<SEC-DOCUMENT>0001193125-20-209215.txt : 20210104
<SEC-HEADER>0001193125-20-209215.hdr.sgml : 20210104
<ACCEPTANCE-DATETIME>20200804151756
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-209215
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200804

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>GABELLI UTILITY TRUST</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g48802g0804100525837.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">787&nbsp;Seventh&nbsp;Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">New&nbsp;York,&nbsp;NY&nbsp;10019-6099</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Tel:&nbsp;212 728 8000</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">Fax:&nbsp;212 728 8111</P></TD></TR>
</TABLE> <P STYLE="margin-top:60pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">August&nbsp;4, 2020&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Re:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Gabelli Utility Trust</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(Securities Act File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-236449,</FONT> Investment Company Act File <FONT STYLE="white-space:nowrap">No.&nbsp;811-09243)</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">Response to Staff Comments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">On
behalf of The Gabelli Utility Trust (the &#147;Fund&#148;), please find responses to telephonic comments provided by David Orlic of the staff (&#147;Staff&#148;) of the Securities and Exchange Commission (&#147;SEC&#148; or &#147;Commission&#148;)
on May&nbsp;4, 2020 regarding the letter filed with the Commission on April&nbsp;15, 2020 responding to the Staff&#146;s comments (the &#147;Response Letter&#148;) on the filing of the registration statement on Form
<FONT STYLE="white-space:nowrap">N-2</FONT> (&#147;Registration Statement&#148;) filed by the Fund on February&nbsp;14, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">For the convenience of the
Staff, the comments 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. The Fund anticipates filing these additional changes in a <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment (the &#147;Amendment&#148;) to the Registration Statement, pending any additional comments from the Staff. Unless
otherwise indicated, defined terms used herein have the meanings set forth in the Registration Statement and page numbers are those of the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>General </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;<B><U>Comment</U></B><B>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In the prospectus supplement for subscription
rights to acquire common shares, please revise the disclosure under the subheading &#147;Description of the Rights Offering&#151;Foreign Restrictions&#148; to conform to the disclosure provided in the response to Comment 3 in the comment response
letter filed on October&nbsp;2, 2018 by Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP responding to the Staff&#146;s comments to the registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> filed by The Gabelli Global
Utility&nbsp;&amp; Income Trust </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">N<SMALL>EW</SMALL>
Y<SMALL>ORK&nbsp;&nbsp;</SMALL>W<SMALL>ASHINGTON&nbsp;&nbsp;</SMALL>H<SMALL>OUSTON&nbsp;&nbsp;</SMALL>P<SMALL>ALO</SMALL> A<SMALL>LTO&nbsp;&nbsp;</SMALL>S<SMALL>AN</SMALL>
F<SMALL>RANCISCO&nbsp;&nbsp;</SMALL>C<SMALL>HICAGO&nbsp;&nbsp;</SMALL>P<SMALL>ARIS&nbsp;&nbsp;</SMALL>L<SMALL>ONDON&nbsp;&nbsp;</SMALL>F<SMALL>RANKFURT&nbsp;&nbsp;</SMALL>B<SMALL>RUSSELS&nbsp;&nbsp;</SMALL>M<SMALL>ILAN&nbsp;&nbsp;
</SMALL>R<SMALL>OME</SMALL> </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <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">August 4, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(<U>https://www.sec.gov/Archives/edgar/data/1282957/000119312518290753/filename1.htm</U>) (the &#147;Second GLU Comment Response Letter&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will replace the disclosure under the subheading &#147;Description
of the Rights Offering&#151;Foreign Restrictions&#148; with the following disclosure from the response to Comment 3 in the Second GLU Response Letter, with the modifications indicated below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subscription Certificates will not be mailed to Record Date Shareholders whose addresses are outside the
United States (for these purposes, the United States includes the District of Columbia and the territories and possessions of the United States) (the &#147;Foreign Shareholders&#148;). The Rights Agent<B><U>, unless prohibited by local law,</U></B>
will send a letter via regular mail to Foreign Shareholders who own Common Shares directly (&#147;Direct Foreign Shareholders&#148;), as opposed to in &#147;street name&#148; with a broker or other financial intermediary, to notify them of the
Rights offering. Direct Foreign Shareholders who wish to exercise their Rights should contact the Fund, as described above under &#147;Inquiries,&#148; to facilitate the exercise of such Rights and for instructions or any other special requirements
that may apply in order for such Direct Foreign Shareholder to exercise its Rights. Direct Foreign Shareholders who wish to sell their Rights should contact the Rights Agent and follow the procedures described above under &#147;Sales by Rights
