Gabelli Closed-end Funds Consider Conversion From Delaware Trusts to Maryland Corporations

The Boards of Trustees (the "Boards") of the Gabelli closed-end funds are considering the conversion of selected Funds from Delaware statutory trusts to Maryland corporations. Although many provisions of the corporate statutes of Maryland and Delaware are similar, Maryland may better suit the needs of the Funds. "Maryland is proving to be the jurisdiction of choice for closed-end funds. Their legislature appreciates the positive benefits of having Funds domiciled in Maryland and the Maryland Courts, through their recent rulings, have demonstrated an intent to continue protecting shareholders," said David M. Goldman, General Counsel of Gabelli Funds, LLC.

The Boards expect to continue deliberations and decide whether to include proposed jurisdiction changes on the proxies for the Funds' 2020 Annual Meetings of Shareholders. Preliminary indications are that a jurisdictional change would not result in any negative financial impacts.

Investors should consider the Funds' investment objectives, risks, charges, and expenses carefully before investing.

The Funds are managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. GBL.

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