Gabelli Funds to Launch Two New Open End Funds, Media Mogul, Pet Parents

Gabelli Funds, LLC (the “Adviser”), a subsidiary of GAMCO Investors, Inc. (NYSE: GBL) (“GAMCO”), announced today that, after considering the recommendation of the Adviser, the Board of Trustees for each of the Gabelli Media Mogul NextShares and the Gabelli Pet Parents’ NextShares (each a “Fund” and collectively, the “Funds”) determined that it would be in the best interests of Fund shareholders to reorganize each Fund as a no-load, open-end mutual fund registered under the Investment Company Act of 1940 (“1940 Act”). As part of a Reorganization, substantially all of the assets and liabilities of each Fund would be transferred to a new series of a new trust to be created at a future date (a “New Fund”).

“We have seen tremendous interest in these strategies and are pleased to offer them in a format with broader distribution,” commented Christopher J. Marangi, Co-CIO, Value and Portfolio Manager of Media Mogul.

Each New Open End Fund will be managed in accordance with the same investment objective, and will be subject to materially the same investment strategies, policies, and risks as the corresponding Fund. Each New Fund will have the same Board of Trustees as each existing Fund and the investment advisory agreement for each New Fund will be materially similar to the investment advisory agreement for each existing Fund. Each New Fund will not charge a distribution fee pursuant to Rule 12b-1 under the 1940 Act and will be operated in a substantially similar manner as the corresponding Fund, except that each New Fund will be structured as an open-end mutual fund. Costs associated with the Reorganization of each Fund will be borne by the Adviser. The Reorganization of each Fund is expected to be a tax-free transaction for federal income tax purposes.

The Reorganization of each Fund is subject to several conditions and customary closing conditions, including when shares of the New Funds are legally available for sale. If such conditions are satisfied, it is anticipated that the Reorganization would close in the first quarter of 2019.

Media Mogul, launched in December 2016, seeks to provide capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in the media industry. Media Mogul specifically invests in companies that were spun-off from Liberty Media Corporation (‘‘Liberty Media’’) as constituted in 2001, as well as in companies that resulted from subsequent mergers of any such spin-offs or stocks that track performance of such spin-offs or companies that resulted from subsequent mergers of any such spin-offs, and in public companies in which Liberty Media and its successor companies invest. Liberty Media was spun off from AT&T Corporation in August 2001, as an amalgamation of, among others, media and telecommunications related assets. The company’s chairman and largest shareholder since inception has been Dr. John C. Malone.