The Gabelli Ut ilit ies Fund
One Corporate Center
Rye, NY 10580-1422 t 914.921.5100
GABELLI. COM
January 15, 2015
To Our Fellow Shareholders
Re: The Gabelli Utilities Fund
Share Class Ticker SymbolClass AAA GABUX Class A GAUAX Class C GAUCX Class I GAUIX
The Board of Trustees of The Gabelli Utilities Fund has determined that it is in the best interests of our Fund and its shareholders to implement a stock split whereby each class of shares of the Fund will be exchanged for one new share for every two shares currently held.
A higher share price will allow the Fund to become more marketable and attract new investors, with the goal of allocating our fixed expenses over a larger asset base.
Currently own 10,000 shares of Class AAA at a net asset value of $5.16. The total value of your investment is $51,600.00 (10,000 shares multiplied by $5.16).
Reverse Stock Split - 10,000 shares divided by 2 = 5,000 shares of Class AAA at a net asset value of
$10.32 ($5.16 net asset value multiplied by 2 shares of Class AAA). The total value of your investment would be $51,600.00 (5,000 shares multiplied by $10.32).
The reverse stock split will take place on March 6, 2015. You will receive a notice and confirmation statement once the transaction has been completed. There are no current tax implications.
Distributions
Currently, the monthly distribution is $0.07 per share. Prior to the reverse stock split, you own 10,000 shares of the Fund. Your yearly distribution is $8,400.00 (12 x 10,000 x $0.07). Starting with the March distribution, after the stock split, you will own 5,000 shares of the Fund. The monthly distribution will continue to be $0.07 per share. Your yearly distribution will be $4,200.00 (12 x 5,000 x $0.07).
On behalf of all of my colleagues at Gabelli Funds, thank you for being a shareholder of The Gabelli
Utilities Fund. I and (y)our team at 800-GABELLI (422-3554) are available to answer any questions. Sincerely,
Jason Swirbul
Senior Vice President
Gabelli Funds, LLC
p. (914) 921-5496
Distributed by G.distributors, LLC, One Corporate Center, Rye, NY 10580
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