UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-09397

The Gabelli Utilities Fund

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

The Gabelli Utilities Fund

Class AAA - GABUX

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Utilities Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. The Gabelli Utilities 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 domestic or foreign companies that are involved 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, internet, etc. Those companies must derive at least 50% of their revenue or earnings from, or devote at least 50% of their assets to, utilities that Gabelli Funds, LLC, the Adviser, believes have the potential to achieve either capital appreciation or current income. The Adviser will emphasize quality in selecting utility investments and look for companies that have proven dividend records and sound financial structures. You can find additional information about the Fund at www.gabelli.com. You can also request this information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Utilities Fund - Class AAA	$71	1.40%

How did the Fund perform?

During the six months ended June 30, 2024, the Gabelli Utilities Fund underperformed its broad-based benchmark, the S&P 500 and its comparative benchmarks, the S&P 500 Utilities Index and the Lipper Utility Fund Average. The potential for accelerated electric demand growth driven by technological innovation (artificial intelligence, data centers), electrification and manufacturing onshoring led to a momentum shift into power stocks. Shares of non-regulated power plant owners and developers surged on the AI-data center theme. Our Fund holds lower weights in the more volatile power names as well as a more diversified holdings list across the utility universe.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment

	The Gabelli Utilities Fund - Class AAA	S&P 500 Index	S&P 500 Utilities Index	Lipper Utility Fund Average
6/14	10,000	10,000	10,000	10,000
6/15	9,411	10,742	9,710	9,480
6/16	10,807	11,171	12,766	10,882
6/17	11,277	13,170	13,081	11,219
6/18	11,569	15,063	13,527	11,888
6/19	12,979	16,632	16,101	13,667
6/20	11,633	17,881	15,762	12,834
6/21	14,127	25,175	18,247	15,150
6/22	14,551	22,501	20,857	16,484
6/23	14,017	26,910	20,089	16,422
6/24	14,201	33,519	21,660	17,901

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	10 Year
The Gabelli Utilities Fund - Class AAA	4.59%	1.30%	1.84%	3.57%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Utilities Index	9.44%	7.82%	6.11%	8.04%
Lipper Utility Fund Average	8.50%	9.01%	5.55%	6.00%

Fund Statistics

Total Net Assets$1,452,187,602
Number of Portfolio Holdings220
Portfolio Turnover Rate0%
Management Fees$7,382,681

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com for current month-end performance.

The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

Updated Location: Visit www.confluence.com/funds for more recent performance information.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Top 10
NextEra Energy Inc.	8.9%
National Fuel Gas Co.	5.8%
Southwest Gas Holdings Inc.	3.7%
The AES Corp.	3.6%
American Electric Power Co. Inc.	3.6%
Evergy Inc.	3.3%
WEC Energy Group Inc.	2.8%
ONEOK Inc.	2.7%
Eversource Energy	2.6%
Otter Tail Corp.	2.5%

Industry Allocation (% of net assets)

Industry Weighting	.
Energy and Utilities	86.6%
Communications	8.3%
Other	4.8%
U.S. Government Obligations	0.1%
Other Assets and Liabilities (Net)	0.2%

Portfolio Weighting (% of net assets)

Value	Value
Common Stocks	99.7%
U.S. Government Obligations	0.1%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Utilities Fund

Semi-Annual Shareholder Report - June 30, 2024

Class AAA - GABUX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com.

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GABUX-24-SATSR

The Gabelli Utilities Fund

Class C - GUXPX

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Utilities Fund - Class C	$64	1.28%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	The Gabelli Utilities Fund - Class C	S&P 500 Index	S&P 500 Utilities Index	Lipper Utility Fund Average
6/14	10,000	10,000	10,000	10,000
6/15	9,237	10,742	9,710	9,480
6/16	10,430	11,171	12,766	10,882
6/17	10,705	13,170	13,081	11,219
6/18	10,790	15,063	13,527	11,888
6/19	11,906	16,632	16,101	13,667
6/20	10,499	17,881	15,762	12,834
6/21	12,541	25,175	18,247	15,150
6/22	12,688	22,501	20,857	16,484
6/23	12,007	26,910	20,089	16,422
6/24	11,951	33,519	21,660	17,901

The Class C1 Share NAVs are used to calculate performance for the periods prior to the issuance of Class C Shares on September 1, 2022. The actual performance of Class C Shares would have been the same due to the identical fees and expenses associated with this class of shares.

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	10 Year
The Gabelli Utilities Fund - Class C	3.15%	(0.47)%	1.05%	2.78%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Utilities Index	9.44%	7.82%	6.11%	8.04%
Lipper Utility Fund Average	8.50%	9.01%	5.55%	6.00%

Fund Statistics

Total Net Assets$1,452,187,602
Number of Portfolio Holdings220
Portfolio Turnover Rate0%
Management Fees$7,382,681

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com for current month-end performance.

The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

Updated Location: Visit www.confluence.com/funds for more recent performance information.