Fund Description

The fund was incepted in August 1999 and is managed by Gabelli Funds. The fund seeks to provide a high level of total return through a combination of capital appreciation and current income. Under normal circumstances, the fund invests at least 80% of its net assets in securities of utility companies and that the fund's investment adviser believes have the potential to achieve either capital appreciation or current income. Utility companies are companies that are involved to a substantial extent in providing products, services or equipment for the generation or distribution of electricity, gas and water and the provision of infrastructure operations or telecommunications services, such as telephone, telegraph, satellite, cable, microwave, radiotelephone, mobile communication and cellular, paging, electronic mail, videotext, voice communications, data communications and the Internet. Dividends are distributed monthly. Capital gains are distributed annually.