Recent Annual Report - Gabelli

Comparative Results
Average Annual Returns through December 31, 2012 (a) (Unaudited)
Since
Inception
1 Year 5 Year 10 Year (9/29/89)
Class A (GABVX) ................................................ 16.95% 3.36% 8.35% 10.51%
With sales charge (b) .............................................. 10.23 2.14 7.71 10.22
S&P 500 Index. .................................................. 16.00 1.66 7.10 8.55
DowJonesIndustrialAverage........................................ 10.14 2.60 7.32 9.73
NasdaqCompositeIndex ........................................... 17.60 3.77 9.43 8.29
Class AAA (GVCAX) .............................................. 16.97 3.37 8.36 10.51
Class B (GVCBX) ................................................ 16.06 2.55 7.53 10.04
With contingent deferred sales charge (c) ................................ 11.06 2.19 7.53 10.04
Class C (GVCCX) ................................................ 16.09 2.57 7.54 10.06
With contingent deferred sales charge (d) ................................ 15.09 2.57 7.54 10.06
Class I (GVCIX). ................................................. 17.17 3.62 8.49 10.57
In the current prospectus dated April 27, 2012, the expense ratios for Class AAA, A, B, C, and I Shares are 1.43%, 1.43%, 2.18%,
2.18%, and 1.18%, respectively. See page 11 for the expense ratios for the year ended December 31, 2012. Class AAA and Class I
Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, and 1.00%,
respectively.
(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes
in share prices, reinvestment of distributions, and are net of expenses. 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. The Fund imposes a 2% redemption fee on
shares sold or exchanged within seven days after the date of purchase. Current performance may be lower or higher than the
performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Investors should
carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus
contains information about these and other matters and should be read carefully before investing. The Class A Share NAVs are
used to calculate performance for the periods prior to the issuance of Class AAA Shares on April 30, 2010, Class B Shares and Class C
Shares on March 15, 2000, and the Class I Shares on January 11, 2008. The actual performance of the Class B Shares and Class C
Shares would have been lower due to the additional expenses associated with these classes of shares. The actual performance of the
Class I Shares would have been higher due to lower expenses related to this class of shares. The S&P 500 Index is a market capitalization
weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. The Dow Jones Industrial
Average and the Nasdaq Composite Index are unmanaged indicators of stock market performance. Dividends are considered reinvested,
except for the NASDAQ Composite Index. You cannot invest directly in an index.
(b) Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.
(c) Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% which is
gradually reduced to 0% after six years.
(d) Assuming payment of the 1% maximum CDSC imposed on redemptions made within one year of purchase.
$100,000
$90,000
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
THE GABELLI VALUE FUND (CLASS A SHARES) AND S&P 500 INDEX (Unaudited)
$80,000 S&P 500 Index $67,277
The Gabelli Value Fund (Class A Shares) $96,382
Average Annual Total Returns*
1 Year 5 Year 10 Year Since Inception
Class A 16.95% 3.36% 8.35% 10.51%
9/29/89 12/31/91 12/31/93 12/31/95 12/31/97 12/31/99 12/31/01 12/31/03 12/31/05 12/31/07 12/31/09 12/31/11 12/31/12
* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund shares.
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