Statement of Additional Info - Gabelli

The Funds may use options on futures contracts solely for bona fide hedging or other appropriate risk management
purposes. If a Fund purchases a call (put) option on a futures contract, it benefits from any increase (decrease) in the
value of the futures contract, but is subject to the risk of decrease (increase) in value of the futures contract. The benefits
received are reduced by the amount of the premium and transaction costs paid by a Fund for the option. If market
conditions do not favor the exercise of the option, a Fund's loss is limited to the amount of such premium and transaction
costs paid by the Fund for the option.
If a Fund writes a call (put) option on a futures contract, the Fund receives a premium but assumes the risk of a rise
(decline) in value in the underlying futures contract. If the option is not exercised, a Fund gains the amount of the
premium, which may partially offset unfavorable changes due to interest rate or currency exchange rate fluctuations in the
value of securities held or to be acquired for the Fund's portfolio. If the option is exercised, a Fund will incur a loss,
which will be reduced by the amount of the premium it receives. However, depending on the degree of correlation
between changes in the value of its portfolio securities (or the currency in which they are denominated) and changes in
the value of futures positions, a Fund's losses from writing options on futures may be partially offset by favorable changes
in the value of portfolio securities or in the cost of securities to be acquired.
The holder or writer of an option on futures contracts may terminate its position by selling or purchasing an offsetting
option of the same series. There is no guarantee that such closing transactions can be effected. A Fund's ability to
establish and close out positions on such options will be subject to the development and maintenance of a liquid market.
The risks associated with these transactions are similar to those described above with respect to options on securities. A
Fund may not purchase or write options on futures if, immediately thereafter, more than 25% of its net assets would be
hedged.
Forward Foreign Currency Exchange Contracts (All Funds). The Funds may enter into forward foreign currency
exchange contracts for hedging and non-hedging purposes. A forward foreign currency exchange contract involves an
obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of
the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency exchange
contracts generally are established in the interbank market directly between currency traders (usually large commercial
banks or other financial institutions) on behalf of their customers. Certain types of forward foreign currency exchange
contracts are now regulated as swaps by the CFTC and, although they may still be established in the interbank market by
currency traders on behalf of their customers, such instruments now must be executed in accordance with applicable
federal regulations. The regulation of such forward foreign currency exchange contracts as swaps is a recent
development and there can be no assurance that the additional regulation of these types of derivatives will not have an
adverse effect on a Fund that utilizes these instruments. A forward contract generally has no deposit requirement, and no
commissions are charged at any stage for trades.
At the maturity of a forward contract, a Fund may either accept or make delivery of the currency specified in the contract
or, at or prior to maturity, enter into a closing purchase transaction involving the purchase or sale of an offsetting
contract. Closing purchase transactions with respect to forward contracts are usually effected with the currency trader
who is a party to the original forward contract.
The Funds may enter into forward foreign currency exchange contracts in several circumstances. First, when a Fund
enters into a contract for the purchase or sale of a security denominated in a foreign currency, or when a Fund anticipates
the receipt in a foreign currency of dividend or interest payments on such a security which it holds, the Fund may desire
to "lock in" the U.S. dollar price of the security or the U.S. dollar equivalent of such dividend or interest payment, as the
case may be. By entering into a forward contract for the purchase or sale, for a fixed amount of dollars, of the amount of
foreign currency involved in the underlying transactions, a Fund will attempt to protect itself against an adverse change in
the relationship between the U.S. dollar and the subject foreign currency during the period between the date on which the
security is purchased or sold, or on which the dividend or interest payment is declared, and the date on which such
payments are made or received.
Additionally, when management of the Fund believes that the currency of a particular foreign country may suffer a
substantial decline against the U.S. dollar, it may enter into a forward contract to sell, for a fixed amount of dollars, the
amount of foreign currency approximating the value of some or all of the Fund's portfolio securities denominated in such
foreign currency. The precise matching of the forward contract amounts and the value of the securities involved will not
generally be possible because the future value of such securities in foreign currencies will change as a consequence of
market movements in the value of those securities between the date on which the contract is entered into and the date it
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