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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09243

The Gabelli Utility Trust

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

| (a) | Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
|  | The Report to Shareholders is attached herewith.

The Gabelli Utility Trust

Annual Report — December 31, 2024

(Y)our Portfolio Management Team

Mario J. Gabelli, CFA Chief Investment Officer |  | Timothy M. Winter, CFA Portfolio Manager BA, Rollins College MBA, University of Notre Dame |  | Justin Bergner, CFA Portfolio Manager BA, Yale University MBA, Wharton School, University of Pennsylvania |  | Simon T. Wong, CFA Portfolio Manager BA, University of California, Los Angeles MBA, Columbia Business School

To Our Shareholders,

For the year ended December 31, 2024, the net asset value (NAV) total return of The Gabelli Utility Trust (the Fund) was 18.4%, compared with a total return of 23.4% for the Standard & Poor’s (S&P) 500 Utilities Index. The total return for the Fund’s publicly traded shares was 7.1%. The Fund’s NAV per share was $3.09, while the price of the publicly traded shares closed at $5.03 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2024.

Investment Objective (Unaudited)

The Fund’s primary investment objective is long term growth of capital and income. The Fund will invest at least 80% of its net assets (plus borrowings made for investment purposes), under normal market conditions, in common stocks and other securities of foreign and domestic companies involved in providing products, services, or equipment for (i) the generation or distribution of electricity, gas, and water and (ii) telecommunications services or infrastructure operations (collectively, the Utility Industry). A company will be considered to be in the Utility Industry if it derives at least 50% of its revenues or earnings from, or devotes at least 50% of its assets to, the indicated activities or utility related activities.

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

Performance Discussion (Unaudited)

In 2024, the S&P Utility Index (SPU) returned 23.4% compared to the S&P 500 Composite’s return of 25.0%. The SPU performance was led by independent power producers, including Constellation Energy (CEG; +93%), Vistra (VST; +261%; added in May of 2024), NRG Energy (NRG; +79%), and PS Enterprise Group (PEG; +43%), which surged on excitement over the potential for artificial intelligence (AI) data center power demand. Regulated utilities also benefitted from enthusiasm about future higher electric sales, moderating inflation and lower short-term interest rates. The median utility stock return was more muted as the 15-stock Dow Jones Utility Average returned 15.2%. The annual returns include December declines of -7.9% and 8.9%, respectively, in the SPU and UTIL primarily due to higher long-term rates and a steepened yield curve.

In 2025, we expect utility stocks to benefit from structural tailwinds of accelerated electric demand, infrastructure investment and stronger EPS growth. The US is in a global ‘arms race’ for AI superiority which requires massive new power hungry data centers. The mega-cap tech companies (hyperscalers) including MSFT, GOOG, META, and AMZN are aggressively courting electric utilities to build the infrastructure to power mega-data centers, some of which use as much power as small cities. In addition, ongoing electrification and manufacturing on-shoring are adding to electric demand. The utility and power sectors are shifting to a growth mode to try to keep up with demand.

The first wave of winners was the merchant or non-regulated power companies. Regulated electric utilities represent the second wave and will benefit from selling existing power capacity, adding power capacity (including batteries) and upgrading/expanding the transmission and distribution network. Policymakers support the investment and want de-carbonization, renewable energy and conservation. The new administration is likely to support a more economical approach to clean energy, which means more gas-fired generation, delayed coal-retirements, nuclear development, and ongoing renewable development. We expect the relaxation of some environmental and regulatory rules to help “green light” an “all of the above” power development strategy. The confluence of these dynamics could help drive utilities to even higher EPS growth than current 5-8% CAGR targets.

Finally, the value of existing infrastructure has become more attractive to potential buyers and consolidation activity has picked up (Iberdrola-Avangrid and Blackrock-Allete).

Year-to-date, some of the Fund’s top contributors were NextEra Energy Inc. (8.4% of total investments as of December 31, 2024; 21.5%), National Fuel Gas (6.3%; 25.3%), American Electric Power (3.6%; 24.4%), ONEOK (3.2%; 50.2%) and Constellation Energy (1.0%; 92.7%).

Portfolio detractors included AES Corp (2.6%; -30.3%), BCE Inc (0.8%, -35.4%), Hawaiian Electric (0.2%; -31.4%), and Nippon Telegraph (0.9%; -15.1%).

Thank you for your investment in The Gabelli Utility Trust.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

2

Comparative Results

Average Annual Returns through December 31, 2024 (a) (Unaudited)

|  | 1 Year |  |  | 5 Year |  |  | 10 Year |  |  | 15 Year |  |  | 20 Year |  |  | 25 Year |  |  | Since Inception (7/9/99) |
The Gabelli Utility Trust (GUT) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NAV Total Return (b) |  |  | 18.35 | % |  |  | 3.85 | % |  |  | 5.46 | % |  |  | 8.66 | % |  |  | 7.70 | % |  |  | 7.97 | % |  |  | 7.96 | %
Investment Total Return (c) |  |  | 7.10‌ |  |  |  | 2.64‌ |  |  |  | 7.22‌ |  |  |  | 6.72‌ |  |  |  | 7.20‌ |  |  |  | 8.38‌ |  |  |  | 8.36‌ |
S&P 500 Utilities Index |  |  | 23.43‌ |  |  |  | 6.61‌ |  |  |  | 8.43‌ |  |  |  | 10.05‌ |  |  |  | 9.03‌ |  |  |  | 7.95‌ |  |  |  | 7.31‌ |
Lipper Utility Fund Average |  |  | 23.24‌ |  |  |  | 6.73‌ |  |  |  | 7.24‌ |  |  |  | 9.28‌ |  |  |  | 8.53‌ |  |  |  | 6.75‌ |  |  |  | 6.86‌ |

| (a) | Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The S&P 500 Utilities Index is an unmanaged market capitalization weighted index of large capitalization stocks that may include facilities generation and transmission or distribution of electricity, gas, or water. The Lipper Utility Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.
| (b) | Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, and adjustments for rights offerings and are net of expenses. Since inception return is based on an initial NAV of $7.50.
| (c) | Total returns and average annual returns reflect changes in closing market values on the NYSE, reinvestment of distributions, and adjustments for rights offerings. Since inception return is based on an initial offering price of $7.50.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.

3

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GABELLI UTILITY TRUST (INVESTMENT TOTAL RETURN) AND S&P 500 UTILITIES INDEX

(Unaudited)

Average Annual Total Returns*
| 1 Year | 5 Year | 10 Year
Investment | 7.10% | 2.64% | 7.22%

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

4

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of total investments as of December 31, 2024:

The Gabelli Utility Trust

Electric Integrated |  |  | 40.7 | %
U.S. Government Obligations |  |  | 12.1 | %
Natural Gas Integrated |  |  | 8.1 | %
Natural Gas Utilities |  |  | 7.3 | %
Telecommunications |  |  | 6.5 | %
Water |  |  | 4.5 | %
Electric Transmission and Distribution |  |  | 3.4 | %
Global Utilities |  |  | 2.5 | %
Wireless Communications |  |  | 2.4 | %
Services |  |  | 2.0 | %
Natural Resources |  |  | 1.6 | %
Equipment and Supplies |  |  | 1.5 | %
Diversified Industrial |  |  | 1.3 | %
Cable and Satellite |  |  | 1.1 | %
Transportation |  |  | 1.0 | %

Merchant Energy |  |  | 1.0 | %
Machinery |  |  | 0.8 | %
Alternative Energy |  |  | 0.8 | %
Electronics |  |  | 0.6 | %
Environmental Services |  |  | 0.2 | %
Oil |  |  | 0.2 | %
Automotive |  |  | 0.1 | %
Building and Construction |  |  | 0.1 | %
Communications Equipment |  |  | 0.1 | %
Specialty Chemicals |  |  | 0.1 | %
Financial Services |  |  | 0.0 | %*
|  |  | 100.0 | %

| * | Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

5

The Gabelli Utility Trust

Schedule of Investments — December 31, 2024

Shares |  |  |  |  | Cost |  |  | Market Value |
|  |  |  | COMMON STOCKS — 87.9% |  |  |  |  |  |  |  |
|  |  |  | ENERGY AND UTILITIES — 74.9% |  |  |  |  |  |  |  |
|  |  |  | Alternative Energy — 0.8% |  |  |  |  |  |  |  |
| 100,000 |  |  | Algonquin Power & Utilities Corp. |  | $ | 556,924‌ |  |  | $ | 445,000‌ |
| 2,950‌ |  |  | Brookfield Renewable Corp. |  |  | 108,382‌ |  |  |  | 81,597‌ |
| 3,300‌ |  |  | Clearway Energy Inc., Cl. C |  |  | 79,544‌ |  |  |  | 85,800‌ |
| 4,200 |  |  | Eos Energy Enterprises Inc.† |  |  | 27,429‌ |  |  |  | 20,412‌ |
| 2,300‌ |  |  | Landis+Gyr Group AG |  |  | 134,617‌ |  |  |  | 145,722‌ |
| 1,500‌ |  |  | Neoen SA |  |  | 61,898‌ |  |  |  | 61,716‌ |
| 38,900‌ |  |  | NextEra Energy Partners LP |  |  | 775,230‌ |  |  |  | 692,420‌ |
| 12,500‌ |  |  | Ormat Technologies Inc. |  |  | 382,193‌ |  |  |  | 846,500‌ |
| 600‌ |  |  | Orsted AS† |  |  | 98,525‌ |  |  |  | 27,020‌ |
| 300 |  |  | SolarEdge Technologies Inc.† |  |  | 47,191‌ |  |  |  | 4,080‌ |
| 6,000‌ |  |  | Vestas Wind Systems A/S† |  |  | 124,138‌ |  |  |  | 81,742‌ |
|  |  |  |  |  |  | 2,396,071‌ |  |  |  | 2,492,009‌ |
|  |  |  | Diversified Industrial — 1.1% |  |  |  |  |  |  |  |
| 548‌ |  |  | Alstom SA† |  |  | 7,652‌ |  |  |  | 12,238‌ |
| 15,222‌ |  |  | AZZ Inc. |  |  | 607,527‌ |  |  |  | 1,246,986‌ |
| 17,000‌ |  |  | Bouygues SA |  |  | 596,821‌ |  |  |  | 502,574‌ |
| 300‌ |  |  | Chart Industries Inc.† |  |  | 41,038‌ |  |  |  | 57,252‌ |
| 10,000‌ |  |  | General Electric Co. |  |  | 613,133‌ |  |  |  | 1,667,900‌ |
| 100‌ |  |  | Sulzer AG |  |  | 6,749‌ |  |  |  | 14,435‌ |
|  |  |  |  |  |  | 1,872,920‌ |  |  |  | 3,501,385‌ |
|  |  |  | Electric Integrated — 40.7% |  |  |  |  |  |  |  |
| 19,000‌ |  |  | ALLETE Inc. |  |  | 1,029,893‌ |  |  |  | 1,231,200‌ |
| 78,345‌ |  |  | Alliant Energy Corp. |  |  | 2,979,017‌ |  |  |  | 4,633,323‌ |
| 17,150‌ |  |  | Ameren Corp. |  |  | 821,759‌ |  |  |  | 1,528,751‌ |
| 50,950 |  |  | American Electric Power Co. Inc. |  |  | 3,441,584‌ |  |  |  | 4,699,118‌ |
| 53,000‌ |  |  | Avista Corp. |  |  | 2,243,144‌ |  |  |  | 1,941,390‌ |
| 400‌ |  |  | Badger Meter Inc. |  |  | 41,569‌ |  |  |  | 84,848‌ |
| 33,000‌ |  |  | Black Hills Corp. |  |  | 1,715,421‌ |  |  |  | 1,931,160‌ |
| 8,470‌ |  |  | CenterPoint Energy Inc. |  |  | 228,771‌ |  |  |  | 268,753‌ |
| 80,444‌ |  |  | CMS Energy Corp. |  |  | 3,402,226‌ |  |  |  | 5,361,593‌ |
| 45,500‌ |  |  | Dominion Energy Inc. |  |  | 3,204,447‌ |  |  |  | 2,450,630‌ |
| 16,800‌ |  |  | DTE Energy Co. |  |  | 1,187,643‌ |  |  |  | 2,028,600‌ |
| 71,000‌ |  |  | Duke Energy Corp. |  |  | 6,230,246‌ |  |  |  | 7,649,540‌ |
| 62,000‌ |  |  | Edison International |  |  | 3,768,047‌ |  |  |  | 4,950,080‌ |
| 7,000‌ |  |  | Emera Inc. |  |  | 269,273‌ |  |  |  | 261,651‌ |
| 8,000‌ |  |  | Entergy Corp. |  |  | 277,311‌ |  |  |  | 606,560‌ |
| 136,000‌ |  |  | Evergy Inc. |  |  | 7,590,516‌ |  |  |  | 8,370,800‌ |
| 122,900‌ |  |  | Eversource Energy |  |  | 8,348,415‌ |  |  |  | 7,058,147‌ |
| 100,200‌ |  |  | FirstEnergy Corp. |  |  | 2,976,867‌ |  |  |  | 3,985,956‌ |
| 30,000 |  |  | Hawaiian Electric Industries Inc.† |  |  | 644,207‌ |  |  |  | 291,900‌ |
| 4,700‌ |  |  | IDACORP Inc. |  |  | 474,888‌ |  |  |  | 513,616‌ |
| 57,000‌ |  |  | MGE Energy Inc. |  |  | 3,546,321‌ |  |  |  | 5,355,720‌ |
| 185,300‌ |  |  | NextEra Energy Inc. |  |  | 11,476,402‌ |  |  |  | 13,284,157‌ |

Shares |  |  |  |  | Cost |  |  | Market Value |
| 48,000‌ |  |  | NiSource Inc. |  | $ | 397,800‌ |  |  | $ | 1,764,480‌ |
| 72,500 |  |  | Northwestern Energy Group Inc. |  |  | 3,982,055‌ |  |  |  | 3,875,850‌ |
| 18,000‌ |  |  | NRG Energy Inc. |  |  | 432,819‌ |  |  |  | 1,623,960‌ |
| 178,000‌ |  |  | OGE Energy Corp. |  |  | 6,571,936‌ |  |  |  | 7,342,500‌ |
| 56,500‌ |  |  | Otter Tail Corp. |  |  | 2,135,727‌ |  |  |  | 4,171,960‌ |
| 54,800‌ |  |  | PG&E Corp. |  |  | 558,188‌ |  |  |  | 1,105,864‌ |
| 1,100‌ |  |  | Pinnacle West Capital Corp. |  |  | 91,937‌ |  |  |  | 93,247‌ |
| 58,450 |  |  | Portland General Electric Co. |  |  | 2,534,401‌ |  |  |  | 2,549,589‌ |
| 22,240‌ |  |  | PPL Corp. |  |  | 668,584‌ |  |  |  | 721,910‌ |
| 31,673 |  |  | Public Service Enterprise Group Inc. |  |  | 1,325,270‌ |  |  |  | 2,676,052‌ |
| 1,825‌ |  |  | Sempra |  |  | 140,260‌ |  |  |  | 160,089‌ |
| 3,500‌ |  |  | The Southern Co. |  |  | 249,614‌ |  |  |  | 288,120‌ |
| 84,450‌ |  |  | TXNM Energy Inc. |  |  | 4,013,222‌ |  |  |  | 4,152,407‌ |
| 17,000‌ |  |  | Unitil Corp. |  |  | 448,439‌ |  |  |  | 921,230‌ |
| 118,670‌ |  |  | WEC Energy Group Inc. |  |  | 9,596,940‌ |  |  |  | 11,159,727‌ |
| 138,900‌ |  |  | Xcel Energy Inc. |  |  | 7,515,963‌ |  |  |  | 9,378,528‌ |
|  |  |  |  |  |  | 106,561,122‌ |  |  |  | 130,473,006‌ |
|  |  |  | Electric Transmission and Distribution — 3.4% |  |  |  |  |  |  |  |
| 29,500‌ |  |  | Consolidated Edison Inc. |  |  | 1,881,286‌ |  |  |  | 2,632,285‌ |
| 19,500‌ |  |  | Constellation Energy Corp. |  |  | 595,278‌ |  |  |  | 4,362,345‌ |
| 66,100‌ |  |  | Exelon Corp. |  |  | 1,573,511‌ |  |  |  | 2,488,004‌ |
| 105,000‌ |  |  | Iberdrola SA |  |  | 1,179,364‌ |  |  |  | 1,446,564‌ |
| 300‌ |  |  | The Timken Co. |  |  | 23,079‌ |  |  |  | 21,411‌ |
|  |  |  |  |  |  | 5,252,518‌ |  |  |  | 10,950,609‌ |
|  |  |  | Environmental Services — 0.2% |  |  |  |  |  |  |  |
| 800‌ |  |  | Fluidra SA |  |  | 32,048‌ |  |  |  | 19,491‌ |
| 500‌ |  |  | Tetra Tech Inc. |  |  | 16,501‌ |  |  |  | 19,920‌ |
| 27,712‌ |  |  | Veolia Environnement SA |  |  | 507,925‌ |  |  |  | 778,205‌ |
|  |  |  |  |  |  | 556,474‌ |  |  |  | 817,616‌ |
|  |  |  | Equipment and Supplies — 1.5% |  |  |  |  |  |  |  |
| 5,000 |  |  | Capstone Green Energy Corp.† |  |  | 18,370‌ |  |  |  | 1,050‌ |
| 1,396‌ |  |  | Graham Corp.† |  |  | 60,349‌ |  |  |  | 62,080‌ |
| 20,000‌ |  |  | Innovex International Inc.† |  |  | 456,758‌ |  |  |  | 279,400‌ |
| 10,000‌ |  |  | MDU Resources Group Inc. |  |  | 108,331‌ |  |  |  | 180,200‌ |
| 48,500‌ |  |  | Mueller Industries Inc. |  |  | 810,068‌ |  |  |  | 3,848,960‌ |
| 103‌ |  |  | Tidewater Inc.† |  |  | 7,006‌ |  |  |  | 5,635‌ |
| 1,100‌ |  |  | Valmont Industries Inc. |  |  | 251,773‌ |  |  |  | 337,337‌ |
|  |  |  |  |  |  | 1,712,655‌ |  |  |  | 4,714,662‌ |
|  |  |  | Global Utilities — 2.5% |  |  |  |  |  |  |  |
| 8,000 |  |  | Chubu Electric Power Co. Inc. |  |  | 135,666‌ |  |  |  | 84,172‌ |
| 7,595‌ |  |  | EDP SA |  |  | 27,768‌ |  |  |  | 24,318‌ |
| 115,000 |  |  | Electric Power Development Co. Ltd. |  |  | 2,499,162‌ |  |  |  | 1,879,818‌ |
| 33,000‌ |  |  | Endesa SA |  |  | 942,797‌ |  |  |  | 709,982‌ |
| 300,000‌ |  |  | Enel SpA |  |  | 1,862,753‌ |  |  |  | 2,139,859‌ |

See accompanying notes to financial statements.

6

The Gabelli Utility Trust

Schedule of Investments (Continued) — December 31, 2024

Shares |  |  |  |  | Cost |  |  | Market Value |
|  |  |  | COMMON STOCKS (Continued) |  |  |  |  |  |  |  |
|  |  |  | ENERGY AND UTILITIES (Continued) |  |  |  |  |  |  |  |
|  |  |  | Global Utilities (Continued) |  |  |  |  |  |  |  |
| 560,000‌ |  |  | Hera SpA |  | $ | 1,323,309‌ |  |  | $ | 1,990,821‌ |
| 15,000 |  |  | Hokkaido Electric Power Co. Inc. |  |  | 73,141‌ |  |  |  | 79,507‌ |
| 13,000‌ |  |  | Hokuriku Electric Power Co. |  |  | 87,350‌ |  |  |  | 71,062‌ |
| 220,000 |  |  | Huaneng Power International Inc., Cl. H |  |  | 83,674‌ |  |  |  | 121,236‌ |
| 38,000 |  |  | Korea Electric Power Corp., ADR† |  |  | 374,707‌ |  |  |  | 261,440‌ |
| 22,000 |  |  | Kyushu Electric Power Co. Inc. |  |  | 201,429‌ |  |  |  | 197,566‌ |
| 15,000 |  |  | Shikoku Electric Power Co. Inc. |  |  | 152,223‌ |  |  |  | 117,687‌ |
| 9,000 |  |  | The Chugoku Electric Power Co. Inc. |  |  | 93,578‌ |  |  |  | 52,160‌ |
| 25,000 |  |  | The Kansai Electric Power Co. Inc. |  |  | 330,129‌ |  |  |  | 278,608‌ |
| 11,000 |  |  | Tohoku Electric Power Co. Inc. |  |  | 95,368‌ |  |  |  | 82,913‌ |
|  |  |  |  |  |  | 8,283,054‌ |  |  |  | 8,091,149‌ |
|  |  |  | Merchant Energy — 1.0% |  |  |  |  |  |  |  |
| 244,000‌ |  |  | The AES Corp. |  |  | 3,918,148‌ |  |  |  | 3,140,280‌ |
|  |  |  | Natural Gas Integrated — 8.1% |  |  |  |  |  |  |  |
| 8,000‌ |  |  | DT Midstream Inc. |  |  | 201,070‌ |  |  |  | 795,440‌ |
| 85,000‌ |  |  | Energy Transfer LP |  |  | 769,321‌ |  |  |  | 1,665,150‌ |
| 103,000‌ |  |  | Kinder Morgan Inc. |  |  | 1,554,759‌ |  |  |  | 2,822,200‌ |
| 105,182‌ |  |  | National Fuel Gas Co. |  |  | 4,511,440‌ |  |  |  | 6,382,444‌ |
| 141,500‌ |  |  | ONEOK Inc. |  |  | 5,873,876‌ |  |  |  | 14,206,600‌ |
|  |  |  |  |  |  | 12,910,466‌ |  |  |  | 25,871,834‌ |
|  |  |  | Natural Gas Utilities — 7.3% |  |  |  |  |  |  |  |
| 24,300‌ |  |  | Atmos Energy Corp. |  |  | 1,991,557‌ |  |  |  | 3,384,261‌ |
| 200‌ |  |  | Cheniere Energy Inc. |  |  | 41,914‌ |  |  |  | 42,974‌ |
| 9,000‌ |  |  | Chesapeake Utilities Corp. |  |  | 753,389‌ |  |  |  | 1,092,150‌ |
| 13,200‌ |  |  | Engie SA |  |  | 379,215‌ |  |  |  | 209,337‌ |
| 100,625‌ |  |  | National Grid plc |  |  | 819,305‌ |  |  |  | 1,196,738‌ |
| 67,500‌ |  |  | National Grid plc, ADR |  |  | 4,766,274‌ |  |  |  | 4,010,850‌ |
| 7,000 |  |  | Northwest Natural Holding Co. |  |  | 258,140‌ |  |  |  | 276,920‌ |
| 30,300‌ |  |  | ONE Gas Inc. |  |  | 1,298,615‌ |  |  |  | 2,098,275‌ |
| 55,000‌ |  |  | RGC Resources Inc. |  |  | 816,196‌ |  |  |  | 1,103,300‌ |
| 130,115 |  |  | Southwest Gas Holdings Inc. |  |  | 8,697,833‌ |  |  |  | 9,200,432‌ |
| 14,850‌ |  |  | Spire Inc. |  |  | 968,172‌ |  |  |  | 1,007,275‌ |
|  |  |  |  |  |  | 20,790,610‌ |  |  |  | 23,622,512‌ |
|  |  |  | Natural Resources — 1.6% |  |  |  |  |  |  |  |
| 450‌ |  |  | Antero Resources Corp.† |  |  | 14,761‌ |  |  |  | 15,773‌ |
| 55,642‌ |  |  | Cameco Corp. |  |  | 759,573‌ |  |  |  | 2,859,442‌ |

Shares |  |  |  |  | Cost |  |  | Market Value |
| 30,000 |  |  | Compania de Minas Buenaventura SAA, ADR |  | $ | 327,255‌ |  |  | $ | 345,600‌ |
| 100‌ |  |  | Diamondback Energy Inc. |  |  | 16,931‌ |  |  |  | 16,383‌ |
| 16,500‌ |  |  | Exxon Mobil Corp. |  |  | 1,322,762‌ |  |  |  | 1,774,905‌ |
| 2,000‌ |  |  | Hess Corp. |  |  | 75,157‌ |  |  |  | 266,020‌ |
|  |  |  |  |  |  | 2,516,439‌ |  |  |  | 5,278,123‌ |
|  |  |  | Oil — 0.2% |  |  |  |  |  |  |  |
| 4,500‌ |  |  | Devon Energy Corp. |  |  | 43,702‌ |  |  |  | 147,285‌ |
| 20,000‌ |  |  | PrairieSky Royalty Ltd. |  |  | 337,688‌ |  |  |  | 389,996‌ |
| 1,000‌ |  |  | Talos Energy Inc.† |  |  | 9,552‌ |  |  |  | 9,710‌ |
|  |  |  |  |  |  | 390,942‌ |  |  |  | 546,991‌ |
|  |  |  | Services — 2.0% |  |  |  |  |  |  |  |
| 21,200‌ |  |  | ABB Ltd., ADR |  |  | 451,685‌ |  |  |  | 1,138,652‌ |
| 99,500‌ |  |  | Enbridge Inc. |  |  | 2,767,495‌ |  |  |  | 4,221,785‌ |
| 33,588‌ |  |  | Halliburton Co. |  |  | 751,469‌ |  |  |  | 913,258‌ |
| 1,263‌ |  |  | Schlumberger NV |  |  | 64,337‌ |  |  |  | 48,423‌ |
| 681‌ |  |  | TechnipFMC plc |  |  | 19,781‌ |  |  |  | 19,708‌ |
| 176 |  |  | Weatherford International plc |  |  | 17,876‌ |  |  |  | 12,607‌ |
|  |  |  |  |  |  | 4,072,643‌ |  |  |  | 6,354,433‌ |
|  |  |  | Water — 4.5% |  |  |  |  |  |  |  |
| 26,000‌ |  |  | American States Water Co. |  |  | 1,283,095‌ |  |  |  | 2,020,720‌ |
| 22,400 |  |  | American Water Works Co. Inc. |  |  | 2,496,124‌ |  |  |  | 2,788,576‌ |
| 23,000 |  |  | Artesian Resources Corp., Cl. A |  |  | 638,791‌ |  |  |  | 727,260‌ |
| 33,200 |  |  | California Water Service Group |  |  | 757,390‌ |  |  |  | 1,504,956‌ |
| 26,000‌ |  |  | Essential Utilities Inc. |  |  | 513,640‌ |  |  |  | 944,320‌ |
| 6,700‌ |  |  | Middlesex Water Co. |  |  | 143,238‌ |  |  |  | 352,621‌ |
| 135,000‌ |  |  | Severn Trent plc |  |  | 3,533,922‌ |  |  |  | 4,238,683‌ |
| 29,000‌ |  |  | SJW Group |  |  | 1,459,875‌ |  |  |  | 1,427,380‌ |
| 9,100‌ |  |  | The York Water Co. |  |  | 152,456‌ |  |  |  | 297,752‌ |
| 4,100 |  |  | Zurn Elkay Water Solutions Corp. |  |  | 125,381‌ |  |  |  | 152,930‌ |
|  |  |  |  |  |  | 11,103,912‌ |  |  |  | 14,455,198‌ |
|  |  |  | TOTAL ENERGY AND UTILITIES |  |  | 182,337,974‌ |  |  |  | 240,309,807‌ |
|  |  |  | COMMUNICATIONS — 10.1% |  |  |  |  |  |  |  |
|  |  |  | Cable and Satellite — 1.1% |  |  |  |  |  |  |  |
| 4,000‌ |  |  | Altice USA Inc., Cl. A† |  |  | 20,436‌ |  |  |  | 9,640‌ |
| 2,100 |  |  | Charter Communications Inc., Cl. A† |  |  | 470,809‌ |  |  |  | 719,817‌ |
| 20,900‌ |  |  | Cogeco Inc. |  |  | 433,363‌ |  |  |  | 857,402‌ |
| 20,000‌ |  |  | EchoStar Corp., Cl. A† |  |  | 326,039‌ |  |  |  | 458,000‌ |
| 300,000‌ |  |  | ITV plc |  |  | 503,114‌ |  |  |  | 276,420‌ |
| 85,000 |  |  | Liberty Latin America Ltd., Cl. A† |  |  | 898,538‌ |  |  |  | 540,600‌ |

See accompanying notes to financial statements.

