Gabelli Funds, the wholly-owned subsidiary of Gabelli Asset Management of Rye, New York, has agreed to purchase two mutual funds currently managed by Comstock Partners of Lawrenceville, N.J. Gabelli will become the new adviser and distributor for the funds, the $35 million Comstock Partners Strategy Fund and the $55 million Comstock Partners Capital Value Fund, pending shareholder approval.

Comstock's two principal's, Charles Minter, chairman and CEO, and Martin Weiner, president, will become Gabelli employees and will continue to co-manage the funds. The funds will be renamed the Gabelli Comstock Strategy Fund and the Gabelli Comstock Capital Value Fund.

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