Gabelli Funds Announces James Scanlon Head of Mutual Fund Marketing

FOR IMMEDIATE RELEASE
Rye, NY
May 1,2006
Contact :
Douglas R. Jamieson
President
Ph: (914) 921-5020



GAMCO Investors, Inc. (NYSE: GBL) announced today that James C. Scanlon has joined Gabelli Funds, LLC as Senior Vice President and Director of Mutual Fund Marketing and Distribution for the firm's $14 billion mutual fund enterprise. Gabelli Funds is a subsidiary of GAMCO Investors, Inc. (NYSE:GBL), which manages $27.6 billion in assets of mutual funds and closed end funds, partnerships and private advisory accounts.

Mr. Scanlon has extensive sales and marketing experience. For the past five years, he worked in Retirement Group Sales office for Merrill Lynch, managing the Northeast/New England Territory.

Mr. Scanlon will be responsible for growing GAMCO's mutual fund assets through expanded distribution among national and regional brokerage firms and independent registered investment advisors.

"We are delighted to have Jim focus on our expanding distribution effort. His experience in sales management, wholesaling and key account management will add significant value in our effort to gather more assets through financial intermediaries," said Mario J. Gabelli, Chairman and Chief Executive Officer of GAMCO Investors, Inc.

Mr. Scanlon said, "I am excited to join a firm with such a well respected name in the business. GAMCO has done an excellent job over the years earning returns for investors. The consistent style, disciplined investment process, and recognition of the Gabelli, GAMCO and Westwood brands are attributes that resonate with financial advisors."

GAMCO Investors, Inc., through its subsidiaries, manages assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Investment Partnerships).

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

Our disclosure and analysis in this press release contain some forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, there can be no assurance that our actual results will not differ materially from what we expect or believe. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation: the adverse effect from a decline in the securities markets; a decline in the performance of our products; a general downturn in the economy; changes in government policy or regulation; changes in our ability to attract or retain key employees; and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. We also direct your attention to any more specific discussions of risk contained in our Form 10-K and other public filings. We are providing these statements as permitted by the Private Litigation Reform Act of 1995. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations or if we receive any additional information relating to the subject matters of our forward-looking statements.