# EDGAR Filing Document

**Accession Number:** 0001760567
**File Stem:** 0001193125-23-017878
**Filing Date:** 2023-1
**Character Count:** 22170
**Document Hash:** fedd68ea4963581d936444f23e06b203
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-017878.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001193125-23-017878

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gabelli Innovations Trust
- **CENTRAL INDEX KEY:** 0001760567
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-228684
- **FILM NUMBER:** 23564776

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 914-921-5100

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

## Series and Classes Contracts Data

### Gabelli Media Mogul Fund (Series ID: S000064856)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000209942 | Gabelli Media Mogul Fund         | MOGLX           |
| C000236314 | Gabelli Media Mogul Fund Class A |  |

## Gabelli Media Mogul Fund
***A series of Gabelli Innovations Trust***

***SUMMARY PROSPECTUS January 27, 2023***

**Ticker: MOGLX** 

**Listing Exchange: The NASDAQ Stock Market LLC** 

***Before you invest, you may want to review the Fund's Prospectus and Statement of Additional Information ("SAI"), which contain more information about the Fund and its risks. You can find the Fund's Prospectus and SAI and other information about the Fund online at www.gabelli.com. You can also get this information at no cost by calling 800-422-3554 or by sending an email request to info@gabelli.com. The Fund's Prospectus and SAI, both dated January 27, 2023, are incorporated by reference into this Summary Prospectus.***

***Investment Objective***

The Fund seeks to provide capital appreciation.

***Fees and Expenses of the Fund:***

The table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. ****You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund's Class A shares. More information about these and other discounts is available from your financial professional and in the section entitled "Classes of Shares" on page 35 of the prospectus and in Appendix A, "Sales Charge Reductions and Waivers Available through Certain Intermediaries" attached to the Fund's prospectus. You may also incur usual and customary brokerage commissions and other charges when buying and selling shares that are not reflected in the fee table and expense example below.

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| | | |
|:---|:---|:---|
|  | **Class A** | **Class I** |
|  **Shareholder Fees** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (fees paid directly from your investment): |  |  |
|  Maximum Sales Charge (Load) (as a percentage of redemption or offering price, whichever is lower) | 5.75% |  |
|  Maximum Deferred Sales Charge (Load) (as a percentage of redemption or offering price, whichever is lower) |  |  |
|  Maximum Sales Charge (Load) Imposed on Reinvested Dividends (as percentage of amount invested) |  |  |
|  Redemption Fees (as a percentage of amount redeemed for shares held 7 days or less) | 2.00% | 2.00% |
|  Exchange Fee |  |  |
|  **Annual Fund Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (expenses that you pay each year as a percentage of the value of your investment): |  |  |
|  Management Fees | 1.00% | 1.00% |
|  Distribution and Service (Rule 12b-1) Fees | 0.25% |  |
|  Other Expenses | 6.49% | 3.79% |
|  Total Annual Fund Operating Expenses | 7.74% | 4.79% |
|  Less Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | (6.59)% | (3.89)% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.15% | 0.90% |

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(1) Gabelli Funds, LLC, the Adviser, has contractually agreed for no less than one year from the
effective date of the Registration Statement to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement
(excluding brokerage costs, acquired fund fees and expenses, interest, taxes, distribution expenses, and extraordinary expenses) at no more than an annual rate of 0.90%. Under this same arrangement, the Fund has also agreed, during the three year
period following the date of any such waiver or reimbursement by the Adviser, to repay such amount, but only to the extent the Fund is able to do so without exceeding the lesser of (1) the expense limit in effect at the time of the waiver or
reimbursement, as applicable, or (2) the expense limit in effect at the time of recoupment after giving effect to the repayment. This arrangement is in effect through January 31, 2024, and may be terminated only by the Board of Trustees of
the Fund before such time.

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***Expense Example***

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The example assumes that you invest $10,000 in the Fund for the time periods shown and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (except that the example reflects the Expense Cap through the first year after the commencement of investment operations). Investors may pay brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the example. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  Class A | $685 | $2159 | $3554 | $6718 |
|  Class I | $92 | $1091 | $2095 | $4622 |

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***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund's shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.

