** Gabelli Funds, LLC, the Adviser, has contractually agreed to waive its investment advisory fees and/or to reimburse
expenses of the Class I Shares of the Global Growth Fund 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, and extraordinary expenses) at no more than an annual rate of 1.00%. The arrangement for the Class I Shares is
in effect through April 30, 2016 and may only be terminated by the Board of Directors of the Fund before such time.
The Fund invests in foreign securities which involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic and political risks. Small capitalization stocks are subject to significant price fluctuations and business risks. 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'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 carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800-GABELLI or visit www.gabelli.com.
The Gabelli Mutual Funds are distributed by G.distributors, LLC., a registered broker-dealer and member of FINRA.