Gabelli RBI. Shareholder Commentary June 30, (Y)our Portfolio Management Team. Jose Garza Portfolio Manager. Brian Sponheimer Portfolio Manager

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1 Gabelli RBI Shareholder Commentary June 30, 208 (Y)our Portfolio Management Team Brian Sponheimer Portfolio Manager Jose Garza Portfolio Manager To Our Shareholders, For the quarter ended June 30, 208, the net asset value ( NAV ) per share of Gabelli RBI ( GRBIC ) decreased 0.% compared with an increase of 2.6% for the Standard & Poor s ( S&P ) Global Infrastructure Index. See page 2 for additional performance information. (Y)our Fund Gabelli RBI launched on February 2, 208, and provides a unique platform to benefit from the buildout of physical assets; including roads, bridges, and infrastructure. Infrastructure investment provides the backbone for any growing economy, and the historical underinvestment in the U.S. creates meaningful opportunities in the future. This is attributable to both the replacement of installed assets along with a larger physical asset base from economic growth. The sets of companies spread across various business models, customers, and market profiles that stand to benefit from increased investment in infrastructure have been in our purview for many years utilizing our Private Market Value with a Catalyst TM methodology. A realizable catalyst to our strategy is the ongoing inflection point where corporations, municipalities, and citizens choose to address the increasing limitations created by failing infrastructure. According to the American Society of Civil Engineers, from 206 to 2025 the negative impact on the U.S. economy due to the infrastructure investment gap will be close to $4 trillion, costing each American household up to $3,400 in waste, time, and productivity loss. Eventually, this growing frustration will transition from being simply a discussion to political action and then to real investment in physical assets, as exemplified by California s $52 billion infrastructure bill passed in 207 that was in part financed by the state s first gas tax increase in 23 years.

2 Cumulative Returns through June 30, 208 (a) (Unaudited) Since Inception Quarter - (2/2/8) - Gabelli RBI (0.0)% (2.20)% S&P Global Infrastructure Index In the current prospectuses dated February 2, 208, the net expense ratio for the Fund after contractual reimbursements by Gabelli Funds, LLC, (the Adviser ) is 0.90%. (a) Returns represent past performance and do not guarantee future results. Total returns reflect changes in share price, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit for performance information as of the most recent month end. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at The S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities. NextShares TM is a trademark of NextShares Solutions, LLC. Used with permission. We have separated the portfolio managers commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of We have done this to ensure that the content of the portfolio managers commentary is unrestricted. The financial statements and investment portfolio are mailed separately from the commentary. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at 2

3 Quarterly Review Top contributors to quarterly performance were Fortress Transportation & Infrastructure (FTAI) (2.4% of net assets as of June 30, 208), Martin Marietta Materials (MLM) (.8%), and Baker Hughes (BHGE) (.4%). Tariff Talk Detractors were CNH Industrial (CNHI) (2.2%), Dana (DAN) (.7%), and US Concrete (USCR) (.5%). The feeling of synchronized global growth experienced early in 208 has been muddied in the past few months as protectionist trade rhetoric between the U.S. and China devolved into the implementation of a series of tariffs on imports ranging from steel, farm goods and machinery, to electronics and consumer products. With the first $34 billion having gone into effect on July 6, the impact has yet to be fully seen on companies that utilize certain raw materials or ship goods to China, and will be a topic of focus as second quarter earnings are reported. While most industrial companies continue to believe they have redundancies in their supply chain, not all are immune to the trade dispute, and in some cases, they may see tertiary effects arising from customers choosing a wait-and-see approach. Details are expected to emerge in the coming weeks on the $200 billion in additional duties the Trump Administration plans to levy on Chinese goods, with a possible implementation of these in the early fall. Ultimately, we believe both Washington and Beijing have a vested interest in finding a resolution that deescalates tensions, particularly with U.S. midterm elections this coming November. Federal Infrastructure Plan On February 2, 208, the White House released details of its long awaited infrastructure plan. The plan provides $200 billion of financing, expected to translate to $.5 trillion in investment over the next ten years, shortens approval processes to 2 years or less, and focuses on addressing infrastructure related issues for rural areas. The infrastructure plan places $00 billion in the control of state and local authorities to implement an incentives based program for traditional infrastructure projects. Among the areas of focus are roads, bridges, airports, drinking and wastewater systems, and energy. An additional $50 billion is allocated to state authorities for a rural infrastructure program, $20 billion for ground breaking transformative projects, $20 billion for complex infrastructure programs utilizing private activity bonds, and $0 billion for federal agency real estate purchases. Notably, the plan establishes 2 months for lead agencies to complete their environmental reviews and three months for agencies to make decisions with respect to necessary permits, with the end goal of reducing inefficiencies and severe bottlenecks that delay project timing. The administration s infrastructure plan, in our view, is a solid starting point for discussion, and a potential legislative focus after the implementation of the Tax Cuts and Jobs Act at the end of 207. However, we view 3

