Summary of the Funds | ||||
2 | ||||
11 | ||||
18 | ||||
26 | ||||
35 | ||||
Investment Objectives, Investment Strategies and Related Risks | 43 | |||
Management of the Funds | 55 | |||
Index Descriptions | 57 | |||
Classes of Shares | 58 | |||
Purchase of Shares | 63 | |||
Redemption of Shares | 68 | |||
Exchange of Shares | 72 | |||
Pricing of Fund Shares | 74 | |||
Dividends and Distributions | 76 | |||
Tax Information | 76 | |||
Mailings and E‑Delivery to Shareholders | 77 | |||
Financial Highlights | 77 | |||
Appendix A | 83 |
Fund | Class | Ticker Symbol | ||||||||
The Gabelli
Global |
AAA | GABTX | ||||||||
Content &
Connectivity |
A | GTCAX | ||||||||
Fund |
I | GTTIX | ||||||||
The Gabelli Global |
AAA | GICPX | ||||||||
Growth
Fund |
A | GGGAX | ||||||||
I | GGGIX | |||||||||
The Gabelli
International |
AAA | GABOX | ||||||||
Small Cap
Fund |
A | GOCAX | ||||||||
I | GLOIX | |||||||||
The Gabelli Global
Rising |
AAA | GAGCX | ||||||||
Income and
Dividend |
A | GAGAX | ||||||||
Fund |
I | GAGIX | ||||||||
Gabelli
Global |
AAA | GAMNX | ||||||||
Mini MitesTM
Fund |
A | GMNAX | ||||||||
I | GGMMX |
Class AAA Shares |
Class A Shares |
Class I Shares | |||||||||||||
Shareholder
Fees |
|||||||||||||||
|
|||||||||||||||
Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price) |
|||||||||||||||
Maximum Deferred Sales Charge (Load) (as a
percentage of redemption price) |
|||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested
Dividends (as a percentage of amount invested) |
|||||||||||||||
Redemption Fee (as a percentage of amount redeemed
for shares held 7 days or less) |
|||||||||||||||
Exchange Fee |
|||||||||||||||
Annual Fund
Operating Expenses |
|||||||||||||||
|
|||||||||||||||
Management Fees |
|||||||||||||||
Distribution and Service (Rule 12b‑1)
Fees |
|||||||||||||||
Other Expenses |
|||||||||||||||
|
|
|
|
|
|
||||||||||
Total Annual Fund Operating Expenses(1) |
|||||||||||||||
Fee Waiver and/or Expense Reimbursement(1) |
( |
( |
( |
||||||||||||
|
|
|
|
|
|
||||||||||
Total Annual Fund Operating Expenses After Fee
Waiver and/or Expense Reimbursement |
|||||||||||||||
|
|
|
|
|
|
(1) | The Adviser has contractually agreed to waive its
investment advisory fees and/or to reimburse expenses of the Global
Content & Connectivity Fund to the extent necessary to maintain
the Total Annual Fund Operating Expenses After Fee Waiver and Expense
Reimbursement (excluding brokerage costs, acquired fund fees and expenses,
interest, taxes, and extraordinary expenses) at no more than an annual
rate of 0.90% for all classes of shares. Under this same arrangement, the
Global Content & Connectivity Fund has also agreed, during the
two year period following the year of any such waiver or reimbursement by
the Adviser, to repay such amount, but only to the extent the Global
Content & Connectivity Fund’s adjusted Total Annual Fund
Operating Expenses would not exceed an annual rate of 0.90% for the
applicable class of shares, after giving effect to the repayments. This
arrangement is in effect through |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class AAA Shares |
$ | $ | $ | $ | ||||||||||||||||
Class A Shares |
$ | $ | $ | $ | ||||||||||||||||
Class I Shares |
$ | $ | $ | $ |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class AAA Shares |
$ | $ | $ | $ | ||||||||||||||||
Class A Shares |
$ | $ | $ | $ | ||||||||||||||||
Class I Shares |
$ | $ | $ | $ |
• |
you are a long term investor
|
• |
you seek growth of capital
|
• |
you seek to diversify your investments outside the
U.S.
|
• |
Concentration
Risk. Because the Global Content &
Connectivity Fund will invest at least 25% of its total assets in
securities of companies in the telecommunications related industry, and
will otherwise focus its investments in the media and information
technology industries, the Global Content & Connectivity Fund may
be subject to greater volatility with respect to its portfolio securities
than a fund that is more broadly diversified. Accordingly, the Global
Content & Connectivity Fund is subject to the risk that its
performance may be hurt disproportionately by the poor performance of
relatively few securities.
|
• |
Equity
Risk. Equity risk is the risk that the
prices of the securities held by the Global Content & Connectivity
Fund will change due to general market and economic conditions,
perceptions regarding the industries in which the companies issuing the
securities participate and the issuer company’s particular circumstances.
|
• |
Inflation
Risk. Inflation risk is the risk that the
value of assets or income from investments will be worth less in the
future as inflation decreases the value of money. Recently, there have
been market indicators of a rise in inflation. As inflation increases, the
real value of the Fund’s shares and distributions therefore may decline.
Inflation may result in losses to Fund shareholders.
|
• |
Coronavirus
(“COVID-19”) and Global Health
Events. COVID-19 and concerns about its
rapid spread and infections have severely impacted business activity in
virtually all economies, markets, and sectors and negatively impacted the
value of many financial and other assets. The duration of the COVID-19
outbreak and its effects cannot be determined with certainty. These events
could have a significant impact on the Global Content & Connectivity
Fund’s performance, as well as the performance and viability of issuers in
which it invests.
|
• |
Foreign Securities
Risk. Investments in foreign securities
involve risks relating to political, social, and economic developments
abroad, as well as risks resulting from the differences between the
regulations to which U.S. and foreign issuers and markets are subject.
