>
    </B>Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    73,500&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    (5)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Robert J. Morrissey<BR>
    </B>Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    47,500&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    (6)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Anthony R. Pustorino<BR>
    </B>Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,795
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    164,500&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    (13)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Salvatore J. Zizza<BR>
    </B>Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,111
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    212,000&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    (27)
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B><U>OFFICER:</U></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>David I. Schachter<BR>
    </B>Vice President and Ombudsman
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    120,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 18%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Represents the total compensation
    paid to such persons during the fiscal year ended
    December&#160;31, 2010 by investment companies (including the
    Fund) or portfolios thereof that are considered part of the same
    fund complex as the Fund because they have common or affiliated
    investment advisers. The number in parentheses represents the
    number of such investment companies and portfolios.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Required
    Vote</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The election of each of the listed nominees for Trustee of the
    Fund requires the affirmative vote of the holders of a plurality
    of the applicable class or classes of Shares of the Fund
    represented at the Meeting if a quorum is present.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THE BOARD OF TRUSTEES, INCLUDING THE INDEPENDENT TRUSTEES,
    UNANIMOUSLY RECOMMENDS THAT THE COMMON AND PREFERRED
    SHAREHOLDERS VOTE &#147;FOR&#148; THE ELECTION OF EACH
    NOMINEE.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Independent
    Registered Public Accounting Firm</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PricewaterhouseCoopers, 300 Madison Avenue, New York, NY 10017,
    has been selected to serve as the Fund&#146;s independent
    registered public accounting firm for the fiscal year ending
    December&#160;31, 2011. PricewaterhouseCoopers acted as the
    Fund&#146;s independent registered public accounting firm for
    the fiscal year ended December&#160;31, 2010. The Fund knows of
    no direct financial or material indirect financial interest of
    PricewaterhouseCoopers in the Fund. A representative of
    PricewaterhouseCoopers will not be present at the Meeting, but
    will be available by telephone and will have an opportunity to
    make a statement, if asked, and will be available to respond to
    appropriate questions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below are audit fees and non-audit
    related fees billed to the Fund by PricewaterhouseCoopers for
    professional services received during and for the fiscal years
    ended December&#160;31, 2009 and 2010, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="31%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">Fiscal Year Ended<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Audit Related<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>December 31</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Audit Fees</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fees*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Tax Fees**</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>All Other Fees</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;&#160;&#160;&#160;2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,867
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;&#160;&#160;&#160;2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,307
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,769
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">*&#160;
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">&#147;Audit Related Fees&#148; are
    those estimated fees billed to the Fund by
    PricewaterhouseCoopers in connection with the preparation of
    Preferred Shares&#160;Reports to Moody&#146;s Investors Service,
    Inc.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">&#147;Tax Fees&#148; are those fees
    billed by PricewaterhouseCoopers in connection with tax
    compliance services, including primarily the review of the
    Fund&#146;s income tax returns.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s Audit Charter requires that the Audit Committee
    pre-approve all audit and non-audit services to be provided by
    the independent registered public accounting firm to the Fund,
    and all non-audit services to be provided by the independent
    registered public accounting firm to the Fund&#146;s Adviser and
    service providers controlling, controlled by, or under common
    control with the Fund&#146;s Adviser (&#147;affiliates&#148;)
    that provide ongoing services to the Fund (a &#147;Covered
    Services Provider&#148;), if the engagement relates directly to
    the operations and financial reporting of the Fund. The Audit
    Committee may delegate its responsibility to pre-approve any
    such audit and permissible non-audit services to the Chairman of
    the Audit Committee, and the Chairman must report his
    decision(s) to the Audit Committee, at its next regularly
    scheduled meeting after the Chairman&#146;s pre-approval of such
    services. The Audit Committee may also establish detailed
    pre-approval policies and procedures for pre-approval of such
    services in accordance with applicable laws, including the
    delegation of some or all of the Audit Committee&#146;s
    pre-approval responsibilities to other persons (other than the
    Adviser or the Fund&#146;s officers). Pre-approval by the Audit
    Committee of any permissible non-audit services is not required
    so long as: (i)&#160;the aggregate amount of all such
    permissible non-audit services provided to the Fund, the
    Adviser, and any Covered Services Provider constitutes not more
    than 5% of the total amount of revenues paid by the Fund to its
    independent registered public accounting firm during the year in
    which the permissible non-audit services are provided;
    (ii)&#160;the permissible non-audit services were not recognized
    by the Fund at the time of the engagement to be non-audit
    services; and (iii)&#160;such services are promptly brought to
    the attention of the Audit Committee and approved by the Audit
    Committee or the Chairman prior to the completion of the audit.
    All of the audit, audit related, and tax services described
    above for which PricewaterhouseCoopers billed the Fund fees for
    the fiscal years ended December&#160;31, 2009 and
    December&#160;31, 2010 were pre-approved by the Audit Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the fiscal years ended December&#160;31, 2009 and 2010,
    PricewaterhouseCoopers has represented to the Fund that it did
    not provide any non-audit services (or bill any fees for such
    services) to the Adviser or any affiliates thereof that provide
    services to the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Investment Adviser and Administrator</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC is the Fund&#146;s Adviser and Administrator
