The GAMCO Global Growth Fund Lowers Its Expenses and Changes Its Name

Effective December 27, 2019, The GAMCO Global Growth Fund changed its name to The Gabelli Global Growth Fund (the “Fund”). Effective December 1, 2019, Gabelli Funds, LLC has lowered the expense cap for all share classes of the Fund to 0.90%. This change will benefit all shareholders of the Fund by lowering expenses and enhancing net returns. Effective January 27, 2020, Class AAA (ticker GICPX) and Class A (GGGAX) will close to new investors, Class C (GGGCX) will close to new investments, and the minimum initial investment for Class I (GGGIX) will be reduced to $1,000. This structure will enable current and future shareholders to avail of the reduced net expense ratio.

The Fund invests primarily in common stocks of foreign and domestic mid-capitalization and large-capitalization issuers. In addition to growth rates, stock valuation levels are important in the stock selection process as the Fund seeks stocks that are attractively priced relative to their projected growth rates. The Fund seeks to build a portfolio diversified by geographic region, industry sectors and individual issues within industry sectors; invests primarily in developed markets but may invest in emerging markets as well; and invests in companies with a wide range in market capitalizations, from small to large.

The Fund has outperformed its benchmark, the MSCI All Country World Index, over the trailing 1, 3, 5, 10 and 15 year periods ended December 31, 2019. During this 15-year period, the Fund’s lead portfolio manager has been Howard F. Ward, CFA, assisted by Caesar M. P. Bryan. Chris Ward, CFA, joined the team in 2015. The Fund won top honors from Lipper for both 3 and 5 year periods ended in December of 2014 and 2015.

The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, a global family of awards that celebrate exceptional performance throughout the professional investment community. The Thomson Reuters Awards for Excellence recognize the world's top funds, fund management firms, sell-side firms, research analysts, and investor relations teams. The Thomson Reuters Awards for Excellence also include the Extel Survey Awards, the StarMine Analyst Awards, and the StarMine Broker Rankings. For more information, please contact markets.awards@thomsonreuters.com or visit www.lipperfundawards.com.

For Lipper Best Individual Funds, the calculation periods extend over 36, 60 and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) within each eligible classification determines the fund classification winner over 3, 5 or 10 years as of 12/31/14, 12/31/15, and no other time periods. Only eligible investors may purchase Class I Shares. See a prospectus for eligibility requirements and other available share classes.

The Fund’s performance as of December 31, 2019 was:

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. As of June 30, 2019,the gross expense ratios based on Fund’s semiannual report for Class AAA, Class A, Class C, and Class I were 1.64%, 1.64%, 2.39%, and 1.39%, respectively. As of December 1, 2019 the net expense ratio for all classes after reimbursement by the Adviser is 0.90%. The contractual reimbursements are in place through April 30, 2021 unless terminated earlier by the Fund’s Board of Directors. Visit www.gabelli.com for performance information as of the most recent month end. Returns would have been lower had the Adviser not reimbursed certain expenses. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com or call 800-GABELLI (800-422-3554). Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on March 2, 2000, March 12, 2000, and January 11, 2008, respectively. The actual performance of the Class A and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of Class I Shares would have been higher due to lower expenses related to this class of shares. The MSCI AC World Index is an unmanaged market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI AC World Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. The Lipper Global Large-Cap Growth Fund Classification reflects the performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b) MSCI AC World Index since inception performance is as of January 31, 1994.

(c) Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(d) Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

The Gabelli Global Growth Fund is an open-end, non-diversified management investment company which seeks capital appreciation.

The Gabelli Global Growth Fund, Inc.is managed by Gabelli Funds, LLC and distributed by G.distributors, LLC, subsidiaries of GAMCO Investors, Inc. (NYSE: GBL). G.distributors, LLC is a registered broker dealer and a member of FINRA.

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