Gabelli Changes Global Fund Name

The fund’s investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. Absolute returns are defined as positive total returns, regardless of the direction of securities markets. To achieve its investment objective, the fund, under normal market conditions, will invest primarily in securities of companies (both domestic and foreign) involved in publicly announced mergers, takeovers, tender offers and leveraged buyouts and, to a lesser extent, in corporate reorganizations involving stubs, spin-offs and liquidations.

The fund’s management team believes that in the near term there may not be sufficient foreign deal activity to maintain, under normal circumstances, at least 40% of the fund’s assets in at least three countries outside the United States. The fund is accordingly changing its name to more accurately reflect this non-fundamental investment policy. Under normal circumstances, the fund expects to continue to invest at least 80% in securities relating to companies involved in mergers and acquisitions throughout the world.

The fund’s primary investment objective, risk profile and management team will not change.