Edgar Filing: GABELLI UTILITY TRUST

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09243
---------

The Gabelli Utility Trust
----------------------------------------------------------
(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422
----------------------------------------------------------
(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
----------------------------------------------------------
(Name and address of agent for service)

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

Date of fiscal year end: December 31
-----------

Date of reporting period: September 30, 2007
------------------

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

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

ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.

[GRAPHIC OMITTED]
THE GABELLI
UTILITY TRUST

THE GABELLI UTILITY TRUST

Third Quarter Report
September 30, 2007

TO OUR SHAREHOLDERS,

During the third quarter of 2007, The Gabelli Utility Trust's (the "Fund")
total return was 0.05% on a net asset value ("NAV") basis while the Standard &
Poor's ("S&P") 500 Utilities Index rose 1.95% and the Lipper Utility Fund
Average rose 2.07%. The Fund's market price on September 30, 2007 was $9.34,
which equates to a 16.31% premium to its NAV of $8.03. The Fund's market price,
adjusted for distributions, declined 1.26% during the first quarter of 2007.

Enclosed is the investment portfolio as of September 30, 2007.

COMPARATIVE RESULTS
--------------------------------------------------------------------------------

AVERAGE ANNUAL RETURNS THROUGH SEPTEMBER 30, 2007 (a)
-----------------------------------------------------

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

GABELLI UTILITY TRUST
NAV TOTAL RETURN (b) .................. 0.05% 16.35% 16.54% 16.59% 10.87%
INVESTMENT TOTAL RETURN (c) ........... (1.26) 7.54 7.03 9.74 11.29
S&P 500 Utilities Index .................. 1.95 21.15 20.74 20.89 6.51
Lipper Utility Fund Average .............. 2.07 25.72 22.00 22.23 7.65

(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE.
WHEN SHARES ARE SOLD, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS OF THE MOST
RECENT MONTH END. PERFORMANCE RETURNS FOR PERIODS LESS THAN ONE YEAR ARE
NOT ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT
OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE INVESTING. THE
S&P 500 UTILITIES INDEX IS AN UNMANAGED INDICATOR OF ELECTRIC AND GAS
UTILITY STOCK PERFORMANCE. THE LIPPER AVERAGE REFLECTS THE AVERAGE
PERFORMANCE OF OPEN-END MUTUAL FUNDS CLASSIFIED IN THIS PARTICULAR
CATEGORY. DIVIDENDS ARE CONSIDERED REINVESTED. YOU CANNOT INVEST DIRECTLY
IN AN INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN NAV PER SHARE,
REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE, 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 NEW YORK STOCK EXCHANGE, REINVESTMENT OF DISTRIBUTIONS, AND
ADJUSTMENTS FOR RIGHTS OFFERINGS. SINCE INCEPTION RETURN IS BASED ON AN
INITIAL OFFERING PRICE OF $7.50.

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

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007 (UNAUDITED)

