[Logo for The Gabelli Utility Trust omitted]
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THE GABELLI
UTILITY TRUST
First Quarter Report
March 31, 2000z
<PAGE>
Our cover icon represents the underpinnings of Gabelli. The Teton mountains in
Wyoming represent what we believe in in America -- that creativity, ingenuity,
hard work and a global uniqueness provide enduring values. They also stand out
in an increasingly complex, interconnected and interdependent economic world.
INVESTMENT OBJECTIVE:
The Gabelli Utility Trust is a closed-end, non-diversified management investment
company whose primary objectives are long-term growth of capital and income. The
Fund will invest in companies that provide products, services or equipment for
the generation or distribution of electricity, gas and water. Additionally, the
Fund will invest in companies in telecommunications services or infrastructure
operations.
THIS REPORT IS PRINTED ON RECYCLED PAPER.
<PAGE>
TO OUR SHAREHOLDERS,
The first quarter of 2000 was mixed, but generally favorable, for utility
investors. Interest rates at the short end of the yield curve continued to rise,
as the Federal Reserve continued its tighter monetary policy in order to
restrain inflation. Interest rates at the long end of the yield curve fell from
nearly 6.5% at year-end to well below 6.0% as of March 31. While this would
normally result in meaningful price appreciation for utility shares, widening
corporate and agency credit spreads combined with a substantial decline in
utility merger activity from the torrid pace of 1999 to hold price gains in
check. U.S. utility stocks rose in nominal terms but underperformed the broader
equity market. Natural gas stocks performed well in the first quarter, while
electric, telecommunications and water stocks were overall flat to down.
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THE GABELLI
UTILITY TRUST
The outlook for utility stock performance this year looks generally
positive. The now-inverted Treasury yield curve indicates that interest rates
are probably near the peak for this cycle, and falling long term rates should
result in utility stock price appreciation. The unsettled equity market
conditions seen in early April may lead investors to appreciate the high yields
and relatively stable prices of utility stocks. Looking beyond the immediate
future, electric, gas and water stocks are likely to benefit from continuing
domestic consolidation and increasing foreign interest in the U.S. market.
INVESTMENT PERFORMANCE
For the first quarter ended March 31, 2000, The Gabelli Utility Trust's
(the "Trust") net asset value ("NAV") total return was 2.55%. The Standard &
Poor's ("S&P") Utility Index and Lipper Utility Fund Average had total returns
of 8.10% and 6.88%, respectively, over the same period. The S&P Utility Index is
an unmanaged indicator of electric and gas utility stock performance, while the
Lipper Average reflects the average performance of mutual funds classified in
this particular category. Since inception on July 9, 1999 through March 31,
2000, the Trust had a cumulative total return of 6.26%. The S&P Utility Index
declined 3.78%, while the Lipper Utility Fund Average rose 14.88% over the same
period.
MONTHLY DISTRIBUTIONS
The Gabelli Utility Trust has set a $.05 per share monthly distribution
policy for the year 2000.
OUR APPROACH
There are over 80 publicly traded investor-owned electric utilities in the
U.S., and this is at least 50 more than are needed. The balkanized structure of
the industry is inherently inefficient, and competitive forces are now punishing
inefficiency. The industry has consolidated substantially already, and would
have done so even faster except for regulatory sclerosis impeding the pace of
mergers and acquisitions. We are skeptical about the claims of the
mega-utilities to be able to deliver superior returns, but we believe that the
mid-cap and small-cap utilities are generally doing well on their own and over
time are likely acquisition targets as the largest utilities seek increasing
advantages of scale. Our investments in the electric and natural gas stocks have
generally focused on fundamentally sound, reasonably priced mid-cap and
small-cap utilities that are logical acquisition targets for large utilities
seeking to bulk up.
<PAGE>
WHAT WE DO
The success of momentum investing in recent years and investor's desire
for instant gratification have combined to make value investing appear dull. At
the risk of being dull, we will describe the boring value approach that has seen
us through both good and bad for over 23 years at Gabelli Asset Management
Company. The accompanying graphic illustrates the interplay among the four
components of our valuation approach.