7

The Gabelli Utility Trust

Schedule of Investments (Continued) — December 31, 2024

Shares |  |  |  |  | Cost |  |  | Market Value |
|  |  |  | COMMON STOCKS (Continued) |  |  |  |  |  |  |  |
|  |  |  | COMMUNICATIONS (Continued) |  |  |  |  |  |  |  |
|  |  |  | Cable and Satellite (Continued) |  |  |  |  |  |  |  |
| 5,947 |  |  | Liberty Latin America Ltd., Cl. C† |  | $ | 42,461‌ |  |  | $ | 37,704‌ |
| 22,000 |  |  | Rogers Communications Inc., Cl. B |  |  | 1,067,048‌ |  |  |  | 676,060‌ |
|  |  |  |  |  |  | 3,761,808‌ |  |  |  | 3,575,643‌ |
|  |  |  | Communications Equipment — 0.1% |  |  |  |  |  |  |  |
| 7,500‌ |  |  | Furukawa Electric Co. Ltd. |  |  | 173,929‌ |  |  |  | 318,647‌ |
|  |  |  | Telecommunications — 6.5% |  |  |  |  |  |  |  |
| 35,000‌ |  |  | AT&T Inc. |  |  | 800,980‌ |  |  |  | 796,950‌ |
| 10,000‌ |  |  | BCE Inc., New York |  |  | 399,500‌ |  |  |  | 231,800‌ |
| 4,700‌ |  |  | BCE Inc., Toronto |  |  | 199,263‌ |  |  |  | 108,946‌ |
| 100,000‌ |  |  | BT Group plc, Cl. A |  |  | 280,918‌ |  |  |  | 180,336‌ |
| 7,500 |  |  | Cogeco Communications Inc. |  |  | 282,565‌ |  |  |  | 351,403‌ |
| 110,000‌ |  |  | Deutsche Telekom AG |  |  | 1,936,051‌ |  |  |  | 3,291,828‌ |
| 60,000‌ |  |  | Deutsche Telekom AG, ADR |  |  | 991,918‌ |  |  |  | 1,791,000‌ |
| 21,250‌ |  |  | Eurotelesites AG† |  |  | 98,865‌ |  |  |  | 103,455‌ |
| 200 |  |  | Hutchison Telecommunications Hong Kong Holdings Ltd. |  |  | 19‌ |  |  |  | 24‌ |
| 83,000‌ |  |  | Liberty Global Ltd., Cl. A† |  |  | 878,433‌ |  |  |  | 1,059,080‌ |
| 85,000‌ |  |  | Liberty Global Ltd., Cl. C† |  |  | 1,262,372‌ |  |  |  | 1,116,900‌ |
| 1,750,000 |  |  | Nippon Telegraph & Telephone Corp. |  |  | 813,435‌ |  |  |  | 1,757,285‌ |
| 145,000‌ |  |  | Orange Belgium SA† |  |  | 3,640,398‌ |  |  |  | 2,228,942‌ |
| 6,000‌ |  |  | Orange SA, ADR |  |  | 71,421‌ |  |  |  | 59,040‌ |
| 59,000 |  |  | Orascom Financial Holding SAE† |  |  | 9,810‌ |  |  |  | 453‌ |
| 10,000 |  |  | Orascom Investment Holding, GDR†(a) |  |  | 9,221‌ |  |  |  | 140‌ |
| 30,000‌ |  |  | Pharol SGPS SA† |  |  | 8,930‌ |  |  |  | 1,442‌ |
| 8,500‌ |  |  | Proximus SA |  |  | 151,084‌ |  |  |  | 44,244‌ |
| 8,000‌ |  |  | PT Indosat Tbk |  |  | 1,061‌ |  |  |  | 1,233‌ |
| 38,500 |  |  | Sunrise Communications AG, Cl. A, ADR† |  |  | 2,123,614‌ |  |  |  | 1,658,580‌ |
| 1,350‌ |  |  | Tele2 AB, Cl. B |  |  | 15,470‌ |  |  |  | 13,330‌ |
| 250,000‌ |  |  | Telefonica SA, ADR |  |  | 1,200,752‌ |  |  |  | 1,005,000‌ |
| 85,000‌ |  |  | Telekom Austria AG |  |  | 613,919‌ |  |  |  | 700,856‌ |
| 25,000 |  |  | Telephone and Data Systems Inc. |  |  | 398,671‌ |  |  |  | 852,750‌ |
| 30,000‌ |  |  | Telesat Corp.† |  |  | 370,000‌ |  |  |  | 493,200‌ |
| 5,200‌ |  |  | T-Mobile US Inc. |  |  | 408,422‌ |  |  |  | 1,147,796‌ |
| 10,000‌ |  |  | VEON Ltd., ADR† |  |  | 242,166‌ |  |  |  | 401,000‌ |
| 36,200 |  |  | Verizon Communications Inc. |  |  | 1,686,033‌ |  |  |  | 1,447,638‌ |
|  |  |  |  |  |  | 18,895,291‌ |  |  |  | 20,844,651‌ |

Shares |  |  |  |  | Cost |  |  | Market Value |
|  |  |  | Wireless Communications — 2.4% |  |  |  |  |  |  |  |
| 5,000 |  |  | America Movil SAB de CV, ADR |  | $ | 68,868‌ |  |  | $ | 71,550‌ |
| 21,200‌ |  |  | Anterix Inc.† |  |  | 783,661‌ |  |  |  | 650,204‌ |
| 103,000 |  |  | Millicom International Cellular SA, SDR |  |  | 2,341,063‌ |  |  |  | 2,524,763‌ |
| 1,200 |  |  | Operadora De Sites Mexicanos SAB de CV |  |  | 1,436‌ |  |  |  | 706‌ |
| 2,300‌ |  |  | SK Telecom Co. Ltd., ADR |  |  | 55,954‌ |  |  |  | 48,392‌ |
| 400 |  |  | SmarTone Telecommunications Holdings Ltd. |  |  | 207‌ |  |  |  | 213‌ |
| 60,000 |  |  | Turkcell Iletisim Hizmetleri A/S, ADR |  |  | 399,014‌ |  |  |  | 390,600‌ |
| 32,200 |  |  | United States Cellular Corp.† |  |  | 1,194,855‌ |  |  |  | 2,019,584‌ |
| 230,000‌ |  |  | Vodafone Group plc, ADR |  |  | 3,788,672‌ |  |  |  | 1,952,700‌ |
|  |  |  |  |  |  | 8,633,730‌ |  |  |  | 7,658,712‌ |
|  |  |  | TOTAL COMMUNICATIONS |  |  | 31,464,758‌ |  |  |  | 32,397,653‌ |
|  |  |  | OTHER — 2.9% |  |  |  |  |  |  |  |
|  |  |  | Automotive — 0.1% |  |  |  |  |  |  |  |
| 275‌ |  |  | Ducommun Inc.† |  |  | 17,038‌ |  |  |  | 17,506‌ |
| 45,000‌ |  |  | Iveco Group NV |  |  | 336,699‌ |  |  |  | 435,368‌ |
|  |  |  |  |  |  | 353,737‌ |  |  |  | 452,874‌ |
|  |  |  | Building and Construction — 0.1% |  |  |  |  |  |  |  |
| 2,500 |  |  | Everus Construction Group Inc.† |  |  | 92,171‌ |  |  |  | 164,375‌ |
| 305‌ |  |  | Gibraltar Industries Inc.† |  |  | 18,351‌ |  |  |  | 17,965‌ |
| 2,500‌ |  |  | Knife River Corp.† |  |  | 93,764‌ |  |  |  | 254,100‌ |
|  |  |  |  |  |  | 204,286‌ |  |  |  | 436,440‌ |
|  |  |  | Diversified Industrial — 0.2% |  |  |  |  |  |  |  |
| 1,200 |  |  | Accelleron Industries AG, ADR |  |  | 17,184‌ |  |  |  | 61,070‌ |
| 200‌ |  |  | Arcosa Inc. |  |  | 15,749‌ |  |  |  | 19,348‌ |
| 166‌ |  |  | ITT Inc. |  |  | 23,926‌ |  |  |  | 23,718‌ |
| 1,736‌ |  |  | L.B. Foster Co., Cl. A† |  |  | 40,280‌ |  |  |  | 46,699‌ |
| 900 |  |  | Matthews International Corp., Cl. A |  |  | 27,060‌ |  |  |  | 24,912‌ |
| 11,200‌ |  |  | Trinity Industries Inc. |  |  | 295,706‌ |  |  |  | 393,120‌ |
|  |  |  |  |  |  | 419,905‌ |  |  |  | 568,867‌ |
|  |  |  | Electronics — 0.6% |  |  |  |  |  |  |  |
| 1,200‌ |  |  | Allient Inc. |  |  | 40,056‌ |  |  |  | 29,136‌ |
| 2,000‌ |  |  | Keysight Technologies Inc.† |  |  | 198,060‌ |  |  |  | 321,260‌ |
| 567‌ |  |  | Resideo Technologies Inc.† |  |  | 13,866‌ |  |  |  | 13,069‌ |
| 67,000‌ |  |  | Sony Group Corp., ADR |  |  | 893,024‌ |  |  |  | 1,417,720‌ |
|  |  |  |  |  |  | 1,145,006‌ |  |  |  | 1,781,185‌ |
|  |  |  | Financial Services — 0.0% |  |  |  |  |  |  |  |
| 150,000‌ |  |  | GAM Holding AG† |  |  | 101,380‌ |  |  |  | 14,495‌ |

See accompanying notes to financial statements.

8

The Gabelli Utility Trust

Schedule of Investments (Continued) — December 31, 2024

Shares |  |  |  |  | Cost |  |  | Market Value |
|  |  |  | COMMON STOCKS (Continued) |  |  |  |  |  |  |  |
|  |  |  | OTHER (Continued) |  |  |  |  |  |  |  |
|  |  |  | Financial Services (Continued) |  |  |  |  |  |  |  |
| 7,000‌ |  |  | Kinnevik AB, Cl. B |  | $ | 142,701‌ |  |  | $ | 46,655‌ |
|  |  |  |  |  |  | 244,081‌ |  |  |  | 61,150‌ |
|  |  |  | Machinery — 0.8% |  |  |  |  |  |  |  |
| 215,000‌ |  |  | CNH Industrial NV |  |  | 2,495,233‌ |  |  |  | 2,435,950‌ |
| 936‌ |  |  | Flowserve Corp. |  |  | 54,510‌ |  |  |  | 53,839‌ |
| 300‌ |  |  | Medmix AG |  |  | 7,541‌ |  |  |  | 2,909‌ |
| 2,265 |  |  | Mueller Water Products Inc., Cl. A |  |  | 54,714‌ |  |  |  | 50,962‌ |
| 1,250‌ |  |  | Xylem Inc. |  |  | 118,396‌ |  |  |  | 145,025‌ |
|  |  |  |  |  |  | 2,730,394‌ |  |  |  | 2,688,685‌ |
|  |  |  | Specialty Chemicals — 0.1% |  |  |  |  |  |  |  |
| 200 |  |  | Air Products and Chemicals Inc. |  |  | 50,793‌ |  |  |  | 58,008‌ |
| 250‌ |  |  | Linde plc |  |  | 85,808‌ |  |  |  | 104,667‌ |
|  |  |  |  |  |  | 136,601‌ |  |  |  | 162,675‌ |
|  |  |  | Transportation — 1.0% |  |  |  |  |  |  |  |
| 21,000‌ |  |  | GATX Corp. |  |  | 971,259‌ |  |  |  | 3,254,160‌ |
|  |  |  | TOTAL OTHER |  |  | 6,205,269‌ |  |  |  | 9,406,036‌ |
|  |  |  | TOTAL COMMON STOCKS |  |  | 220,008,001‌ |  |  |  | 282,113,496‌ |

Shares |  |  |  |  | Cost |  |  | Market Value |
|  |  |  | WARRANTS — 0.0% |  |  |  |  |  |  |  |
|  |  |  | OTHER — 0.0% |  |  |  |  |  |  |  |
|  |  |  | Financial Services — 0.0% |  |  |  |  |  |  |  |
| 7,500 |  |  | SDCL EDGE Acquisition Corp., expire 12/31/28† |  | $ | 2,702 |  |  | $ | 225 |
Principal Amount |  |  |  |  |  |  |  |  |  |  |
|  |  |  | U.S. GOVERNMENT OBLIGATIONS — 12.1% |  |  |  |  |  |  |  |
$ | 38,825,000 |  |  | U.S. Treasury Bills, 4.269% to 4.564%††, 01/23/25 to 03/20/25 |  |  | 38,672,197 |  |  |  | 38,681,555 |
TOTAL INVESTMENTS — 100.0% |  | $ | 258,682,900 |  |  |  | 320,795,276 |
Other Assets and Liabilities (Net) |  |  |  |  |  |  | 197,293 |
PREFERRED SHARES |  |  |  |  |  |  |  |
(1,950,201 preferred shares outstanding) |  |  |  |  |  |  | (48,755,025 | )
NET ASSETS — COMMON SHARES |  |  |  |  |  |  |  |
(88,004,672 common shares outstanding) |  |  |  |  |  | $ | 272,237,544 |
NET ASSET VALUE PER COMMON SHARE |  |  |  |  |  |  |  |
($272,237,544 ÷ 88,004,672 shares outstanding) |  |  |  |  |  | $ | 3.09 |

| (a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
| † | Non-income producing security.
| †† | Represents annualized yields at dates of purchase.
| ADR | American Depositary Receipt
| GDR | Global Depositary Receipt
| SDR | Swedish Depositary Receipt

See accompanying notes to financial statements.

9

The Gabelli Utility Trust

Statement of Assets and Liabilities

December 31, 2024

Assets: |  |  |  |
Investments, at value (cost $258,682,900) |  | $ | 320,795,276 |
Cash |  |  | 1,416 |
Dividends receivable |  |  | 594,447 |
Deferred offering expense |  |  | 213,972 |
Prepaid expenses |  |  | 8,986 |
Total Assets |  |  | 321,614,097 |
Liabilities: |  |  |  |
Foreign currency overdraft, at value (cost $10) |  |  | 10 |
Distributions payable |  |  | 36,397 |
Payable for investment advisory fees |  |  | 279,121 |
Payable for payroll expenses |  |  | 77,199 |
Payable for offering costs |  |  | 29,174 |
Payable for accounting fees |  |  | 3,750 |
Payable for legal and audit fees |  |  | 79,642 |
Payable for shareholder communications |  |  | 74,376 |
Other accrued expenses |  |  | 41,859 |
Total Liabilities |  |  | 621,528 |
Cumulative Preferred Shares $0.001 par value: |  |  |  |
Series C Preferred Shares (5.375%, $25 liquidation value per share, 2,000,000 shares authorized with 1,950,201 shares issued and outstanding) |  |  | 48,755,025 |
Net Assets Attributable to Common Shareholders |  | $ | 272,237,544 |
Net Assets Attributable to Common Shareholders Consist of: |  |  |  |
Paid-in capital |  | $ | 219,525,959 |
Total distributable earnings |  |  | 52,711,585 |
Net Assets |  | $ | 272,237,544 |
Net Asset Value per Common Share: |  |  |  |
($272,237,544 ÷ 88,004,672 shares outstanding at $0.001 par value; unlimited number of shares authorized) |  | $ | 3.09 |

Statement of Operations

For the Year Ended December 31, 2024

Investment Income: |  |  |  |
Dividends (net of foreign withholding taxes of $187,185) |  | $ | 8,915,790 |
Interest |  |  | 1,225,145 |
Total Investment Income |  |  | 10,140,935 |
Expenses: |  |  |  |
Investment advisory fees |  |  | 2,999,484 |
Interest expense |  |  | 953,923 |
Shareholder communications expenses |  |  | 226,521 |
Legal and audit fees |  |  | 127,531 |
Trustees’ fees |  |  | 124,000 |
Payroll expenses |  |  | 122,338 |
Shareholder services fees |  |  | 94,536 |
Accounting fees |  |  | 45,000 |
Custodian fees |  |  | 32,680 |
Miscellaneous expenses |  |  | 93,856 |
Total Expenses |  |  | 4,819,869 |
Less: |  |  |  |
Expenses paid indirectly by broker (See Note 5) |  |  | (4,108 | )
Custodian fee credits |  |  | (811 | )
Total Credits and Reductions |  |  | (4,919 | )
Net Expenses |  |  | 4,814,950 |
Net Investment Income |  |  | 5,325,985 |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency: |  |  |  |
Net realized loss on investments |  |  | (567,417 | )
Net realized gain on foreign currency transactions |  |  | 112 |
Net realized loss on investments and foreign currency transactions |  |  | (567,305 | )
Net change in unrealized appreciation/depreciation: |  |  |  |
on investments |  |  | 31,753,901 |
on foreign currency translations |  |  | (3,378 | )
Net change in unrealized appreciation/depreciation on investments and foreign currency translations |  |  | 31,750,523 |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency |  |  | 31,183,218 |
Net Increase in Net Assets Resulting from Operations |  |  | 36,509,203 |
Total Distributions to Preferred Shareholders |  |  | (2,634,349 | )
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations |  | $ | 33,874,854 |

See accompanying notes to financial statements.

10

The Gabelli Utility Trust

Statement of Changes in Net Assets Attributable to Common Shareholders

|  | Year Ended December 31, 2024 |  |  | Year Ended December 31, 2023 |
Operations: |  |  |  |  |  |  |  |
Net investment income |  | $ | 5,325,985‌ |  |  | $ | 6,695,705‌ |
Net realized loss on investments, and foreign currency transactions |  |  | (567,305 | ) |  |  | (7,078,104 | )
Net change in unrealized appreciation/depreciation on investments and foreign currency translations |  |  | 31,750,523 |  |  |  | (10,773,155 | )
Net Increase/(Decrease) in Net Assets Resulting from Operations |  |  | 36,509,203 |  |  |  | (11,155,554 | )
Distributions to Preferred Shareholders from Accumulated Earnings |  |  | (2,634,349 | ) |  |  | (3,033,943 | )
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations |  |  | 33,874,854 |  |  |  | (14,189,497 | )
Distributions to Common Shareholders: |  |  |  |  |  |  |  |
Accumulated earnings |  |  | (2,964,170 | ) |  |  | (3,858,958 | )
Return of capital |  |  | (43,632,841 | ) |  |  | (40,828,185 | )
Total Distributions to Common Shareholders |  |  | (46,597,011 | ) |  |  | (44,687,143 | )
Fund Share Transactions: |  |  |  |  |  |  |  |
Increase in net assets from common shares issued in offering |  |  | 57,925,360 |  |  |  | —‌ |
Net increase in net assets from common shares issued upon reinvestment of distributions |  |  | 6,763,535 |  |  |  | 7,571,314 |
Net increase in net assets from repurchase of preferred shares |  |  | 17,798 |  |  |  | 1,806,203 |
Offering costs for common shares charged to paid-in capital |  |  | (460,360 | ) |  |  | (450 | )
Net Increase in Net Assets from Fund Share Transactions |  |  | 64,246,333 |  |  |  | 9,377,067 |
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders |  |  | 51,524,176 |  |  |  | (49,499,573 | )
Net Assets Attributable to Common Shareholders: |  |  |  |  |  |  |  |
Beginning of year |  |  | 220,713,368 |  |  |  | 270,212,941 |
End of year |  | $ | 272,237,544 |  |  | $ | 220,713,368 |

See accompanying notes to financial statements.

11

The Gabelli Utility Trust

Statement of Cash Flows

December 31, 2024

Net increase in net assets attributable to common shareholders resulting from operations |  | $ | 33,874,854 |
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities: |  |  |  |
Purchase of long term investment securities |  |  | (10,001,969 | )
Proceeds from sales of long term investment securities |  |  | 17,695,160 |
Net purchases of short term investment securities |  |  | (5,804,966 | )
Net realized loss on investments |  |  | 567,417 |
Net change in unrealized appreciation on investments |  |  | (31,753,901 | )
Net amortization of discount |  |  | (1,225,126 | )
Decrease in receivable for investments sold |  |  | 144,792 |
Decrease in dividends receivable |  |  | 247,933 |
Increase in deferred offering expense |  |  | (153,450 | )
Increase in prepaid expenses |  |  | (1,330 | )
Decrease in payable for investments purchased |  |  | (144,615 | )
Increase in payable for offering costs |  |  | 29,174 |
Increase in payable for shareholder communications expenses |  |  | 8,099 |
Increase in payable for investment advisory fees |  |  | 33,214 |
Increase in payable for legal and audit fees |  |  | 15,728 |
Decrease in payable for payroll expenses |  |  | (5,498 | )
Decrease in other accrued expenses |  |  | (98,175 | )
Net cash provided by operating activities |  |  | 3,427,341 |
Net decrease in net assets resulting from financing activities: |  |  |  |
Maturity and expiry of promissory notes |  |  | (20,477,094 | )
Redemption of Series B 0.069% Cumulative Preferred Shares |  |  | (50,000 | )
Redemption of Series C 5.375% Cumulative Preferred Shares |  |  | (560,927 | )
Increase in offering cost charged to paid in capital |  |  | (460,360 | )
Distributions to common shareholders |  |  | (39,836,895 | )
Proceeds from common shares sold |  |  | 57,925,360 |
Net cash used in financing activities |  |  | (3,459,916 | )
Net decrease in cash |  |  | (32,575 | )
Cash (including foreign currency): |  |  |  |
Beginning of year |  |  | 33,981 |
End of year |  | $ | 1,406 |

Supplemental disclosure of cash flow information: |  |  |  |
Interest paid on bank overdrafts |  | $ | 953,923 |
Increase in net assets from common shares issued upon reinvestment of distributions |  |  | 6,763,535 |

The following table provides a reconciliation of cash and foreign currency reported within the Statement of Assets and Liabilities that sum to the total of the same amount above at December 31, 2024:

Cash |  |  | 1,416 |
Foreign currency overdraft, at value |  |  | (10 | )
|  | $ | 1,406 |

See accompanying notes to financial statements.

12

The Gabelli Utility Trust

Financial Highlights

Selected data for a common share of beneficial interest outstanding throughout each year:

|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Operating Performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of year |  | $ | 2.94 |  |  | $ | 3.65 |  |  | $ | 4.35 |  |  | $ | 4.11 |  |  | $ | 5.03 |
Net investment income |  |  | 0.07‌ |  |  |  | 0.09‌ |  |  |  | 0.08‌ |  |  |  | 0.07‌ |  |  |  | 0.09‌ |
Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions |  |  | 0.43‌ |  |  |  | (0.23 | ) |  |  | (0.33 | ) |  |  | 0.69‌ |  |  |  | (0.35 | )
Total from investment operations |  |  | 0.50‌ |  |  |  | (0.14 | ) |  |  | (0.25 | ) |  |  | 0.76‌ |  |  |  | (0.26 | )
Distributions to Preferred Shareholders: (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.03 | ) |  |  | (0.04 | ) |  |  | (0.02 | ) |  |  | (0.04 | ) |  |  | (0.10 | )
Net realized gain |  |  | —‌ |  |  |  | —‌ |  |  |  | (0.03 | ) |  |  | (0.04 | ) |  |  | —‌ |
Return of capital |  |  | —‌ |  |  |  | —‌ |  |  |  | —‌ |  |  |  | —‌ |  |  |  | (0.00 | )(b)
Total distributions to preferred shareholders |  |  | (0.03 | ) |  |  | (0.04 | ) |  |  | (0.05 | ) |  |  | (0.08 | ) |  |  | (0.10 | )
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations |  |  | 0.47‌ |  |  |  | (0.18 | ) |  |  | (0.30 | ) |  |  | 0.68‌ |  |  |  | (0.36 | )
Distributions to Common Shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.04 | ) |  |  | (0.05 | ) |  |  | (0.05 | ) |  |  | (0.04 | ) |  |  | —‌ |
Net realized gain |  |  | —‌ |  |  |  | —‌ |  |  |  | (0.06 | ) |  |  | (0.05 | ) |  |  | —‌ |
Return of capital |  |  | (0.56 | ) |  |  | (0.55 | ) |  |  | (0.49 | ) |  |  | (0.51 | ) |  |  | (0.60 | )
Total distributions to common shareholders |  |  | (0.60 | ) |  |  | (0.60 | ) |  |  | (0.60 | ) |  |  | (0.60 | ) |  |  | (0.60 | )
Fund Share Transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase in net asset value from common share transactions |  |  | 0.25‌ |  |  |  | —‌ |  |  |  | 0.16‌ |  |  |  | 0.13‌ |  |  |  | —‌ |
Increase in net asset value from common shares issued upon reinvestment of distributions |  |  | 0.04‌ |  |  |  | 0.05‌ |  |  |  | 0.05‌ |  |  |  | 0.04‌ |  |  |  | 0.04‌ |
Increase in net asset value from repurchase of preferred shares |  |  | 0.00 | (b) |  |  | 0.02‌ |  |  |  | 0.00 | (b) |  |  | —‌ |  |  |  | —‌ |
Offering costs and adjustment to offering costs for common shares charged to paid-in capital |  |  | (0.01 | ) |  |  | (0.00 | )(b) |  |  | (0.01 | ) |  |  | (0.01 | ) |  |  | —‌ |
Total Fund share transactions |  |  | 0.28‌ |  |  |  | 0.07‌ |  |  |  | 0.20‌ |  |  |  | 0.16‌ |  |  |  | 0.04‌ |
Net Asset Value Attributable to Common Shareholders, End of Year |  | $ | 3.09‌ |  |  | $ | 2.94‌ |  |  | $ | 3.65‌ |  |  | $ | 4.35‌ |  |  | $ | 4.11‌ |
NAV total return † |  |  | 18.35 | % |  |  | (3.07 | )% |  |  | (5.94 | )% |  |  | 18.13 | % |  |  | (5.37 | )%
Market value, end of year |  | $ | 5.03‌ |  |  | $ | 5.42‌ |  |  | $ | 7.51‌ |  |  | $ | 8.24‌ |  |  | $ | 8.12‌ |
Investment total return †† |  |  | 7.10 | % |  |  | (20.64 | )% |  |  | 3.31 | % |  |  | 13.91 | % |  |  | 13.88 | %
Ratios to Average Net Assets and Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets including liquidation value of preferred shares, end of year (in 000’s) |  | $ | 320,993‌ |  |  | $ | 290,574‌ |  |  | $ | 342,394‌ |  |  | $ | 378,630‌ |  |  | $ | 327,593‌ |
Net assets attributable to common shares, end of year (in 000’s) |  | $ | 272,238 |  |  | $ | 220,713 |  |  | $ | 270,213 |  |  | $ | 277,297 |  |  | $ | 226,261 |
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions |  |  | 2.30 | % |  |  | 2.78 | % |  |  | 1.89 | % |  |  | 1.61 | % |  |  | 2.16 | %
Ratio of operating expenses to average net assets attributable to common shares before fees waived/fee reduction (c)(d) |  |  | 2.08 | % |  |  | 1.93 | % |  |  | 1.62 | % |  |  | 1.75 | % |  |  | 1.84 | %
Ratio of operating expenses to average net assets attributable to common shares net of fees waived/fee reduction, if any (c)(e) |  |  | 2.08 | % |  |  | 1.86 | %(f) |  |  | 1.54 | %(f)(g) |  |  | 1.75 | % |  |  | 1.62 | %
Portfolio turnover rate |  |  | 3 | % |  |  | 2 | % |  |  | 7 | % |  |  | 10 | % |  |  | 19 | %

See accompanying notes to financial statements.