***Principal Investment Strategies***

Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in the media industry. Media industry companies are companies that are primarily engaged in the production, sale and distribution of goods or services used in the media industry. Media industry companies are companies that derive at least 50% of their revenue from the production or distribution of information and entertainment content, and may include television and radio stations, motion picture companies, print publishing and providers of internet content, as well as satellite service providers, cable service providers and advertising service providers. The Fund will specifically invest in companies that were spun-off from Liberty Media Corporation ("Liberty Media") as constituted in 2001, as well as in companies that resulted from subsequent mergers of any such spin-offs or stocks that track performance of such spin-offs or companies that resulted from subsequent mergers of any such spin-offs, and in public companies in which Liberty Media and its successor companies invest. The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended.

Liberty Media was spun off from AT&T Corporation in August 2001, as an amalgamation of, among others, media and telecommunications related assets. The company's chairman and largest shareholder since inception has been Dr. John C. Malone. Since 2001, Liberty Media has engaged in a series of spin-offs, split-offs, mergers, and tracking stock issuances. Tracking stocks are generally common stocks issued by a parent company that track performance of a particular division of a company without having claim on the assets of the division or the parent company.

The current investable universe includes U.S. and non-U.S. listed companies in all capitalization ranges in the media industry. The Adviser will weight these securities utilizing factors including, but not limited to the attractiveness of a security's valuation and the potential for a catalyst or event that might surface underlying value in a particular security.

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***Principal Risks***

***You may want to invest in the Fund if:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are a long term investor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you seek growth of capital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you want exposure to equity investments in securities that were spun-off or are tracking stocks of Liberty Media

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you believe that the market will favor value over growth stocks over the long term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you wish to include a value strategy as a portion of your overall investments

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell Fund shares, they may be worth more or less than what you paid for them; you may lose money by investing in the Fund.

Investing in the Fund involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Communication Services Risk**. The communication services sector consists
of both companies in the telecommunication services industry as well as those in the media and entertainment industry. Companies in the media and entertainment industry group encompass a variety of services and products including television
broadcasting, gaming products, social media, networking platforms, online classifieds, online review websites and Internet search engines. The communications services sector of a country's economy is often subject to extensive government
regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of communications companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Industry Concentration Risk**. The Fund invests at least 25% of its
assets in companies in the media industry, which includes telecommunications, publishing, and entertainment companies and, as a result, the value of the Fund's shares will be more susceptible to the factors affecting those particular types of
companies, including government regulation, greater price volatility for the overall market, rapid obsolescence of products and services, intense competition, and strong market reactions to technological developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Non-Diversification Risk**. As a non-diversified fund, more of the Fund's assets may be focused in the securities of a small number of issuers, which may make the value of the Fund's shares more sensitive to changes in the market value of
a single issuer or industry than shares of a diversified fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Large-Capitalization Company Risk**. Larger, more established companies
may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended
periods of economic expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Mid-Capitalization Company Risk**. Mid-cap company risk is the risk that investing in securities of mid-cap companies could entail greater risks than investments in larger, more
established companies. Mid-cap companies tend to have narrower product lines, more limited financial resources and a more limited trading market for their stocks, as compared with larger companies. As a
result, their stock prices may decline more significantly or more rapidly than stocks of larger companies as market conditions change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small-Capitalization Company Risk**. Investing in securities of
small-capitalization companies may involve greater risks than investing in larger, more established issuers. Smaller capitalization companies typically have relatively lower revenues, limited product lines and lack of management depth, and may have
a smaller share of the market for their products or services, than larger capitalization companies. The stocks of smaller capitalization companies tend to have less trading volume than stocks of larger capitalization companies. Less trading volume
may make it more difficult for the Adviser to sell securities of smaller capitalization companies at quoted market prices. Finally, there are periods when investing in smaller capitalization stocks falls out of favor with investors and the stocks of
smaller capitalization companies underperform.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tracking Stock Risk**. The Fund invests in tracking stocks, which are
typically a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and which is designed to "track" the performance of such business unit or division. The parent
company, rather than the business unit or division, generally is the issuer of the tracking stock. However, holders of the tracking stock may not have the same rights as holders of the parent company's common stock. In the event of the parent
company's liquidation, tracking stock shareholders typically do not have a legal claim on the parent company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Value Investing Risk**. The Fund invests in "value" stocks.
Value investing refers to buying securities that the portfolio manager believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. From time to time, "value" investing falls out of favor with
investors. During those periods, the Fund's relative performance may suffer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risk**. Equity risk is the risk that the prices of the securities
held by the Fund will fluctuate, sometimes rapidly and unpredictably, due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies'
particular circumstances. Holders of equity securities only have rights to value in the company only after all issuer debts have been paid and they could lose their entire investment in a company that encounters financial difficulty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Management Risk**. If the portfolio manager is incorrect in his
assessment of the investment prospects of the securities the Fund holds, then the value of the Fund's shares may decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk**. Investments in foreign securities involve
risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S and foreign issuers and markets are subject. These risks include expropriation, differing
accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs.

