The GAMCO Growth Fund seeks to provide capital appreciation. Capital is the amount of money you invest in the Fund. Capital appreciation is an increase in the value of your investment. The Fund's secondary goal is to produce current income.

Principal Investment Strategies:
The Fund will primarily invest in common stocks and may also invest in securities which may be converted into common stocks. The Fund may also invest in foreign securities. The Fund focuses on securities of companies which appear to have favorable, yet undervalued, prospects for earnings growth and price appreciation. The Fund's investment adviser, Gabelli Funds, LLC, invests the Fund's assets in companies which it believes have above-average or expanding market shares, profit margins and returns on equity.

The Fund may appeal to you if:

• you are a long-term investor
• you seek both growth of capital and some income
• you believe that the market will favor growth over value stocks over the long term
• you wish to include a growth 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