NPORT-EX 2 GB19GBUtilityTrust.htm

FOR VALIDATION PURPOSES ONLY - [823549.TX]

The Gabelli Utility Trust

Schedule of Investments — September 30, 2019 (Unaudited)

Shares						Market Value
				COMMON STOCKS — 85.5%
				ENERGY AND UTILITIES — 69.5%
				Alternative Energy — 0.5%
	20,000			NextEra Energy Partners LP		$	1,056,800
	12,000			Ormat Technologies Inc., New York			891,480
							1,948,280
				Electric Integrated — 42.2%
	22,000			ALLETE Inc.			1,923,020
	125,000			Alliant Energy Corp.			6,741,250
	17,000			Ameren Corp.			1,360,850
	72,000			American Electric Power Co. Inc.			6,745,680
	44,000			Avangrid Inc.			2,299,000
	28,000			Avista Corp.			1,356,320
	40,000			Black Hills Corp.			3,069,200
	91,000			CMS Energy Corp.			5,819,450
	48,273			Dominion Energy Inc.			3,912,044
	16,400			DTE Energy Co.			2,180,544
	74,000			Duke Energy Corp.			7,093,640
	76,000			Edison International			5,731,920
	185,500			El Paso Electric Co.			12,443,340
	1,000			Emera Inc.			43,899
	3,000			Entergy Corp.			352,080
	138,500			Evergy Inc.			9,218,560
	162,000			Eversource Energy			13,846,140
	67,000			FirstEnergy Corp.			3,231,410
	62,000			Hawaiian Electric Industries Inc.			2,827,820
	83,500			MGE Energy Inc.			6,669,145
	56,500			NextEra Energy Inc.			13,163,935
	48,000			NiSource Inc.			1,436,160
	72,000			NorthWestern Corp.			5,403,600
	185,000			OGE Energy Corp.			8,395,300
	48,000			Otter Tail Corp.			2,580,000
	48,000			PG&E Corp.†			480,000
	86,000			PNM Resources Inc.			4,478,880
	30,000			Public Service Enterprise Group Inc.			1,862,400
	17,000			Unitil Corp.			1,078,480
	140,000			WEC Energy Group Inc.			13,314,000
	160,000			Xcel Energy Inc.			10,382,400
							159,440,467
				Electric Transmission and Distribution — 1.8%
	40,000			Consolidated Edison Inc.			3,778,800
	65,100			Exelon Corp.			3,144,981
							6,923,781
				Global Utilities — 2.6%
	8,000			Chubu Electric Power Co. Inc.			115,792
	7,000			EDP - Energias de Portugal SA			27,177
	133,000			Electric Power Development Co. Ltd.			3,032,092
	33,000			Endesa SA			868,279
	300,000			Enel SpA			2,240,182

Shares						Market Value
	500,000			Hera SpA		$	2,052,383
	15,000			Hokkaido Electric Power Co. Inc.			78,936
	12,000			Hokuriku Electric Power Co.†			80,573
	3,000			Huaneng Power International Inc., ADR			57,150
	41,000			Korea Electric Power Corp., ADR†			444,440
	15,000			Kyushu Electric Power Co. Inc.			141,503
	8,000			Shikoku Electric Power Co. Inc.			75,394
	8,000			The Chugoku Electric Power Co. Inc.			102,770
	20,000			The Kansai Electric Power Co. Inc.			223,538
	13,000			Tohoku Electric Power Co. Inc.			126,724
							9,666,933
				Merchant Energy — 1.4%
	330,000			The AES Corp.(a)			5,392,200
				Natural Gas Integrated — 5.9%
	8,000			Devon Energy Corp.			192,480
	125,000			Energy Transfer LP			1,635,000
	90,000			Kinder Morgan Inc.			1,854,900
	136,000			National Fuel Gas Co.			6,381,120
	165,000			ONEOK Inc.			12,158,850
							22,222,350
				Natural Gas Utilities — 6.0%
	25,000			Atmos Energy Corp.			2,847,250
	24,800			Chesapeake Utilities Corp.			2,363,936
	30,262			Corning Natural Gas Holding Corp.			553,946
	15,500			Engie SA			253,076
	70,066			National Grid plc, ADR			3,792,673
	42,000			ONE Gas Inc.			4,036,620
	18,000			RGC Resources Inc.			526,320
	90,000			Southwest Gas Holdings Inc.			8,193,600
	2,000			Spire Inc.			174,480
							22,741,901
				Natural Resources — 1.5%
	4,000			Apache Corp.			102,400
	25,000			California Resources Corp.†			255,000
	55,000			Cameco Corp.			522,500
	25,000			CNX Resources Corp.†			181,500
	32,000			Compania de Minas Buenaventura SAA, ADR			485,760
	3,125			CONSOL Energy Inc.†			48,844
	50,000			Exxon Mobil Corp.			3,530,500
	3,000			Hess Corp.			181,440
	2,934			Occidental Petroleum Corp.			130,475
	3,000			Royal Dutch Shell plc, Cl. A, ADR			176,550
							5,614,969