4 a comprehensive bill as unlikely in the near term given the aforementioned midterms. Nevertheless, support for a substantial infrastructure bill appears to be one of the few issues on which Democrats and Republicans can agree. Water Needs Continue to Grow The EPA recently released its sixth Drinking Water Infrastructure Needs Survey and Assessment (DWINSA), which it began in 995 and assess the country s 20 year investment needs to continue to provide safe drinking water to the public. The findings are based on the 205 DWINSA, which relies on a statistical survey of 2,600 water systems. Not unexpectedly, the infrastructure needs continue to grow, and in 205 dollars were $472.6 billion, a 0% increase over the prior amount of $428.6 billion in 20, with the largest increase in rehabilitation and replacement needs for existing infrastructure, up nearly 8%. Water transmission and distribution continues to be the largest need, accounting for $32.6 billion of the total need over the projected time frame. Additional large needs are Treatment ($83.0 billion), Storage ($47.6 billion), and Sourcing ($2.8 billion). Conclusion Set against a backdrop of improved consumer confidence, lower corporate tax rates, reductions in regulations and increasing support for reinvestment in America s physical asset base, our focus on fundamental, bottom-up research underpinned by a repeatable investment process positions the Gabelli RBI portfolio to benefit from the modernization of American infrastructure. As discussed, trade dynamics have the potential to undermine what is broadly a strong growth environment, which we believe will present investment opportunities. Thank you for interest and support. July 7, 208 Top Ten Holdings (Percent of Net Assets) June 30, 208 Macquarie Infrastructure 2.9% Terex Corp. 2.8% SBA Communications Corp. 2.7% Eaton Corp plc 2.4% Herc Holdings Inc. 2.4% Fortress Transportation and Infrastructure Investors LLC 2.4% General Motors Co. 2.3% Halliburton Co. 2.2% United Rentals Inc. 2.2% CNH Industrial N.V. 2.2% 4

5 Note: The views expressed in this Shareholder Commentary reflect those of the Portfolio Managers only through the end of the period stated in this Shareholder Commentary. The Portfolio Managers views are subject to change at any time based on market and other conditions. The information in this Portfolio Managers Shareholder Commentary represents the opinions of the individual Portfolio Managers and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Views expressed are those of the Portfolio Managers and may differ from those of other portfolio managers or of the Firm as a whole. This Shareholder Commentary does not constitute an offer of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this Shareholder Commentary has been obtained from sources we believe to be reliable, but cannot be guaranteed. Please visit us on the Internet. Our homepage at contains information about GAMCO Investors, Inc., the Gabelli/GAMCO Exchange Traded Managed Funds (ETMFs), Mutual Funds, IRAs, 40(k)s, current and historical quarterly reports, closing prices, and other current news. We welcome your comments and questions via at info@gabelli.com. The Fund s daily NAV is available each evening after 7:00 PM (Eastern Time) by calling 800-GABELLI ( ). Please call us during the business day, between 8:00 AM 7:00 PM (Eastern Time), for further information. You may sign up for our alerts at and receive early notice of quarterly report availability, news events, media sightings, and mutual fund prices and performance. 5