These risks include expropriation, differing accounting and disclosure
standards, currency exchange risks, settlement difficulties, market
illiquidity, difficulties enforcing legal rights, and greater transaction
costs. These risks are more pronounced in the securities of companies
located in emerging markets.
|
• |
Emerging Market
Risk. Foreign securities risks are more
pronounced in emerging markets. Investments in emerging markets may
experience sharp price swings, as there may be less government supervision
and regulation of business in such markets, and may entail risks relating
to political and economic instability and expropriation, nationalization,
confiscation or the imposition of restrictions on foreign investment, lack
of hedging instruments, and restrictions on repatriation of capital
invested. Securities markets in emerging markets may be less liquid and
developed than those in the United States, potentially making prices
erratic. Economic or political crises may detrimentally affect investments
in emerging markets. Emerging market countries may experience substantial
rates of inflation or deflation. The economies of developing countries
tend to be dependent upon international trade. There may be little
financial information available about emerging market issuers, and it may
be difficult to obtain or enforce a judgment against them. Other risks
include a high concentration of investors, financial intermediaries, and
market capitalization and trading volume in a small number of issuers and
industries; vulnerability to changes in commodity prices due to
overdependence on exports, including gold and natural resources,
overburdened infrastructure and obsolete or unseasoned financial systems;
environmental problems; less developed legal systems; and less reliable
securities custodial services and settlement practices. For all of these
reasons, investments in emerging markets may be considered speculative.
|
• |
Currency
Risk. Fluctuations in exchange rates between
the U.S. dollar and foreign currencies may negatively affect an
investment. Adverse changes in exchange rates may erode or reverse any
gains produced by foreign currency denominated investments and may widen
any losses. The Global Content & Connectivity Fund may, but is
not required to, seek to reduce currency risk by hedging part or all of
its exposure to various foreign currencies. In addition, the Global
|
Content & Connectivity Fund’s investments
could be adversely affected by delays in, or a refusal to grant,
repatriation of funds or conversion of emerging market currencies.
|
• |
Depositary
Receipts. The Global Content &
Connectivity Fund may invest in non‑U.S. equity securities through
depositary receipts, including ADRs, EDRs, GDRs and other similar global
instruments. While ADRs, EDRs and GDRs may not necessarily be denominated
in the same currency as the securities into which they may be converted,
many of the risks associated with foreign (non‑U.S.) securities may also
apply to ADRs, EDRs and GDRs. In addition, the underlying issuers of
certain depositary receipts, particularly unsponsored or unregistered
depositary receipts, are under no obligation to distribute shareholder
communications to the holders of such receipts, or to pass through to them
any voting rights with respect to the deposited securities. Depositary
receipts that are not sponsored by the issuer may be less liquid and there
may be less readily available public information about the issuer.
|
• |
Industry
Risk. Telecommunications — The
telecommunications industry is subject to governmental regulation and a
greater price volatility than the overall market, and telecommunications
companies can be adversely affected by, among other things, changes in
government regulation, intense competition, dependency on patent
protection, significant capital expenditures, heavy debt burdens, rapid
obsolescence of products and services due to product compatibility or
changing consumer preferences and strong market reactions to technological
developments throughout the industry, among other things. In addition,
companies in which the Global Content & Connectivity Fund invests
may be adversely affected by lack of commercial acceptance of a new
product or process or by technological change and obsolescence.
|
• |
Growth Stock
Risk. Securities of growth companies may be
more volatile since such companies usually invest a high portion of
earnings in their business, and they may lack the dividends of value
stocks that can cushion stock prices in a falling market.
|
• |
Issuer
Risk. The value of a security may decline
for a number of reasons that directly relate to an issuer, such as
management performance, financial leverage, and reduced demand for the
issuer’s goods or services, as well as the historical and prospective
earnings of the issuer and the value of its assets or factors unrelated to
the issuer’s value, such as investor perception.
|
• |
Management
Risk. If the portfolio managers are
incorrect in their assessment of the growth prospects of the securities
the Global Content & Connectivity Fund holds, then the value of the
Global Content & Connectivity Fund’s shares may decline.
|
• |
|
• |
Smaller
Capitalization Risk. Risk is greater for the
securities of smaller capitalization companies (including small unseasoned
companies that have been in operation for less than three years) because
they generally are more vulnerable than larger companies to adverse
business or economic developments and they may have more limited
resources.
|
Average Annual
Total Returns |
Past One Year |
Past Five Years |
Past Ten Years | ||||||||||||
Global Content & Connectivity Fund Class AAA
Shares: |
|||||||||||||||
Return Before Taxes |
% | % | % | ||||||||||||
Return After Taxes on Distributions |
% | % | % | ||||||||||||
Return After Taxes on Distributions and Sale of
Fund Shares |
% | % | % | ||||||||||||
Class A Shares Return Before Taxes |
% | % | % | ||||||||||||
Class I Shares Return Before Taxes |
% | % | % | ||||||||||||
MSCI AC World Communication Services
Index (reflects no deduction for fees, expenses, or taxes) |
% | % | % | ||||||||||||
MSCI AC World Index (reflects no deduction for
fees, expenses, or taxes) |
% | % | % |
Class AAA Shares |
Class A Shares |
Class I Shares | |||||||||||||
Shareholder
Fees |
|||||||||||||||
|
|||||||||||||||
Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price) |
|||||||||||||||
Maximum Deferred Sales Charge (Load) (as a
percentage of redemption price) |
|||||||||||||||
Maximum Sales Charge (Load) Imposed on
Reinvested Dividends (as a percentage of amount invested) |
|||||||||||||||
Redemption Fee (as a percentage of amount redeemed
for shares held 7 days or less) |
|||||||||||||||
Exchange Fee |
|||||||||||||||
Annual Fund
Operating Expenses |
|||||||||||||||
|
|||||||||||||||
Management Fees |
|||||||||||||||
Distribution and Service (Rule 12b‑1)
Fees |
|||||||||||||||
Other Expenses |
|||||||||||||||
|
|
|
|
|
|
||||||||||
Total Annual Fund Operating Expenses(1) |
|||||||||||||||
Fee Waiver and/or Expense Reimbursement(1) |
( |
( |
( |
||||||||||||
|
|
|
|
|
|
||||||||||
Total Annual Fund Operating Expenses after Fee
Waiver and/or Expense Reimbursement |
|||||||||||||||
|
|
|
|
|
|
(1) | The Adviser has contractually agreed to waive its
investment advisory fees and/or to reimburse expenses of the Global Growth
Fund to the extent necessary to maintain the Total Annual Fund Operating
Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage
costs, acquired fund fees and expenses, interest, taxes, and extraordinary
expenses) at no more than an annual rate of 0.90% for all classes of
shares. Under this same arrangement, the Global Growth Fund has also
agreed, during the two year period following the year of any such waiver
or reimbursement by the Adviser, to repay such amount, but only to the
extent the Global Growth Fund’s adjusted Total Annual Fund Operating
Expenses would not exceed an annual rate of 0.90% for the applicable class
of shares, after giving effect to the repayments. This arrangement is in
effect through |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class AAA Shares |
$ | $ | $ | $ | ||||||||||||||||
Class A Shares |
$ | $ | $ | $ | ||||||||||||||||
Class I Shares |
$ | $ | $ | $ |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class AAA Shares |
$ | $ | $ | $ | ||||||||||||||||
Class A Shares |
$ | $ | $ | $ | ||||||||||||||||
Class I Shares |
$ | $ | $ | $ |
• |
you are a long term investor
|
• |
you seek growth of capital
|
• |
you seek to diversify your investments outside the
U.S.
