"At Gabelli Funds, we do bottom-up research. We read annual reports, visit the competition, talk to customers and meet a company's management before we invest. We look for a catalyst - something happening in the company or industry that may create value."
The Gabelli Value Fund Inc. invests in a concentrated portfolio of securities of companies which are selling below their private market value. The Fund's primary objective is long-term capital appreciation. $250 initial minimum for IRAs. Max. Sales charge: 5¾ %

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.