Gabelli ABC Fund Awarded Four Stars by Morningstar™

  Gabelli ABC Fund Awarded Four Stars by Morningstar™

Business Wire

RYE, N.Y. -- January 8, 2013

Gabelli Funds, LLC, the mutual fund adviser of GAMCO Investors, Inc.
(NYSE:GBL) announced today that the Gabelli ABC Fund now falls in the
Market-Neutral category and has been awarded Four Stars by Morningstar™.

The Gabelli ABC Fund allows investors to participate in the equity markets by
focusing on absolute returns. Its objective is to achieve total returns that
are attractive to investors in various market environments without excessive
risk of capital loss. The Adviser’s approach to this mandate has been to build
a portfolio consisting of undervalued stocks, risk arbitrage positions, and
short-term U.S. Treasury securities. Throughout the Fund’s history, this
portfolio mix has produced respectable returns in up markets and enjoyed
positive returns during every down market since its inception, except 2008,
when the Fund lost 2.6%.

The Fund’s adviser is Gabelli Funds, LLC, a wholly subsidiary of GAMCO
Investors, Inc, which manages $36.9 billion as of September 30, 2012.

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Morningstar™ rated The Gabelli ABC Fund Class AAA Shares 4 stars overall and 4
stars for the three, five and ten year periods ended December 31, 2012 among
57; 57; 46; and 19 Market Neutral funds, respectively.

The past performance noted does not guarantee future results. Through December
31, 2012, 5.15%, 2.87%, 4.49% and 6.41% are the one year, the five year, the
ten year and life of Fund (5/14/1993) average annual returns for The Gabelli
ABC Fund, Class AAA. The current expense ratio for The Gabelli ABC Fund Class
AAA shares is 0.62%. Total returns and average annual returns are historical
and reflect changes in share price, reinvested dividends and capital gains and
are net of expenses. Due to market volatility, current performance may be
lower or higher than the figures shown. Investment return and principal value
will fluctuate so, upon redemption, shares may be worth more or less than
their original cost. Stocks are subject to market, economic and business risks
that cause their prices to fluctuate. Consequently, you can lose money by
investing in the Fund. Performance pertains to Class AAA shares only. Other
share classes may have different performance characteristics. Visit
www.gabelli.com/funds for performance results as of the most recent month-end.

As a non-diversified Fund, the Fund may have a larger portion of its assets in
a single issuer than a more diversified fund. Because the Fund invests in
announced mergers or acquisitions, the Fund is subject to the risk that the
announced merger or acquisition may not be completed, may be negotiated at a
less attractive price, or may not close on the expected date. The Fund may not
achieve its objective and you may lose money by investing in the Fund. Minimum
initial investment is $10,000. The Class AAA shares are closed to new
investors except for those who purchase shares directly through the
distributor, G.distributors, LLC. Investments through intermediaries may be
made in the Advisor Class.

For Funds with at least a 3-year history, Morningstar calculates a Morningstar
Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for
variation in a fund’s monthly performance (including the effects of sales
charges, loads and redemption fees), placing more emphasis on downward
variations and rewarding consistent performance. The top 10% of funds in each
category receive five stars, the next 22.5% receive four stars, the next 35%
receive three stars, the next 22.5% receive two stars and the bottom 10%
receive one star. (Each share class is counted as a fraction of one fund
within this scale and rated separately, which may cause a slight variation in
the distribution percentages.) The Overall Morningstar Rating for a fund is
derived from a weighted-average of the performance figures associated with its
3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. Morningstar
Ratings are for the share class cited only; other classes may have different
performance characteristics and different Morningstar ratings.

Investors should carefully consider the investment objectives, risks, charges
and expenses of the Fund before investing. The prospectus, which contains more
complete information about these and other matters, should be read carefully
before investing.

You can obtain a prospectus by calling Gabelli Funds at 1-800-GABELLI
(422-3554), or contacting your financial representative or by visiting
www.gabelli.com.

Distributed by G.distributors, LLC. One Corporate Center, Rye, NY 10580.

Contact:

Gabelli Funds, LLC
Jason Swirbul, 914-921-5496
Senior Vice President