GABELLI UTILITY TRUST Business Summary

The Gabelli Utility Trust (GUT) is a diversified, closed-end management investment company that generates value through a concentrated portfolio of domestic and foreign utility companies. Its business model centers on providing shareholders with long-term capital growth and high current income, primarily through investments in the generation and distribution of electricity, gas, water, and telecommunications services. As of early 2026, the Trust’s primary business segments are heavily weighted toward Electric Integrated utilities (approximately 42%), followed by Natural Gas Utilities, Infrastructure Operations, and Telecommunications. The fund distinguishes itself in the market by consistently trading at a significant premium to its Net Asset Value (NAV), a rarity among closed-end funds. Its primary direct competitors include the DNP Select Income Fund (DNP), Reaves Utility Income Trust (UTG), and the Duff & Phelps Utility and Infrastructure Fund (DPG), against which GUT maintains a niche as a premium-priced, income-focused vehicle managed under a value-oriented investment philosophy. The Trust is led by its founder and Chief Investment Officer, Mario J. Gabelli, a prominent figure in the asset management industry who established the parent firm, GAMCO Investors, Inc., in 1977. Gabelli, a graduate of Fordham University and Columbia Business School, oversees the investment team alongside key portfolio managers Timothy Winter and Justin Bergner. The executive leadership team includes John C. Ball, who serves as President, Treasurer, and Principal Financial Officer, and Bruce N. Alpert, the Executive Vice President and Chief Operating Officer. Governance is provided by a Board of Trustees featuring notable members such as Lead Independent Trustee James P. Conn and Salvatore J. Zizza. The Trust’s pedigree is deeply rooted in the proprietary "Graham & Dodd" approach to fundamental analysis, leveraging the extensive research infrastructure of Gabelli Funds, LLC to identify undervalued assets within the global utility and infrastructure sectors.