[TRIANGLE GRAPHIC OMITTED; TEXT AS FOLLOWS:]
EPS
PMV
MANAGEMENT
CASH FLOW
RESEARCH
Our focus is on free cash flow: earnings before interest, taxes,
depreciation and amortization (EBITDA), minus the capital expenditures necessary
to grow the business. We believe free cash flow is the best barometer of a
business' value. Rising free cash flow often foreshadows net earnings
improvement. We also look at earnings per share trends. Unlike Wall Street's
ubiquitous earnings momentum players, we do not try to forecast earnings with
accounting precision and then trade stocks based on quarterly expectations and
realities. We simply try to position ourselves in front of long term earnings
uptrends. In addition, we analyze on and off balance sheet assets and
liabilities such as plant and equipment, inventories, receivables, and legal,
environmental and health care issues. We want to know everything and anything
that will add to, or detract from, our private market value (PMV) estimates.
Finally, we look for a catalyst: something happening in the company's industry
or indigenous to the company itself that will surface value. In the case of the
independent telephone stocks, the catalyst is a regulatory change. In the
utility industry, deregulation is transforming the sector, as consumers begin to
be offered a choice in service providers. In other instances, it may be a change
in management, sale or spin-off of a division or the development of a profitable
new business.
Once we identify stocks that qualify as fundamental and conceptual
bargains, we then become patient investors. This has been a proven long-term
method for preserving and enhancing wealth in the U.S. equity markets. At the
margin, our new investments are focused on businesses that are well-managed and
will benefit from sustainable long term economic dynamics. The competition
created from deregulation should continue to drive consolidation, as utilities
seek to lower their rates and cut costs. The benefits and savings from these
cost reductions and increased sales should enhance the potential investment
return of utility stocks.
COMMENTARY
IMPROVING FUNDAMENTALS AND SOME INTEREST RATE RELIEF
Electric utilities are in good and improving condition. Those with low
generating costs rarely have major problems, while the high cost generators have
mostly restructured and are poised to recover their riskiest investments and
move on. The biggest challenge facing most electric companies is how to redeploy
capital and rising free cash flow at attractive rates of return. This is harder
than it sounds. Electric utilities are using their excess capital to invest in
telecommunications, Internet auction sites, electric and HVAC ("heating,
ventilation and air-conditioning") contractors, as well as other ventures
further afield. Many of these ventures are doomed to fail, in our opinion, and
we tend to view skeptically the more grandiose visions of certain utilities.
The condition of the gas distribution utilities is generally stable and
sound. Pipeline companies are running into some earnings pressure as long term
contracts run off and are replaced with shorter-term deals. In addition,
near-term
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excess pipeline capacity is putting pressure on transportation rates. The
pressure should be manageable, but we are watching developments carefully. Gas
stocks were some of the better-performing stocks in the Trust's portfolio in the
first quarter. Water companies, with few exceptions, are doing well in a low
risk, highly capital-intensive business.
NEW TECHNOLOGY
Recent developments in technology could have significant applications
within the utility industry. Several of these developments have attracted
considerable interest. Innovations such as fuel cells, mini-gas turbines and the
Internet could potentially change the way utilities operate. In the coming
years, we are likely to see the impact of new technology, as more efficient
methods of generating and delivering power are adopted.
For consumers and investors, the future should see more convergence, as
utility companies try to integrate these advances in technology. Greater
reliability and profitability will justify the cost of implementation, but
initially new technology comes with considerable expense. Many utility companies
will need to merge or acquire additional scale in order to manage this expense,
and those that do not may be less competitive and get left behind.
CHANGING ENVIRONMENT
Our investments in electric, gas and water utility stocks are being made
in a changing economic and regulatory environment. The issues raised from
deregulation will impact consumers as well as utility companies. These changes
provide investors with opportunity. It is our goal to strategically position the
Trust's portfolio in those utilities that will benefit from these changes.
Today's utility companies are moving away from yield and more towards
operating growth. Dividend policies are being reconsidered as companies try to
extend their geographic reach and acquire companies that will add desired scale.
As a result, the asset base of utility companies is increasing and accelerating
the consolidation process. Consequently, we are likely to see more deals in the
future. We intend to target companies that are candidates for these acquisitions
and provide attractive investment opportunities for our shareholders.
LET'S TALK STOCKS
The following are stock specifics on selected holdings of our Trust.
Favorable earnings prospects do not necessarily translate into higher stock
prices, but they do express a positive trend which we believe will develop over
time.
