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To: Paul Kern who wrote (11507)	4/11/2012 5:25:53 PM
From: LTBH	of 15778

Well Paul, as I mentioned, its been that way for 13 years ... through some pretty messy markets. Nothing is necessarily forever but I know a whole lot of folks that wish their portfolios had fared as well a few years ago. Total Return Performance History Class AAA S&P 500 Shares Utility Index 2011 8.0% 19.9% 2010 13.0 5.5 2009 15.5 11.9 2008 -20.9 -29.0 2007 8.6 19.4 2006 23.1 21.0 2005 8.4 16.8 2004 15.6 24.3 2003 29.5 26.3 2002 -15.1 -30.0 2001 -15.4 -30.4 2000 16.4 57.2 1999* 22.3 -9.9 The above is total return, of course if you buy it yielding 14.5% for monthly income then total return really isn't the concern. If you really need to see 13 years of month by month figures to affirm that they paid same every months then GABUX website is the place to go. Their NAV whipsaw the last year or so is, in large part, driven by thier 4.2% NFG holding along with smaller percentages in a few other NG/resource type companies. If Mario's bet is correct and NFG is acquired at some point then I am sure it will be at as favorable a profit as his many other choices in the past. His primary thesis is consolidation in the sector and the fund profits by investing in those he views as good bets for same. Anyway, I did not intend to pump and my post is reaching the point some might consider it as such so I will end this missive. Luck LTBH

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To: Steve Felix who wrote (11510)	4/11/2012 6:03:12 PM
From: LTBH	of 15778

Steve Not real good at deciphering financials but its my understanding that rather than passing through most of the fund gains as distribution CGs, much of the distribution are instead classed ROC . The advantage for the taxable account is obvious. I am sure you understand that ROC need NOT be return of the investors capital in several specific instances but in those cases is a creature of accounting definitions and practices and in this case is a legal discretionary classification by the fund which does not and has not decreased the NAV on an ongoing basis. As to some ROC specifics, I bought shares on 06/26/2009 for $5.91, I also bought shares on 3/29/2012 for $5.87. so 21 x.07 = $1.47 and yet the NAV was $.04 less on 03/29/2012 and NOT $4.40 as the ROC argument would have it. Although in reality ROC was not 100% for that time frame. I also bought shares on 12/07/2009 for $6.45 and on 03/30/2011 for $6.51 ... add the distribution and CGs for a big total return whallop ... but this is a high yield low CG investment for the investor desiring a stable dependable monthly income. A younger guy or one with lots of capital, say 1M and not 150K, might will wish to opt for a low sub 6% yield with cap gains possibility while an elderly individual or one with much less capital might well choose an income producer such as GABUX. I guess one could view it as a largely tax deferred 14.5% monthly paying annuity with residual value likely to equal principal invested. Anyway, I have no interest in defending GABUX, it was simply a DD suggestion to one who asked for suggestions. Luck LTBH

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To: Steve Felix who wrote (11510)	4/11/2012 8:29:46 PM
From: E_K_S	1 Recommendation of 15778

Re: UTG Hard for me to pay a 6.3% premium for a CEF Fund when I can construct a basket of shares myself. I also get to pay a 1.93% annual fee (that's each and every year regardless of how the fund performs!) to boot. cefconnect.com 71 holdings 90% equities cefconnect.com Holdings (Top 10) Value %Portfolio Bce Incorporated $37.12M 5.06% Verizon Communications Inc $37.09M 5.05% Progress Energy, Inc. $36.94M 5.03% DTE Energy Company $34.58M 4.71% PPL Corp. $33.90M 4.62% CenturyLink Inc $27.97M 3.81% Windstream Corp 3.01 17 Dec 2015 $27.76M 3.78% AT&T Inc. $27.05M 3.69% American Water Works Co Inc $26.64M 3.63% Pinnacle West Capital Cor $26.22M 3.57% Disclosure: I own VZ, PPL, & T from their top 10 equity holdings. Steve - I bet you and many of the posters on this board hold one or more of the dividend payers in this fund. EKS

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To: LTBH who wrote (11512)	4/11/2012 9:29:46 PM
From: Steve Felix	1 Recommendation of 15778

