Statement of Additional Info - Gabelli

gain dividends, also be treated as a long term capital loss if such shares have been held by the shareholder for six months
or less. Further, a loss realized on a disposition will be disallowed to the extent the shares disposed of are replaced
(whether by reinvestment of distributions or otherwise) within a period of sixty-one days beginning thirty days before and
ending thirty days after the shares are disposed of. In such a case, the basis of the shares acquired will be adjusted to
reflect the disallowed loss. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of
a noncorporate taxpayer, $3,000 of ordinary income ($1,500 for married individuals filing separately). An exchange
from one share class within a Fund to another share class within the same Fund is not a taxable transaction, provided that
such classes have identical rights with respect to Fund assets.
Under certain circumstances, the sales charge incurred in acquiring shares of a Fund may not be taken into account in
determining the gain or loss on the disposition of those shares unless certain conditions are met. This rule applies where
shares of a Fund are exchanged within ninety days after the date they were purchased and a class of shares of a Fund is
acquired without a sales charge or at a reduced sales charge. In that case, the gain or loss recognized on the exchange
will be determined by excluding from the tax basis of the shares exchanged all or a portion of the sales charge incurred in
acquiring those shares. This exclusion applies to the extent that the otherwise applicable sales charge with respect to the
newly acquired shares is reduced as a result of having incurred the sales charge initially. Instead, the portion of the sales
charge affected by this rule will be treated as a sales charge paid for the new shares.
Foreign Shareholders
The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. persons, i.e.,
U.S. citizens and residents and U.S. domestic corporations, partnerships, trusts, and estates. Each shareholder who is not
a U.S. person should consult his or her tax advisor regarding the U.S. and foreign tax consequences of ownership of Fund
shares, including the possibility that such a shareholder may be subject to a U.S. withholding tax at a rate of 30% (or at a
lower rate under an applicable income tax treaty) on amounts received by such person, and, for non-individual foreign
shareholders, a 30% branch profits tax.
The Foreign Account Tax Compliance Act (“FATCA”). A 30% withholding tax on your Fund’s distributions,
including capital gains distributions, and on gross proceeds from the sale or other disposition of shares of the Fund
generally applies if paid to a foreign entity unless: (i) if the foreign entity is a “foreign financial institution,” it undertakes
certain due diligence, reporting, withholding and certification obligations, (ii) if the foreign entity is not a “foreign
financial institution,” it identifies certain of its U.S. investors or (iii) the foreign entity is otherwise excepted under
FATCA. Withholding under FATCA is required: (i) with respect to certain distributions from your Fund beginning on
July 1, 2014; and (ii) with respect to certain capital gains distributions and gross proceeds from a sale or disposition of
Fund shares that occur on or after January 1, 2017. If withholding is required under FATCA on a payment related to
your shares, investors that otherwise would not be subject to withholding (or that otherwise would be entitled to a
reduced rate of withholding) on such payment generally will be required to seek a refund or credit from the IRS to obtain
the benefits of such exemption or reduction. The Fund will not pay any additional amounts in respect to amounts
withheld under FATCA. You should consult your tax advisor regarding the effect of FATCA based on your individual
circumstances.
State and Local Tax Considerations
The Funds may be subject to state or local tax in jurisdictions in which a Fund is organized or may be deemed to be doing
business.
Distributions may be subject to state and local income taxes. In addition, the treatment of a Fund and its shareholders in
those states that have income tax laws might differ from their treatment under the U.S. federal income tax laws.
INFORMATION ABOUT THE FUNDS
The authorized capitalization of the Trust consists of an unlimited number of shares of beneficial interest having a par
value of $0.001 per share. The Trust's Amended and Restated Declaration of Trust authorizes the Board to classify or
reclassify any unissued shares of beneficial interest. Pursuant to that authority, the Board has authorized the issuance of
eight series representing eight portfolios of the Trust (i.e., the Funds and the inactive Westwood Cash Management
Fund). The Board may, in the future, authorize the issuance of other series of shares of beneficial interest representing
shares of other investment portfolios which may consist of separate classes as in the case of the Funds. Each additional
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