<SEC-DOCUMENT>0001193125-13-181620.txt : 20130619
<SEC-HEADER>0001193125-13-181620.hdr.sgml : 20130619
<ACCEPTANCE-DATETIME>20130429144459
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-181620
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMSTOCK FUNDS INC
		CENTRAL INDEX KEY:			0000830779
		IRS NUMBER:				133454481
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
		BUSINESS PHONE:		8004223554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMSTOCK PARTNERS FUNDS INC
		DATE OF NAME CHANGE:	19960214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMSTOCK PARTNERS STRATEGY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMSTOCK INCOME STRATEGY INC
		DATE OF NAME CHANGE:	19880420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI CAPITAL SERIES FUNDS INC
		CENTRAL INDEX KEY:			0000901246
		IRS NUMBER:				133761834
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8004223554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WCC CAPITAL GROWTH FUND INC
		DATE OF NAME CHANGE:	19930714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDL FUND
		CENTRAL INDEX KEY:			0001378701
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Deal Fund
		DATE OF NAME CHANGE:	20061019
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>GAMCO / Gabelli Funds</TITLE>
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 </P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;29, 2013 </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Kathy Churko </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Investment Management </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street,
N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20549 </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re: The
Gabelli/GAMCO Funds </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear. Ms.&nbsp;Churko: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This letter responds to your comments communicated by telephone to participants from BNY Mellon Asset Servicing and Gabelli Funds, LLC on March&nbsp;27, 2013, regarding the shareholder reports of the
registrants as identified on Exhibit A (the &#147;Funds&#148;) that were previously filed with the Securities and Exchange Commission (the &#147;SEC&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In addition, in connection with these filings, the Funds hereby state the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Funds acknowledge that in connection with the comments made by the Staff of the SEC, the Staff has not passed on the accuracy or adequacy of the disclosure made
herein, and the Funds and their management are solely responsible for the content of such disclosure; and </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Funds acknowledge that the Staff&#146;s comments, and changes in disclosure in response to the Staff&#146;s comments, do not foreclose the SEC or other regulatory
body from the opportunity to seek enforcement or take other action with respect to the disclosure made herein; and </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Funds represent that neither they nor their management will assert the Staff&#146;s comments or changes in disclosure in response to the Staff&#146;s comments as a
defense in any action or proceeding by the SEC or any person. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Funds&#146; responses to your comments are reflected below.
The substance of your comments has been restated for your ease of reference. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #1&#151;</B> <U>Comstock Funds, Inc.:</U> You noted that the expense ratios in the Fund&#146;s
Financial Highlights section should be based on the operating expenses contained in the Statement of Operations section of the financial statements. In addition, you requested that the column entitled &#147;Dividend Expense on Securities Sold
Short&#148; in the Fund&#146;s Financial Highlights section be removed from the table and put in a footnote. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #1: </B>The
requested changes will be made in future shareholder reports. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #2&#151; </B><U>The GDL Fund:</U> You noted that the expense ratios
in the Fund&#146;s Financial Highlights should be based on the operating expenses in the Statement of Operations section of the financial statements and you requested that the line entitled &#147;Ratio of operating expenses including interest,
dividends on securities sold short, and offering costs to average net assets attributable to common shares&#148; be removed from the table and put in a footnote. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Response #2: </B>The requested change will be made in future reports. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #3&#151;
</B><U>The Gabelli Utility Trust</U>: You noted that the expense ratios in the Fund&#146;s Financial Highlights should be based on the operating expenses in the Statement of Operations section of the financial statements and you requested that the
line entitled &#147;Ratio of operating expenses including interest, dividends on securities sold short, and offering costs to average net assets attributable to common shares&#148; be removed from the table and put in a footnote. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #3: </B>The Fund&#146;s current Financial Highlights do not contain an entry for &#147;Ratio of operating expenses including interest,
dividends on securities sold short, and offering costs to average net assets attributable to common shares.&#148; If the Fund elects to include this information in future reports it will be included in an appropriate footnote. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #4&#151; </B><U>Global comment on all Gabelli open-end funds</U> (with the exception of The Gabelli Money Market Funds): You noted that the
Management&#146;s Discussion of Fund Performance (&#147;MDFP&#148;), required by Item&nbsp;27(b)(7)(i) of Form N-1A, focused mainly on the relevant market conditions that affected the Funds&#146; performance during the most recently completed fiscal
year and you requested that disclosure be added about investment strategies, including any derivatives used by the Fund&#146;s investment adviser that materially affected the Fund&#146;s performance during the same time period. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #4: </B>We respectfully submit that many of the Funds&#146; MDFPs already contain discussions of the Fund&#146;s strategies that materially
impacted Fund performance. In accordance with the requirements of Form N-1A, going forward, each open-end Fund&#146;s (with the exception of The Gabelli Money Market Funds) MDFPs will contain disclosure relating to investment strategies, including
the use of any derivatives, that materially affected such Fund&#146;s performance. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #5&#151; </B><U>TETON Westwood Mighty Mites<FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">SM</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Fund and The Gabelli Small Cap Growth Fund</FONT></U><FONT
STYLE="font-family:Times New Roman" SIZE="2">: You requested that in the fair value hierarchy disclosure in the Notes to Financial Statements, additional disclosure regarding the sensitivity of fair value measurements and how they relate to inputs
