Original GBL Prospectus - Gabelli

Fund
Net Assets as of
(Morningstar Overall Advisory 12b-1 Initial September 30, December 31,
Rating)(1) Primary Investment Fund Fees Fees OÅer 1998 1998
Portfolio Manager(s) Objective Characteristics (%) (%) Date ($ in millions)
The Gabelli Value High level of capital Load, 1.00 .25 09/29/89 676.5 797.5
Fund appreciation from Open-end,
(rrr) undervalued equity Non-diversiÑed
securities that are held
Mario J. Gabelli in a concentrated
portfolio.
The Gabelli Small Cap High level of capital No-load, 1.00 .25 10/22/91 277.8 321.3
Growth Fund appreciation from Open-end,
(rrr) equity securities of DiversiÑed
smaller companies with
Mario J. Gabelli market capitalization of
$500 million or less.
The Gabelli Global High level of capital No-load, 1.00 .25 11/01/94 136.5 170.1
Telecommunications appreciation through Open-end,
Fund worldwide investments Non-diversiÑed
(rrr)
in equity securities,
including the U.S.,
Mario J. Gabelli
Marc J. Gabelli
primarily in the
telecommunications
industry.
The Gabelli ABC Fund Total returns from No-load, 1.00 .25 05/14/93 41.2 39.4
(rrr) equity and debt Open-end,
securities that are Non-diversiÑed
Mario J. Gabelli attractive to investors in
various market
conditions without
excessive risk of capital
loss.
The Gabelli Global High level of total No-load, 1.00 .25 02/03/94 6.9 7.3
Convertible Securities return through a Open-end,
Fund combination of current Non-diversiÑed
(rr)
income and capital
appreciation through
A. Hartswell investment in
Woodson, III convertible securities of
U.S. and non-U.S.
issuers.
Gabelli Gold Seeks capital No-load, 1.00 .25 07/11/94 13.1 11.3
Fund appreciation and Open-end,
(r) employs a value DiversiÑed
approach to investing
Caesar M.P. Bryan primarily in equity
securities of goldrelated
companies
worldwide.
Gabelli U.S. Treasury High current income Money Market, .30 n/a 10/01/92 314.4 385.1
Money Market Fund with preservation of Open-end,
(Not rated) principal and liquidity, DiversiÑed
while striving to keep
Judith A. Raneri expenses among the
lowest of all U.S.
Treasury money market
funds.
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