EFTA00826824.pdf

From: Richard Kahn To: Jeffrey Epstein <[email protected]> Subject: Fwd: New Issue $25 Par: Gabelli Utility Trust (GUT) Series C Cumulative Preferred Shares; 5.50% Area; Fixed-for-Life Date: Wed, 25 May 2016 14:35:56 +0000 Attachments: 497_PRELIM_PROJBANNERLESS_AS_FILED_5-25-16)_- _GUT_Series_C_Preferred.pdf Please advise. Thank you. Sent from my iPhone Begin forwarded message: From: "Atlas, Andrew S" < Date: May 25, 2016 at 10:29:44 AM EDT To: "Richard Kahn ( Subject: New Issue $25 Par: Gabelli Utility Trust (GUT) Series C Cumulative Preferred Shares; 5.50% Area; Fixed-for-Life Morning Rich, Morgan Stanley is pricing a new issue $25 Par Pfd today that I wanted to show STC. Investment grade with price talk in the 5.50% area. $25 Par New Issue Syndicate Offering: Gabelli Utility Trust (GUT) Issuer: Gabelli Utility Trust (Ticker: GUT) Size: $50mm (2mm $25 par securities) Expected Ratings: Al Moody's Offering: Series C Cumulative Preferred Shares Maturity: Perpetual Price Guidance: 5.50% Area (Fixed-for-Life) Offer Price: $25.00 Payment Dates: Quarterly, on the 26th March, June, September, and December beginning 9/26/16 Redemption: At the issuer's option, callable at $25.00 anytime on or after May [xx], 2021 or prior, to maintain its status as a regulated investment company or in order to meet certain regulatory or rating agency asset coverage requirements (see red for details) EFTA00826824 Use of Proceeds: To purchase portfolio securities in accordance with its investment objective and policies. The proceeds may also be used to call shares of existing series of the Fund's preferred shares. DRD/QDI Eligible: "Subject to change based on the underlying fund. See red for to details." Subject to US Tax Withholding for NRA Clients: Yes* Sole Bookrunner: MS Expected Listing: NYSE Timing: Today's Business Let me know if you have any questions. Best, Andrew Andrew S. Atlas First Vice President Equity Sales/Middle Markets Group Financial Advisor Morgan Stanley Wealth Management 1290 Avenue of the Americas, 12th Floor I New York, NY 10104 Tel/Direct: Fax NMLS ID k 1326736 Important Notice to Recipients: Please do not use e-mail to request, authorize or effect the purchase or sale of any security or commodity. Unfortunately, we cannot execute such instructions provided in e-mail. Thank you. The sender of this e-mail is an employee of Morgan Stanley Smith Barney LLC ("Morgan Stanley"). If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Erroneous transmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent permitted under applicable law, to monitor electronic communications. This message is subject to terms available at the following link: If you cannot access this link, please notify us by reply message and we will send the contents to you. By messaging with Morgan Stanley you consent to the foregoing. EFTA00826825