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 and reinvestment of dividends 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, New York 10580-1422.
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