GABELLI UTILITY TRUST DECLARES
MONTHLY DISTRIBUTIONS OF $0.06 PER SHARE

FOR IMMEDIATE RELEASE
Rye, NY
May 23, 2002
NYSE - GUT
CUSIP 36240A101
For information:
David Schachter
(914) 921-5071

The Board of Trustees of The Gabelli Utility Trust (NYSE - GUT) declared monthly distributions of $0.06 per share for July, August and September 2002 at a board meeting on May 22, 2002.

The distribution for July 2002 will be payable on July 25, 2002 to shareholders of record on July 11, 2002.

The distribution for August 2002 will be payable on August 26, 2002 to shareholders of record on August 12, 2002.

The distribution for September 2002 will be payable on September 24, 2002 to shareholders of record on September 10, 2002.

The Gabelli Utility Trust has paid a distribution to shareholders every month since October 1999.

The Utility Trust is a closed-end, non-diversified management investment company with $81 million in total assets whose primary investment objective is to seek long-term growth of capital and income by investing primarily in utility companies involved in the distribution of electricity, gas and water.