497 1 d757592d497.htm GABELLI CAPITAL SERIES FUNDS, INC. Gabelli Capital Series Funds, Inc.

Filed Pursuant to Rule 497(e)

Registration No. 033-61254

Gabelli Capital Series Funds, Inc. (the “Corporation”)

Gabelli Capital Asset Fund (the “Fund”)

Supplement dated July 15, 2014, to the Corporation’s Summary Prospectus and Statutory Prospectus,

each dated April 30, 2014

Effective immediately, Gabelli Funds, LLC (the “Adviser”) has added the Russell 3000 Index as a secondary benchmark of the Fund’s performance.

The “Performance” section beginning on page 4 of the Summary Prospectus and page 5 of the Statutory Prospectus should be replaced with the following:

The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for one year, five years, and ten years compared with the Standard & Poor’s (“S&P”) 500 Index and the Russell 3000 Index. As with all mutual funds, the Fund’s past performance does not predict how the Fund will perform in the future. Updated information on the Fund’s results can be obtained by visiting www.gabelli.com.

GABELLI CAPITAL ASSET FUND

(Total Returns for the Years Ended December 31)

 

LOGO

Performance information does not reflect separate account or variable insurance contract fees and charges. If such fees and charges were reflected, the Fund’s returns would be lower than those shown. During the periods shown in the bar chart, the highest return for a quarter was 22.29% (quarter ended June 30, 2009) and the lowest return for a quarter was (24.28)% (quarter ended December 31, 2008).

 

Average Annual

Total Returns

(for the

years ended

December 31, 2013

   

Past

One Year

  

Past

Five Years

  

Past

Ten Years

Gabelli Capital Asset Fund

    37.53%   23.01%   10.16%

S&P 500 Index (reflects

no deduction for fees,

expenses or taxes)

    32.39%   17.94%   7.41%

Russell 3000 Index

(reflects no deduction

for fees, expenses

or taxes)

    33.55%   18.71%   7.88%

The following should be added to “Index Descriptions” on page 12 of the Statutory Prospectus:

“The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization which represents approximately 98% of the U.S. equity market. The Index figures do not include any deduction for fees, expenses, or taxes. You cannot invest directly in the Russell 3000 Index.”

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE