Gabelli Asset Management announced today its plans to introduce multi-class shares for its Morningstar rated ***** five star Gabelli Global Growth Fund (Interactive Couch Potato® Fund), its ***** five star Gabelli Global Telecommunications Fund, its Gabelli Global Opportunity Fund (which was launched on May 11, 1998) and its Gabelli Global Convertible Securities Fund, which was up 25.59% this year through September 30, 1999 and is ranked first in its convertible securities fund category for the twelve months ended September 30, 1999 out of 62 funds by Lipper, Inc. Gabelli Funds will introduce these load shares to be sold through the full service broker/dealer network beginning in March, 2000. At that time each of the funds will have four classes of shares. There will be Class A shares with a front-end sales charge; Class B shares which will be subject to 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" according to Mario J. Gabelli, Chairman, Gabelli Asset Management. The strategy behind the introduction of multi-class shares takes into account that approximately half of the $3 trillion invested in equity mutual funds are in the load category. "We want to be firmly established in all areas and channels of distribution, instead of the narrower band of distribution channels we marketed through previously. At the same time, 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," Mr. Bruce N. Alpert, Chief Operating Officer of Gabelli Funds LLC said. Gabelli Asset Management (NYSE: GBL) located in Rye, New York, through its subsidiaries manages approximately $20 billion in assets in mutual funds, closed-end funds, partnerships, and private investment advisory accounts. For more information about the Gabelli Funds, please call us at 1-800-GABELLI. This release contains forward-looking statements about future operations, results and performance, which involve risks and uncertainties that may cause the actual operations, results or performance to differ materially from those expressed in or implied by the forward-looking statements. These risks and uncertainties include the performance of the securities markets and the Company's investment products, future economic conditions, changes in business strategy and other factors. Consequently, no assurance can be given as to future operations, results or performance, and neither the Company nor any other person assumes liability for the accuracy and completeness of the forward-looking statements in this release.
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