13

The Gabelli Utility Trust

Financial Highlights (Continued)

Selected data for a common share of beneficial interest outstanding throughout each year:

|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note Payable (h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset coverage per $1,000 (i) |  |  | — |  |  | $ | 4,159 |  |  |  | — |  |  |  | — |  |  |  | — |
Amount of Note outstanding (in 000’s) |  |  | — |  |  | $ | 20,477 |  |  |  | — |  |  |  | — |  |  |  | — |
Cumulative Preferred Shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5.625% Series A Preferred (j) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of year (in 000’s) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 28,832 |  |  | $ | 28,832 |
Total shares outstanding (in 000’s) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,153 |  |  |  | 1,153 |
Liquidation preference per share |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 25.00 |  |  | $ | 25.00 |
Average market value (k) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 26.93 |  |  | $ | 26.78 |
Asset coverage per share (l) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 93.41 |  |  | $ | 80.82 |
Auction Market Series B Preferred (m) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of year (in 000’s) |  |  | — |  |  | $ | 50 |  |  | $ | 22,500 |  |  | $ | 22,500 |  |  | $ | 22,500 |
Total shares outstanding (in 000’s) |  |  | — |  |  |  | 0 | (n) |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Liquidation preference per share |  |  | — |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |
Liquidation value (o) |  |  | — |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |
Asset coverage per share (l) |  |  | — |  |  | $ | 103,983 |  |  | $ | 118,589 |  |  | $ | 93,413 |  |  | $ | 80,821 |
5.375% Series C Preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of year (in 000’s) |  | $ | 48,755 |  |  | $ | 49,334 |  |  | $ | 49,681 |  |  | $ | 50,000 |  |  | $ | 50,000 |
Total shares outstanding (in 000’s) |  |  | 1,950 |  |  |  | 1,973 |  |  |  | 1,987 |  |  |  | 2,000 |  |  |  | 2,000 |
Liquidation preference per share |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |
Average market value (k) |  | $ | 24.28 |  |  | $ | 23.99 |  |  | $ | 25.00 |  |  | $ | 26.02 |  |  | $ | 25.96 |
Asset coverage per share (l) |  | $ | 164.59 |  |  | $ | 103.98 |  |  | $ | 118.59 |  |  | $ | 93.41 |  |  | $ | 80.82 |
Asset Coverage (i) |  |  | 658 | % |  |  | 416 | % |  |  | 474 | % |  |  | 374 | % |  |  | 323 | %

| † | Based on net asset value per share, adjusted for reinvestment of distributions at the net asset value per share on the ex-dividend dates and adjustments for the rights offering.
| †† | Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan and adjustments for the rights offering.
| (a) | Calculated based on average common shares outstanding on the record dates throughout the years.
| (b) | Amount represents less than $0.005 per share.
| (c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no material impact on the expense ratios.
| (d) | Ratio of operating expenses to average net assets including liquidation value of preferred shares before fee waived for the years ended December 31, 2024, 2023, 2022, 2021, and 2020 would have been 1.61%, 1.49%, 1.28%, 1.26%, and 1.28%, respectively.
| (e) | Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction for the years ended December 31, 2024, 2023, 2022, and 2020 would have been 1.61%, 1.43%, 1.22%, and 1.12%, respectively.
| (f) | The Fund received credits from the custodian. For the years ended December 31, 2024, 2023, and 2022, there was no material impact on the expense ratios.
| (g) | The ratio of operating expenses excluding interest, dividends and service fees on securities sold short, and offering costs to average net assets attributable to common shares for the year ended December 31, 2022 would have been 1.54%.
| (h) | On December 31, 2024, the Note matured at its stated principal value.
| (i) | Asset coverage is calculated by combining all series of preferred shares.
| (j) | The Fund redeemed and retired all its outstanding Series A Preferred Shares on January 31, 2022.
| (k) | Based on weekly prices.
| (l) | Asset coverage per share is calculated by combining all series of preferred shares.
| (m) | The Fund redeemed and retired all its outstanding Series B Preferred Shares on June 26, 2024.
| (n) | Actual number of shares outstanding is two.
| (o) | Since February 2008, the weekly auctions have failed. Holders that have submitted orders have not been able to sell any or all of their shares in the auction.

See accompanying notes to financial statements.

14

The Gabelli Utility Trust

Notes to Financial Statements

1. Organization. The Gabelli Utility Trust (the Fund) was organized on February 25, 1999 as a Delaware statutory trust. The Fund is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund commenced investment operations on July 9, 1999.

The Fund’s primary objective is long term growth of capital and income. The Fund will invest 80% of its assets, under normal market conditions, in common stocks and other securities of foreign and domestic companies involved in providing products, services, or equipment for (i) the generation or distribution of electricity, gas, and water and (ii) telecommunications services or infrastructure operations (the 80% Policy). The 80% Policy may be changed without shareholder approval. However, the Fund has adopted a policy to provide shareholders with notice at least sixty days prior to the implementation of any change in the 80% Policy.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Fund’s Board of Directors (the Board).

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

15

The Gabelli Utility Trust

Notes to Financial Statements (Continued)

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

| ● | Level 1 — unadjusted quoted prices in active markets for identical securities;

| ● | Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

| ● | Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

|  | Valuation Inputs |  |  |  |
|  | Level 1 Quoted Prices |  |  | Level 2 Other Significant Observable Inputs |  |  | Level 3 Significant Unobservable Inputs (a) |  |  | Total Market Value at 12/31/24 |
INVESTMENTS IN SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ASSETS (Market Value): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Telecommunications |  | $ | 20,844,511 |  |  |  | — |  |  | $ | 140 |  |  | $ | 20,844,651 |
Other Industries (b) |  |  | 11,553,002 |  |  |  | — |  |  |  | — |  |  |  | 11,553,002 |
Energy and Utilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equipment and Supplies |  |  | 4,713,612 |  |  | $ | 1,050 |  |  |  | — |  |  |  | 4,714,662 |
Other Industries (b) |  |  | 235,595,145 |  |  |  | — |  |  |  | — |  |  |  | 235,595,145 |
Other (b) |  |  | 9,406,036 |  |  |  | — |  |  |  | — |  |  |  | 9,406,036 |
Total Common Stocks |  |  | 282,112,306 |  |  |  | 1,050 |  |  |  | 140 |  |  |  | 282,113,496 |
Warrants (b) |  |  | — |  |  |  | 225 |  |  |  | — |  |  |  | 225 |
U.S. Government Obligations |  |  | — |  |  |  | 38,681,555 |  |  |  | — |  |  |  | 38,681,555 |
TOTAL INVESTMENTS IN SECURITIES – ASSETS |  | $ | 282,112,306 |  |  | $ | 38,682,830 |  |  | $ | 140 |  |  | $ | 320,795,276 |

| (a) | The inputs for this security are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
| (b) | Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

At December 31, 2024, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

16

The Gabelli Utility Trust

Notes to Financial Statements (Continued)

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the currencies options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the

17

The Gabelli Utility Trust

Notes to Financial Statements (Continued)

Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Fund’s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. Therefore the Fund reflects derivative’s assets and liabilities and any related collateral gross in Statement of Assets and Liabilities. The enforceability of the right to offset may vary by jurisdiction.

The Fund’s derivative contracts held at December 31, 2024, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Swap Agreements. The Fund may enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an equity contract for difference swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short term interest rates and the returns on the Fund’s portfolio securities at the time an equity contract for difference swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction.

Unrealized gains related to swaps are reported as an asset and unrealized losses are reported as a liability in the Statement of Assets and Liabilities. The change in the value of swaps, including the accrual of periodic amounts of interest to be received or paid on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon receipt or payment of a periodic payment or termination of swap agreements. At December 31, 2024, the Fund held no investments in equity contract for difference swap agreements.

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (CFTC). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (CEA), the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund which permit the Fund to engage in commodity interest transactions that include (i) “bona fide hedging” transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the Fund’s commodity interest transactions would not exceed 100% of the market value of the Fund’s

18

The Gabelli Utility Trust

Notes to Financial Statements (Continued)

liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures, and financial futures contracts). As a result, in the future the Fund will be more limited in its ability to use these instruments than in the past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund’s performance.

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the year ended December 31, 2024 there were no short sales outstanding.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund is not subject to an independent limitation on the amount it may invest in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted

19

The Gabelli Utility Trust

Notes to Financial Statements (Continued)

securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At December 31, 2024, the Fund did not hold any restricted securities.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee of 110% of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, if any, would be included in the Statement of Operations.

Distributions to Shareholders. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to tax treatment of currency gains, and losses, disallowed expenses, and prior year return of capital. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2024, reclassifications were made to decrease paid-in capital by $309,529, with an offsetting adjustment to total distributable earnings.

The Fund declares and pays monthly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s NAV and the financial market environment. The Fund’s distribution policy is subject to modification by the Board at any time.

Distributions to shareholders of the Fund’s 5.375% Series C Cumulative Preferred Shares (Series C Preferred), and interest expense on the Note are recorded on a daily basis and are determined as described in Note 7.

20

The Gabelli Utility Trust

Notes to Financial Statements (Continued)

The tax character of distributions paid during the years ended December 31, 2024 and 2023 was as follows:

|  | Year Ended December 31, 2024 |  |  | Year Ended December 31, 2023 |
|  | Common |  |  | Preferred |  |  | Common |  |  | Preferred |
Distributions paid from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ordinary income (inclusive of short term capital gains) |  | $ | 2,964,170 |  |  | $ | 2,634,349 |  |  | $ | 3,858,958 |  |  | $ | 3,033,943 |
Return of capital |  |  | 43,632,841 |  |  |  | – |  |  |  | 40,828,185 |  |  |  | – |
Total distributions paid |  | $ | 46,597,011 |  |  | $ | 2,634,349 |  |  | $ | 44,687,143 |  |  | $ | 3,033,943 |

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

At December 31, 2024, the components of accumulated earnings/losses on a tax basis were as follows:

Capital loss carryforwards |  | $ | (7,432,211 | )
Net unrealized appreciation on investments and foreign currency translations |  |  | 60,180,193 |
Other temporary differences* |  |  | (36,397 | )
Total |  | $ | 52,711,585 |

| * | Other temporary differences are due to preferred share class distributions payable.

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. The Fund has a long term capital loss carryforward with no expiration of $7,432,211.

At December 31, 2024, the temporary differences between book basis and tax basis net unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes, tax basis adjustments on investments in partnerships and tax basis adjustments due to corporate actions, mark-to-market adjustments on investments in passive foreign investment companies, and investments no longer considered passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2024:

|  | Cost |  |  | Gross Unrealized Appreciation |  |  | Gross Unrealized Depreciation |  |  | Net Unrealized Appreciation |
Investments |  | $ | 260,602,757 |  |  | $ | 77,604,695 |  |  | $ | (17,412,176 | ) |  | $ | 60,192,519 |

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the year ended December 31, 2024, the Fund did not incur any income tax, interest, or penalties.

21

The Gabelli Utility Trust

Notes to Financial Statements (Continued)

As of December 31, 2024, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of its average weekly net assets including the liquidation value of the preferred shares. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration of all aspects of the Fund’s business and affairs.

The Adviser had agreed to reduce the management fee on the incremental assets attributable to the Series B Preferred if the total return of the NAV of the common shares of the Fund, including distributions and advisory fee subject to reduction, did not exceed the stated dividend rates of the Series B Preferred for the year. The Fund’s total return on the NAV of the common shares is monitored on a monthly basis to assess whether the total return on the NAV of the common shares exceeds the dividend rate of the Series B Preferred for the period. To the redemption date of June 26, 2024, the Fund’s total return on the NAV of the common shares exceeded the stated dividend rate of the Series C Preferred. Thus, advisory fees with respect to the liquidation value of this Preferred Shares were accrued.

4. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2024, other than short term securities and U.S. Government obligations, aggregated $8,214,117 and $15,192,848, respectively. Purchases and sales of U.S. Government obligations for the year ended December 31, 2024, aggregated $156,003,877 and $150,198,912, respectively.

5. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2024, the Fund paid $5,021 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the year ended December 31, 2024, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $4,108.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the year ended December 31, 2024, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the year ended December 31, 2024, the Fund accrued $122,338 in payroll expenses in the Statement of Operations.

The Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses

22

The Gabelli Utility Trust

Notes to Financial Statements (Continued)

incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

6. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on June 25, 2025 and may be renewed annually, of up to $75,000,000 under which it may borrow up to one-third of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations.

During the year ended December 31, 2024, there were no borrowings outstanding under the line of credit.

7. Capital. The Fund is authorized to issue an unlimited number of shares of beneficial interest (par value $0.001). The Board has authorized the repurchase of its common shares on the open market when the shares are trading at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the years ended December 31, 2024 and 2023, the Fund did not repurchase any common shares of beneficial interest in the open market.

Transactions in shares of beneficial interest were as follows:

|  | Year Ended |  |  | Year Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Shares |  |  | Amount |  |  | Shares |  |  | Amount |
Net increase in net assets from common shares issued in rights offering |  |  | 11,585,072 |  |  | $ | 57,925,360 |  |  |  | — |  |  |  | — |
Net increase in net assets from common shares issued upon reinvestment of distributions |  |  | 1,277,390 |  |  |  | 6,763,535 |  |  |  | 1,199,062 |  |  | $ | 7,571,314 |
Net increase |  |  | 12,862,462 |  |  | $ | 64,688,895 |  |  |  | 1,199,062 |  |  | $ | 7,571,314 |

The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred Shares. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on the Preferred Shares are cumulative. The Fund is required by the 1940 Act and by the Statement of Additional Information to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, Series C Preferred Shares at the redemption price of $25 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on investment income and gains available to common shareholders.

The Fund may redeem at any time, in whole or in part, the Series C Preferred at its liquidation preference of $25. In addition, the Board has authorized the repurchase of the Series C Preferred in the open market at prices

23

The Gabelli Utility Trust

Notes to Financial Statements (Continued)

less than the $25 liquidation value per share. During the years ended December 31, 2024 and 2023, the Fund repurchased and retired 23,149 and 13,876 shares of the Series C Preferred Shares in the open market at investments of $560,927 and $313,603 and at average discounts of approximately 3.1% and 9.6%, respectively, from its liquidation preference.

On October 16, 2023, the Fund completed an exchange offer (the Offer) under which owners of the Series B Preferred could exchange their Series B Preferred for newly issued promissory notes (the Notes) at the exchange ratio of $912 per $1,000 of liquidation preference of Series B Preferred validly tendered and not withdrawn pursuant to the Offer, and issued $20,477,094 principal amount of Notes for the 898 Series B Preferred validly tendered and not withdrawn. The Notes had an annual interest rate of 5.25%, and interest was paid monthly. The aggregate unpaid principal amount of the Notes, all accrued and unpaid interest, and all other amounts payable under the terms of the Notes were paid on December 31, 2024. The carrying value of the Note Payable approximates fair value. The Note Payable was classified as Level 2 in the fair value hierarchy. On June 26, 2024 the Fund redeemed all Series B Auction Rate Cumulative Preferred Shares at the redemption price of $25,000 per share. On December 31, 2024, the Note matured at its stated principal value.

On January 31, 2022, the Fund redeemed all Series A Preferred at the Redemption Price of $25.13671875 per share, which consisted of the liquidation preference of $25.00 plus $0.13671875 per share representing accumulated but unpaid dividends and distributions to the redemption date of January 31, 2022.

For Series B Preferred Shares, the dividend rates were typically set by an auction process held every seven days, and were typically expected to vary with short term interest rates. Since February 2008, the number of Series B Preferred Shares subject to bid orders by potential holders had been less than the number of shares of Series B sell orders. Holders that submitted sell orders had not been able to sell any or all of the Series B Preferred Shares for which they submitted sell orders. Therefore the weekly auctions that failed resulted in the dividend rate being the maximum rate.

Since December 31, 2021, the seven day ICE LIBOR rate ceased to be published and was no longer representative. Because the Series B Preferred Shares have no other effective alternative rate setting provision, a last resort fallback of fixing this LIBOR based reference rate at its last published rate applies. The last published seven day ICE LIBOR rate was 0.076%, which resulted in a maximum rate for Series B Preferred Shares of 2.076% for all failed auctions after December 31, 2021. In the absence of successful auctions that established dividend rates based on prevailing short term interest rates, this result could lead to divergent and unexpected economic results for the Fund and holders of the Series B Preferred Shares since the rates payable on the Series B Preferred Shares were no longer likely to be representative of prevailing market rates. On June 26, 2024, the Fund redeemed all outstanding Series B Preferred at the redemption price of $25,000 per share.

The following table summarizes Cumulative Preferred Shares information:

Series |  | Issue Date |  |  | Authorized |  |  | Number of Shares Outstanding at 12/31/2024 |  |  | Net Proceeds |  |  | 2024 Dividend Rate Range |  | Dividend Rate at 12/31/2024 |  |  | Accrued Dividends at 12/31/2024 |
C 5.375% |  | May 31, 2016 |  |  |  | 2,000,000 |  |  |  | 1,950,201 |  |  | $ | 48,142,029 |  |  | Fixed Rate |  | 5.375% |  |  | $ | 36,397 |

The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and under certain circumstances are entitled to elect a majority of the Board of Trustees. In addition,

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The Gabelli Utility Trust

Notes to Financial Statements (Continued)

the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred shares, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.

On March 10, 2022, the Fund distributed one transferable right for each of the 63,934,698 common shares outstanding on that date. Seven rights were required to purchase one additional common share at the subscription price of $5.50 per share. On April 20, 2022, the Fund issued 9,133,529 common shares receiving net proceeds of $49,849,194, after the deduction of offering expenses of $385,216. The NAV of the Fund increased by $0.16 per share on the day the additional shares were issued due to the additional shares being issued above NAV. The Fund has an effective shelf registration authorizing an additional $300 million of common or preferred shares.

On September 9, 2024, the Fund distributed one transferable right for each of the 75,981,964 common shares outstanding on that date. Five rights were required to purchase one additional common share at the subscription price of $5.00 per share.

On October 24, 2024, the Fund issued 11,585,072 common shares receiving net proceeds of $57,925,360, after the deduction of estimated offering expenses of $475,000. The NAV of the Fund increased by $0.25 per share on the day the additional shares were issued due to the additional shares being issued above NAV.

8. Industry Concentration. Because the Fund primarily invests in common stocks and other securities of foreign and domestic companies in the utility industry, its portfolio may be subject to greater risk and market fluctuations than a portfolio of securities representing a broad range of investments.

9. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Segment Reporting. In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

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11. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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The Gabelli Utility Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of The Gabelli Utility Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedule of investments, of The Gabelli Utility Trust (the “Fund”) as of December 31, 2024, the related statement of operations and cash flows for the year ended December 31, 2024, the statement of changes in net assets attributable to common shareholders for each of the two years in the period ended December 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, the results of its operations and its cash flows for the year then ended, the changes in its net assets attributable to common shareholders for each of the two years in the period ended December 31, 2024, and the financial highlights for each of the five years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 1, 2025

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

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The Gabelli Utility Trust

Additional Fund Information (Unaudited)

Summary of Updated Information Regarding the Fund

The following includes information that is incorporated by reference in the Fund’s Registration Statement and is also a summary of certain changes during the most recent fiscal year ended December 31, 2024. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.

Investment Objective and Strategies

During the Fund’s most recent fiscal year, there were no material changes to the Fund’s investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with an investment in the Fund.

Investment Objective

The Fund’s primary investment objective is long term growth of capital and income. The Fund will invest at least 80% of its net assets (plus borrowings made for investment purposes), under normal market conditions, in common stocks and other securities of foreign and domestic companies involved in providing products, services, or equipment for (i) the generation or distribution of electricity, gas, and water and (ii) telecommunications services or infrastructure operations (collectively, the “Utility Industry”). A company will be considered to be in the Utility Industry if it derives at least 50% of its revenues or earnings from, or devotes at least 50% of its assets to, the indicated activities or utility-related activities. The remaining 20% of its assets may be invested in other securities including stocks, equity securities, debt obligations and money market instruments, as well as certain derivative instruments in the Utility Industry or other industries. Moreover, should extraordinary conditions affecting such sectors or securities markets as a whole warrant, the Fund may temporarily be primarily invested in money market instruments. When the Fund is invested in these instruments for temporary or defensive purposes it may not achieve its investment objective.

The investment policy of the Fund relating to the type of securities in which at least 80% of the Fund’s net assets (plus borrowings made for investment purposes) must be invested may be changed by the Board without shareholder approval. Shareholders will, however, receive at least 60 days prior notice of any change in this policy.

Although many companies in the Utility Industry traditionally pay above average dividends, the Fund intends to focus on those companies whose securities have the potential to increase in value. The Fund’s performance is expected to reflect conditions affecting public utility industries. These industries are sensitive to factors such as interest rates, local and national government regulations, the price and availability of fuel, environmental protection or energy conservation regulations, weather, the level of demand for services, and the risks associated with constructing and operating nuclear power facilities. These factors may change rapidly. The Fund emphasizes quality in selecting utility investments, and generally looks for companies that have proven dividend records and sound financial structures. Believing that the industry is under consolidation due to changes in regulation, the Fund intends to position itself to take advantage of trends in consolidation.

Under normal circumstances the Fund will invest in securities of issuers located in countries other than the United States and may invest in such foreign securities without limitation. Among the foreign securities in which the Fund may invest are those issued by companies located in emerging markets. Investing in securities of foreign issuers, which generally are denominated in foreign currencies, may involve certain risk and opportunity

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Additional Fund Information (Continued) (Unaudited)

considerations not typically associated with investing in domestic companies and could cause the Fund to be affected favorably or unfavorably by changes in currency exchange rates and revaluations of currencies. The Fund may invest in securities across all market capitalization ranges.

No assurance can be given that the Fund’s investment objective will be achieved.

Investment Methodology of the Fund

In selecting securities for the Fund, Gabelli Funds, LLC (the “Investment Adviser”) normally will consider the following factors, among others:

| ● | the Investment Adviser’s own evaluations of the private market value (as defined below), cash flow, earnings per share and other fundamental aspects of the underlying assets and business of the company;

| ● | the potential for capital appreciation of the securities;

| ● | the interest or dividend income generated by the securities;

| ● | the prices of the securities relative to other comparable securities;

| ● | whether the securities are entitled to the benefits of call protection or other protective covenants;

| ● | the existence of any anti-dilution protections or guarantees of the security; and

| ● | the diversification of the portfolio of the Fund as to issuers.

The Investment Adviser’s investment philosophy with respect to equity securities is to identify assets that are selling in the public market at a discount to their private market value. The Investment Adviser defines private market value as the value informed purchasers are willing to pay to acquire assets with similar characteristics. The Investment Adviser also normally evaluates an issuer’s free cash flow and long-term earnings trends. Finally, the Investment Adviser looks for a catalyst, something indigenous to the company, its industry or country that will surface additional value.

Certain Investment Practices

Corporate Reorganizations. The Fund may invest without limit in securities of companies for which a tender or exchange offer has been made or announced and in securities of companies for which a merger, consolidation, liquidation or similar reorganization proposal has been announced if, in the judgment of the Investment Adviser, there is a reasonable prospect of capital appreciation significantly greater than the added portfolio turnover expenses inherent in the short term nature of such transactions. The principal risk is that such offers or proposals may not be consummated within the time and under the terms contemplated at the time of the investment, in which case, unless such offers or proposals are replaced by equivalent or increased offers or proposals that are consummated, the Fund may sustain a loss.

Temporary Defensive Investments. Subject to the Fund’s investment restrictions, when a temporary defensive period is believed by the Investment Adviser to be warranted (“temporary defensive periods”), the Fund may, without limitation, hold cash or invest its assets in securities of United States government sponsored instrumentalities, including U.S. Treasury securities, in repurchase agreements in respect of those instruments, and in certain high-grade commercial paper instruments. During temporary defensive periods, the Fund may also invest in money market mutual funds that invest primarily in securities of United States government sponsored instrumentalities and repurchase agreements in respect of those instruments. Obligations of certain

29

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Additional Fund Information (Continued) (Unaudited)

agencies and instrumentalities of the United States government, such as the Government National Mortgage Association, are supported by the “full faith and credit” of the United States government; others, such as those of the Export-Import Bank of the United States, are supported by the right of the issuer to borrow from the United States Treasury; others, such as those of the Federal National Mortgage Association, are supported by the discretionary authority of the United States government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. No assurance can be given that the United States government would provide financial support to United States government sponsored instrumentalities if it is not obligated to do so by law. During temporary defensive periods, the Fund may not achieve its investment objective.

Non-Investment Grade Securities. The Fund may invest up to 25% of its total assets in fixed income securities rated in the lower rating categories of recognized statistical rating agencies, such as securities rated “CCC” or lower by Standard & Poor’s Ratings Services, a Division of The McGraw-Hill Companies, Inc. (“S&P”), or “Caa” or lower by Moody’s Investors Services, Inc. (“Moody’s”), or unrated securities of comparable quality. These securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to adverse conditions. Debt securities that are not rated or that are rated lower than “BBB” by S&P or lower than “Baa” by Moody’s are often referred to in the financial press as “junk bonds.”

Generally, such non-investment grade securities and unrated securities of comparable quality offer a higher current yield than is offered by higher rated securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of the rating organizations, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation. The market values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher quality securities. In addition, such securities generally present a higher degree of credit risk. The risk of loss due to default by these issuers is significantly greater because such non-investment grade securities and unrated securities of comparable quality generally are unsecured and frequently are subordinated to the prior payment of senior indebtedness. In light of these risks, the Investment Adviser, in evaluating the creditworthiness of an issue, whether rated or unrated, will take various factors into consideration, which may include, as applicable, the issuer’s operating history, financial resources and its sensitivity to economic conditions and trends, the market support for the facility financed by the issue, the perceived ability and integrity of the issuer’s management and regulatory matters.

In addition, the market value of non-investment grade securities is more volatile than that of higher quality securities, and the markets in which such non-investment grade or unrated securities are traded are more limited than those in which higher rated securities are traded. The existence of limited markets may make it more difficult for the Fund to obtain accurate market quotations for purposes of valuing its portfolio and calculating its net asset value (“NAV”). Moreover, the lack of a liquid trading market may restrict the availability of securities for the Fund to purchase and may also have the effect of limiting the ability of the Fund to sell securities at their fair value in response to changes in the economy or the financial markets.

Non-investment grade securities also present risks based on payment expectations. If an issuer calls the obligation for redemption (often a feature of fixed income securities), the Fund may have to replace the security with a lower yielding security, resulting in a decreased return for investors. Also, as the principal value of nonconvertible

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Additional Fund Information (Continued) (Unaudited)

bonds and preferred stocks moves inversely with movements in interest rates, when interest rates rise, the value of the securities held by the Fund may decline proportionately more than a portfolio consisting of higher rated securities. Investments in zero coupon bonds may be more speculative and subject to greater fluctuations in value due to changes in interest rates than bonds that pay regular income streams. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. The Federal Reserve raised and maintained the federal funds rate as part of its efforts to address rising inflation. In September 2024, the Federal Reserve lowered the federal funds rate and may announce additional rate cuts in the near future. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund’s performance. There is a risk that a rise in interest rates will likely drive down prices of bonds and other fixed-income securities. The magnitude of these price reductions in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s NAV. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by the Investment Adviser.

As part of its investment in non-investment grade securities, the Fund may invest in securities of issuers in default. The Fund will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their obligations or emerge from bankruptcy protection under a plan pursuant to which the securities received by the Fund in exchange for its defaulted securities will have a value in excess of the Fund’s investment. By investing in securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations or emerge from bankruptcy protection or that the value of the securities will not otherwise appreciate.

In addition to using recognized rating agencies and other sources, the Investment Adviser also performs its own analysis of issues in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition of the issuer. Its analysis of securities of issuers may include, among other things, current and anticipated cash flow and borrowing requirements, value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing, and current anticipated results of operations. In selecting investments for the Fund, the Investment Adviser may also consider general business conditions, anticipated changes in interest rates, and the outlook for specific industries.

Subsequent to its purchase by the Fund, an issuer of securities may cease to be rated or its rating may be reduced. In addition, it is possible that statistical rating agencies may change their ratings of a particular issuer to reflect subsequent events. Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue to hold the securities.

