GAMCO Investors : Gabelli Focus Five Fund Changes Its Name to Gabelli Focused Growth and Income Fund, Implements Monthly Distributions

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Gabelli Focus Five Fund Changes Its Name to

Gabelli Focused Growth and Income Fund,

Implements Monthly Distributions

Greenwich, CT, January 21, 2021. GAMCO Investors, Inc. (NYSE:GBL) today announced that the Board of Directors (the "Board") of The Gabelli Focus Five Fund approved changing the name of the fund to "The Gabelli Focused Growth and Income Fund" (the "Fund"), effective January 14, 2021. The Board also approved changes to the Fund's non-fundamental investment policies to invest to a greater extent in higher income producing securities, while still investing substantially all of its assets in securities selected primarily for their potential to provide a high level of capital appreciation. The changes to the Fund's non-fundamental investment policies will take effect February 21, 2021.

Going forward, the Fund will invest at least 80% of its assets in securities selected primarily for their potential to provide a high level of capital appreciation. These may include securities with a significant current income component. Under normal circumstances, the Fund will invest in a concentrated portfolio of 25 to 35 equity securities, and could potentially invest up to 50% of its net assets in five securities that represent the largest, and thus the highest conviction, positions.

Commenting on the name change and the changes to the Fund's non-fundamental investment policies, Dan Miller, the Portfolio Manager of the Fund, said, "We believe investors seeking income will rediscover dividend paying securities, and that the new name reflects the Fund's search for opportunities in companies that we believe offer a high level of capital appreciation, but

also have attractive current returns. The Fund will continue to invest in a concentrated portfolio of securities that includes equities, convertible bonds, and preferred securities that trade at discounts to Private Market Value."

In connection with the changes to the Fund's non-fundamental investment policies, the Fund intends to pay a regular monthly distribution beginning January 27, 2021 at an initial distribution rate of $0.06 per share. The declaration and payment of distributions and the amount of distributions is subject to the discretion of the Board, and will be dependent on the results of operations, financial condition, cash requirements, and other factors deemed relevant by the Board, and is not a fixed rate.

In addition, the Board has approved a waiver of the investment advisory fees and/or reimbursement of expenses by the Fund's Adviser, Gabelli Funds, LLC, to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, distribution fees, and extraordinary expenses) at no more than an annual rate of 0.80% for the Fund's Class I Shares. The minimum investment for the Fund's Class I Shares is now $1,000.

The Gabelli Focused Growth and Income Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. As of September 30, 2020, GAMCO Investors, Inc. had $29.7 billion in assets under management.

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. To obtain a prospectus, please call 800-GABELLI(800-422-3554) or visit www.gabelli.com.

The Fund is distributed by G.distributors, LLC, a registered broker-dealer and member of FINRA.