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Chris Mancini - Gabelli Gold Fund - Portfolio Research

GAMCO is providing these links as a matter of general information. We do not intend for these links to be a complete description of any security or company and it is not an offer or solicitation to buy or sell any security, nor is it a research report with respect to any of the companies mentioned herein.

As of April 30, 2012, affiliates of GAMCO Investors, Inc. owned less than 1% of Fresnillo Plc. The Gabelli Gold Fund owned 1,340,500 shares of Fresnillo Plc (representing 7.74% of the fund). These securities are not necessarily reflective of the entire portfolio.

Investment in gold stocks is considered speculative and is affected by a variety of worldwide economic, financial and political factors. The Gabelli Gold Fund invests in foreign securities, which involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic and political risks.

GAMCO's views are subject to change at any time based on market and other conditions. The information in this posting represents the opinions of the individual referenced and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed may differ from those of portfolio managers or of the Firm as a whole. Because the analysts at GAMCO and our affiliates make individual investment decisions with respect to the client accounts that they manage, these accounts may have transactions inconsistent with the information contained in this posting. These analysts may know the substance of the posting prior to its posting. GAMCO and its affiliates may receive compensation from the companies referenced herein or may be soliciting any company referenced herein as a client for their services.

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 be investing in the Fund.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the fund before investing. The prospectus contains information about these and other matters and should be read carefully before investing.

For more information or a prospectus, visit our website at: www.gabelli.com or call: 800-GABELLI
800-422-3554 o 914-921-5100 o Fax: 914-921-5118 o info@gabelli.com
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