NPORT-EX 2 GB19GBUtilityTrust.htm

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The Gabelli Utility Trust

Schedule of Investments — March 31, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS — 81.9%
				ENERGY AND UTILITIES — 66.5%
				Alternative Energy — 0.9%
	400			Landis+Gyr Group AG		$	27,678
	39,350			NextEra Energy Partners LP			1,692,050
	13,000			Ormat Technologies Inc., New York			879,580
	7,000			Siemens Gamesa Renewable Energy SA			106,000
	500			SolarEdge Technologies Inc.†			40,940
	1,000			Vestas Wind Systems A/S			81,636
							2,827,884
				Diversified Industrial — 0.4%
	2,000			AECOM†			59,700
	2,000			Alstom SA			84,129
	2,000			AZZ Inc.			56,240
	11,000			Bouygues SA			324,164
	90,000			General Electric Co.			714,600
	900			Sulzer AG			57,132
							1,295,965
				Electric Integrated — 40.9%
	24,000			ALLETE Inc.			1,456,320
	88,200			Alliant Energy Corp.			4,259,178
	18,150			Ameren Corp.			1,321,865
	55,950			American Electric Power Co. Inc.			4,474,881
	3,000			Atlantica Yield plc			66,900
	58,000			Avangrid Inc.			2,539,240
	28,000			Avista Corp.			1,189,720
	1,000			Badger Meter Inc.			53,600
	33,000			Black Hills Corp.			2,112,990
	2,000			CenterPoint Energy Inc.			30,900
	83,150			CMS Energy Corp.			4,885,063
	47,500			Dominion Energy Inc.			3,429,025
	17,950			DTE Energy Co.			1,704,711
	74,700			Duke Energy Corp.			6,041,736
	76,000			Edison International			4,164,040
	150,000			El Paso Electric Co.			10,194,000
	5,000			Emera Inc.			197,186
	4,125			Entergy Corp.			387,626
	138,500			Evergy Inc.			7,624,425
	120,200			Eversource Energy			9,400,842
	67,000			FirstEnergy Corp.			2,684,690
	62,000			Hawaiian Electric Industries Inc.			2,669,100
	1,800			IDACORP Inc.			158,022
	60,000			MGE Energy Inc.			3,928,200
	53,000			NextEra Energy Inc.			12,752,860
	48,000			NiSource Inc.			1,198,560
	70,000			NorthWestern Corp.			4,188,100
	184,000			OGE Energy Corp.			5,654,320
	47,000			Otter Tail Corp.			2,089,620
	14,000			PG&E Corp.†			125,860
	62,904			PNM Resources Inc.			2,390,352

Shares						Market Value
	1,000			Portland General Electric Co.		$	47,940
	1,000			PPL Corp.			24,680
	32,100			Public Service Enterprise Group Inc.			1,441,611
	350			Roper Technologies Inc.			109,133
	800			Sempra Energy			90,392
	2,900			The Southern Co.			157,006
	17,000			Unitil Corp.			889,440
	129,700			WEC Energy Group Inc.			11,430,461
	151,000			Xcel Energy Inc.			9,105,300
							126,669,895
				Electric Transmission and Distribution — 2.0%
	38,000			Consolidated Edison Inc.			2,964,000
	66,100			Exelon Corp.			2,433,141
	75,703			Iberdrola SA			750,100
							6,147,241
				Environmental Services — 0.3%
	4,000			Evoqua Water Technologies Corp.†			44,840
	3,000			Fluidra SA†			28,190
	2,000			Pentair plc			59,520
	3,000			Suez			30,691
	700			Tetra Tech Inc.			49,434
	30,000			Veolia Environnement SA			644,370
							857,045
				Equipment and Supplies — 0.1%
	250			Capstone Turbine Corp.†			300
	500			Danaher Corp.			69,205
	12,000			Mueller Industries Inc.			287,280
	2,500			Rexnord Corp.			56,675
	500			Valmont Industries Inc.			52,990
							466,450
				Global Utilities — 2.8%
	8,000			Chubu Electric Power Co. Inc.			113,425
	7,000			EDP - Energias de Portugal SA			28,241
	133,000			Electric Power Development Co. Ltd.			2,694,015
	33,000			Endesa SA			708,625
	300,000			Enel SpA			2,097,386
	500,000			Hera SpA			1,802,140
	15,000			Hokkaido Electric Power Co. Inc.			65,287
	12,000			Hokuriku Electric Power Co.			84,483
	3,000			Huaneng Power International Inc., ADR			43,200
	41,000			Korea Electric Power Corp., ADR†			309,550
	15,000			Kyushu Electric Power Co. Inc.			121,228
	8,000			Shikoku Electric Power Co. Inc.			63,539
	8,000			The Chugoku Electric Power Co. Inc.			112,197
	20,000			The Kansai Electric Power Co. Inc.			223,855
	13,000			Tohoku Electric Power Co. Inc.			125,859
							8,593,030