CITIZENS UTILITIES CO. (CZN - $16.375 - NYSE), based in Stamford, CT, provides
telecommunications and public utility services to two million customers in 20
states. Citizens' management is repositioning the company as a pure-play telecom
provider and is in the process of divesting all of its public services
businesses. The company owns 82.7% of Electric Lightwave (ELIX - $23.875 -
Nasdaq), a competitive local exchange carrier with operations in the western
part of the country. Leonard Tow, Chairman and CEO of Citizens since July 1,
1990, is a veteran of the telecommunications industry and has a proven track
record of creating and surfacing value.
CONECTIV INC. (CIV - $17.50 - NYSE) is a holding company formed in March 1998
from the merger of Delmarva Power & Light and Atlantic Energy. Through its
subsidiaries, the company provides regulated electric and gas utility
3
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services. The company plans to sell its nuclear and coal-fired power generation
facilities and use the proceeds to invest in a higher-growth segment of the
power generation business. The sale proceeds will also be used to pay down debt
and buy back stock. Conectiv plans to focus on its two core businesses: power
delivery and the merchant energy business. The company also has a non-core
telecommunications business that offers local and long distance phone service
and Internet access over a 700-mile fiber optic network that spans four states.
DPL INC. (DPL - $22.1875 - NYSE) provides electric service to metropolitan
Dayton, Ohio. In the past six months, DPL sold its gas distribution operations
to Vectren Corp., sold a significant equity stake to KKR, and repurchased 25
million shares of stock in a self-tender. We sold a portion of the Trust's
shares to the company in the tender at $23 per share. The stock is inexpensive
based on current and prospective earnings, and has substantial unrealized gains
in its sizeable investment portfolio. We think that KKR's involvement in the
company may ultimately lead to a merger or leveraged buyout of DPL.
EL PASO ELECTRIC CO. (EE - $10.375 - ASE) emerged from bankruptcy in 1996 and
has sufficiently reduced its debt obligation to recently receive an investment
grade credit rating. This electric utility serves approximately 298,000 retail
customers in a 10,000 square mile area of the Rio Grande Valley in West Texas
and Southern New Mexico. Approximately 16% of the company's total operating
revenues come from wholesale electric sales. Historically, El Paso Electric has
sold power into Mexico, which is projected to have its growing demand exceed the
current generating capacity.
LG&E ENERGY CORP. (LGE - $22.875 - NYSE) serves most of the state of Kentucky.
The company's core business is efficient and well managed, and LG&E enjoys some
of the lowest generating costs in the U.S. The stock had fallen out of investor
favor because of continuing losses in LG&E's wholesale power business, which the
company had failed to resolve. During the first quarter, LG&E agreed to be
acquired by PowerGen plc of the U.K. for approximately $24 per share in cash.
The acquisition of LG&E marks the third purchase of a U.S. utility by a British
utility in the past year. We think that there will be more activity by European
strategic buyers in the U.S.
DAILY NAVS NOW DISTRIBUTED BY NASDAQ
Since our inception, we have made the net asset value available on nightly
recordings through 1-800-GABELLI (1-800-422-3554). Now, Nasdaq is also
disseminating the daily per share NAVs for the Trust, which is traded on the New
York Stock Exchange. The NAV ticker symbol via Nasdaq is "XGUTX".
The NAVs are available through any stock quote lookup service and on
broker Nasdaq level one terminals. The dissemination of daily NAVs allows
investors and brokers to better track the long-term performance of the Trust's
underlying portfolio. We support Nasdaq's efforts in making closed-end funds'
NAVs available on a daily basis.
INTERNET
You can now visit us on the Internet. Our home page at
http://www.gabelli.com contains information about Gabelli Asset Management Inc.,
the Gabelli Mutual Funds, IRAs, 401(k)s, quarterly reports, closing prices and
other current news. You can send us e-mail at [email protected].
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IN CONCLUSION
The major factors depressing utility stock prices have been rising
long-term interest rates and investors' infatuation with technology stocks. With
long-term interest rates perhaps having peaked for this cycle and with
technology stocks now coming under pressure, utility stock price performance is
likely to improve in both absolute and relative terms.
We look forward to the challenges in the first year of the new millennium
and believe that our old-fashioned value discipline will continue to reward
shareholders.
Sincerely,
/s/signature
MARIO J. GABELLI
President and Chief Investment Officer
April 14, 2000
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TOP TEN HOLDINGS
MARCH 31, 2000
----------------
WICOR Inc.
Eastern Enterprises
United Water Resources Inc.
EnergyNorth Inc.
