<SEC-DOCUMENT>0000950123-11-067853.txt : 20110927
<SEC-HEADER>0000950123-11-067853.hdr.sgml : 20110927
<ACCEPTANCE-DATETIME>20110725151419
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-067853
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110725

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI UTILITY TRUST
		CENTRAL INDEX KEY:			0001080720
		IRS NUMBER:				134046522
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1 CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215083

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI UTILITY FUND
		DATE OF NAME CHANGE:	19990225
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="y92145c1y9214504.gif" alt="(LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">787 Seventh Avenue<br>
New York, NY 10019-6099<br><BR style="font-size: 6pt">
Tel: 212 728 8000<br>
Fax: 212 728 8111</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">July&nbsp;25, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>VIA EDGAR</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, DC 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>The Gabelli Utility Trust<BR>
(Securities Act File No.&nbsp;333-174333, Investment Company Act File No.&nbsp;811-09243)<BR>
<u>Response to Staff Comments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of The Gabelli Utility Trust (the &#147;Fund&#148;), please find responses to comments provided by
Laura E. Hatch of the Staff of the Securities and Exchange Commission (&#147;SEC&#148;) via correspondence,
dated June&nbsp;17, 2011, to the undersigned of our firm regarding the filing of a registration
statement on Form N-2 (&#147;Registration Statement&#148;) for the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the convenience of the Staff, comments provided in the correspondence are set out below. We
have discussed the Staff&#146;s comments with representatives of the Fund and the Fund&#146;s investment
adviser. The Fund&#146;s responses to the Staff&#146;s comments are set out immediately under the comment.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><U><B>Prospectus</B></U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Prospectus Summary</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(1) </B><U><B>Comment</B></U><B>: </B>It appears that the Fund may also offer rights in this shelf registration
statement. If that is correct, please include appropriate disclosure in the prospectus including
under the heading &#147;The Offering.&#148; In addition, we note that material information is missing from
the prospectus supplements regarding the rights offerings. Please include an undertaking in Part&nbsp;C
of the registration statement to file a post-effective amendment when such rights are subsequently
offered. We may have additional comments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>Additional disclosure has been included in the prospectus summary to clarify
that the offering may be for common stock, preferred stock, subscription rights for common stock
and subscription rights for preferred stock. The Fund has included an undertaking in Part&nbsp;C of the
registration statement to file a post-effective amendment when rights are offered from the shelf
registration statement. The Fund respectfully submits, however, that
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
July&nbsp;25, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the securities laws and SEC
guidance thereunder do not require the Fund to file a post-effective amendment when rights are
offered from the shelf registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(2) </B><U><B>Comment</B></U><B>: </B>Under the heading, &#147;The Offering&#148; and elsewhere in the registration statement
as appropriate, please clarify whether the Fund may issue auction rate preferred shares through
this prospectus. The prospectus states that the auctions for the auction rate preferred shares have
failed and holders of the Fund&#146;s auction rate preferred shares who wanted to sell their shares at
par through the auction process have been unable to do so. Please clarify how long the auctions
have failed <U>(e.g.</U>, since February&nbsp;2008). If the Fund issues auction rate preferred shares,
a brief description of the significant liquidity risks for holders of auction rate preferred shares
should also be prominently and clearly disclosed in the prospectus supplement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>The second sentence under &#147;The Offering&#148; states that preferred shares issued
may either be fixed rate preferred shares or auction rate preferred shares. The &#147;Description of
the Shares &#150; Preferred Shares&#148; section of the prospectus states that since February&nbsp;2008 the
Fund&#146;s Series&nbsp;B Preferred have been unable to hold successful auctions. If the Fund issues auction
rate preferred shares, the requested description will be provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(3) </B><U><B>Comment</B></U><B>: </B>Under the heading &#147;Investment Objectives and Policies,&#148; please discuss the
Fund&#146;s investment policy of investing in companies located in emerging markets, if applicable.
