DIVIDEND NOTICE
THE GABELLI UTILITIES FUND

FOR IMMEDIATE RELEASE
Rye, NY
April 26, 2001

As previously announced, the Gabelli Utilities Fund (GABUX-Nasdaq) will continue its policy of distributing $0.07 per month on the third business day prior to each month end. The source of the distributions will be net investment income and capital gains, if any, or paid in capital.

The distribution schedule for the second quarter of 2001 will be as follows:

Record Date Ex-Dividend, Payment and
Reinvestment Date
May 25 May 29
June 26 June 27
July 26 July 27

The Gabelli Utilities Fund is managed by Gabelli Funds, LLC and distributed by Gabelli & Company, Inc. Timothy O'Brien is the portfolio manager.

For further information call Bruce N. Alpert at 914-921-5105 or 1-800-GABELLI (1-800-422-3554).