The Board of Trustees (the “Board”) of The Gabelli Utilities Fund (the “Fund”) reaffirmed the Fund’s annual distribution rate of $0.88 per share for Class I, Class A, Class AAA, and Class C shareholders. This represents $0.07 per share for the first two months of each quarter and $0.08 per share in the final month of each quarter.

The Board also announced Class C shares (ticker: GAUCX) were renamed Class C1. Existing Class C1 shares will remain available for existing holders at their election, and will be available for additional investment through August 31, 2022.

A new Class C share (ticker: GUXPX) is expected to become available for sale on or about September 1, 2022. The new Class C shares, which will have similar attributes to the Class C1 shares, will have an annual distribution rate of $0.88 per share. The new Class C shares will have a cash distribution of approximately 11% of NAV at inception, a similar rate to Class I, Class A, and Class AAA shares.

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

You should not draw any conclusions about the Fund’s investment performance from the amount of the past distributions. The Fund’s distribution policy is subject to modification or termination by the Board at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund. The Fund’s distributions may be comprised of net investment income, capital gains, and paid in capital.

Investors should carefully consider the investment objectives, risks, sales charges, and expenses of the Fund before investing. The prospectus and summary prospectus contain information about these and other matters and should be read carefully before investing. To obtain a prospectus or summary prospectus, please visit our website at www.gabelli.com or call 800-GABELLI (800-422-3554).

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