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On June 30, 2005, Gabelli Woodland Small Cap Value Fund (Gabelli Woodland Fund) completed the
acquisition of the assets of FMI Woodland Small Capitalization Value Fund (FMI Woodland Fund)
in a tax-free reorganization. Shareholders of the FMI Woodland Fund became shareholders of
Class AAA shares of the Gabelli Woodland Fund.
In 2002, Gabelli Asset Management, Inc. acquired Woodland Partners, LLC which, at that time, was the
sub-adviser to the FMI Woodland Fund with Fiduciary Management Inc. as the Advisor. GAMCO
Investors, Inc. then became the sub-adviser to the FMI Woodland Fund with Beth Lilly and
Dick Jensen continuing as portfolio managers. In 2005, Fiduciary Management Inc., elected
to relinquish its advisory role of the FMI Woodland Fund and a tax-free reorganization was
arranged with the Gabelli Woodland Fund.
The Gabelli Woodland Fund seeks long-term appreciation by investing in the common stocks
of smaller capitalization companies (generally under $1.5 billion), which the portfolio
manager believes are undervalued in the marketplace.
The Gabelli Woodland Fund is managed by Gabelli Funds, LLC, a wholly owned subsidiary of
Gabelli Asset Management Inc., a publicly traded company (GBL: NYSE) listed on the NYSE.
A prospectus for the Gabelli Woodland Fund is available from Gabelli & Company by calling
1-800-GABELI (422-3554) or by visiting our website at www.gabelli.com. Investors should
consider the investment objectives, risks, charges and expenses carefully before investing.
The prospectus contains more information about this and other matters and should be read
carefully before investing.
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