MARKET
SHARES VALUE
------------ ------------
COMMON STOCKS -- 88.7%
ENERGY AND UTILITIES -- 74.4%
ENERGY AND UTILITIES: ALTERNATIVE ENERGY -- 0.2%
11,500 Ormat Technologies Inc. ......................... $ 532,910
------------
ENERGY AND UTILITIES: ELECTRIC INTEGRATED -- 44.8%
313,000 Allegheny Energy Inc.+ .......................... 16,357,380
23,000 ALLETE Inc. ..................................... 1,029,480
75,000 Alliant Energy Corp. ............................ 2,874,000
10,000 Ameren Corp. .................................... 525,000
80,000 American Electric Power Co. Inc. ................ 3,686,400
1,000,000 Aquila Inc.+ .................................... 4,010,000
10,000 Avista Corp. .................................... 203,500
35,000 Black Hills Corp. ............................... 1,435,700
30,000 Cleco Corp. ..................................... 758,100
170,000 CMS Energy Corp. ................................ 2,859,400
70,000 Constellation Energy Group Inc. ................. 6,005,300
1,000 Dominion Resources Inc. ......................... 84,300
160,000 DPL Inc. ........................................ 4,201,600
24,000 DTE Energy Co. .................................. 1,162,560
200,000 Duke Energy Corp. ............................... 3,738,000
90,000 Edison International ............................ 4,990,500
189,300 El Paso Electric Co.+ ........................... 4,378,509
3,000 Entergy Corp. ................................... 324,870
52,000 FirstEnergy Corp. ............................... 3,293,680
134,900 Florida Public Utilities Co. .................... 1,591,820
90,000 FPL Group Inc. .................................. 5,479,200
105,000 Great Plains Energy Inc. ........................ 3,025,050
50,000 Hawaiian Electric Industries Inc. ............... 1,085,500
92,000 Integrys Energy Group Inc. ...................... 4,713,160
60,000 Maine & Maritimes Corp.+ ........................ 1,699,200
66,000 MGE Energy Inc. ................................. 2,207,040
45,000 NiSource Inc. ................................... 861,300
95,000 NorthWestern Corp. .............................. 2,581,150
100,000 OGE Energy Corp. ................................ 3,310,000
24,000 Otter Tail Corp. ................................ 855,600
48,000 PG&E Corp. ...................................... 2,294,400
20,000 PNM Resources Inc. .............................. 465,600
100,000 Progress Energy Inc. ............................ 4,685,000
40,000 Progress Energy Inc., CVO+ (a) .................. 13,200
19,000 Public Service Enterprise Group Inc. ............ 1,671,810
35,000 Puget Energy Inc. ............................... 856,450
60,000 SCANA Corp. ..................................... 2,324,400
30,000 Sierra Pacific Resources ........................ 471,900
105,000 TECO Energy Inc. ................................ 1,725,150
20,000 The Empire District Electric Co. ................ 451,800
100,000 TXU Corp. ....................................... 6,847,000
145,000 Unisource Energy Corp. .......................... 4,334,050
35,000 Unitil Corp. .................................... 1,032,500
47,000 Vectren Corp. ................................... 1,282,630
252,500 Westar Energy Inc. .............................. 6,201,400

MARKET
SHARES VALUE
------------ ------------
85,000 Wisconsin Energy Corp. .......................... $ 3,827,550
200,000 Xcel Energy Inc. ................................ 4,308,000
------------
132,120,139
------------
ENERGY AND UTILITIES:
ELECTRIC TRANSMISSION AND DISTRIBUTION -- 6.9%
50,000 CH Energy Group Inc. ............................ 2,390,000
57,000 Consolidated Edison Inc. ........................ 2,639,100
80,000 Energy East Corp. ............................... 2,164,000
135,000 Northeast Utilities ............................. 3,856,950
215,000 NSTAR ........................................... 7,484,150
22,500 Pepco Holdings Inc. ............................. 609,300
36,666 UIL Holdings Corp. .............................. 1,154,979
------------
20,298,479
------------
ENERGY AND UTILITIES: GLOBAL UTILITIES -- 3.2%
1,500 Areva SA ........................................ 1,517,240
8,000 Chubu Electric Power Co. Inc. ................... 207,200
9,600 Electric Power Development Co. Ltd. ............. 373,586
20,000 Endesa SA (b) ................................... 1,143,322
200,000 Enel SpA ........................................ 2,264,398
300,000 Hera SpA ........................................ 1,238,432
8,000 Hokkaido Electric Power Co. Inc. ................ 173,073
8,000 Hokuriku Electric Power Co. ..................... 156,357
1,000 Huaneng Power International Inc., ADR ........... 52,780
30,000 Korea Electric Power Corp., ADR ................. 694,500
8,000 Kyushu Electric Power Co. Inc. .................. 211,727
2,000 Niko Resources Ltd. ............................. 195,546
8,000 Shikoku Electric Power Co. Inc. ................. 200,931
8,000 The Chugoku Electric Power Co. Inc. ............. 162,626
8,000 The Kansai Electric Power Co. Inc. .............. 182,823
8,000 The Tokyo Electric Power Co. Inc. ............... 201,976
15,000 Tohoku Electric Power Co. Inc. .................. 320,594
------------
9,297,111
------------
ENERGY AND UTILITIES: MERCHANT ENERGY -- 1.8%
20,000 Calpine Corp.+ .................................. 30,000
35,810 Dynegy Inc., Cl. A+ ............................. 330,885
8,130 Mirant Corp.+ ................................... 330,728
300,000 Mirant Corp. Escrow+ (a) ........................ 0
230,000 The AES Corp.+ .................................. 4,609,200
------------
5,300,813
------------
ENERGY AND UTILITIES: NATURAL GAS INTEGRATED -- 6.0%
170,000 El Paso Corp. ................................... 2,884,900
34,000 EnergySouth Inc. ................................ 1,714,280
105,000 National Fuel Gas Co. ........................... 4,915,050
100,000 ONEOK Inc. ...................................... 4,740,000
110,000 Southern Union Co. .............................. 3,422,100
------------
17,676,330
------------

