YEAR-END DIVIDEND NOTICE
GABELLI/GAMCO FUNDS
FOR IMMEDIATE RELEASE
Rye, New York
December 27, 2006
 

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
Gabelli 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).