The Fund will seek to achieve its objective by investing substantially all, and in any case, no less than 80% of its assets in common stocks and preferred stocks of companies that meet the Fund’s guidelines for social responsibility at the time of investment. The Fund may also invest in foreign securities and in securities that are convertible into common stocks. The Fund focuses on investments in companies whose securities appear to be underpriced relative to their private market value (“PMV”). PMV is the value the Fund’s investment adviser, Gabelli Funds, LLC (the “Adviser”), believes informed investors would be willing to pay for a company. There can be no assurance that the Fund will be able to achieve its investment objective.

Socially Responsible Criteria. The Adviser employs a social screening overlay process at the time of investment to identify companies that meet the Fund’s social guidelines. Pursuant to the guidelines, the Fund will not invest in the top 50 defense/weapons contractors or in companies that derive more than 5% of their revenues from the following areas: tobacco, alcohol, gaming, defense/weapons production and companies involved in the manufacture of abortion related products.

After identifying companies that satisfy the social criteria, the Adviser then looks for, and will invest in, securities of companies that the Adviser believes are likely to have rapid growth in revenues and above average rates of earnings growth. The Adviser will monitor each holding on a regular basis to ensure its compliance with the Fund’s guidelines. Securities that no longer meet these guidelines will be sold within a reasonable period of time after the Adviser makes such a determination. Securities may also be sold if the Adviser believes the securities no longer appear to be underpriced relative to their PMV, or if there is a change to an underlying industry or company that the Adviser believes may affect after the value of such securities.

Who May Want to Invest:
The Fund’s Class AAA Shares offered herein are offered only to investors who acquire them directly through Gabelli & Company, Inc., the Fund’s distributor (the 'Distributor'), or through a select number of financial intermediaries with whom the Distributor has entered into selling agreements specifically authorizing them to offer Class AAA Shares.

You May Want to Invest in the Fund if:

• you are a long-term investor;
• you seek capital appreciation;
• you want exposure to equity investments in companies the Fund deems to be socially responsible;
• you believe that the market will favor value over growth stocks over the long term; and
• you wish to include a value strategy as a portion of your overall investments.

You May Not Want to Invest in the Fund if:

• you are seeking a high level of current income;
• you are conservative in your investment approach;
• you seek stability of principal more than growth of capital; or
• you are seeking capital appreciation without regard to the social guidelines of companies in which the Fund invests.