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)

MARKET
SHARES VALUE
------------ ------------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES (CONTINUED)
ENERGY AND UTILITIES: NATURAL GAS UTILITIES -- 5.8%
27,000 AGL Resources Inc. .............................. $ 1,069,740
50,000 Atmos Energy Corp. .............................. 1,416,000
10,000 Chesapeake Utilities Corp. ...................... 339,900
6,000 Corning Natural Gas Corp.+ ...................... 98,100
29,700 Delta Natural Gas Co. Inc. ...................... 730,917
90,000 Nicor Inc. ...................................... 3,861,000
35,000 Piedmont Natural Gas Co. Inc. ................... 878,150
1,000 Questar Corp. ................................... 52,530
6,000 RGC Resources Inc. .............................. 160,140
308,900 SEMCO Energy Inc.+ .............................. 2,437,221
130,000 Southwest Gas Corp. ............................. 3,677,700
100,000 Spectra Energy Corp. ............................ 2,448,000
------------
17,169,398
------------
ENERGY AND UTILITIES: NATURAL RESOURCES -- 1.2%
4,000 Anadarko Petroleum Corp. ........................ 215,000
20,000 Compania de Minas
Buenaventura SA, ADR ......................... 955,600
20,000 Exxon Mobil Corp. ............................... 1,851,200
3,000 Peabody Energy Corp. ............................ 143,610
4,000 Royal Dutch Shell plc, Cl. A, ADR ............... 328,720
------------
3,494,130
------------
ENERGY AND UTILITIES: SERVICES -- 0.6%
70,000 ABB Ltd., ADR ................................... 1,836,100
------------
ENERGY AND UTILITIES: WATER -- 2.8%
14,000 American States Water Co. ....................... 546,000
21,333 Aqua America Inc. ............................... 483,832
24,750 Artesian Resources Corp., Cl. A ................. 470,250
20,500 BIW Ltd. ........................................ 476,625
20,520 California Water Service Group .................. 789,815
7,500 Connecticut Water Service Inc. .................. 173,700
51,333 Middlesex Water Co. ............................. 970,194
24,088 Pennichuck Corp. ................................ 583,170
80,000 SJW Corp. ....................................... 2,731,200
8,101 Southwest Water Co. ............................. 102,316
12,000 Suez SA ......................................... 708,238
12,000 Suez SA, Strips+ ................................ 171
9,000 York Water Co. .................................. 151,650
------------
8,187,161
------------
DIVERSIFIED INDUSTRIAL -- 1.1%
25,000 Catalytica Energy Systems Inc.+ ................. 32,000
12,000 Cooper Industries Ltd., Cl. A ................... 613,080
60,000 General Electric Co. ............................ 2,484,000
------------
3,129,080
------------