The market for non-investment grade and comparable unrated securities has experienced several periods of significantly adverse price and liquidity, particularly at or around times of economic recessions. Past market recessions have adversely affected the value of such securities as well as the ability of certain issuers of such securities to repay principal and pay interest thereon or to refinance such securities. The market for those securities may react in a similar fashion in the future.

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Additional Fund Information (Continued) (Unaudited)

Options. On behalf of the Fund, the Investment Adviser may, subject to the guidelines of the Board and SEC or staff guidance and any other applicable regulatory authority, purchase or sell (i.e., write) options on securities, securities indices and foreign currencies which are listed on a national securities exchange or in the U.S. over-the-counter (“OTC”) markets as a means of achieving additional return or of hedging the value of the Fund’s portfolio. The Fund may write covered call options on common stocks that it owns or has an immediate right to acquire through conversion or exchange of other securities in an amount not to exceed 25% of its total assets or invest up to 10% of its total assets in the purchase of put options on common stocks that the Fund owns or may acquire through the conversion or exchange of other securities that it owns.

A call option is a contract that gives the holder of the option the right to buy from the writer (seller) of the call option, in return for a premium paid, the security underlying the option at a specified exercise price at any time during the term of the option. The writer of the call option has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price during the option period.

A put option is a contract that gives the holder of the option the right to sell to the writer (seller), in return for the premium, the underlying security at a specified price during the term of the option. The writer of the put, who receives the premium, has the obligation to buy the underlying security upon exercise, at the exercise price during the option period.

If the Fund has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished by purchasing an option of the same series as the option previously written. There can be no assurance that a closing purchase transaction can be effected when the Fund so desires.

An exchange-traded option may be closed out only on an exchange which provides a secondary market for an option of the same series. Although the Fund will generally purchase or write only those options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option.

A call option is “covered” if the Fund owns the underlying instrument covered by the call or has an absolute and immediate right to acquire that instrument without additional cash consideration upon conversion or exchange of another instrument held in its portfolio (or for additional cash consideration held in a segregated account by its custodian). A call option is also covered if the Fund holds a call on the same instrument as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written or (ii) greater than the exercise price of the call written if the difference is maintained by the Fund in cash, U.S. government obligations or other high-grade short term obligations in a segregated account with its custodian. A put option is “covered” if the Fund maintains cash or other high-grade short term obligations with a value equal to the exercise price in a segregated account with its custodian, or else holds a put on the same instrument as the put written where the exercise price of the put held is equal to or greater than the exercise price of the put written. If the Fund has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished by purchasing an option of the same series as the option previously written. However, once the Fund has been assigned an exercise notice, it will be unable to effect a closing purchase transaction. Similarly, if the Fund is the holder of an option, it may liquidate its position by effecting a closing sale transaction. This is accomplished by selling an option with the same terms as the option previously purchased. There can be no assurance that either a closing purchase or sale transaction can be effected when the Fund so desires.

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Additional Fund Information (Continued) (Unaudited)

The Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium it received from writing the option or is more than the premium it paid to purchase the option; the Fund will realize a loss from a closing transaction if the price of the transaction is more than the premium it received from writing the option or is less than the premium it paid to purchase the option. Since call option prices generally reflect increases in the price of the underlying security, any loss resulting from the repurchase of a call option may also be wholly or partially offset by unrealized appreciation of the underlying security. Other principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price and price volatility of the underlying security and the time remaining until the expiration date. Gains and losses on investments in options depend, in part, on the ability of the Investment Adviser to predict correctly the effect of these factors. The use of options cannot serve as a complete hedge since the price movement of securities underlying the options will not necessarily follow the price movements of the portfolio securities subject to the hedge.

An option position may be closed out only on an exchange that provides a secondary market for an option with the same terms or in a private transaction. Although the Fund will generally purchase or write only those options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option. In such event, it might not be possible to effect closing transactions in particular options, so that the Fund would have to exercise its options in order to realize any profit and would incur brokerage commissions upon the exercise of call options and upon the subsequent disposition of underlying securities for the exercise of put options. If the Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying security until the option expires or it delivers the underlying security upon exercise or otherwise covers the position.

In addition to options on securities, the Fund may also purchase and sell call and put options on securities indices. A stock index reflects in a single number the market value of many different stocks. Relative values are assigned to the stocks included in an index and the index fluctuates with changes in the market values of the stocks. The options give the holder the right to receive a cash settlement during the term of the option based on the difference between the exercise price and the value of the index. By writing a put or call option on a securities index, the Fund is obligated, in return for the premium received, to make delivery of this amount. The Fund may offset its position in the stock index options prior to expiration by entering into a closing transaction on an exchange or it may let the option expire unexercised.

The Fund may also buy or sell put and call options on foreign currencies. A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. Currency options traded on U.S. or other exchanges may be subject to position limits which may limit the ability of the Fund to reduce foreign currency risk using such options. OTC options differ from exchange-traded options in that they are two-party contracts with price and other terms negotiated between buyer and seller and generally do not have as much market liquidity as exchange-traded options. OTC options are considered illiquid securities.

Use of options on securities indices entails the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted. The Fund will not purchase these options unless the

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The Gabelli Utility Trust

Additional Fund Information (Continued) (Unaudited)

Investment Adviser is satisfied with the development, depth and liquidity of the market and the Investment Adviser believes the options can be closed out.

Price movements in the portfolio of the Fund may not correlate precisely with the movements in the level of an index and, therefore, the use of options on indices cannot serve as a complete hedge and will depend, in part, on the ability of the Investment Adviser to predict correctly movements in the direction of the stock market generally or of a particular industry. Because options on securities indices require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations.

Although the Investment Adviser will attempt to take appropriate measures to minimize the risks relating to the Fund’s writing of put and call options, there can be no assurance that the Fund will succeed in any option writing program it undertakes.

Futures Contracts and Options on Futures. On behalf of the Fund, the Investment Adviser may, subject to the Fund’s investment restrictions and guidelines of the Board, purchase and sell financial futures contracts and options thereon which are traded on a commodities exchange or board of trade for certain hedging, yield enhancement and risk management purposes. These futures contracts and related options may be written on debt securities, financial indices, securities indices, United States government securities and foreign currencies. A financial futures contract is an agreement to purchase or sell an agreed amount of securities or currencies at a set price for delivery in the future. A “sale” of a futures contract (or a “short” futures position) means the assumption of a contractual obligation to deliver the assets underlying the contract at a specified price at a specified future time. A “purchase” of a futures contract (or a “long” futures position) means the assumption of a contractual obligation to acquire the assets underlying the contract at a specified price at a specified future time. Certain futures contracts, including stock and bond index futures, are settled on a net cash payment basis rather than by the sale and delivery of the assets underlying the futures contracts. No consideration will be paid or received by the Fund upon the purchase or sale of a futures contract. Initially, the Fund will be required to deposit with the broker an amount of cash or cash equivalents equal to approximately 1% to 10% of the contract amount (this amount is subject to change by the exchange or board of trade on which the contract is traded and brokers or members of such board of trade may charge a higher amount). This amount is known as “initial margin” and is in the nature of a performance bond or good faith deposit on the contract. Subsequent payments, known as “variation margin,” to and from the broker will be made daily as the price of the index or security underlying the futures contract fluctuates. At any time prior to the expiration of a futures contract, the Fund may close the position by taking an opposite position, which will operate to terminate its existing position in the contract.

An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract at a specified exercise price at any time prior to the expiration of the option. Upon exercise of an option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer’s futures margin account attributable to that contract, which represents the amount by which the market price of the futures contract exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option on the futures contract. The potential loss related to the purchase of an option on a futures contract is limited to the premium paid for the option (plus transaction costs). Because the value of the option purchased is fixed at the point of sale, there

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Additional Fund Information (Continued) (Unaudited)

are no daily cash payments by the purchaser to reflect changes in the value of the underlying contract; however, the value of the option does change daily and that change would be reflected in the net assets of the Fund.

Futures and options on futures entail certain risks, including but not limited to the following: no assurance that futures contracts or options on futures can be offset at favorable prices, possible reduction of the yield of the Fund due to the use of hedging, possible reduction in value of both the securities hedged and the hedging instrument, possible lack of liquidity due to daily limits on price fluctuations, imperfect correlation between the contracts and the securities being hedged and losses from investing in futures transactions that are potentially unlimited.

The Investment Adviser has claimed an exclusion, granted to operators of registered investment companies like the Fund, from registration as a commodity pool operator (“CPO”) with respect to the Fund under the Commodity Exchange Act (the “CEA”), and, therefore, is not subject to registration or regulation with respect to the Fund under the CEA. As a result, the Fund is limited in its ability to use commodity futures (which include futures on broad-based securities indices and interest rate futures) or options on commodity futures, engage in certain swaps transactions or make certain other investments (whether directly or indirectly through investments in other investment vehicles) for purposes other than “bona fide hedging,” as defined in the rules of the Commodity Futures Trading Commission. With respect to transactions other than for bona fide hedging purposes, either: (1) the aggregate initial margin and premiums required to establish the Fund’s positions in such investments may not exceed 5% of the liquidation value of its portfolio (after accounting for unrealized profits and unrealized losses on any such investments); or (2) the aggregate net notional value of such instruments, determined at the time the most recent position was established, may not exceed 100% of the liquidation value of its portfolio (after accounting for unrealized profits and unrealized losses on any such positions). In addition to meeting one of the foregoing trading limitations, the Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets. If the Investment Adviser were required to register as a CPO with respect to the Fund, compliance with additional registration and regulatory requirements would increase Fund expenses. Other potentially adverse regulatory initiatives could also develop.

Interest Rate Futures Contracts and Options Thereon. The Fund may purchase or sell interest rate futures contracts to take advantage of, or to protect against, fluctuations in interest rates affecting the value of debt securities which the Fund holds or intends to acquire. For example, if interest rates are expected to increase, the Fund might sell futures contracts on debt securities, the values of which historically have a high degree of positive correlation to the values of the Fund’s portfolio securities. Such a sale would have an effect similar to selling an equivalent value of the Fund’s portfolio securities. If interest rates increase, the value of the Fund’s portfolio securities will decline, but the value of the futures contracts to the Fund will increase at approximately an equivalent rate, thereby keeping the NAV of the Fund from declining as much as it otherwise would have. The Fund could accomplish similar results by selling debt securities with longer maturities and investing in debt securities with shorter maturities when interest rates are expected to increase. However, since the futures market may be more liquid than the cash market, the use of futures contracts as a risk management technique allows the Fund to maintain a defensive position without having to sell its portfolio securities.

Similarly, the Fund may purchase interest rate futures contracts when it is expected that interest rates may decline. The purchase of futures contracts for this purpose constitutes a hedge against increases in the price of debt securities (caused by declining interest rates) which the Fund intends to acquire. Since fluctuations in

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the value of appropriately selected futures contracts should approximate that of the debt securities that will be purchased, the Fund can take advantage of the anticipated rise in the cost of the debt securities without actually buying them. Subsequently, the Fund can make its intended purchase of the debt securities in the cash market and concurrently liquidate its futures position.

The purchase of a call option on a futures contract is similar in some respects to the purchase of a call option on an individual security. Depending on the pricing of the option compared to either the price of the futures contract upon which it is based or the price of the underlying debt securities, it may or may not be less risky than ownership of the futures contract or underlying debt securities. As with the purchase of futures contracts, when the Fund is not fully invested it may purchase a call option on a futures contract to hedge against a market advance due to declining interest rates.

The purchase of a put option on a futures contract is similar to the purchase of protective put options on portfolio securities. The Fund will purchase a put option on a futures contract to hedge the Fund’s portfolio against the risk of rising interest rates and a consequent reduction in the value of portfolio securities.

The writing of a call option on a futures contract constitutes a partial hedge against declining prices of the securities that are deliverable upon exercise of the futures contract. If the futures price at expiration of the option is below the exercise price, the Fund will retain the full amount of the option premium, which provides a partial hedge against any decline that may have occurred in the Fund’s portfolio holdings. The writing of a put option on a futures contract constitutes a partial hedge against increasing prices of the securities that are deliverable upon exercise of the futures contract. If the futures price at expiration of the option is higher than the exercise price, the Fund will retain the full amount of the option premium, which provides a partial hedge against any increase in the price of debt securities that the Fund intends to purchase. If a put or call option the Fund has written is exercised, the Fund will incur a loss which will be reduced by the amount of the premium it received. Depending on the degree of correlation between changes in the value of its portfolio securities and changes in the value of its futures positions, losses of the Fund from options on futures it has written may to some extent be reduced or increased by changes in the value of its portfolio securities.

Swap Contracts. On behalf of the Fund, the Investment Adviser may, subject to the Fund’s investment restrictions and guidelines established by the Board, enter into swap transactions, including total rate of return, credit default, interest rate or other types of swaps and related derivatives. Swap contracts generally will be used by the Fund for the purpose of seeking to increase the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In a typical swap transaction on an equity security, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short term interest rates and the returns on the Fund’s portfolio securities at the time an equity swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction.

Securities Index Futures Contracts and Options Thereon. Purchases or sales of securities index futures contracts are used for hedging purposes to attempt to protect the Fund’s current or intended investments from

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broad fluctuations in stock or bond prices. For example, the Fund may sell securities index futures contracts in anticipation of or during a market decline to attempt to offset the decrease in market value of its securities portfolio that might otherwise result. If such decline occurs, the loss in value of portfolio securities may be offset, in whole or part, by gains on the futures position. When the Fund is not fully invested in the securities market and anticipates a significant market advance, it may purchase securities index futures contracts in order to gain rapid market exposure that may, in part or entirely, offset increases in the cost of securities that it intends to purchase. As such purchases are made, the corresponding positions in securities index futures contracts will be closed out. The Fund may write put and call options on securities index futures contracts for hedging purposes.

Currency Futures and Options Thereon. Generally, foreign currency futures contracts and options thereon are similar to the interest rate futures contracts and options thereon discussed previously. By entering into currency futures and options thereon, the Fund will seek to establish the rate at which it will be entitled to exchange U.S. dollars for another currency at a future time. By selling currency futures, the Fund will seek to establish the number of dollars it will receive at delivery for a certain amount of a foreign currency. In this way, whenever the Fund anticipates a decline in the value of a foreign currency against the U.S. dollar, the Fund can attempt to “lock in” the U.S. dollar value of some or all of the securities held in its portfolio that are denominated in that currency. By purchasing currency futures, the Fund can establish the number of dollars it will be required to pay for a specified amount of a foreign currency in a future month. Thus, if the Fund intends to buy securities in the future and expects the U.S. dollar to decline against the relevant foreign currency during the period before the purchase is effected, the Fund can attempt to “lock in” the price in U.S. dollars of the securities it intends to acquire.

The purchase of options on currency futures will allow the Fund, for the price of the premium and related transaction costs it must pay for the option, to decide whether or not to buy (in the case of a call option) or to sell (in the case of a put option) a futures contract at a specified price at any time during the period before the option expires. If the Investment Adviser, in purchasing an option, has been correct in its judgment concerning the direction in which the price of a foreign currency would move as against the U.S. dollar, the Fund may exercise the option and thereby take a futures position to hedge against the risk it had correctly anticipated or close out the option position at a gain that will offset, to some extent, currency exchange losses otherwise suffered by the Fund. If exchange rates move in a way the Fund did not anticipate, however, the Fund will have incurred the expense of the option without obtaining the expected benefit; any such movement in exchange rates may also thereby reduce, rather than enhance, the Fund’s profits on its underlying securities transactions.

Forward Currency Exchange Contracts. Subject to guidelines of the Board, the Fund may enter into forward foreign currency exchange contracts to protect the value of its portfolio against future changes in the level of currency exchange rates. The Fund may enter into such contracts on a “spot” (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a forward basis, by entering into a forward contract to purchase or sell currency. A forward contract on foreign currency is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days agreed upon by the parties from the date of the contract at a price set on the date of the contract. The Fund’s dealings in forward contracts generally will be limited to hedging involving either specific transactions or portfolio positions. The Fund does not have an independent limitation on its investments in foreign currency futures contracts and options on foreign currency futures contracts.

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At or before the maturity of a forward sale contract, the Fund may either sell a portfolio security and make delivery of the currency, or retain the security and offset its contractual obligations to deliver the currency by purchasing a second contract pursuant to which the Fund will obtain, on the same maturity date, the same amount of the currency which it is obligated to deliver. If the Fund retains the portfolio security and engages in an offsetting transaction, the Fund, at the time of execution of the offsetting transaction, will incur a gain or a loss to the extent that movement has occurred in forward contract prices. Should forward prices decline during the period between entering into a forward contract by the Fund for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent the price of the currency it has agreed to purchase is less than the price of the currency it has agreed to sell. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. Closing out forward purchase contracts involves similar offsetting transactions.

The cost to the Fund of engaging in currency transactions varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because forward transactions in currency exchange are usually conducted on a principal basis, no fees or commissions are involved. The use of foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. In addition, although forward currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result if the value of the currency increases.

If a decline in any currency is generally anticipated by the Investment Adviser, the Fund may not be able to contract to sell the currency at a price above the level to which the currency is anticipated to decline.

When Issued, Delayed Delivery Securities and Forward Commitments. The Fund may enter into forward commitments for the purchase or sale of securities, including on a “when issued” or “delayed delivery” basis, in excess of customary settlement periods for the type of security involved. In some cases, a forward commitment may be conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring, i.e., a when, as and if issued security. When such transactions are negotiated, the price is fixed at the time of the commitment, with payment and delivery taking place in the future, generally a month or more after the date of the commitment. While it will only enter into a forward commitment with the intention of actually acquiring the security, the Fund may sell the security before the settlement date if it is deemed advisable.

Securities purchased under a forward commitment are subject to market fluctuation, and no interest (or dividends) accrues to the Fund prior to the settlement date.

Short Sales Against the Box. The Fund may from time to time make short sales of securities. The market value for the securities sold short by any one issuer will not exceed 5% of the Fund’s total assets or 5% of such issuer’s voting securities. The Fund may not make short sales or maintain a short position if it would cause more than 25% of the Fund’s total assets, taken at market value, to be held as collateral for such sales. The Fund may also make short sales “against the box.” A short sale is “against the box” to the extent that the Fund contemporaneously owns or has the right to obtain at no added cost securities identical to those sold short. In a short sale, the Fund does not immediately deliver the securities sold or receive the proceeds from the sale.

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To secure its obligations to deliver the securities sold short, the Fund will deposit in escrow in a separate account with its custodian an equal amount to the securities sold short or securities convertible into, or exchangeable for such securities. The Fund may close out a short position by purchasing and delivering an equal amount of the securities sold short, rather than by delivering securities already held by the Fund, because the Fund may want to continue to receive interest and dividend payments on securities in its portfolio that are convertible into the securities sold short.

The Fund may make a short sale in order to hedge against market risks when it believes that the price of a security may decline, causing a decline in the value of a security owned by the Fund or a security convertible into, or exchangeable for, such security, or when the Fund does not want to sell the security it owns. Such short sale transactions may be subject to special tax rules, one of the effects of which may be to accelerate income to the Fund. Additionally, the Fund may use short sales in conjunction with the purchase of a convertible security when it is determined that a convertible security can be bought at a small conversion premium and has a yield advantage relative to the underlying common stock sold short.

Repurchase Agreements. The Fund may enter into repurchase agreements with banks and non-bank dealers of United States government securities which are listed as reporting dealers of the Federal Reserve Bank and which furnish collateral at least equal in value or market price to the amount of their repurchase obligation. In a repurchase agreement, the Fund purchases a debt security from a seller who undertakes to repurchase the security at a specified resale price on an agreed future date. Repurchase agreements are generally for one business day and generally will not have a duration of longer than one week. The SEC has taken the position that, in economic reality, a repurchase agreement is a loan by a fund to the other party to the transaction secured by securities transferred to the fund. The resale price generally exceeds the purchase price by an amount which reflects an agreed upon market interest rate for the term of the repurchase agreement. The Fund’s risk is primarily that, if the seller defaults, the proceeds from the disposition of the underlying securities and other collateral for the seller’s obligation may be less than the repurchase price. If the seller becomes insolvent, the Fund might be delayed in or prevented from selling the collateral. In the event of a default or bankruptcy by a seller, the Fund will promptly seek to liquidate the collateral. To the extent that the proceeds from any sale of the collateral upon a default in the obligation to repurchase is less than the repurchase price, the Fund will experience a loss. If the financial institution that is a party to the repurchase agreement petitions for bankruptcy or becomes subject to the United States Bankruptcy Code, the law regarding the rights of the Fund is unsettled. As a result, under extreme circumstances, there may be a restriction on the Fund’s ability to sell the collateral and the Fund could suffer a loss.

Leverage. As provided in the Investment Company Act of 1940, as amended (the “1940 Act”), and subject to compliance with the Fund’s investment limitations, the Fund may issue senior securities representing shares, such as preferred shares, so long as immediately following such issuance of shares, its total assets exceed 200% of the amount of such shares, and may issue one class of senior securities representing indebtedness, such as notes, which in the aggregate must have asset coverage (as defined in the 1940 Act) immediately after the time of issuance of at least 300%. The use of leverage magnifies the impact of changes in NAV. For example, a fund that uses 33% leverage will show a 1.5% increase or decline in NAV for each 1% increase or decline in the value of its total assets. In addition, if the cost of leverage exceeds the return on the securities acquired with the proceeds of leverage, the use of leverage will diminish, rather than enhance, the return to the Fund.

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The use of leverage generally increases the volatility of returns to the Fund. Under Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. See “Risk Factors and Special Considerations-Special Risks of Derivative Transactions-Derivatives Transactions Subject to Rule 18f-4 Under the 1940 Act.”

Investment Restrictions. The Fund has adopted certain investment restrictions as fundamental policies of the Fund. Under the 1940 Act, a fundamental policy may not be changed without the vote of a majority, as defined in the 1940 Act, of the outstanding voting securities of the Fund (voting together as a single class). The Fund’s fundamental investment restrictions prohibit the Fund from: (1) concentrating its investments (i.e., investing more than 25% of the Fund’s total assets) in securities of issuers in any industry other than the Utility Industry; (2) purchasing or selling commodities or commodity contracts, except that the Fund may purchase or sell futures contracts and related options thereon if certain conditions are met, and purchasing or selling sell real estate, provided that the Fund may invest in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein; (3) making loans of money, except by the purchase of a portion of private or publicly distributed debt obligations or the entering into of repurchase agreements, and the Fund reserves the authority to make loans of its portfolio securities to financial intermediaries in an aggregate amount not exceeding 20% of its total assets; (4) borrowing money, except to the extent permitted by applicable law (i.e., the Fund generally may borrow money in amounts of up to one-third of the Fund’s total assets for any purpose, subject to the requirement that the Fund have asset coverage of at least 300% of the amount of its borrowings at the time the borrowing is incurred, and may borrow up to 5% of the Fund’s total assets for temporary purposes (for up to 60 days) without maintaining such 300% asset coverage); (5) issuing senior securities, except to the extent permitted by applicable law (i.e., the Fund may issue senior securities (which may be stock, such as preferred shares, and/or securities representing debt, such as notes), subject to the requirement that the Fund maintain asset coverage as required by the 1940 Act); and (6) underwriting securities of other issuers except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended, in selling portfolio securities.

Portfolio Turnover. The Fund will buy and sell securities to accomplish its investment objective. The investment policies of the Fund may lead to frequent changes in investments, particularly in periods of rapidly fluctuating interest or currency exchange rates. The portfolio turnover may be higher than that of other investment companies.

Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed by dividing the lesser of the amount of the securities purchased or securities sold by the average monthly value of securities owned during the year (excluding securities whose maturities at acquisition were one year or less). High portfolio turnover may also result in the realization of substantial net short term capital gains and any distributions resulting from such gains will be taxable at ordinary income rates for United States federal income tax purposes. The Fund’s portfolio turnover rates for the fiscal years ended December 31, 2024 and 2023 were 3% and 2%, respectively.

Long Term Objective. The Fund is intended for investors seeking long term capital growth and income. The Fund is not meant to provide a vehicle for those who wish to benefit from short term swings in the stock market. An investment in shares of the Fund should not be considered a complete investment program. Each

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shareholder should take into account the shareholder’s investment objectives as well as the shareholder’s other investments when considering investing in the Fund.

Loans of Portfolio Securities. To increase income, the Fund may lend its portfolio securities to securities broker-dealers or financial institutions if (i) the loan is collateralized in accordance with applicable regulatory requirements and (ii) no loan will cause the value of all loaned securities to exceed 20% of the value of its total assets.

If the borrower fails to maintain the requisite amount of collateral, the loan automatically terminates and the Fund could use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over the value of the collateral. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in collateral should the borrower of the securities fail financially. While these loans of portfolio securities will be made in accordance with guidelines approved by the Board, there can be no assurance that borrowers will not fail financially. On termination of the loan, the borrower is required to return the securities to the Fund, and any gain or loss in the market price during the loan would inure to the Fund. If the counterparty to the loan petitions for bankruptcy or becomes subject to the United States Bankruptcy Code, the law regarding the Fund’s rights is unsettled. As a result, under these circumstances, there may be a restriction on the Fund’s ability to sell the collateral and it would suffer a loss.

Borrowing. The Fund may borrow money in accordance with its investment restrictions, including as a temporary measure for extraordinary or emergency purposes.

Risk Factors and Special Considerations

Investors should consider the following risk factors and special considerations associated with investing in the Fund:

Utility Industry Risks

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings made for investment purposes) in foreign and domestic companies involved in the Utility Industry and, as a result, the value of the common shares will be more susceptible to factors affecting those particular types of companies, including governmental regulation, inflation, cost increases in fuel and other operating expenses, technological innovations that may render existing products and equipment obsolete and increasing interest rates resulting in high interest costs on borrowings needed for capital construction programs, including costs associated with compliance with environmental and other regulations.

Sector Risk. The Fund concentrates its investments in the Utility Industry. As a result, the Fund’s investments may be subject to greater risk and market fluctuation than a fund that had securities representing a broader range of investment alternatives. The prices of securities issued by traditional utility companies may change in response to interest rate changes. There is no guarantee that this relationship will continue.

Government Regulation. Companies in certain sectors of the Utility Industry (such as power generation and distribution) are subject to extensive governmental regulatory requirements. Certain of these regulations that are intended to limit the concentration of ownership and control of companies in these industries may prevent companies in which the Fund invests from making certain investments that they would otherwise make. Other

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regulations may cause Utility Industry companies to incur substantial additional costs or lengthy delays in connection with the completion of capital investments or the introduction of new products or services to market. There are substantial differences between the regulatory practices and policies in various jurisdictions, and any given regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory authorities will, in the future, permit companies to implement rate increases or that such increases will be adequate to permit the payment of dividends on such issuer’s common shares. Additionally, existing and possible future regulatory legislation may make it even more difficult for companies in the Utility Industry to obtain adequate relief from rate regulation.

Regulatory considerations limit the percentage of the shares of a public utility held by a fund or by an adviser and its affiliates on behalf of all their clients. Various types of ownership restrictions are imposed by the Federal Communications Commission (“FCC”) on investment in media companies and cellular licensees. These rules limit the number of broadcast stations both locally and nationally that a single entity is permitted to own, operate, or control and prohibit ownership of certain competitive communications providers in the same location. The FCC also applies limited ownership restrictions on cellular licensees serving rural areas. Attributable interests that may result from the role of the Investment Adviser and its principals in connection with other funds, managed accounts and companies may limit the Fund’s ability to invest in certain mass media and cellular companies. These limitations may unfavorably restrict the ability of the Fund to make certain investments.

