Securities of smaller companies present greater risks than securities of larger, more established companies. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies, therefore, investing in this sector involves special challenges.

The fund typically invests in 50-70 companies. By concentrating in a small number of investments, the Fund's risks are increased because each investment has a greater effect in the Fund's performance than a Fund which is more broadly diversified.

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund.

Investors should consider the investment objectives, risks, sales charges and expense of the fund carefully before investing. The prospectus contains more complete information about this and other matters. The prospectus should be read carefully before investing.

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

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