DIVIDEND SUMMARY FOR 1999

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Source of Distribution (per share)
 
Total
Net
Investment
Income(a)
Short Term
Capital Gains(a)
Long Term
Capital Gains
1999 Payment/
Reinv. Date(d)
Reinv.
Price
% of Income
from U.S.
Treasury
Securities
(e)(x)
% of U.S.
Govt
Securities
Held as of
12/31/99
(f)(y)
The Gabelli Funds
Asset Fund (GABAX) $4.630
---
 $0.420 $4.210 12/27/99 $39.92 22.80 % 5.48 %
Growth Fund (GABGX) $5.160
---
 $1.500 $3.660 12/27/99 $45.59 1.30 % 1.49 %
ABC Fund (GABCX) $1.000 $0.145 $0.795 $0.060 12/27/99 $9.32 43.95 % 4.81 %
Small Cap Growth Fund (GABSX) $2.462
---
 $0.141 $2.321 12/20/99 $20.55 14.36 % 3.64 %
Equity Income Fund (GABEX)(b) $2.207 $0.064 $0.217 $1.926 12/20/99 $15.30 3.83 % 0.00 %
Value Fund (GABVX) $1.720
---
 $0.410 $1.310 12/27/99 $18.98 9.02 % 4.29 %
Gold Fund (GOLDX) $0.00
---
---
---
---
 N/A 0.00 % 0.00 %
Global Growth Fund (GICPX) $1.465 $0.003 $0.862 $0.600 12/27/99 $33.50 2.32 % 5.25 %
Global Telecommunications Fund (GABTX) $2.940 $0.045 $0.840 $2.055 12/27/99 $26.31 22.08 % 27.52 %
Global Convertible Securities Fund (GAGCX) $1.390 $0.030 $1.130 $0.230 12/27/99 $13.67 0.44 % 0.00 %
International Growth Fund (GIGRX) $0.970 $0.100 $0.400 $0.470 12/27/99 $22.06 0.49 % 0.00 %
Global Opportunity Fund (GABOX) $0.850
---
 $0.73 $0.120 12/27/99 $17.48 3.35 % 12.15 %
Blue Chip Value Fund (GABBX) $0.125
---
 $0.125
---
 12/27/99 $11.33 13.61 % 4.62 %
Utilities Fund (GABUX) $1.325 $0.025 $1.300
---
 12/27/99 $10.81 0.98 % 7.08 %
Mathers Fund (MATRX) $0.460 $0.460
---
---
 12/27/99 $11.90 98.20 % 57.17 %
 
The Gabelli Westwood Funds
Balanced Fund - Retail Class (WEBAX)(b) $0.881 $0.069 $0.242 $0.570 12/20/99 $11.43 30.12 % 26.68 %
Balanced Fund - Service Class(WEBCX)(b) $0.873 $0.061 $0.242 $0.570 12/20/99 $11.39
N/A
N/A
Equity Fund - Retail Class (WESWX) $1.203 $0.022 $0.484 $0.697 12/20/99 $9.85 3.25 % 0.00 %
Equity Fund - Service Class (WEECX) $1.181
---
 $0.484 $0.697 12/20/99 $9.84
N/A
N/A
SmallCap Equity Fund (WESCX) $0.790
---
 $0.322 $0.468 12/20/99 $19.71 0.00 % 0.00 %
Realty Fund (WESRX)(b) $0.114 $0.114
---
---
 12/20/99 $7.38 0.00 % 0.00 %
Mighty Mites Fund (WEMMX) $1.717 $0.101 $1.616
---
 12/20/99 $12.81 4.78 % 11.62 %
Intermediate Bond Fund (WEIBX) (c)
---
---
---
---
---
 57.13 % 64.76 %
 
Variable Annuity Fund
Capital Asset Fund $1.885 $0.023 $0.262 $1.600 12/27/99 $17.08 N/A 0.04 %

    (a) Distributions from net investment income and short-term capital gains are taxable as ordinary income.
    (b) In addition to the amounts listed above, the following Funds made quarterly distributions from net investment income during 1999 as follows:
    Gabelli Equity Income Fund $0.170
    Gabelli Westwood Balanced Fund - Retail Class $0.182
    Gabelli Westwood Balanced Fund - Service Class $0.159
    Gabelli Westwood Realty Fund $0.304
    (c) The Westwood Intermediate Bond Fund Retail Class declared dividends daily and pays monthly.
    (d) The record date is the prior business day.
    (e) Represents the percentage of ordinary income reported on Form 1099 DIV box 1
    (f) These are the percentage of each Fund's portfolio that is held in U.S. Government Securities. This may also be useful to shareholders residing in those states which have an intangible or personal property tax.
    (x) These are the percentages of the ordinary income dividends (net investment income and short term capital gains) paid by each of the Gabelli Funds in 1999 that were derived from U.S. Treasury Securities. Such income is exempt from state and local tax in most states. However, many states including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets in U.S. Government Securities at the end of each quarter of the Fund's fiscal year. None of the Funds listed above qualify under this strict requirement except the U.S. Treasury Money Market Fund and the Gabelli Mathers Fund.
    (y) As percentage of Net Asset Value for the respective fund.

    Due to the diversity in state and local tax laws, it is recommended that you consult with your personal tax advisor for the applicability of the information provided. If you have any questions, please call us at 1-800-GABELLI(422-3554). One of our investor representatives will assist you. We do not provide tax advice but can provide statistical information useful for such purposes.

The Gabelli Funds are distributed by Gabelli & Company, Inc.