6 About NextShares: Shares of NextShares funds are normally bought and sold in the secondary market through a broker, and may not be individually purchased or redeemed from the fund. In the secondary market, buyers and sellers transact with each other, rather than with the fund. NextShares funds issue and redeem shares only in specified creation unit quantities in transactions by or through Authorized Participants. In such transactions, a fund issues and redeems shares in exchange for the basket of securities, other instruments and/or cash that the fund specifies each business day. By transacting in kind, a NextShares fund can lower its trading costs and enhance fund tax efficiency by avoiding forced sales of securities to meet redemptions. Redemptions may be affected partially or entirely in cash when in-kind delivery is not practicable or deemed not in the best interests of shareholders. A fund s basket is not intended to be representative of the fund s current portfolio positions and may vary significantly from current positions. As exchange-traded securities, NextShares can operate with low transfer agency expenses by utilizing the same highly efficient share processing system as used for exchange-listed stocks and ETFs. Market trading prices of NextShares are linked to the fund s next-computed net asset value (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero, and may vary significantly from anticipated levels. Buyers and sellers of NextShares will not know the value of their purchases and sales until after the fund s NAV is determined at the end of the trading day. Market trading prices may vary significantly from anticipated levels. Trading in shares does not offer the opportunity to transact intraday based on current (versus end-of-day) determinations of the shares value. NextShares trade execution prices will fluctuate based on changes in NAV. Although limit orders may be used to control trading costs, they cannot be used to control or limit trade execution prices. As a new type of fund, NextShares have a limited operating history and may initially be available through a limited number of brokers. There can be no guarantee that an active trading market for NextShares will develop or be maintained, or that their listing will continue unchanged. Buying and selling NextShares may require payment of brokerage commissions and expose transacting shareholders to other trading costs. Frequent trading may detract from realized investment returns. The return on a shareholder s NextShares investment will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV than he or she acquired the shares. 6

7 Gabelli RBI One Corporate Center Rye, NY Portfolio Management Team Biographies Mr. Brian Sponheimer, a Senior Vice President of Associated Capital Group, Inc. and portfolio manager of the Adviser, is responsible for the day to day management of Gabelli RBI. Most recently, Mr. Sponheimer has been responsible for oversight of the G.research, LLC s Industrial Research platform, including automotive, trucking, machinery, utility, aerospace, energy, and chemical sectors. Mr. Sponheimer joined G.research, LLC in 2008 as a research analyst covering automotive and trucking companies. Mr. Sponheimer graduated cum laude with a BA in Government from Harvard University and holds an MBA degree from Columbia Business School. Mr. Jose Garza, a Vice President of Associated Capital Group, Inc. and portfolio manager of the Adviser, is responsible for the day to day management of Gabelli RBI. Mr. Garza rejoined G.research, LLC in July 203 as a research analyst covering Water and Industrial Gas companies. He began his career at G.research, LLC in 2007 and was previously a member of the Utilities research team. Mr. Garza graduated from Yale University with a dual BA in Economics and Biology, and holds an MBA degree from Columbia Business School, where he participated in the school s Value Investing Program. 7

8 GABELLI RBI One Corporate Center Rye, NY t 800-GABELLI ( ) f e info@gabelli.com GABELLI.COM Net Asset Value per share available daily by calling 800-GABELLI after 7:00 P.M. BOARD OF TRUSTEES Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group Inc. Anthony S. Colavita Attorney, Anthony S. Colavita, P.C. Frank J. Fahrenkopf, Jr. Former President & Chief Executive Officer, American Gaming Association Michael J. Melarkey Of Counsel, McDonald Carano Wilson LLP Kuni Nakamura President, Advanced Polymer, Inc. Salvatore M. Salibello, CPA Senior Partner, Bright Side Consulting OFFICERS Agnes Mullady President Andrea R. Mango Secretary John C. Ball Treasurer Bethany A. Uhlein Vice President Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN, TRANSFER AGENT, AND DIVIDEND DISBURSING AGENT The Bank of New York Mellon LEGAL COUNSEL Paul Hastings LLP G A B E L L I R B I N E X TS H A R E S T M Shareholder Commentary June 30, 208 This report is submitted for the general information of the shareholders of Gabelli RBI NextShares. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. GAB5003Q28SC

9 Gabelli RBI Third Quarter Report June 30, 208 (Y)our Portfolio Management Team Brian Sponheimer Portfolio Manager BA, Harvard University MBA, Columbia Business School Jose Garza Portfolio Manager BA, Yale University MBA, Columbia Business School To Our Shareholders, For the quarter ended June 30, 208, the net asset value ( NAV ) per share of Gabelli RBI ( GRBIC ) decreased 0.% compared with an increase of 2.6% for the Standard & Poor s ( S&P ) Global Infrastructure Index. See page 2 for additional performance information. Enclosed is the schedule of investments, as of June 30,208.

