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The Gabelli Global Deal Fund - General Information |
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Portfolio Manager(s):
Fund Structure:
Asset Class:
Investment Style:
Investment Objective:
Multiclass: |
Team Managed
Closed End
Equity
Merger/Arbitrage
Absolute Returns
No
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| Key Dates |
| Inception: |
January 26, 2007 |
Dividends Paid: |
Quarterly |
| Fiscal Year End: |
December |
Capital Gains Paid: |
Annual - Dec. |
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| Fund Identifiers |
| Exchange Symbol: |
GDL |
| Cusip Number: |
36245G103 |
| Telephone Audio Response Code: |
N / A |
| Class: |
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| Fund Operating Expenses |
Account Fees |
| Management *** |
0.50 % |
Sales Load: |
N / A |
| 12B-1 |
0 % |
CDSC: * |
N / A |
| Other Expenses |
0.14 % |
Exchange Fee: |
N / A |
| Total |
0.64 % |
IRA Custodian |
Not Available |
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Education IRA |
Not Available |
*** In addition to the management fees set forth in the table, the Investment Adviser
is entitled to receive an annual performance fee as of the end of any calendar year in
which the Fund’s total return exceeds the T-Bill Index total return. The performance
fee is 0.01% for each 0.04% of overperformance up to a maximum incremental fee of 1.50%,
for a total fee rate of 2.00%, if the Fund’s total return equals or exceeds the T-Bill
Index total return plus 6.0% (600 basis points).
* Contingent Deferred Sales Charge
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Merger arbitrage is a highly specialized investment approach generally designed to profit from the successful completion of proposed mergers, takeovers, tender offers and leveraged buyouts. Broadly speaking, an investor purchases the stock of a company in the process of being acquired by another company in anticipation of capturing the spread between the current market price and the acquisition price. A "stub" refers to a small stake in a target company
division or subsidiary that is not purchased by an acquirer in a merger, takeover or leveraged buyout. The arbitrageur may buy the stub, and if the acquiring company is successful in boosting the target company?s appeal, the shares will benefit from a boost in price and the arbitrageur will profit. A spin-off occurs when an independent company is created from an existing part of another company through a distribution of new shares. An arbitrageur may benefit from the share price differential in the same manner as in traditional merger arbitrage if, upon completion of the spin-off, the separate securities trade for more in the aggregate than the former single security. Finally, when a company makes the decision to liquidate, or sell all of its assets, it is often worth more in liquidation
than as an ongoing entity. An arbitrageur benefits when the company is able to distribute more than the price at which the stock is trading at the time the arbitrageur acquires its position. In order to minimize market exposure and volatility of such merger arbitrage
strategies, the Fund may utilize hedging strategies, such as short selling and the use of options and futures. The Fund may hold a significant portion of its assets in liquid money market securities, which may include affiliated or unaffiliated money market mutual
funds. |