    and its business address is One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422.</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;16(a)
    Beneficial Ownership Reporting Compliance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Section&#160;16(a) of the 1934&#160;Act and Section&#160;30(h)
    of the 1940 Act, and the rules thereunder, require the
    Fund&#146;s executive officers and Trustees, executive officers
    and directors of the Adviser, certain other affiliated persons
    of the Adviser, and persons who own more than 10% of a
    registered class of the Fund&#146;s securities to file reports
    of ownership and changes in ownership with the SEC and the New
    York Stock Exchange and to furnish the Fund with copies of all
    Section&#160;16(a) forms they file. Based solely on the
    Fund&#146;s review of the copies of such forms it received for
    the fiscal year ended December&#160;31, 2010, the Fund believes
    that during that year such persons complied with all such
    applicable filing requirements except that Agnes Mullady omitted
    to file the Form&#160;3 filing due upon taking office in 2006.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Broker
    Non-Votes and Abstentions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of determining the presence of a quorum for
    transacting business at the Meeting, abstentions and broker
    &#147;non-votes&#148; (that is, proxies from brokers or nominees
    indicating that such persons have not received instructions from
    the beneficial owner or other persons entitled to vote shares on
    a particular matter with respect to which the brokers or
    nominees do not have discretionary power) will be treated as
    shares that are present but that have not been voted.
    Accordingly, shareholders are urged to forward their voting
    instructions promptly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The affirmative vote of a plurality of the applicable class or
    classes of Shares of the Fund represented at the Meeting if a
    quorum is present is necessary for the election of a Trustee.
    Abstentions or broker non-votes will not be counted as votes
    cast and will have no effect on the result of the vote.
    Abstentions or broker non-votes, however, will be considered to
    be present at the Meeting for purposes of determining the
    existence of a quorum.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brokers holding shares of the Fund in &#147;street name&#148;
    for the benefit of their customers and clients will request the
    instructions of such customers and clients on how to vote their
    shares on Proposal 1 before the Meeting. Under the rules of the
    New York Stock Exchange, such brokers may, for certain
    &#147;routine&#148; matters, grant discretionary authority to
    the proxies designated by the Board to vote if no instructions
    have been received from their customers and clients prior to the
    date specified in the brokers&#146; request for voting
    instructions. Proposal 1 is a &#147;routine&#148; matter and
    accordingly beneficial owners who do not provide proxy
    instructions or who do not return a proxy card may have their
    shares voted by broker-dealer firms in favor of Proposal 1.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholders of the Fund will be informed of the voting results
    of the Meeting in the Fund&#146;s Semi-Annual Report for the six
    months ended June&#160;30, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">&#147;Householding&#148;</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please note that only one annual or semi-annual report or Proxy
    Statement or Notice of Internet Availability of Proxy Materials
    may be delivered to two or more shareholders of the Fund who
    share an address, unless the Fund has received instructions to
    the contrary. To request a separate copy of an annual report or
    semi-annual report or this Proxy Statement or Notice of Internet
    Availability of Proxy Materials, or for instructions regarding
    how to request a separate copy of these documents or regarding
    how to request a single copy if multiple copies of these
    documents are received, shareholders should contact the Fund at
    the address and phone number set forth above.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">OTHER
    MATTERS TO COME BEFORE THE MEETING</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trustees of the Fund do not intend to present any other
    business at the Meeting, nor are they aware that any shareholder
    intends to do so. If, however, any other matters, including
    adjournments, are properly brought before the Meeting, the
    persons named in the accompanying proxy will vote thereon in
    accordance with their judgment.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SHAREHOLDER
    PROPOSALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All proposals by shareholders of the Fund which are intended to
    be presented at the Fund&#146;s next Annual Meeting of
    Shareholders to be held in 2012 (the &#147;2012 Annual
    Meeting&#148;) must be received by the Fund for consideration
    for inclusion in the Fund&#146;s 2012 proxy statement and proxy
    relating to that meeting no later than December&#160;8, 2011.
    Rule <FONT style="white-space: nowrap">14a-8</FONT>
    under the 1934 Act (&#147;Rule
    <FONT style="white-space: nowrap">14a-8&#148;)</FONT>
    specifies a number of procedural and eligibility requirements to
    be satisfied by a shareholder submitting a proposal for
    inclusion in the Fund&#146;s proxy materials pursuant to this
    Rule. Any shareholder contemplating submissions of such a
    proposal is referred to Rule
    <FONT style="white-space: nowrap">14a-8.</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s By-Laws require shareholders that wish to
    nominate Trustees or make proposals to be voted on at an Annual
    Meeting of the Fund&#146;s Shareholders (and which are not
    proposed to be included in the Fund&#146;s proxy materials
    pursuant to
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    under the 1934&#160;Act) to provide timely notice of the
    nomination or proposal in writing. To be considered timely for
    the 2012 Annual Meeting, any such notice must be delivered to or
    mailed and received at the principal executive offices of the
    Fund at the address set forth on the first page of this proxy
    statement no earlier than 9:00&#160;a.m.&#160;Eastern time on
    December&#160;18, 2011 and no later than 5:00&#160;p.m. Eastern
    time on January&#160;17, 2012; provided, however, that if the
    2012 Annual Meeting is to be held on a date that is earlier than
    April&#160;21, 2012 or later than June&#160;10, 2012, such
    notice must be received by the Fund no later than 5:00&#160;p.m.
    Eastern time on the tenth day following the date on which public
    disclosure (as defined in the By-Laws) of the date of the 2012
    Annual Meeting was first made. Any such notice by a shareholder
    shall set forth the information required by the Fund&#146;s
    By-Laws with respect to each nomination or matter the
    shareholder proposes to bring before the 2012 Annual Meeting.
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>SHAREHOLDERS MAY PROVIDE THEIR VOTE BY TELEPHONE OR THE
    INTERNET BY FOLLOWING THE INSTRUCTIONS&#160;ACCOMPANYING THE
    PROXY CARD, VOTING INSTRUCTION FORM OR SET FORTH IN THE NOTICE
    OF INTERNET AVAILABILITY OF PROXY MATERIALS.</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    April&#160;6, 2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    GUT-PS-2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%"><IMG src="b84377a1b8437702.gif" alt="(LOGO)">

