* Contingent Deferred Sales Charge
** The Funds are intended for long-term investors and
not for those who wish to trade frequently in Fund shares. The Funds believe
that excessive short-term trading of Fund shares creates risks for the Funds and
their long-term shareholders, including interference with efficient portfolio
management, increased administrative and brokerage costs and potential dilution
in the value of shares. Certain of the Funds impose and retain a 2.00% redemption
fee (short-term trading fee) on shares that are sold or exchanged on or before
the seventh day after the date of purchase.
Please refer to Fund's prospectus for more information on the Short term trading fee.
Purchases over $1 million are not subject to a sales charge but may be subject to a 1.0% redemption fee. This Fund utilizes short selling and derivatives. Short selling of securities and use of derivatives pose special risks and may not be suitable for certain investors. Short selling is the sale of a borrowed security and losses are realized if a price of a security increases between the date the security is sold and the date the Fund replaces it. Derivatives may be riskier than other types of investments because they may respond more to changes in economic conditions than other investments. Investors should consider the investment objectives, risks, sales charges and expense of the fund carefully before investing. The prospectus contains more complete information about this and other matters. The prospectus should be read carefully before investing.
You can obtain a prospectus by calling 1-800-GABELLI (1-800-422-3554), or contacting your financial representative or by visiting http://www.gabelli.com.
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