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The Gabelli Utility Trust (NYSE:GUT) is pleased to announce the completion of its Rights Offering
whereby holders of four Rights were entitled to purchase one newly issued Common Share of the Gabelli
Utility Trust at the subscription price of $7.00 per Share.
The Trust received subscriptions for more than twice the 5,779,547 Shares available to be issued
pursuant to the primary subscription. The subscriptions totaled $90 million, of which $40.5 million
will be retained and the balance representing overpayment returned to investors. Approximately 86%
of the primary Shares were subscribed for in the offering. Shareholders of record as of October 20,
2004 who exercised their full primary subscription Rights were eligible for an over-subscription
privilege entitling them to subscribe, subject to certain limitations and a pro-rata allotment, for
any primary subscription Shares not purchased pursuant to the primary subscription, in accordance
with the terms of the Rights Offering described in the Trust's prospectus. Given that the net asset
value per Share of the Trust was greater than the subscription price per Share as of the expiration
date of the Rights Offering, no Shares will be issued to satisfy secondary over-subscription requests.
It is anticipated that Shares subscribed for in the primary subscription and Shares to be issued
pursuant to the over-subscription privilege will be delivered on or about December 3, 2004.
The Trust currently pays monthly distributions to shareholders. All of the primary and over-subscription
shares to be issued in conjunction with the Rights Offering will receive the distribution for December
2004. The December 2004 distribution of $0.06 per Share is payable on December 27, 2004 to shareholders
of record on December 10, 2004.
We would like to thank all of the full service brokers and financial advisers who assisted our
shareholders without receiving a commission. Additionally, we would like to thank all of our
subscribing shareholders for their support.
The Gabelli Utility Trust is a closed-end, non-diversified management investment company with $260
million in total assets after giving effect to the issuance of shares in this Rights Offering, whose
primary investment objective is to seek long-term growth of capital and income by investing primarily
in utility companies involved in the generation and distribution of electricity, gas and water. The
Fund is managed by Gabelli Funds, LLC, a subsidiary of Gabelli Asset Management Inc. (NYSE:GBL), which
is a publicly traded NYSE listed company.
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