YEAR-END DIVIDEND NOTICE
Gabelli Focus Five Fund

FOR IMMEDIATE RELEASE
Rye, New York
December 20, 2006


The Gabelli Focus Five Fund announced year-end distributions payable December 20, 2006 to shareholders of record on December 19, 2006. The ex-dividend, payment and reinvestment date is December 20, 2006:

    Source of Distribution (per share)
Fund #   Total Net
Investment
Income
(a)
Short Term
Capital
Gains
(a)
Long Term
Capital
Gains
840 Gabelli Focus Five Fund
Class AAA (GWSVX)
$3.233 $0.061 $0.414 $2.758
1330 Class A $3.194 $0.022 $0.414 $2.758
1331 Class B $3.172 --- $0.414 $2.758
1332 Class C $3.172 --- $0.414 $2.758
(a) Taxable as ordinary income. The percentage of qualified dividend income subject to the 15% maximum tax rate for individuals will be determined after year-end.

The Gabelli Focus Five Fund is an open-end, non-diversified management investment company, which seeks a high level of appreciation by investing primarily in small capitalization equity securities.

The Gabelli Funds are distributed by Gabelli & Company, Inc., a subsidiary of GAMCO Investors, Inc. (GBL:NYSE), which is a publicly traded NYSE listed company.

For further information call Bruce N. Alpert at 914-921-5105 or 1-800-GABELLI (1-800-422-3554).