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, 2026

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)

The Report to Shareholders is attached herewith.

The Gabelli Utility Trust

Semiannual Report — June 30, 2026

(Y)our Portfolio Management Team

To Our Shareholders,

For the six months ended June 30, 2026, the net asset value (NAV) total return of The Gabelli Utility Trust (the Fund) was 13.4%, compared with a total return of 7.7% for the Standard & Poor’s (S&P) 500 Utilities Index. The total return for the Fund’s publicly traded shares was 15.0%. The Fund’s NAV per share was $3.14, while the price of the publicly traded shares closed at $6.59 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, 2026.

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)

During the first half of 2026, utilities gave back nearly 10% as the Iran conflict drove oil prices higher, fueled inflation concerns, and lifted Treasury yields. The sector later recovered as tensions eased and interest rates stabilized. Investor sentiment swung sharply, with capital rotating between defensive utilities and higher-growth technology stocks as geopolitical developments evolved.

Globally, disruptions to the Strait of Hormuz have constrained roughly a quarter of global LNG flows, driving EU gas and power prices higher, though still below 2022 peaks. Despite macro volatility, U.S. utilities continue to deliver solid earnings growth, with most guiding to 6%–8% EPS CAGR or better, supported by rising electric demand, steady rate base expansion, and accelerating data center development. Utilities also expect to invest record amounts of capital, supporting rapid rate base expansion and above-average growth through at least 2032.

Data center development is facing growing public and political resistance over rising electric bills, water consumption, land use, and grid reliability. Utility affordability has become a more prominent political issue, particularly in higher-cost non-regulated markets where capacity prices have risen sharply and power supply growth has lagged demand. As a result, some utilities may face more challenging regulatory environments and lower utility returns. Elsewhere, data center development continues to accelerate, reshaping load forecasts and utility growth expectations. Large-load tariffs and long-term contracts increasingly require data centers to fund the infrastructure needed to serve their electricity demand.

Contributors to performance included Anterix Inc. (1.3% of net assets as of June 30, 2026), Millicom International Cellular SA (0.9%), and ONEOK Inc. (4.2%).

Detractors from the portfolio included Deutsche Telekom AG (1.5%), Constellation Energy Corp. (1.6%), and Idaho Strategic Resources Inc. (No Longer Held).

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, 2026 (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)		13.35	%		21.96	%		9.62	%		7.39	%		8.69	%		8.46	%		8.40	%		8.71	%
Investment Total Return (c)		14.97			25.89			7.76			11.01			10.34			9.19			8.88			9.61
S&P 500 Utilities Index		7.69			14.22			10.84			9.11			10.66			9.16			7.53			7.77
Lipper Utility Fund Average		8.16			14.47			10.56			8.68			9.38			8.50			7.72			7.29

(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 net assets as of June 30, 2026:

The Gabelli Utility Trust

Electric Integrated	52.0	%
Natural Gas Utilities	9.6	%
Natural Gas Integrated	8.9	%
Telecommunications	6.6	%
Water	5.8	%
U.S. Government Obligations	5.0	%
Electric Transmission and Distribution	4.5	%
Wireless Communications	4.2	%
Global Utilities	4.1	%
Services	3.1	%
Natural Resources	2.8	%
Diversified Industrial	2.0	%
Alternative Energy	1.0	%
Transportation	1.0	%
Cable and Satellite	0.9	%
Merchant Energy	0.9	%