Please also include the related risk of investing in emerging markets, if applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>:
</B>The section &#147;Investment Objectives and Policies &#150; Investment Objectives,&#148;
discloses that: &#147;The Fund will invest at least 80% of its assets, under normal market conditions,
in common stocks and other securities of foreign and domestic companies involved in providing
products, services, or equipment for (i)&nbsp;the generation or distribution of electricity, gas, and
water and (ii)&nbsp;telecommunications services or infrastructure operations. . . . Under normal
circumstances the Fund will invest in securities of issuers located in countries other than the
United States and may invest in such foreign securities without limitation. Investing in securities
of foreign issuers, which generally are denominated in foreign currencies, may involve certain risk
and opportunity considerations not typically associated with investing in domestic companies and
could cause the Fund to be affected favorably or unfavorably by changes in currency exchange rates
and revaluations of currencies.&#148; Disclosure to this effect, to the extent not already included,
has been included under the heading &#147;Investment Objectives and Policies&#148; in the Prospectus Summary
section. The Fund also confirms that among the foreign securities in which the Fund may invest are
those issued by companies located in emerging markets. Disclosure to this effect, and related risk
disclosure, has been included in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(4) </B><U><B>Comment</B></U><B>: </B>Under the heading &#147;Investment Objectives and Policies,&#148; please review the
Fund&#146;s disclosure to ensure that it accurately describes the Fund&#146;s use of derivatives and their
risks. In connection with this, please consider the Division of Investment Management&#146;s
observations on derivatives-related disclosure in the letter from Barry D. Miller, Associate
Director, Office of Legal and Disclosure, to Karrie McMillan, General Counsel, Investment Company
Institute dated July&nbsp;30, 2010
<U>(http://www.sec.govidivisions/investment/guidance/ici073010.pdf).</U>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
July&nbsp;25, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>The Fund confirms that the Fund&#146;s disclosure accurately describes the Fund&#146;s
use of derivatives and their risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(5) </B><U><B>Comment</B></U><B>: </B>Under the heading &#147;Dividends and Distributions,&#148; the disclosure for Preferred
Stock Distributions states, &#147;The amount treated as a tax-free return of capital will reduce a
shareholder&#146;s adjusted tax basis in the preferred stock, thereby increasing the shareholder&#146;s
potential gain or reducing the potential loss on the sale of the shares.&#148; This disclosure could be
confusing to investors as it appears to state that a return of capital distribution is beneficial
to the shareholder. Please revise this disclosure.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>This disclosure has been updated to clarify that, on the sale of shares, a
shareholder&#146;s taxable potential gain will increase and a shareholder&#146;s taxable potential loss will
be reduced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(6) </B><U><B>Comment</B></U><B>: </B>Many investors may not fully understand a return of capital. Please clarify in
the prospectus that shareholders who periodically receive the payment of a dividend or other
