1
The
Gabelli
Utility
Trust
Schedule
of
Investments
—
September
30,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
 —
80.4%
ENERGY
AND
UTILITIES
 —
68.4%
Alternative
Energy
 —
1.6%
2,950‌
Brookfield
Renewable
Corp.,
Cl. A
......
$
96,406‌
3,300‌
Clearway
Energy
Inc.,
Cl. C
..........
105,105‌
7,000‌
Eos
Energy
Enterprises
Inc.†
.........
11,690‌
2,700‌
Landis+Gyr
Group
AG
..............
147,218‌
46,250‌
NextEra
Energy
Partners
LP
..........
3,344,337‌
12,600‌
Ormat
Technologies
Inc.
............
1,086,120‌
600‌
Orsted
AS
......................
48,046‌
14,000‌
Siemens
Gamesa
Renewable
Energy
SA†
245,944‌
120‌
SolarEdge
Technologies
Inc.†
.........
27,775‌
6,000‌
Vestas
Wind
Systems
A/S
...........
112,004‌
5,224,645‌
Diversified
Industrial
 —
0.8%
2,000‌
Alstom
SA
......................
32,822‌
16,247‌
AZZ
Inc.
........................
593,178‌
17,000‌
Bouygues
SA
....................
447,344‌
10,000‌
General
Electric
Co.
................
619,100‌
300‌
Sulzer
AG
.......................
17,406‌
32,000‌
Vantage
Towers
AG
................
832,337‌
2,542,187‌
Electric
Integrated
 —
40.7%
23,000‌
ALLETE
Inc.
.....................
1,151,150‌
78,750‌
Alliant
Energy
Corp.
...............
4,172,963‌
17,150‌
Ameren
Corp.
....................
1,381,433‌
52,950‌
American
Electric
Power
Co.
Inc.
......
4,577,527‌
1,800‌
Atlantica
Sustainable
Infrastructure
plc
..
47,340‌
66,000‌
Avangrid
Inc.
....................
2,752,200‌
45,000‌
Avista
Corp.
.....................
1,667,250‌
200‌
Badger
Meter
Inc.
.................
18,478‌
32,500‌
Black
Hills
Corp.
..................
2,201,225‌
6,000‌
CenterPoint
Energy
Inc.
.............
169,080‌
82,400‌
CMS
Energy
Corp.
................
4,798,976‌
45,000‌
Dominion
Energy
Inc.
..............
3,109,950‌
16,800‌
DTE
Energy
Co.
..................
1,932,840‌
72,700‌
Duke
Energy
Corp.
................
6,762,554‌
65,000‌
Edison
International
...............
3,677,700‌
6,500‌
Emera
Inc.
......................
262,993‌
4,125‌
Entergy
Corp.
....................
415,099‌
140,500‌
Evergy
Inc.
......................
8,345,700‌
115,550‌
Eversource
Energy
................
9,008,278‌
100,300‌
FirstEnergy
Corp.
.................
3,711,100‌
82,000‌
Hawaiian
Electric
Industries
Inc.
.......
2,842,120‌
4,000‌
IDACORP
Inc.
....................
396,040‌
59,000‌
MGE
Energy
Inc.
..................
3,872,170‌
200,400‌
NextEra
Energy
Inc.
................
15,713,364‌
48,000‌
NiSource
Inc.
....................
1,209,120‌
72,500‌
NorthWestern
Corp.
...............
3,572,800‌
180,000‌
OGE
Energy
Corp.
.................
6,562,800‌
70,000‌
Otter
Tail
Corp.
...................
4,306,400‌
Shares
Market
Value
55,000‌
PG&E
Corp.†
....................
$
687,500‌
1,100‌
Pinnacle
West
Capital
Corp.
..........
70,961‌
120,000‌
PNM
Resources
Inc.
...............
5,487,600‌
58,250‌
Portland
General
Electric
Co.
.........
2,531,545‌
21,500‌
PPL
Corp.
......................
545,025‌
31,550‌
Public
Service
Enterprise
Group
Inc.
....
1,774,056‌
800‌
Sempra
Energy
...................
119,952‌
3,300‌
The
Southern
Co.
.................
224,400‌
17,000‌
Unitil
Corp.
......................
789,650‌
126,500‌
WEC
Energy
Group
Inc.
.............
11,312,895‌
149,850‌
Xcel
Energy
Inc.
..................
9,590,400‌
131,772,634‌
Electric
Transmission
and
Distribution
 —
2.5%
35,000‌
Consolidated
Edison
Inc.
............
3,001,600‌
20,700‌
Constellation
Energy
Corp.
...........
1,722,033‌
65,600‌
Exelon
Corp.
.....................
2,457,376‌
110,000‌
Iberdrola
SA
.....................
1,032,992‌
500‌
The
Timken
Co.
