Statement of Additional Info - Gabelli

A Fund’s primary risk is that if the seller defaults, the proceeds from the disposition of underlying securities and other
collateral for the seller’s obligation would be less than the repurchase price. If the seller becomes bankrupt, a Fund might
be delayed in selling the collateral. Under the 1940 Act, repurchase agreements are considered loans. Repurchase
agreements usually are for short periods, such as one week or less, but could be longer.
A Fund will not enter into repurchase agreements of a duration of more than seven days if, taken together with restricted
securities and other securities for which there are no readily available quotations, more than 15% of its net assets would
be so invested.
Borrowing (All Funds). Each Fund (i) may borrow money from banks, but only for temporary or emergency (not
leveraging) purposes, in an amount up to 5% of the value of its total assets (including the amount borrowed) valued at the
lesser of cost or market value, less liabilities (not including the amount borrowed) at the time the borrowing is made and
(ii) may pledge, hypothecate, mortgage, or otherwise encumber its assets, but only in an amount up to 10% of the value of
its total assets to secure borrowings for temporary or emergency purposes, or up to 20% in connection with the purchase
and sale of put and call options.
Bank Obligations (All Funds). Time deposits are non-negotiable deposits maintained in a banking institution for a
specified period of time (in no event longer than seven days) at a stated interest rate. Time deposits which may be held
by a Fund will not benefit from insurance from the Bank Insurance Fund or the Savings Association Insurance Fund
administered by the Federal Deposit Insurance Corporation ("FDIC"). Certificates of deposit are certificates evidencing
the obligation of a bank to repay funds deposited with it for a specified period of time. Bankers' acceptances are credit
instruments evidencing the obligation of a bank to pay a draft drawn on it by a customer. These instruments reflect the
obligation both of the bank and of the drawer to pay the face amount of the instrument upon maturity.
Commercial Paper (All Funds). Commercial paper includes short term unsecured promissory notes, variable rate
demand notes, and variable rate master demand notes issued by domestic and foreign bank holding companies,
corporations, and financial institutions (see "Variable and Floating Rate Demand and Master Demand Notes" below for
more details) as well as similar taxable and tax-exempt instruments issued by government agencies and instrumentalities.
Each Fund establishes its own standards of creditworthiness for issuers of such instruments.
Certificates Of Deposit (All Funds). Domestic commercial banks organized under federal law are supervised and
examined by the Comptroller of the Currency and are required to be members of the Federal Reserve System and to have
their deposits insured by the FDIC. Domestic banks organized under state law are supervised and examined by state
banking authorities but are members of the Federal Reserve System only if they elect to join. In addition, state banks
whose certificates of deposit (“CDs”) may be purchased by the Funds are insured by the FDIC (although such insurance
may not be of material benefit to a Fund, depending upon the principal amount of the CDs of each bank held by the Fund)
and are subject to federal examination and to a substantial body of federal law and regulation. As a result of federal or
state laws and regulations, domestic banks, among other things, generally are required to maintain specified levels of
reserves, limited in the amounts which they can loan to a single borrower and subject to other regulations designed to
promote financial soundness.
The Funds may purchase CDs issued by banks, savings and loan associations, and similar institutions with less than one
billion dollars in assets, which have deposits insured by the Bank Insurance Fund or the Savings Association Insurance
Fund administered by the FDIC, provided a Fund purchases any such CD in a principal amount of no more than
$100,000, which amount would be fully insured by the FDIC. Interest payments on such a CD are not insured by the
FDIC. A Fund would not own more than one such CD per issuer.
Other Mutual Funds (All Funds). Each Fund may invest in shares of other management investment companies, subject
to the limitations of the 1940 Act, or any exemptive order issued thereunder, and subject to such investments being
consistent with the overall objective and policies of the Fund making such investment, provided that any such purchases
will be limited to short term investments in shares of unaffiliated investment companies. The purchase of securities of
other mutual funds results in duplication of expenses such that investors indirectly bear a proportionate share of the
expenses of such mutual funds including operating costs, and investment advisory, and administrative fees.
Corporate Debt Securities (All Funds). A Fund's investments in corporate debt may include U.S. dollar or foreign
currency-denominated corporate bonds, debentures, notes, and other similar corporate debt instruments of domestic and
foreign issuers, which meet the minimum ratings and maturity criteria established for each Fund under the direction of the
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