Recent Annual Report - Gabelli

Comparative Results
Average Annual Returns through December 31, 2012 (a)
Since
Inception
Quarter
—————
1 Year
————
5 Year
————
10 Year
————
(9/29/89)
—————
Class A (GABVX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.30% 16.95% 3.36% 8.35% 10.51%
With sales charge (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.59) 10.23 2.14 7.71 10.22
S&P 500 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.38) 16.00 1.66 7.10 8.55
Dow Jones Industrial Average . . . . . . . . . . . . . . . . . . . . . . . . . (1.81) 10.14 2.60 7.32 9.73
Nasdaq Composite Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.48) 17.60 3.77 9.43 8.29
Class AAA (GVCAX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.29 16.97 3.37 8.36 10.51
Class B (GVCBX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.08 16.06 2.55 7.53 10.04
With contingent deferred sales charge (c) . . . . . . . . . . . . . . . . (2.92) 11.06 2.19 7.53 10.04
Class C (GVCCX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.07 16.09 2.57 7.54 10.06
With contingent deferred sales charge (d) . . . . . . . . . . . . . . . . 1.07 15.09 2.57 7.54 10.06
Class I (GVCIX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.29 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. 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. Performance returns for periods of less than one year are not annualized. 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.
We have separated the portfolio managers’ commentary from the financial statements and investment portfolio
due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to
ensure that the content of the portfolio managers’ commentary is unrestricted. The financial statements and
investment portfolio are mailed separately from the commentary. Both the commentary and the financial
statements, including the portfolio of investments, are available on our website at www.gabelli.com.
2