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The Gabelli Utilities Fund
One Corporate Center
Rye, New York 10580-1422

Information as of Sep 30, 2009
unless otherwise noted.
The Gabelli Utilities Fund - Objective
 

The Gabelli Utilities Fund seeks to provide a high level of total return through a combination of capital appreciation and current income.

Principal Investment Strategies:
Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies (i) that are involved to a substantial extent in providing products, services or equipment for the generation or distribution of electricity, gas and water and the provision of infrastructure operations or telecommunications services, such as telephone, telegraph, satellite, cable, microwave, radiotelephone, mobile communication and cellular, paging, electronic mail, videotext, voice communications, data communications and Internet (collectively, "Utility Companies") and (ii) that the Fund's investment adviser, Gabelli Funds, LLC (the "Adviser"), believes have the potential to achieve either capital appreciation or current income. The Adviser will emphasize quality in selecting utility investments, and looks for companies that have proven dividend records and sound financial structures. Generally, Utility Companies generate relatively predictable streams of revenue and income, and in the view of the Adviser, are likely to pay dividends.

The Fund may appeal to you if:

  • you are a long-term investor
  • you seek growth of capital as well as current income
  • you wish to include an income strategy as a portion of your overall investments
  • you believe that the utilities industry can generate growth of capital

    You may not want to invest in the Fund if:

  • you are conservative in your investment approach
  • you do not believe the utilities industry has favorable growth prospects
    •  

    The value of utility stocks changes as long-term interest rates change. Funds investing in a single sector, such as utilities, may be subject to more volatility than funds that invest more broadly. The utilities industries can be significantly affected by government regulation, financing difficulties, supply or demand of services, or fuel and natural resources conservation.

    The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund.

    Investors should consider the investment objectives, risks, sales charges and expense of the fund carefully before investing. The prospectus contains more complete information about this and other matters. The prospectus should be read carefully before investing.

    You can obtain a free prospectus by calling Gabelli & Company, Inc. at 1-800-GABELLI (1-800-422-3554), or contacting your financial representative or by visiting http://www.gabelli.com.

    Distributed by Gabelli & Company, Inc. One Corporate Center, Rye, NY 10580.