GUT - Gabelli Utility Trust

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Oct 19, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Gabelli Funds, LLC. Part of the Gabelli Fund Complex fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $283 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 15% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 98% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -12.9%; at +10%, about +10.6%. As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs: 1.2% a year in management fees; 1.5% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in utilities and infrastructure, 4 charge a lower management fee and 3 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $25 in the first year and about $279 over 10 years, assuming the holdings return 5% a year. As of Dec 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.60 a share. $0.06 of that was income; $0.54 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $3.04. The shares traded at $6.03, about 98.4% above that. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 52.1% above to 106.6% above. As of Dec 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 11.7% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1999.

How this has changed

• Payouts per share: $0.60 in the fiscal year ended Dec 31, 2025; $0.60 in the year ended Dec 31, 2024; $0.60 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.54 in the year ended Dec 31, 2025; $0.56 in the year ended Dec 31, 2024; $0.55 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.51% a year in the fiscal year ended Dec 31, 2025; 2.08% a year in the year ended Dec 31, 2024; 1.86% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $272 million at Dec 31, 2025; $272 million at Dec 31, 2024; $221 million at Dec 29, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 29, 2023 →.
• Borrowing: about 15% on top of its own money at Dec 31, 2025; 15% at Dec 31, 2024; 24% at Dec 29, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 29, 2023 →.
• The fund had about 89.5 million shares at Dec 31, 2025, up 19.2% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +33.7%, counting payouts; the holdings +19.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +7.1%, counting payouts; the holdings +18.4%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned -20.6%, counting payouts; the holdings -3.1%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned +3.3%, counting payouts; the holdings -5.9%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +13.9%, counting payouts; the holdings +18.1%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +33.8%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $13,400 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +25.9%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 10 funds that invest in utilities and infrastructure with a fiscal year ending within six months of this one, 2 reported a higher share return for that year and 7 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (95%), the rest bonds. About 78% issued in the U.S.

1. Nextera Energy - 5.1%
2. Wec Energy Group - 4.3%
3. Oneok - 4.2%
4. Xcel Energy - 3.7%
5. Evergy - 3.6%
6. Southwest Gas Holdings - 3.5%
7. Oge Energy - 3%
8. Duke Energy - 3%
9. National Fuel Gas Company - 2.6%
10. Mge Energy - 2.3%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →