Past performance is no guarantee of future results. Total returns and average annual returns are historical and reflect changes in share price, reinvestment of dividends and capital gains, and are net of expenses. Due to market volatility, current performance may be lower or higher than the figures shown.
(a) Total returns and average annual returns reflect changes in share price, reinvestment of distributions, the full effect of any front-end sales charge and are net of expenses. The net asset value of a Fund is reduced on the ex-dividend (payment) date by the amount if the dividend paid. Of course, returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed they may be worth more or less than their original cost. Investing in small capitalization securities involves special challenges because these securities may trade less frequently and experience more abrupt price movements than large capitalization securities. Investing in micro capitalization securities may involve greater risks than investments in small, medium and large capitalization securities because the securities are subject to more abrupt or erratic movements in price. Investments in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic and political risks. Investing in gold is considered speculative and is affected by a variety of worldwide economic, financial and political factors. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified.

(1) Maximum Sales Charge for Class A shares is a percentage of the initial investment and may be reduced based on the size of your investment. Class B and C shares have a contingent deferred sales charge when you redeem your shares depending on your holding period. Please see the Fund's Prospectus or contact your Adviser for a complete description of the applicable sales charge.
(2) Gross Expense Ratio is the expenses of the Fund reflected as a percentage of the Fund's average daily net assets and do not include any voluntary or contractual fee waivers or expense limitations as described in the Fund Prospectus.
(3) Net Expense Ratio is the expenses of the Fund including any voluntary or contractual fee waivers or expense limitations as a percentage of the Fund's average daily net assets. Where applicable, please see the Fund's Prospectus or contact your Adviser for a complete description of the fee waiver or expense limitation, the effective date and the expiration date.

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund.

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 free prospectus by calling Gabelli & Company, Inc. at 1-800-GABELLI (1-800-422-3554), or contacting your financial representative or by visiting http://www.gabelli.com.
Distributed by Gabelli & Company, Inc. One Corporate Center, Rye, NY 10580.