Deregulation. Changing regulation constitutes one of the industry-specific risks for the Fund, especially with respect to its investments in traditionally regulated public utilities and partially regulated utility companies. Domestic and foreign regulators monitor and control utility revenues and costs, and therefore may limit utility profits and dividends paid to investors, which could result in reduced income to the Fund. Regulatory authorities also may restrict a company’s access to new markets, thereby diminishing the company’s long term prospects. The deregulation of certain utility companies may eliminate restrictions on profits and dividends, but may also subject these companies to greater risks of loss. Deregulation of the utility industry could have a positive or negative impact on the Fund. The Investment Adviser believes that certain utility companies’ fundamentals should continue to improve as the industry undergoes deregulation. Companies may seek to strengthen their competitive positions through mergers and takeovers. The loosening of the government regulation of utilities should encourage convergence within the industry. Improving earnings prospects, strong cash flows, share repurchases and takeovers from industry consolidation may tend to boost share prices. However, as has occurred in California and elsewhere, certain companies may be less able to meet the challenge of deregulation as competition increases and investments in these companies would not be likely to perform well. Individual sectors of the utility market are subject to additional risks. These risks can apply to all utility companies - regulated or fully or partially deregulated and unregulated. For example, telecommunications companies have been affected by technological developments leading to increased competition, as well as changing regulation of local and long-distance telephone services and other telecommunications businesses. Certain telecommunications companies have been adversely affected by the new competitive climate.

Financing. Currently and historically, companies in the Utility Industry have encountered difficulties in obtaining financing for construction programs during inflationary periods. Issuers experiencing difficulties in financing construction programs may also experience lower profitability, which can result in reduced income to the Fund.

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Equipment and Supplies. Traditional utility companies face the risk of lengthy delays and increased costs associated with the design, construction, licensing and operation of their facilities. Moreover, technological innovations may render existing plants, equipment or products obsolete. Increased costs and a reduction in the availability of fuel (such as oil, coal, nuclear or natural gas) also may adversely affect the profitability of utility companies.

Electric utilities may be burdened by unexpected increases in operating costs. They may also be negatively affected when long term interest rates rise. Long term borrowings are used to finance most utility investments, and rising interest rates lead to higher financing costs and reduced earnings. There are also the considerable costs associated with environmental compliance, nuclear waste clean-up, cap and trade or other programs designed to reduce carbon dioxide and other greenhouse emissions, and safety regulation. Increasingly, regulators are calling upon electric utilities to bear these added costs, and there is a risk that these costs will not be fully recovered through an increase in revenues.

Among gas companies, there has been a move to diversify into oil and gas exploration and development, making investment returns more sensitive to energy prices. In the case of the water utility sector, the industry is highly fragmented, and most water supply companies find themselves in mature markets, although upgrading of fresh water and waste water systems is an expanding business.

Long Term Objective: Not a Complete Investment Program

The Fund is intended for investors seeking long term capital growth and income. The Fund is not meant to provide a vehicle for those who wish to exploit short term swings in the stock market. An investment in shares of the Fund should not be considered a complete investment program. Each shareholder should take into account the Fund’s investment objective as well as the shareholder’s other investments when considering an investment in the Fund.

Market Value and Net Asset Value

The Fund is a diversified, closed-end management investment company. Shares of closed-end funds are bought and sold in the securities markets and may trade at either a premium to or discount from NAV. Listed shares of closed-end investment companies often trade at discounts from NAV. This characteristic of shares of a closed-end fund is a risk separate and distinct from the risk that its NAV may decrease. The Fund cannot predict whether its listed shares will trade at, below or above NAV. The risk of holding shares of a closed-end fund that might trade at a discount is more pronounced for shareholders who wish to sell their shares in a relatively short period of time after acquiring them because, for those investors, realization of a gain or loss on their investments is likely to be more dependent upon the existence of a premium or discount than upon portfolio performance. The Fund’s shares are not subject to redemption. Shortly after the inception of the Fund, the market price of the Fund exceeded the NAV and the premium continues today. Shareholders desiring liquidity may, subject to applicable securities laws, trade their Fund shares on the New York Stock Exchange (“NYSE”) or other markets on which such shares may trade at the then-current market value, which may differ from the then-current NAV. Shareholders will incur brokerage or other transaction costs to sell shares.

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Non-Investment Grade Securities

The Fund may invest up to 25% of its total assets in fixed income securities rated below investment grade by recognized statistical rating agencies or unrated securities of comparable quality. These securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to adverse conditions. Debt securities that are not rated or that are rated lower than “BBB” by S&P or lower than “Baa” by Moody’s are referred to in the financial press as “junk bonds.” Such securities are subject to greater risks than investment grade securities, which reflect their speculative character, including the following:

| ● | greater volatility;

| ● | greater credit risk;

| ● | potentially greater sensitivity to general economic or industry conditions;

| ● | potential lack of attractive resale opportunities (illiquidity); and

| ● | additional expenses to seek recovery from issuers who default.

Fixed income securities purchased by the Fund may be rated as low as C by Moody’s or D by S&P or may be unrated securities considered to be of equivalent quality. Securities that are rated C by Moody’s are the lowest rated class and can be regarded as having extremely poor prospects of ever obtaining investment-grade standing. Debt rated D by S&P is in default or is expected to default upon maturity of payment date.

The market value of non-investment grade securities may be more volatile than the market value of higher rated securities and generally tends to reflect the market’s perception of the creditworthiness of the issuer and short term market developments to a greater extent than more highly rated securities, which primarily reflect fluctuations in general levels of interest rates. Generally, such non-investment grade securities and unrated securities of comparable quality offer a higher current yield than is offered by higher rated securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of the rating organizations, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation. The market values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher quality securities. In addition, such securities generally present a higher degree of credit risk. The risk of loss due to default by these issuers is significantly greater because such non-investment grade securities and unrated securities of comparable quality generally are unsecured and frequently are subordinated to the prior payment of senior indebtedness. In light of these risks, the Investment Adviser, in evaluating the creditworthiness of an issue, whether rated or unrated, will take various factors into consideration, which may include, as applicable, the issuer’s operating history, financial resources and its sensitivity to economic conditions and trends, the market support for the facility financed by the issue, the perceived ability and integrity of the issuer’s management, and regulatory matters.

Non-investment grade securities also present risks based on payment expectations. If an issuer calls the obligation for redemption (often a feature of fixed income securities), the Fund may have to replace the security with a lower yielding security, resulting in a decreased return for investors. Also, as the principal value of nonconvertible bonds and preferred stocks moves inversely with movements in interest rates, in the event of rising interest rates the value of the securities held by the Fund may decline proportionately more than a portfolio

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consisting of higher rated securities. Investments in zero coupon bonds may be more speculative and subject to greater fluctuations in value due to changes in interest rates than bonds that pay regular income streams.

Ratings are relative and subjective, and are not absolute standards of quality. Securities ratings are based largely on the issuer’s historical financial condition and the rating agencies’ analysis at the time of rating. Consequently, the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition.

As part of its investment in non-investment grade securities, the Fund may invest in securities of issuers in default. The Fund will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their obligations or emerge from bankruptcy protection under a plan pursuant to which the securities received by the Fund in exchange for its defaulted securities will have a value in excess of the Fund’s investment. By investing in securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations or emerge from bankruptcy protection or that the value of the securities will not otherwise appreciate.

Equity Risk

Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in market value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund holds. An investment in the Fund represents an indirect economic stake in the securities owned by the Fund, which are for the most part traded on securities exchanges or in the OTC markets. The market value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The NAV of the Fund may at any point in time be worth less than the amount at the time the shareholder invested in the Fund, even after taking into account any reinvestment of distributions.

Foreign Securities

The Fund may invest its assets in foreign securities without limitation, including securities of issuers whose primary operations or principal trading market is in an “emerging market.” Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily associated with investments in securities of domestic issuers and such securities may be more volatile than those of issuers in the United States. Foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to United States companies. Foreign securities exchanges, brokers and listed companies may be subject to less government supervision and regulation than exists in the United States. Dividend and interest income may be subject to withholding and other foreign taxes, which may adversely affect the net return on such investments. There may be difficulty in obtaining or enforcing a court judgment abroad. In addition, it may be difficult to effect repatriation of capital invested in certain countries. Also, with respect to certain countries, there are risks of expropriation, confiscatory taxation, political or social instability or diplomatic developments that could affect assets of the Fund held in foreign countries. Dividend income that the Fund receives from foreign securities may not be eligible for the special tax treatment applicable to qualified dividend income. Moreover, certain equity investments in foreign issuers classified as passive foreign investment companies may be subject to additional taxation risk.

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There may be less publicly available information about a foreign company than a United States company. Foreign securities markets may have substantially less volume than United States securities markets and some foreign company securities are less liquid than securities of otherwise comparable United States companies. A portfolio of foreign securities may also be adversely affected by fluctuations in the rates of exchange between the currencies of different nations and by exchange control regulations. Foreign markets also have different clearance and settlement procedures that could cause the Fund to encounter difficulties in purchasing and selling securities on such markets and may result in the Fund missing attractive investment opportunities or experiencing loss. In addition, a portfolio that includes foreign securities can expect to have a higher expense ratio because of the increased transaction costs on non-United States securities markets and the increased costs of maintaining the custody of foreign securities.

The Fund also may purchase sponsored American Depositary Receipts (“ADRs”) or United States dollar denominated securities of foreign issuers. ADRs are receipts issued by United States banks or trust companies in respect of securities of foreign issuers held on deposit for use in the United States securities markets. While ADRs may not necessarily be denominated in the same currency as the securities into which they may be converted, many of the risks associated with foreign securities may also apply to ADRs. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.

Emerging Markets

An “emerging market” country is any country that is considered to be an emerging or developing country by the International Bank for Reconstruction and Development. Investing in securities of companies in emerging markets may entail special risks relating to potential political and economic instability and the risks of expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation of capital invested. Emerging securities markets are substantially smaller, less developed, less liquid and more volatile than the major securities markets. The limited size of emerging securities markets and limited trading value compared to the volume of trading in U.S. securities could cause prices to be erratic for reasons apart from factors that affect the quality of the securities. For example, limited market size may cause prices to be unduly influenced by traders who control large positions. Adverse publicity and investors’ perceptions, whether or not based on fundamental analysis, may decrease the value and liquidity of portfolio securities, especially in these markets. Other risks include high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries; overdependence on exports, including gold and natural resources exports, making these economies vulnerable to changes in commodity prices; overburdened infrastructure and obsolete or unseasoned financial systems; environmental problems; potential for sanctions; less developed legal systems, and deficiencies in regulatory oversight, market infrastructure, shareholder protections; differences in regulatory, accounting, auditing and financial reporting and recordkeeping standards; and less reliable securities custodial services and settlement practices.

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Small- and Mid-Cap Stock Risk

The Fund may invest in companies with small or medium capitalizations. Smaller and medium company stocks can be more volatile than, and perform differently from, larger company stocks. There may be less trading in a smaller or medium company’s stock, which means that buy and sell transactions in that stock could have a larger impact on the stock’s price than is the case with larger company stocks. Smaller and medium company stocks may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Smaller and medium companies may have fewer business lines; changes in any one line of business, therefore, may have a greater impact on a smaller and medium company’s stock price than is the case for a larger company. As a result, the purchase or sale of more than a limited number of shares of a small and medium company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. In addition, smaller or medium company stocks may not be well known to the investing public.

Special Risks of Derivative Transactions

The Fund may participate in derivative transactions. Such transactions entail certain execution, market, liquidity, hedging and tax risks. Participation in the options, futures or swaps markets and in currency exchange transactions involves investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies. If the Investment Adviser’s prediction of movements in the direction of the securities, foreign currency and interest rate markets are inaccurate, the consequences to the Fund may leave the Fund in a worse position than if such strategies were not used. Risks inherent in the use of options, foreign currency, swaps contracts, futures contracts and options on futures contracts, swap contracts, securities indices and foreign currencies include:

| ● | dependence on the Investment Adviser’s ability to predict correctly movements in the direction of interest rates, securities prices and currency markets;

| ● | imperfect correlation between the price of options and futures contracts and options thereon and movements in the prices of the securities or currencies being hedged;

| ● | the fact that skills needed to use these strategies are different from those needed to select portfolio securities;

| ● | the possible absence of a liquid secondary market for any particular instrument at any time;

| ● | the possible need to defer closing out certain hedged positions to avoid adverse tax consequences;

| ● | the possible inability of the Fund to purchase or sell a security at a time that otherwise would be favorable for it to do so; and

| ● | the creditworthiness of counterparties.

Options, futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii) delays in the ability of the Fund to act upon economic events occurring in the foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms and procedures and margin

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requirements than in the United States and (v) less trading volume. Exchanges on which options, futures, swaps and options on futures or swaps are traded may impose limits on the positions that the Fund may take in certain circumstances.

Many OTC derivatives are valued on the basis of dealers’ pricing of these instruments. However, the price at which dealers value a particular derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Fund’s NAV and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments. Exchange-traded derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements mandated by the SEC or the Commodity Futures Trading Commission. These regulators also have broad discretion to impose margin requirements on non-cleared OTC derivatives. These margin requirements will increase the overall costs for the Fund.

While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective.

Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs.

Under Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. See “-Derivatives Transactions Subject to Rule18f-4 Under the 1940 Act” below.

Derivatives Transactions Subject to Rule 18f-4 Under the 1940 Act. Rule 18f-4 under the 1940 Act governs the Fund’s use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the Fund. Rule 18f-4 permits the Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Section 18 of the Investment Company Act, among other things, prohibits closed-end funds, including the Trust, from issuing or selling any “senior security” representing indebtedness (unless the fund maintains 300% “asset coverage”) or any senior security representing stock (unless the fund maintains 200% “asset coverage”). In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering Derivatives Transactions and certain financial instruments.

Under Rule 18f-4, “Derivatives Transactions” include the following: (i) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing; (iii) reverse repurchase agreements and similar financing transactions, if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (iv) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced commitments, and dollar rolls) and non-standard settlement cycle

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securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless the Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Fund to (i) appoint a Derivatives Risk Manager; (ii) maintain a Derivatives Risk Management Program designed to identify, assess, and reasonably manage the risks associated with Derivatives Transactions; (iii) comply with certain value-at-risk (VaR)-based leverage limits (VaR is an estimate of an instrument’s or portfolio’s potential losses over a given time horizon and at a specified confidence level); and (iv) comply with certain Board reporting and recordkeeping requirements.

Rule 18f-4 provides an exception from the requirements to appoint a Derivatives Risk Manager, adopt a Derivatives Risk Management Program, comply with certain VaR-based leverage limits, and comply with certain Board oversight and reporting requirements if the Fund’s “derivatives exposure” (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited Derivatives User Exception”).

Pursuant to Rule 18f-4, if the Fund enters into reverse repurchase agreements or similar financing transactions, the Fund will (i) aggregate the amount of indebtedness associated with all of its reverse repurchase agreements or similar financing transactions with the amount of any other “senior securities” representing indebtedness (e.g., bank borrowings, if applicable) when calculating the Fund’s asset coverage ratio or (ii) treat all such transactions as Derivatives Transactions.

The requirements of Rule 18f-4 may limit the Fund’s ability to engage in Derivatives Transactions as part of its investment strategies. These requirements may also increase the cost of the Fund’s investments and cost of doing business, which could adversely affect the value of the Fund’s investments and/or the performance of the Fund.

Futures Transactions

Futures and options on futures entail certain risks, including but not limited to the following:

| ● | no assurance that futures contracts or options on futures can be offset at favorable prices;

| ● | possible reduction of the yield of the Fund due to the use of hedging;

| ● | possible reduction in value of both the securities hedged and the hedging instrument;

| ● | possible lack of liquidity due to daily limits or price fluctuations;

| ● | imperfect correlation between the contracts and the securities being hedged; and

| ● | losses from investing in futures transactions that are potentially unlimited.

The Fund’s ability to establish and close out positions in futures contracts and options thereon will be subject to the development and maintenance of liquid markets. Although the Fund generally will purchase or sell only those futures contracts and options thereon for which there appears to be a liquid market, there is no assurance that a liquid market on an exchange will exist for any particular futures contract or option thereon at any particular time.

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In the event no liquid market exists for a particular futures contract or option thereon in which the Fund maintains a position, it will not be possible to effect a closing transaction in that contract or to do so at a satisfactory price and the Fund would have to either make or take delivery under the futures contract or, in the case of a written option, wait to sell the underlying securities until the option expires or is exercised or, in the case of a purchased option, exercise the option. In the case of a futures contract or an option thereon which the Fund has written and which the Fund is unable to close, the Fund would be required to maintain margin deposits on the futures contract or option thereon and to make variation margin payments until the contract is closed.

Successful use of futures contracts and options thereon and forward contracts by the Fund is subject to the ability of the Investment Adviser to predict correctly movements in the direction of interest and foreign currency rates. If the Investment Adviser’s expectations are not met, the Fund will be in a worse position than if a hedging strategy had not been pursued. For example, if the Fund has hedged against the possibility of an increase in interest rates that would adversely affect the price of securities in its portfolio and the price of such securities increases instead, the Fund will lose part or all of the benefit of the increased value of its securities because it will have offsetting losses in its futures positions. In addition, in such situations, if the Fund has insufficient cash to meet daily variation margin requirements, it may have to sell securities to meet the requirements. These sales may be, but will not necessarily be, at increased prices that reflect the rising market. The Fund may have to sell securities at a time when it is disadvantageous to do so.

Swap Agreements

Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Whether the Fund’s use of swap agreements will be successful in furthering its investment objective will depend on the Investment Adviser’s ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Because they are two party contracts and because they may have terms of greater than seven days, some swap agreements may be considered by the Fund to be illiquid. Restrictions imposed by the tax rules applicable to regulated investment companies may limit the Fund’s ability to use swap agreements. The swap market currently is largely unregulated. It is possible that developments in the swap market, including potential significant government regulation as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) or otherwise, could adversely affect the Fund’s ability to enter into or terminate swap agreements or to realize amounts to be received under these agreements. Swap transactions may involve substantial leverage.

Forward Currency Exchange Contracts

The use of forward currency exchange contracts may involve certain risks, including the failure of the counterparty to perform its obligations under the contract and that the use of forward contracts may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts and the prices of the currencies hedged or used for cover.

Dependence on Key Personnel

Mr. Mario J. Gabelli is a portfolio manager of the Fund. The Investment Adviser is dependent upon the expertise of Mr. Gabelli in providing advisory services with respect to the Fund’s investments. If the Investment Adviser

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were to lose the services of Mr. Gabelli, its ability to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found for Mr. Gabelli in the event of his death, resignation, retirement or inability to act on behalf of the Investment Adviser.

Coronavirus (“COVID-19”) and Global Health Event Risk

An outbreak of a highly contagious novel coronavirus known as “COVID 19” that was first declared in December 2019 developed into a global pandemic that had a devastating impact on the global economy, including the U.S. economy, and resulted in a global economic recession. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. Many states issued orders requiring the closure of non-essential businesses and/or requiring residents to stay at home. The COVID 19 pandemic and preventative measures taken to contain or mitigate its spread caused business shutdowns, cancellations of events and travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States. The U.S. economy and most other major global economies may continue to experience a substantial economic downturn or recession, and our business and operations, as well as the business and operations of our portfolio companies, could be materially adversely affected by a prolonged economic downturn or recession in the United States and other major markets.

The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time. Public health crises caused by an outbreak may exacerbate other preexisting political, social and economic risks in certain countries or globally. These events could have a significant impact on the Fund’s performance, NAV, income, operating results and ability to pay distributions, as well as the performance, income, operating results and viability of issuers in which it invests.

Market Disruption and Geopolitical Risk

The consequences of the conflict between Russia and Ukraine, including international sanctions, further impact on inflation and increased disruption to supply chains may impact our portfolio companies, result in an economic downturn or recession either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military action, reignited “cold” wars or in the form of virtual warfare such as cyberattacks) with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Fund’s returns and NAV.

The occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics (such as COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, natural/environmental disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the United States and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the European Union (“EU”) or the Economic and Monetary Union, continued changes in the balance of political power among and within the branches of the U.S. government, government shutdowns, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide. The

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current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, may in the future result in government shutdowns, which could have a material adverse effect on the Fund’s investments and operations. In addition, the Fund’s ability to raise additional capital in the future through the sale of securities could be materially affected by a government shutdown. Additional and/or prolonged U.S. government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. In particular, the escalation of the conflict between Russia and Ukraine in Europe and the conflict between Hamas and Israel in the Middle East, including international sanctions, further impact on inflation and increased disruption to supply chains and regional trade, may impact our portfolio companies. Such unfavorable economic conditions also may also be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. The current political climate has intensified concerns about a potential trade war between China and the United States, as each country has recently imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on our performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on our business, financial condition and results of operations.

On January 31, 2020, the United Kingdom officially left the European Union (“Brexit”), subject to a transitional period that ended December 31, 2020. The United Kingdom and European Union have reached an agreement on the terms of their future trading relationship effective January 1, 2021, which principally relates to the trading of goods rather than services, including financial services. Further discussions are to be held between the United Kingdom and the European Union in relation to matters not covered by the trade agreement, such as financial services. The Fund faces risks associated with the potential uncertainty and consequences that may follow Brexit, including with respect to volatility in exchange rates and interest rates. Brexit could adversely affect European or worldwide political, regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial markets. Brexit has also led to legal uncertainty and could lead to politically divergent national laws and regulations as a new relationship between the United Kingdom and European Union is defined and the United Kingdom determines which European Union laws to replace or replicate. Any of these effects of Brexit could adversely affect any of the companies to which the Fund has exposure and any other assets that the Fund invests in. The political, economic and legal consequences of Brexit are not yet known. In the short term, financial markets may experience heightened volatility, particularly those in the United Kingdom and Europe, but possibly worldwide. The United Kingdom and Europe may be less stable than they have been in recent years, and investments in the United Kingdom and the European Union may be difficult to value or subject to greater or more frequent volatility. In the longer term, there is likely to be

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a period of significant political, regulatory and commercial uncertainty as the United Kingdom continues to negotiate the terms of its future trading relationship with the European Union.

While the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the recent coronavirus (COVID-19) outbreak, generally subsided, uncertainty and periods of volatility still remain, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect to certain interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund’s performance or impair the Fund’s ability to achieve its investment objective.

Cybersecurity incidents affecting particular companies or industries may adversely affect the economies of particular countries, regions or parts of the work in which the Fund invests.

The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. The Fund does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications.

Economic Events and Market Risk

Periods of market volatility may continue to occur in the future, in response to various political, social and economic events both within and outside of the United States. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including by making valuation of some of the Fund’s securities uncertain and/or result in sudden and significant valuation increases or declines in the Fund’s holdings. If there is a significant decline in the value of the Fund’s portfolio, this may impact the asset coverage levels for the Fund’s outstanding leverage.

Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery, the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund’s ability to achieve its investment objective.

Regulation and Government Intervention Risk.

Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Fund invests in ways that are unforeseeable.

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Legislation or regulation may also change the way in which the Fund is regulated. Such legislation or regulation could limit or preclude the Fund’s ability to achieve its investment objective.

In light of popular, political and judicial focus on finance related consumer protection, financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a closed-end investment company such as the Fund and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors.

The Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and its ability to achieve its investment objective.

Inflation Risk

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy. As inflation increases, the real value of the Fund’s shares and distributions therefore may decline. In addition, during any periods of rising inflation, dividend rates of any debt securities issued by the Fund would likely increase, which would tend to further reduce returns to the Fund’s common shareholders.

Deflation Risk

Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

Anti-Takeover Provisions of the Fund’s Governing Documents

The Fund’s Agreement and Declaration of Trust as amended and supplemented (including the statements of preferences thereto) and bylaws, as amended from time to time, include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to an open-end fund.

Special Risks Related to Fund Investments in Preferred Securities

There are special risks associated with the Fund’s investing in preferred securities, including:

| ● | Deferral. Preferred securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions for a stated period without any adverse consequences to the issuer. If the Fund

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owns a preferred security that is deferring its dividends or distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.

| ● | Non-Cumulative Dividends. Some preferred securities are non-cumulative, meaning that the dividends do not accumulate and need not ever be paid. A portion of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation to make up any arrearages to its shareholders. Should an issuer of a non-cumulative preferred security held by the Fund determine not to pay dividends or distributions on such security, the Fund’s return from that security may be adversely affected. There is no assurance that dividends or distributions on non-cumulative preferred securities in which the Fund invests will be declared or otherwise made payable.

| ● | Subordination. Preferred securities are subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt security instruments.

| ● | Liquidity. Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities.

| ● | Limited Voting Rights. Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may be entitled to elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights.

| ● | Special Redemption Rights. In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in federal income tax or securities laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.

| ● | Phantom Income. Some preferred securities are classified as debt for U.S. federal income tax purposes.

Special Risks to Holders of Notes

There may not be an established market for our notes. To the extent that our notes trade, they may trade at a price either higher or lower than their principal amount depending on interest rates, the rating (if any) on such notes and other factors.

Investment Companies

The Fund may invest in the securities of other investment companies to the extent permitted by law. To the extent the Fund invests in the common equity of investment companies, the Fund will bear its ratable share of any such investment company’s expenses, including management fees. The Fund will also remain obligated to pay management fees to the Investment Adviser with respect to the assets invested in the securities of other investment companies. In these circumstances holders of the Fund’s common shares will be subject to duplicative investment expenses.

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Counterparty Risk

The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

Loans of Portfolio Securities

Consistent with applicable regulatory requirements and the Fund’s investment restrictions, the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are callable at any time by the Fund (subject to certain notice provisions) and are at all times secured by cash or cash equivalents, which are maintained in a segregated account pursuant to applicable regulations and that are at least equal to the market value, determined daily, of the loaned securities. The advantage of such loans is that the Fund continues to receive the income on the loaned securities while at the same time earning interest on the cash amounts deposited as collateral, which will be invested in short term liquid obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the laws or regulations of any state in which its shares are qualified for sale. The Fund’s loans of portfolio securities will be collateralized in accordance with applicable regulatory requirements, which means that “cash equivalents” accepted as collateral will be limited to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities or irrevocable letters of credit issued by a bank (other than the Fund’s bank lending agent, if any, or a borrower of the Fund’s portfolio securities or any affiliate of such bank or borrower) which qualifies as a custodian bank for an investment company under the 1940 Act.

Management Risk

The Fund is subject to management risk because it is an actively managed portfolio. The Investment Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

Status as a Regulated Investment Company

The Fund has qualified, and intends to remain qualified, for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Qualification requires, among other things, compliance by the Fund with certain distribution requirements. Statutory limitations on distributions on the common shares if the Fund fails to satisfy the 1940 Act’s asset coverage requirements could jeopardize the Fund’s ability to meet such distribution requirements. The Fund presently intends, however, to purchase or redeem preferred shares to the extent necessary in order to maintain compliance with such asset coverage requirements.

Leverage Risk

The Fund’s leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The Fund uses financial leverage for investment purposes by issuing preferred shares and notes. As of December 31, 2024, the amount of leverage represented approximately

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15.2% of the Fund’s total net assets. All series of the Fund’s preferred shares have the same seniority with respect to distributions and liquidation preference. Preferred shares have seniority over common shares with respect to distributions and upon liquidation of the Fund. The Fund’s notes have higher priority in the Fund’s capital structure than the Fund’s common shares and preferred shares and, therefore, the Fund’s notes have seniority over such shares with respect to the payment of interest and upon the distribution of the Fund’s assets.

The Fund’s use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, either through the issuance of preferred shares, borrowings, including notes, or other forms of market exposure, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. The Fund’s leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The Fund cannot assure that the issuance of preferred shares or notes will result in a higher yield or return to the holders of the common shares. Also, as the Fund is utilizing leverage, a decline in NAV could affect the ability of the Fund to make common share distributions and such a failure to pay dividends or make distributions could result in the Fund ceasing to qualify as a regulated investment company under the Code.

| ● | Special Risks of Preferred Shares to Holders of Common Shares. The issuance of preferred shares causes the NAV and market value of the common shares to become more volatile. If the dividend rate on the preferred shares approaches the net rate of return on the Fund’s investment portfolio, the benefit of leverage to the holders of the common shares would be reduced. If the dividend rate on the preferred shares plus the management fee annual rate of 1.00% (as applicable) exceeds the net rate of return on the Fund’s portfolio, the leverage will result in a lower rate of return to the holders of common shares than if the Fund had not issued preferred shares.

Any decline in the NAV of the Fund’s investments would be borne entirely by the holders of common shares. Therefore, if the market value of the Fund’s portfolio declines, the leverage will result in a greater decrease in NAV to the holders of common shares than if the Fund were not leveraged. This greater NAV decrease will also tend to cause a greater decline in the market price for the common shares. The Fund might be in danger of failing to maintain the required asset coverage of the preferred shares or of losing its ratings on the preferred shares or, in an extreme case, the Fund’s current investment income might not be sufficient to meet the dividend requirements on the preferred shares. In order to counteract such an event, the Fund might need to liquidate investments in order to fund a redemption of some or all of the preferred shares.

In addition, the Fund would pay (and the holders of common shares will bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares, including the advisory fees on the incremental assets attributable to such shares.

Holders of preferred shares may have different interests than holders of common shares and may at times have disproportionate influence over the Fund’s affairs. Holders of preferred shares, voting separately as a single class, would have the right to elect two members of the Board at all times and in the event dividends become two full years in arrears would have the right to elect a majority of the Trustees until such arrearage is completely eliminated. In addition, preferred shareholders have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion of the Fund to open-end status, and accordingly can veto any such changes.

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Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of the Fund’s common shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund’s ability to maintain its qualification as a regulated investment company for federal income tax purposes. While the Fund intends to redeem its preferred shares to the extent necessary to enable the Fund to distribute its income as required to maintain its qualification as a regulated investment company under the Code, there can be no assurance that such actions can be effected in time to meet the Code requirements.

| ● | Special Risks of Notes to Holders of Common Shares. If the interest rate on the Fund’s notes approaches the net rate of return on the Fund’s investment portfolio, the benefit of leverage to the holders of the common shares would be reduced. Any decline in the NAV of the Fund’s investments would be borne entirely by the holders of common shares. Therefore, if the market value of the Fund’s portfolio declines, the leverage will result in a greater decrease in NAV to the holders of common shares than if the Fund were not leveraged. This greater NAV decrease will also tend to cause a greater decline in the market price for the common shares. The Fund might be in danger of failing to maintain the required asset coverage of the notes. Holders of notes may have different interests than holders of common shares and at times may have disproportionate influence over the Fund’s affairs. In the event the Fund fails to maintain the specified level of asset coverage of any notes outstanding, the holders of the notes will have the right to elect a majority of the Fund’s trustees.

| ● | Portfolio Guidelines of Rating Agencies for Preferred Shares and/or Credit Facility. In order to obtain and maintain attractive credit quality ratings for preferred shares or borrowings, the Fund must comply with investment quality, diversification and other guidelines established by the relevant rating agencies. These tests tend to require over-collateralization and may be more difficult to satisfy to the extent the Fund’s portfolio securities are of lower credit quality, longer maturity or not diversified by issuer and industry within the meaning of such rating agencies’ collateralization tests. These guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. In the event that a rating on the Fund’s preferred shares or notes is lowered or withdrawn by the relevant rating agency, the Fund may also be required to redeem all or part of its outstanding preferred shares or notes, and the common shares of the Fund will lose the potential benefits associated with a leveraged capital structure.

| ● | Impact on Common Shares. Assuming that leverage will (1) be equal in amount to approximately 15.2% of the Fund’s total net assets, and (2) charge interest or involve dividend payments at a projected blended annual average leverage dividend or interest rate of 5.375%, then the annual return generated by the Fund’s portfolio (net of estimated expenses) must exceed approximately 0.83% of the Fund’s total net assets in order to cover such interest or dividend payments and other expenses specifically related to leverage. These numbers are merely estimates, used for illustration. Actual dividend rates, interest or payment rates may vary frequently and may be significantly higher or lower than the rate estimated above. The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of net investment income of the Fund, realized gains or losses of the Fund and changes in the value of the securities held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. See “Risk Factors and Special

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Considerations.” The table further reflects leverage representing 15.2% of the Fund’s total assets, the Fund’s current projected blended annual average leverage dividend or interest rate of 5.375%, a management fee at an annual rate of 1.00% of the liquidation preference of any outstanding preferred shares and the principal amount of the outstanding notes, and estimated annual incremental expenses attributable to any outstanding preferred shares and notes of 0.01% of the Fund’s net assets attributable to common shares.

Assumed Return on Portfolio (Net of Expenses) |  |  | (10.00 | )% |  |  | (5.00 | )% |  |  | 0.00 | % |  |  | 5.00 | % |  |  | 10.00 | %
Corresponding Return to Common Shareholder |  |  | (12.93 | )% |  |  | (7.04 | )% |  |  | (1.14 | )% |  |  | 4.75 | % |  |  | 10.65 | %

Common share total return is composed of two elements - the common share distributions paid by the Fund (the amount of which is largely determined by the taxable income of the Fund (including realized gains or losses) after paying interest on any debt, including any notes, and/or dividends on any preferred shares) and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than to enjoy total return. For example, to assume a total return of 0% the Fund must assume that the income it receives on its investments is entirely offset by expenses and losses in the value of those investments. The Fund’s shares are leveraged and the risks and special considerations related to leverage described in this prospectus apply. Such leveraging of the shares cannot be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Fund’s investment objectives and policies.

Special Risks to Holders of Fixed Rate Preferred Shares

| ● | Illiquidity Prior to Exchange Listing. Prior to the offering, there will be no public market for any additional series of Fixed Rate Preferred Shares. In the event any additional series of Fixed Rate Preferred Shares are issued, prior application will have been made to list such shares on a national securities exchange, which will likely be the NYSE. However, during an initial period, which is not expected to exceed 30 days after the date of its initial issuance, such shares may not be listed on any securities exchange. During such period, the underwriters may make a market in such shares, though, they will have no obligation to do so. Consequently, an investment in such shares may be illiquid during such period.

| ● | Market Price Fluctuation. Fixed Rate Preferred Shares may trade at a premium to or discount from liquidation value for various reasons, including changes in interest rates.

Special Risks to Holders of Notes

There may not be an established market for our notes. To the extent that our notes trade, they may trade at a price either higher or lower than their principal amount depending on interest rates, the rating (if any) on such notes and other factors.

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Special Risks for Holders of Subscription Rights

The issuance of subscription rights to purchase our common shares may substantially dilute the aggregate NAV of the common shares owned by shareholders who do not fully exercise their rights in the offering. Shareholders who do not exercise their rights to purchase common shares will own a smaller proportional interest in the Fund than they did before the offering. In the case of subscription rights for preferred shares, there is a risk that changes in yield or changes in the credit quality of the Fund may result in the underlying preferred shares purchasable upon exercise of the subscription rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the subscription rights for the preferred shares. Investors who receive subscription rights may find that there is no market to sell rights they do not wish to exercise. If investors exercise only a portion of the rights, the number of preferred shares or common shares issued may be reduced, and the preferred shares or common shares may trade at less favorable prices than larger offerings for similar securities.

Common Share Distribution Policy Risk

The Fund has adopted a policy, which may be changed at any time by the Board, of paying distributions on its common shares of $0.05 per share per month. In the event the Fund does not generate a total return from dividends and interest received and net realized capital gains in an amount equal to or in excess of its stated distribution in a given year, the Fund may return capital as part of such distribution, which may have the effect of decreasing the asset coverage per share with respect to the Fund’s preferred shares. Any return of capital should not be considered by investors as yield or total return on their investment in the Fund. Shareholders should not assume that a distribution from the Fund is comprised exclusively of net profits. For the fiscal year ended December 31, 2024, the Fund made distributions of $0.60 per common share, of which approximately $0.56 per share is deemed a return of capital. The Fund has made monthly distributions with respect to its common shares since October 1999. A portion of the distributions to holders of common shares during 20 of the 24 fiscal years since the Fund’s inception has constituted a return of capital. The composition of each distribution is estimated based on the earnings of the Fund as of the record date for each distribution. The actual composition of each of the current year’s distributions will be based on the Fund’s investment activity through the end of the calendar year.

Investment Restrictions

The Fund has adopted certain investment limitations designed to limit investment risk and maintain portfolio diversification. These limitations are fundamental and may not be changed without the approval of the holders of a majority, as defined in the 1940 Act, of the outstanding shares of common shares and preferred shares voting together as a single class. The Fund may become subject to guidelines that are more limiting than the investment restrictions set forth above in order to obtain and maintain ratings from Moody’s or Fitch Ratings Inc. on its preferred shares. See “Leverage Risk - Portfolio Guidelines of Rating Agencies for Preferred Shares and/or Credit Facility.”

Legislation Risk

At any time after the date of this report, legislation may be enacted that could negatively affect the assets of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment

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Adviser cannot predict the effects of any new governmental regulation that may be implemented and there can be no assurance that any new governmental regulation will not adversely affect the Fund’s ability to achieve its investment objective.

Reliance on Service Providers Risk

The Fund must rely upon the performance of service providers to perform certain functions, which may include functions that are integral to the Fund’s operations and financial performance. Failure by any service provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations to the Fund at all as a result of insolvency, bankruptcy or other causes could have a material adverse effect on the Fund’s performance and returns to shareholders. The termination of the Fund’s relationship with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of the Fund and could have a material adverse effect on the Fund’s performance and returns to shareholders.

Cyber Security Risk

The Fund and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service providers use to service the Fund’s operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers. Cyber attacks against or security breakdowns of the Fund or its service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses; the inability of Fund shareholders to transact business and the Fund to process transactions; inability to calculate the Fund’s NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur additional costs for cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities in which the Fund invests, which may cause the Fund’s investment in such issuers to lose value. There can be no assurance that the Fund or its service providers will not suffer losses relating to cyber attacks or other information security breaches in the future.

Misconduct of Employees and of Service Providers Risk

Misconduct or misrepresentations by employees of the Investment Adviser or the Fund’s service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund’s service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Fund’s business prospects or future marketing activities. Despite the Investment Adviser’s due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Investment Adviser’s due

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diligence efforts. As a result, no assurances can be given that the due diligence performed by the Investment Adviser will identify or prevent any such misconduct.

Senior Securities / leverage

As of December 31, 2024, the Fund uses leverage through the issuance of preferred shares.

Effects of Leverage

The following information is furnished in response to requirements of the SEC. It is designed to, among other things, illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, on Common Share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund’s continued use of preferred shares and notes, as of December 31, 2024 as a percentage of total managed assets (including assets attributable to such leverage), the estimated annual effective preferred shares dividend rate and interest expense rate payable by the Fund on notes (based on market conditions as of December 31, 2024), and the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs. The information below does not reflect the Fund’s use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as derivative instruments.

The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below.

Preferred Shares and Principal Value of Notes as a Percentage of Total Managed Assets (Including Assets Attributable to Preferred Shares and Notes) |  |  | 15.2 | %
Estimated Annual Effective Preferred Share Dividend and Interest on Note Rate |  |  | 5.375 | %
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Preferred Share Dividend and Interest on Note Rate |  |  | 0.83 | %
Common Share Total Return for (10.00)% Assumed Portfolio Total Return |  |  | (12.93 | )%
Common Share Total Return for (5.00)% Assumed Portfolio Total Return |  |  | (7.04 | )%
Common Share Total Return for 0.00% Assumed Portfolio Total Return |  |  | (1.14 | )%
Common Share Total Return for 5.00% Assumed Portfolio Total Return |  |  | 4.75 | %
Common Share Total Return for 10.00% Assumed Portfolio Total Return |  |  | 10.65 | %

Common shares total return is composed of two elements - the distributions paid by a Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding, such as notes) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that a Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, a Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects

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hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, the Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors, including, among other things, the Fund’s assessment of the yield curve environment, interest rate trends, market conditions and other factors.

SUMMARY OF FUND EXPENSES

The following table shows the Fund’s expenses, which are borne directly or indirectly by holders of the Fund’s common shares, including preferred shares and notes offering expenses, as a percentage of net assets attributable to common shares. All expenses of the Fund will be borne, directly or indirectly, by the common shareholders. Amounts are for the current fiscal year.

|  | Percentages of Net Assets
Annual Expenses |  | Attributable to Common Shares
Management Fees (a) |  | 1.18 | %
Interest on Borrowed Funds (b) |  | -- | %
Other Expense (c) |  | 0.32 | %
Total Annual Expenses |  | 1.50 | %
Dividends on Preferred Shares (d) |  | 0.96 | %
Total Annual Expenses and Dividends on Preferred |  | 2.46 | %

| (a) | The Investment Adviser’s fee is 1.00% annually of the Fund’s average weekly net assets. The Fund’s average weekly net assets will be deemed to be the average weekly value of the Fund’s total assets minus the sum of the Fund’s liabilities (such liabilities exclude (i) the aggregate liquidation preference of outstanding shares of preferred Shares and accumulated dividends, if any, on those shares and (ii) the liabilities for any money borrowed). Consequently, because the Fund has preferred Shares outstanding, the investment management fees and other expenses as a percentage of net assets attributable to common Shares will be higher than if the Fund did not utilize a leveraged capital structure.
| (b) | “Interest on Borrowed Funds” has been restated to reflect the maturity of the Fund’s promissory notes on December 31, 2024.
| (c) | “Other Expenses” are based on the amounts for the year ended December 31, 2024.
| (d) | Dividends on Preferred Stock represent the estimated annual distributions on the existing preferred stock outstanding.

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The following example illustrates the expenses you would pay on a $1,000 investment in common Shares, assuming a 5% annual portfolio total return.*

|  | 1 Year |  | 3 Year |  | 5 Year |  | 10 Year
Total Expenses Incurred |  | $25 |  | $77 |  | $131 |  | $280

| * | The example should not be considered a representation of future expenses. The example is based on Total Annual Expenses and Dividends on Preferred Shares shown in the table above and assumes that the amounts set forth in the table do not change and that all distributions are reinvested at net asset value. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

The above example includes Dividends on Preferred Shares and Interest on Borrowed Funds. If Dividends on Preferred Shares and Interest on Borrowed Funds were not included in the example calculation, the expenses would be as follows (based on the same assumptions as above).

|  | 1 Year |  | 3 Year |  | 5 Year |  | 10 Year
Total Expenses Incurred |  | $15 |  | $47 |  | $82 |  | $179

Share Price Data

The following table sets forth for the quarters indicated, the high and low closing prices on the NYSE per share of the Fund’s common shares and the NAV and the premium or discount from NAV at which the common shares was trading, expressed as a percentage of NAV, at each of the high and low NYSE closing prices provided.

|  |  |  |  |  | Corresponding |  |  |  |
|  |  |  |  |  | Net Asset |  | Corresponding
|  |  |  |  |  | Value |  | Premium or
|  | Common Share |  | (“NAV”) Per |  | Discount as a %
|  | Market Price |  | Share |  | of NAV
Quarter Ended |  | High |  | Low |  | High |  | Low |  | High |  | Low
March 31, 2023 |  | $7.81 |  | $6.76 |  | $3.74 |  | $3.47 |  | 108.82% |  | 94.81%
June 30, 2023 |  | $7.34 |  | $6.62 |  | $3.59 |  | $3.21 |  | 104.46% |  | 106.23%
September 30, 2023 |  | $7.08 |  | $5.24 |  | $3.28 |  | $2.82 |  | 115.85% |  | 85.82%
December 31, 2023 |  | $6.26 |  | $4.84 |  | $2.96 |  | $2.70 |  | 111.49% |  | 79.26%
March 31, 2024 |  | $5.59 |  | $5.09 |  | $2.74 |  | $2.77 |  | 104.01% |  | 83.75%
June 30, 2024 |  | $6.22 |  | $5.40 |  | $3.01 |  | $2.68 |  | 106.64% |  | 101.49%
September 30, 2024 |  | $6.16 |  | $5.20 |  | $3.00 |  | $3.14 |  | 105.33% |  | 65.61%
December 31, 2024 |  | $5.44 |  | $4.99 |  | $3.29 |  | $3.28 |  | 65.35% |  | 52.13%

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Portfolio Managers

During the year ended December 31, 2024, there were no changes to the management team of the Fund.

Unresolved SEC Staff Comments

The Fund does not believe that there are any material unresolved written comments, received 180 days or more before December 31, 2024 from the Staff of the SEC regarding any of the Fund’s periodic or current reports under the Securities Exchange Act or the Investment Company Act, or its registration statement.

AUTOMATIC DIVIDEND REINVESTMENT AND
VOLUNTARY CASH PURCHASE PLANS

Under the Fund’s Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan (the “Plan”), a shareholder whose shares of common stock are registered in his or her own name will have all distributions reinvested automatically by Computershare Trust Company, N.A. (“Computershare”), which is an agent under the Plan, unless the shareholder elects to receive cash. Distributions with respect to shares registered in the name of a broker-dealer or other nominee (that is, in “street name”) will be reinvested by the broker or nominee in additional shares under the Plan, unless the service is not provided by the broker or nominee or the shareholder elects to receive distributions in cash. Investors who own shares of common stock registered in street name should consult their broker-dealers for details regarding reinvestment. All distributions to investors who do not participate in the Plan will be paid by check mailed directly to the record holder by Computershare as dividend-disbursing agent.

Enrollment in the Plan

It is the policy of The Gabelli Utility Trust (the “Fund”) to automatically reinvest dividends payable to common shareholders. As a “registered” shareholder you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”). The Plan authorizes the Fund to credit common shares to participants upon an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium to net asset value.

Be advised that the common shares of The Gabelli Utility Trust have traded at excessive premiums (whereby the market price is much greater than the underlying net asset value.) Dividend reinvestment may be made at an excessive premium, which is not likely to be sustainable.

All distributions to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their share certificates to Computershare Trust Company, N.A. (“Computershare”) to be held in their dividend reinvestment account.

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Registered shareholders wishing to receive their distributions in cash may submit this request through the Internet, by telephone or in writing to:

The Gabelli Utility Trust

P.O. Box 43006

Providence, RI 02940-3006

Telephone: (800) 336-6983

Website: www.computershare.com/investor

Shareholders requesting this cash election must include the shareholder’s name and address as they appear on the Fund’s records. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact Computershare at the website or telephone number above.

If your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such institution, it may be necessary for you to have your shares taken out of “street name” and re-registered in your own name. Once registered in your own name, your distributions will be automatically reinvested. Certain brokers participate in the Plan. Shareholders holding shares in “street name” at participating institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.

The number of common shares distributed to participants in the Plan in lieu of cash dividends is determined in the following manner. Under the Plan, whenever the market price of the Fund’s common shares is equal to or exceeds net asset value at the time shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital gains distribution, participants are issued common shares valued at the greater of (i) the net asset value as most recently determined or (ii) 95% of the then current market price of the Fund’s common shares. The valuation date is the dividend or distribution payment date or, if that date is not a NYSE trading day, the next trading day. If the net asset value of the common shares at the time of valuation exceeds the market price of the common shares, participants will receive common shares from the Fund valued at market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, Computershare will buy common shares in the open market, or on the NYSE or elsewhere, for the participants’ accounts, except that Computershare will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net asset value if, following the commencement of such purchases, the market value of the common shares exceeds the then current net asset value.

The automatic reinvestment of dividends and capital gains distributions will not relieve participants of any income tax which may be payable on such distributions. A participant in the Plan will be treated for federal income tax purposes as having received, on a dividend payment date, a dividend or distribution in an amount equal to the cash the participant could have received instead of shares.

Voluntary Cash Purchase Plan

The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.

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Additional Fund Information (Continued) (Unaudited)

Participants in the Voluntary Cash Purchase Plan have the option of making additional cash payments to Computershare for investments in the Fund’s shares at the then current market price. Shareholders may send an amount from $250 to $10,000. Computershare will use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each shareholder who participates $0.75, plus a per share fee (currently $0.02 per share). Per share fees include any applicable brokerage commissions Computershare is required to pay and fees for such purchases are expected to be less than the usual fees for such transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box 6006, Carol Stream, IL 60197-6006 such that Computershare receives such payments approximately three business days before the 1st and 15th of the month. Funds not received at least three business days before the investment date shall be held for investment until the next purchase date. Computershare will wait up to three business days after receipt of a check to ensure it receives good funds and will then seek to purchase shares for voluntary cash payments on the voluntary cash payment date. A payment may be withdrawn without charge if notice is received by Computershare at least two business days before such payment is to be invested.

Shareholders wishing to liquidate shares held at Computershare may do so through the Internet, in writing or by telephone to the above-mentioned website, address or telephone number. Include in your request your name, address, and account number. Computershare will sell such shares through a broker-dealer selected by Computershare within 5 business days of receipt of the request. The sale price will equal the weighted average price of all shares sold through the Plan on the day of the sale, less applicable fees. Participants should note that Computershare is unable to accept instructions to sell on a specific date or at a specific price. The cost to liquidate shares is $2.50 per transaction as well as the per share fee (currently $0.10 per share) Per share fees include any applicable brokerage commissions Computershare is required to pay and are expected to be less than the usual fees for such transactions.

For more information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan, brochures are available by calling (914) 921-5070 or by writing directly to the Fund.

The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to the members of the Plan at least 30 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 30 days written notice to participants in the Plan.

67

The Gabelli Utility Trust

Additional Fund Information (Continued) (Unaudited)

Selected data for a share of beneficial interest outstanding throughout each year:

|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Operating Performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of year |  | $ | 4.61 |  |  | $ | 5.34 |  |  | $ | 5.45 |  |  | $ | 5.13 |  |  | $ | 6.16 |
Net investment income |  |  | 0.11 |  |  |  | 0.12 |  |  |  | 0.11 |  |  |  | 0.11 |  |  |  | 0.13 |
Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions |  |  | 0.99 |  |  |  | (0.27 | ) |  |  | 0.48 |  |  |  | 0.92 |  |  |  | (0.53 | )
Total from investment operations |  |  | 1.10 |  |  |  | (0.15 | ) |  |  | 0.59 |  |  |  | 1.03 |  |  |  | (0.40 | )
Distributions to Preferred Shareholders: (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.02 | ) |  |  | (0.02 | ) |  |  | (0.02 | ) |  |  | (0.01 | ) |  |  | (0.01 | )
Net realized gain |  |  | (0.08 | ) |  |  | (0.08 | ) |  |  | (0.09 | ) |  |  | (0.07 | ) |  |  | (0.03 | )
Total distributions to preferred shareholders |  |  | (0.10 | ) |  |  | (0.10 | ) |  |  | (0.11 | ) |  |  | (0.08 | ) |  |  | (0.04 | )
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations |  |  | 1.00 |  |  |  | (0.25 | ) |  |  | 0.48 |  |  |  | 0.95 |  |  |  | (0.44 | )
Distributions to Common Shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.09 | ) |  |  | (0.10 | ) |  |  | (0.10 | ) |  |  | (0.09 | ) |  |  | (0.11 | )
Net realized gain |  |  | (0.39 | ) |  |  | (0.48 | ) |  |  | (0.49 | ) |  |  | (0.48 | ) |  |  | (0.27 | )
Return of capital |  |  | (0.12 | ) |  |  | (0.02 | ) |  |  | (0.01 | ) |  |  | (0.03 | ) |  |  | (0.22 | )
Total distributions to common shareholders |  |  | (0.60 | ) |  |  | (0.60 | ) |  |  | (0.60 | ) |  |  | (0.60 | ) |  |  | (0.60 | )
Fund Share Transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase in net asset value from common share transactions |  |  | — |  |  |  | — |  |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.01 |
Increase in net asset value from common shares issued in rights offering |  |  | — |  |  |  | 0.12 |  |  |  | — |  |  |  | — |  |  |  | — |
Increase in net asset value from common shares issued upon reinvestment of distributions |  |  | 0.02 |  |  |  | 0.01 |  |  |  | — |  |  |  | — |  |  |  | — |
Offering costs and adjustments to offering costs for preferred shares charged or credited to paid-in capital |  |  | 0.00 | (b) |  |  | (0.01 | ) |  |  | 0.00 | (b) |  |  | (0.04 | ) |  |  | — |
Total Fund share transactions |  |  | 0.02 |  |  |  | 0.12 |  |  |  | 0.01 |  |  |  | (0.03 | ) |  |  | 0.01 |
Net Asset Value Attributable to Common Shareholders, End of Year |  | $ | 5.03 |  |  | $ | 4.61 |  |  | $ | 5.34 |  |  | $ | 5.45 |  |  | $ | 5.13 |
NAV total return† |  |  | 23.21 | % |  |  | (5.02 | )% |  |  | 9.27 | % |  |  | 18.62 | % |  |  | (7.12 | )%
Market value, end of year |  | $ | 7.77 |  |  | $ | 5.94 |  |  | $ | 7.10 |  |  | $ | 6.30 |  |  | $ | 5.70 |
Investment total return†† |  |  | 42.99 | % |  |  | (4.76 | )% |  |  | 23.48 | % |  |  | 22.08 | % |  |  | (14.15 | )%
Ratios to Average Net Assets and Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets including liquidation value of preferred shares, end of year (in 000’s) |  | $ | 374,625 |  |  | $ | 348,449 |  |  | $ | 336,165 |  |  | $ | 337,831 |  |  | $ | 270,508 |
Net assets attributable to common shares, end of year (in 000’s) |  | $ | 273,293 |  |  | $ | 247,117 |  |  | $ | 234,833 |  |  | $ | 236,498 |  |  | $ | 219,176 |
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions |  |  | 2.30 | % |  |  | 2.51 | % |  |  | 2.04 | % |  |  | 2.02 | % |  |  | 2.41 | %
Ratio of operating expenses to average net assets attributable to common shares before fee waived(c)(d) |  |  | 1.64 | %(e) |  |  | 1.81 | % |  |  | 1.80 | % |  |  | 1.71 | % |  |  | 1.57 | %
Ratio of operating expenses to average net assets attributable to common shares net of advisory fee reduction, if any(c)(f) |  |  | 1.64 | % |  |  | 1.60 | % |  |  | 1.80 | % |  |  | 1.71 | % |  |  | 1.35 | %
Portfolio turnover rate |  |  | 23 | % |  |  | 26 | % |  |  | 18 | % |  |  | 22 | % |  |  | 9 | %

68

The Gabelli Utility Trust

Additional Fund Information (Continued) (Unaudited)

Selected data for a share of beneficial interest outstanding throughout each year:

|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Cumulative Preferred Shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5.625% Series A Preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of year (in 000’s) |  | $ | 28,832 |  |  | $ | 28,832 |  |  | $ | 28,832 |  |  | $ | 28,832 |  |  | $ | 28,832 |
Total shares outstanding (in 000’s) |  |  | 1,153 |  |  |  | 1,153 |  |  |  | 1,153 |  |  |  | 1,153 |  |  |  | 1,153 |
Liquidation preference per share |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |
Average market value (g) |  | $ | 26.19 |  |  | $ | 25.43 |  |  | $ | 25.68 |  |  | $ | 25.88 |  |  | $ | 25.55 |
Asset coverage per share (h) |  | $ | 92.43 |  |  | $ | 85.97 |  |  | $ | 82.94 |  |  | $ | 83.35 |  |  | $ | 131.74 |
Series B Auction Market Preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of year (in 000’s) |  | $ | 22,500 |  |  | $ | 22,500 |  |  | $ | 22,500 |  |  | $ | 22,500 |  |  | $ | 22,500 |
Total shares outstanding (in 000’s) |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Liquidation preference per share |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |
Liquidation value (i) |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |
Asset coverage per share (h) |  | $ | 92,425 |  |  | $ | 85,967 |  |  | $ | 82,936 |  |  | $ | 83,347 |  |  | $ | 131,744 |
5.375% Series C Preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of year (in 000’s) |  | $ | 50,000 |  |  | $ | 50,000 |  |  | $ | 50,000 |  |  | $ | 50,000 |  |  |  | — |
Total shares outstanding (in 000’s) |  |  | 2,000 |  |  |  | 2,000 |  |  |  | 2,000 |  |  |  | 2,000 |  |  |  | — |
Liquidation preference per share |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  |  | — |
Average market value (g) |  | $ | 25.90 |  |  | $ | 25.01 |  |  | $ | 25.32 |  |  | $ | 25.28 |  |  |  | — |
Asset coverage per share (h) |  | $ | 92.43 |  |  | $ | 85.97 |  |  | $ | 82.94 |  |  | $ | 83.35 |  |  |  | — |
Asset Coverage (j) |  |  | 370 | % |  |  | 344 | % |  |  | 332 | % |  |  | 333 | % |  |  | 527 | %

| † | Based on net asset value per share, adjusted for reinvestment of distributions at the net asset value per share on the ex-dividend dates and adjustments for the rights offering.
| †† | Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan and adjustments for the rights offering.
| (a) | Calculated based on average common shares outstanding on the record dates throughout the years.
| (b) | Amount represents less than $0.005 per share.
| (c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2019, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.
| (d) | Ratio of operating expenses to average net assets including liquidation value of preferred shares before fee waived for the years ended December 31, 2019, 2018, 2017, 2016, and 2015 would have been 1.19%, 1.28%, 1.26%, 1.27%, and 1.29%, respectively.
| (e) | Ratio of operating expenses to average net assets includes reversal of auction agent fees from earlier fiscal periods as disclosed on the Statement of Operations. The ratio of operating expenses to average net assets attributable to common shares and the ratio of operating expenses to average net assets including liquidation value of preferred shares, excluding the reversal of auction agent fees, were 1.71% and 1.24%, respectively, for the year ended December 31, 2019. See note 5 for disclosure.
| (f) | Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction for the years ended December 31, 2019, 2018, 2017, 2016, and 2015 would have been 1.19%, 1.14%, 1.26%, 1.27%, and 1.11%, respectively.
| (g) | Based on weekly prices.
| (h) | Asset coverage per share is calculated by combining all series of preferred shares.
| (i) | Since February 2008, the weekly auctions have failed. Holders that have submitted orders have not been able to sell any or all of their shares in the auction.
| (j) | Asset coverage is calculated by combining all series of preferred shares.

