The Gabelli Funds listed below announced year-end distributions. The distributions are payable December 28, 2005 to shareholders of record on December 27, 2005. The ex-dividend, payment and reinvestment date is December 28, 2005.

Source of Distribution (per share)   Total Net Invest. Income(a) Short Term Cap Gains(a) Long Term Cap Gains Asset Fund Class AAA (GABAX)   $2.1618   $0.1168   $0.015   $2.03 Class A (GATAX)   $2.2135   $0.1685   $0.015   $2.03 Class B (GATBX)   $2.045 ---   $0.015   $2.03 Class C (GATCX)   $2.103   $0.0580   $0.015   $2.03 Equity Income Fund 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 --- --- Global Opportunity Fund Class AAA (GABOX)   $0.023   $0.023 --- --- Class A (GOCAX)   $0.036   $0.036 --- --- Class B None --- --- --- Class C None --- --- --- Value Fund Class A (GABVX)   $1.35 0.0121   $0.0115   $1.3264 Class B (GVCBX)   $1.3379 ---   $0.0115   $1.3264 Class C (GVCCX)   $1.3379 ---   $0.0115   $1.3264 International Growth Fund Class AAA (GIGRX)   $0.0865   $0.0865 --- --- Class A (GAIGX)   $0.0746   $0.0746 --- --- Class B (GBIGX) None --- --- --- Class C (GCIGX)   $0.0443   $0.0443 --- --- ABC Fund (GABCX)   $0.49   $0.15   $0.33   $0.01 Global Telecom Fund Class AAA (GABTX)   $0.19   $0.19 --- --- Class A (GTCAX)   $0.196   $0.196 --- --- Class B (GTCBX) None --- --- --- Class C (GTCCX)   $0.01   $0.01 --- --- Gabelli Gold Fund Class AAA (GOLDX)   $0.5769   $0.1141 ---   $0.4628 Class A (GLDAX)   $0.5436   $0.0808 ---   $0.4628 Class B (GLDBX)   $0.4668   $0.004 ---   $0.4628 Class C (GLDCX)   $0.4628 --- ---   $0.4628 Ned Davis Research Asset Allocation Class AAA (NDRAX)   $0.631 ---   $0.50   $0.131 Class A (NDRQX)   $0.631 ---   $0.50   $0.131 Class B (NDRBX)   $0.631 ---   $0.50   $0.131 Class C (NDRCX)   $0.631 ---   $0.50   $0.131 Class I (NDRIX)   $0.631 ---   $0.50   $0.131 Comstock Strategy Fund Class O (CPSFX)   $0.0396   $0.0396 --- --- Class A (CPFAX)   $0.0337   $0.0337 --- --- Class C (CPFCX)   $0.0238   $0.0238 --- --- Blue Chip Value Fund Class AAA (GABBX) None --- --- --- Class A (GBCAX) None --- --- --- Class B (GBCBX) None --- --- --- Class C (GBCCX) None --- --- --- Class I None --- --- --- Global Growth Fund Class AAA (GICPX)   $0.0174   $0.0174 --- --- Class A (GGGAX)   $0.04   $0.04 --- --- Class B (GGGBX) None --- --- --- Class C (GGGCX) None --- --- --- Comstock Capital Value Fund Class A (DRCVX)   $0.0481   $0.0481 --- --- Class B (DCVBX)   $0.0313   $0.0313 --- --- Class C (CPCCX)   $0.0317   $0.0317 --- --- Class R (CPCRX)   $0.0533   $0.0533 --- --- Growth Fund Class AAA (GABGX) None --- --- --- Class A (GGCAX) None --- --- --- Class B (GGCBX) None --- --- --- Class C (GGCCX) None --- --- --- Mathers (MATRX)   $0.178   $0.178 --- ---   Variable Annuities Gabelli Capital Asset Fund (b)   $1.255   $0.051   $0.119   $1.085 (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 2006. (b) The Gabelli Capital Asset Fund is an investment option for The Guardian Investor, a variable annuity issued by The Guardian Insurance & Annuity Company.

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

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