|
• |
Equity
Risk. Equity risk is the risk that the
prices of the securities held by the Global Growth Fund will change due to
general market and economic conditions, perceptions regarding the
industries in which the companies issuing the securities participate and
the issuer company’s particular circumstances.
|
• |
Inflation
Risk. Inflation risk is the risk that the
value of assets or income from investments will be worth less in the
future as inflation decreases the value of money. Recently, there have
been market indicators of a rise in inflation. As inflation increases, the
real value of the Fund’s shares and distributions therefore may decline.
Inflation may result in losses to Fund shareholders.
|
• |
Growth Stock
Risk. Securities of growth companies may be
more volatile since such companies usually invest a high portion of
earnings in their business, and they may lack the dividends of value
stocks that can cushion stock prices in a falling market.
|
• |
Coronavirus
(“COVID-19”) and Global Health
Events. COVID-19 and concerns about its
rapid spread and infections have severely impacted business activity in
virtually all economies, markets, and sectors and negatively impacted the
value of many financial and other assets. The duration of the COVID-19
outbreak and its effects cannot be determined with certainty. These events
could have a significant impact on the Global Growth Fund’s performance,
as well as the performance and viability of issuers in which it invests.
|
• |
Foreign Securities
Risk. Investments in foreign securities
involve risks relating to political, social, and economic developments
abroad, as well as risks resulting from the differences between the
regulations to which U.S. and foreign issuers and markets are subject.
These risks include expropriation, differing accounting and disclosure
standards, currency exchange risks, settlement difficulties, market
illiquidity, difficulties enforcing legal rights, and greater transaction
costs. These risks are more pronounced in the securities of companies
located in emerging markets.
|
• |
Emerging Market
Risk. Foreign securities risks are more
pronounced in emerging markets. Investments in emerging markets may
experience sharp price swings, as there may be less government supervision
and regulation of business in such markets, and may entail risks relating
to political and economic instability and expropriation, nationalization,
confiscation or the imposition of restrictions on foreign investment, lack
of hedging instruments, and restrictions on repatriation of capital
invested. Securities markets in emerging markets may be less liquid and
developed than those in the United States, potentially making prices
erratic. Economic or political crises may detrimentally affect investments
in emerging markets. Emerging market countries may experience substantial
rates of inflation or deflation. The economies of developing countries
tend to be dependent upon international trade. There may be little
financial information available about emerging market issuers, and it may
be difficult to obtain or enforce a judgment against them. Other risks
include a high concentration of investors, financial intermediaries, and
market capitalization and trading volume in a small number of issuers and
industries; vulnerability to changes in commodity prices due to
overdependence on exports, including gold and natural resources,
overburdened infrastructure and obsolete or unseasoned financial systems;
environmental problems; less developed legal systems; and less reliable
securities custodial services and settlement practices. For all of these
reasons, investments in emerging markets may be considered speculative.
|
• |
Currency
Risk. Fluctuations in exchange rates between
the U.S. dollar and foreign currencies may negatively affect an
investment. Adverse changes in exchange rates may erode or reverse any
gains produced by foreign currency denominated investments and may widen
any losses. The Global Growth Fund may, but is not required to, seek to
reduce currency risk by hedging part or all of its exposure to various
foreign currencies. In addition, the Global Growth Fund’s investments
could be adversely affected by delays in, or a refusal to grant,
repatriation of funds or conversion of emerging market currencies.
|
• |
Depositary
Receipts. The Global Growth Fund may invest
in non‑U.S. equity securities through depositary receipts, including ADRs,
EDRs, GDRs and other similar global instruments. While ADRs, EDRs and GDRs
may not necessarily be denominated in the same currency as the securities
into which they may be converted, many of the risks associated with
foreign (non‑U.S.) securities may also apply to ADRs, EDRs and GDRs. In
addition, the underlying issuers of certain depositary receipts,
particularly unsponsored or unregistered depositary receipts, are under no
obligation to distribute shareholder communications to the holders of such
receipts, or to pass through to them any voting rights with respect to the
deposited securities. Depositary receipts that are not sponsored by the
issuer may be less liquid and there may be less readily available public
information about the issuer.
|
• |
Issuer
Risk. The value of a security may decline
for a number of reasons that directly relate to an issuer, such as
management performance, financial leverage, and reduced demand for the
issuer’s goods or services, as well as the historical and prospective
earnings of the issuer and the value of its assets or factors unrelated to
the issuer’s value, such as investor perception.
|
• |
Management
Risk. If the portfolio managers are
incorrect in their assessment of the growth prospects of the securities
the Global Growth Fund holds, then the value of the Global Growth Fund’s
shares may decline.
|
• |
|
• |
Smaller
Capitalization Risk. Risk is greater for the
securities of smaller capitalization companies (including small unseasoned
companies that have been in operation for less than three years) because
such companies generally are more vulnerable than larger companies to
adverse business or economic developments and they may have more limited
resources.