distribution consisting of a return of capital may be under the impression that they are receiving
net profits when they are not. Shareholders should not assume that the source of a distribution
from the Fund is net profit. In addition, please inform us whether the Fund intends to report a
distribution yield. If the<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP>Fund intends to report a distribution yield at any point
prior to finalizing its tax figures, the Fund should disclose the estimated portion of the
distribution yield that results from return of capital. In addition, reports containing
distribution yields should be accompanied by the total return and/or SEC yield.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>The requested disclosure has been included. The Fund does not intend to
report a distribution yield. The following sentence from the Fund&#146;s annual report will be included
in the Fund&#146;s prospectus: &#147;Distributions sourced from paid-in capital should not be considered as
dividend yield or the total return from an investment in the Fund.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(7) </B><U><B>Comment</B></U><B>: </B>For the past four years the Fund has distributed ten percent per year, all of
which has been a return of capital. Will any of the proceeds from this offering be used to continue
the Fund&#146;s managed distribution policy? If so, please discuss in the section under the heading &#147;Use
of Proceeds.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>The Fund intends to use the proceeds from the offering to purchase portfolio
securities in accordance with its investment objectives and policies as appropriate investment
opportunities are identified. Cash is fungible, however, and depending on market conditions and
operations a portion of the cash held by the Fund, including any cash raised from this offering,
may be used to pay distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(8) </B><U><B>Comment</B></U><B>: </B>In the &#147;Management and Fees&#148; section, the prospectus states, &#147;&#091;T&#093;he Investment
Adviser has agreed to reduce the management fee on the incremental assets attributable to the
preferred shares during the fiscal year if the total return of the net asset value of the common
shares of the Fund, including distributions and advisory fees subject to reduction for that year,
does not exceed the stated dividend rate or corresponding swap rate of each particular series of
preferred shares for the period. . . . This fee waiver is voluntary and, except in connection with
the waiver applicable to the portion of the Fund&#146;s assets attributable to Series&nbsp;A Preferred and
Series&nbsp;B Preferred, may be discontinued at any time. For Series&nbsp;A Preferred and </DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
July&nbsp;25, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Series&nbsp;B Preferred,
the waiver will remain in effect as long as any shares in a series are outstanding.&#148; Please state
whether or not this agreement will apply to any issued preferred shares from this offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>The requested change has been made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Summary of Fund Expenses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(9) &nbsp;</B><U><B>Comment</B></U><B>: </B>Please remove the line item &#147;Total annual fund operating expenses and