10 Comparative Results Cumulative Annual Returns through June 30, 208 (a) (Unaudited) Since Inception Quarter (2/2/8) Gabelli RBI... (0.0)% (2.20)% S&P Global Infrastructure Index In the current prospectuses dated February 2, 208, the net expense ratio for the Fund after contractual reimbursements by Gabelli Funds, LLC, (the Adviser ) is 0.90%. (a) Returns represent past performance and do not guarantee future results. Total returns reflect changes in share price, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit for performance information as of the most recent month end. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at The S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities. You cannot invest directly in an index. Discount & Premium Information Information regarding how often shares of the Fund traded on NASDAQ at a price above, i.e., at a premium, or below, i.e., at a discount, the Net Asset Value of the Fund can be found at NextShares is a trademark of NextShares Solutions, LLC. Used with permission. 2

11 Gabelli RBI Schedule of Investments June 30, 208 (Unaudited) Shares Market Value COMMON STOCKS 73.7% Automotive & Components 6.9%,000 Dana, Inc..... $ 20, General Motors Co , Linamar Corp , Navistar International Corp ,360 85,79 Building Products 2.6% 00 AO Smith Corp , Gibraltar Industries, Inc ,250 32,65 Construction & Engineering 4.4% 500 AECOM.... 6, Granite Construction, Inc ,698 2,000 Great Lakes Dredge & Dock Corp , Jacobs Engineering Group, Inc , Orion Group Holdings, Inc ,30 54,92 Diversified Industrial 6.9% 300 EnPro Industries, Inc ,985,600 Fortress Transportation & Infrastructure Investors LLC , Macquarie Infrastructure Corp ,870 85,767 Energy Equipment & Services 4.0% 500 Baker Hughes a GE Co , Halliburton Co... 27, nvent Electric plc...., RPC, Inc... 4,37 49,77 Industrials 3.% 00 Crane Co.... 8, Eaton Corp. plc , Evoqua Water Technologies Corp , Flowserve Corp , Fortive Corp ,277,500 General Electric Co ,45 50 Honeywell International, Inc ,608,800 Mueller Water Products, Inc., Cl. A.... 2, Pentair plc.... 4, Rexnord Corp ,82 50 Valmont Industries, Inc.... 7,538 Market Shares Value 00 Watts Water Technologies, Inc., Cl. A.... $ 7,840 62,043 Information Technology 2.9% 00 Badger Meter, Inc.... 4, EchoStar Corp., Cl. A.... 7, Roper Technologies, Inc... 3,796 36,026 Machinery 8.2% 600 Allison Transmission Holdings, Inc , Astec Industries, Inc , CIRCOR International, Inc ,328 2,500 CNH Industrial NV , Franklin Electric Co., Inc... 4, Gencor Industries, Inc , Herc Holdings, Inc , Oshkosh Corp... 2, Terex Corp , United Rentals, Inc ,57 00 Xylem, Inc.... 6, ,52 Materials 9.3% 50 Ecolab, Inc , GCP Applied Technologies, Inc , Martin Marietta Materials, Inc ,333,000 TimkenSteel Corp , US Concrete, Inc , Vulcan Materials Co... 25,82 5,942 Real Estate 2.7% 200 SBA Communications Corp. REIT ,024 Trading Companies & Distributors 0.3% 00 HD Supply Holdings, Inc ,289 Transportation 0.3% 400 Transurban Group.... 3,543 Utilities 2.% 50 American Water Works Co., Inc... 4, Aqua America, Inc , AquaVenture Holdings Ltd , Suez.... 7,78 26,675 TOTAL COMMON STOCKS ,083 See accompanying notes to schedule of investments. 3

12 Gabelli RBI Schedule of Investments (Continued) June 30, 208 (Unaudited) Market Shares Value Money Market Fund 26.3% 326,278 BlackRock Treasury Trust,.70%(a).... $ 326,278 TOTAL INVESTMENTS 00.0% (cost $,272,935).... $,24,36 Non-income producing security. (a) Rate shown reflects the 7 day yield as of June 30, 208. REIT Real Estate Investment Trust See accompanying notes to schedule of investments. 4

