Massachusetts income tax law provides for a reduction of capital gains realized based on the holding period of the securities sold. Listed below, for each fund, is the percentage of capital gains reported on Form 1099-DIV (Box 2a), that were realized on securities in accordance with the required holding periods for the calendar year ended December 31, 2001:

MASSACHUSETTS   1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-6 Years 6+ Years Gabelli Funds Asset Fund 11.62% 2.23% --- 20.72% 6.13% 59.30% Growth Fund 76.66% 8.20% 8.72% 4.12% 2.17% 0.13% Equity Income Fund --- --- --- --- --- 100.00% Small Cap Growth Fund --- --- --- --- --- 100.00% Value Fund --- --- --- --- 5.21% 94.79% ABC Fund --- --- --- --- --- --- Gold Fund --- --- --- --- --- --- Blue Chip Value Fund --- --- --- --- --- --- Utilities Fund --- --- --- --- --- --- Mathers Fund --- --- --- --- --- --- Global Telecom Fund --- --- --- --- --- --- Global Convertible Securities Fund 32.44% 48.41% --- 19.15% --- --- Global Opportunity Fund --- --- --- --- --- --- Global Growth Fund --- --- --- --- --- --- International Growth Fund 37.47% 11.52% 45.22% 5.79% --- --- Equity Trust 0.73% --- 2.01% 17.59% 5.45% 74.22% Global Multimedia Trust Common 24.23% 11.99% 8.81% 30.19% 24.59% 0.19% Global Multimedia Trust Pfd. --- --- --- 41.90% 20.35% 37.75% Convertible Securities Fund 9.01% 26.25% 7.01% --- 8.13% 49.60% Utility Trust 100.00% --- --- --- --- --- Gabelli Westwood Funds Balanced Fund 69.84% 17.79% 10.78% 1.20% 0.39% --- Equity Fund --- --- --- --- --- --- SmallCap Equity Fund --- --- --- --- --- --- Mighty Mites SM Fund --- --- --- --- --- --- Realty Fund --- --- --- --- --- --- Intermediate Bond Fund --- --- --- --- --- --- Variable Annuities Capital Asset Fund 4.08% 13.71% 3.57% 62.04% 13.42% 3.18%

It is recommended that shareholders consult a personal tax advisor for applicability of the information provided. If you have any questions, please call us at 1-800-GABELLI (1-800-422-3554). One of our investor representatives will assist you. We do not provide tax advice, but can provide statistical information useful for such purposes.