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The Board of Trustees of The Gabelli Utility Trust (NYSE:GUT) approved the continuation of monthly
distributions of $0.06 per share for December 2003 and January, February and March 2004.
The distribution for December 2003 will be payable on December 24, 2003 to shareholders of record
on December 10, 2003.
The distribution for January 2004 will be payable on January 26, 2004 to shareholders of record on
January 9, 2004.
The distribution for February 2004 will be payable on February 23, 2004 to shareholders of record
on February 6, 2004.
The distribution for March 2004 will be payable on March 25, 2004 to shareholders of record on
March 11, 2004.
A portion of the distribution may be treated as long term capital gains and qualifying dividend
income for individuals, each subject to a maximum federal tax rate of 15% in taxable accounts for
individuals. Long-term capital gains, ordinary income and non-taxable return of capital, if any,
will be allocated on a pro-rata basis to all distributions for the year. The final determination
of the proportion of long-term capital gains, ordinary income and non-taxable return of capital,
if any, distributed in 2003 will be made after year-end. All shareholders will receive written
notification regarding the components and tax treatment for all 2003 distributions in early 2004
via Form 1099-DIV.
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 $206 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. The Fund is managed by Gabelli Funds, LLC, a subsidiary of Gabelli Asset Management Inc.
(GBL - NYSE), which is a publicly traded NYSE listed company.
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