69

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Additional Fund Information (Unaudited) (Continued)

MANAGEMENT OF THE FUND

Trustees and Officers

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees. Information pertaining to the Trustees and Officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Utility Trust at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address1 and Year of Birth |  | Term of Office and Length of Time Served2 |  | Number of Funds in Fund Complex Overseen by Trustee3 |  | Principal Occupation(s) During Past Five Years |  | Other Directorships Held by Trustee3
INTERESTED TRUSTEES4: |  |
Mario J. Gabelli, CFA Chairman and Chief Investment Officer 1942 |  | Since 1999* |  | 31 |  | Chairman, Co-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 within the Gabelli Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chair of Associated Capital Group, Inc. |  | Director of Morgan Group Holding Co. (holding company) (2001-2019); 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 ICTC Group Inc. (communications) (2013-2018)
John D. Gabelli Trustee 1944 |  | Since 1999*** |  | 12 |  | Former Senior Vice President of G.research, LLC (and its predecessor) (1991-2019) |  | —
INDEPENDENT TRUSTEES5: |  |
John Birch6,7 Trustee 1950 |  | Since 2018** |  | 10 |  | Partner, The Cardinal Partners Global; Chief Operating Officer of Sentinel Asset Management and Chief Financial Officer and Chief Risk Officer of Sentinel Group Funds (2005-2015) |  | —
Elizabeth C. Bogan Trustee 1944 |  | Since 2018* |  | 12 |  | Former Senior Lecturer in Economics, Princeton University |  | —
James P. Conn6 Trustee 1938 |  | Since 1999*** |  | 23 |  | Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998) |  | —

70

The Gabelli Utility Trust

Additional Fund Information (Unaudited) (Continued)

Name, Position(s) Address1 and Year of Birth |  | Term of Office and Length of Time Served2 |  | Number of Funds in Fund Complex Overseen by Trustee3 |  | Principal Occupation(s) During Past Five Years |  | Other Directorships Held by Trustee3
Vincent D. Enright8 Trustee 1943 |  | Since 1999* |  | 17 |  | Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998) |  | Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008-2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)
Frank J. Fahrenkopf, Jr.7 Trustee 1939 |  | Since 1999** |  | 11 |  | Co-Chairman of the Commission on Presidential Debates; Former President and Chief Executive Officer of the American Gaming Association (1995-2013); Former Chairman of the Republican National Committee (1983-1989) |  | Director of Eldorado Resorts, Inc. (casino entertainment company)
Michael Ferrantino9 Trustee 1971 |  | Since 2017*** |  | 7 |  | Chief Executive Officer of InterEx Inc. |  | President, CEO, and Director of LGL Group; Director of LGL Systems Acquisition Corp. (Aerospace and Defense Communications)
Leslie F. Foley7 Trustee 1968 |  | Since 2021*** |  | 16 |  | Attorney; Serves on the Board of the Addison Gallery of American Art at Phillips Academy Andover; Vice President, Global Ethics & Compliance and Associate General Counsel for News Corporation (2008-2010) |  | —
Michael J. Melarkey Trustee 1949 |  | Since 2016*** |  | 24 |  | Of Counsel in the law firm of McDonald Carano Wilson LLP; Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan & McKenzie (1980-2015) |  | Chairman of Southwest Gas Corporation (natural gas utility) (2004-2022)
Robert J. Morrissey Trustee 1939 |  | Since 1999** |  | 7 |  | Partner in the law firm of Morrissey, Hawkins & Lynch |  | Chairman of the Board of Directors, Belmont Savings Bank
Salvatore J. Zizza10 Trustee 1945 |  | Since 1999** |  | 35 |  | President, Zizza & Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate) |  | Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing); Director of Bion Environmental Technologies, Inc.

71

The Gabelli Utility Trust

Additional Fund Information (Unaudited) (Continued)

Name, Position(s) Address1 and Year of Birth |  | Term of Office and Length of Time Served2 |  | Principal Occupation(s) During Past Five Years
OFFICERS: |  |  |  |
John C. Ball President, Treasurer, Principal Financial & Accounting Officer 1976 |  | Since 2017 |  | Senior Vice President (since 2018) of GAMCO Investors, Inc.; Chief Executive Officer, G. Distributors, LLC since 2020; Officer of registered investment companies within the Gabelli Fund Complex since 2017
Peter Goldstein Secretary & Vice President 1953 |  | Since 2020 |  | General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc. since 2021; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)
Richard J. Walz Chief Compliance Officer 1959 |  | Since 2013 |  | Chief Compliance Officer of registered investment companies within the Gabelli Fund Complex since 2013
David I. Schachter Vice President and Ombudsman 1953 |  | Since 1999 |  | Vice President and/or Ombudsman of closed-end funds within the Gabelli Fund Complex; Senior Vice President (since 2015) of G.research, LLC

| 1 | Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
| 2 | The Fund’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. The three year term for each class expires as follows:
| * | Term expires at the Fund’s 2025 Annual Meeting of Shareholders or until their successors are duly elected and qualified.
| ** | Term expires at the Fund’s 2026 Annual Meeting of Shareholders or until their successors are duly elected and qualified.
| *** | Term expires at the Fund’s 2027 Annual Meeting of Shareholders or until their successors are duly elected and qualified.

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.

| 3 | This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.
| 4 | “Interested person” of the Fund as defined in the 1940 Act. Messrs. Mario J. Gabelli and John D. Gabelli, who are brothers, are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC, which acts as the Fund’s investment adviser.
| 5 | Trustees who are not considered to be “interested persons” of the Fund as defined in the 1940 Act are considered to be “Independent” Trustees.
| 6 | This Trustee is elected solely by and represents the stockholders of the preferred stock issued by the Fund.
| 7 | Mr. Fahrenkopf and Ms. Foley, father and daughter, serve as directors of other funds in the Fund Complex. Mr. Birch is a director of Gabelli Merger Plus+ Trust Plc and GAMCO International SICAV, which may be deemed to be controlled by Mario Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund’s Advisor.
| 8 | Mr. Enright is a Director of The LGL Group, Inc., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund’s Adviser.
| 9 | Mr. Ferrantino is the President, CEO and a Director of The LGL Group, Inc. and a Director of LGL Systems Acquisition Corp., all of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund’s Adviser.

72

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Additional Fund Information (Unaudited) (Continued)

| 10 | Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser. On September 9, 2015, Mr. Zizza entered into a settlement with the SEC to resolve an inquiry relating to an alleged violation regarding the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying the SEC’s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended. The Board has discussed this matter and has determined that it does not disqualify Mr. Zizza from serving as an independent director.

73

THE GABELLI UTILITY TRUST

INCOME TAX INFORMATION (Unaudited)

December 31, 2024

Cash Dividends and Distributions

|  | Payable Date |  | Record Date |  |  | Ordinary Investment Income (a) |  |  | Long Term Capital Gains |  |  | Return of Capital (b) |  |  | Total Amount Paid Per Share (c) |  |  | Dividend Reinvestment Price |
Common Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 01/24/24 |  | 01/17/24 |  |  | $ | 0.00310 |  |  |  | — |  |  | $ | 0.04690 |  |  | $ | 0.05000 |  |  | $ | 4.93050 |
|  | 02/22/24 |  | 02/14/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 5.31050 |
|  | 03/21/24 |  | 03/14/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 5.27250 |
|  | 04/23/24 |  | 04/16/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 5.28200 |
|  | 05/23/24 |  | 05/16/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 5.72850 |
|  | 06/21/24 |  | 06/13/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 5.67150 |
|  | 07/24/24 |  | 07/17/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 5.76080 |
|  | 08/23/24 |  | 08/16/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 5.74750 |
|  | 09/23/24 |  | 09/16/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 5.13000 |
|  | 10/24/24 |  | 10/17/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 4.85450 |
|  | 11/21/24 |  | 11/14/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 5.08250 |
|  | 12/20/24 |  | 12/13/24 |  |  |  | 0.00310 |  |  |  | — |  |  |  | 0.04690 |  |  |  | 0.05000 |  |  |  | 5.00650 |
|  |  |  |  | $ | 0.03720 |  |  |  | — |  |  | $ | 0.56280 |  |  | $ | 0.60000 |  |  |  |  |
5.375% Series C Cumulative Preferred Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 03/26/24 |  | 03/19/24 |  |  | $ | 0.3359375 |  |  |  | — |  |  |  | — |  |  | $ | 0.3359375 |  |  |  |  |
|  | 06/26/24 |  | 06/18/24 |  |  |  | 0.3359375 |  |  |  | — |  |  |  | — |  |  |  | 0.3359375 |  |  |  |  |
|  | 09/26/24 |  | 09/19/24 |  |  |  | 0.3359375 |  |  |  | — |  |  |  | — |  |  |  | 0.3359375 |  |  |  |  |
|  | 12/26/24 |  | 12/18/24 |  |  |  | 0.3359375 |  |  |  | — |  |  |  | — |  |  |  | 0.3359375 |  |  |  |  |
|  |  |  |  | $ | 1.3437500 |  |  |  | — |  |  |  | — |  |  | $ | 1.3437500 |  |  |  |  |

A Form 1099-DIV has been mailed to all shareholders of record for the distributions mentioned above, setting forth specific amounts to be included in the 2024 tax returns. Ordinary income distributions include net investment income and net realized short term capital gains, if any. Ordinary income is reported in box 1a of Form 1099-DIV. Capital gain distributions are reported in box 2a of Form 1099-DIV.

Series B Auction Rate Cumulative Preferred Shares

Auction Rate Preferred Stocks pay dividends weekly based on the maximum rate.

Corporate Dividends Received Deduction, Qualified Dividend Income, and U.S. Government Securities Income

In 2024, the Fund paid to common and 5.375% Series C Cumulative Preferred shareholders ordinary income dividends of $0.037200 and $1.342750 per share, respectively. The Fund paid weekly distributions to Series B Auction Rate Cumulative Preferred shareholders at varying rates throughout the year, including an ordinary income dividend totaling $8.49 per share in 2024. For 2024, 100% of the ordinary dividend qualified for the dividend received deduction available to corporations, 100% of the ordinary income distribution was deemed qualified dividend income, and 11.92% of ordinary income distribution was qualified interest income. The percentage of ordinary income dividends paid by the Fund during 2024 derived from U.S. Government securities was 11.39%. Such income is exempt from state and local taxes in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of its year in U.S. Government securities. The Fund did not meet this strict requirement in 2024. The percentage of U.S. Government securities held as of December 31, 2024 was 12.1% of total investments.

74

THE GABELLI UTILITY TRUST

INCOME TAX INFORMATION (Unaudited) (Continued)

December 31, 2024

Historical Distribution Summary

|  | Investment Income (a) |  |  | Short Term Capital Gains (a) |  |  | Long Term Capital Gains |  |  | Return of Capital (b) |  |  | Total Distributions (c) |  |  | Adjustment to Cost Basis (d) |
Common Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024 |  | $ | 0.03720 |  |  |  | – |  |  |  | – |  |  | $ | 0.56280 |  |  | $ | 0.60000 |  |  | $ | 0.56280 |
2023 |  |  | 0.06000 |  |  |  | – |  |  |  | – |  |  |  | 0.54000 |  |  |  | 0.60000 |  |  |  | 0.54000 |
2022 |  |  | 0.05280 |  |  | $ | 0.00120 |  |  | $ | 0.06000 |  |  |  | 0.48600 |  |  |  | 0.60000 |  |  |  | 0.48600 |
2020 |  |  | 0.00120 |  |  |  | – |  |  |  | – |  |  |  | 0.59880 |  |  |  | 0.60000 |  |  |  | 0.59880 |
2019 |  |  | 0.10080 |  |  |  | 0.02520 |  |  |  | 0.36720 |  |  |  | 0.10680 |  |  |  | 0.60000 |  |  |  | 0.10680 |
2018 (e) |  |  | 0.10440 |  |  |  | 0.02880 |  |  |  | 0.45000 |  |  |  | 0.01680 |  |  |  | 0.60000 |  |  |  | 0.01680 |
2017 |  |  | 0.09960 |  |  |  | – |  |  |  | 0.49200 |  |  |  | 0.00840 |  |  |  | 0.60000 |  |  |  | 0.00840 |
2016 |  |  | 0.09360 |  |  |  | 0.01320 |  |  |  | 0.46440 |  |  |  | 0.02880 |  |  |  | 0.60000 |  |  |  | 0.02880 |
2015 |  |  | 0.10800 |  |  |  | 0.02160 |  |  |  | 0.25200 |  |  |  | 0.21840 |  |  |  | 0.60000 |  |  |  | 0.21840 |
5.625% Series A Cumulative Preferred Shares |  |  |  |
2022 |  | $ | 0.06371 |  |  | $ | 0.00024 |  |  | $ | 0.07277 |  |  |  | – |  |  | $ | 0.13672 |  |  |  | – |
2020 |  |  | 1.40625 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1.40625 |  |  |  | – |
2019 |  |  | 0.28623 |  |  |  | 0.07260 |  |  |  | 1.04742 |  |  |  | – |  |  |  | 1.40625 |  |  |  | – |
2018 |  |  | 0.25125 |  |  |  | 0.06991 |  |  |  | 1.08509 |  |  |  | – |  |  |  | 1.40625 |  |  |  | – |
2017 |  |  | 0.23774 |  |  |  | – |  |  |  | 1.16851 |  |  |  | – |  |  |  | 1.40625 |  |  |  | – |
2016 |  |  | 0.23026 |  |  |  | 0.03347 |  |  |  | 1.14252 |  |  |  | – |  |  |  | 1.40625 |  |  |  | – |
2015 |  |  | 0.39725 |  |  |  | 0.07765 |  |  |  | 0.93135 |  |  |  | – |  |  |  | 1.40625 |  |  |  | – |
Series B Auction Market Cumulative Preferred Shares |  |  |  |  |
2024 |  | $ | 8.49000 |  |  |  | – |  |  |  | – |  |  |  | – |  |  | $ | 8.49000 |  |  |  | – |
2023 |  |  | 427.18000 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 427.18000 |  |  |  | – |
2022 |  |  | 244.48530 |  |  | $ | 0.91597 |  |  | $ | 279.27874 |  |  |  | – |  |  |  | 524.68000 |  |  |  | – |
2020 |  |  | 527.67000 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 527.67000 |  |  |  | – |
2019 |  |  | 186.42761 |  |  |  | 47.28547 |  |  |  | 682.19692 |  |  |  | – |  |  |  | 915.91000 |  |  |  | – |
2018 |  |  | 156.15811 |  |  |  | 43.44635 |  |  |  | 674.40554 |  |  |  | – |  |  |  | 874.01000 |  |  |  | – |
2017 |  |  | 109.26415 |  |  |  | – |  |  |  | 537.03585 |  |  |  | – |  |  |  | 646.30000 |  |  |  | – |
2016 |  |  | 80.27810 |  |  |  | 11.66970 |  |  |  | 398.32200 |  |  |  | – |  |  |  | 490.26980 |  |  |  | – |
2015 |  |  | 118.61073 |  |  |  | 23.18474 |  |  |  | 278.08453 |  |  |  | – |  |  |  | 419.88000 |  |  |  | – |
5.375% Series C Cumulative Preferred Shares
2024 |  | $ | 1.34375 |  |  |  | – |  |  |  | – |  |  |  | – |  |  | $ | 1.34375 |  |  |  | – |
2023 |  |  | 1.34375 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1.34375 |  |  |  | – |
2022 |  |  | 0.62615 |  |  | $ | 0.00235 |  |  | $ | 0.71526 |  |  |  | – |  |  |  | 1.34375 |  |  |  | – |
2020 |  |  | 1.34375 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1.34375 |  |  |  | – |
2019 |  |  | 0.27351 |  |  |  | 0.06937 |  |  |  | 1.00086 |  |  |  | – |  |  |  | 1.34375 |  |  |  | – |
2018 |  |  | 0.24009 |  |  |  | 0.06680 |  |  |  | 1.03686 |  |  |  | – |  |  |  | 1.34375 |  |  |  | – |
2017 |  |  | 0.22718 |  |  |  | – |  |  |  | 1.11657 |  |  |  | – |  |  |  | 1.34375 |  |  |  | – |
2016 |  |  | 0.12591 |  |  |  | 0.01830 |  |  |  | 0.62471 |  |  |  | – |  |  |  | 0.76892 |  |  |  | – |

| (a) | Taxable as ordinary income for Federal tax purposes.
| (b) | Non-taxable.
| (c) | Total amounts may differ due to rounding.
| (d) | Decrease in cost basis.

75

THE GABELLI UTILITY TRUST

INCOME TAX INFORMATION (Unaudited) (Continued)

December 31, 2024

| (e) | On March 29, 2018, the Fund also distributed rights equivalent to $0.18 per share based upon full subscription of all issued common shares.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

76

THE GABELLI UTILITY TRUST

AND YOUR PERSONAL PRIVACY

Who are we?

The Gabelli Utility Trust is a closed-end management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company that has subsidiaries that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

When you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer agent in order, for example, to participate in our dividend reinvestment plan.

| ● | Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

| ● | Information about your transactions with us. This would include information about the shares that you buy or sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

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THE GABELLI UTILITY TRUST

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

Timothy M. Winter, CFA, joined Gabelli in 2009 and covers the utility industry. He has over 25 years of experience as an equity research analyst covering the industry. Currently, he continues to specialize in the utility industry and also serves as a portfolio manager of Gabelli Funds, LLC. Mr. Winter received his BA in Economics from Rollins College and an MBA degree in Finance from the University of Notre Dame.

Justin Bergner, CFA, is a Vice President at Gabelli and a portfolio manager for Gabelli Funds LLC. Justin rejoined Gabelli in 2013 as a research analyst covering Diversified Industrials, Home Improvement, and Transport companies. He began his investment career at Gabelli in 2005 as a metals and mining analyst, and subsequently spent five years at Axiom International

Investors as a senior analyst focused on industrial and healthcare stocks. Prior to business school, Mr. Bergner worked in management consulting at both Bain & Company and Dean & Company. Mr. Bergner graduated cum laude from Yale University with a BA in Economics and Mathematics and received an MBA in Finance and Accounting from the Wharton School at the University of Pennsylvania.

Simon T. Wong, CFA, covers the energy sector. He began his investment career at Gabelli in 1997 as a specialty chemical analyst and subsequently became a generalist at Olstein Capital Management, Lucid Asset Management, and Boyar Asset Management. Simon graduated from the University of California, Los Angeles with a BA in Economics and received an MBA in Finance from Columbia Business School.

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized Equity Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

The NASDAQ symbol for the Net Asset Value is “XGUTX.”

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may from time to time purchase its common shares in the open market when the Fund’s shares are trading at a discount of 10% or more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

| (b) | Not applicable.

Item 2. Code of Ethics.

| (a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

| (c) | There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR.

| (d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

| (e) | Not applicable.

| (f) | A copy of the Code of Ethics is filed as an Exhibit.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of trustees has determined that Vincent D. Enright is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

| (a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $40,105 for 2023 and $40,907 for 2024.

Audit-Related Fees

| (b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2023 and $0 for 2024. This relates to updating the Registrant’s registration statement.

Tax Fees

| (c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $4,640 for 2023 and $4,735 for 2024.

All Other Fees

| (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2023 and $13,500 for 2024. This amount relates to reviewing the Registrant’s registration statement.

| (e)(1) | Audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

|  | Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The 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 Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

| (b) N/A

| (c) 0%

| (d) 0%

| (f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

| (g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2023 and $13,500 for 2024. This fee related to updating the Registrant’s registration statement.

| (h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

| (i) | Not applicable.

| (j) | Not applicable.

Item 5. Audit Committee of Listed Registrants.

| (a) | The registrant has a separately designated audit committee: John Birch, Vincent D. Enright and Michael J. Melarkey

| (b) | Not applicable.

Item 6. Investments.

| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

| (b) | Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

| (a) | Not applicable.

| (b) | Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

A copy of the Company’s Proxy Voting Policies and Procedures is attached herewith.

GAMCO INVESTORS, INC and AFFIALTES

The Voting of Proxies on Behalf of Clients

Rule 206(4)-6 under the Investment Advisers Act of 1940 and Rule 30b1-4 under the Investment Company Act of 1940 require investment advisers to adopt written policies and procedures governing the voting of proxies on behalf of their clients.

These procedures will be used by GAMCO Asset Management Inc., Gabelli Funds, LLC, Gabelli & Company Investment Advisers, Inc., and Teton Advisors, Inc. (collectively, the “Advisers”) to determine how to vote proxies relating to portfolio securities held by their clients, including the procedures that the Advisers use when a vote presents a conflict between the interests of the shareholders of an investment company managed by one of the Advisers, on the one hand, and those of the Advisers; the principal underwriter; or any affiliated person of the investment company, the Advisers, or the principal underwriter. These procedures will not apply where the Advisers do not have voting discretion or where the Advisers have agreed to with a client to vote the client’s proxies in accordance with specific guidelines or procedures supplied by the client (to the extent permitted by ERISA).

| I. | Proxy Voting Committee

The Proxy Voting Committee was originally formed in April 1989 for the purpose of formulating guidelines and reviewing proxy statements within the parameters set by the substantive proxy voting guidelines originally published in 1988 and updated periodically, a copy of which are appended as Exhibit A. The Committee will include representatives of Research, Administration, Legal, and the Advisers. Additional or replacement members of the Committee will be nominated by the Chairman and voted upon by the entire Committee.

Meetings are held on an as needed basis to form views on the manner in which the Advisers should vote proxies on behalf of their clients.

In general, the Director of Proxy Voting Services, using the Proxy Guidelines, and the analysts of GAMCO Investors, Inc. (“GAMI”), will determine how to vote on each issue. For non-controversial matters, the Director of Proxy Voting Services may vote the proxy if the vote is: (1) consistent with the recommendations of the issuer’s Board of Directors and not contrary to the Proxy Guidelines; (2) consistent with the recommendations of the issuer’s Board of Directors and is a non-controversial issue not covered by the Proxy Guidelines; or (3) the vote is contrary to the recommendations of the Board of Directors but is consistent with the Proxy Guidelines. In those instances, the Director of Proxy Voting Services or the Chairman of the Committee may sign and date the proxy statement indicating how each issue will be voted.

Amended: November 11, 2024

All matters identified by the Chairman of the Committee, the Director of Proxy Voting Services or the Legal Department as controversial, taking into account the recommendations of the analysts of GAMI, will be presented to the Proxy Voting Committee. If the Chairman of the Committee, the Director of Proxy Voting Services or the Legal Department has identified the matter as one that (1) is controversial; (2) would benefit from deliberation by the Proxy Voting Committee; or (3) may give rise to a conflict of interest between the Advisers and their clients, the Chairman of the Committee will initially determine what vote to recommend that the Advisers should cast and the matter will go before the Committee.

| A. | Conflicts of Interest.

The Advisers have implemented these proxy voting procedures in order to prevent conflicts of interest from influencing their proxy voting decisions. By following the Proxy Guidelines and the analysts of GAMI, the Advisers are able to avoid, wherever possible, the influence of potential conflicts of interest. Nevertheless, circumstances may arise in which one or more of the Advisers are faced with a conflict of interest or the appearance of a conflict of interest in connection with its vote. In general, a conflict of interest may arise when an Adviser knowingly does business with an issuer, and may appear to have a material conflict between its own interests and the interests of the shareholders of an investment company managed by one of the Advisers regarding how the proxy is to be voted. A conflict also may exist when an Adviser has actual knowledge of a material business arrangement between an issuer and an affiliate of the Adviser.

In practical terms, a conflict of interest may arise, for example, when a proxy is voted for a company that is a client of one of the Advisers, such as GAMCO Asset Management Inc. A conflict also may arise when a client of one of the Advisers has made a shareholder proposal in a proxy to be voted upon by one or more of the Advisers. The Director of Proxy Voting Services, together with the Legal Department, will scrutinize all proxies for these or other situations that may give rise to a conflict of interest with respect to the voting of proxies.

| B. | Operation of Proxy Voting Committee

For matters submitted to the Committee, each member of the Committee will receive, prior to the meeting, a copy of the proxy statement, a summary of any views provided by the Chief Investment Officer and any recommendations by GAMI analysts. The Chief Investment Officer or the GAMI analysts may be invited to present their viewpoints. If the Director of Proxy Voting Services or the Legal Department believe that the matter before the committee is one with respect to which a conflict of interest may exist between the Advisers and their clients, counsel may provide an opinion to the Committee concerning the conflict. If the matter is one in which the interests of the clients of one or more of the Advisers may diverge, counsel may so advise and the Committee may make different recommendations as to different clients. For any matters where the recommendation may trigger appraisal rights, counsel may provide an opinion concerning the likely risks and merits of such an appraisal action.

Amended: November 11, 2024

Each matter submitted to the Committee will be determined by the vote of a majority of the members present at the meeting. Should the vote concerning one or more recommendations be tied in a vote of the Committee, the Chairman of the Committee will cast the deciding vote. The Committee will notify the proxy department of its decisions and the proxies will be voted accordingly.

Although the Proxy Guidelines express the normal preferences for the voting of any shares not covered by a contrary investment guideline provided by the client, the Committee is not bound by the preferences set forth in the Proxy Guidelines and will review each matter on its own merits. The Advisers subscribe to Institutional Shareholder Services Inc (“ISS”) and Glass Lewis & Co., LLC (“Glass Lewis”), which supply current information on companies, matters being voted on, regulations, trends in proxy voting and information on corporate governance issues. The information provided by ISS and GL is for informational purposes only.

If the vote cast either by the analyst or as a result of the deliberations of the Proxy Voting Committee runs contrary to the recommendation of the Board of Directors of the issuer, the matter may be referred to legal counsel to determine whether an amendment to the most recently filed Schedule 13D is appropriate.

| II. | Social Issues and Other Client Guidelines

If a client has provided and the Advisers have accepted special instructions relating to the voting of proxies, they should be noted in the client’s account file and forwarded to the proxy department. This is the responsibility of the investment professional or sales assistant for the client. In accordance with Department of Labor guidelines, the Advisers’ policy is to vote on behalf of ERISA accounts in the best interest of the plan participants with regard to social issues that carry an economic impact. Where an account is not governed by ERISA, the Advisers will vote shares held on behalf of the client in a manner consistent with any individual investment/voting guidelines provided by the client. Otherwise the Advisers may abstain with respect to those shares.

