Gabelli Funds will reorganize two funds - the Gabelli Media Mogul NextShares and the Gabelli Pet Parents' NextShares - into no-load, open-end mutual funds registered under the Investment Company Act of 1940. As part of this reorganization, the assets and liabilities of each fund would be transferred to a new series of a new trust. The open-end funds will follow the same investment objectives of the current funds and won't charge a distribution fee and costs of the reorganization are to be borne by the adviser. The reorganization will be a tax-free transaction for federal income tax purposes. The Media Mogul fund seeks to provide capital appreciation and invests at least 80% of its net assets in the media industry, specifically companies from Liberty Media Corporation. The Pet Parents fund seeks to provide capital appreciation and invests at least 80% of its net assets in domestic and foreign companies in the pet industry.
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