Machinery	0.9	%
Short Term Investment	0.9	%
Communications Equipment	0.8	%
Equipment and Supplies	0.5	%
Environmental Services	0.4	%
Oil	0.4	%
Electronics	0.3	%
Building and Construction	0.1	%
Specialty Chemicals	0.1	%
Automotive	0.0	%*
Energy and Utilities: Natural Resources	0.0	%*
Health Care	0.0	%*
Other Assets and Liabilities (Net)	(16.8	)%
	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, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 110.8%
		ENERGY AND UTILITIES — 95.5%
		Alternative Energy — 1.0%
	110,000	Algonquin Power & Utilities Corp.	$	613,075	$	644,600
	1,300	Brookfield Renewable Corp.		50,511		48,256
	1,650	Clearway Energy Inc., Cl. C		34,125		56,397
	1,000	Eos Energy Enterprises Inc.†		1,917		5,880
	2,700	Landis+Gyr Group AG		156,061		144,691
	12,450	Ormat Technologies Inc.		381,443		1,355,805
	300	SolarEdge Technologies Inc.†		47,191		17,532
	6,000	Vestas Wind Systems A/S		124,138		169,315
	31,400	XPLR Infrastructure LP†		372,034		370,834
				1,780,495		2,813,310
		Diversified Industrial — 1.5%
	9,000	AZZ Inc.		414,038		1,395,450
	17,000	Bouygues SA		596,821		948,095
	5,000	General Electric Co.		300,620		1,868,650
	100	Sulzer AG		5,680		16,609
				1,317,159		4,228,804
		Electric Integrated — 52.0%
	79,995	Alliant Energy Corp.		3,127,780		6,102,818
	17,000	Ameren Corp.		815,203		1,921,680
	46,425	American Electric Power Co. Inc.		3,172,483		6,351,404
	60,642	Avista Corp.		2,541,419		2,480,864
	400	Badger Meter Inc.		41,569		59,352
	31,000	Black Hills Corp.		1,651,162		2,306,400
	13,970	CenterPoint Energy Inc.		476,707		615,239
	79,069	CMS Energy Corp.		3,442,966		6,048,778
	43,300	Dominion Energy Inc.		3,014,447		2,956,957
	16,700	DTE Energy Co.		1,183,929		2,544,579
	66,550	Duke Energy Corp.		5,934,178		8,423,899
	21,000	Edison International		1,444,239		1,563,450
	7,000	Emera Inc.		269,273		371,310
	10,650	Entergy Corp.		771,958		1,223,259
	116,500	Evergy Inc.		6,493,742		10,069,095
	83,900	Eversource Energy		5,768,744		6,063,453
	92,100	FirstEnergy Corp.		2,676,243		4,378,434
	19,000	Hawaiian Electric Industries Inc.†		289,018		257,070
	4,550	IDACORP Inc.		459,074		688,415
	81,000	MGE Energy Inc.		5,442,097		6,604,740
	165,000	NextEra Energy Inc.		10,519,587		14,482,050
	48,000	NiSource Inc.		397,800		2,282,400
	69,500	Northwestern Energy Group Inc.		3,877,648		4,977,590
	18,000	NRG Energy Inc.		432,819		2,629,080
	176,900	OGE Energy Corp.		6,534,794		8,607,954

Shares			Cost		Market Value
	56,500	Otter Tail Corp.	$	2,135,727	$	5,083,870
	50,000	PG&E Corp.		512,287		841,000
	5,400	Pinnacle West Capital Corp.		517,359		577,800
	58,300	Portland General Electric Co.		2,527,432		3,021,689
	24,190	PPL Corp.		745,263		879,306
	31,623	Public Service Enterprise Group Inc.		1,324,009		2,566,523
	4,439	Sempra		377,688		411,540
	11,977	The Southern Co.		1,130,790		1,146,319
	77,450	TXNM Energy Inc.		3,680,565		4,397,611
	17,000	Unitil Corp.		448,439		895,730
	2,500	Vistra Corp.		406,975		396,575
	104,670	WEC Energy Group Inc.		8,671,566		12,222,316
	130,700	Xcel Energy Inc.		7,090,178		10,495,210
				100,347,157		146,945,759
		Electric Transmission and Distribution — 4.5%
	28,000	Consolidated Edison Inc.		1,798,697		3,097,640
	17,750	Constellation Energy Corp.		677,004		4,408,567
	64,300	Exelon Corp.		1,537,985		2,997,666
	90,000	Iberdrola SA		1,022,795		2,245,895
	200	The Timken Co.		15,206		29,064
				5,051,687		12,778,832
		Energy and Utilities: Natural Resources — 0.0%
	380	EQT Corp.		18,589		20,205

		Environmental Services — 0.4%
	800	Fluidra SA		32,048		18,099
	500	Tetra Tech Inc.		16,501		14,445
	27,712	Veolia Environnement SA		507,925		1,153,826
				556,474		1,186,370
		Equipment and Supplies — 0.5%
	5,000	Capstone Energy+ Inc.†		18,370		46,000
	1,396	Graham Corp.†		67,233		172,811
	18,000	Innovex International Inc.†		407,258		446,400
	10,000	MDU Resources Group Inc.		108,331		212,100
	580	Oceaneering International Inc.†		13,462		23,501
	103	Tidewater Inc.†		7,006		6,863
	800	Valmont Industries Inc.		192,962		462,080
				814,622		1,369,755
		Global Utilities — 4.1%
	7,500	Chubu Electric Power Co. Inc.		123,986		141,148
	7,595	EDP SA		27,768		39,754
	115,000	Electric Power Development Co. Ltd.		2,499,162		2,590,055
	33,000	Endesa SA		942,797		1,503,707
	300,000	Enel SpA		1,862,753		3,446,310
	560,000	Hera SpA		1,323,308		2,336,754

See accompanying notes to financial statements.