...................
29,520‌
8,243,521‌
Environmental
Services
 —
0.2%
1,300‌
Evoqua
Water
Technologies
Corp.†
.....
42,991‌
800‌
Fluidra
SA
......................
12,168‌
200‌
Pentair
plc
......................
8,126‌
200‌
Tetra
Tech
Inc.
...................
25,706‌
27,712‌
Veolia
Environnement
SA
............
535,307‌
624,298‌
Equipment
and
Supplies
 —
0.7%
4,000‌
Capstone
Green
Energy
Corp.†
........
7,080‌
3,655‌
Graham
Corp.
....................
32,127‌
29,500‌
Mueller
Industries
Inc.
..............
1,753,480‌
1,100‌
Valmont
Industries
Inc.
.............
295,482‌
2,088,169‌
Global
Utilities
 —
1.7%
8,000‌
Chubu
Electric
Power
Co.
Inc.
........
72,079‌
7,595‌
EDP
-
Energias
de
Portugal
SA
........
33,049‌
117,000‌
Electric
Power
Development
Co.
Ltd.
....
1,655,607‌
33,000‌
Endesa
SA
......................
498,708‌
300,000‌
Enel
SpA
.......................
1,241,919‌
560,000‌
Hera
SpA
.......................
1,199,738‌
15,000‌
Hokkaido
Electric
Power
Co.
Inc.
......
46,950‌
12,000‌
Hokuriku
Electric
Power
Co.
..........
40,296‌
5,000‌
Huaneng
Power
International
Inc.,
ADR†
.
87,400‌
35,000‌
Korea
Electric
Power
Corp.,
ADR†
......
238,000‌
20,000‌
Kyushu
Electric
Power
Co.
Inc.
........
106,682‌
10,000‌
Shikoku
Electric
Power
Co.
Inc.
.......
49,955‌
8,000‌
The
Chugoku
Electric
Power
Co.
Inc.
....
40,572‌
25,000‌
The
Kansai
Electric
Power
Co.
Inc.
.....
209,355‌
10,000‌
Tohoku
Electric
Power
Co.
Inc.
........
47,053‌
5,567,363‌
2
The
Gabelli
Utility
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
ENERGY
AND
UTILITIES
(Continued)
Merchant
Energy
 —
1.7%
240,000‌
The
AES
Corp.
...................
$
5,424,000‌
Natural
Gas
Integrated
 —
5.3%
8,000‌
DT
Midstream
Inc.
................
415,120‌
85,000‌
Energy
Transfer
LP
................
937,550‌
105,000‌
Kinder
Morgan
Inc.
................
1,747,200‌
108,000‌
National
Fuel
Gas
Co.
..............
6,647,400‌
145,000‌
ONEOK
Inc.
.....................
7,429,800‌
17,177,070‌
Natural
Gas
Utilities
 —
5.4%
25,500‌
Atmos
Energy
Corp.
...............
2,597,175‌
9,000‌
Chesapeake
Utilities
Corp.
...........
1,038,510‌
14,000‌
Engie
SA
.......................
162,481‌
69,000‌
National
Grid
plc,
ADR
..............
3,555,570‌
30,000‌
ONE
Gas
Inc.
....................
2,111,700‌
20,000‌
RGC
Resources
Inc.
...............
421,200‌
16,000‌
South
Jersey
Industries
Inc.
..........
534,720‌
95,915‌
Southwest
Gas
Holdings
Inc.
.........
6,690,071‌
5,200‌
Spire
Inc.
.......................
324,116‌
600‌
UGI
Corp.
.......................
19,398‌
17,454,941‌
Natural
Resources
 —
1.2%
54,700‌
Cameco
Corp.
....................
1,450,097‌
30,000‌
Compania
de
Minas
Buenaventura
SAA,
ADR
.........................
201,900‌
21,700‌
Exxon
Mobil
Corp.
................
1,894,627‌
2,200‌
Hess
Corp.
......................
239,778‌
300‌
Linde
plc
.......................
80,877‌
3,867,279‌
Oil
 —
0.3%
4,500‌
Devon
Energy
Corp.
...............
270,585‌
33,000‌
Halliburton
Co.
...................
812,460‌
1,083,045‌
Services
 —
1.4%
24,000‌
ABB
Ltd.,
ADR
...................
615,840‌
15,000‌
Dril-Quip
Inc.†
...................
292,800‌
99,500‌
Enbridge
Inc.
....................
3,691,450‌
4,600,090‌
Water
 —
4.9%
26,000‌
American
States
Water
Co.
...........
2,026,700‌
22,900‌
American
Water
Works
Co.
Inc.
.......
2,980,664‌
24,000‌
Artesian
Resources
Corp.,
Cl. A
.......