***Performance***

An exchange traded managed fund ("Predecessor Fund") managed by the Adviser was reorganized into the Fund as of the date the Fund commenced operations (April 1, 2019). The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund.

The Fund's performance for periods prior to the commencement of operations on April 1, 2019, is that of the Predecessor Fund.

The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year, five years, and ten years, if applicable, compared with those of a broad based securities market index. As with all mutual funds, the Fund's past performance (before and after taxes) does not predict how the Fund will perform in the future. Updated information on the Fund's results can be obtained by visiting *www.gabelli.com*.

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**MEDIA MOGUL FUND** 

**(Total returns for Class I Shares for the Years Ended December 31)**![LOGO](g425957g00n01.jpg)

During the calendar years shown in the bar chart, the highest return for a quarter was 23.20% (quarter ended December 31, 2020) and the lowest return for a quarter was (33.30)% (quarter ended March 31, 2020).

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns<br>(for the period ended December 31, 2022,<br>with maximum sales charges, if applicable)** | **Past<br>One Year** | **Past<br>Five Years** | **Since Inception** |
|  Media Mogul Fund Class I Shares (first issued December 1, 2016) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | (31.11)% | (4.28)% | (2.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | (31.32)% | (4.47)% | (2.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | (18.26)% | (3.15)% | (1.71)% |
|  Class A Shares (first issued May 17, 2022)\* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | (31.19)% | (4.31)% | (2.34)% |
|  S&P 500 Index (reflects no deduction for fees, expenses or taxes) | (18.11)% | 9.42% | 11.66% |

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\* The Class I Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares on May 17, 2022.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the "Return After Taxes on Distributions and Sale of Fund Shares" may be greater than "Return Before Taxes" because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts, including "Roth" IRAs and SEP IRAs (collectively, "IRAs").

***Management***

<u>**The Adviser.**</u> Gabelli Funds, LLC

**<u>The Portfolio Manager.</u>** Christopher C. Marangi, Managing Director and Co-Chief Investment Officer of the Value Team of GAMCO Investors, Inc., has served as portfolio manager of the Fund since 2019.

***Purchase and Sale of Fund Shares***

The minimum initial investment for Class A shares is $1,000 and the minimum initial investment for Class I shares is $5,000 ($5,000 for "IRAs" or Coverdell Education Savings Plans). G.distributors, LLC, the Fund's distributor ("G.distributors" or "Distributor"), reserves the right to waive or change the minimum investment amounts. There is no minimum for subsequent investments.

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You can purchase or redeem shares of the Fund on any day the New York Stock Exchange ("NYSE") is open for trading (each, a "Business Day"). You may purchase or redeem shares of the Fund by written request via mail (Gabelli Funds, P.O. Box 219204, Kansas City, MO 64121-9204), personal or overnight delivery (Gabelli Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 430 W 7th Street STE 219204, Kansas City, MO 64105-1407), Internet, bank wire, or Automated Clearing House ("ACH") system. You may also purchase shares of the Fund by telephone, if you have an existing account with banking instructions on file, or redeem at 800-GABELLI (800-422-3554).

Shares of the Fund can also be purchased or sold through registered broker-dealers or other financial intermediaries that have entered into appropriate selling agreements with the Distributor. The broker-dealer or other financial intermediary will transmit these transaction orders to the Fund on your behalf and send you confirmation of your transactions and periodic account statements showing your investment in the Fund.

***Tax Information***

The Fund expects that distributions will generally be taxable as ordinary income or long term capital gains, unless you are investing through a tax deferred arrangement, such as a 401(k) plan or an IRA.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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2993 2023

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