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Monday, November 01, 1999

Gabelli Creates Four Classes

Reported by Hayley Green

Gabelli Asset Management will be offering multi-class shares for four of its funds starting in March 2000, the company said.

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The Gabelli Global Growth Fund, Global Telecommunications Fund, Global Opportunity Fund and its Gabelli Global Convertible Securities Fund will all have four classes sold through the full service broker/dealer network.

The Class A shares will have a front-end sales charge, Class B will have a back-end contingent deferred sales charge and Class C shares will be level load. The existing class of no-load shares is being redesignated as Class AAA shares.

"This move is a major step toward expanding the distribution of all Gabelli Funds products into the full service broker/dealer network. This further enforces our commitment to strengthening our brand and our partnership with the advised sector of the mutual fund investment community," said Mario J. Gabelli, chairman of Gabelli Asset Management.

Approximately half of the $3 trillion invested in equity mutual funds are in the load category. "We will not alter the ability of existing Gabelli mutual fund shareholders to buy additional shares at no-load. Additionally, our no-load class AAA shares will continue to be available through various discount brokerage firms' no-transaction fee programs and through Gabelli & Company, Inc., the distributor of the funds," said Bruce N. Alpert, chief operating officer of Gabelli Funds said. 

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