Effective January 1, 2012, the Fund changed its name and investment strategy from “The Gabelli Woodland Small Cap Value Fund” to “The
Gabelli Focus Five Fund”.
As a non-diversified mutual fund, more of the Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified mutual fund.
The Fund may invest in foreign securities. Investing in foriegn securities involves risks not ordinarily associated with investment in domestic issues including currency fluctuations, economic, and political risks.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800-GABELLI or visit www.gabelli.com.
The Gabelli Mutual Funds are distributed by G.distributors, LLC., a registered broker-dealer and member of FINRA.