dividends on preferred stock&#148; from the fee table.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><B>Response</B></U><B>: </B>The requested change has been made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(10) </B><U><B>Comment</B></U><B>: </B>The numbers in the fee table do not agree with the Financial Highlights.
Please explain the difference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>The numbers in the fee table are based on the current assets of the Fund and
the numbers in the financial highlights table are based on the Fund&#146;s average net assets for 2010.
As a result, the numbers in the fee table and in the financial highlights table will differ.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(11) </B><U><B>Comment</B></U><B>: </B>The offering also may include notes. If applicable please include the amount
of any interest on borrowed funds for the issuance of any notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>As requested by the Staff, the Fund has estimated its fee table based on an
offering of $65&nbsp;million in common shares, $25&nbsp;million in preferred shares, and $10&nbsp;million in
notes. The actual amounts in connection with any offering will be set forth in the prospectus
supplement for the offering. The amount of any interest on borrowed funds for the issuance of any
notes has been disclosed in the fee table.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(12) </B><U><B>Comment</B></U><B>: </B>Please review the calculation for the expense example. Using the numbers
provided in the fee table, the expenses for the one-, three-, five-, and ten-year periods do not
agree to the numbers provided.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>As discussed with the Staff, the example numbers and the fee table numbers
have been updated so that these numbers are not inconsistent in the current version of the
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Common Share Distribution Policy Risk</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(13) </B><U><B>Comment</B></U><B>: </B>The disclosure under this heading states, &#147;A portion of the distributions to
holders of common shares during five of the ten fiscal years since the Fund&#146;s inception has
constituted a return of capital.&#148; This disclosure is inconsistent with the disclosure earlier in
the prospectus which states that &#147;A portion of the distributions to holders of common shares during
seven of the twelve fiscal years since the Fund&#146;s inception has constituted a return of capital.&#148;
Please correct the apparent inconsistency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>The requested change has been made.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
July&nbsp;25, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Statement of Additional Information</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Portfolio Manager Information</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(14) </B><U><B>Comment</B></U><B>: </B>Please move the information for the portfolio managers&#146; ownership of shares
in the Fund to immediately after the discussion of potential conflicts of interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>The requested change has been made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>GENERAL</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(15) </B><U><B>Comment</B></U><B>: </B>We note that portions of the filing are incomplete. We may have additional
comments on such portions when you complete them in a pre-effective amendment, on disclosures made
in response to this letter, on information supplied supplementally, or on exhibits added in any