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The Gabelli Utility Trust

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				ENERGY AND UTILITIES (Continued)
				Merchant Energy — 1.1%
	258,000			The AES Corp.(a)		$	3,508,800
				Natural Gas Integrated — 3.1%
	15,000			Devon Energy Corp.			103,650
	125,000			Energy Transfer LP			575,000
	90,000			Kinder Morgan Inc.			1,252,800
	110,600			National Fuel Gas Co.			4,124,274
	160,000			ONEOK Inc.			3,489,600
							9,545,324
				Natural Gas Utilities — 6.7%
	63,000			AltaGas Canada Inc.			1,499,680
	25,800			Atmos Energy Corp.			2,560,134
	25,500			Chesapeake Utilities Corp.			2,185,605
	30,262			Corning Natural Gas Holding Corp.			502,198
	14,000			Engie SA			145,327
	70,066			National Grid plc, ADR			4,082,746
	30,000			ONE Gas Inc.			2,508,600
	18,000			RGC Resources Inc.			520,740
	91,700			Southwest Gas Holdings Inc.			6,378,652
	3,300			Spire Inc.			245,784
	2,000			UGI Corp.			53,340
							20,682,806
				Natural Resources — 1.0%
	5,000			Apache Corp.			20,900
	25,000			California Resources Corp.†			25,000
	55,000			Cameco Corp.			420,200
	25,000			CNX Resources Corp.†			133,000
	32,000			Compania de Minas Buenaventura SAA, ADR			233,280
	5,025			CONSOL Energy Inc.†			18,542
	50,000			Exxon Mobil Corp.			1,898,500
	3,500			Hess Corp.			116,550
	400			Linde plc			69,200
	7,000			Occidental Petroleum Corp.			81,060
	3,000			Royal Dutch Shell plc, Cl. A, ADR			104,670
							3,120,902
				Services — 1.1%
	24,000			ABB Ltd., ADR			414,240
	100,000			Enbridge Inc.			2,909,000
	13,000			Sunoco LP			203,320
	200			Weatherford International plc†			1,190
							3,527,750
				Water — 6.1%
	27,000			American States Water Co.			2,206,980
	26,500			American Water Works Co. Inc.			3,168,340
	24,200			Artesian Resources Corp., Cl. A			904,596
	34,000			California Water Service Group			1,710,880
	27,000			Essential Utilities Inc.			1,098,900

Shares						Market Value
	43,200			Middlesex Water Co.		$	2,597,184
	160,000			Severn Trent plc			4,531,170
	38,500			SJW Group			2,224,145
	10,000			The York Water Co.			434,600
							18,876,795
				TOTAL ENERGY AND UTILITIES			206,119,887
				COMMUNICATIONS — 12.8%
				Cable and Satellite — 3.5%
	3,000			Charter Communications Inc., Cl. A†			1,308,930
	20,000			Cogeco Inc.			1,234,705
	68,000			DISH Network Corp., Cl. A†			1,359,320
	10,000			EchoStar Corp., Cl. A†			319,700
	300,000			ITV plc			246,010
	42,421			Liberty Global plc, Cl. A†			700,371
	108,771			Liberty Global plc, Cl. C†			1,708,792
	12,500			Liberty Latin America Ltd., Cl. A†			131,500
	21,500			Liberty Latin America Ltd., Cl. C†			220,590
	10,000			Rogers Communications Inc., Cl. B			415,300
	100,000			Telenet Group Holding NV			3,026,359
							10,671,577
				Communications Equipment — 0.1%
	14,000			Furukawa Electric Co. Ltd.			255,847
				Telecommunications — 5.6%
	75,000			AT&T Inc.			2,186,250
	6,000			BCE Inc., New York			245,160
	6,047			BCE Inc., Toronto.			248,059
	100,000			BT Group plc, Cl. A			146,443
	136,002			CenturyLink Inc.			1,286,579
	106,000			Cincinnati Bell Inc.†			1,551,840
	5,000			Cogeco Communications Inc.			339,196
	65,000			Deutsche Telekom AG			846,928
	43,000			Deutsche Telekom AG, ADR†			556,420
	200			Hutchison Telecommunications Hong Kong Holdings Ltd.			33
	40,038			Internap Corp.†			1,241
	70,000			Nippon Telegraph & Telephone Corp.			1,676,680
	1,000			Orange Belgium SA			17,690
	2,000			Orange SA, ADR.			24,160
	11,800			Orascom Investment Holding, GDR†			614
	30,000			Pharol SGPS SA†			2,256
	4,000			Proximus SA			92,070
	2,000			PT Indosat Tbk†			191
	115,000			Sistema PJSC FC, GDR			381,800
	17,000			SoftBank Group Corp.			598,893
	1,350			Tele2 AB, Cl. B			18,205
	20,000			Telefonica Deutschland Holding AG			49,829
	85,000			Telekom Austria AG			595,291
	1,200			Telesites SAB de CV†			786
	10,000			T-Mobile US Inc.†			839,000