13 Gabelli RBI Notes to Schedule of Investments (Unaudited) As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles ( GAAP ) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board ) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser ). Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations. Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security. The inputs and valuation techniques used to measure fair value of the Fund s investments are summarized into three levels as described in the hierarchy below: Level quoted prices in active markets for identical securities; Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and Level 3 significant unobservable inputs (including the Board s determinations as to the fair value of investments). A financial instrument s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary 5

14 Gabelli RBI Notes to Schedule of Investments (Unaudited) (Continued) of the Fund s investments in securities by inputs used to value the Fund s investments as of June 30, 208 are as follows: Valuation Inputs INVESTMENTS IN SECURITIES: Level Quoted Prices Total Market Value at 06/30/8 ASSETS (Market Value): Common Stocks(a) $ 95,083 $ 95,083 Money Market Fund 326, ,278 TOTAL INVESTMENTS IN SECURITIES ASSETS $,24,36 $,24,36 (a) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings. There were no Level 2 or Level 3 investments held at June 30, 208. Additional Information to Evaluate Qualitative Information General. The Fund uses recognized industry pricing services approved by the Board and unaffiliated with the Adviser to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities. Fair Valuation. Fair valued securities may be common and preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, and the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply. The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized. Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes 6

15 Gabelli RBI Notes to Schedule of Investments (Unaudited) (Continued) in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments. Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers. Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. Restricted Securities. The Fund may invest up to 0% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At June 30, 208, the Fund did not hold any restricted securities. Tax Information. The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 986, as amended. 7

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17 GABELLI RBI One Corporate Center Rye, NY Portfolio Management Team Biographies Mr. Brian Sponheimer, a Senior Vice President of Associated Capital Group, Inc. and portfolio manager of the Adviser, is responsible for the day to day management of the Gabelli RBI Fund. Most recently, Mr. Sponheimer has been responsible for oversight of the G.research, LLC s Industrial Research platform, including automotive, trucking, machinery, utility, aerospace, energy, and chemical sectors. Mr. Sponheimer joined G.research, LLC in 2008 as a research analyst covering automotive and trucking companies Mr. Sponheimer graduated cum laude with a BA in Government from Harvard University and holds an MBA degree from Columbia Business School. Mr. Jose Garza, a Vice President of Associated Capital Group, Inc. and portfolio manager of the Adviser, is responsible for the day to day management of the Gabelli RBI Fund. Mr. Garza rejoined G.research, LLC in July 203 as a research analyst covering Water and Industrial Gas companies. He began his career at G.research, LLC in 2007 and was previously a member of the Utilities research team. Mr. Garza graduated from Yale University with a dual BA in Economics and Biology, and holds an MBA from Columbia Business School, where he participated in the school s Value Investing Program. We have separated the portfolio managers commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of We have done this to ensure that the contents of the portfolio managers commentary are unrestricted. Both the commentary and the financial statements, including the portfolios of investments, will be available on our website at

18 GABELLI NEXTSHARES TRUST GABELLI RBI One Corporate Center Rye, New York t 800-GABELLI ( ) f e info@gabelli.com GABELLI.COM Net Asset Values per share available daily by calling 800-GABELLI after 7:00 P.M. BOARD OF TRUSTEES OFFICERS Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group Inc. Anthony S. Colavita Attorney, Anthony S. Colavita, P.C. Frank J. Fahrenkopf, Jr. Former President & Chief Executive Officer, American Gaming Association Michael J. Melarkey Of Counsel, McDonald Carano Wilson LLP Kuni Nakamura President, Advanced Polymer, Inc. Salvatore M. Salibello Senior Partner, Bright Side Consulting Agnes Mullady President John C. Ball Treasurer Andrea R. Mango Secretary Richard J. Walz Chief Compliance Officer Bethany A. Uhlein Vice President DISTRIBUTOR G.distributors, LLC CUSTODIAN, TRANSFER AGENT, AND DIVIDEND DISBURSING AGENT The Bank of New York Mellon LEGAL COUNSEL Paul Hastings LLP GABELLI RBI NEXTSHARES TM Third Quarter Report June 30, 208 This report is submitted for the general information of the shareholders of Gabelli RBI. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. GAB5003Q28QR