Gabelli Funds

Gabelli Funds and Mario J. Gabelli

Gabelli Funds provides a team of investor representatives that is dedicated to educating shareholders,prospective investors and financial professionals about its investment portfolios. While best known for its value style, Gabelli Funds is a diversified product mix toserve the objectives of a broad spectrum of investors. GAMCO Asset Management Inc. was formedin 1977 by Mario J. Gabelli to provide discretionary investment management services for separately managed accounts.Gabelli Funds, LLC began operation in 1986 with the initial offering of the Gabelli Asset Fund.Today, Gabelli Funds offers a full range of investment choices from conservative fixed incomefunds to aggressive common stock funds.

Mario J. Gabelli [www.gabelli.com] is Chairman, Chief Executive Officer of GAMCO Investors, Inc., a New York Stock Exchange listed company that is a widely recognized provider of investment advice to alternative investments, mutual funds, institutional and high net worth investors. GAMCO Investors, Inc. is listed on the New York Stock Exchange under the symbol GBL. Mr. Gabelli founded the firm in 1977 as an institutional broker-dealer. It has since grown into the diversified financial services corporation it is today.

Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia University Graduate School of Business, and an Honorary Doctorate Degree from Roger Williams University in Rhode Island.

He is a leading proponent of the Graham & Dodd school of securities analysis. He is a pioneer in applying Graham & Dodd's principles to the analysis of domestic, cash generating, franchise companies in a wide range of industries. His proprietary Private Market Value with a Catalyst™ methodology is now an analytical standard in the value investing community. For many investors who practice value investing, blue chip stocks are often a key ingredient in their portfolios. Blue chip stocks often epitomize what value investing is all about- companies that have a solid earnings history, strong financials, a history of dividends, and a sizeable market share. These companies become attractive to investors when the market price of the stocks falls enough to make it a bargain, or a value. Value investing is not only based on purchasing good companies at low prices, but holding for the long term. Value investments will generally pay solid dividends that allow investors to reap the benefits of not only market gain, but compound their growth with dividends. Because most brokerages have some sort of reinvestment program allowing investors the option of reinvesting dividends automatically, this compounding effect over time can create impressive returns. Value investing is all about looking for stocks that are priced at a bargain for the overall value. The market price of a stock will often drop for a company based on recent news reports, economic reports, a CEO change, or other outside forces. However, if the company is stable with a long-term history of success, it may be a prime target for value investors to hold on to for the long term. Value investing offers the benefits of not only compounding through dividends, but the ability to purchase good companies for the long term, with a positive outlook, at a great price.

GAMCO Investors, Inc. (formerly Gabelli Asset Management, Inc.) (NYSE: GBL) uses aresearch-driven, value-oriented investment process based on the principles first articulated in 1934 by the fathers of modern security analysis, Graham and Dodd, and further augmented by Mario Gabelli with his introduction of the concepts of “Private Market Value (PMV) with a Catalyst ” into security analysis.

The Value Investment approach focuses on individual stock selection by identifying undervalued stocks that have a reasonable probability of realizing their estimated PMV (price a strategic acquirer would be willing to pay for the entire enterprise) over time. Catalysts are specific events or circumstances with varying time horizons that can trigger a narrowing of the difference between the market price of a stock and its PMV.

[www.gabelli.com]