1,154,880‌
33,500‌
California
Water
Service
Group
........
1,765,115‌
26,850‌
Essential
Utilities
Inc.
..............
1,111,053‌
7,500‌
Middlesex
Water
Co.
...............
579,000‌
143,000‌
Severn
Trent
plc
..................
3,760,150‌
Shares
Market
Value
37,500‌
SJW
Group
.....................
$
2,160,000‌
9,600‌
The
York
Water
Co.
................
368,928‌
3,600‌
Zurn
Elkay
Water
Solutions
Corp.
......
88,200‌
15,994,690‌
TOTAL
ENERGY
AND
UTILITIES
......
221,663,932‌
COMMUNICATIONS
 —
9.6%
Cable
and
Satellite
 —
3.0%
31,000‌
Altice
USA
Inc.,
Cl. A†
..............
180,730‌
3,000‌
Charter
Communications
Inc.,
Cl. A†
....
910,050‌
20,400‌
Cogeco
Inc.
.....................
813,726‌
64,000‌
DISH
Network
Corp.,
Cl. A†
..........
885,120‌
13,500‌
EchoStar
Corp.,
Cl. A†
..............
222,345‌
320,000‌
ITV
plc
.........................
204,659‌
60,000‌
Liberty
Global
plc,
Cl. A†
............
935,400‌
120,071‌
Liberty
Global
plc,
Cl. C†
............
1,981,172‌
75,000‌
Liberty
Latin
America
Ltd.,
Cl. A†
......
464,250‌
5,947‌
Liberty
Latin
America
Ltd.,
Cl. C†
......
36,574‌
20,000‌
Rogers
Communications
Inc.,
Cl. B
.....
770,800‌
14,000‌
Shaw
Communications
Inc.,
Cl. B
......
340,435‌
135,000‌
Telenet
Group
Holding
NV
...........
1,866,848‌
9,612,109‌
Communications
Equipment
 —
0.0%
8,000‌
Furukawa
Electric
Co.
Ltd.
...........
126,746‌
Telecommunications
 —
5.0%
47,500‌
AT&T
Inc.
.......................
728,650‌
12,000‌
BCE
Inc.,
New
York
................
503,280‌
6,047‌
BCE
Inc.,
Toronto
.................
253,551‌
105,000‌
BT
Group
plc,
Cl. A
................
142,268‌
7,000‌
Cogeco
Communications
Inc.
.........
365,418‌
115,000‌
Deutsche
Telekom
AG
..............
1,971,449‌
60,000‌
Deutsche
Telekom
AG,
ADR
..........
1,023,600‌
200‌
Hutchison
Telecommunications
Hong
Kong
Holdings
Ltd.
..................
29‌
130,000‌
Lumen
Technologies
Inc.
............
946,400‌
70,000‌
Nippon
Telegraph
&
Telephone
Corp.
....
1,889,173‌
160,000‌
Orange
Belgium
SA†
...............
2,822,544‌
6,000‌
Orange
SA,
ADR
..................
53,940‌
59,000‌
Orascom
Financial
Holding
SAE†
......
604‌
11,800‌
Orascom
Investment
Holding,
GDR†
....
295‌
30,000‌
Pharol
SGPS
SA†
.................
1,855‌
6,800‌
Proximus
SA
....................
70,609‌
2,000‌
PT
Indosat
Tbk
...................
952‌
130,000‌
Sistema
PJSC
FC,
GDR†
............
65,000‌
5,000‌
Sitios
Latinoamerica
SAB
de
CV†
......
2,277‌
1,350‌
Tele2
AB,
Cl. B
...................
11,678‌
220,000‌
Telefonica
Deutschland
Holding
AG
.....
446,962‌
250,000‌
Telefonica
SA,
ADR
................
810,000‌
85,000‌
Telekom
Austria
AG
................
492,328‌
15,000‌
Telephone
and
Data
Systems
Inc.
......
208,500‌
3
The
Gabelli
Utility
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
COMMUNICATIONS
(Continued)
Telecommunications
(Continued)
10,000‌
Telesat
Corp.†
...................
$
78,100‌
7,000‌
T-Mobile
US
Inc.†
.................
939,190‌
346,972‌
VEON
Ltd.,
ADR†
.................
111,031‌
60,000‌
Verizon
Communications
Inc.
.........
2,278,200‌
16,217,883‌
Wireless
Communications
 —
1.6%
5,000‌
America
Movil
SAB
de
CV,
Cl. L,
ADR
...
82,350‌
12,000‌
Anterix
Inc.†
.....................
428,640‌
102,500‌
Millicom
International
Cellular
SA,
SDR†
.
1,184,541‌
1,154‌
Mobile
TeleSystems
PJSC(a)
.........
469‌
7,250‌
Mobile
TeleSystems
PJSC,
ADR†(a)
....