SHARES/ MARKET
UNITS VALUE
------------ ------------
EQUIPMENT AND SUPPLIES -- 0.0%
50,000 Capstone Turbine Corp.+ ......................... $ 60,000
2,000 Mueller Industries Inc. ......................... 72,280
------------
132,280
------------
TOTAL ENERGY AND UTILITIES ...................... 219,173,931
------------
COMMUNICATIONS -- 12.0%
CABLE AND SATELLITE -- 2.6%
5,000 Cogeco Cable Inc. ............................... 221,183
20,000 Cogeco Inc. ..................................... 760,067
10,000 Comcast Corp., Cl. A+ ........................... 241,800
50,000 EchoStar Communications Corp., Cl. A+ ........... 2,340,500
35,000 Liberty Global Inc., Cl. A+ ..................... 1,435,700
20,000 Liberty Global Inc., Cl. C+ ..................... 773,200
10,000 Rogers Communications Inc., Cl. B ............... 455,300
60,000 The DIRECTV Group Inc.+ ......................... 1,456,800
------------
7,684,550
------------
COMMUNICATIONS EQUIPMENT -- 0.4%
280,000 The Furukawa Electric Co. Ltd. .................. 1,369,956
------------
TELECOMMUNICATIONS -- 5.0%
46,500 AT&T Inc. ....................................... 1,967,415
80,000 BCE Inc. ........................................ 3,204,000
4,350 Bell Aliant Regional
Communications Income Fund (a)(c) ............ 140,123
30,000 BT Group plc, ADR ............................... 1,884,900
220,000 Cincinnati Bell Inc.+ ........................... 1,086,800
5,000 Citizens Communications Co. ..................... 71,600
20,000 D&E Communications Inc. ......................... 284,400
30,000 Deutsche Telekom AG, ADR ........................ 588,900
2,000 France Telecom SA, ADR .......................... 66,880
200 Hutchison Telecommunications
International Ltd. ........................... 278
500 Mobistar SA ..................................... 43,741
200 PT Indosat Tbk .................................. 168
1,200 Tele2 AB, Cl. B ................................. 25,931
6,000 Telecom Italia SpA, ADR ......................... 181,620
40,000 Touch America Holdings Inc.+ .................... 0
115,000 Verizon Communications Inc. ..................... 5,092,200
------------
14,638,956
------------
WIRELESS COMMUNICATIONS -- 4.0%
600 America Movil SAB de CV, Cl. L, ADR ............. 38,400
2,000 China Mobile Ltd., ADR .......................... 164,080
2,000 China Unicom Ltd., ADR .......................... 41,680
200 Cosmote Mobile
Telecommunications SA ........................ 6,873
500,000 Dobson Communications Corp., Cl. A+ ............. 6,395,000
4,000 Mobile TeleSystems OJSC, ADR .................... 277,240
171 MobileOne Ltd. .................................. 236

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)

MARKET
SHARES VALUE
------------ ------------
COMMON STOCKS (CONTINUED)
COMMUNICATIONS (CONTINUED)
WIRELESS COMMUNICATIONS (CONTINUED)
500 NTT DoCoMo Inc. ................................. $ 713,881
3,000 QUALCOMM Inc. ................................... 126,780
3,900 Rural Cellular Corp., Cl. A+ .................... 169,650
600 SK Telecom Co. Ltd., ADR ........................ 17,820
200 SmarTone Telecommunications
Holdings Ltd. ................................ 248
30,000 United States Cellular Corp.+ ................... 2,946,000
30,000 Vimpel-Communications, ADR ...................... 811,200
------------
11,709,088
------------
TOTAL COMMUNICATIONS ............................ 35,402,550
------------
OTHER -- 2.3%
AEROSPACE -- 0.2%
65,000 Rolls-Royce Group plc+ .......................... 694,871
------------
AGRICULTURE -- 0.0%
800 Cadiz Inc.+ ..................................... 15,120
------------
AVIATION: PARTS AND SERVICES -- 0.3%
6,000 Sequa Corp., Cl. A+ ............................. 994,680
------------
ENTERTAINMENT -- 1.1%
100,000 Time Warner Inc. ................................ 1,836,000
30,000 Vivendi ......................................... 1,266,238
------------
3,102,238
------------
HEALTH CARE -- 0.3%
10,100 Dade Behring Holdings Inc. ...................... 771,135
------------
PUBLISHING -- 0.0%
3,000 Idearc Inc. ..................................... 94,410
------------
REAL ESTATE -- 0.1%
6,075 Brookfield Asset Management Inc.,
Cl. A ........................................ 233,887
------------
TRANSPORTATION -- 0.3%
20,000 GATX Corp. ...................................... 855,000
------------
TOTAL OTHER ..................................... 6,761,341
------------
TOTAL COMMON STOCKS ............................. 261,337,822
------------
CONVERTIBLE PREFERRED STOCKS -- 1.6%
ENERGY AND UTILITIES -- 1.0%
ENERGY AND UTILITIES: NATURAL GAS INTEGRATED -- 1.0%
2,000 El Paso Corp.,
4.990% Cv. Pfd. (c) .......................... 2,830,370
------------
COMMUNICATIONS -- 0.6%
TELECOMMUNICATIONS -- 0.6%
30,000 Citizens Utilities Trust,
5.000% Cv. Pfd. .............................. 1,885,200
------------
TOTAL CONVERTIBLE
PREFERRED STOCKS ............................. 4,715,570
------------

