The GAMCO Mathers Fund seeks to achieve capital appreciation over the long term in various market conditions without excessive risk of capital loss. Capital is the amount of money you invest in the Fund and capital appreciation is an increase in the value of your investment.

Principal Investment Strategies:
The Fund pursues its objective by using the following principal strategies:

• investing primarily in common stocks, selected for their appreciation potential
• engaging, within prescribed limits, in short sales of common stocks whereby the Fund borrows and sells a security it does not own in order to profit from the potential decline in the price of that security
• varying its common stock exposure by hedging, primarily with the purchase or short sale of Standard & Poor's 500 Index ("S&P 500 Index") futures contracts
• investing all or a portion of its assets primarily in U.S. Treasury securities when Gabelli Funds, LLC believes the risk of loss from investing in stocks is high
• investing in certain "event" driven situations such as announced mergers, acquisitions and reorganizations ("arbitrage")

  No minimum or maximum percentage of the Fund's assets is required to be invested in any type of security or investment strategy.

The Fund may appeal to you if:

• you seek long-term growth of capital and are skeptical of a fully invested buy and hold equity investment strategy
• you seek a portfolio that generally may be long and/or short individual stocks, and/or long U.S. Treasury securities and/or may employ hedging techniques with respect to its common stock exposure
• you seek a portfolio that is flexibly managed to potentially take advantage of a decline in the U.S. equity markets

You may not want to invest in the Fund if:

• you seek returns that typically move with the S&P 500 Index, in both up and down markets
• you seek a fully invested equity portfolio