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