The Gabelli Utility Trust

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Global Utilities (Continued)
	15,000	Hokkaido Electric Power Co. Inc.	$	73,141	$	85,538
	13,000	Hokuriku Electric Power Co.		87,350		69,488
	220,000	Huaneng Power International Inc., Cl. H		83,674		153,720
	38,000	Korea Electric Power Corp., ADR		374,707		459,800
	22,000	Kyushu Electric Power Co. Inc.		201,429		222,239
	15,000	Shikoku Electric Power Co. Inc.		152,223		135,613
	8,000	The Chugoku Electric Power Co. Inc.		74,932		43,726
	25,000	The Kansai Electric Power Co. Inc.		330,129		351,410
	11,000	Tohoku Electric Power Co. Inc.		95,368		72,016
				8,252,727		11,651,278
		Merchant Energy — 0.9%
	177,600	The AES Corp.		2,414,845		2,603,616

		Natural Gas Integrated — 8.9%
	8,000	DT Midstream Inc.		201,069		1,173,920
	84,500	Energy Transfer LP		596,349		1,615,640
	100,821	Kinder Morgan Inc.		1,507,288		3,223,248
	94,682	National Fuel Gas Co.		4,201,497		7,310,397
	135,000	ONEOK Inc.		5,588,461		11,736,900
				12,094,664		25,060,105
		Natural Gas Utilities — 9.6%
	22,250	Atmos Energy Corp.		2,040,234		3,833,008
	146	Cheniere Energy Inc.		35,029		34,896
	9,000	Chesapeake Utilities Corp.		753,389		1,102,320
	168	Diamondback Energy Inc.		28,419		29,531
	12,300	Engie SA		348,724		387,749
	100,625	National Grid plc		819,305		1,665,756
	58,000	National Grid plc, ADR		4,012,738		4,806,460
	7,000	Northwest Natural Holding Co.		258,140		343,420
	30,300	ONE Gas Inc.		1,298,615		2,335,221
	55,000	RGC Resources Inc.		816,196		1,314,500
	112,730	Southwest Gas Holdings Inc.		7,491,203		9,996,896
	16,000	Spire Inc.		1,059,202		1,249,440
	10,000	Venture Global Inc., Cl. A		172,415		111,300
				19,133,609		27,210,497
		Natural Resources — 2.8%
	54,142	Cameco Corp.		788,276		5,514,904

Shares			Cost		Market Value
	16,500	ExxonMobil Holdings Corp.	$	1,322,762	$	2,255,880
	5,500	Kinnevik AB, Cl. A†		47,294		34,884
				2,158,332		7,805,668
		Oil — 0.4%
	1,900	Chevron Corp.		69,658		314,944
	4,500	Devon Energy Corp.		43,702		185,940
	20,000	PrairieSky Royalty Ltd.		337,688		447,594
				451,048		948,478
		Services — 3.1%
	21,000	ABB Ltd., ADR		449,578		2,282,700
	98,500	Enbridge Inc.		2,739,135		5,339,685
	31,500	Halliburton Co.		711,735		1,069,425
	1,061	SLB Ltd.		51,899		49,326
	397	TechnipFMC plc		15,624		26,321
				3,967,971		8,767,457
		Water — 5.8%
	26,000	American States Water Co.		1,283,095		2,148,380
	21,350	American Water Works Co. Inc.		2,401,043		2,809,233
	24,700	Artesian Resources Corp., Cl. A		694,538		839,553
	33,200	California Water Service Group		757,390		1,615,180
	26,000	Essential Utilities Inc.		513,640		996,060
	33,500	H2O America		1,719,001		2,035,795
	6,200	Middlesex Water Co.		134,688		348,192
	130,000	Severn Trent plc		3,406,725		5,097,282
	10,300	The York Water Co.		188,081		315,695
	4,100	Zurn Elkay Water Solutions Corp.		125,381		207,173
				11,223,582		16,412,543
		TOTAL ENERGY AND UTILITIES		169,582,961		269,802,677