pre-effective amendments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>The Fund acknowledges that the Staff may have additional comments to a
pre-effective amendment to the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(16) </B><U><B>Comment</B></U><B>: </B>Please advise us if you have submitted or expect to submit an exemptive
application or no-action request in connection with your registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Response</B></U><B>: </B>The Fund has not submitted and does not expect to submit an exemptive
application or no-action letter in connection with the Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund hereby represents that, with respect to the filing of the Registration Statement made by
the Fund with the SEC and reviewed by the Staff, it acknowledges that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>should the SEC or the Staff, acting pursuant to delegated authority, declare
the filing effective, it does not foreclose the SEC from taking any action with respect
to the filing;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the action of the SEC or the Staff, acting pursuant to delegated authority, in
declaring the Fund effective, does not relieve the Fund from its full responsibility
for the adequacy and accuracy of the disclosure in the filing; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund may not assert Staff comments as a defense in any proceeding initiated
by the SEC or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any questions or comments regarding this letter should be directed to the undersigned at (212)
728-8865.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ryan P. Brizek
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ryan P. Brizek
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
July&nbsp;25, 2011

</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Bruce N. Alpert, The Gabelli Utility Trust<BR>
Agnes Mullady, The Gabelli Utility Trust<BR>
Peter D. Goldstein, The Gabelli Utility Trust<BR>
Carter W. Austin, The Gabelli Utility Trust<BR>
Rose F. DiMartino, Esq., Willkie Farr &#038; Gallagher LLP</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>y92145c1y9214504.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y92145c1y9214504.gif
M1TE&.#EA1@$8`.8``,W+RKNYMOS\_/CX^,3#P;*PKK"MK/+Q\?KZ^LK(QK:S
ML:ZKJ4M+29F6DEU;6;VZN+FVM!,5%"0E(^[M[86#@::CH8N)A2PL*E544>KI
MZ):4D9.1C8F&A!P<&]#.S)Z<F:.AGIN9EMC6U8.!?KZ\NMG8UL+`OGY\>=;4
MU'-Q;JNHIC0S,69D86UK:/?V]J">G.+AX(V-C*BFHW!N:\?&Q.;EY-+0SO7T
M]-O9V'5T<=74TGMY=41$0MW<VF)A7HZ,B=S:V9".B\"^O(!^>WAV<]33T$)!
M/N#>W3T\.FII9O'P[^SKZN7DX^WLZVAF94I)1E)13N'@WUI95NCGYN/BX=[=
MW/7T\_#O[E]>7=+1T/7U].GHYXV+AS`O+O;V]3DY-KJYMQ47%?/S\B\O+;Z]
MNR$A'RDI)T=&1%=65!\?'D]-2S<W-1@9&/KZ^?[__XF)B/GY^?S\^_?W]_CX
M]_W]_?O[^R<H)OW^_OO\^_GZ^O[^_?7V]2<G)?[^_@\1$/___R'Y!```````
M+`````!&`1@```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F"`G!P;6V=
M`IR>H)Y]=9VE"'V:K9!]"*FEG;*KKK>,=$H/(R<-)75_?0*XQ<;'BB@;%$-#
M/QL`(@T6S18;+U80RT,G'#(3R.%U"PU!S4$-#1L<)R=#%%OACWU62JR-="1J
M1BK2#"\#>@B11[!@)C$P6D3H``+&`2M4%'3P,P0&$P%+H@20L$-$#00&<?7)
MP&2!GP@RF#")@H/&"3L=LH1,=&2$@Q0:EC`2$,+.DR6L^C#QL6$&A9E(DS)2
MD"8"D7M_FO#Q@T4+(1AHP"G%1>(DA$)Z:)21N570%35(E-`I\`$JH@<=_\:0
M*#3E2YBC91?)`5`@@=6\K3*8\:/F[Q\Z:OP@*4((P`X!!!H,24&D`0$Z6T*,
MH*Q!`50Y!38026$!Q)1!<0`T.)%BB`;&)GZ,)@)"2Y0/'%+D"%)A`)40%%+L
MT)".RVP<B+I&^%K(2PL;@DJ$"#;(BXP?.4@WT'!BA(H)]^B86$TYG87*P!3U
M`9$FB2`$&N(E8O+%CQ,7A?HHB(#74`D97A0"@V;E/4"(%A5PD4(*02R@A"("
MO`#=(4HT@`$'`;Q`A`IT&&#%'T<TH&`.%H20P1\T2);"")9E\$%P.:33P`\[
M+*B#$N34Z$L#'.P0`F.NT/&$'V/(]X<`4/A1AO\!@_0A@PQ]4`$`&GZ8`0`5
