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SIGNATURE BRUCE N. ALPERT
TITLE V. PRES./TREASURER
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<NAME> GABELLI UTILITIES FUND
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Report of Independent Auditors
To the Shareholders and Board of Trustees of
The Gabelli Utilities Fund
In planning and performing our audit of the financial statements of
The Gabelli Utilities Fund for the period ended December 31, 1999,
we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of The Gabelli Utilities Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error or
fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control and
its operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at December 31, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees of The Gabelli Utilities Fund, and the Securities
and Exchange Commission and is not intended to be and should not be used
by anyone other than these specified parties.
ERNST & YOUNG LLP
February 11, 2000
