This distribution is in addition to the previously declared $0.06 per share cash distribution payable on December 27, 2001 to shareholders of record on December 12, 2001 and allows the Trust to avoid the imposition of Federal income and excise tax on undistributed taxable income.

Distributions made throughout 2001 include realized long-term capital gains. The final determination of the long-term capital gains and ordinary income distributed in 2001 will be made after year-end. All shareholders will receive written notification regarding the components and tax treatment for all 2001 distributions in early 2002 via Form 1099-DIV.

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

The Gabelli Utility Trust is a closed-end, non-diversified management investment company with $82 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.