PRINCIPAL MARKET
AMOUNT VALUE
------------ ------------
CORPORATE BONDS -- 0.0%
COMMUNICATIONS -- 0.0%
TELECOMMUNICATIONS -- 0.0%
$ 100,000 Williams Communications Group Inc., Escrow,
10.875%, 10/01/09+ (a) ....................... $ 0
SHARES
------------
WARRANTS -- 0.2%
ENERGY AND UTILITIES -- 0.2%
ENERGY AND UTILITIES: MERCHANT ENERGY -- 0.2%
26,107 Mirant Corp., Ser. A, expire 01/03/11+ .......... 554,774
------------
ENERGY AND UTILITIES: NATURAL GAS -- 0.0%
3,000 Corning Natural Gas Corp.,
expire 08/17/11+ ............................. 0
------------
TOTAL WARRANTS .................................. 554,774
------------

PRINCIPAL
AMOUNT
------------
REPURCHASE AGREEMENTS -- 9.5%
$ 25,119,000 Barclays Capital Inc., 3.900%,
dated 09/28/07, due 10/01/07,
proceeds at maturity,
$25,127,164 (d) .............................. 25,119,000
3,000,000 Daiwa Securities America Inc., 3.850%,
dated 09/28/07, due 10/01/07,
proceeds at maturity, $3,000,963 (e) ......... 3,000,000
------------
TOTAL REPURCHASE
AGREEMENTS ................................... 28,119,000
------------

TOTAL INVESTMENTS -- 100.0%
(Cost $231,002,633) ......................................... $294,727,166
============
----------
Aggregate book cost ................................ $231,002,633
============
Gross unrealized appreciation ...................... $ 66,136,443
Gross unrealized depreciation ...................... (2,411,910)
------------
Net unrealized appreciation (depreciation) ......... $ 63,724,533
============

----------
(a) Security fair valued under procedures established by the Board of
Trustees. The procedures may include reviewing available financial
information about the company and reviewing the valuation of comparable
securities and other factors on a regular basis. At September 30, 2007,
the market value of fair valued securities amounted to $153,323 or 0.05%
of total investments.
(b) At September 30, 2007, the Fund held an investment in a restricted
security amounting to $1,143,322 or 0.39% of total investments.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At
September 30, 2007, the Rule 144A securities are considered liquid and
their market value amounted to $2,970,493 or 1.01% of total investments.
(d) Collateralized by $24,000,000 U.S. Treasury Bond, 5.25%, due 11/15/28,
market value $25,621,380.
(e) Collateralized by $3,076,000 U.S. Treasury Bill, 3.545%, due 11/08/07,
market value $3,060,620.
+ Non-income producing security.
ADR American Depository Receipt
CVO Contingent Value Obligation

See accompanying notes to schedule of investments.

THE GABELLI UTILITY TRUST
NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED)

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

Portfolio securities primarily traded on a foreign market are generally valued
at the preceding closing values of such securities on the relevant market, but
may be fair valued pursuant to procedures established by the Board if market
conditions change significantly after the close of the foreign market but prior
to the close of business on the day the securities are being valued. Debt
instruments with remaining maturities of 60 days or less that are not credit
impaired are valued at amortized cost, unless the Board determines such amount
does not reflect the securities' fair value, in which case these securities will
be fair valued as determined by the Board. Debt instruments having a maturity
greater than 60 days for which market quotations are readily available are
valued at the average of the latest bid and asked prices. If there were no asked
prices quoted on such day, the security is valued using the closing bid price.

