Qualified Five Year Gains



For shareholders in the 15% tax bracket, the long-term capital gain tax rate has been reduced from 10% to 8% for securities held more than 5 years and sold after 12/31/00. As a result, the 2001 Form 1099-DIV Box 2c will now report the amount of any qualified 5 year gain that is included in the total capital gain distribution reported in Box 2a.

GABELLI FUNDS % of Long Term Gains
Qualifying as 5 Year Gains
Asset Fund 71.71%
Growth Fund --
Equity Income Fund 16.19
Small Cap Growth Fund 100.00
Value Fund 100.00
Balanced Fund 0.02
Capital Asset Fund 19.93
Equity Trust Pfd. 73.68
Global Multimedia Trust Pfd. 100.00
Convertible Sec. Fund 56.96