As previously announced by GAMCO Investors, Inc. (“GAMCO”) on March 23, 2026, Mario J. Gabelli (“Mr. Gabelli”), Trustee, Chairman and Chief Investment Officer of the Fund, and Chairman, Co-Chief Executive Officer, and Chief Investment Officer – Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc., was admitted to the hospital for observation and testing after a medical incident March 19, 2026, following a busy day of events around New York City. His condition is improving and he is on the road to recovery, but the timeline for his return is not yet known.
On March 22, 2026, GAMCO, the parent company of the Fund’s adviser, Gabelli Funds, LLC (the “Adviser”), implemented GAMCO’s succession plan that has been in place for several years. In accordance with that plan, Christopher J. Marangi was named President of GAMCO on March 22, 2026.
While the timeline for Mr. Gabelli’s return remains undetermined, the day-to-day operations of GAMCO will continue to be led by co-CEO, Douglas R. Jamieson, and Christopher J. Marangi.
The Gabelli Value team Co-Chief Investment Officers Kevin V.