Esat Telecom Group plc
Eastern Utilities Associates
Columbia Energy Group
CenturyTel Inc.
E'Town Corp.
El Paso Electric Co.
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NOTE: The views expressed in this report reflect those of the portfolio managers
only through the end of the period stated in this report. The managers' views
are subject to change at any time based on market and other conditions.
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THE GABELLI UTILITY TRUST
PORTFOLIO OF INVESTMENTS
MARCH 31, 2000 (UNAUDITED)
MARKET
SHARES VALUE
------ ------
COMMON STOCKS -- 82.4%
AEROSPACE -- 0.7%
10,000 Cordant Technologies Inc. ..... $ 565,625
-----------
AGRICULTURE -- 0.1%
5,000 Cadiz Inc.+ ................... 42,500
-----------
COMMUNICATIONS EQUIPMENT -- 0.4%
20,000 Furukawa Electric Co. Ltd. .... 335,979
-----------
ENERGY AND UTILITIES: ELECTRIC -- 21.3%
47,000 Bangor Hydro-Electric Co. ..... 813,687
5,000 Cleco Corp. ................... 166,250
35,000 CMP Group Inc. ................ 1,019,375
122,000 Conectiv Inc. ................. 2,135,000
39,521 DPL Inc. ...................... 876,872
94,000 Eastern Utilities Associates .. 2,949,250
210,000 El Paso Electric Co.+ ......... 2,178,750
40,000 Florida Progress Corp. ........ 1,835,000
23,500 FPL Group Inc. ................ 1,082,469
34,000 IPALCO Enterprises Inc. ....... 663,000
46,000 Maine Public Service Co. ...... 802,125
14,000 Niagara Mohawk Power Corp. .... 189,000
55,706 SCANA Corp. ................... 1,368,279
13,000 TECO Energy Inc. .............. 252,687
10,000 TNP Enterprises Inc. .......... 438,125
20,000 Unisource Energy Corp.+ ....... 293,750
21,000 United Illuminating Co. ....... 824,250
-----------
17,887,869
-----------
ENERGY AND UTILITIES: INTEGRATED -- 11.6%
28,000 CH Energy Group Inc. .......... 850,500
32,000 Cinergy Corp. ................. 688,000
12,000 Florida Public Utilities Co. .. 157,500
45,000 LG&E Energy Corp. ............. 1,029,375
85,000 MCN Energy Group Inc. ......... 2,125,000
12,000 Minnesota Power Inc. .......... 199,500
10,000 Montana Power Co. ............. 640,000
95,000 Northeast Utilities ........... 2,042,509
80,000 RGS Energy Group Inc. ......... 1,700,000
4,000 SIGCORP Inc. .................. 100,000
7,000 WPS Resources Corp. ........... 181,563
-----------
9,713,947
-----------
ENERGY AND UTILITIES: NATURAL GAS -- 28.1%
42,000 AGL Resources Inc. ............ 771,750
26,500 Berkshire Energy Resources .... 958,141
45,000 Columbia Energy Group ......... 2,666,250
MARKET
SHARES VALUE
------ ------
7,500 CTG Resources Inc. ............ $ 278,906
30,000 Delta Natural Gas Co. Inc. .... 420,000
24,000 Dynegy Inc., Cl. A ............ 1,506,000
60,985 Eastern Enterprises ........... 3,651,477
54,000 EnergyNorth Inc. .............. 3,152,250
17,000 Fall River Gas Co. ............ 365,500
2,000 National Fuel Gas Co. ......... 89,125
12,000 Nicor Inc. .................... 395,250
20,000 Peoples Energy Corp. .......... 548,750
27,000 Piedmont Natural Gas Co. Inc. . 703,688
30,000 Providence Energy Corp. ....... 1,138,125
25,000 SEMCO Energy Inc. ............. 296,875
104,000 Southwest Gas Corp. ........... 1,982,500
20,000 Valley Resources Inc. ......... 460,000
135,000 WICOR Inc. .................... 4,185,000
-----------
23,569,587
-----------
ENERGY AND UTILITIES: WATER -- 11.1%
4,000 American States Water Co. ..... 119,000
11,000 Artesian Resources Corp., Cl. A 253,000
25,000 Azurix Corp.+ ................. 187,500
17,000 Birmingham Utilities Inc. ..... 255,531
12,000 California Water Service Group 273,750
10,000 Connecticut Water Service Inc. 283,750
4,000 Dominguez Services Corp. ...... 127,000
36,000 E'Town Corp. .................. 2,277,000
15,000 Middlesex Water Co. ........... 435,000
4,000 Pennichuck Corp. .............. 88,000
12,500 SJW Corp. ..................... 1,462,500
3,000 Southwest Water Co. ........... 32,250
100,000 United Water Resources Inc. ... 3,475,000
-----------
9,269,281
-----------
FINANCIAL SERVICES -- 0.3%
2,800 Duff & Phelps Credit Rating Co. 279,125
-----------
TELECOMMUNICATIONS -- 8.3%
4,000 AT&T Canada Inc., Cl. B+ ...... 244,000
65,000 CenturyTel Inc. ............... 2,413,125
80,000 Citizens Utilities Co., Cl. B+ 1,310,000
