The Gabelli Utility Trust Series C Pfd 2025年度报告

FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTEREDMANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-09243 Date of fiscal year end: December 31 Date of reporting period:December 31, 2025 Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission tostockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is notrequired to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management andBudget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions forreducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed thiscollection of information under the clearance requirements of 44 U.S.C. § 3507. Item 1. Reports to Stockholders. (a)The Report to Shareholders is attached herewith. The Gabelli Utility TrustAnnual Report — December31, 2025 (Y)our Portfolio Management Team Justin Bergner, CFAPortfolio ManagerBA, Yale UniversityMBA, Wharton School,University of Pennsylvania Simon T. Wong, CFAPortfolio ManagerBA, University of California,Los AngelesMBA, Columbia BusinessSchool Timothy M. Winter, CFAPortfolio ManagerBA, Rollins CollegeMBA, University of NotreDame Mario J. Gabelli, CFAChief Investment Officer To Our Shareholders, For the year ended December 31, 2025, the net asset value (NAV) total return of The Gabelli Utility Trust (the Fund) was 19.2%,compared with a total return of 16.0% for the Standard & Poor’s (S&P) 500 Utilities Index. The total return for the Fund’s publicly tradedshares was 33.7%. The Fund’s NAV per share was $3.04, while the price of the publicly traded shares closed at $6.03 on the New YorkStock Exchange (NYSE). See page 3 for additional performance information. Enclosed are the financial statements, including the schedule of investments, as of December31, 2025. Investment Objective (Unaudited) The Gabelli Utility Trust is a diversified, closed-end management investment company whose primary objectives are long term growthof capital and income. The Fund will invest in companies that provide products, services, or equipment for the generation or distribution ofelectricity, gas, and water. Additionally, the Fund will invest in companies in telecommunications services or infrastructure operations. As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholderreports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on theFund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. Ifyou already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect toreceive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com. Performance Discussion (Unaudited) In 2025, the S&P 500 Utilities Index returned 16.0%, modestly trailing the S&P 500’s 17.9% gain and the NASDAQ’s 20.4% return. Mostcompanies in the regulated utility universe generated positive total returns, with a median of 15%. The sector outperformed early in theyear, benefiting from its defensive characteristics amid tariff uncertainty and recession concerns. By mid-October, utilities had generatednearly 25% year-to-date returns, outperforming both the broader market and the NASDAQ. Performance moderated late in the year,declining roughly 7% from October 15 through year-end as investors reassessed AI-related enthusiasm, affordability pressures, wildfire risk,and interest-rate uncertainty. California electric utilities underperformed as confidence in the state’s wildfire liability fund weakened following the destructive January2025 wildfires. While lawmakers enacted near-term measures and committed to a more permanent solution in 2026, concerns over futurecatastrophic wildfire risk remained. Affordability pressures also weighed on sentiment, as rising utility bills became a key issue in late-yeargubernatorial campaigns in some Northeastern states. More broadly, investors questioned whether AI-driven power demand couldmoderate or whether regulators could int