The Gabelli Value Plus⁺ Trust (“GVP” or the “Trust”) was launched in 2015 as a uniquely defensive, absolute return-focused, fund differentiated by its benchmark agnostic Private Market Value with a Catalyst™ investment approach.

In the midst of volatile market conditions brought on by the global pandemic last Spring, Associated Capital Group, Inc. (“AC” or the “Company”), the Trust’s largest shareholder, believed that the right course of action for all shareholders was not to liquidate the Trust in July 2020. Since then, GVP has generated strong absolute performance and rewarded all of its shareholders:

As previously announced, in February, the Board of Associated Capital agreed to abstain from voting at the Trust’s annual general meeting of shareholders to be held in July 2021. Should shareholders defeat the continuation vote, the Trust’s Board will put forth a vote to liquidate the Trust. AC’s Board agreed to abstain from the liquidation vote on the condition that the current Fund Manager would be allowed to liquidate the Trust in an orderly fashion over time.

We believe that Gabelli Value Plus⁺ remains well positioned to continue generating attractive risk adjusted returns as the U.S. economic recovery carries on. Based on the prospects ahead, we urge shareholders to carefully consider the continuation of the Trust at its upcoming AGM.

About Associated Capital Group, Inc.

Associated Capital, based in Greenwich Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). We have also earmarked proprietary capital for our direct investment business that invests in new and existing businesses. The direct investment business is developing along three core pillars: Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with $150 million of authorized capital as a “fund-less” sponsor; the SPAC business (Gabelli special purpose acquisition vehicles), launched in April 2018; and Gabelli Principal Strategies Group, LLC (“GPS”) created to pursue strategic operating initiatives.

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