</DIV>
<P><DIV style="position: relative; float: left; width: 5%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>

</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>PROXY TABULATOR</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>P.O. BOX 9112</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>FARMINGDALE, NY 11735</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 40pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BROADRIDGE<br>
FINANCIAL SOLUTIONS, INC.<br>
ATTENTION:<br>
TEST PRINT<br>
51 MERCEDES WAY<br>
EDGEWOOD, NY<br>
11717</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><BR><BR style="font-size: 6pt"><IMG src="b84377a1b8437701a.gif" alt="(LOGO)"><br><br>
<IMG src="b84377a1b8437701.gif" alt="(LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>To vote by Internet</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Follow the instructions provided on the website.</DIV><br>
<B>To vote by Telephone</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Call <B>1-800-690-6903</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Follow the instructions.</DIV><br>
<B>To vote by Mail</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Check the appropriate boxes on the proxy card below.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Sign and date the proxy card.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">4)&nbsp;&nbsp;&nbsp;Return the proxy card in the envelope provided.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="b84377a1b8437706.gif" alt="(LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="right" style="font-size: 10pt; margin-top: 40pt"><IMG src="b84377a1b8437703.gif" alt="(LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>

<P><DIV style="position: relative; float: left; width: 7%">

<DIV align="right" style="font-size: 10pt; margin-top: 250pt"><IMG src="b84377a1b8437705.gif" alt="(LOGO)"></DIV>