30,000 Esat Telecom Group plc, ADR+ .. 2,996,250
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6,963,375
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WIRELESS COMMUNICATIONS -- 0.5%
4,000 Telephone & Data Systems Inc. . 444,000
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TOTAL COMMON STOCKS ........... 69,071,288
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THE GABELLI UTILITY TRUST
PORTFOLIO OF INVESTMENTS (CONTINUED)
MARCH 31, 2000 (UNAUDITED)
MARKET
SHARES VALUE
------ ------
PREFERRED STOCK -- 1.1%
TELECOMMUNICATIONS -- 1.1%
15,000 Citizens Utilities Co.,
5.00% Cv. Pfd. .............. $ 937,500
-----------
PRINCIPAL
AMOUNT
---------
REPURCHASE AGREEMENT -- 17.0%
$14,234,000 Agreement with State Street
Bank & Trust Co., 6.07%, dated
03/31/00, due 04/03/00, proceeds at
maturity $14,241,200 (a) .... 14,234,000
-----------
MARKET
VALUE
------
TOTAL INVESTMENTS -- 100.5%
(Cost $81,792,129) ....................... $84,242,788
OTHER ASSETS AND
LIABILITIES (NET) -- (0.5)% .............. (408,357)
-----------
NET ASSETS -- 100.0%
(10,951,101 shares outstanding) .......... $83,834,431
===========
NET ASSET VALUE
($83,834,431 / 10,951,101 shares outstanding) $7.66
=====
--------------------
(a) Collateralized by U.S. Treasury Bill, 5.96%++ due 04/20/00,
market value $14,520,344.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
7
<PAGE>
AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLAN
ENROLLMENT IN THE PLAN
It is the policy of The Gabelli Utility Trust ("Utility Trust") to
automatically reinvest dividends. As a "registered" shareholder you
automatically become a participant in the Utility Trust's Automatic Dividend
Reinvestment Plan (the "Plan"). The Plan authorizes the Utility Trust to issue
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. 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 Utility Trust. Plan participants may send their stock
certificates to State Street Bank and Trust Company ("State Street") to be held
in their dividend reinvestment account. Registered shareholders wishing to
receive their distribution in cash must submit this request in writing to:
The Gabelli Utility Trust
c/o State Street Bank and Trust Company
P.O. Box 8200
Boston, MA 02266-8200
Shareholders requesting this cash election must include the shareholder's
name and address as they appear on the share certificate. Shareholders with
additional questions regarding the Plan may contact State Street at 1 (800)
336-6983.
SHAREHOLDERS WISHING TO LIQUIDATE REINVESTED SHARES held at State Street Bank
must do so in writing or by telephone. Please submit your request to the above
mentioned address or telephone number. Include in your request your name,
address and account number. The cost to liquidate shares is $2.50 per
transaction as well as the brokerage commission incurred. Brokerage charges are
expected to be less than the usual brokerage charge for such transactions.
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 dividends 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 shares of Common Stock 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 Utility Trust's Common Stock 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 shares of Common Stock 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 Utility Trust's Common Stock. The valuation
date is the dividend or distribution payment date or, if that date is not a New
York Stock Exchange trading day, the next trading day. If the net asset value of
the Common Stock at the time of valuation exceeds the market price of the Common
Stock, participants will receive shares from the Utility Trust valued at market
price. If the Utility Trust should declare a dividend or capital gains
distribution payable only in cash, State Street will buy Common Stock in the
open market, or on the New York Stock Exchange or elsewhere, for the
participants' accounts, except that State Street will endeavor to terminate
purchases in the open market and cause the Utility Trust to issue shares at net
asset value if, following the commencement of such purchases, the market value
of the Common Stock 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.