Agent.&#148; <B>Direct Foreign Shareholders are encouraged to contact the Fund or the Rights Agent as far in advance of the Expiration Date as possible to ensure adequate time for their Rights to be exercised or sold.</B> Foreign Shareholders who
own Common Shares in &#147;street name&#148; through a broker or other financial intermediary should contact such broker or other financial intermediary with respect to any exercise or sale of Rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(2)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please provide the Staff with a form of the legal
opinion required by Item 25(2)(l) of Form <FONT STYLE="white-space:nowrap">N-2</FONT> prior to requesting effectiveness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund provided a draft of the legal opinion to the Staff via email on
July&nbsp;10, 2020 and will file the final legal opinion with the Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(3)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please modify the proposed disclosure in the
response to Comment 7 in the Response Letter as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Because the management fees are based on a
percentage of average weekly net assets that includes assets attributable to the Fund&#146;s use of leverage in the form of preferred shares, money borrowed or notes issued, the Investment Adviser may have a conflict of interest in the input it
provides to the Board regarding whether to use or increase the Fund&#146;s use of such leverage <B><U>because leverage may have the effect of increasing the Investment Adviser&#146;s compensation</U></B>. The Board bases its decision, with </P>
 <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">- 2 - </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <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">August 4, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">input from the Investment Adviser, regarding whether and how much leverage to use for the Fund on its
assessment of whether such use of leverage is in the best interests of the Fund, and the Board seeks to manage the Investment Adviser&#146;s potential conflict of interest by retaining the final decision on these matters and by periodically
reviewing the Fund&#146;s performance and use of leverage.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The requested change
to this proposed disclosure will be included in the Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(4)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Staff reissues Comment 9 in the Response
Letter: In the fee table on page 12, rather than indicating &#147;None&#148; in the line item of the fee table for &#147;Dividend Reinvestment Plan Fees,&#148; please revise such line item to include the fee information in footnote (2)&nbsp;to the
fee table. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The requested change will be made in the Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(5)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please modify the proposed disclosure in the
response to Comment 11 in the Response Letter to summarize the Fund&#146;s investment restrictions, rather than simply categorizing them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will add the following as the third sentence of the subsection
entitled &#147;Investment Objective and Policies&#151;Investment Restrictions&#148; on page 27: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">These
investment restrictions prohibit the Fund from: (1)&nbsp;concentrating its investments (i.e., investing more than 25% of the Fund&#146;s total assets) in securities of issuers in any industry other than the Utility Industry; (2)&nbsp;purchasing or
selling commodities or commodity contracts, except that the Fund may purchase or sell futures contracts and related options thereon if certain conditions are met, and purchasing or selling sell real estate, provided that the Fund may invest in
securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein; (3)&nbsp;making loans of money, except by the purchase of a portion of private or publicly distributed debt obligations
or the entering into of repurchase agreements, and the Fund reserves the authority to make loans of its portfolio securities to financial intermediaries in an aggregate amount not exceeding 20% of its total assets; (4)&nbsp;borrowing money, except
to the extent permitted by applicable law; (5)&nbsp;issuing senior securities, except to the extent permitted by applicable law; and (6)&nbsp;underwriting securities of other issuers except insofar as the Fund may be deemed an underwriter under the
Securities Act of 1933, as amended, in selling portfolio securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(6)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please modify the proposed disclosure in
response to Comment 15 in the Response Letter to include disclosure regarding the impact, if any, the transition to one or more of the </P>
 <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">- 3 - </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <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">August 4, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">reference rates proposed as an alternative to