</DIV>
<DIV style="position: relative; float: right; width: 93%">
<DIV align="left" style="font-size: 7pt; margin-top: 6pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#120;</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M33499-P12099&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>KEEP THIS PORTION FOR YOUR RECORDS</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3pt"><TD colspan="5">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt" nowrap><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DETACH AND RETURN THIS PORTION ONLY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border: 2px solid black; padding: 6px; padding-bottom: 0px; margin-top: 3pt">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" rowspan="3"><IMG src="b84377a1b8437704.gif" alt="(LOGO)"></TD>
    <TD>&nbsp;</TD>

<TD colspan="3" valign="top" align="left" style="font-size: 6pt"><BR style="font-size: 6pt"><B>THE
GABELLI UTILITY TRUST<br>
 COMMON SHAREHOLDER</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left" style="font-size: 10pt"><BR style="font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>02&nbsp;&nbsp;&nbsp;000000000110</B></TD>
    <TD style="border-top: 2px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>A</B>&nbsp;</FONT></FONT></FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="Justify"><FONT style="font-size: 7pt">
<B>Election of Trustees&#151;The Board of
Trustees recommends a vote <U>FOR</U> each
of the nominees listed.</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For<BR>
All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold<BR>
All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For All<BR>
Except</B></TD>
    <TD>&nbsp;</TD>

<TD align="justify" valign="top" style="font-size: 6pt"><div align="justify">To withhold
authority to vote
for any individual
nominee(s), mark
&#147;For All Except&#148;
and write the
name(s) of the
nominee(s) on the
line below.</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To elect three (3)&nbsp;Trustees of the Fund:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Nominees:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">01)&nbsp;&nbsp;&nbsp;Frank J. Fahrenkopf, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">02)&nbsp;&nbsp;&nbsp;Robert J. Morrissey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">03)&nbsp;&nbsp;&nbsp;Salvatore J. Zizza</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 110pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD vAlign=top align=left><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>B</B>&nbsp;</FONT></FONT></FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD colspan="9" valign="top" align="left"><FONT style="font-size: 7pt"><b>Authorized Signatures&#151;This section must be completed for your vote to be
counted.&#151;Sign and Date Below</b></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" valign="top" align="left"><div align="Justify">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint
owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they
sign, and where more than one name appears, a majority must sign. If a corporation, this signature
should be that of an authorized officer who should state his or her title.</div></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV>
</DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" valign="bottom" style="font-size: 8pt"><B>P12099-01S</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap rowspan="2" align="right" valign="top" style="font-size: 8pt"><B>123,456,789,012<br>GS2&nbsp;&nbsp;36240A101<br>1</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature &#091;PLEASE SIGN WITHIN BOX&#093;
</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Signature (Joint Owners)</TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>


</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center" style="font-size: 10pt; margin-top: 200pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</B><BR>
The Notice and Proxy Statement is available at www.proxyvote.com.
</DIV>


<DIV align="Center" style="font-size: 8pt; margin-top: 124pt"><FONT style="font-family: Webdings">&#054;</FONT> <B>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. </B><FONT style="font-family: Webdings">&#054;</FONT>
</DIV>

<DIV align="right" style="font-size: 7pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px dashed #000000; FONT-size: 1px">&nbsp;</DIV>
M33500-P12099&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
<BR style="font-size: 3pt">
<DIV style="width: 100%; border: 2px solid black; padding: 24px;">

<DIV align="left" style="font-size: 10pt; margin-top: 50pt"><B>THE
GABELLI UTILITY TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>This proxy is solicited on behalf of the Board of Trustees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">The undersigned hereby appoints Mario J. Gabelli, Agnes Mullady and Bruce N. Alpert, and each
of them, attorneys and proxies of the undersigned, with full powers of substitution and revocation,
to represent the undersigned and to vote on behalf of the undersigned all shares of The Gabelli
Utility Trust (the
&#147;Fund&#148;) which the undersigned is entitled to vote
at the Annual Meeting of Shareholders of the Fund to be held at The
Cole Auditorium. The Greenwich
Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 on
Monday, May&nbsp;16, 2011, at 10:30
a.m., and at any adjournments thereof. The undersigned hereby acknowledges receipt of the Notice of
Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as
indicated herein. In their discretion, the proxies are authorized to vote upon such other business
as may properly come before the Meeting.</div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only
one shall be so present, then that one) shall have and may exercise all of the power and authority
of said proxies hereunder. The undersigned hereby revokes any proxy previously given.</div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">This proxy, if properly executed, will be voted
in the manner directed by the undersigned
shareholder. If no direction is made, this proxy will be voted <B>FOR </B>the election of the nominees as
Trustees and in the discretion of the proxy holder as to any other matter that may properly come
before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No.&nbsp;1.</div>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000"><br style="font-size: 3pt"><B>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</B><br><br style="font-size: 3pt"></DIV></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%"><IMG src="b84377a1b8437702.gif" alt="(LOGO)">

