GAMCO Investors, Inc. One Corporate Center Rye, NY 10580-1422 USA

 

A variable annuity is a long-term, retirement-oriented investment program offering the compounding power of tax deferral on earnings and an opportunity to have a guaranteed income for life. You can make a single payment or a series of payments over time. At your direction, your payments are invested in up to six allocations out of a field of nine investment options or a fixed-rate option. The value of your contract will fluctuate depending on the performance of the investment options you select.

What Does a Variable Annuity Offer Me?

• Tax-deferred growth
  You pay no current income taxes on interest, dividends and capital gains as long as your money remains in the contract.
• No initial sales charge
  100% of your money goes to work for you immediately (a).
  A contingent deferred sales charge may apply (b).
• Guaranteed death benefit
  If you should die before payouts begin, your beneficiaries are guaranteed to receive 100% of the amount invested (less any withdrawals) or the value of the contract (whichever is greater) free of probate. If you are 75 years of age or older when your contract is issued, then your beneficiaries will receive the contract value.
• Investment flexibility
  You can choose among nine diversified variable portfolios and a fixed rate option.
• Lifetime Income
  When it's time to begin payouts, you can choose from a number of income options, including one you can't outlive.
• Withdrawal privileges
  You can withdraw all or part of your money at any time before payouts begin (b). After the first contract year, 10% of the contract value may be withdrawn free of surrender charges. 10% of most 1035 exchanges and IRA transfers or rollovers are eligible for free withdrawal during the first contract year.
• Affordable minimum investment
  As little as $500 will get you started in a flexible payment plan. The minimum for subsequent investments is $100.
• Dollar Cost Averaging
  Monthly transfers can be made automatically from the money market fund to any of the other investment options offered under the contract.
• Competitive fees and charges
  The contract charge is $35 per year. Other charges include an annual mortality & expense charge of 1.15% and fund investment management fees ranging from 0.5% to 1.0%.

The Gabelli Capital Asset Fund is advised by Gabelli Funds, Inc. and distributed by Gabelli & Company, Inc.

(a) Premium taxes may be deducted if required by state law
(b) For single-payment contracts, there is a declining surrender charge on amounts withdrawn during first seven contract years; (6%, 6%, 5%, 4%, 3%, 2% 1%). For flexible-payment contracts the charge is the lesser of (1) 6% of the total payments made in previous 84 months or (2) 6% of amount withdrawn. Withdrawals prior to age 59 ½ are generally subject to a 10% penalty. Withdrawals may also be subject to federal income taxes. See prospectus for more information.