1

The Gabelli Utility Trust

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				ENERGY AND UTILITIES (Continued)
				Services — 1.2%
	24,000			ABB Ltd., ADR		$	472,080
	100,000			Enbridge Inc.			3,508,000
	13,000			Sunoco LP			408,850
	185,000			Weatherford International plc†			5,143
							4,394,073
				Water — 5.5%
	27,000			American States Water Co.			2,426,220
	25,000			American Water Works Co. Inc.			3,105,750
	27,291			Aqua America Inc.			1,223,455
	24,000			Artesian Resources Corp., Cl. A			888,000
	34,000			California Water Service Group			1,799,620
	48,000			Middlesex Water Co.			3,118,080
	165,000			Severn Trent plc			4,392,237
	50,000			SJW Group			3,414,500
	9,000			The York Water Co.			392,940
							20,760,802
				Diversified Industrial — 0.4%
	2,000			Alstom SA			82,902
	2,000			AZZ Inc.			87,120
	11,000			Bouygues SA			440,614
	90,000			General Electric Co.			804,600
							1,415,236
				Environmental Services — 0.4%
	54,000			Evoqua Water Technologies Corp.†			919,080
	3,000			Suez			47,168
	30,000			Veolia Environnement SA			760,570
							1,726,818
				Equipment and Supplies — 0.1%
	2,500			Capstone Turbine Corp.†			1,274
	12,000			Mueller Industries Inc.			344,160
							345,434
				TOTAL ENERGY AND UTILITIES			262,593,244
				COMMUNICATIONS — 13.1%
				Cable and Satellite — 4.0%
	3,000			Charter Communications Inc., Cl. A†			1,236,360
	20,000			Cogeco Inc.			1,440,767
	62,352			DISH Network Corp., Cl. A†			2,124,333
	10,000			EchoStar Corp., Cl. A†			396,200
	300,000			ITV plc			464,399
	42,421			Liberty Global plc, Cl. A†			1,049,920
	108,771			Liberty Global plc, Cl. C†			2,587,662
	10,000			Liberty Latin America Ltd., Cl. A†			170,700
	20,000			Liberty Latin America Ltd., Cl. C†			341,900
	10,000			Rogers Communications Inc., Cl. B			487,300

Shares						Market Value
	100,000			Telenet Group Holding NV†		$	4,719,500
							15,019,041
				Communications Equipment — 0.1%
	14,000			Furukawa Electric Co. Ltd.			336,518
				Telecommunications — 5.2%
	75,000			AT&T Inc.			2,838,000
	6,000			BCE Inc., New York			290,460
	6,047			BCE Inc., Toronto			292,480
	20,000			BT Group plc, ADR(b)			216,600
	136,002			CenturyLink Inc.			1,697,305
	106,000			Cincinnati Bell Inc.†			537,420
	5,000			Cogeco Communications Inc.			402,951
	43,000			Deutsche Telekom AG, ADR			718,530
	200			Hutchison Telecommunications Hong Kong Holdings Ltd.			34
	40,038			Internap Corp.†			103,298
	35,000			Nippon Telegraph & Telephone Corp.			1,668,994
	1,000			Orange Belgium SA			20,644
	2,000			Orange SA, ADR			31,140
	11,800			Orascom Investment Holding, GDR†			1,711
	30,000			Pharol SGPS SA†			3,649
	4,000			Proximus SA			118,805
	2,000			PT Indosat Tbk†			401
	115,000			Sistema PJSFC, GDR			444,360
	38,000			SoftBank Group Corp.			1,490,127
	1,350			Tele2 AB, Cl. B			20,091
	20,000			Telefonica Deutschland Holding AG			55,762
	85,000			Telekom Austria AG			617,949
	1,200			Telesites SAB de CV†			794
	20,000			T-Mobile US Inc.†			1,575,400
	130,000			VEON Ltd., ADR			312,000
	105,000			Verizon Communications Inc.			6,337,800
							19,796,705
				Wireless Communications — 3.8%
	2,500			America Movil SAB de CV, Cl. L, ADR			37,150
	2,000			China Mobile Ltd., ADR			82,800
	2,000			China Unicom Hong Kong Ltd., ADR			20,980
	95,000			Millicom International Cellular SA, SDR			4,609,079
	1,154			Mobile Telesystems PJSC			4,715
	7,250			Mobile TeleSystems PJSC, ADR			58,725
	100,000			NTT DOCOMO Inc.			2,546,127
	2,000			SK Telecom Co. Ltd., ADR			44,400
	400			SmarTone Telecommunications Holdings Ltd.			347
	60,000			Turkcell Iletisim Hizmetleri A/S, ADR			346,800
	49,000			United States Cellular Corp.†			1,841,420
	240,000			Vodafone Group plc, ADR			4,778,400
							14,370,943
				TOTAL COMMUNICATIONS			49,523,207

2

The Gabelli Utility Trust

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				OTHER — 2.7%
				Aerospace — 0.5%
	200,000			Rolls-Royce Holdings plc		$	1,948,580
				Agriculture — 0.0%
	3,000			Cadiz Inc.†			37,470
				Electronics — 0.3%
	22,000			Sony Corp., ADR			1,300,860
				Entertainment — 0.4%
	50,000			Vivendi SA			1,372,252
				Financial Services — 0.6%
	40,000			GAM Holding AG†			160,313
	22,000			Kinnevik AB, Cl. A			604,528
	55,000			Kinnevik AB, Cl. B			1,446,508
							2,211,349
				Machinery — 0.4%
	150,000			CNH Industrial NV			1,522,500
				Transportation — 0.5%
	25,000			GATX Corp.			1,938,250
				TOTAL OTHER			10,331,261
				INDEPENDENT POWER PRODUCERS AND ENERGY TRADERS — 0.2%
				Electric Integrated — 0.2%
	20,000			NRG Energy Inc.			792,000
				TOTAL COMMON STOCKS			323,239,712
				CONVERTIBLE PREFERRED STOCKS — 0.0%
				ENERGY AND UTILITIES — 0.0%
				Natural Gas Utilities — 0.0%
	4,203			Corning Natural Gas Holding Corp., 4.800%, Ser. B			92,466

Shares						Market Value
				WARRANTS — 0.0%
				COMMUNICATIONS — 0.0%
				Telecommunications — 0.0%
	16,000			Bharti Airtel Ltd., expire 11/30/20†(c)		$	83,040
Principal Amount
				CORPORATE BONDS — 0.0%
				Equipment and Supplies — 0.0%
	$       30,000			Mueller Industries Inc., 6.000%, 03/01/27			30,375
				U.S. GOVERNMENT OBLIGATIONS — 14.5%
	54,736,000			U.S. Treasury Bills, 1.762% to 2.383%††, 10/24/19 to 02/20/20(d)			54,551,796
				TOTAL INVESTMENTS — 100.0% (Cost $298,483,591)		$	377,997,389

(a) Securities, or a portion thereof, with a value of $2,042,500 are reserved and/or pledged with the custodian for current or potential holdings of swaps.

(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) At September 30, 2019, $500,000 of the principal amount was pledged as collateral for equity contract for difference swap agreements.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

GDR Global Depositary Receipt

SDR Swedish Depositary Receipt

As of September 30, 2019, equity contract for difference swap agreements outstanding were as follows:

Market Value Appreciation Received

One Month LIBOR Plus 90 bps plus Market Value Depreciation Paid

Counterparty

Payment Frequency

Termination Date

Notional Amount

Value

Upfront Payments/ Receipts

Unrealized Depreciation

Rolls-Royce Holdings plc

Rolls-Royce Holdings plc

The Goldman Sachs Group, Inc.

1 month

06/26/2020

$

1,000,934

$

(26,985

)

—

$(26,985)

TOTAL EQUITY CONTRACT FOR DIFFERENCE SWAP AGREEMENTS

$(26,985)

3