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

2. SWAP AGREEMENTS. The Fund may enter into interest rate swap or cap
transactions. The use of swaps and caps is a highly specialized activity that
involves investment techniques and risks different from those associated with
ordinary portfolio transactions. Swap agreements may involve, to varying
degrees, elements of market and counterparty risk, and exposure to loss in
excess of the related amounts as follows. In an interest rate swap, the Fund
would agree to pay to the other party to the interest rate swap (which is known
as the "counterparty") periodically a fixed rate payment in exchange for the
counterparty agreeing to pay to the Fund periodically a variable rate payment
that is intended to approximate the Fund's variable rate payment obligation on
the Series B Preferred Stock. In an interest rate cap, the Fund would pay a
premium to the counterparty and, to the extent that a specified variable rate
index exceeds a predetermined fixed rate, would receive from the counterparty
payments of the difference based on the notional amount of such cap. Interest
rate swap and cap transactions introduce additional risk because the Fund would
remain obligated to pay preferred stock dividends when due in accordance with
the Articles Supplementary even if the counterparty defaulted. If there is a
default by the counterparty to a swap contract, the Fund will be limited to
contractual remedies pursuant to the agreements related to the transaction.
There is no assurance that the swap contract counterparties will be able to meet
their obligations pursuant to the swap contracts or that, in the event of
default, the Fund will succeed in pursuing contractual remedies. The Fund thus
assumes the risk that it may be delayed in or prevented from obtaining payments
owed to it pursuant to the swap contracts. The creditworthiness of the swap
contract counterparties is closely monitored in order to minimize this risk.
Depending on the general state of short-term interest rates and the returns on
the Fund's portfolio securities at that point in time, such a default could
negatively affect the Fund's ability to make dividend payments. In addition, at
the time an interest rate swap or cap transaction reaches its scheduled
termination date, there is a risk that the Fund will not be able to obtain a
replacement transaction or that the terms of the replacement will not be as
favorable as on the expiring transaction. If this occurs, it could have a
negative impact on the Fund's ability to make dividend payments.

THE GABELLI UTILITY TRUST
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)

The Fund has entered into an interest rate swap agreement with Citibank N.A.
Under the agreement, the Fund receives a floating rate of interest and pays a
respective fixed rate of interest on the nominal value of the swap. Details of
the swap at September 30, 2007 are as follows:

NET
NOTIONAL FLOATING RATE* TERMINATION UNREALIZED
AMOUNT FIXED RATE (RATE RESET MONTHLY) DATE APPRECIATION
------------ ---------- -------------------- ----------- ------------
$ 25,000,000 4.00% 5.72% 06/02/10 $ 357,621

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

TRUSTEES AND OFFICERS
THE GABELLI UTILITY TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422

TRUSTEES
Mario J. Gabelli, CFA
CHAIRMAN & CHIEF EXECUTIVE OFFICER,
GAMCO INVESTORS, INC.

Dr. Thomas E. Bratter
PRESIDENT & FOUNDER, JOHN DEWEY ACADEMY

Anthony J. Colavita
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C.

James P. Conn
FORMER MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER,
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.

Vincent D. Enright
FORMER SENIOR VICE PRESIDENT &
CHIEF FINANCIAL OFFICER,
KEYSPAN CORP.

Frank J. Fahrenkopf, Jr.
PRESIDENT & CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION

John D. Gabelli
SENIOR VICE PRESIDENT,
GABELLI & COMPANY, INC.

Robert J. Morrissey
ATTORNEY-AT-LAW,
MORRISSEY, HAWKINS & LYNCH

Anthony R. Pustorino
CERTIFIED PUBLIC ACCOUNTANT,
PROFESSOR EMERITUS, PACE UNIVERSITY

Salvatore J. Zizza
CHAIRMAN, ZIZZA & CO., LTD.

OFFICERS
Bruce N. Alpert
PRESIDENT

Peter D. Goldstein
CHIEF COMPLIANCE OFFICER

James E. McKee
SECRETARY

Agnes Mullady
TREASURER

David I. Schachter
VICE PRESIDENT & OMBUDSMAN

INVESTMENT ADVISER
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

CUSTODIAN
Mellon Trust of New England, N.A.

COUNSEL
Willkie Farr & Gallagher LLP

TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.

STOCK EXCHANGE LISTING
5.625%
Common Preferred
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NYSE-Symbol: GUT GUT PrA
Shares Outstanding: 29,930,702 1,183,700

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.

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For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM or e-mail us at: closedend@gabelli.com
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Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time, purchase
its common shares in the open market when the Fund's shares are trading at a
discount of 10% or more from the net asset value of the shares. The Fund may
also, from time to time, purchase shares of its Series A Cumulative Preferred
Shares in the open market when the shares are trading at a discount to the
Liquidation Value of $25.00.
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THE GABELLI UTILITY TRUST
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM

THIRD QUARTER REPORT
SEPTEMBER 30, 2007

GUT Q3/2007

ITEM 2. CONTROLS AND PROCEDURES.

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

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant) The Gabelli Utility Trust
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By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer

Date November 15, 2007
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer

Date November 15, 2007
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By (Signature and Title)* /s/ Agnes Mullady
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Agnes Mullady,
Principal Financial Officer and Treasurer

Date November 15, 2007
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* Print the name and title of each signing officer under his or her signature.