4,422‌
1,200‌
Operadora
De
Sites
Mexicanos
SAB
de
CV
1,005‌
1,214‌
SK
Telecom
Co.
Ltd.,
ADR
...........
23,382‌
400‌
SmarTone
Telecommunications
Holdings
Ltd.
.........................
210‌
60,000‌
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
....
159,600‌
42,000‌
United
States
Cellular
Corp.†
.........
1,093,260‌
185,000‌
Vodafone
Group
plc,
ADR
...........
2,096,050‌
5,073,929‌
TOTAL
COMMUNICATIONS
.........
31,030,667‌
OTHER
 —
2.2%
Automotive
 —
0.1%
44,000‌
Iveco
Group
NV†
.................
210,005‌
Diversified
Industrial
 —
0.0%
971‌
Allied
Motion
Technologies
Inc.
.......
27,790‌
600‌
Arcosa
Inc.
......................
34,308‌
290‌
ITT
Inc.
........................
18,949‌
1,220‌
L.B.
Foster
Co.,
Cl. A†
..............
11,907‌
92,954‌
Electronics
 —
0.4%
450‌
Hubbell
Inc.
.....................
100,350‌
2,200‌
Keysight
Technologies
Inc.†
..........
346,192‌
14,000‌
Sony
Group
Corp.,
ADR
.............
896,700‌
1,343,242‌
Entertainment
 —
0.0%
8,000‌
Warner
Bros
Discovery
Inc.†
.........
92,000‌
Equipment
and
Supplies
 —
0.1%
22,000‌
CIRCOR
International
Inc.†
..........
362,780‌
Financial
Services
 —
0.2%
95,000‌
GAM
Holding
AG†
.................
88,578‌
22,000‌
Kinnevik
AB,
Cl. A†
................
294,188‌
19,000‌
Kinnevik
AB,
Cl. B†
................
252,702‌
Shares
Market
Value
15,000‌
SDCL
EDGE
Acquisition
Corp.†
........
$
148,875‌
784,343‌
Machinery
 —
0.8%
200,000‌
CNH
Industrial
NV
.................
2,234,000‌
1,975‌
Flowserve
Corp.
..................
47,992‌
600‌
Medmix
AG
.....................
10,502‌
2,965‌
Mueller
Water
Products
Inc.,
Cl. A
.....
30,451‌
1,300‌
Xylem
Inc.
......................
113,568‌
2,436,513‌
Specialty
Chemicals
 —
0.0%
200‌
Air
Products
and
Chemicals
Inc.
.......
46,546‌
Transportation
 —
0.6%
21,500‌
GATX
Corp.
.....................
1,830,725‌
TOTAL
OTHER
.................
7,199,108‌
INDEPENDENT
POWER
PRODUCERS
AND
ENERGY
TRADERS
 —
0.2%
Electric
Integrated
 —
0.2%
20,000‌
NRG
Energy
Inc.
..................
765,400‌
TOTAL
COMMON
STOCKS
.........
260,659,107‌
MANDATORY
CONVERTIBLE
SECURITIES(b)
 —
0.5%
ENERGY
AND
UTILITIES
 —
0.5%
Natural
Gas
Utilities
 —
0.5%
34,000‌
Spire
Inc.,
Ser.
A,
7.500%,
03/01/24
...............
1,594,097‌
WARRANTS
 —
0.0%
ENERGY
AND
UTILITIES
 —
0.0%
Services
 —
0.0%
1,425‌
Weatherford
International
plc,
expire
12/13/23†
.....................
238‌
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
 —
19.1%
$
62,201,000‌
U.S.
Treasury
Bills,
1.542%
to
3.242%††,
10/20/22
to
01/19/23(c)
....................
61,905,103‌
TOTAL
INVESTMENTS
BEFORE
SECURITIES
SOLD
SHORT
—
100.0%
(Cost
$306,113,767)
.............
$
324,158,545‌
4
The
Gabelli
Utility
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2022
(Unaudited)
Shares
Market
Value
SECURITIES
SOLD
SHORT
—
(0.1)%
Energy
and
Utilities
—
(0.1)%
Natural
Gas
Utilities
—
(0.1)%
4,000‌
Spire
Inc.
..................................
$
249,320‌
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
received
$288,109)(d)
.......
$
249,320‌
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
Mandatory
convertible
securities
are
required
to
be
converted
on
the
dates
listed;
they
generally
may
be
converted
prior
to
these
dates
at
the
option
of
the
holder.
(c)
At
September
30,
2022,
$1,000,000
of
the
principal
amount
was
pledged
as
collateral
for
securities
sold
short.
(d)
At
September
30,
2022,
these
proceeds
are
being
held
at
Pershing
LLC.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
SDR
Swedish
Depositary
Receipt