|
Average Annual
Total Returns |
Past One Year |
Past Five Years |
Past Ten Years | ||||||||||||
Global Growth Fund Class AAA
Shares: |
|||||||||||||||
Return Before Taxes |
% | % | % | ||||||||||||
Return After Taxes on Distributions |
% | % | % | ||||||||||||
Return After Taxes on Distributions and Sale of
Fund Shares |
% | % | % | ||||||||||||
Class A Shares Return Before Taxes |
% | % | % | ||||||||||||
Class I Shares Return Before Taxes |
% | % | % | ||||||||||||
MSCI AC World Index (reflects no deduction for
fees, expenses, or taxes) |
% | % | % | ||||||||||||
Lipper Global Large Cap Growth Fund
Classification |
% | % | % |
Class AAA Shares |
Class A Shares |
Class I Shares | |||||||||||||
|
|||||||||||||||
|
|||||||||||||||
Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price) |
|||||||||||||||
Maximum Deferred Sales Charge (Load) (as a
percentage of redemption price) |
|||||||||||||||
Maximum Sales Charge (Load) Imposed on
Reinvested Dividends (as a percentage of amount invested) |
|||||||||||||||
Redemption Fee (as a percentage of amount redeemed
for shares held 7 days or less) |
|||||||||||||||
Exchange Fee |
|||||||||||||||
|
|||||||||||||||
|
|||||||||||||||
Management Fees |
|||||||||||||||
Distribution and Service (Rule 12b‑1)
Fees |
|||||||||||||||
Other Expenses |
|||||||||||||||
|
|
|
|
|
|
||||||||||
Total Annual Fund Operating Expenses(1) |
|||||||||||||||
Fee Waiver and/or Expense Reimbursement(1) |
( |
( |
( |
||||||||||||
|
|
|
|
|
|
||||||||||
Total Annual Fund Operating Expenses After Fee
Waiver and Expense Reimbursement |
|||||||||||||||
|
|
|
|
|
|
(1) | The Adviser has contractually agreed to waive its
investment advisory fees and/or to reimburse expenses of the International
Small Cap Fund to the extent necessary to maintain the Total Annual Fund
Operating Expenses After Fee Waiver and Expense Reimbursement (excluding
brokerage costs, acquired fund fees and expenses, interest, taxes, and
extraordinary expenses) at no more than an annual rate of 0.90% for all
classes of shares. Under this same arrangement, the International Small
Cap Fund has also agreed, during the two year period following the year of
any such waiver or reimbursement by the Adviser, to repay such amount, but
only to the extent the International Small Cap Fund’s adjusted Total
Annual Fund Operating Expenses would not exceed an annual rate of 0.90%
for the applicable class of shares, after giving effect to the repayments.
This arrangement is in effect through |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class AAA Shares |
$ | $ | $ | $ | ||||||||||||||||
Class A Shares |
$ | $ | $ | $ | ||||||||||||||||
Class I Shares |
$ | $ | $ | $ |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class AAA Shares |
$ | $ | $ | $ | ||||||||||||||||
Class A Shares |
$ | $ | $ | $ | ||||||||||||||||
Class I Shares |
$ | $ | $ | $ |
• |
New products or technologies
|
• |
New distribution methods
|
• |
Rapid changes in industry conditions due to
regulatory or other developments
|
• |
Changes in management or similar characteristics
that may result not only in expected growth in revenues but in an
accelerated or above average rate of earnings growth, which would usually
be reflected in capital appreciation.
|
• |
you are a long term investor
|
• |
you seek growth of capital
|
• |
you seek to diversify your investments outside the
U.S.
|
• |
Equity
Risk. Equity risk is the risk that the
prices of the securities held by the International Small Cap Fund will
change due to general market and economic conditions, perceptions
regarding the industries in which the companies issuing the securities
participate and the issuer company’s particular circumstances.
|
• |
Inflation
Risk. Inflation risk is the risk that the
value of assets or income from investments will be worth less in the
future as inflation decreases the value of money. Recently, there have
been market indicators of a rise in inflation. As inflation increases, the
real value of the Fund’s shares and distributions therefore may decline.
Inflation may result in losses to Fund shareholders.
|
• |
Coronavirus
(“COVID-19”) and Global Health
Events. COVID-19 and concerns about its
rapid spread and infections have severely impacted business activity in
virtually all economies, markets, and sectors and negatively impacted the
value of many financial and other assets. The duration of the COVID-19
outbreak and its effects cannot be determined with certainty. These events
could have a significant impact on the International Small Cap Fund’s
performance, as well as the performance and viability of issuers in which
it invests. |
• |
Foreign Securities
Risk. Investments in foreign securities
involve risks relating to political, social, and economic developments
abroad, as well as risks resulting from the differences between the
regulations to which U.S. and foreign issuers and markets are subject.
These risks include expropriation, differing accounting and disclosure
standards, currency exchange risks, settlement difficulties, market
illiquidity, difficulties enforcing legal rights, and greater transaction
costs. These risks are more pronounced in the securities of companies
located in emerging markets.
|
• |
Emerging Market
Risk. Foreign securities risks are more
pronounced in emerging markets. Investments in emerging markets may
experience sharp price swings, as there may be less government supervision
and regulation of business in such markets, and may entail risks relating
to political and economic instability and expropriation, nationalization,
confiscation or the imposition of restrictions on foreign investment, lack
of hedging instruments, and restrictions on repatriation of capital
invested. Securities markets in emerging markets may be less liquid and
developed than those in the United States, potentially making prices
erratic. Economic or political crises may detrimentally affect investments
in emerging markets. Emerging market countries may experience substantial
rates of inflation or deflation. The economies of developing countries
tend to be dependent upon international trade. There may be little
financial information available about emerging market issuers, and it may
be difficult to obtain or enforce a judgment against them. Other risks
include a high concentration of investors, financial intermediaries, and
market capitalization and trading volume in a small number of issuers and
industries; vulnerability to changes in commodity prices due to
overdependence on exports, including gold and natural resources,
overburdened infrastructure and obsolete or unseasoned financial systems;
environmental problems; less developed legal systems; and less reliable
securities custodial services and settlement practices. For all of these
reasons, investments in emerging markets may be considered speculative.
|
• |
Currency
Risk. Fluctuations in exchange rates between
the U.S. dollar and foreign currencies may negatively affect an
investment. Adverse changes in exchange rates may erode or reverse any
gains produced by foreign currency denominated investments and may widen
any losses. The International Small Cap Fund may, but is not required to,
seek to reduce currency risk by hedging part or all of its exposure to
various foreign currencies. In addition, the International Small Cap
Fund’s investments could be adversely affected by delays in, or a refusal
to grant, repatriation of funds or conversion of emerging market
currencies. |
• |
Depositary
Receipts. The International Small Cap Fund
may invest in non‑U.S. equity securities through depositary receipts,
including ADRs, EDRs, GDRs and other similar global
|
instruments. While ADRs, EDRs and GDRs may not
necessarily be denominated in the same currency as the securities into
which they may be converted, many of the risks associated with foreign
(non‑U.S.) securities may also apply to ADRs, EDRs and GDRs. In addition,
the underlying issuers of certain depositary receipts, particularly
unsponsored or unregistered depositary receipts, are under no obligation
to distribute shareholder communications to the holders of such receipts,
or to pass through to them any voting rights with respect to the deposited
securities. Depositary receipts that are not sponsored by the issuer may
be less liquid and there may be less readily available public information
about the issuer.