</DIV>
<P><DIV style="position: relative; float: left; width: 5%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>

</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>PROXY TABULATOR</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>P.O. BOX 9112</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>FARMINGDALE, NY 11735</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 40pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BROADRIDGE<br>
FINANCIAL SOLUTIONS, INC.<br>
ATTENTION:<br>
TEST PRINT<br>
51 MERCEDES WAY<br>
EDGEWOOD, NY<br>
11717</B>
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="right" valign="bottom"><BR><BR style="font-size: 6pt"><br>
<IMG src="b84377a1b8437707.gif" alt="(LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>To vote by Internet</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Follow the instructions provided on the website.</DIV><br>
<B>To vote by Telephone</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Call <B>1-800-690-6903</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Follow the instructions.</DIV><br>
<B>To vote by Mail</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Check the appropriate boxes on the proxy card below.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Sign and date the proxy card.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">4)&nbsp;&nbsp;&nbsp;Return the proxy card in the envelope provided.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="b84377a1b8437706.gif" alt="(LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="right" style="font-size: 10pt; margin-top: 40pt"><IMG src="b84377a1b8437709.gif" alt="(LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>

<P><DIV style="position: relative; float: left; width: 7%">

<DIV align="right" style="font-size: 10pt; margin-top: 250pt"><IMG src="b84377a1b8437710.gif" alt="(LOGO)"></DIV>

</DIV>
<DIV style="position: relative; float: right; width: 93%">
<DIV align="left" style="font-size: 7pt; margin-top: 6pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#120;</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M33501-P12099&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>KEEP THIS PORTION FOR YOUR RECORDS</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3pt"><TD colspan="5">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt" nowrap><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DETACH AND RETURN THIS PORTION ONLY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border: 2px solid black; padding: 6px; padding-bottom: 0px; margin-top: 3pt">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" rowspan="3"><IMG src="b84377a1b8437708.gif" alt="(LOGO)"></TD>
    <TD>&nbsp;</TD>

<TD colspan="3" valign="top" align="left" style="font-size: 6pt"><BR style="font-size: 6pt"><B>THE
GABELLI UTILITY TRUST<br>
SERIES A PREFERRED  SHAREHOLDER</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left" style="font-size: 10pt"><BR style="font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>02&nbsp;&nbsp;&nbsp;000000000220</B></TD>
    <TD style="border-top: 2px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>A</B>&nbsp;</FONT></FONT></FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="Justify"><FONT style="font-size: 7pt">
<B>Election of Trustees&#151;The Board of
Trustees recommends a vote <U>FOR</U> each
of the nominees listed.</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For<BR>
All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold<BR>
All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For All<BR>
Except</B></TD>
    <TD>&nbsp;</TD>

<TD align="justify" valign="top" style="font-size: 6pt"><div align="justify">To withhold
authority to vote
for any individual
nominee(s), mark
&#147;For All Except&#148;
and write the
name(s) of the
nominee(s) on the
line below.</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To elect four  (4)&nbsp;Trustees of the Fund:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Nominee:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">01)&nbsp;&nbsp;&nbsp;Anthony J.
Colavita</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">02)&nbsp;&nbsp;&nbsp;Frank J. Fahrenkopf, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">03)&nbsp;&nbsp;&nbsp;Robert J. Morrissey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">04)&nbsp;&nbsp;&nbsp;Salvatore J. Zizza</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 110pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD vAlign=top align=left><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>B</B>&nbsp;</FONT></FONT></FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD colspan="9" valign="top" align="left"><FONT style="font-size: 7pt"><b>Authorized Signatures&#151;This section must be completed for your vote to be
counted.&#151;Sign and Date Below</b></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" valign="top" align="left"><div align="Justify">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint
owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they
sign, and where more than one name appears, a majority must sign. If a corporation, this signature
should be that of an authorized officer who should state his or her title.</div></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV>
</DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" valign="bottom" style="font-size: 8pt"><B>P12099-01S</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap rowspan="2" align="right" valign="top" style="font-size: 8pt"><B>123,456,789,012<br>GS2&nbsp;&nbsp;36240A200<br>2</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature &#091;PLEASE SIGN WITHIN BOX&#093;
</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Signature (Joint Owners)</TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>


