After careful consideration, the Board of Directors (the “Board”) of the Comstock Capital Value Fund (the “Fund”) approved calling a special meeting of shareholders, to be held as soon as possible, to consider a proposal to change the nature of the Fund’s business from a mutual fund registered under the Investment Company Act of 1940, as amended (the “1940 Act’) to an operating company, and to de-register the Fund as a registered investment company (“RIC”) with the Securities and Exchange Commission (the “Proposal”). In addition, if shareholders approve the Proposal, it is anticipated that the Fund will no longer be treated as a RIC under the U.S. Internal Revenue Code of 1986 and, instead, will be taxed as a “C” corporation.

This conclusion was based in substantial part on the Board’s belief that the appropriate business strategy to be pursued by the Fund would be becoming an operating company that owns interest in one or more operating businesses and/or to acquire assets other than securities, and try to maximize the utilization of the accumulated capital loss carryforwards. If shareholders of the Fund approve the Proposal, the conversion to an operating company is currently expected to take effect the second quarter of 2019.

Shareholders of the Fund will receive a combined proxy statement with additional information about the shareholder meeting and the Proposal. Shareholders should read the proxy materials carefully, as they will contain a more detailed description of the Proposal.

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.

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

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

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