The Gabelli ABC Fund seeks to achieve total returns that are attractive to investors in various market conditions without excessive risk of capital loss. The Fund's investment objective may not be changed without shareholder approval.

Principal Investment Strategies:
The Fund invests primarily in securities that the Fund's investment adviser, Gabelli Funds, LLC believes provide attractive opportunities for appreciation or investment income. The Adviser seeks to limit excessive risk of capital loss by utilizing various investment strategies including investing in value-oriented common stocks (i.e., common stocks that trade at a significant discount to the Adviser's assessment of their 'private market value' - the value informed investors would be willing to pay to acquire the entire company), convertible securities (the income component of which makes such securities less risky than common stocks), and virtually risk-free U.S. Treasury Bills and by utilizing certain 'arbitrage' strategies. The Fund's use of arbitrage may be described as investing in 'event' driven situations such as announced mergers, acquisitions and reorganizations. When a company agrees to be acquired by another company, its stock price often quickly rises to just below the stated acquisition price. If the Adviser, through extensive research, determines that the acquisition is likely to be consummated on schedule at the stated acquisition price, then the Fund may purchase the selling company's securities, offering the Fund the possibility of generous returns relative to cash equivalents with a limited risk of excessive loss of capital.

The Fund may appeal to you if:

• you favor a conservative approach to investments and returns
• you seek stability of principal more than potential growth of capital

You may not want to invest in the Fund if:

• you are seeking monthly income
• you are seeking aggressive capital appreciation.