The Fund may invest in foreign securities. Investing in foreign securities involves risks not ordinarily associated with investment
in domestic issues including currency fluctuations, economic and political risks. The Fund may invest in small and mid capitalization
securities. The Gabelli Enterprise Mergers and Acquisitions Fund is a non-diversified fund, which means that it can invest in a limited
number of issuers.
The Fund may use derivatives. Use of derivatives pose special risks and may not be suitable for certain investors. Derivatives may be
riskier than other types of investments because they may respond more to changes in economic conditions than other investments.
Effective March 11, 2008, Gabelli Funds LLC became the Investment Adviser for the Fund. Previously, an affiliate (GAMCO Investors,
Inc.) was the sub-adviser.
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.