LIBOR could have on the liquidity and value of the Fund&#146;s Series B Preferred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will revise the fourth paragraph in the aforementioned subsection
as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Distributions on the Series B Preferred accumulate at a variable maximum rate based on
short term rates. At present, the maximum rate is equal to 150% of the applicable LIBOR rate determined on each calculation date. Prior to the failing of auctions for the Fund&#146;s Series B Preferred, these securities paid dividends set at a
weekly auction. <B><U>The UK Financial Conduct Authority plans to phase out the use of LIBOR by the end of 2021, and the Federal Reserve Bank of New York has published three rates to serve as alternatives to LIBOR. Currently, no definitive
determination has been made regarding a replacement rate to be used in the calculation of the variable maximum rate at which distributions on the Series B Preferred accumulate after LIBOR is discontinued.</U></B> <B><U>The impact, if any, of
utilizing any of these LIBOR replacement rates in such calculation on the liquidity and value of the Series B Preferred is uncertain and difficult to predict.</U></B><B> </B>The liquidation preference of the Series B Preferred is $25,000 per share
plus accumulated but unpaid dividends (whether or not earned or declared) through the date of redemption. The Fund generally may redeem the outstanding Series B Preferred, in whole or in part, at any time other than during <FONT
STYLE="white-space:nowrap">a&nbsp;non-call&nbsp;period.</FONT> The Series B Preferred is not traded on any public exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(7)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please include in any definitive prospectus
supplement for an offering of preferred shares filed by the Fund a description of how the &#147;Basic Maintenance Amount&#148; is calculated under the governing documents for the preferred shares, as well as any other diversification, concentration
or other requirements imposed by the Moody&#146;s and Fitch guidelines. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund confirms that it will include the aforementioned disclosure in any
definitive prospectus supplement for an offering of preferred shares filed by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(8)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please modify the propose disclosure in
response to Comment 17 in the Response Letter as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The foregoing voting requirements <B><U>and
other anti-takeover provisions</U></B>, which have been considered and determined to be in the best interests of shareholders by the Board, are greater than applicable minimum voting requirements imposed by the 1940 Act and applicable Delaware law.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The requested change to this proposed disclosure will be included in
the Amendment. </P>
 <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">- 4 - </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <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">August 4, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(9)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the disclosure referenced in
Comment 29 in the Response Letter (&#147;Prior to the expiration of the Rights offering, the Dealer Manager may independently offer for sale Rights or Common Shares to be acquired by it through purchasing and exercising Rights, at prices it
sets.&#148;), please explain what is meant by the word &#147;independently&#148; and what kind of specific activities by the Dealer Manager with respect to the Fund&#146;s common shares are being contemplated in connection with the offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has updated the disclosure to remove the reference to the Dealer
Manager acting independently to offer or sell Rights or Common Shares and revised the disclosure as follows to describe the activities of the Dealer Manager in respect of a Rights offering: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>During the period the Rights are issued and outstanding, the Dealer Manager may facilitate the
trading market for Rights and the placement of Common Shares pursuant to the exercise of Rights, including by facilitating the sale of Rights by shareholders who do not wish to exercise their Rights. The Dealer Manager may act on behalf of its
clients to purchase or sell Rights in the open market and may receive commissions from its clients for such services. The Dealer Manager may also interact with brokers and dealers soliciting the exercise of Rights. Prior to the expiration of the
Rights offering, the Dealer Manager may purchase or exercise Rights at prices determined at the time of such exercise and generally conduct other activities associated with the duties of a Dealer Manager in a rights offering. The Dealer Manager is
not required to purchase Rights as principal for its own account in order to seek to facilitate the trading market for Rights or otherwise. </U><STRIKE>Prior to the expiration of the Rights offering, the Dealer Manager may independently offer for
sale Rights or Common Shares to be acquired by it through purchasing and exercising Rights, at prices it sets. Gains or losses may be realized by the Dealer Manager through the purchase and exercise of Rights or purchase and sale of Common Shares.