The Utility Trust 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 90 days before the record date for such dividend or distribution. The
Plan also may be amended or terminated by State Street on at least 90 days'
written notice to participants in the Plan.
VOLUNTARY CASH PURCHASE PLAN
The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders
to increase their investment in the Utility Trust. In order to participate in
the Voluntary Cash Purchase Plan, shareholders must have their shares registered
in their own name.
Participants in the Voluntary Cash Purchase Plan have the option of making
additional cash payments to State Street for investments in the Utility Trust's
shares at the then current market price. Shareholders may send an amount from
$250 to $10,000. State Street will use these funds to purchase shares in the
open market on or about the 15th of each month. State Street will charge each
shareholder who participates $0.75, plus a pro rata share of the brokerage
commissions. Brokerage charges for such purchases are expected to be less than
the usual brokerage charge for such transactions. It is suggested that any
voluntary cash payments be sent to State Street Bank and Trust Company, P.O. Box
8200, Boston, MA 02266-8200 such that State Street receives such payments
approximately 10 days before the 15th of the month. Funds not received at least
five days before the investment date shall be held for investment in the
following month. A payment may be withdrawn without charge if notice is received
by State Street at least 48 hours before such payment is to be invested.
For more information regarding the Dividend Reinvestment Plan and Voluntary
Cash Purchase Plan, brochures are available by calling (914) 921-5070 or by
writing directly to the Utility Trust.
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<PAGE>
DIRECTORS AND OFFICERS
THE GABELLI UTILITY TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1434
DIRECTORS
Mario J. Gabelli, CFA
CHAIRMAN AND CHIEF INVESTMENT OFFICER
GABELLI ASSET MANAGEMENT INC.
Dr. Thomas E. Bratter
PRESIDENT, JOHN DEWEY ACADEMY
Felix J. Christiana
FORMER SENIOR VICE PRESIDENT
DOLLAR DRY DOCK SAVINGS BANK
Anthony J. Colavita
ATTORNEY-AT-LAW
ANTHONY J. COLAVITA, P.C.
James P. Conn
FORMER MANAGING DIRECTOR AND CHIEF INVESTMENT OFFICER,
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
Vincent D. Enright
FORMER SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
KEYSPAN ENERGY CORP.
Frank J. Fahrenkopf, Jr.
PRESIDENT AND CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION
John D. Gabelli
SENIOR VICE PRESIDENT
GABELLI & COMPANY, INC.
Karl Otto Pohl
FORMER PRESIDENT
DEUTSCHE BUNDESBANK
Anthony R. Pustorino
CERTIFIED PUBLIC ACCOUNTANT
PROFESSOR, PACE UNIVERSITY
Salvatore J. Zizza
CHAIRMAN,
THE BETHLEHEM CORP.
OFFICERS
Mario J. Gabelli, CFA
PRESIDENT & CHIEF INVESTMENT OFFICER
Bruce N. Alpert
VICE PRESIDENT AND TREASURER
James E. McKee
SECRETARY
David I. Schachter
VICE PRESIDENT AND OMBUDSMAN
INVESTMENT ADVISOR
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1434
CUSTODIAN
Boston Safe Deposit and Trust Company
COUNSEL
Skadden, Arps, Slate, Meagher & Flom
TRANSFER AGENT AND REGISTRAR
State Street Bank and Trust Company
STOCK EXCHANGE LISTING
COMMON
------
NYSE-Symbol: GUT
Shares Outstanding: 10,951,101
The Net Asset Value appears in the Publicly Traded Funds column, under the
heading "Specialized Equity Funds," in Sunday's The New York Times and 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 may be obtained each day by calling (914) 921-5071.
- --------------------------------------------------------------------------------
For general information about the Gabelli Funds, call 1-800-GABELLI
(1-800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: HTTP://WWW.GABELLI.COM or e-mail us at: [email protected]
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Utility Trust may, from time to time,
purchase its shares in the open market when the Utility Trust shares are trading
at a discount of 10% or more from the net asset value of the shares.
- --------------------------------------------------------------------------------
<PAGE>
THE GABELLI UTILITY TRUST
One Corporate Center
Rye, NY 10580-1434
(914) 921-5070
http://www.gabelli.com
First Quarter Report
March 31, 2000
GBFUF 03/00
