### The Gabelli Focus Five Fund Class C 

**Performance by Month**

Fund Performance by Month  
 _As of August 26, 2014_  
---  
| Year | Jan  
(%) | Feb  
(%) | Mar  
(%) | Apr  
(%) | May  
(%) | Jun  
(%) | Jul  
(%) | Aug  
(%) | Sep  
(%) | Oct  
(%) | Nov  
(%) | Dec  
(%) | Year  
(%)  
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
2014 |  \- 5.56  |  \+ 4.73  |  \+ 0.00  |  \- 1.48  |  \+ 4.66  |  \+ 3.37  |  \- 2.71  |  \+ 2.36  |  \+ 4.98  
2013 |  \+ 4.88  |  \+ 1.43  |  \+ 3.79  |  \+ 0.93  |  \+ 3.70  |  \- 1.46  |  \+ 3.87  |  \- 2.22  |  \+ 1.30  |  \+ 4.88  |  \+ 3.21  |  \+ 2.25  |  +29.69   
2012 |  \+ 3.06  |  \+ 3.74  |  \+ 2.65  |  \- 0.31  |  \- 4.25  |  \+ 3.14  |  \+ 2.10  |  \+ 2.67  |  \+ 2.30  |  \+ 1.57  |  \+ 2.35  |  \+ 4.10  |  +25.40  
2011 |  \+ 0.31  |  \+ 6.12  |  \+ 2.25  |  \+ 0.86  |  \- 3.32  |  \- 1.18  |  \- 3.87  |  -10.63  |  -12.36  |  +15.42  |  \- 0.19  |  \+ 1.73  |  \- 7.45  
2010 |  \- 2.11  |  \+ 4.57  |  \+ 6.94  |  \+ 4.93  |  \- 9.05  |  \- 8.69  |  \+ 8.55  |  \- 5.46  |  +11.96  |  \+ 4.56  |  \+ 2.99  |  \+ 7.13  |  +26.45  
2009 |  -10.62  |  -10.75  |  \+ 7.19  |  +19.92  |  \+ 5.10  |  \+ 0.31  |  \+ 8.74  |  \+ 2.30  |  \+ 4.21  |  \- 5.52  |  \+ 2.14  |  \+ 6.00  |  +28.16  
2008 |  \- 7.06  |  \- 1.65  |  \- 1.01  |  \+ 1.47  |  \+ 5.69  |  \- 5.70  |  \+ 1.23  |  \+ 6.63  |  \- 8.39  |  -22.96  |  -12.36  |  \+ 6.85  |  -34.73  
2007 |  \+ 1.86  |  \- 1.04  |  \+ 0.79  |  \+ 1.48  |  \+ 4.90  |  \- 0.74  |  \- 4.38  |  \+ 1.64  |  \+ 3.31  |  \+ 2.30  |  \- 7.41  |  \+ 0.51  |  \+ 2.63  
2006 |  \+ 3.81  |  \+ 0.51  |  \+ 2.92  |  \+ 0.28  |  \- 5.24  |  \- 1.19  |  \- 5.44  |  \+ 3.52  |  \+ 0.39  |  \+ 6.38  |  \+ 2.96  |  \+ 1.49  |  +10.15  
2005 |  \- 0.88  |  \+ 1.26  |  \- 2.05  |  \- 3.59  |  \+ 4.27  |  \+ 3.05  |  \+ 5.06  |  \- 0.76  |  \- 0.28  |  \- 3.47  |  \+ 3.74  |  \- 0.33  |  \+ 5.68  
2004 |  \+ 1.25  |  \+ 2.89  |  \+ 0.72  |  \- 0.72  |  \- 0.72  |  \+ 3.63  |  \- 4.67  |  \+ 0.57  |  \+ 2.84  |  \+ 1.58  |  \+ 7.15  |  \+ 4.04  |  +19.68  
2003 |  \- 4.90  |  \- 4.10  |  \+ 0.88  |  \+ 5.22  |  \+ 3.31  |  \- 0.10  |  \+ 4.10  |  \+ 2.40  |  \- 0.94  |  \+ 8.25  |  \+ 3.24  |  \+ 1.89  |  +20.13  
2002 |  \+ 0.00  |  \+ 0.00  
  
Maximum Sales Charge(%) (1) | Gross Expense Ratio (%) (2) | Net Expense Ratio (%) (3)  
---|---|---  
1.00  |  2.23  |  2.23   
  
(1) _Maximum Sales Charge_ for Class A shares is a percentage of the initial investment and may be reduced based on the size of your investment. Class B and C shares have a contingent deferred sales charge when you redeem your shares depending on your holding period. Please see the Fund's Prospectus or contact your Adviser for a complete description of the applicable sales charge.   
(2) _Gross Expense Ratio_ is the expenses of the Fund reflected as a percentage of the Fund's average daily net assets and do not include any voluntary or contractual fee waivers or expense limitations as described in the Fund Prospectus.   
(3) _Net Expense Ratio_ is the expenses of the Fund including any voluntary or contractual fee waivers or expense limitations as a percentage of the Fund's average daily net assets. Where applicable, please see the Fund's Prospectus or contact your Adviser for a complete description of the fee waiver or expense limitation, the effective date and the expiration date. 

**Inception Date:** December 31, 2002   
_Returns represent past performance and do not guarantee future results. Current performance may be lower or higher than the peformance data quoted. Investment return and principal value will fluctuate so, upon redemption, shares may be worth more or less than their original cost. To obtain the most recent month end performance information and prospectus, please call 800-GABELLI or visit www.gabelli.com_

Performance pertains to the share class noted only. Other share classes may have different performance characteristics. The Class AAA Shares' net asset values are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 31, 2003, and Class I Shares on January 11, 2008. The actual performance for Class C Shares would have been lower and Class I Shares higher due to the different expenses associated with those classes of shares. Performance for periods of less than one year are not annualized. The Fund imposes a 2% redemption fee on shares sold or exchanged in seven days or less after the date of a purchase.

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund.

Effective January 1, 2012, the Fund changed its name and investment strategy from “The Gabelli Woodland Small Cap Value Fund” to “The Gabelli Focus Five Fund”.

As a non-diversified mutual fund, more of the Fund’s assets may be focused in the common stocks 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 mutual fund.

The Fund may invest in foreign securities. Investing in foriegn securities involves risks not ordinarily associated with investment in domestic issues including currency fluctuations, economic, and political risks. 

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800-GABELLI or visit www.gabelli.com. 

The Gabelli Mutual Funds are distributed by G.distributors, LLC., a registered broker-dealer and member of FINRA