The Gabelli Funds listed below announced year-end distributions. The distributions are payable December 27, 2001 to shareholders of record on December 26, 2001. The ex-dividend, payment and reinvestment date is December 27, 2001.

Source of Distribution (per share)   Total Net Invest. Income Short Term Cap Gains(a) Long Term Cap Gains Gabelli Funds Asset Fund (GABAX) $0.984 ---- $0.104 $0.880 Growth Fund (GABGX) $0.0042 ---- ---- $0.0042 Global Telecom Fund Class AAA (GABTX) $0.0152 ---- $0.0152 ---- Class A (36239X609) $0.0152 ---- $0.0152 ---- Class B (36239X708) $0.0152 ---- $0.0152 ---- Class C (36239X807) $0.0152 ---- $0.0152 ---- Global Conv. Sec. Fund Class AAA (GAGCX) $0.100 $0.100 * ---- ---- Class A (36239X864) $0.100 $0.100 * ---- ---- Class B (36239X872) $0.100 $0.100 * ---- ---- Class C (36239X880) $0.100 $0.100 * ---- ---- Global Opportunity Fund Class AAA (GABOX) $0.100 $0.100 ---- ---- Class A (36239X831) $0.105 $0.105 ----- ----- Class B (36239X849) $0.032 $0.032 ----- ----- Class C (36239X856) ----- ----- ----- ----- Mathers Fund (MATRX) $0.313 $0.313 ---- ---- Value Fund Class A (GABVX) $0.515 ---- $0.035 $0.480 Class B (36240H205) $0.515 ---- $0.035 $0.480 Class C (36240H304) $0.515 ---- $0.035 $0.480 Internat'l Growth Fund Class AAA (GIGRX) $0.2092 $0.1808 $0.0274 $0.0010 Class A (36239U209) $0.2176 $0.1892 $0.0274 $0.0010 Class B (36239U308) $0.1197 $0.0913 $0.0274 $0.0010 Class C (36239U407) $0.1007 $0.0723 $0.0274 $0.0010 Blue Chip Value Fund (GABBX) $0.0279 ---- $0.0279 ---- Utilities Fund (GABUX) $0.070 $0.070 * ---- ---- Gold Fund (GOLDX) $0.065 $0.065 ---- ---- * A portion of this distribution is expected to be a return of capital, which will be determined after year end.   Variable Annuities Capital Asset Fund (a) $0.859 $0.075 $0.144 $0.640 (a) The Gabelli Capital Asset Fund is an investment option for The Guardian Investor, a variable annuity issued by The Guardian Insurance & Annuity Company.   Click here for Comstock Funds Dividend Info

The Gabelli Funds are managed by Gabelli Advisers Inc. and distributed by Gabelli & Company, Inc.

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