The Gabelli Funds listed below announced year-end distributions. The distributions are payable December 29, 2003 to shareholders of record on December 26, 2003. The ex-dividend, payment and reinvestment date is December 29, 2003.

Source of Distribution (per share)   Total Net Invest. Income Short Term Cap Gains(a) Long Term Cap Gains Gabelli Funds Asset Fund (GABAX) $0.625 $0.031 ---- $0.594 ABC Fund (GABCX) $0.286 $0.0104 $0.2756 ---- Global Conv. Sec. Fund Class AAA (GAGCX) $0.10 $0.10* ---- ---- Class A (36239X864) $0.10 $0.10* ---- ---- Class B (36239X872) $0.10 $0.10* ---- ---- Class C (36239X880) $0.10 $0.10* ---- ---- Global Opportunity Fund Class AAA (GABOX) $0.0076 $0.0076 ---- ---- Class A (GOCAX) $0.0149 $0.0149 ---- ---- Class B ---- ---- ---- ---- Class C ---- ---- ---- ---- Value Fund Class A (GABVX) $0.241 ---- ---- $0.241 Class B (GVCBX) $0.241 ---- ---- $0.241 Class C (GVCCX) $0.241 ---- ---- $0.241 International Growth Fund Class AAA (GIGRX) $0.0133 $0.0133 ---- ---- Class A (36239U209) $0.0308 $0.0308 ---- ---- Class B (36239U308) ---- ---- ---- ---- Class C (36239U407) ---- ---- ---- ---- Equity Income Fund (GABEX) (e) $0.03 $0.03 ---- ---- Utilities Fund Class AAA (GABUX) $0.07 $0.07* ---- ---- Class A $0.07 $0.07* ---- ---- Class B $0.07 $0.07* ---- ---- Class C $0.07 $0.07* ---- ---- Gabelli Gold Fund Class AAA (GOLDX) $0.169 $0.169 ---- ---- Class A (GLDAX) $0.186 $0.186 ---- ---- Class B (GLDBX) $0.114 $0.114 ---- ---- Class C (GLDCX) $0.124 $0.124 ---- ---- Ned Davis Research Asset Allocation Class AAA (NDRAX) $0.691 ---- $0.616 $0.075 Class A (NDRQX) $0.691 ---- $0.616 $0.075 Class B (NDRBX) $0.691 ---- $0.616 $0.075 Class C (NDRCX) $0.691 ---- $0.616 $0.075 Class I (NDRIX) $0.691 ---- $0.616 $0.075 Comstock Strategy Fund Class O (CPSFX) $0.05312 $0.05312 ---- ---- Class A (CPFAX) $0.03596 $0.03596 ---- ---- Class C (CPFCX) $0.01380 $0.01380 ---- ---- * A portion of this distribution is expected to be a return of capital, which will be determined after year end.   Variable Annuities Gabelli Capital Asset Fund (b) $0.0314 $0.0167 ---- $0.0147 * A portion of this distribution is expected to be a return of capital, which will be determined after year-end. (a) Includes estimated net investment income and net short term capital gains. (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 following funds are not making a distribution: Gabelli Growth Fund (GABGX), Gabelli Global Growth Fund - All Classes (GICPX, GGGAX, GGGBX, GGGCX), Gabelli Global Telecommunications Fund - All Classes (GABTX, GTCAX, GTCBX, GTCCX), Gabelli Mathers Fund (MATRX), Gabelli Blue Chip Value Fund (GABBX) and Comstock Capital Value Fund (DRCVX).

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).