		COMMUNICATIONS — 11.5%
		Cable and Satellite — 0.8%
	2,100	Charter Communications Inc., Cl. A†		470,809		298,641
	20,900	Cogeco Inc.		433,364		913,072
	2,000	EchoStar Corp., Cl. A†		31,863		203,000
	250,000	ITV plc		394,396		267,280
	95,000	Liberty Latin America Ltd., Cl. A†		621,288		744,800
				1,951,720		2,426,793
		Communications Equipment — 0.8%
	100	Belden Inc.		11,652		11,991
	75,000	Furukawa Electric Co. Ltd.		173,928		2,181,801
				185,580		2,193,792

See accompanying notes to financial statements.

The Gabelli Utility Trust

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		COMMUNICATIONS (Continued)
		Telecommunications — 6.6%
	35,000	AT&T Inc.	$	800,980	$	724,500
	7,500	Cogeco Communications Inc.		282,565		335,061
	90,000	Deutsche Telekom AG		1,570,407		2,452,591
	60,000	Deutsche Telekom AG, ADR		991,918		1,636,800
	83,000	Liberty Global Ltd., Cl. A†		878,433		943,710
	80,000	Liberty Global Ltd., Cl. C†		1,174,412		880,000
	143,500	Orange Belgium SA†		3,600,351		3,525,207
	6,000	Orange SA, ADR		71,421		112,920
	10,500	Proximus SA		167,868		70,184
	18,700	Sunrise Communications AG, Cl. A		1,053,639		930,371
	250,000	Telefonica SA, ADR		1,200,752		990,000
	85,000	Telekom Austria AG		613,919		942,074
	25,000	Telephone and Data Systems Inc.		398,671		925,250
	30,000	Telesat Corp.†		370,000		1,518,600
	5,000	T-Mobile US Inc.		392,713		838,650
	10,000	VEON Ltd., ADR†		242,166		522,100
	29,500	Verizon Communications Inc.		1,373,977		1,249,030
				15,184,192		18,597,048
		Wireless Communications — 3.3%
	5,000	America Movil SAB de CV, ADR		68,868		129,950
	37,000	Anterix Inc.†		1,099,786		3,808,780
	28,500	Array Digital Infrastructure Inc.		1,027,083		1,033,410
	30,000	Rogers Communications Inc., Cl. B		1,255,865		975,000
	60,000	Turkcell Iletisim Hizmetleri A/S, ADR		399,014		352,800
	230,000	Vodafone Group plc, ADR		3,788,672		3,041,750
				7,639,288		9,341,690
		TOTAL COMMUNICATIONS		24,960,780		32,559,323

		OTHER — 2.9%
		Automotive — 0.0%
	275	Ducommun Inc.†		24,853		50,933

		Building and Construction — 0.1%
	155	Gibraltar Industries Inc.†		9,326		6,990
	4,000	Knife River Corp.†		193,474		334,600
				202,800		341,590
		Diversified Industrial — 0.5%
	1,200	Accelleron Industries AG, ADR		17,184		121,812
	200	Arcosa Inc.		15,750		29,058

Shares			Cost		Market Value
	30,000	Compania de Minas Buenaventura SAA, ADR	$	327,255	$	878,700
	166	ITT Inc.		28,263		32,828
	200	L.B. Foster Co., Cl. A†		3,554		9,034
	800	Matthews International Corp., Cl. A		21,953		21,536
	12,000	Trinity Industries Inc.		315,746		414,960
				729,705		1,507,928
		Electronics — 0.3%
	48,500	Sony Group Corp., ADR		763,837		972,910

		Health Care — 0.0%
	300	Medmix AG		7,541		2,933

		Machinery — 0.9%
	210,000	CNH Industrial NV		2,414,182		2,358,300
	670	Flowserve Corp.		39,019		49,687
	1,486	Mueller Water Products Inc., Cl. A		37,918		38,384
	1,200	Xylem Inc.		114,503		141,852
				2,605,622		2,588,223
		Specialty Chemicals — 0.1%
	200	Air Products and Chemicals Inc.		50,794		58,636
	250	Linde plc		85,808		129,735
				136,602		188,371
		Transportation — 1.0%
	15,300	GATX Corp.		797,306		2,711,007

