Gabelli Utilities Fund Reaffirms $0.88 Distribution Policy and Announces Conversion of C1 Class
GREENWICH, Conn., Feb. 29, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees (the “Board”) of The Gabelli Utilities Fund (the “Fund”) reaffirmed the Fund’s annual distribution rate of $0.88 per share for Class I, Class A, Class AAA, and Class C shareholders.
- GREENWICH, Conn., Feb. 29, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees (the “Board”) of The Gabelli Utilities Fund (the “Fund”) reaffirmed the Fund’s annual distribution rate of $0.88 per share for Class I, Class A, Class AAA, and Class C shareholders.
- If Class C1 shares are not redeemed prior to the Effective Date, each shareholder owning Class C1 shares of the Fund will own Class C shares of the Fund equal to the aggregate value of the shareholder’s Class C1 shares.
- Therefore, shareholders of Class C1 shares who do not redeem their Class C1 shares, and instead have their Class C1 shares converted into Class C shares, will own a fewer number of shares (but with the same aggregate dollar value) after such conversion.
- Since the per share distribution of the Class C1 shares and the Class C shares is the same, shareholders whose shares are converted to Class C will receive a lower total distribution amount as Class C shareholders even though the per share amount will remain unchanged.