</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center" style="font-size: 10pt; margin-top: 200pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</B><BR>
The Notice and Proxy Statement is available at www.proxyvote.com.
</DIV>


<DIV align="Center" style="font-size: 8pt; margin-top: 124pt"><FONT style="font-family: Webdings">&#054;</FONT> <B>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. </B><FONT style="font-family: Webdings">&#054;</FONT>
</DIV>

<DIV align="right" style="font-size: 7pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px dashed #000000; FONT-size: 1px">&nbsp;</DIV>
M33502-P12099&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
<BR style="font-size: 3pt">
<DIV style="width: 100%; border: 2px solid black; padding: 24px;">

<DIV align="left" style="font-size: 10pt; margin-top: 50pt"><B>THE
GABELLI UTILITY TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>This proxy is solicited on behalf of the Board of Trustees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">The undersigned hereby appoints Mario J. Gabelli, Agnes Mullady and Bruce N. Alpert, and each
of them, attorneys and proxies of the undersigned, with full powers of substitution and revocation,
to represent the undersigned and to vote on behalf of the undersigned all shares of The Gabelli
Utility Trust (the
&#147;Fund&#148;) which the undersigned is entitled to vote
at the Annual Meeting of Shareholders of the Fund to be held at The
Cole Auditorium. The Greenwich
Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 on
Monday, May&nbsp;16, 2011, at 10:30
a.m., and at any adjournments thereof. The undersigned hereby acknowledges receipt of the Notice of
Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as
indicated herein. In their discretion, the proxies are authorized to vote upon such other business
as may properly come before the Meeting.</div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only
one shall be so present, then that one) shall have and may exercise all of the power and authority
of said proxies hereunder. The undersigned hereby revokes any proxy previously given.</div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">This proxy, if properly executed, will be voted in the manner directed by the undersigned
shareholder. If no direction is made, this proxy will be voted <B>FOR </B>the election of the nominees as
Trustees and in the discretion of the proxy holder as to any other matter that may properly come
before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No.&nbsp;1.</div>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000"><br style="font-size: 3pt"><B>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</B><br><br style="font-size: 3pt"></DIV></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%"><IMG src="b84377a1b8437711.gif" alt="(LOGO)">

</DIV>
<P><DIV style="position: relative; float: left; width: 5%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>

</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>PROXY TABULATOR</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>P.O. BOX 9112</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>FARMINGDALE, NY 11735</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 40pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BROADRIDGE<br>
FINANCIAL SOLUTIONS, INC.<br>
ATTENTION:<br>
TEST PRINT<br>
51 MERCEDES WAY<br>
EDGEWOOD, NY<br>
11717</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><BR><BR style="font-size: 6pt"><br>
<IMG src="b84377a1b8437712.gif" alt="(LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>To vote by Internet</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Follow the instructions provided on the website.</DIV><br>
<B>To vote by Telephone</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Call <B>1-800-690-6903</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Follow the instructions.</DIV><br>
<B>To vote by Mail</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Check the appropriate boxes on the proxy card below.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Sign and date the proxy card.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">4)&nbsp;&nbsp;&nbsp;Return the proxy card in the envelope provided.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="b84377a1b8437718.gif" alt="(LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="right" style="font-size: 10pt; margin-top: 40pt"><IMG src="b84377a1b8437713.gif" alt="(LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>

<P><DIV style="position: relative; float: left; width: 7%">

<DIV align="right" style="font-size: 10pt; margin-top: 230pt"><IMG src="b84377a1b8437715.gif" alt="(LOGO)"></DIV>

</DIV>
<DIV style="position: relative; float: right; width: 93%">
<DIV align="left" style="font-size: 7pt; margin-top: 6pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#120;</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M33501-P12099&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>KEEP THIS PORTION FOR YOUR RECORDS</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3pt"><TD colspan="5">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt" nowrap><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DETACH AND RETURN THIS PORTION ONLY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border: 2px solid black; padding: 6px; padding-bottom: 0px; margin-top: 3pt">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" rowspan="3"><IMG src="b84377a1b8437714.gif" alt="(LOGO)"></TD>
    <TD>&nbsp;</TD>

