Statement of Additional Info - Gabelli

portfolio within the Trust is separate for investment and accounting purposes and is represented by a separate series of
shares. Each portfolio will be treated as a separate entity for U.S. federal income tax purposes.
Except as noted below, each share of a Fund represents an equal proportionate interest in that Fund with each other share
of the same Fund and is entitled to such dividends and distributions out of the income earned on the assets belonging to
that Fund as are declared in the discretion of the Board. In the event of the liquidation or dissolution of the Trust, shares
of a Fund are entitled to receive the assets belonging to that Fund which are available for distribution, and a proportionate
distribution, based upon the relative net assets of the Funds, of any general assets not belonging to a Fund which are
available for distribution.
Each Fund is comprised of four classes of shares of beneficial interest – "Class AAA” Shares, "Class A" Shares,
"Class C" Shares, and “Class I” Shares.
All shares of the Trust have equal voting rights and will be voted in the aggregate, and not by class or series, except
where voting by class or series is required by law or where the matter involved affects only one class or series. For
example, shareholders of each Fund will vote separately by series on matters involving investment advisory contracts and
shareholders of each Class will vote separately by class for matters involving the Rule 12b-1 Distribution Plan. As used
in the Prospectuses and in this SAI, the term "majority," when referring to the approvals to be obtained from shareholders
in connection with general matters affecting all of the Funds (e.g., election of Trustees and ratification of independent
accountants), means the vote of a majority of each Fund's outstanding shares represented at a meeting. The term
"majority," as defined by the Act when referring to the approvals to be obtained from shareholders in connection with
matters affecting a single Fund or class (e.g., approval of investment advisory contracts or changing the fundamental
policies of a Fund, or approving the Plans and Distribution Agreement with respect to a class), means the vote of the
lesser of (i) 67% of the shares of the Fund (or class) represented at a meeting if the holders of more than 50% of the
outstanding shares of the Fund (or class) are present in person or by proxy, or (ii) more than 50% of the outstanding
shares of the Fund (or class). Shareholders are entitled to one vote for each full share held, and fractional votes for
fractional shares held.
Under Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations
of the Trust. However, the Amended and Restated Declaration of Trust disclaims shareholder liability for acts or
obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument
entered into or executed by the Trust or a Trustee on behalf of the Trust. The Amended and Restated Declaration of
Trust provides for indemnification from the Trust's property for all losses and expenses of any shareholder held
personally liable for the obligations of the Trust. Thus, the risk of shareholders incurring financial loss on account of
shareholder liability is limited to circumstances in which the Trust itself would be unable to meet its obligations, a
possibility which management believes is remote. Upon payment of any liability incurred by the Trust, the shareholder
paying such liability will be entitled to reimbursement from the general assets of the Trust. The Trustees intend to
conduct the operations of the Trust in such a way so as to avoid, as far as possible, ultimate liability of the shareholders
for liabilities of the Trust. As described under "Management of the Funds," the Funds ordinarily will not hold
shareholder meetings; however, the Trustees are required to call a meeting for the purpose of considering the removal of
persons serving as Trustee if requested in writing to do so by the holders of not less than 10% of the outstanding shares of
the Trust. Under the Amended and Restated Declaration of Trust, shareholders of record of not less than two-thirds of
the outstanding shares of the Trust may remove a Trustee either by declaration in writing or by vote cast in person or by
proxy at a meeting called for such purpose. In connection with the calling of such shareholder meetings, shareholders
will be provided with communication assistance.
Shareholders are not entitled to any preemptive rights. All shares, when issued, will be fully paid and non-assessable by
the Trust.
The Funds send annual and semiannual financial statements to all of their shareholders.
FINANCIAL STATEMENTS
The Funds’ Financial Statements for the fiscal year ended September 30, 2013, including the Report of PwC, are
incorporated by reference to the Funds’ 2013 Annual Report to Shareholders. You may request a copy of the Annual
Report at no charge by calling 800-GABELLI (800-422-3554) or through the internet at www.gabelli.com. PwC
provides audit and tax return preparation services in connection with the Funds.
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