M]-@P0P16]@!5'4`4,-@&17PH"!U3T,"`'PX0<"(50CAP@08>(*"$#3M$4$8%
M.N!Q```Y*":$!QZ8``(4:1AXB'+,_5$''7_$`0)C`FSPQ8F#((#""V7XL8$'
M`*AP1ADMB."&,##0,.0:A)(P0QEG%$#=(700$0$6@_R22(01^/'"(6)\T1\A
M?6S`@PZ%'."!0A=X<`0A".@00@=L+%#"'(H<L(8%;@FBQ0E=<$%=`DF\@`0X
M2G@`@A]I!&&#54QXX(0?*7A`A18VY*`GH1X0L(`/82@P1PD`($%8JTY(8`0)
MQ+2RPTD`##*%`VSXT1__'!PP(0@<\W8!!R$<A-'%`(?@,(8?!1RBA0-^S'#`
M(#40,1`A&H0A00*9!N$'`SH-,E0`R7DU"`%4"..!QC5@P`;.A1`@`<J#X'!!
M!#Z(,<@!5!J1*0M$TI`('2WXL08Q=5A00R('&.$'&UX;0L<,(QQR`QIL_)H?
M!6&L<$@?)*21!@J,)!`!%`\20D<#]N$W2`D2I%'X'PGX(4'*A`SAQQL-_Q%#
M!'P4<@,4E`^P)A;WP)%$E26X(D/%7`C2!P$0U`?%/2B<4'K''P\2\L@EGTQY
M(2NW_/(?!UA@0K<UWYSSSCV[KH("02^GNP>NL\*4'SL8XC34KA,A>:-8^Z'U
M_R``A.%'#HGT@??2>E2@0;>$H-#K"CT@`D+KAJ"0AA\^&*)^WGOKV]\608=Y
M70!H3;*!!*1'"`%\H`R/B]SD"F$YS`UB<YTKA`Q"-SJHD*%B<6L%`-;@AS-`
M"@$JP(H?+G`%013@!X/@F!\\!C*1D<P0)N,>\%CFLC^X@0L%:(,ADL>T/R!`
M9SP3Q!$^!@`31(\Y=$##A'*5F`O<<&A/^]T?0K"V"EPM:X0X0J<<H`@2+-`)
M"L!"%10!`3_X`0JG.<02GF6($$"!#7PP4Y/PIC?_"1!PBJA!"Z8V+#A8K@O(
M*00.NA!!R6GQ#Q7,'`8'D0&K98$`@A`=5:#B`3OPS_\55Y""Y$XS@1^((61I
M8$Z#,H6[&O(.A[Y3&0\/,(`&J&!6-+-9$8_(/$$0X40"P"4AE/,"('@@"!(`
MDB`FL(&NA"%BA-B>%KF@)/!E[531F4@*%.&%)$5`"D>`5")>X$86M'!O\!/#
M#$AP@8#=#8!^]!L@$=$',)#`!WYX`B$FT`6J-,$0<I""5B#G2`I>3I*<&X0,
MJ!?,3'9P$`G87P@U08<1^*$#-.A#%,0EA#2$80ATZ,,.H/F'/+12=S;LG0X/
MQ,,FJ,`!`RT$$9>71#B@H7G1FT$(.(`$-B#+=0I0P13,$('I1#.+@VB#*)\`
M@R^*#YM_,(">5/"U!#"@5Q3_@)],W3@#JSFB#PG8P!2&-`-<_J^/^?FC(N1@
M@2AHH`-E.)L@JM"K'.BQ20"XH@07X(6^]O4$![U@0B/U`^H10I.D4^A"G.@*
M%9RD`G1(``C^,('!H`$.-R#".?\@0QJB])6*C*4A@C>#!(Q!`D!`Q$S?HS,U
M-*$/`%A!3!?EAS`,I`]%N,!/#\,!`,@!GT[8[!^D.0@1V($-'R!$^,;G*%$Z
MP*N'.,(%&+""%<)!#EZ0`W;GX!8-N#$'T,U%!1(@AX>=0;AG#:`\%3&!%N"K
MG505A`?<2('<*2)R'9C!"_;[`A`DQH*"V)P=HN,#93ITDX)H`SXQ8!A->,!\
M.=#"_P(FE)@U-($,/X!*9^W[A]U=D1`Y?*2W6(:!).QO!D(<HBZ7=X$AS$`"
M$A`N;<,P%T&PP+!_<,$)F$`'&43@`O,<[M,^T`,<D,$(*Y"!')1+)23TP)@I
MX$,.Y.H_*JR`!1G@P$G`L`%$20`#'P#)(+AXOO!2@0@8^,(*C(`!(@3H#U[8
M,1T6$(8R[%88?%3O`!-!`Q@B8$@^H`X-W!@$81XB<F5H``X6O>BP`5AS$6"#
M!79@AC7<^0^:Q$`/>I`%)UP@"1\6Q!*H4`,AUJ$&,&A"'#A;`RI,H08<AEE]
MC!"%$.3N86S``06TN&%7AEH0(9:E'U9```M(C@!0'<1JC?^HLR<<H0D%&,-L
M#>',&O_A!R2M0@.$6(1.,0F+]%)!!4X`*P!DCGA42K(,-(`$,X1@>(:`PP[8
M4((^B,!\21CU"EYP@#HDVR0M"V\<KI`!M6&A"?80!`R(`!(=D'"R>X1G6M>+
M"#IHH'Z0],,7>A8Y3V7."QH8@04L,((0M%""C[3HHS<G`25<`0QH,#"FUV2$
M)S5@#5T(PB$`@($?[(&S!E@!`#YV@Q^@00@@\`&5!Z$%[X5!!<D5A`HF\@(6
MI"Z&)Q6$AU4JXC^0]@!-.(,?,+!T02R;ETG$`P9P.F-K%P%3?["`8>7`@Y9E
M;GO0$P8.5M"!!D`E?`Q@^I9\P/;_N;*!`:PPY-I(D`$H3/L/`'"C#_Y9B#:(
MW0F$<`,(%#6`TYTA<^F-YYX/<87^@*$,;(N.&W\P*SI0(0%L"`,9F``2E!MT
MY8.]-HX/G-@_B"$%5(&WJ-5@-\AW@/)_.)3&I'`&MU6@5RSXG0?JHX9\$Z+7
MG_WU'X(]VEG2@2EI:,"J<ZD\UO;R#T%X_#!K:^T^W$,):JC``A9@``SX@0=1
M`/?OU%?"I@HB?/HT"![@-S)`6RW@.EGP-"E@`BEP;C[3*3S@?X1@>?9!"$J0
M!"`P?P8P+Q*`<7@F<<2B5HC@`2Q@`/.G`=4U!((P!4\S!$M&"%-`+1YH>Y43
M6`&6>Q!P_W6#@%A080)ET`&,14G$1SX=T#PO``5%LP-E<`@>,!%?T#9_H`0L
M$P%<P&'8IW4IY3H`T$+<)PA-4`0(\'5&Q#5?H(-FMV+FET3$0PP3`(6%X$P(
M1"P)D`,/4(</H`)AD`:_0UR#H`!5$H0`"(,I>`@%X`=2<`]U<#IF@`%%M$.2
M,T5)=7F$D`#K9(<+T`%A(`/B%'J"<`<Z<`5\0W&"D`$X$!1<H`%V^`!ATP5+
M]CE^P`*S50,R"%$%58.XET%P)D0(X`%W,',(%AWUH0&%D`%#*`@`4(2#\`)J
M\&Q(<`*'<``7,';(YP;&Q@8/D&PF-4,<MG6;\`.IU85_8`,?H/\%8O@'.E!=
M,R!.9UA^S'9^`CA1;R@TA8``GW(@!D,$^D<(;20!<1B(E%0?SF@(D5<&R'<$
M^]-\]*0`YA-?A#`':H-YR<B07I<D,U`XG.@H(0`$H3AZD+,`K'``ST4(9%!;
M$4,'S[<"J44(3,`&;#"#M3@(D218N#@(2Z`!D,*#@P`$:L,!PUB,QF>$2!``
M%:``8I8?+',"ZO@';50&$K@Q6==A6>AU+9`ZX!@`/^`"Y2@`/P!7!``59X=$
M.-4'X_9$AC`!D]=`"O$%U,&'@D`#$<"/3A6`9E%WV5.67Q`!0:`X"(`%2B("
M9N&`2B!V+*`X--E/$.DH(^"!1Q($$;#_!G[Y@6CU!W*0`O4F@H+P`E[4!V3`
M`<G&@GX@?G]0`VL0`=]67&OCDA-DBP@UDSY4`#%PDP\E"%20&#Q)",1H-WN!