		TOTAL OTHER		5,268,266		8,363,895

		DISTRIBUTION COMPANIES — 0.9%
		Wireless Communications — 0.9%
	28,000	Millicom International Cellular SA		509,171		2,541,280
		TOTAL COMMON STOCKS		200,321,178		313,267,175

		PREFERRED STOCKS — 0.1%
		COMMUNICATIONS — 0.1%
		Cable and Satellite — 0.1%
	9,500	Liberty Latin America Ltd., Ser. A, 9.000%		258,518		206,055

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 5.0%
$	14,230,000	U.S. Treasury Bills, 3.570% to 3.717%††, 07/23/26 to 10/22/26		14,152,164		14,151,369

See accompanying notes to financial statements.

The Gabelli Utility Trust

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Principal					Market
Amount			Cost		Value
		SHORT TERM INVESTMENT — 0.9%
$	2,445,476	Gabelli U.S. Treasury Money Market Fund, Cl. I, 3.600%(a)	$	2,445,476	$	2,445,476

TOTAL INVESTMENTS — 116.8%			$	217,177,336		330,070,075

Other Assets and Liabilities (Net) — (0.1)%						(185,414	)

PREFERRED SHARES — (16.7)% (1,892,779 preferred shares outstanding)						(47,319,475	)

NET ASSETS — COMMON SHARES — 100% (90,028,141 common shares outstanding)					$	282,565,186

NET ASSET VALUE PER COMMON SHARE ($282,565,186 ÷ 90,028,141 shares outstanding)					$	3.14

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by Gabelli Funds, LLC.
†	Non-income producing security.
††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt

See accompanying notes to financial statements.

The Gabelli Utility Trust

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Assets:
Investments, at value (cost $214,731,860)	$	327,624,599
Investments in affiliates, at value (cost $2,445,476)		2,445,476
Foreign currency, at value (cost $180)		176
Receivable for investments sold		5,999
Dividends and interest receivable		760,920
Deferred offering expense		213,972
Prepaid expenses		5,170
Total Assets		331,056,312
Liabilities:
Payable to bank		24,500
Distributions payable		28,260
Payable for investments purchased		711,562
Payable for investment advisory fees		267,543
Payable for payroll expenses		31,496
Payable for accounting fees		3,750
Payable for shareholder communications		101,146
Other accrued expenses		3,394
Total Liabilities		1,171,651
Cumulative Preferred Shares $0.001 par value:
Series C Preferred Shares (5.375%, $25 liquidation value per share, 2,000,000 shares authorized with 1,892,779 shares issued and outstanding)		47,319,475
Net Assets Attributable to Common Shareholders	$	282,565,186

Net Assets Attributable to Common Shareholders Consist of:
Paid-in capital	$	170,804,551
Total distributable earnings		111,760,635
Net Assets	$	282,565,186

Net Asset Value per Common Share:
($282,565,186 ÷ 90,028,141 shares outstanding at $0.001 par value; unlimited number of shares authorized)	$	3.14

Statement of Operations
For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $161,254)	$	5,830,444
Dividends - affiliated		45,569
Interest		233,371
Total Investment Income		6,109,384
Expenses:
Investment advisory fees		1,659,658
Shareholder communications expenses		114,709
Trustees’ fees		64,000
Payroll expenses		60,634
Legal and audit fees		58,450
Shareholder services fees		47,949
Accounting fees		22,500
Custodian fees		21,339
Interest expense		1,718
Miscellaneous expenses		83,000
Total Expenses		2,133,957
Less:
Advisory fee reduction (See Note 3)		(960	)
Custodian fee credits		(235	)
Total Credits and Reductions		(1,195	)
Net Expenses		2,132,762
Net Investment Income		3,976,622

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		14,007,036
Net realized loss on foreign currency transactions		(1,516	)
Net realized gain on investments and foreign currency transactions		14,005,520
Net change in unrealized appreciation/(depreciation):
on investments		16,899,304
on foreign currency translations		(5,876	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		16,893,428
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		30,898,948
Net Increase in Net Assets Resulting from Operations		34,875,570
Total Distributions to Preferred Shareholders		(1,264,066	)
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations	$	33,611,504

See accompanying notes to financial statements.

