The Gabelli Value Fund invests in a concentrated portfolio of securities of companies which are selling below their private market values. The Fund's primary objective is long-term capital appreciation. Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus, which contains more complete information about this and other matters, can be found by calling 800-GABELLI or by visiting www.gabelli.com/funds. The prospectus should be read carefully before investing.

Mr. Marangi joined Gabelli in 2003 from the Columbia University Graduate School of Business where he received his MBA. Since that time he has served as a research analyst covering the Media and Entertainment and Business Services sectors.

Mr. Marangi began his career as an investment banker with J.P. Morgan & Co. He then joined Wellspring Capital Management where he evaluated and executed private equity investments across all industries. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College. He and his wife have two children.

GAMCO Investors, Inc., through its subsidiaries, manages approximately $26.8 billion in assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Investment Partnerships).