THE GABELLI MATHERS FUND
Supplement dated February 18, 2000
to Statement of Additional Information
dated October 1, 1999
On February 16, 2000, the Fund's Board of Trustees approved
a change to the Fund's non-fundamental policy on short-selling,
found on page 8 of the Statement of Additional Information, to
read as follows:
The Fund will not:
10. (i) Sell any securities short if immediately thereafter the
market value of all securities sold short would exceed 50% of the
value of the Fund's net assets, or (ii) sell securities of any
single issuer short if immediately thereafter the market value of
the securities of that issuer that have been sold short by the
Fund would exceed 5% of the Fund's net assets, or if such
securities would constitute more than 3% of a class of the
issuer's outstanding securities.
This change represents an increase in the foregoing
percentages from 30%, 3% and 2%, respectively. It is
management's intention that prior to May 1, 2000, the Fund will
not sell any securities short if immediately thereafter the
market value of all securities sold short by the Fund would
exceed 30% of the value of the Fund's net assets.
