Massachusetts income tax law provides for a reduction of capital gains realized based on the holding period of the securities sold prior to May 1, 2002. 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, 2002:

MASSACHUSETTS   1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-6 Years 6+ Years Post 4/30/02 Gains Greater than 1 Year Gabelli Funds Asset Fund 11.62% 2.23% --- 20.72% 6.13% 59.30% --- Growth Fund --- --- --- --- --- --- --- Equity Income Fund --- --- --- --- --- --- --- Small Cap Growth Fund --- --- --- --- --- 93.68% 6.32% Value Fund --- --- --- --- --- --- --- ABC Fund --- --- 100% --- --- --- --- Gold Fund --- --- --- --- --- --- --- Blue Chip Value Fund --- --- --- --- --- --- --- Utilities Fund --- --- --- --- --- --- --- Mathers Fund --- --- --- --- --- --- --- Global Telecom Fund --- --- --- --- --- --- --- Global Convertible Securities Fund --- --- --- --- --- --- --- Global Opportunity Fund --- --- --- --- --- --- --- Global Growth Fund --- --- --- --- --- --- --- International Growth Fund --- --- --- --- --- --- --- Equity Trust 1.51% --- --- --- 0.23% 5.92% 92.34% Global Multimedia Trust 19.17% 1.62% 27.82% --- --- 0.76% 50.63% Convertible Securities Fund --- --- --- --- --- --- --- Utility Trust 16.39% --- --- --- --- 14.52% 69.09% Gabelli Westwood Funds Balanced Fund --- --- --- --- --- --- --- Equity Fund --- --- --- --- --- --- --- SmallCap Equity Fund --- --- --- --- --- --- --- Mighty Mites SM Fund --- --- --- --- --- --- 100% Realty Fund --- --- --- --- --- --- --- Intermediate Bond Fund --- --- --- --- --- --- --- Variable Annuities Capital Asset Fund --- --- --- --- --- --- ---

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.