used to value each Fund&#146;s investments be added to the disclosure as well as a description of the policy for determining transfers into and out of Level 3 securities. </FONT></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Response #5:</B> The Registrants apply a materiality threshold to determine whether to include quantitative disclosures for Level 3 securities as required under ASC 820-10-50-2(bbb)-(d). The
Registrants will include disclosures required under ASC 820-10-50-2(bbb)&#150;(d) if any Level 3 securities are over 1% of total net assets at the end of the reporting period for such Fund. Materiality for Level 3 securities is also measured as of
the beginning of the reporting period for the purposes of disclosures under ASC 820-10-50-2(c). The Funds currently include in the Notes to the Financial Statements, the statement &#147;The Funds&#146; policy is to recognize transfers among Levels
as of the beginning of the reporting period&#148; pursuant to the requirements of ASC 820-10-50-2. Going forward, the Registrants will include the following disclosure regarding sensitivity related to Level 3 securities where unobservable inputs are
not developed by the reporting entity pursuant to ASC 820-10-50-2(g) in: &#147;Certain of the Fund&#146;s securities are categorized as Level 3 and were valued utilizing third party pricing information without adjustment which is based on
unobservable inputs.&nbsp;A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 securities.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #6&#151; </B><U>The Gabelli Small Cap Growth Fund:</U> You requested an explanation for why Gerber Scientific, Class B, has a zero cost. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #6: </B>Gerber Scientific Class B shares were received on 8/23/11 as an escrow position as the result of a cash merger with Vector Capital
Corp. As no cash payments were anticipated at the time of the merger, no allocation of cost was made. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #7&#151; </B><U>The Gabelli
ABC Fund:</U> You requested an explanation for why Delphi Financial Group Inc., Class B, has a zero cost. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #7: </B>Delphi
Financial Group Inc., Class B shares were received on 5/16/12 as the result of a cash merger with Tokio Marine Holdings, Inc. As no cash payments were anticipated at the time of the merger, no allocation of cost was made. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #8&#151; </B><U>The Gabelli Focus Five Fund:</U> You requested that in relation to the Schedule of Investments, Footnote A, the Fund provide
you with an explanation for the reference to &#147;future trading purposes.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #8: </B>Collateral was held with a broker for
written options trading prior to the end of the reporting period. These options were exercised or expired prior to September&nbsp;30, 2012, however the collateral was not immediately returned to the Fund, as the Adviser intended to enter into
additional written options contracts in the near term. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #9&#151; </B><U>The Gabelli Value Fund Inc./The GDL Fund/The Gabelli Healthcare&nbsp;&amp;
Wellness Trust/The Gabelli Utility Trust</U>: In the Funds&#146; Annual Reports and Prospectuses, the disclosure classifies each Fund as being non-diversified; however, each was operating as a diversified fund as of June&nbsp;30, 2012 and
December&nbsp;31, 2012. You requested confirmation that the Funds will obtain shareholder approval if they have operated as diversified funds for three years, prior to operating as non-diversified within the three year period, in accordance with
Rule 13a-1 of the Investment Company Act of 1940, as amended. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #9: </B>The disclosure classifying these Funds as non-diversified
will be removed from their disclosure documents. If any of these Funds intends in the future to operate again as non-diversified, such Fund will seek shareholder approval at that time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #10&#151; </B><U>Gabelli SRI Green Fund:</U> In the Financial Highlights, Footnote 8, you requested that the Fund provide more information on &#147;Contribution from the Adviser.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #10: </B>Although the Gabelli SRI Green Fund is a diversified investment company, trades were inadvertently made that resulted in
the Fund not being invested in cash and cash items, government securities, securities of other investment companies, or other securities limited in respect of any one issuer to not more than 5% of total assets of the fund or 10% of outstanding
voting securities of an issuer with respect to 75% of its total assets. This condition was discovered during post trade compliance following the date of the acquisition of the securities that caused the Fund to fall below the required level for
diversification purposes. The newly acquired positions, of the holdings that exceeded 5% of the Fund&#146;s total assets, were sold, and to the extent the sales resulted in losses to the Fund, a reimbursement by the Adviser in the amount of $72,052
was made. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #11&#151; </B><U>GAMCO International Growth Fund, Inc.</U>: You noted that the expense ratios in the Financial
Highlights section should be based on the operating expenses contained in the Statement of Operations section of the financial statements. In addition, you requested that the line item entitled &#147;Ratios Net of Interest Expenses&#148; in the
Fund&#146;s Financial Highlights section be removed and put in a footnote. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #11: </B>The requested changes will be made in future
shareholder reports.<B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #12&#151; </B><U>The GAMCO Mathers Fund</U>: In the bar graph entitled &#147;Comparison of Change in
Value of a $10,000 Investment in the GAMCO Mathers Fund,&#148; you requested that the Fund provide the following statement: &#147;Past performance is not a predictor of future results. The performance and graph do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund shares.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #12: </B>In a footnote to page two of
the December&nbsp;31, 2012 Annual Report, the Fund included the following disclosure: &#147;Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When
shares are redeemed they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented.&#148; In future shareholder reports, we will include the disclosure you requested.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #13&#151; </B><U>The Gabelli Dividend&nbsp;&amp; Income Trust and The Gabelli Utility Trust</U>:
In the Statement of Assets and Liabilities, you requested more details regarding why the Fund carries a large balance of advisory fees that remain outstanding and unpaid. You also requested information regarding when this amount would be paid and
settled. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #13: </B>The Adviser has agreed to reduce the management fee on the incremental assets attributable to each particular
series of preferred shares issued as of December&nbsp;31, 2012 if the total return of the NAV of the common shares of the Fund plus distributions on the common shares does not exceed the stated dividend rate or corresponding swap rate of such series
of the preferred shares for the year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s total return on the NAV of the common shares is monitored by the Adviser on a monthly
basis. Advisory fees on assets in an amount equal to the liquidation preference of the preferred shares are accrued daily and trued up on a monthly basis based on the monitoring/analysis provided by the Adviser. In order for the Adviser to receive
payment of the management fee in respect of such assets, the Fund has to have exceeded the performance hurdle at the end of its fiscal year by an amount sufficient to support such payment. Therefore, the management fee accrual for the assets
attributable to the preferred shares stays on the books of the Fund at fiscal year end and is paid to the Adviser on the first business day of January. This avoids creating a receivable from the Adviser if the Fund needs to recover a portion of the
fees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #14&#151; </B><U>The Gabelli Dividend&nbsp;&amp; Income Trust:</U> You requested an explanation of the &#147;Recapture of
gain on sale of Fund shares&#148; in the Statement of Changes in Net Assets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #14: </B>The recapture of gains on Fund sale of
shares was the result of a Section&nbsp;16 Form 4 filing, &#147;Statement of Changes in Beneficial Ownership&#148; by a control person. During the course of transacting in the Fund, a shareholder obtained short swing profits which the Fund was
entitled to be paid upon demand. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment #15&#151; </B><U>The Gabelli Dividend&nbsp;&amp; Income Trust/The GDL Fund/The Gabelli
Healthcare&nbsp;&amp; Wellness Trust:</U> You requested an explanation of the composition of the payroll expense. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response #15: </B>With
the approval of the respective Board, each Fund reimburses payroll costs attributable to the Fund&#146;s officers. These officers are employees of the Funds and not of the Adviser. <B> </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Should you have any questions regarding the foregoing, please do not hesitate to contact me at
(914)&nbsp;921-5105. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>/s/ Bruce Alpert </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce Alpert </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Executive Vice President, Gabelli Funds, LLC </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Agnes Mullady, Gabelli Funds, LLC </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Linda Hoard, BNY Mellon Asset Servicing </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT A </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Registrant Name</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund Name</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>N-CSR<BR>Date</B></FONT></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TETON Westwood Funds</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">TETON Westwood Equity</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">TETON Westwood Balanced</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">TETON Westwood Intermediate Bond</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">TETON Westwood Small Cap Equity</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">TETON Westwood Income</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">TETON Westwood Mighty Mites</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Equity Series Funds, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Equity Income Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Small Cap Growth Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Focus Five Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Gabelli Money Market Funds</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli US Treasury Money Market</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>GAMCO Global Series, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">GAMCO Global Telecommunications Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">GAMCO Global Growth Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">GAMCO Vertumnus Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">GAMCO Global Opportunity Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli SRI Green Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli SRI Green Fund, Inc.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/30/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comstock Funds, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Comstock Capital Value Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">10/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Capital Series Funds, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Capital Asset Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Gold Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Gold Fund, Inc.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Utilities Fund</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Utilities Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Asset Fund</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Asset Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Gabelli Dividend Growth Fund</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Gabelli Dividend Growth Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Value Fund Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Value Fund Inc.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli 787 Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Enterprise Mergers and Acquisitions Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">10/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>GAMCO Growth Fund</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">GAMCO Growth Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Multimedia Trust Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Multimedia Trust Inc.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>GAMCO International Growth Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">GAMCO International Growth Fund, Inc.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Investor Funds, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Gabelli ABC Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>GAMCO Mathers Fund</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">GAMCO Mathers Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Dividend&nbsp;&amp; Income Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Dividend &amp; Income Trust</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Healthcare&nbsp;&amp; Wellness Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Healthcare &amp; Wellness Trust</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gabelli Utility Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gabelli Utility Trust</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The GDL Fund</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">The GDL Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/31/2012</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>

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</SEC-DOCUMENT>
