The Gabelli Value Fund Inc. seeks to provide long-term capital appreciation. Capital is the amount of money you invest in the Fund. Capital appreciation is an increase in the value of your investment.

Principal Investment Strategies:
The Fund invests primarily in common stocks. The Fund may also invest in companies that are involved in corporate reorganizations. Additionally, the Fund may invest in foreign securities. The Fund focuses on securities of companies which appear underpriced relative to their 'private market value'. Private market value is the value the Fund's adviser believes informed investors would be willing to pay for a company.

The Fund may appeal to you if:

• you are a long-term investor
• you believe that the market will favor value over growth stocks over the long term
• 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 to maintain the value of your original investment more than potential growth of capital.