Karl Otto Pohl named Emeritus Director of The Gabelli Funds - Former President
of the Bundesbank to Remain on GAMCO Investors, Inc. Board

Rye, NY
November 16, 2005
  Contact:    Douglas R. Jamieson
      Chief Operating Officer
      (914) 921-5020

For further information please visit http://www.gabelli.com

Gabelli Funds LLC, the mutual funds division of GAMCO Investors, Inc. (NYSE: GBL - News), is privileged to announce that Karl Otto Pohl will now serve as Director Emeritus of the Funds' boards while retaining his seat on the GAMCO Investors, Inc. board.

One of the economic architects of modern Europe, Karl Otto Pohl served as president of the German Bundesbank for over a decade from 1980 to 1991. He is one of the pre-eminent central bankers of our time. Originally appointed by Chancellor Willy Brandt after a distinguished career at the Ministry of Economics, he also was a board member for the Bank for International Settlements, the German Governor for the International Monetary Fund and Chairman of the EEC Central Bank of Governors in the early 1990's. In 1997, Mr. Pohl was named as a recipient of the German financial monthly magazine, Manager Magazine's Hall of Fame award.

Karl Otto Pohl joined the board of the Gabelli Funds in 1992. He has now elected the emeritus status in part to comply with Securities and Exchange Commission rules relating to "independent directors" of mutual fund boards.

Commenting on Pohl's appointment, Mario Gabelli, Chairman of the Gabelli Funds Board of Directors said, "Karl Otto has been an invaluable contributor and visionary for the boards of Gabelli Funds. His quarterly briefings on global economic dynamics, the status of the dollar, the introduction of the Euro and the growing importance of the economic power of the Tigers in the world economy have been prescient. We value his counsel and welcome his ongoing commitment to the parent company's board of directors."

GAMCO Investors, Inc., through its subsidiaries, manages approximately $27.6 billion in assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Investment Partnerships).


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