"Not real good at deciphering financials" / as a friend used to say, I resemble that remark! I'm not much of a numbers cruncher. Please don't take my last post as personal in any way. I had seen GABUX in passing, but never looked into it before Pauls post. When I did I just didn't get it. Should have let UTG out of my response, as they are apples and oranges. Being honest, I really don't know what Mr. Gabelli is doing and how he expects to keep it up. Quite possibly I need someone to give me a primer. He has a lot of "cash". U.S. GOVERNMENT OBLIGATIONS—20.5% $537,358,000 U.S. Treasury Bills, 0.000% to 0.070%††, †† Represents annualized yield at date of purchase. I've never seen a utility fund fact sheet where I can't find the yield. According to both Yahoo and Morningstar it is .78%. He isn't borrowing cheap money to up income: "The Fund may not borrow money except for (1) short-term credits from banks as may be necessary for the clearance of portfolio transactions, and (2) borrowings from banks for temporary or emergency purposes, including the meeting of redemption requests, which would otherwise require the untimely disposition of its portfolio securities." He can do repurchase agreements, options on stocks, futures, and indexes, short sales, swaps, etc. Whatever he does, he needs to make about 14.7% to cover expenses and the distribution. Maybe he is that good or maybe I just don't understand.

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To: LTBH who wrote (11512)	4/11/2012 11:06:06 PM
From: straight life	of 15778

I looked at GABUX on yahoo! I went to charting, interactive, and called up the maximum, which gave me a chart going back to 2000, when the price was $12... since then there's been a decline to $5.90, so in 12 years it's been cut in half. Then I looked at the Profile; Expense Ratio 1.40% plus a 12b-1 charge; putting in $10,000 and holding it there for 10 years and you'll pay them $1,713 for the privilege. Maybe that works for you. Just saying what I saw, is all. That's what we do on these boards, throwing around ideas, working them out. I enjoyed the exercise; thanks for bring it to my attention. By the way, I then hit View Top Utility Funds. The top performer for 1,3 and 5 years is GASFX. Better chart, half the cost (.71 expense ratio, plus no 12b-1 charge)... but a much smaller dividend, yield of 2.48% if you do a Compare on the interactive chart, GASFX is up 40% and GABUX is down 50% since 2000 On a one year, GABUX is down 10%, while GASFX is up 10% throw in the dividends and it's GABUX is up 4% versus GASFX is up 12.48% (that's before factoring in the fact that Gabelli charges you more than twice as much, adding in the additional 12b-1, which is where you get charged for them publicizing their fund, which never really sat that well with me).

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To: E_K_S who wrote (11513)	4/12/2012 6:52:53 AM
From: bruwin	of 15778

"Hard for me to pay a 6.3% premium for a CEF Fund when I can construct a basket of shares myself. I also get to pay a 1.93% annual fee (that's each and every year regardless of how the fund performs!) to boot." I would absolutely agree with you E_K_S. If, as an example, you take that 10 stock "Buffett Portfolio" that I report on in my Board, one would now have a Capital Gain of about 15% after 6 months. And, in addition, most of those companies also pay a dividend. Sergio H's 10 stock list would have gained about 24% over the same time period. If one had combined the two then the 20 stock list would have gained one about 19%, excluding dividends. I wonder how many managed funds would have given one those results after 6 months, AFTER deduction of fund expenses etc.. ?

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To: E_K_S who wrote (11513)

4/12/2012 6:56:16 AM

From: MoneyPenny

of 15778

Gabelli Utility Trust:GUT

PRINTABLE VIEW

As of 4/11/2012

Share
PriceNAVPremium/
Discount

Current	$8.00	$5.35	49.53%
52 Wk Avg	$7.30	$5.49	32.78%
52 Wk High	$8.22	$5.88	49.53%
52 Wk Low	$6.06	$4.73	15.84%

Managed Distribution*	Yes
Distribution Rate	7.50%
Distribution Amount	$0.0500
Distribution Frequency	Monthly


	5D 1M YTD 1Y 3Y 5Y	Interactive Chart
	Since Inception

Fund Basics DistributionsPricing HistoryPerformancePortfolio Characteristics

As of
Show Since Inception

Distribution History

Enter declared start and end dates to display distribution history below. Income, Long Gain, Short Gain and ROC breakdowns will only be shown for the past year.

Display History

Declared
DatePayable
DateEx
DateDistrib
AmountIncomeLong
GainShort
Gain ROC

3/1/2012	6/22/2012	6/13/2012	$0.0500	0	$0.0500
3/1/2012	5/23/2012	5/14/2012	$0.0500	0	$0.0500
3/1/2012	4/23/2012	4/12/2012	$0.0500	0	$0.0500
11/17/2011	3/23/2012	3/14/2012	$0.0500	0	$0.0500
11/17/2011	2/22/2012	2/10/2012	$0.0500	0	$0.0500
11/17/2011	1/24/2012	1/13/2012	$0.0500	0	$0.0500
8/18/2011	12/16/2011	12/9/2011	$0.0500	0	$0.0500
8/18/2011	11/22/2011	11/10/2011	$0.0500	$0.0500
8/18/2011	10/24/2011	10/13/2011	$0.0500	$0.0500
5/26/2011	9/23/2011	9/14/2011	$0.0500	$0.0500
5/26/2011	8/24/2011	8/15/2011	$0.0500	$0.0500
5/26/2011	7/22/2011	7/13/2011	$0.0500	$0.0500

Key Information Regarding Distributions
Avg. Earnings Per Share: (As of 12/31/2011)	$0.0066
Annualized Distribution Rate on NAV: (As of 4/11/2012)	11.32%
Total Return on NAV (12 months): (As of 4/11/2012)	7.15%
Avg. UNII Per Share: (As of 12/31/2011)	-$0.0025
Total % Portfolio Leveraged: (As of 4/11/2012)	23.27%

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results.

The risks outlined below do not include all the risks pertaining to an investment in this fund. For more detailed information, please contact the Fund Sponsor.
Investment and Market Risk An investment in the fund's common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the securities owned by the fund, most of which are traded on a national securities exchange or in the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. Your common shares at any point in time may be worth less than your original investment, even after considering the reinvestment of fund dividends and distributions. Closed-end funds also carry price risk, or the risk that shares may trade at prices different from their net asset values.

Credit risk The risk that a security in the fund's portfolio will decline in price, or fail to make dividend or interest payments when due, because the security's issuer defaults or experiences a decline in its financial status. Securities falling lower in a company's capital structure and/or unrated securities and securities with lower credit ratings are expected to have higher credit risk. See subordination.

Leverage Risk The fund's use of leverage creates the possibility of higher volatility for the fund's per share NAV, market price, and distributions. Leverage risk can be introduced through structural leverage (issuing preferred shares or debt borrowings at the fund level) or through certain derivative investments held in the fund's portfolio. Leverage typically magnifies the total return of a fund's portfolio, whether that return is positive or negative. The use of leverage creates an opportunity for increased common share net income, but there is no assurance that a fund's leveraging strategy will be successful.

Non-Diversification and Concentration Risk A fund classified as "non-diversified" under the Investment Company Act of 1940 can invest a greater portion of its assets in obligations of a single issuer than a "diversified" fund. The risk is that a non-diversified fund or one with a portfolio concentrated in a particular industry or geographical region may be affected disproportionately by the performance of a single security or relatively few securities as a result of adverse economic, regulatory, or market occurrences.

nOTES
*Certain funds have adopted a 'managed distribution policy.' Regular distributions throughout the year may include realized and unrealized capital gains, along with net investment income, and may from time to time also include a return of capital. It is important to understand the components of a managed distribution and the fund's NAV performance relative to its distribution rate. View more information about Managed Distributions.

1. Annualized total return is determined by subtracting the initial investments from the redeemable value of the investment at the end of the investment period, dividing the remainder by the initial investment and expressing the result as a percentage. For multiple years, 1 would be added to the results, this number could then be raised to the power of 1/years annualized - 1 to find the result of a multiple year annualized return. The calculation assumes that all income and capital gains distributions by the Fund have been reinvested at net asset value (share price) on the ex dates during the period.

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