<TD colspan="3" valign="top" align="left" style="font-size: 6pt"><BR style="font-size: 6pt"><B>THE
GABELLI UTILITY TRUST<br>
SERIES B PREFERRED SHAREHOLDER</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left" style="font-size: 10pt"><BR style="font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>02&nbsp;&nbsp;&nbsp;000000000330</B></TD>
    <TD style="border-top: 2px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>A</B>&nbsp;</FONT></FONT></FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="Justify"><FONT style="font-size: 7pt">
<B>Election of Trustees&#151;The Board of
Trustees recommends a vote <U>FOR</U> each
of the nominees listed.</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For<BR>
All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold<BR>
All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For All<BR>
Except</B></TD>
    <TD>&nbsp;</TD>

<TD align="justify" valign="top" style="font-size: 6pt"><div align="justify">To withhold
authority to vote
for any individual
nominee(s), mark
&#147;For All Except&#148;
and write the
name(s) of the
nominee(s) on the
line below.</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To elect four (4)&nbsp;Trustees of the Fund:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Nominee:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">01)&nbsp;&nbsp;&nbsp;Anthony J.
Colavita</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">02)&nbsp;&nbsp;&nbsp;Frank J. Fahrenkopf, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">03)&nbsp;&nbsp;&nbsp;Robert J. Morrissey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">04)&nbsp;&nbsp;&nbsp;Salvatore J. Zizza</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 110pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD vAlign=top align=left><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>B</B>&nbsp;</FONT></FONT></FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD colspan="9" valign="top" align="left"><FONT style="font-size: 7pt"><b>Authorized Signatures&#151;This section must be completed for your vote to be
counted.&#151;Sign and Date Below</b></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" valign="top" align="left"><div align="Justify">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint
owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they
sign, and where more than one name appears, a majority must sign. If a corporation, this signature
should be that of an authorized officer who should state his or her title.</div></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV>
</DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" valign="bottom" style="font-size: 8pt"><B>P12099-01S</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap rowspan="2" align="right" valign="top" style="font-size: 8pt"><B>123,456,789,012<br>GS2&nbsp;&nbsp;36240A309<br>3</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature &#091;PLEASE SIGN WITHIN BOX&#093;
</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Signature (Joint Owners)</TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>


</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center" style="font-size: 10pt; margin-top: 200pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</B><BR>
The Notice and Proxy Statement is available at www.proxyvote.com.
</DIV>


<DIV align="Center" style="font-size: 8pt; margin-top: 124pt"><FONT style="font-family: Webdings">&#054;</FONT> <B>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. </B><FONT style="font-family: Webdings">&#054;</FONT>
</DIV>

<DIV align="right" style="font-size: 7pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px dashed #000000; FONT-size: 1px">&nbsp;</DIV>
M33502-P12099&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
<BR style="font-size: 3pt">
<DIV style="width: 100%; border: 2px solid black; padding: 24px;">

<DIV align="left" style="font-size: 10pt; margin-top: 50pt"><B>THE
GABELLI UTILITY TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>This proxy is solicited on behalf of the Board of Trustees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">The undersigned hereby appoints Mario J. Gabelli, Agnes Mullady and Bruce N. Alpert, and each
of them, attorneys and proxies of the undersigned, with full powers of substitution and revocation,
to represent the undersigned and to vote on behalf of the undersigned all shares of The Gabelli
Utility Trust (the
&#147;Fund&#148;) which the undersigned is entitled to vote
at the Annual Meeting of Shareholders of the Fund to be held at The
Cole Auditorium. The Greenwich
Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 on
Monday, May&nbsp;16, 2011, at 10:30
a.m., and at any adjournments thereof. The undersigned hereby acknowledges receipt of the Notice of
Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as
indicated herein. In their discretion, the proxies are authorized to vote upon such other business
as may properly come before the Meeting.</div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only
one shall be so present, then that one) shall have and may exercise all of the power and authority
of said proxies hereunder. The undersigned hereby revokes any proxy previously given.</div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">This proxy, if properly executed, will be voted in the manner directed by the undersigned
shareholder. If no direction is made, this proxy will be voted <B>FOR </B>the election of the nominees as
Trustees and in the discretion of the proxy holder as to any other matter that may properly come
before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No.&nbsp;1.</div>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000"><br style="font-size: 3pt"><B>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</B><br><br style="font-size: 3pt"></DIV></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
