Gabelli Capital Asset Fund

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A Variable Annuity Option

The Gabelli Capital Asset Fund is an open-end, diversified, management investment company whose investment objective is growth of capital. Investments will be made based on management's perception of their potential for capital appreciation.

Current income is a secondary investment objective. The Fund seeks out undervalued companies with greater than average potential for growth.

Shares of the Fund are available to the public only through the purchase of certain variable annuity and variable life insurance contracts issued by the Guardian Insurance & Annuity Company, Inc.

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, charges and expenses of the Fund carefully before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing.