The Gabelli Utility Trust is a closed-end, non-diversified management investment company whose primary objective is long-term growth of capital and income. Investments will be made primarily in foreign and domestic companies involved in providing products, services or equipment for the generation or distribution of electricity, gas, water and telecommunications services. The Fund pays a monthly dividend. The Utility Trust was a spin-off from the Gabelli Equity Trust. The spin-off occurred on July 9, 1999 at the rate of one Utility Trust share for every ten Equity Trust shares owned.