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The Gabelli Utility Trust

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				COMMUNICATIONS (Continued)
				Telecommunications (Continued)
	250,000			VEON Ltd., ADR		$	377,500
	100,000			Verizon Communications Inc.			5,373,000
							17,456,114
				Wireless Communications — 3.6%
	2,500			America Movil SAB de CV, Cl. L, ADR			29,450
	2,000			China Mobile Ltd., ADR			75,340
	2,000			China Unicom Hong Kong Ltd., ADR			11,760
	95,000			Millicom International Cellular SA, SDR			2,685,051
	1,154			Mobile Telesystems PJSC			4,395
	7,250			Mobile TeleSystems PJSC, ADR			55,100
	100,000			NTT DOCOMO Inc.			3,140,665
	2,000			SK Telecom Co. Ltd., ADR			32,540
	400			SmarTone Telecommunications Holdings Ltd.			235
	60,000			Turkcell Iletisim Hizmetleri A/S, ADR			279,000
	55,000			United States Cellular Corp.†			1,610,950
	240,000			Vodafone Group plc, ADR			3,304,800
							11,229,286
				TOTAL COMMUNICATIONS			39,612,824
				OTHER — 2.4%
				Aerospace — 0.3%
	200,000			Rolls-Royce Holdings plc			846,117
				Agriculture — 0.0%
	3,000			Cadiz Inc.†			35,010
				Diversified Industrial — 0.0%
	1,000			Macquarie Infrastructure Corp.			25,250
				Electronics — 0.4%
	700			Hubbell Inc.			80,318
	20,000			Sony Corp., ADR			1,183,600
							1,263,918
				Entertainment — 0.3%
	50,000			Vivendi SA			1,076,707
				Financial Services — 0.4%
	40,000			GAM Holding AG†			75,886
	22,000			Kinnevik AB, Cl. A			366,943
	50,000			Kinnevik AB, Cl. B			834,466
							1,277,295
				Machinery — 0.4%
	165,000			CNH Industrial NV			925,650
	1,500			Flowserve Corp.			35,835
	8,000			Mueller Water Products Inc., Cl. A			64,080
	1,000			Xylem Inc.			65,130
							1,090,695

Shares						Market Value
				Specialty Chemicals — 0.0%
	400			Air Products & Chemicals Inc.		$	79,844
				Transportation — 0.6%
	28,500			GATX Corp.			1,782,960
				TOTAL OTHER.			7,477,796
				INDEPENDENT POWER PRODUCERS AND ENERGY TRADERS — 0.2%
				Electric Integrated — 0.2%
	20,000			NRG Energy Inc.			545,200
				TOTAL COMMON STOCKS			253,755,707
				MANDATORY CONVERTIBLE SECURITIES (b) — 0.0%
				Energy and Utilities — 0.0%
	4,203			Corning Natural Gas Holding Corp., 4.800%, Ser. B, 09/30/26			88,263
				WARRANTS — 0.0%
				COMMUNICATIONS — 0.0%
				Telecommunications — 0.0%
	16,000			Bharti Airtel Ltd., expire 11/30/20†(c)			93,440
				ENERGY AND UTILITIES — 0.0%
				Services — 0.0%
	1,425			Weatherford International plc, expire 12/13/23†			399
				TOTAL WARRANTS.			93,839
Principal Amount
				CORPORATE BONDS — 0.0%
				Equipment and Supplies — 0.0%
$	30,000			Mueller Industries Inc., 6.000%, 03/01/27			27,331
				U.S. GOVERNMENT OBLIGATIONS — 18.1%
	56,020,000			U.S. Treasury Bills, 0.019% to 1.613%††, 04/02/20 to 10/01/20(d)			56,007,008
				TOTAL INVESTMENTS — 100.0% (Cost $312,653,727)		$	309,972,148

(a) Securities, or a portion thereof, with a value of $1,700,000 are reserved and/or pledged with the custodian for current or potential holdings of swaps.

(b) Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

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The Gabelli Utility Trust

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

(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 March 31, 2020, $500,000 of the principal amount was pledged as collateral for equity contract for difference swap agreements.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt GDR Global Depositary Receipt SDR Swedish Depositary Receipt

As of March 31, 2020, 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

$525,658

$

(102,815)

—

$(102,815)

TOTAL EQUITY CONTRACT FOR DIFFERENCE SWAP AGREEMENTS

$(102,815)

4