DIVIDEND NOTICE
THE GABELLI UTILITIES FUND

FOR IMMEDIATE RELEASE
Rye, NY
November 25, 2003

The Gabelli Utilities Fund - Class AAA (Fund # 470) (GABUX-Nasdaq), Class A (Fund # 1653), Class B (Fund # 1654) and Class C (Fund # 1655) continues its policy of distributing $0.07 per share monthly 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 actual determination of the source of distributions will be made after the end of the year via Form 1099-DIV.

The distribution schedule for November is as follows:

Dividend Rate
Per Share		 Record Date Ex-Dividend, Payment and
Reinvestment Date
$0.07 November 24, 2003 November 25, 2003

The Gabelli Utilities Fund is managed by Gabelli Funds, LLC and distributed by Gabelli & Company, Inc.

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