|
• |
Growth Stock
Risk. Securities of growth companies may be
more volatile since such companies usually invest a high portion of
earnings in their business, and they may lack the dividends of value
stocks that can cushion stock prices in a falling market.
|
• |
Issuer
Risk. The value of a security may decline
for a number of reasons that directly relate to an issuer, such as
management performance, financial leverage, and reduced demand for the
issuer’s goods or services, as well as the historical and prospective
earnings of the issuer and the value of its assets or factors unrelated to
the issuer’s value, such as investor perception.
|
• |
Management
Risk. If the portfolio manager is incorrect
in his assessment of the growth prospects of the securities the
International Small Cap Fund holds, then the value of the International
Small Cap Fund’s shares may decline.
|
• |
|
• |
Smaller
Capitalization Risk. Risk is greater for the
securities of smaller capitalization companies (including small unseasoned
companies that have been in operation for less than three years) because
such companies generally are more vulnerable than larger companies to
adverse business or economic developments and they may have more limited
resources.
|
Past One Year |
Past Five Years |
Past Ten Years | |||||||||||||
International Small Cap Fund Class AAA
Shares: |
|||||||||||||||
Return Before Taxes |
% | % | % | ||||||||||||
Return After Taxes on Distributions |
% | % | % | ||||||||||||
Return After Taxes on Distributions and Sale of
Fund Shares |
% | % | % | ||||||||||||
Class A Shares Return Before Taxes |
% | % | % | ||||||||||||
Class I Shares Return Before Taxes |
% | % | % | ||||||||||||
MSCI EAFE Small Cap Index (reflects no deduction
for fees, expenses, or taxes) |
% | % | % |
Class AAA Shares |
Class A Shares |
Class I Shares | |||||||||||||
|
|||||||||||||||
|
|||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price) |
|||||||||||||||
Maximum Deferred Sales Charge (Load) (as a
percentage of redemption price) |
|||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested
Dividends (as a percentage of amount invested) |
|||||||||||||||
Redemption Fee (as a percentage of amount redeemed
for shares held 7 days or less) |
|||||||||||||||
Exchange Fee |
|||||||||||||||
|
|||||||||||||||
|
|||||||||||||||
Management Fees |
|||||||||||||||
Distribution and Service (Rule 12b‑1)
Fees |
|||||||||||||||
Other Expenses |
|||||||||||||||
|
|
|
|
|
|
||||||||||
Total Annual Fund Operating Expenses(1) |
|||||||||||||||
Fee Waiver and/or Expense Reimbursement(1) |
( |
( |
( |
||||||||||||
|
|
|
|
|
|
||||||||||
Total Annual Fund Operating Expenses After Fee
Waiver and Expense Reimbursement |
|||||||||||||||
|
|
|
|
|
|
(1) | The Adviser has contractually agreed to waive its
investment advisory fees and/or to reimburse expenses of the GRID Fund to
the extent necessary to maintain the Total Annual Fund Operating Expenses
After Fee Waiver and Expense Reimbursement (excluding brokerage costs,
acquired fund fees and expenses, interest, taxes, and extraordinary
expenses) at no more than an annual rate of 0.90% for all classes of
shares. Under this same arrangement, the GRID Fund has also agreed, during
the two year period following the year of any such waiver or reimbursement
by the Adviser, to repay such amount, but only to the extent the GRID
Fund’s adjusted Total Annual Fund Operating Expenses would not exceed an
annual rate of 0.90% for the applicable class of shares, after giving
effect to the repayments. This arrangement is in effect through
|
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class AAA Shares |
$ | $ | $ | $ | ||||||||||||||||
Class A Shares |
$ | $ | $ | $ | ||||||||||||||||
Class I Shares |
$ | $ | $ | $ |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class AAA Shares |
$ | $ | $ | $ | ||||||||||||||||
Class A Shares |
$ | $ | $ | $ | ||||||||||||||||
Class I Shares |
$ | $ | $ | $ |
• |
you are a long term investor
|
• |
you seek growth of capital
|
• |
you seek to diversify your investments outside the
U.S.
|
• |
Convertible
Securities. Convertible
securities provide higher yields than the underlying common stock, but
generally offer lower yields than nonconvertible securities of similar
quality. The value of convertible securities fluctuates in relation to
changes in the interest rates and, in addition, fluctuates in relation to
the underlying common stock.
|
• |
Credit Risk for
Convertible Securities and Fixed Income
Securities. Many convertible securities are
not investment grade, that is, not rated within the four highest
categories by S&P and Moody’s. To the extent that the GRID Fund’s
convertible securities and any other fixed income securities are rated
lower than investment grade or are not rated, there would be a greater
risk as to the timely repayment of the principal of, and timely payment of
interest or dividends on, those securities.
|
• |
Equity
Risk. Equity risk is the risk that the
prices of the securities held by the GRID Fund will change due to general
market and economic conditions, perceptions regarding the industries in
which the companies issuing the securities participate and the issuer
company’s particular circumstances. Dividends on common equity securities
are not fixed but are declared at the discretion of an issuer’s board of
directors. Companies that have historically paid dividends on their
securities are not required to continue to pay dividends on such
securities. There is no guarantee that the issuers of the common equity
securities will declare dividends in the future or that, if declared, they
will remain at current levels or increase over time. Therefore, there is
the possibility that such companies could reduce or eliminate the payment
of dividends in the future. The GRID Fund’s investments in dividend
producing equity securities may also limit its potential for appreciation
during a broad market advance. The prices of dividend producing equity
securities can be highly volatile. Investors should not assume that the
GRID Fund’s investments in these securities will necessarily reduce the
volatility of the GRID Fund’s NAV or provide “protection,” compared to
other types of equity securities, when markets perform poorly.
|
• |
Inflation
Risk. Inflation risk is the risk that the
value of assets or income from investments will be worth less in the
future as inflation decreases the value of money. Recently, there have
been market indicators of a rise in inflation. As inflation increases, the
real value of the Fund’s shares and distributions therefore may decline.
