DIVIDEND SUMMARY FOR 2001

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Important Tax Note: Dividend and/or Capital Gain distributions of less than $10.00 per account are not reportable. Therefore shareowners who received total distributions of less than $10.00 will not receive a 1099-DIV. You can check the amount of your distribution by using Online Account Access or by calling
1-800-GABELLI (422-3554).
 
  Source of Distribution
(per share)		 Reinv.
Price		 2001
Reinv.
Date (f)		 % of Income
from U.S.
Treasury
Securities (i)		 % of U.S.
Govt
Securities
Held as of
12/31/01 (j)
  Total Net
Invest.
Income (a)		 Short
Term
Capital
Gains (a)		 Long
Term
Capital
Gains (a)
Gabelli Funds
Asset Fund (GABAX) $0.984 --- $0.104 $0.880 $33.01 12/27 --- 7.45%
Growth Fund (GABGX) $0.0042 --- --- $0.0042 $28.83 12/27 --- ---
Global Telecom Fund Cl. AAA(GABTX) $0.0152 --- $0.0152 --- $13.87 12/27 26.08% ---
Global Conv. Sec. Fund Cl. AAA(GAGCX) (b)
......Detailed Dividend Info
 $0.100 $0.100 * --- ---   $8.26 12/27 --- ---
ABC Fund (GABCX) $0.230 $0.090 $0.140 $0.000   $9.60 11/27 23.35% 86.28%
Mathers Fund (MATRX) $0.313 $0.313 --- --- $12.28 12/27 76.82% 59.08%
Value Fund Cl. A(GABVX) 12/27/2001
Additional Distribution 12/31/2001
 $0.515 --- $0.035 $0.480 $16.51 12/27 --- 7.28%
$0.060 --- --- $0.060 $16.43 12/31    
Internat'l Growth Fund Cl. AAA(GIGRX) $0.2092 $0.1808 $0.0274 $0.001 $13.61 12/27 3.20% ---
Gold Fund (GOLDX) $0.065 $0.065 --- ---   $6.51 12/27 0.74% ---
Global Growth Fund Cl. AAA(GICPX) --- --- --- --- NA NA --- 25.67%
Global Opportunity Fund Cl. AAA(GABOX) $0.100 $0.100 --- ---   $9.92 12/27 1.06% ---
Blue Chip Value Fund (GABBX) $0.0279 --- $0.0279 --- $10.71 12/27 16.34% 5.00%
Utilities Fund (GABUX) (d)
......Detailed Dividend Info
 $0.070 $0.070 * --- ---   $9.13 12/27 10.83% 7.76%
Small Cap Growth Fund (GABSX) $0.360 $0.014 $0.154 $0.192 $18.66 12/20 4.50% 5.32%
Equity Income Fund (GABEX) (c)
......Detailed Dividend Info
 $0.220 $0.056 $0.026 $0.138 $14.17 12/20 9.19% 12.64%
* 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)
......Detailed Dividend Info
 $0.061 $0.060 --- $0.001 $10.86 12/27 23.92% 15.18%
Equity Fund Cl. AAA(WESWX) $0.051 $0.051 --- ---   $8.95 12/20 --- ---
Intermediate Bond Fund (WEIBX) (e) (e) (e) --- --- --- --- --- ---
Realty Fund Cl. AAA (WESRX) (c)
......Detailed Dividend Info
 $0.137 $0.137 --- ---   $9.87 12/20 --- ---
Mighty Mites Fundsm Cl. AAA(WEMMX) $0.098 $0.098 --- --- $11.42 12/20 45.51% 35.51%
SmallCap Equity Fund (WESCX) --- --- --- --- --- --- --- ---
 
Variable Annuities
Capital Asset Fund (k) $0.859 $0.075 $0.144 $0.640 $14.26 12/27 4.83% 5.98%
 
Comstock Funds
Strategy Fund Cl. O (CPSFX)   (g) $0.0131 $0.0131 --- ---   $4.26 12/27 100% 91.80%
Strategy Fund Cl. A (CPFAX) $0.0122 $0.0122 --- ---   $4.26
Strategy Fund Cl. C (CPFCX) $0.0091 $0.0091 --- ---   $4.29
Capital Value Fund Cl. A (DRCVX) $0.1497 $0.1497 --- ---   $3.43 12/27 76.52% 97.23%
Capital Value Fund Cl. B (DCVBX) $0.1314 $0.1314 --- ---   $3.43
Capital Value Fund Cl. C (CPCCX) $0.1272 $0.1272 --- ---   $3.29
Capital Value Fund Cl. R (CPCRX) $0.1587 $0.1587 --- ---   $3.42
 
Click here for 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.

  1. 100% of long term capital gains are subject to a maximum tax rate of 20% (10% for shareholders in the 15% federal income tax bracket).
  2. In addition to the amounts listed above, Gabelli Global Convertible Securities Fund made monthly distributions totaling to $1.10 ($0.0032 from net investment income and $1.0968 from capital). In addition to the amounts listed above, the following classes made distributions from capital during 2001 as follows: Gabelli Global Convertible Fund Class A $0.70, Gabelli Global Convertible Fund Class B $0.80 and Gabelli Global Convertible Fund Class C $0.10
  3. In addition to the amounts listed above, the following Funds made quarterly distributions from net investment income during 2001 as follows: Gabelli Equity Income Fund $0.18; Gabelli Westwood Balanced Fund Class AAA $0.185; Gabelli Westwood Balanced Fund Class A $0.163; Gabelli Westwood Realty Fund Class AAA $0.293; Gabelli Westwood Realty Fund Class A $0.196.
  4. In addition to the amounts listed above, the Gabelli Utilities Fund made monthly distributions during 2001 totaling $0.77 per share ($0.097625 from net investment income and $0.672375 from capital).
  5. The Gabelli Westwood Intermediate Bond Fund declares dividends daily and pays monthly. Gabelli Westwood Intermediate Bond Fund made monthly distributions from net investment income totaling $0.49609.
  6. The record date is the prior business day.
  7. In addition to the amounts listed above, Comstock Strategy Fund Class O paid monthly dividends from net investment income totaling $0.13431. Comstock Strategy Fund Class A paid monthly dividends from net investment income totaling $0.12552 per share and Comstock Strategy Fund Class C paid monthly dividends from net investment income totaling $0.09603
  8. Return of capital is a non-taxable distribution, which reduces the cost basis of your investment. See Form 1900-DIV for total amount paid in 2001.
  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.