Such activity is intended by the Dealer Manager to facilitate the Rights offering and any such gains or losses are not expected to be material to the Dealer Manager.</STRIKE> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(10)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Please modify the proposed disclosure in the response to
Comment 30 in the Response Letter to delete the following sentence if deemed unnecessary or revise it to conform more closely to Release No. <FONT STYLE="white-space:nowrap">IC-10666:</FONT> &#147;From the outset of the transaction, in accordance
with 1940 Act Release 10666, &#147;Securities Trading Practices of Registered Investment Companies&#148; (April 18, 1979), for reverse repurchase agreements, the Fund will segregate the full amount of the Fund&#146;s actual or potential cash payment
obligations that the Fund will owe at settlement.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will
make the following changes to the proposed disclosure in the Amendment: </P>
 <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">- 5 - </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <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">August 4, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With respect to investment restriction (4), the 1940 Act permits the Fund to borrow money in amounts of up
to <FONT STYLE="white-space:nowrap">one-third</FONT> of the Fund&#146;s total assets for any purpose, and to borrow up to 5% of the Fund&#146;s total assets for temporary purposes. The Fund&#146;s total assets include the amounts being borrowed. To
limit the risks attendant to borrowing, the 1940 Act requires the Fund to have an &#147;asset coverage&#148; of at least 300% of the amount of its borrowings at the time the borrowing is incurred. Asset coverage means the ratio that the value of the
Fund&#146;s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Certain trading practices and investments, such as <B><U>derivatives </U></B><B><STRIKE>reverse
repurchase agreements</STRIKE></B>, may be considered to be borrowings or involve leverage and thus are subject to the 1940 Act restrictions. In accordance with <B><U>1940 Act Release 10666, &#147;Securities Trading Practices of Registered
Investment Companies&#148; (April 18, 1979) and other </U></B>SEC staff guidance and interpretations, when the Fund engages in certain such transactions the Fund, instead of maintaining asset coverage of at least 300%, may segregate or earmark
liquid assets, or enter into an offsetting position, in an amount at least equal to the Fund&#146;s exposure to the transaction (as calculated pursuant to requirements of the SEC <B><U>and SEC staff guidance and interpretations</U></B>).
<B><STRIKE>From the outset of the transaction, in accordance with 1940 Act Release 10666, &#147;Securities Trading Practices of Registered Investment Companies&#148; (April 18, 1979), for reverse repurchase agreements, the Fund will segregate the
full amount of the Fund&#146;s actual or potential cash payment obligations that the Fund will owe at settlement. </STRIKE></B>The investment restriction in (5)&nbsp;above will be interpreted to permit the Fund to (a)&nbsp;engage in trading
practices and investments that may be considered to be borrowing or to involve leverage to the extent permitted by the 1940 Act, (b)&nbsp;segregate or earmark liquid assets or enter into offsetting positions in accordance with SEC staff guidance and
interpretations, (c)&nbsp;engage in securities lending in accordance with SEC staff guidance and interpretations and (d)&nbsp;settle securities transactions within the ordinary settlement cycle for such transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With respect to investment restriction (5), under the 1940 Act, the Fund may issue senior securities (which
may be stock, such as preferred shares, and/or securities representing debt, such as notes) only if immediately after such issuance the value of the Fund&#146;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount of
the debt outstanding and exceeds 200% of the amount of preferred shares (measured by liquidation value) and debt outstanding, which is referred to as the &#147;asset coverage&#148; required by the 1940 Act. At any time the Fund has debt securities
or preferred stock outstanding the Fund may be restricted from declaring cash distributions on, or repurchasing, common or preferred shares. </P>
 <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">- 6 - </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <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">August 4, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Any questions or comments regarding this letter should be directed to the undersigned at (212) <FONT STYLE="white-space:nowrap">728-8955.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>/s/ Bissie K.
Bonner&nbsp;&nbsp;&nbsp;&nbsp; </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Bissie K. Bonner </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">cc:&nbsp;&nbsp;&nbsp;&nbsp;Bruce N. Alpert, The Gabelli Utility Trust </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">John C. Ball, The Gabelli Utility Trust </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Peter D. Goldstein, Esq., Gabelli Funds, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Jay Spinola, Esq., Willkie Farr&nbsp;&amp; Gallagher LLP </P>
 <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">- 7 - </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g48802g0804100525837.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g48802g0804100525837.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  7 4L# 2(  A$! Q$!_\0
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M/8I+R;R3@G:1P-NU3CK2?$*1HOC#X =8VD8&XPB]3P* .JB\:FV\86_AG6[
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MM2ZW=Z3=:/!!/';"X@E6Z+QS#=M(^Z""*Q_#_CO5_$FD:CJ&GZ!"XL;J2V>
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G)LP' YY(V_CVS6^W@+PO+(\MQH]M<3R.7DFF7<[L3DDG\:** /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