Inflation may result in losses to Fund shareholders.
|
• |
Coronavirus
(“COVID-19”) and Global Health
Events. COVID-19 and concerns about its
rapid spread and infections have severely impacted business activity in
virtually all economies, markets, and sectors and negatively impacted the
value of many financial and other assets. The duration of the COVID-19
outbreak and its effects cannot be determined with certainty. These events
could have a significant impact on the GRID Fund’s performance, as well as
the performance and viability of issuers in which it invests.
|
• |
Event Driven
Risk. Event driven investments involve the
risk that certain of the events driving the investment may not happen or
the market may react differently than expected to the anticipated
transaction. In addition, although an event may occur or is announced, it
may be renegotiated, terminated or involve a longer time frame than
originally contemplated. Event driven investment transactions are also
subject to the risk of overall market movements. Any one of these risks
could cause the GRID Fund to experience investment losses impacting its
shares negatively.
|
• |
Foreign Securities
Risk. Investments in foreign securities
involve risks relating to political, social, and economic developments
abroad, as well as risks resulting from the differences between the
regulations to which U.S. and foreign issuers and markets are subject.
These risks include expropriation, differing accounting and disclosure
standards, currency exchange risks, settlement difficulties, market
illiquidity, difficulties enforcing legal rights, and greater transaction
costs. These risks are more pronounced in emerging markets.
|
• |
Emerging Market
Risk. Foreign securities risks are more
pronounced in emerging markets. Investments in emerging markets may
experience sharp price swings, as there may be less government supervision
and regulation of business in such markets, and may entail risks relating
to political and economic instability and expropriation, nationalization,
confiscation or the imposition of restrictions on foreign investment, lack
of hedging instruments, and restrictions on repatriation of capital
invested. Securities markets in emerging markets may be less liquid and
developed than those in the United States, potentially making prices
erratic. Economic or political crises may detrimentally affect investments
in emerging markets. Emerging market countries may experience substantial
rates of inflation or deflation. The economies of developing countries
tend to be dependent upon international trade. There may be little
financial information available about emerging market issuers, and it may
be difficult to obtain or enforce a judgment against them. Other risks
include a high concentration of investors, financial intermediaries, and
market capitalization and trading volume in a small number of issuers and
industries; vulnerability to changes in commodity prices due to
overdependence on exports, including gold and natural resources,
overburdened infrastructure and obsolete or unseasoned financial systems;
environmental problems; less developed legal systems; and less reliable
securities custodial services and settlement practices. For all of these
reasons, investments in emerging markets may be considered speculative.
|
• |
Currency
Risk. Fluctuations in exchange rates between
the U.S. dollar and foreign currencies may negatively affect an
investment. Adverse changes in exchange rates may erode or reverse any
gains produced by foreign currency denominated investments and may widen
any losses. The GRID Fund may, but is not required to, seek to reduce
currency risk by hedging part or all of its exposure to various foreign
currencies. In addition, the GRID Fund’s investments could be adversely
affected by delays in, or a refusal to grant, repatriation of funds or
conversion of emerging market currencies.
|
• |
Depositary
Receipts. The GRID Fund may invest in
non‑U.S. equity securities through depositary receipts, including ADRs,
EDRs, GDRs and other similar global instruments. While ADRs, EDRs and GDRs
may not necessarily be denominated in the same currency as the securities
into which they may be converted, many of the risks associated with
foreign (non‑U.S.) securities may also apply to ADRs, EDRs and GDRs. In
addition, the underlying issuers of certain depositary receipts,
particularly unsponsored or unregistered depositary receipts, are under no
obligation to distribute shareholder communications to the holders of such
receipts, or to pass through to them any voting rights with respect to the
deposited securities. Depositary receipts that are not sponsored by the
issuer may be less liquid and there may be less readily available public
information about the issuer.
|
• |
Interest Rate
Risk. The primary risk associated with
dividend- and interest-paying securities is interest rate risk. A decrease
in interest rates will generally result in an increase in the
|
investment value of such securities, while
increases in interest rates will generally result in a decline in its
investment value. This effect is generally more pronounced for fixed rate
securities than for securities whose income rate is periodically reset.
The GRID Fund may be subject to a greater risk of rising interest rates
due to the current period of historically low interest rates and recent
inflationary price movements. There is a possibility that interest rates
may rise in the future.
|
• |
Lower Rated
Securities. Lower rated securities may
involve major risk exposures such as increased sensitivity to interest
rate and economic changes, and the market to sell such securities may be
limited. Such lower rated securities are considered speculative
investments with increased credit risk and are generally known as “junk
bonds” or “high yield securities”. Investments in lower rated securities
may also include securities of issuers that are in default. Investments in
securities of issuers in default present even greater risk exposure for
the GRID Fund. |
• |
Growth Stock
Risk. Securities of growth companies may be
more volatile since such companies usually invest a high portion of
earnings in their business, and they may lack the dividends of value
stocks that can cushion stock prices in a falling market.
|
• |
Issuer
Risk. The value of a security may decline
for a number of reasons that directly relate to an issuer, such as
management performance, financial leverage, and reduced demand for the
issuer’s goods or services, as well as the historical and prospective
earnings of the issuer and the value of its assets or factors unrelated to
the issuer’s value, such as investor perception.
|
• |
Management
Risk. If the portfolio manager is incorrect
in his assessment of the growth prospects of the securities the GRID Fund
holds, then the value of the GRID Fund’s shares may decline.
