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. Purchases over $1 million are not subject to a sales charge but may be subject to a 1.0% redemption fee. 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. The prospectus contains more complete information about this and other matters.
Class A and C shares were not actually introduced until 7/15/92 and 8/01/95 respectively, total return for the period prior to the introduction of each such class (i) reflects the performance information for Class O and Class A shares, as appropriate (ii) does not reflect service and distribution fees borne by Class A shares and Class C shares, which, if reflected, would reduce the total return presented. Total return assumes the reinvestment of dividends and capital gains distributions.
The prospectus should be read carefully before investing. Call Gabelli & Company for a free prospectus at 1-800-GABELLI (422-3554)
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