YEAR-END DIVIDEND NOTICE
GABELLI FUNDS
FOR IMMEDIATE RELEASE
Rye, New York
December 28, 2005
 

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).