|
• |
|
Past One Year |
Past Five Years |
Past Ten Years | |||||||||||||
GRID Fund Class AAA Shares: |
|||||||||||||||
Return Before Taxes |
% | % | % | ||||||||||||
Return After Taxes on Distributions |
% | % | % | ||||||||||||
Return After Taxes on Distributions and Sale of
Fund Shares |
% | % | % | ||||||||||||
Class A Shares Return Before
Taxes |
% | % | % | ||||||||||||
Class I Shares Return Before Taxes |
% | % | % | ||||||||||||
MSCI World Index (reflects no deduction for fees,
expenses, or taxes) |
% | % | % |
Class AAA Shares |
Class A Shares |
Class I Shares | |||||||||||||
|
|||||||||||||||
|
|||||||||||||||
Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price) |
|||||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of redemption price) |
|||||||||||||||
Maximum Sales Charge (Load) Imposed on
Reinvested Dividends (as a percentage of amount invested) |
|||||||||||||||
Redemption Fee (as a percentage of amount redeemed
for shares held 7 days or less) |
|||||||||||||||
Exchange Fee |
|||||||||||||||
|
|||||||||||||||
|
|||||||||||||||
Management Fees |
|||||||||||||||
Distribution and Service (Rule 12b‑1)
Fees |
|||||||||||||||
Other Expenses |
|||||||||||||||
|
|
|
|
|
|
||||||||||
Total Annual Fund Operating Expenses(1) |
|||||||||||||||
Fee Waiver and/or Expense Reimbursement(1) |
( |
( |
( |
||||||||||||
|
|
|
|
|
|
||||||||||
Total Annual Fund Operating Expenses After Fee
Waiver and/or Expense Reimbursement |
|||||||||||||||
|
|
|
|
|
|
(1) | The Adviser has contractually agreed to waive its
investment advisory fees and/or to reimburse expenses of the Global Mini
Mites Fund to the extent necessary to maintain the Total Annual Fund
Operating Expenses After Fee Waiver and Expense Reimbursement (excluding
brokerage costs, acquired fund fees and expenses, interest, taxes, and
extraordinary expenses) at no more than an annual rate of 0.90% for all
classes of shares. Under this same arrangement, the Global Mini Mites Fund
has also agreed, during the two year period following the year of any such
waiver or reimbursement by the Adviser, to repay such amount, but only to
the extent the Global Mini Mites Fund’s adjusted Total Annual Fund
Operating Expenses would not exceed an annual rate of 0.90% for the
applicable class of shares, after giving effect to the repayments. This
arrangement is in effect through |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class AAA Shares |
$ | $ | $ | $ | ||||||||||||||||
Class A Shares |
$ | $ | $ | $ | ||||||||||||||||
Class I Shares |
$ | $ | $ | $ |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class AAA Shares |
$ | $ | $ | $ | ||||||||||||||||
Class A Shares |
$ | $ | $ | $ | ||||||||||||||||
Class I Shares |
$ | $ | $ | $ |
• |
you seek to diversify your investments outside the
U.S.
|
• |
you seek exposure to the micro-capitalization
market segment despite the potential volatility of micro‑capitalization
stocks.
|
• |
you are a long term investor.
|
• |
you seek long term growth of capital.
|
• |
Equity Market
Risk. The price of equity securities may
rise or fall because of changes in the broad market or changes in a
company’s financial condition, sometimes rapidly or unpredictably. These
price movements may result from factors affecting individual companies,
sectors or industries selected for the Global Mini Mites Fund’s portfolio
or the securities market as a whole, such as changes in economic or
political conditions. When the value of the Global Mini Mites Fund’s
securities goes down, your investment in the Global Mini Mites Fund
decreases in value.
|
• |
Inflation
Risk. Inflation risk is the risk that the
value of assets or income from investments will be worth less in the
future as inflation decreases the value of money. Recently, there have
been market indicators of a rise in inflation. As inflation increases, the
real value of the Fund’s shares and distributions therefore may decline.
Inflation may result in losses to Fund shareholders.
|
• |
Coronavirus
(“COVID-19”) and Global Health
Events. COVID-19 and concerns about its
rapid spread and infections have severely impacted business activity in
virtually all economies, markets, and sectors and negatively impacted the
value of many financial and other assets. The duration of the COVID-19
outbreak and its effects cannot be determined with certainty. These events
could have a significant impact on the Global Mini Mites Fund’s
performance, as well as the performance and viability of issuers in which
it invests |
• |
Foreign Securities
Risk. Investments in foreign securities
involve risks relating to political, social, and economic developments
abroad, as well as risks resulting from the differences between the
regulations to which U.S. and foreign issuers and markets are subject.
These risks include expropriation, tariffs or punitive taxation, differing
accounting and disclosure standards, currency exchange risks, settlement
difficulties, market illiquidity, difficulties enforcing legal rights, and
greater transaction costs. These risks are more pronounced in the
securities of companies located in emerging markets.
|
• |
Emerging Market
Risk. Foreign securities risks are more
pronounced in emerging markets. Investments in emerging markets may
experience sharp price swings, as there may be less government supervision
and regulation of business in such markets, and may entail risks relating
|
to political and economic instability and
expropriation, nationalization, confiscation or the imposition of
restrictions on foreign investment, lack of hedging instruments, and
restrictions on repatriation of capital invested. Securities markets in
emerging markets may be less liquid and developed than those in the United
States, potentially making prices erratic. Economic or political crises
may detrimentally affect investments in emerging markets. Emerging market
countries may experience substantial rates of inflation or deflation. The
economies of developing countries tend to be dependent upon international
trade. There may be little financial information available about emerging
market issuers, and it may be difficult to obtain or enforce a judgment
against them. Other risks include a high concentration of investors,
financial intermediaries, and market capitalization and trading volume in
a small number of issuers and industries; vulnerability to changes in
commodity prices due to overdependence on exports, including gold and
natural resources, overburdened infrastructure and obsolete or unseasoned
financial systems; environmental problems; less developed legal systems;
and less reliable securities custodial services and settlement practices.
For all of these reasons, investments in emerging markets may be
considered speculative.
|
• |
Currency
Risk. Fluctuations in exchange rates between
the U.S. dollar and foreign currencies may negatively affect an
investment. Adverse changes in exchange rates may erode or reverse any
gains produced by foreign currency denominated investments and may widen
any losses. The Global Mini Mites Fund may, but is not required to, seek
to reduce currency risk by hedging part or all of its exposure to various
foreign currencies. In addition, the Global Mini Mites Fund’s investments
could be adversely affected by delays in, or a refusal to grant,
repatriation of funds or conversion of emerging market currencies.
|
• |
Depositary
Receipts. The Global Mini Mites Fund may
invest in non-U.S. equity securities through depositary receipts,
including ADRs, EDRs, GDRs and other similar global instruments. While
ADRs, EDRs and GDRs may not necessarily be denominated in the same
currency as the securities into which they may be converted, many of the
risks associated with foreign (non-U.S.) securities may also apply to
ADRs, EDRs and GDRs. In addition, the underlying issuers of certain
depositary receipts, particularly unsponsored or unregistered depositary
receipts, are under no obligation to distribute shareholder communications
to the holders of such receipts, or to pass through to them any voting
rights with respect to the deposited securities. Depositary receipts that
are not sponsored by the issuer may be less liquid and there may be less
readily available public information about the issuer.