Specific to the Gabelli SRI Fund and the Gabelli Love Our Planet & People ETF, the Proxy Voting Committee will rely on the advice of the portfolio managers of the Gabelli SRI Fund and the Gabelli Love Our Planet & People ETF to provide voting recommendations on the securities held in the portfolios.

A client may always request to vote their own proxies. Clients engaged in securities lending may make additional requests related to the voting of proxies. GAMI will consider those requests on a case-by-case basis and use best efforts to comply with the request.

Amended: November 11, 2024

| III. | Client Retention of Voting Rights

If a client chooses to retain the right to vote proxies or if there is any change in voting authority, the following should be notified by the investment professional or sales assistant for the client.

| - | Operations

| - | Proxy Department

| - | Investment professional assigned to the account

In the event that the Board of Directors (or a Committee thereof) of one or more of the investment companies managed by one of the Advisers has retained direct voting control over any security, the Proxy Voting Department will provide each Board Member (or Committee member) with a copy of the proxy statement together with any other relevant information.

| IV. | Proxies of Certain Non-U.S. Issuers

Proxy voting in certain countries requires “share-blocking.” Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting with a designated depository. During the period in which the shares are held with a depository, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients’ custodian. Absent a compelling reason to the contrary, the Advisers believe that the benefit to the client of exercising the vote is outweighed by the cost of voting and therefore, the Advisers will not typically vote the securities of non-U.S. issuers that require share-blocking.

In addition, voting proxies of issuers in non-U.S. markets may also give rise to a number of administrative issues or give rise to circumstances under which voting would impose a cost (real or implied) on its client which may cause the Advisers to abstain from voting such proxies. For example, the Advisers may receive the notices for shareholder meetings without adequate time to consider the proposals in the proxy or after the cut-off date for voting. Other markets require the Advisers to provide local agents with power of attorney prior to implementing their respective voting instructions on the proxy. Other markets may require disclosure of certain ownership information in excess of what is required to vote in the U.S. market. Although it is the Advisers’ policies to vote the proxies for its clients for which they have proxy voting authority, in the case of issuers in non-U.S. markets, we vote client proxies on a best efforts basis.

| V. | Voting Records

The Proxy Voting Department will retain a record of matters voted upon by the Advisers for their clients. The Advisers will supply information on how they voted a client’s proxy upon request from the client.

Amended: November 11, 2024

The complete voting records for each registered investment company (the “Fund”) that is managed by the Advisers will be filed on Form N-PX for the twelve months ended June 30th, no later than August 31st of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to Gabelli Funds, LLC at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Advisers’ proxy voting records will be retained in compliance with Rule 204-2 under the Investment Advisers Act.

| VI. | Voting Procedures

1. Custodian banks, outside brokerage firms and clearing firms are responsible for forwarding proxies directly to the Advisers.

Proxies are received in one of two forms:

| ● | Shareholder Vote Instruction Forms (“VIFs”) - Issued by Broadridge Financial Solutions, Inc. (“Broadridge”). Broadridge is an outside service contracted by the various institutions to issue proxy materials.

| ● | Proxy cards which may be voted directly.

2. Upon receipt of the proxy, the number of shares each form represents is logged into the proxy system, electronically or manually, according to security.

3. Upon receipt of instructions from the proxy committee, the votes are cast and recorded for each account.

Records have been maintained on the ProxyEdge system.

ProxyEdge records include:

Security Name and CUSIP Number

Date and Type of Meeting (Annual, Special, Contest)

Directors’ Recommendation (if any)

How the Adviser voted for the client on item

Amended: November 11, 2024

4. VIFs are kept alphabetically by security. Records for the current proxy season are located in the Proxy Voting Department office. In preparation for the upcoming season, files are transferred to an offsite storage facility during January/February.

5. If a proxy card or VIF is received too late to be voted in the conventional matter, every attempt is made to vote including:

| ● | When a solicitor has been retained, the solicitor is called. At the solicitor’s direction, the proxy is faxed or sent electronically.

| ● | In some circumstances VIFs can be faxed or sent electronically to Broadridge up until the time of the meeting.

6. In the case of a proxy contest, records are maintained for each opposing entity.

7. Voting in Person

a) At times it may be necessary to vote the shares in person. In this case, a “legal proxy” is obtained in the following manner:

| ● | Banks and brokerage firms using the services at Broadridge:

Broadridge is notified that we wish to vote in person. Broadridge issues individual legal proxies and sends them back via email or overnight (or the Adviser can pay messenger charges). A lead-time of at least two weeks prior to the meeting is needed to do this. Alternatively, the procedures detailed below for banks not using Broadridge may be implemented.

| ● | Banks and brokerage firms issuing proxies directly:

The bank is called and/or faxed and a legal proxy is requested.

All legal proxies should appoint:

“Representative of [Adviser name] with full power of substitution.”

b) The legal proxies are given to the person attending the meeting along with the limited power of attorney.

Amended: November 11, 2024

Appendix A

Proxy Guidelines

PROXY VOTING GUIDELINES

General Policy Statement

It is the policy of GAMCO Investors, Inc, and its affiliated advisers (collectively “the Advisers”) to vote in the best economic interests of our clients. As we state in our Magna Carta of Shareholders Rights, established in May 1988, we are neither for nor against management. We are for shareholders.

At our first proxy committee meeting in 1989, it was decided that each proxy statement should be evaluated on its own merits within the framework first established by our Magna Carta of Shareholders Rights. The attached guidelines serve to enhance that broad framework.

We do not consider any issue routine. We take into consideration all of our research on the company, its directors, and their short and long-term goals for the company. In cases where issues that we generally do not approve of are combined with other issues, the negative aspects of the issues will be factored into the evaluation of the overall proposals but will not necessitate a vote in opposition to the overall proposals.

Board of Directors

We do not consider the election of the Board of Directors a routine issue. Each slate of directors is evaluated on a case-by-case basis.

Factors taken into consideration include:

| ● | Historical responsiveness to shareholders

This may include such areas as:

| - | Paying greenmail
| - | Failure to adopt shareholder resolutions receiving a majority of shareholder votes

| ● | Qualifications

| ● | Nominating committee in place

| ● | Number of outside directors on the board

| ● | Attendance at meetings

| ● | Overall performance

Amended: November 11, 2024

Selection of Auditors

In general, we support the Board of Directors’ recommendation for auditors.

Blank Check Preferred Stock

We oppose the issuance of blank check preferred stock.

Blank check preferred stock allows the company to issue stock and establish dividends, voting rights, etc. without further shareholder approval.

Classified Board

A classified board is one where the directors are divided into classes with overlapping terms. A different class is elected at each annual meeting.

While a classified board promotes continuity of directors facilitating long range planning, we feel directors should be accountable to shareholders on an annual basis. We will look at this proposal on a case-by-case basis taking into consideration the board’s historical responsiveness to the rights of shareholders.

Where a classified board is in place we will generally not support attempts to change to an annually elected board.

When an annually elected board is in place, we generally will not support attempts to classify the board.

Increase Authorized Common Stock

The request to increase the amount of outstanding shares is considered on a case-by-case basis.

Factors taken into consideration include:

| ● | Future use of additional shares

| - | Stock split
| - | Stock option or other executive compensation plan
| - | Finance growth of company/strengthen balance sheet
| - | Aid in restructuring
| - | Improve credit rating
| - | Implement a poison pill or other takeover defense

Amended: November 11, 2024

| ● | Amount of stock currently authorized but not yet issued or reserved for stock option plans

| ● | Amount of additional stock to be authorized and its dilutive effect

We will support this proposal if a detailed and verifiable plan for the use of the additional shares is contained in the proxy statement.

Confidential Ballot

We support the idea that a shareholder’s identity and vote should be treated with confidentiality.

However, we look at this issue on a case-by-case basis.

In order to promote confidentiality in the voting process, we endorse the use of independent Inspectors of Election.

Cumulative Voting

In general, we support cumulative voting.

Cumulative voting is a process by which a shareholder may multiply the number of directors being elected by the number of shares held on record date and cast the total number for one candidate or allocate the voting among two or more candidates.

Where cumulative voting is in place, we will vote against any proposal to rescind this shareholder right.

Cumulative voting may result in a minority block of stock gaining representation on the board. When a proposal is made to institute cumulative voting, the proposal will be reviewed on a case-by-case basis. While we feel that each board member should represent all shareholders, cumulative voting provides minority shareholders an opportunity to have their views represented.

Director Liability and Indemnification

We support efforts to attract the best possible directors by limiting the liability and increasing the indemnification of directors, except in the case of insider dealing.

Amended: November 11, 2024

Equal Access to the Proxy

The SEC’s rules provide for shareholder resolutions. However, the resolutions are limited in scope and there is a 500 word limit on proponents’ written arguments. Management has no such limitations. While we support equal access to the proxy, we would look at such variables as length of time required to respond, percentage of ownership, etc.

Fair Price Provisions

Charter provisions requiring a bidder to pay all shareholders a fair price are intended to prevent two-tier tender offers that may be abusive. Typically, these provisions do not apply to board-approved transactions.

We support fair price provisions because we feel all shareholders should be entitled to receive the same benefits.

Reviewed on a case-by-case basis.

Golden Parachutes

Golden parachutes are severance payments to top executives who are terminated or demoted after a takeover.

We support any proposal that would assure management of its own welfare so that they may continue to make decisions in the best interest of the company and shareholders even if the decision results in them losing their job. We do not, however, support excessive golden parachutes. Therefore, each proposal will be decided on a case-by- case basis.

Anti-Greenmail Proposals

We do not support greenmail. An offer extended to one shareholder should be extended to all shareholders equally across the board.

Amended: November 11, 2024

Limit Shareholders’ Rights to Call Special Meetings

We support the right of shareholders to call a special meeting.

Reviewed on a case-by-case basis.

Consideration of Nonfinancial Effects of a Merger

This proposal releases the directors from only looking at the financial effects of a merger and allows them the opportunity to consider the merger’s effects on employees, the community, and consumers.

As a fiduciary, we are obligated to vote in the best economic interests of our clients. In general, this proposal does not allow us to do that. Therefore, we generally cannot support this proposal.

Reviewed on a case-by-case basis.

Mergers, Buyouts, Spin-Offs, Restructurings

Each of the above is considered on a case-by-case basis. According to the Department of Labor, we are not required to vote for a proposal simply because the offering price is at a premium to the current market price. We may take into consideration the long term interests of the shareholders.

Military Issues

Shareholder proposals regarding military production must be evaluated on a purely economic set of criteria for our ERISA clients. As such, decisions will be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients, we will vote according to the client’s direction when applicable. Where no direction has been given, we will vote in the best economic interests of our clients. It is not our duty to impose our social judgment on others.

Northern Ireland

Shareholder proposals requesting the signing of the MacBride principles for the purpose of countering the discrimination of Catholics in hiring practices must be evaluated on a purely economic set of criteria for our ERISA clients. As such, decisions will be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients, we will vote according to client direction when applicable. Where no direction has been given, we will vote in the best economic interests of our clients. It is not our duty to impose our social judgment on others.

Amended: November 11, 2024

Opt Out of State Anti-Takeover Law

This shareholder proposal requests that a company opt out of the coverage of the state’s takeover statutes. Example: Delaware law requires that a buyer must acquire at least 85% of the company’s stock before the buyer can exercise control unless the board approves.

We consider this on a case-by-case basis. Our decision will be based on the following:

| ● | State of Incorporation

| ● | Management history of responsiveness to shareholders

| ● | Other mitigating factors

Poison Pill

In general, we do not endorse poison pills.

In certain cases where management has a history of being responsive to the needs of shareholders and the stock is very liquid, we will reconsider this position.

Reincorporation

Generally, we support reincorporation for well-defined business reasons. We oppose reincorporation if proposed solely for the purpose of reincorporating in a state with more stringent anti-takeover statutes that may negatively impact the value of the stock.

Stock Incentive Plans

Director and Employee Stock incentive plans are an excellent way to attract, hold and motivate directors and employees. However, each incentive plan must be evaluated on its own merits, taking into consideration the following:

| ● | Dilution of voting power or earnings per share by more than 10%.

| ● | Kind of stock to be awarded, to whom, when and how much.

| ● | Method of payment.

| ● | Amount of stock already authorized but not yet issued under existing stock plans.

| ● | The successful steps taken by management to maximize shareholder value.

Amended: November 11, 2024

Supermajority Vote Requirements

Supermajority vote requirements in a company’s charter or bylaws require a level of voting approval in excess of a simple majority of the outstanding shares. In general, we oppose supermajority-voting requirements. Supermajority requirements often exceed the average level of shareholder participation. We support proposals’ approvals by a simple majority of the shares voting.

Reviewed on a case-by-case basis.

Limit Shareholders Right to Act by Written Consent

Written consent allows shareholders to initiate and carry on a shareholder action without having to wait until the next annual meeting or to call a special meeting. It permits action to be taken by the written consent of the same percentage of the shares that would be required to effect proposed action at a shareholder meeting.

Reviewed on a case-by-case basis.

“Say-on-Pay” / “Say-When-on-Pay” / “Say-on-Golden-Parachutes”

Required under the Dodd-Frank Act; these proposals are non-binding advisory votes on executive compensation. We will generally vote with the Board of Directors’ recommendation(s) on advisory votes on executive compensation (“Say-on-Pay”), advisory votes on the frequency of voting on executive compensation (“Say-When-on-Pay”) and advisory votes relating to extraordinary transaction executive compensation (“Say-on-Golden-Parachutes”). In those instances when we believe that it is in our clients’ best interest, we may abstain or vote against executive compensation and/or the frequency of votes on executive compensation and/or extraordinary transaction executive compensation advisory votes.

Proxy Access

Proxy access is a tool used to attempt to promote board accountability by requiring that a company’s proxy materials contain not only the names of management nominees, but also any candidates nominated by long-term shareholders holding at least a certain stake in the company. We will review proposals regarding proxy access on a case-by-case basis taking into account the provisions of the proposal, the company’s current governance structure, the successful steps taken by management to maximize shareholder value, as well as other applicable factors.

Amended: November 11, 2024

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

PORTFOLIO MANAGERS

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer – Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of the Board of Directors of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School, and Honorary Doctorates from Fordham University and Roger Williams University.

Timothy Winter joined Gabelli in 2009 and covers the utility industry. He has over 25 years of experience as an equity research analyst covering the industry. Currently, he continues to specialize in the utility industry and serves as a portfolio manager of Gabelli Funds, LLC. Mr. Winter received his BA in Economics in 1991 from Rollins College and MBA in Finance from Notre Dame in 1992.

Justin Bergner, CFA, is currently a portfolio manager for the Adviser and a Vice President at Gabelli & Company, having rejoined Gabelli & Company in June 2013 as a research analyst covering Diversified Industrials, Home Improvement, and Transport companies. He began his investment career at Gabelli & Company in 2005 as a metals and mining analyst, and subsequently spent five years at Axiom International Investors as a senior analyst focused on industrial and healthcare stocks. Before entering the investment profession, Justin worked in management consulting at both Bain & Company and Dean & Company. Justin graduated cum laude from Yale University with a B.A. in Economics & Mathematics and received an MBA in Finance and Accounting from Wharton Business School.

Simon T. Wong covers the energy sector. He began his investment career at G.research (formerly Gabelli & Company) in 1997 as a specialty chemical analyst and subsequently became a generalist at Olstein Funds (now Olstein Capital Management), Lucid Asset Management, and Boyar Asset Management. Simon graduated from UCLA with a B.A. in Economics and received an MBA in Finance from Columbia Business School.

MANAGEMENT OF OTHER ACCOUNTS

The table below shows the number of other accounts managed by the portfolio managers and the total assets in each of the following categories: registered investment companies, other paid investment vehicles and other accounts as of December 31, 2024. For each category, the table also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.

Name of Portfolio Manager | Type of Accounts | Total No. of Accounts Managed | Total Assets | No. of Accounts where Advisory Fee is Based on Performance | Total Assets in Accounts where Advisory Fee is Based on Performance
Mario J. Gabelli, CFA | Registered Investment Companies: | 22 | $16.1 billion | 1 | $165.3 million
| Other Pooled Investment Vehicles: | 10 | $870 million | 7 | $848 million
| Other Accounts: | 806 | $6.6 billion | 0 | $0

Timothy Winter | Registered Investment Companies: | 3 | $1.6 billion | 0 | $0
| Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0
| Other Accounts: | 9 | $1.5 million | 0 | $0
Justin Bergner | Registered Investment Companies: | 4 | $4.4 billion | 0 | $0
| Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0
| Other Accounts: | 17 | $4.6 million | 0 | $0
Simon Wong | Registered Investment Companies: | 1 | $1.6 billion | 0 | $0
| Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0
| Other Accounts: | 1 | $0.3 million | 0 | $0

POTENTIAL CONFLICTS OF INTEREST

As reflected above, Mr. Gabelli manages accounts in addition to the Trust. Actual or apparent conflicts of interest may arise when a Portfolio Manager also has day-to-day management responsibilities with respect to one or more other accounts. These potential conflicts include:

ALLOCATION OF LIMITED TIME AND ATTENTION. As indicated above, Mr. Gabelli manages multiple accounts. As a result, he will not be able to devote all of his time to management of the Trust. Mr. Gabelli, therefore, may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he were to devote all of his attention to the management of only the Trust.

ALLOCATION OF LIMITED INVESTMENT OPPORTUNITIES. As indicated above, Mr. Gabelli manages managed accounts with investment strategies and/or policies that are similar to the Trust. In these cases, if the he identifies an investment opportunity that may be suitable for multiple accounts, a Fund may not be able to take full advantage of that opportunity because the opportunity may be allocated among all or many of these accounts or other accounts managed primarily by other Portfolio Managers of the Adviser, and their affiliates. In addition, in the event Mr. Gabelli determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions.

SELECTION OF BROKER/DEALERS. Because of Mr. Gabelli’s indirect majority ownership interest in G.research LLC., he may have an incentive to use G.research to execute portfolio transactions for a Fund.

PURSUIT OF DIFFERING STRATEGIES. At times, Mr. Gabelli may determine that an investment opportunity may be appropriate for only some of the accounts for which he exercises investment responsibility, or may decide that certain of the funds or accounts should take differing positions with respect to a particular security. In these cases, he may execute differing or opposite transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more other accounts.

VARIATION IN COMPENSATION. A conflict of interest may arise where the financial or other benefits available to Mr. Gabelli differ among the accounts that he manages. If the structure of the Adviser’s management fee or the Portfolio Manager’s compensation differs among accounts (such as where certain accounts pay higher management fees or performance-based management fees), the Portfolio Manager may be motivated to favor certain accounts over others. The Portfolio Manager also may be motivated to favor accounts in which he has an investment interest, or in which the Adviser, or their affiliates have investment interests. Similarly, the desire to maintain assets under management or to enhance a Portfolio Manager’s performance record or to derive other rewards, financial or otherwise, could influence the Portfolio Manager in affording preferential treatment to those accounts that could most significantly benefit the Portfolio Manager. For example, as reflected above, if Mr. Gabelli manages accounts which have performance fee arrangements, certain portions of his compensation will depend on the achievement of performance milestones on those accounts. Mr. Gabelli could be incented to afford preferential treatment to those accounts and thereby by subject to a potential conflict of interest.

The Adviser, and the Funds have adopted compliance policies and procedures that are designed to address the various conflicts of interest that may arise for the Adviser and their staff members. However, there is no guarantee that such policies and procedures will be able to detect and prevent every situation in which an actual or potential conflict may arise.

COMPENSATION STRUCTURE FOR MARIO J. GABELLI

Mr. Gabelli receives incentive-based variable compensation based on a percentage of net revenues received by the Adviser for managing the Trust. Net revenues are determined by deducting from gross investment management fees the firm’s expenses (other than Mr. Gabelli’s compensation) allocable to this Trust. Additionally, he receives similar incentive based variable compensation for managing other accounts within the firm and its affiliates. This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through appreciation and net investment activity. The level of compensation is not determined with specific reference to the performance of any account against any specific benchmark. One of the other closed-end registered investment companies managed by Mr. Gabelli has a performance (fulcrum) fee arrangement for which his compensation is adjusted up or down based on the performance of the investment company relative to an index. Mr. Gabelli manages other accounts with performance fees. Compensation for managing these accounts has two components. One component is based on a percentage of net revenues to the investment adviser for managing the account. The second component is based on absolute performance of the account, with respect to which a percentage of such performance fee is paid to Mr. Gabelli. As an executive officer of the Adviser’s parent company, GAMI, Mr. Gabelli also receives ten percent of the net operating profits of the parent company. He receives no base salary, no annual bonus, and no stock options.

OWNERSHIP OF SHARES IN THE FUND

Mario J. Gabelli, Timothy Winter, Justin Berger, and Simon Wong owned over $1 million, $0, $0, and $0, respectively, of shares of the Trust as of December 31, 2024.

| (b) | Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

| (a) | Provide the information specified in the table with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Exchange Act (17CFR 240-10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

REGISTRANT PURCHASES OF EQUITY SECURITIES

Period | (a) Total Number of Shares (or Units) Purchased) | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet be Purchased Under the Plans or Programs
Month #1 07/01/2024 through 07/31/2024 | Common – N/A Preferred Series G – 4,122 Preferred Series E – 6,332 | Common – N/A Preferred Series G – $22.53 Preferred Series E – $22.52 | Common – N/A Preferred Series G – 4,122 Preferred Series E – 6,332 | Common – 33,145,533 Preferred Series G – 1,330,380 - 4,122 = 1,326,258 Preferred Series E – 1,642,071 - 6,332 = 1,635,739
Month #2 08/01/2024 through 08/31/2024 | Common – N/A Preferred Series G – 7,211 Preferred Series E – 4,862 | Common – N/A Preferred Series G – $22.58 Preferred Series E – $22.58 | Common – N/A Preferred Series G – 7,211 Preferred Series E – 4,862 | Common – 33,145,533 Preferred Series G – 1,326,258 - 7,211 = 1,319,047 Preferred Series E – 1,635,739 - 4,862 = 1,630,877
Month #3 09/01/2024 through 09/30/2024 | Common – N/A Preferred Series G – 11,183 Preferred Series E – 16,665 | Common – N/A Preferred Series G - $23.82 Preferred Series E – $23.69 | Common – N/A Preferred Series G – 11,183 Preferred Series E – 16,665 | Common – 33,250,020 Preferred Series G – 1,319,047 - 11,183 = 1,307,864 Preferred Series E – 1,630,877 - 16,665 = 1,614,212
Month #4 10/01/2024 through 10/31/2024 | Common – N/A Preferred Series G – 3,544 Preferred Series E – N/A | Common – N/A Preferred Series G – $23.80 Preferred Series E – N/A | Common – N/A Preferred Series G – 3,544 Preferred Series E – N/A | Common – 33,250,020 Preferred Series G – 1,307,864 - 3,544 = 1,304,320 Preferred Series E – 1,614,212

Month #5 11/01/2024 through 11/30/2024 | Common – N/A Preferred Series G – 6,206 Preferred Series E – N/A | Common – N/A Preferred Series G – $23.85 Preferred Series E – N/A | Common – N/A Preferred Series G – 6,206 Preferred Series E – N/A | Common – 33,250,020 Preferred Series G – 1,304,320 - 6,206 = 1,298,114 Preferred Series E – 1,614,212
Month #6 12/01/2024 through 12/31/2024 | Common – N/A Preferred Series G – 5,346 Preferred Series E – 2,851 | Common – N/A Preferred Series G – $23.18 Preferred Series E – $22.85 | Common – N/A Preferred Series G – 5,346 Preferred Series E – 2,851 | Common – 33,359,278 Preferred Series G – 1,298,114 - 5,346 = 1,292,768 Preferred Series E – 1,614,212 - 2,851 = 1,611,361
Total | Common – N/A Preferred Series G – 37,612 Preferred Series E – 30,710 | Common – N/A Preferred Series G – $23.07 Preferred Series E – $23.01 | Common – N/A Preferred Series G – 37,612 Preferred Series E – 30,710 | N/A

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:

a. | The date each plan or program was announced – The notice of the potential repurchase of common and preferred shares occurs semiannually in the Fund’s reports to shareholders in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.
b. | The dollar amount (or share or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 10% or more from the net asset value of the shares. Any or all preferred shares outstanding may be repurchased at a discount to their liquidation value.
c. | The expiration date (if any) of each plan or program – The Fund’s repurchase plans are ongoing.
d. | Each plan or program that has expired during the period covered by the table – The Fund’s repurchase plans are ongoing.
e. | Each plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans are ongoing.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

| (a) | If the registrant is a closed-end management investment company, provide the following dollar amounts of income and fees/compensation related to the securities lending activities of the registrant during its most recent fiscal year:

| (1) | Gross income from securities lending activities; $0

| (2) | All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (“revenue split”); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees; $0

| (3) | The aggregate fees/compensation disclosed pursuant to paragraph (2); $0 and

| (4) | Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)). $0

| (b) | If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrant’s most recent fiscal year. N/A

Item 18. Recovery of Erroneously Awarded Compensation.

| (a) | If at any time during or after the last completed fiscal year the registrant was required to prepare an accounting restatement that required recovery of erroneously awarded compensation pursuant to the registrant’s compensation recovery policy required by the listing standards adopted pursuant to 17 CFR 240.10D-1, or there was an outstanding balance as of the end of the last completed fiscal year of erroneously awarded compensation to be recovered from the application of the policy to a prior restatement, the registrant must provide the following information:

| (1) | For each restatement:

| (i) | The date on which the registrant was required to prepare an accounting restatement; $0

| (ii) | The aggregate dollar amount of erroneously awarded compensation attributable to such accounting restatement, including an analysis of how the amount was calculated; $0

| (iii) | If the financial reporting measure defined in 17 CFR 10D-1(d) related to a stock price or total shareholder return metric, the estimates that were used in determining the erroneously awarded compensation attributable to such accounting restatement and an explanation of the methodology used for such estimates; N/A

| (iv) | The aggregate dollar amount of erroneously awarded compensation that remains outstanding at the end of the last completed fiscal year; $0 and

| (v) | If the aggregate dollar amount of erroneously awarded compensation has not yet been determined, disclose this fact, explain the reason(s) and disclose the information required in (ii) through (iv) in the next annual report that the registrant files on this Form N-CSR; N/A

| (2) | If recovery would be impracticable pursuant to 17 CFR 10D-1(b)(1)(iv), for each named executive officer and for all other executive officers as a group, disclose the amount of recovery forgone and a brief description of the reason the registrant decided in each case not to pursue recovery; N/A and

| (3) | For each named executive officer from whom, as of the end of the last completed fiscal year, erroneously awarded compensation had been outstanding for 180 days or longer since the date the registrant determined the amount the individual owed, disclose the dollar amount of outstanding erroneously awarded compensation due from each such individual. N/A

| (b) | If at any time during or after its last completed fiscal year the registrant was required to prepare an accounting restatement, and the registrant concluded that recovery of erroneously awarded compensation was not required pursuant to the registrant’s compensation recovery policy required by the listing standards adopted pursuant to 17 CFR 240.10D-1, briefly explain why application of the recovery policy resulted in this conclusion. N/A

Item 19. Exhibits.

(a)(1) |  | The registrant’s Code of Ethics is attached hereto.
(a)(2) |  | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed.
(a)(3) |  | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)(1) |  | Not applicable.
(a)(3)(2) |  | There was no change in the Registrant's independent public accountant during the period covered by the report.
(b) |  | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) | The Gabelli Utility Trust |
By (Signature and Title)* | /s/ John C. Ball |
| John C. Ball, Principal Executive Officer |
Date | March 10, 2025 |

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* | /s/ John C. Ball |
| John C. Ball, Principal Executive Officer |
Date | March 10, 2025 |

By (Signature and Title)* | /s/ John C. Ball |
| John C. Ball, Principal Financial Officer and Treasurer |
Date | March 10, 2025 |

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