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: June 30, 2025

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

Semiannual Report — June 30, 2025

(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 six months ended June 30, 2025, the net asset value (NAV) total return of The Gabelli Utility Trust (the Fund) was 10.8%, compared with a total return of 9.4% for the Standard & Poor’s (S&P) 500 Utilities Index. The total return for the Fund’s publicly traded shares was 22.1%. The Fund’s NAV per share was $3.11, while the price of the publicly traded shares closed at $5.80 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 June 30, 2025.

Investment Objective (Unaudited)

The Gabelli Utility Trust is a diversified, closed-end 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.

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 the first half of 2025, the U.S. utility sector modestly outperformed the broader market, supported by rising electricity demand and investor interest in both regulated utilities and merchant generators. The S&P 500 Utilities Index rose 9.4%, versus the S&P 500’s 6.2% gain. While generally insulated from tariffs, utility stocks saw some volatility amid shifting inflation expectations and uncertainty around clean energy tax credits.

Defensive, rate-based utilities outperformed in Q1 during market stress, but risk appetite returned in Q2 as economic data held firm and tariff concerns eased. Our coverage of 61 regulated utilities delivered a solid 9% median total return, while the four publicly traded merchant power producers (CEG, VST, NRG, TLN) surged 54% on average. In contrast, the three large California utilities (PCG, EIX, SRE) fell 25% on average due to renewed concerns over wildfire liabilities after January’s destructive fires.

The utility investment case is strengthening as electricity demand grows at its fastest pace since the mid-20th century, driven by AI-powered data centers, reshoring of manufacturing, and electrification of transport. Utilities are responding with record capital investment in generation and grid upgrades, often in partnership with hyperscalers like Amazon, Microsoft, and Google. Policymakers remain broadly supportive, creating a favorable backdrop for sustained rate base and earnings growth.

Importantly, rising demand allows infrastructure costs to be spread over more kilowatt-hours, helping manage bill impacts. Still, execution risk remains as utilities must finance, build, and manage large-scale infrastructure efficiently.

Federal policy momentum also supports the sector, with efforts to streamline nuclear permitting, expand gas-fired capacity, extend coal plant lives, and reduce regulatory bottlenecks. Lower interest rates offer an added tailwind: the 10-year U.S. Treasury yield fell to 4.23% from 4.58% at 2024 year-end, and markets expect multiple Fed cuts through 2026. Lower yields support utility valuations and reduce financing costs, while utilities’ 3.5% median dividend yield and 9%–11% total return potential enhance their appeal.

Year-to-date, some of the Fund’s top performing stocks were WEC Energy Group (3.7% of total investments as of June 30, 2025; 12.7%), National Fuel Gas (2.7%; 41.4%), Constellation Energy Group (1.8%; 44.7%), NRG Energy (0.9%; 79.4%) and Evergy (2.8%; 14.3%). Detractors in the Fund’s portfolio included ONEOK (3.5%; -16.8%), AES Corp (0.8%; -15.5%) and Edison International (0.9%; -33.7%).

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.

Comparative Results

Average Annual Returns through June 30, 2025 (a) (Unaudited)

	Six Months			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)		10.77	%		24.26	%		9.98	%		7.56	%		9.83	%		7.76	%		8.24	%		8.23	%
Investment Total Return (c)		22.15			13.27			7.49			11.05			8.74			7.74			8.90			9.03
S&P 500 Utilities Index		9.41			23.40			11.14			10.66			11.26			8.75			7.78			7.53
Lipper Utility Fund Average		7.50			22.11			11.24			8.71			10.31			8.40			6.99			7.02

(a)	Performance returns for periods of less than one year are not annualized. 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.

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of total investments as of June 30, 2025:

The Gabelli Utility Trust

Electric Integrated	40.9	%
Natural Gas Integrated	7.9	%
Natural Gas Utilities	7.9	%
Telecommunications	7.3	%
U.S. Government Obligations	6.5	%
Water	4.8	%
Electric Transmission and Distribution	4.2	%
Global Utilities	3.2	%
Wireless Communications	3.0	%
Natural Resources	2.1	%
Services	2.0	%
Diversified Industrial	1.7	%
Equipment and Supplies	1.5	%
Cable and Satellite	1.3	%
Transportation	1.0	%

Machinery	0.9	%
Merchant Energy	0.8	%
Alternative Energy	0.7	%
Short Term Investment	0.7	%
Electronics	0.6	%
Environmental Services	0.3	%
Automotive	0.3	%
Oil	0.2	%
Building and Construction	0.1	%
Communications Equipment	0.1	%
Specialty Chemicals	0.0	%*
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.

The Gabelli Utility Trust

Schedule of Investments — June 30, 2025 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 92.8%
		ENERGY AND UTILITIES — 78.0%
		Alternative Energy — 0.7%
	100,000	Algonquin Power & Utilities Corp.	$	556,924	$	573,000
	2,950	Brookfield Renewable Corp.		107,281		96,701
	3,000	Clearway Energy Inc., Cl. C		67,349		96,000
	4,200	Eos Energy Enterprises Inc.†		27,429		21,504
	2,800	Landis+Gyr Group AG		162,840		196,206
	12,500	Ormat Technologies Inc.		382,193		1,047,000
	600	Orsted AS†		98,525		25,767
	300	SolarEdge Technologies Inc.†		47,191		6,120
	6,000	Vestas Wind Systems A/S		124,138		90,013
	34,400	XPLR Infrastructure LP		531,032		282,080
				2,104,902		2,434,391
		Diversified Industrial — 1.5%
	548	Alstom SA†		7,652		12,781
	15,222	AZZ Inc.		607,527		1,438,174
	17,000	Bouygues SA		596,821		768,966
	300	Chart Industries Inc.†		41,038		49,395
	10,000	General Electric Co.		613,133		2,573,900
	100	Sulzer AG		6,749		18,048
				1,872,920		4,861,264
		Electric Integrated — 40.9%
	15,000	ALLETE Inc.		897,093		961,050
	78,345	Alliant Energy Corp.		2,979,017		4,737,522
	17,150	Ameren Corp.		821,759		1,647,086
	48,750	American Electric Power Co. Inc.		3,310,750		5,058,300
	53,000	Avista Corp.		2,243,144		2,011,350
	400	Badger Meter Inc.		41,569		97,980
	33,000	Black Hills Corp.		1,715,421		1,851,300
	8,470	CenterPoint Energy Inc.		228,771		311,188
	79,844	CMS Energy Corp.		3,388,060		5,531,592
	46,200	Dominion Energy Inc.		3,248,113		2,611,224
	16,800	DTE Energy Co.		1,187,643		2,225,328
	68,400	Duke Energy Corp.		6,015,955		8,071,200
	53,700	Edison International		3,215,568		2,770,920
	7,000	Emera Inc.		269,273

SEC Form N-CSRS filed by Gabelli Utility Trust