DIVIDEND SUMMARY FOR 2003

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IMPORTANT INFORMATION REGARDING YEAR-END DISTRIBUTIONS
FOR GABELLI FUNDS
  • The Gabelli Asset Fund's year-end distribution was recharacterized between net investment income and long-term capital gains.
  • 100% of all long-term capital gains distributed in 2003 by the Gabelli Funds were post May 5th capital gains and are subject to a maximum federal income tax rate of 15% (5% for shareholders in the 15% federal income tax bracket).
  • The percentage of Qualified Dividends for each Gabelli Fund can be found here
  • Many brokerage firms will send revised statements about qualifying dividends and "percentage of post May 5 gains".
  Source of Distribution
(per share)		 Reinv.
Price		 2003
Reinv.
Date (d)		 % of Income
from U.S.
Treasury
Securities (a-i)		 % of U.S.
Govt
Securities
Held as of
12/31/03 (a-j)
  Total Net
Invest.
Income (a)		 Short
Term
Capital
Gains (a)		 Long
Term
Capital
Gains (b)		 Return
of
Capital
(c)
Gabelli Funds
Asset Fund (GABAX) $0.625 $0.0346 --- $0.05904 --- $36.19 12/29 0.03% 1.75%
Growth Fund (GABGX) --- --- --- --- --- NA NA --- ---
Global Telecom Fund Cl. AAA(GABTX) --- --- --- --- --- NA NA --- ---
Global Conv. Sec. Fund Cl. AAA(GAGCX) (f)
......Detailed Dividend Info
 $0.10 $0.0185 --- --- $0.0815 $6.75 12/29 3.43% 3.44%
ABC Fund (GABCX) $0.286 $0.0104 $0.2756 --- ---   $9.83 12/29 2.34% 73.54%
Mathers Fund (MATRX) --- --- --- --- --- NA NA --- 90.37%
Value Fund Cl. A(GABVX) $0.241 --- --- $0.241 --- $17.95 12/29 --- ---
Internat'l Growth Fund Cl. AAA(GIGRX) $0.0133 $0.0133 --- --- --- $15.88 12/29 0.15% ---
Gold Fund (GOLDX) $0.169 $0.169 --- --- --- 18.23 12/29 3.63% ---
Global Growth Fund Cl. AAA(GICPX) --- --- --- --- --- NA NA --- ---
Global Opportunity Fund Cl. AAA(GABOX) $0.0076 $0.0076 --- --- --- 12.05 12/29 2.51 ---
Blue Chip Value Fund (GABBX) --- --- --- --- --- NA NA --- ---
Utilities Fund (GABUX) (h)
......Detailed Dividend Info
 $0.070 $0.029267 --- --- $0.040733   $8.05 12/29 1.14% 10.69%
Small Cap Growth Fund (GABSX)   $0.172 ---   $0.0888   $0.0832 --- $24.17 12/22 --- 0.00%
Woodland Small Cap Value Fund (GWSVX)   $0.0328 ---   $0.0328 --- --- $11.88 12/29 --- ---
Equity Income Fund (GABEX) (g)
......Detailed Dividend Info
 $0.030 $0.030 --- --- --- $16.37 12/29 1.22% 1.92%
* A portion of this distribution is expected to be a return of capital, which will be determined after year end.
 
Gabelli Westwood Funds
Balanced Fund Cl. AAA(WEBAX) (g)
......Detailed Dividend Info
   $0.063   $0.063 --- --- --- $11.09 12/22 11.52% 22.88%
Equity Fund Cl. AAA(WESWX)   $0.1076   $0.1076 --- --- --- $8.77 12/22 0.09% ---
Intermediate Bond Fund (WEIBX) (i)
...... Detailed Dividend Info
 $0.01336(e) --- --- --- $0.01336(e) $11.18 12/22 30.71% 25.99%
Realty Fund Cl. AAA (WESRX) (g)
......Detailed Dividend Info
   $0.1797   $0.1797 --- --- --- $12.72 12/22 0.39% ---
Mighty Mites Fund sm Cl. AAA(WEMMX)   $0.158 --- $0.076 $0.082 --- $14.09 12/22 --- 19.68%
SmallCap Equity Fund (WESCX) --- --- --- --- --- NA NA --- ---
 
Variable Annuities
Capital Asset Fund (k) $0.0314 $0.0167 --- $0.0147 --- $16.48 12/29 --- ---
 
Comstock Funds
Strategy Fund Cl. O (CPSFX)   (j) $0.05312 $0.05312 --- --- ---   $3.81 12/29 89.94% 64.84%
Capital Value Fund Cl. A (DRCVX) --- --- --- --- --- --- --- --- ---
Capital Value Fund Cl. B (DCVBX) --- --- --- --- --- ---
Capital Value Fund Cl. C (CPCCX) --- --- --- --- --- ---
Capital Value Fund Cl. R (CPCRX) --- --- --- --- --- ---
 
Ned Davis Funds
Ned Davis Research Asset Allocation Fund $0.691 --- $0.616 $0.075 --- $11.40 12/29 --- ---
Multiclass Dividend Info
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 (1-800-422-3554). One of our investor representatives will assist you. We do not provide tax advice but can provide statistical information useful for such purposes.

The following funds did not make any distributions in 2003: Gabelli Growth Fund; Gabelli Blue Chip Value Fund; Gabelli Mathers Fund; Gabelli Global Telecommunications Fund Class AAA, A, B, and C; Gabelli Global Growth Fund Class AAA, A, B and C; Gabelli Westwood Small Cap Equity Fund Class AAA, A, B and C.

  1. Net Investment Income and short-term capital gains for tax purposes are treated as ordinary dividends and can be found in box 1a on Form 1099 DIV and are taxable as ordinary income
  2. 100% of long-term capital gain distributions in 2003 are classified as post May 5th capital gains and can be found in box 2b on Form 1099 DIV and are subject to a maximum federal income tax rate of 15% (5% for shareholders in the 15% tax bracket). These favorable tax rate changes are as a result of the passage of the Jobs and Growth Tax Relief Reconciliation Act of 2003
  3. Return of capital is a non-taxable distribution, which reduces the cost basis of your investment.
  4. The record date is the prior business day
  5. Amounts have been recharecterized from teh year-end distribution between net investment income and long-term capital gains.
  6. In addition to the amounts listed above, Gabelli Global Convertible Securities Fund Class AAA, A, B, C all made monthly distributions totalling $1.10 ($0.2035 from net investment income and $0.8965 from capital).
  7. In addition to the amounts listed above the following Funds made quarterly distributions from net investment income during 2003 as follows: Gabelli Westwood Balanced Fund Class AAA $0.1567; Class A %0.1378; Class B $0.1074; Class C $0.1089; Gabelli Westwood Realty Fund Class AAA $0.2898; Class A $0.1722; Class B $0.1233; Class C $0.1319; and the Gabelli Equity Income Fund made additional monthly distributions from net investment income of $0.24.
  8. In addition to the amounts listed above the Gabelli Utilities Fund Class AAA, A, B and C all made monthly distributions during 2003 totalling $0.77 per share ($0.321937 from net investment income and $0.448063 from capital).
  9. Represents the percentage of ordinary income reported on Form 1099 DIV Box 1.
  10. Represents the percentage of the net asset value for the respective fund.
  11. The Gabelli Capital Asset Fund is an investment option for The Guardian Investor, a variable annuity issued by The Guardian Insurance & Annuity Company.
     
Multiclass Dividend Info