The Gabelli Funds listed below announced year-end distributions. The distributions are payable December 27, 2006 to shareholders of record on December 26, 2006. The ex-dividend, payment and reinvestment date is December 27, 2006.

Source of Distribution (per share)   Total Net Invest. Income(a) Short Term Cap Gains(a) Long Term Cap Gains Asset Fund Class AAA (GABAX)   $2.750   $0.307   $0.057   $2.386 Class A (GATAX)   $2.782   $0.339   $0.057   $2.386 Class B (GATBX)   $2.443 ---   $0.057   $2.386 Class C (GATCX)   $2.467   $0.024   $0.057   $2.386 Equity Income Fund (c) Class AAA (GABEX)   $0.03   $0.03 --- --- Class A (GCAEX)   $0.03   $0.03 --- --- Class B (GCBEX)   $0.03   $0.03 --- --- Class C (GCCEX)   $0.03   $0.03 --- --- Utilities Fund (c) Class AAA (GABUX)   $0.07   $0.031 ---   $0.039 Class A (GAUAX)   $0.07   $0.031 ---   $0.039 Class B (GAUBX)   $0.07   $0.031 ---   $0.039 Class C (GAUCX)   $0.07   $0.031 ---   $0.039 GAMCO Global Opportunity Fund Class AAA (GABOX)   $0.003   $0.003 --- --- Class A (GOCAX)   $0.008   $0.008 --- --- Class B --- None --- Class C (GGLCX) --- None --- Value Fund Class A (GABVX)   $4.4537   $0.0297   $0.017   $4.407 Class B (GVCBX)   $4.424 ---   $0.0170   $4.407 Class C (GVCCX)   $4.424 ---   $0.017   $4.407 GAMCO International Growth Fund Class AAA (GIGRX)   $0.428   $0.428 --- --- Class A (GAIGX)   $0.433   $0.433 --- --- Class B (GBIGX)   $0.272   $0.272 --- --- Class C (GCIGX)   $0.385   $0.385 --- --- ABC Fund (GABCX)   $1.03   $0.26   $0.58   $0.19 GAMCO Global Telecom Fund Class AAA (GABTX)   $0.137   $0.137 --- --- Class A (GTCAX)   $0.150   $0.150 --- --- Class B (GTCBX) --- None --- Class C (GTCCX)   $0.043   $0.043 --- --- GAMCO Global Conv. Sec. Fund Class AAA (GAGCX)   $1.17   $0.013   $0.167   $0.99 Class A   $1.17   $0.013   $0.167   $0.99 Class B   $1.17   $0.013   $0.167   $0.99 Class C   $1.17   $0.013   $0.167   $0.99 GAMCO Gold Fund Class AAA (GOLDX)   $2.529   $0.493   $0.036   $2.00 Class A (GLDAX)   $2.544   $0.508   $0.036   $2.00 Class B (GLDBX)   $2.32   $0.284   $0.036   $2.00 Class C (GLDCX)   $2.371   $0.335   $0.036   $2.00 Comstock Strategy Fund Class O (CPSFX)   $0.041   $0.041 --- --- Class A (CPFAX)   $0.039   $0.039 --- --- Class C (CPFCX)   $0.034   $0.034 --- --- Blue Chip Value Fund Class AAA (GABBX)   $0.035   $0.035 --- --- Class A (GBCAX)   $0.043   $0.043 --- --- Class B (GBCBX) --- None --- Class C (GBCCX) --- None --- Class I   $0.071   $0.071 --- --- GAMCO Global Growth Fund Class AAA (GICPX)   $0.062   $0.062 --- --- Class A (GGGAX)   $0.063   $0.063 --- --- Class B (GGGBX) --- None --- Class C (GGGCX) --- None --- Comstock Capital Value Fund Class A (DRCVX)   $0.084   $0.084 --- --- Class B (DCVBX)   $0.060   $0.060 --- --- Class C (CPCCX)   $0.071   $0.071 --- --- Class R (CPCRX)   $0.090   $0.090 --- --- GAMCO Growth Fund Class AAA (GABGX) --- None --- Class A (GGCAX) --- None --- Class B (GGCBX) --- None --- Class C (GGCCX) --- None --- Mathers (MATRX)   $0.38   $0.38 --- ---   Variable Annuities Gabelli Capital Asset Fund (b)   $2.6547   $0.0575   $0.0922   $2.505 (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. Amounts may be redesignated for tax purposes after year end. Taxable shareholders will receive Form 1099-DIV in 2007. (b) The Gabelli Capital Asset Fund is an investment option for The Guardian Investor, a variable annuity issued by The Guardian Insurance & Annuity Company. (c) The Equity Income Fund and the Gabelli Utilities Fund pay monthly distributions, which may include a return of capital.

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

For further information call Agnes Mullady at 914-921-8371 or 1-800-GABELLI (1-800-422-3554).