The Gabelli Utilities Fund

Rye, New York
December 27, 2006

The Gabelli Utilities Fund - Class AAA (Fund # 470) (GABUX-Nasdaq), Class A (Fund # 1653) (GAUAX - Nasdaq), Class B (Fund # 1654) (GAUBX - Nasdaq) and Class C (Fund # 1655) (GAUCX - Nasdaq) continues its policy of distributing monthly $0.07 per share on the third business day prior to each month end.

  Dividend (per share) Record Date Ex-Dividend, Payment and
Reinvestment Date
Ordinary Income $0.031 December 26, 2006 December 27, 2006
Long Term
Capital Gain
$0.039 December 26, 2006 December 27, 2006

The source of the distributions will be net investment income and capital gains, or paid in capital. Based on current earnings on a book basis, approximately $0.02 per share of the ordinary income distribution is a return of capital. All of the distributions paid during the year will be redesignated for tax purposes after year-end 2006.

The Gabelli Utilities Fund is managed by Gabelli Funds, LLC and distributed by Gabelli & Company, Inc., subsidiaries of GAMCO Investors, Inc. (NYSE:GBL)

For further information call Agnes Mullady at 914-921-8371 or 1-800-GABELLI (1-800-422-3554).