The Gabelli Growth Fund
Supplement to Prospectus dated May 1, 1996
For Ohio Residents
This Prospectus must be delivered to the investor prior to
consummation of sale.
Investment in this investment company may involve a higher degree of
risk than investment in more traditional open-end, diversified
investment companies because the Fund may purchase securities of an
issuer in which affiliated parties (including the Fund's officers and
directors) could own more than 5% of the securities of such issuer
and the Fund's investment restrictions provide among other things
that the Fund may not purchase the securities of any one issuer
(other than United States Government or any of its agencies or
instrumentalities), if immediately after such purchase, the Fund
would own more than 10% of the outstanding voting securities of such
issuer, except that up to 25% of the value of the Fund's total assets
may be invested without regard to such 10% limitation. Ohio
residents should be aware in this regard the Fund does not meet the
guidelines set forth in paragraph (G)(1)(h) of Rule 1301:6-3-09 of
the Rules of the Ohio Division of Securities. Such guidelines
provide that the foregoing 10% limitation should be applicable with
respect to 100% of the Fund's assets.
May 1, 1996
shared/3rdparty/gabgrow/pea/#13/96stick.doc