MC`(P`,IX!(9&"!6P4G\`!!+``V:U84'1!Q[6!W1P`Q!P`:488N[7!DR`!10@
M!U]W#TP@2FJ0`>[7!QKPE@G`"FZ`=D#A?BY@`@P`C]7#*.[G.BY0`0X@!WV`
M37VP`*@WGJ^31>_Y!U0P!G7C.@#8GW"@$&C@@(?Q`&:0!B/@`3T``6I@!Q'P
M!`"0`#)@:#U@!'80`IDC``6`!&&`>;"@`BT@!O7I.@F`>E#B?GSD?@)@!230
M!969!AV@`\PY_P`BP`.0-0'1)P#WT`=R<#H8,`6L0`,K``6/F6,A<`$M*0Q@
MY4COZ7Z1])T8])U]``<Z8`0QX'X\>*):8#E2<&ZWZ2@!``!L`!0]D`!'6#3)
M(`%!1ED7`E7V!@%0P"4*@`)]<`4/X`1L8`8*$``+,`(K4`8$\P)$10%@H`!V
MU`$<4`(*\`01@`9]00\F,`348CP]X"IL(`$:8`((L`1@H!!(8``!$``*8`%K
MP*B%(``T8)619@%@@#-T```_@',:0`(OTP?JPJ0M$`!<MD`C\``IB3$2P``D
M(`(H4``\$`%!F0#8T@<F8`024`$T<`.5IZP2<`%(P``RL``\$`9CH/\&R.8_
M'N``:Z`"]G``0L`"-``%3D`')?`!.`>KN8H#*L"D6."K`<`";'`!8``&*C`$
M:V`&*&`"7$"C'P`&H7$&:?`")+`#'8`!,F`#D'(%)D`$=18"72D>4H`%0L`$
M.``"%$`&B/0'&0`!X5D&%/``+U,"8(`%$>`$$"`"!T`"2;"II6JJ&F`$;+`!
M-T`#$(`$$PH&!/`Q?9`%?*<"-(`I(O`$07`$"_`#8-`!1:`#P;H!#&"CBM`$
M.\!V<!`")"4,)?``"F``!1``(M`'NU"V!5"'$&``!J``?Q(`!6``$/``$%``
M]%<"1_``=?NG`'`'-T``=!NW)G`$)%"V=DOA`)^:N&9KAV\+MRDY"`*0`'@+
MMQ`0`++J`75KMB9@-;I:N`K@MIC[`!XH!B80`A(B`G[[N`EP0P(@`A70``K0
M8*[#!"3P/%4P#%$@`Q]@`T5I"!FP``[@`RG0`AT!6R!`!V$"MP9``J`+!(7;
MMG7(MM6+N1,`.W`;`)>[``70`P3@O`J0!9"B!-J[N/=PLD&`#A#0!/G00AD0
M`)$+`;BZ?:8:MP]0`C6KN)"KMP8`!%I@N77;MD7K.B(``K3;,T`0JSH0`%E@
=`P6``AZ@`#60``%P!%H%&!J\P1S<P1X\"8$``#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