The Gabelli Utility Trust

Statement of Changes in Net Assets Attributable to Common Shareholders

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	3,976,622		$	7,181,351
Net realized gain on investments, and foreign currency transactions		14,005,520			6,826,507
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		16,893,428			33,898,361
Net Increase in Net Assets Resulting from Operations		34,875,570			47,906,219

Distributions to Preferred Shareholders from Accumulated Earnings		(1,264,066	)*		(2,565,640	)

Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations		33,611,504			45,340,579

Distributions to Common Shareholders:
Accumulated earnings		(15,062,109	)*		(5,061,224	)
Return of capital		(11,834,514	)*		(48,121,495	)
Total Distributions to Common Shareholders		(26,896,623	)		(53,182,719	)

Fund Share Transactions:
Net increase in net assets from common shares issued upon reinvestment of distributions		3,785,451			7,558,517
Net increase in net assets from repurchase of preferred shares		—			110,933
Net Increase in Net Assets from Fund Share Transactions		3,785,451			7,669,450

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders		10,500,332			(172,690	)

Net Assets Attributable to Common Shareholders:
Beginning of year		272,064,854			272,237,544
End of period	$	282,565,186		$	272,064,854

*	Based on year to date book income. Amounts are subject to change and recharacterization at year end.

See accompanying notes to financial statements.

The Gabelli Utility Trust

Financial Highlights

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

	Six Months Ended June 30, 2026			Year Ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
Operating Performance:
Net asset value, beginning of year	$	3.04		$	3.09		$	2.94		$	3.65		$	4.35		$	4.11
Net investment income		0.04			0.08			0.07			0.09			0.08			0.07
Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions		0.35			0.46			0.43			(0.23	)		(0.33	)		0.69
Total from investment operations		0.39			0.54			0.50			(0.14	)		(0.25	)		0.76

Distributions to Preferred Shareholders: (a)
Net investment income		(0.00	)*(b)		(0.03	)		(0.03	)		(0.04	)		(0.02	)		(0.04	)
Net realized gain		(0.01	)*		—			—			—			(0.03	)		(0.04	)
Total distributions to preferred shareholders		(0.01	)		(0.03	)		(0.03	)		(0.04	)		(0.05	)		(0.08	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations		0.38			0.51			0.47			(0.18	)		(0.30	)		0.68

Distributions to Common Shareholders:
Net investment income		(0.04	)*		(0.06	)		(0.04	)		(0.05	)		(0.05	)		(0.04	)
Net realized gain		(0.13	)*		—			—			—			(0.06	)		(0.05	)
Return of capital		(0.13	)*		(0.54	)		(0.56	)		(0.55	)		(0.49	)		(0.51	)
Total distributions to common shareholders		(0.30	)		(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		0.02			0.04			0.04			0.05			0.05			0.04
Increase in net asset value from repurchase of preferred shares		—			0.00	(b)		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		0.02			0.04			0.28			0.07			0.20			0.16

Net Asset Value Attributable to Common Shareholders, End of Period	$	3.14		$	3.04		$	3.09		$	2.94		$	3.65		$	4.35
NAV total return †		13.35	%		19.18	%		18.35	%		(3.07	)%		(5.94	)%		18.13	%
Market value, end of period	$	6.59		$	6.03		$	5.03		$	5.42		$	7.51		$	8.24
Investment total return ††		14.97	%		33.74	%		7.10	%		(20.64	)%		3.31	%		13.91	%

See accompanying notes to financial statements.

The Gabelli Utility Trust

Financial Highlights (Continued)

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


	Six Months Ended June 30, 2026			Year Ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of period (in 000’s)	$	329,885		$	319,384		$	320,993		$	290,574		$	342,394		$	378,630
Net assets attributable to common shares, end of period (in 000’s)	$	282,565		$	272,065		$	272,238		$	220,713		$	270,213		$	277,297
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions		2.79	%(c)		2.60	%		2.30	%		2.78	%		1.89	%		1.61	%
Ratio of operating expenses to average net assets attributable to common shares before fees waived/fee reduction (e)		1.49	%(c)		1.52	%		2.08	%		1.93	%		1.62	%		1.75	%
Ratio of operating expenses to average net assets attributable to common shares net of fees waived/fee reduction, if any (d)(f)		1.49	%(c)(g)		1.51	%(g)		2.08	%(g)		1.86	%(g)		1.54	%(g)(h)		1.75	%
Portfolio turnover rate		2	%		2	%		3	%		2	%		7	%		10	%

Notes:
Note Payable (i)