Gabelli Funds, LLC
wants to shut the Gabelli ABC Fund
to omnibus and indirect accounts. The adviser plans to ask the fund's directors and shareholders to require that all shares be registered directly to their beneficial owners.
If approved, the move would clearly have implications for intermediary investors in the fund.
It would allow existing accounts held through intermediaries to be eliminated either by conversion to directly registered accounts or by redemption.
This would bring existing accounts in line with new accounts. Currently the fund is only open to purchases made through accounts held directly with its transfer agent, State Street Bank & Trust Company
The fund did away with its 25 bp 12b-1 fee in January 2003. "For reasons specific to this Fund, the Adviser believes neither the Fund nor the Adviser should be responsible for the costs associated with maintaining these accounts held at these intermediaries," fund officials said.
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