<SEC-DOCUMENT>0001193125-17-255823.txt : 20170911
<SEC-HEADER>0001193125-17-255823.hdr.sgml : 20170911
<ACCEPTANCE-DATETIME>20170811150557
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-255823
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170811

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI CONVERTIBLE & INCOME SECURITIES FUND INC
		CENTRAL INDEX KEY:			0000845611
		IRS NUMBER:				133523423
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		2123098408

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE YORK
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI CONVERTIBLE SECURITIES FUND INC /DE
		DATE OF NAME CHANGE:	19970507

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI SERIES FUNDS INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI GLOBAL UTILITY & INCOME TRUST
		CENTRAL INDEX KEY:			0001282957
		IRS NUMBER:				320116828
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8149219105

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI EQUITY TRUST INC
		CENTRAL INDEX KEY:			0000794685
		IRS NUMBER:				222736509
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070
</SEC-HEADER>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">One Corporate Center</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Rye, NY 10580-1422</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">t 914.921.7724</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">GABELLI.COM</P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;11, 2017 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR</U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kenneth Ellington</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Staff Accountant</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Disclosure Review Office</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street N.E.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549</P></TD></TR>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">RE:</TD>
<TD ALIGN="left" VALIGN="top"><U>Gabelli <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Ellington: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thank you for your oral comments provided June&nbsp;26, 2017 regarding your Sarbanes-Oxley review of the 2016 annual reports (the
&#147;<U>Annual Reports</U>&#148;) for the Gabelli <FONT STYLE="white-space:nowrap">closed-end</FONT> funds listed on Annex A attached hereto (the &#147;<U>Funds</U>&#148;) provided to counsel for the Funds. The Funds have considered your comments
and authorized us to respond on their behalf as set forth below. Your oral comments are summarized in bold, followed by the Funds&#146; responses. Capitalized terms not otherwise defined herein have the meanings ascribed to them in the applicable
Annual Report(s). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">One Corporate Center</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Rye, NY 10580-1422</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">t 914.921.7724</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">GABELLI.COM</P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Comments and Responses </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>The </B><B><I>accountant&#146;s report on internal control</I></B><B> filed as an exhibit to each Fund&#146;s Form <FONT STYLE="white-space:nowrap">N-SAR</FONT> on March&nbsp;1, 2017 does not indicate the city and
state where the accounting firm is located. Please confirm that the report retained in each Fund&#146;s books and records indicates the city and state where the accounting firm is located. In future filings, please confirm that the copy of the
report filed with Form <FONT STYLE="white-space:nowrap">N-SAR</FONT> includes the city and state where the accounting firm is located. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Each referenced accountant&#146;s report on internal control retained in each Fund&#146;s books and records does not indicate the city and
state where the accounting firm is located. The Funds confirm that they will endeavor to ensure that copies of future such reports retained in their books and records and filed with their Form <FONT STYLE="white-space:nowrap">N-SARs</FONT> will
include the city and state where the accounting firm is located. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>In the Schedule of Investments for The Gabelli Equity Trust Inc. (&#147;<U>GAB</U>&#148;), please disclose investments in common stocks of <FONT STYLE="white-space:nowrap">closed-end</FONT> funds and other investment
companies separately from other common stock investments. <U>See</U> Article <FONT STYLE="white-space:nowrap">12-12(2)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">GAB confirms that it will separately disclose investments in common stocks of <FONT STYLE="white-space:nowrap">closed-end</FONT> funds and
other investment companies in future shareholder reports. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please confirm whether any of the Funds had open payables to officers or trustees/directors as of December&nbsp;31, 2016. Please confirm that the Funds will disclose any such open payables separately in the Statement
of Assets and Liabilities in future filings. <U>See</U> Article <FONT STYLE="white-space:nowrap">6-04(12)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Funds confirm that they had open payables to officers as of December&nbsp;31, 2016. The Funds&#146; open payables were disclosed separately
in their Statements of Assets and Liabilities in the line item &#147;Payable for payroll expenses.&#148; The Funds confirm that they will continue to disclose any such payables separately on their balance sheets. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>In the Statement of Assets and Liabilities for GAB, the line item for &#147;Payable for Auction Agent Fees&#148; has remained outstanding and unchanged since 2011. Please describe the settlement terms of this
payable. Also, please explain why no disclosure related to this payable is included in the financial statements. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
amount in the line item &#147;Payable for Auction Agent Fees&#148; in the Statement of Assets and Liabilities for GAB represents the amount of auction agent fees accrued following the time when auctions of GAB&#146;s auction rate preferred shares
(&#147;ARPS&#148;) began failing in February 2008 through August 2011. GAB suspended payments to the broker-dealers that no longer supported the weekly auction process, but continued to accrue the auction agent fees that would have been payable had
the failed auctions occurred, as there was uncertainty about </P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">One Corporate Center</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Rye, NY 10580-1422</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">t 914.921.7724</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">GABELLI.COM</P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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whether the auction agents were still entitled to their fees even though the auctions were failing. The Board of Directors (&#147;Board&#148;) has determined that as the ARPS are redeemed by GAB,
the corresponding payable should be written off. The Board continues to monitor the accrual and will take further action as necessary. GAB&#146;s future shareholder reports will clarify that the line item for &#147;Payable for Auction Agent
Fees&#148; represents auction agent fees accrued for those earlier fiscal periods and not for the period covered by the shareholder report. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>The Statements of Operations for The Gabelli Convertible and Income Securities Fund Inc. (&#147;<U>GCV</U>&#148;) and The Gabelli Global Utility&nbsp;&amp; Income Trust (&#147;<U>GLU</U>&#148;) indicate a
reimbursement for custody fees, and the notes accompanying the Financial Highlights indicate that this was a <FONT STYLE="white-space:nowrap">one-time</FONT> reimbursement of custody expenses paid in prior years. In future filings, please include
additional disclosure regarding any such reimbursements in the Notes to Financial Statements as well. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If the Funds
receive any comparable reimbursements in the future, they will include additional disclosure about such reimbursements in the Notes to Financial Statements. GCV and GLU supplementally inform the staff that this reimbursement was related to certain
expenses that its custodian overcharged them and many other investment company clients over a period of many years. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note that portions of GLU&#146;s distributions for the year were characterized as returns of capital. Please confirm that GLU complied with the shareholder notification requirements contained in Rule <FONT
STYLE="white-space:nowrap">19a-1</FONT> under the Investment Company Act of 1940 (the &#147;<U>1940 Act</U>&#148;). </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">GLU
confirms it has complied with the shareholder notification requirements contained in Rule <FONT STYLE="white-space:nowrap">19a-1</FONT> under the 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should you have
any questions regarding the foregoing, please do not hesitate to contact the undersigned at (914) <FONT STYLE="white-space:nowrap">921-7724.</FONT> Thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Andrea R. Mango </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Andrea R. Mango </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Secretary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">One Corporate Center</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Rye, NY 10580-1422</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">t 914.921.7724</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">GABELLI.COM</P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Annex A </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="83%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:72.60pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registration&nbsp;Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:18.25pt; font-size:8pt; font-family:Times New Roman"><B>Fund</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">811-05715</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Gabelli Convertible and Income Securities Fund Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">811-04700</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Gabelli Equity Trust Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">811-21529</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Gabelli Global Utility&nbsp;&amp; Income Trust</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
