The following information indicates, by state, reduction of capital gains tax for capital gains for the calendar year ended December 31, 1999:

MASSACHUSETTS (a)   1-2 Years 2-3 Years 3-4 Years 4+ Years Gabelli Funds Asset Fund 4.60% 4.41% 15.32% 75.67% Growth Fund 5.92% 43.22% 22.93% 27.93% Equity Income Fund 8.35% 7.22% 17.88% 66.55% Small Cap Growth Fund 13.54% 14.65% 16.80% 55.01% Value Fund 12.97% 4.38% 24.06% 58.59% ABC Fund 44.19% 33.92% 13.30% 8.59% Global Telecom Fund 8.35% 10.16% 5.00% 76.49% Global Convertible Securities Fund 0.21% 66.89% 0.00% 0.10% Global Opportunity Fund 100.00% 0.00% 0.00% 0.00% Global Growth Fund (Interactive Couch Potato ®) 34.960% 40.41% 21.03% 3.66% International Growth Fund 9.59% 69.66% 20.75% 0.00% Equity Trust 0.00% 11.80% 15.43% 72.77% Global Multimedia Trust 15.74% 29.35% 27.98% 26.93% Convertible Securities Fund 0.00% 0.00% 83.18% 16.82% Utility Trust 0.00% 0.00% 0.00% 100.00% Gabelli Westwood Funds Balanced Fund 63.19% 25.06% 9.86% 1.89% Equity Fund 82.70% 17.30% 0.00% 0.00% SmallCap Equity Fund 100.00% 0.00% 0.00% 0.00%

SOUTH CAROLINA (b) 2+ Years   95.40% 94.07% 91.65% 86.45% 87.03% 55.80% 91.65%     65.10% 90.41% 100.00% 84.26% 100.00% 100.00%   36.81% 17.30%

(a) Massachusetts income tax law provides for a reduction of capital gains realized based on the holding period of the securities sold. Listed above, 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.

(b) South Carolina income tax law provides for a reduction of capital gains tax for capital gains realized on securities sold which were held for more than two years. Listed above, for each fund, is the percentage of capital gains reported on Form 1099-DIV (Box 2a), that were realized on securities held for more than two years.

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.