|
• |
Micro-Cap Company
Risk. Although micro-cap companies may offer
greater potential for capital appreciation than larger companies,
investing in securities of such companies may involve greater risks than
investing in larger, more established companies, including the risk of
loss and the risk that the Global Mini Mites Fund’s returns may differ
significantly from returns of funds investing in larger-cap companies or
other asset classes. Micro-cap companies may be new or unseasoned
companies which are in their very early stages of development. Micro-cap
companies generally have limited product lines, markets, management
personnel, competitive strengths, research, and financial resources, and
may be more vulnerable to adverse business or market developments. Their
securities may trade less frequently and in more limited volume, and are
subject to more abrupt or erratic market price movements, than the
securities of larger, more established companies. The Global Mini Mites
Fund may be able to deal with only a few
|
market-makers when purchasing and selling micro-cap
securities, and may need a considerable amount of time to purchase or sell
its positions in these securities. Also, micro-cap companies are typically
subject to greater changes in earnings and business prospects than larger
companies. Consequently, micro-cap company stock prices tend to rise and
fall in value more than other stock prices. Micro-cap securities are
highly volatile, and these companies may fail to execute their business
plans and go out of business. Micro-cap companies carry additional risks
because of the tendency of their earnings and revenues to be less
predictable. Micro-cap companies may be more vulnerable than larger
companies to key personnel losses due to reliance on a smaller number of
management personnel. These conditions, which create greater opportunities
to find securities trading below the Adviser’s estimate of the company’s
current worth, also involve increased risk. The shares of micro-cap
companies may require fair-value pricing, which is subjective and requires
judgment by the Adviser, and may be at risk for de-listing from a
securities exchange, making it difficult for the Global Mini Mites Fund to
buy and sell shares of a particular company. The actual market prices for
a security may differ from the fair value of that security as determined
by the Adviser, and there is no assurance that the Global Mini Mites Fund
will realize fair valuation upon the sale of a security. In addition,
there may be less public information available about micro-cap companies.
It may take a long time before the Global Mini Mites Fund realizes a gain,
if any, on an investment in a micro-cap company. Micro-cap companies may
have limited financial resources and little or no access to additional
credit and therefore may be more susceptible to market downturns or rising
credit costs than larger, more established companies. The risks of
investing in micro-cap companies are even greater than those of investing
in small-cap companies, which may have market capitalizations of up to
$3 billion at the time of investment.
|
• |
Growth Stock
Risk. Securities of growth companies may be
more volatile since such companies usually invest a high portion of
earnings in their business, and they may lack the dividends of value
stocks that can cushion stock prices in a falling market.
|
• |
Issuer
Risk. The value of a security may decline
for a number of reasons that directly relate to an issuer, such as
management performance, financial leverage, and reduced demand for the
issuer’s goods or services, as well as the historical and prospective
earnings of the issuer and the value of its assets or factors unrelated to
the issuer’s value, such as investor perception.
|
• |
Management
Risk. If the portfolio managers are
incorrect in their assessment of the growth prospects of the securities
the Global Mini Mites Fund holds, then the value of the Global Mini Mites
Fund’s shares may decline.
|
• |
|
• |
Liquidity
Risk. Liquidity risk is the risk that
certain of the Global Mini Mites Fund’s securities holdings may be
considered to be illiquid, which means that they may become difficult to
value, purchase, or sell. This could prevent the Global Mini Mites Fund
from purchasing or selling such illiquid securities at an advantageous
time or price, and could require the Global Mini Mites Fund to dispose of
other investments at unfavorable times or prices in order to satisfy its
obligations. |
Because the trading market for micro and nano-cap
stocks is generally more volatile, thin, and unpredictable relative to
larger capitalization stocks, the Global Mini Mites Fund is subject to
greater liquidity risk than a fund that invests in larger capitalization
stocks. |
• |
Limited Operating
History. The Global Mini Mites Fund
commenced operations on October 1, 2018 and therefore has a limited
operating history and may have higher expenses (although the Global Mini
Mites Fund expects that such expenses would be limited under its Expense
Deferral Agreement with the Adviser). There can be no assurance that the
Global Mini Mites Fund will grow to or maintain an economically viable
size. The Global Mini Mites Fund could cease operations, and investors may
be required to liquidate or transfer their assets at a loss.
|
Past One Year |
Since Inception ( | |||||||||
The Global Mini Mites Fund Class AAA Shares (first
issued on 10/01/18) |
||||||||||
Return Before Taxes |
% | % | ||||||||
Return After Taxes on Distributions |
% | % | ||||||||
Return After Taxes on Distributions and Sale of
Fund Shares |
% | % | ||||||||
Class A Shares (first issued on
10/01/18) |
||||||||||
Return Before Taxes |
% | % | ||||||||
Class I Shares (first issued on
10/01/18) |
||||||||||
Return Before Taxes |
% | % | ||||||||
S&P Developed SmallCap Index (reflects no deduction for fees, expenses or taxes) |
% | % |
• |
the underlying value of a company’s fixed assets,
|
• |
the value of a consumer or commercial franchise,
|
• |
changes in the economic or financial environment
affecting the company, |
• |
new, improved, or unique products or services,
|
• |
new or rapidly expanding markets,
|
• |
technological developments or advancements
affecting the company or its products, and
|
• |
changes in governmental regulations, political
climate, or competitive conditions. |
• |
a change in the company’s management policies,
|
• |
an investor’s purchase of a large portion of the
company’s stock, |
• |
a merger or reorganization or recapitalization of
the company, |
• |
a sale of a division of the company, a tender offer
(an offer to purchase investors’ shares),
|
• |
the spin‑off to shareholders of a subsidiary,
division, or other substantial assets, and
|
• |
the retirement or death of a senior officer or
substantial shareholder of the company. |
• |
Defensive
Investments. When adverse market or economic
conditions occur, each Fund may temporarily invest all or a portion of its
assets in defensive investments. Such investments include fixed income
securities, money market instruments, obligations of the U.S. government
and its agencies, and instrumentalities, or repurchase agreements. When
following a defensive strategy, a Fund will be less likely to achieve its
investment goal. |
• |
Concentration
Risk. Global Content & Connectivity Fund only
— Because the Global Content & Connectivity Fund will invest
more than 25% of its total assets in securities of companies in the
telecommunications related industry, the Global Content & Connectivity
Fund may be subject to greater volatility with respect to its portfolio
securities than a fund that is more broadly diversified. As the
diversification of the Global Content & Connectivity Fund’s holdings
is measured at the time of purchase, certain securities may become a
larger percentage of the Global Content & Connectivity Fund’s total
assets due to movements in the financial markets. If the markets affect
several securities held by the Global Content & Connectivity Fund, it
may have a greater percentage of its assets invested in securities of
fewer issuers. Accordingly, the Global Content & Connectivity Fund is
subject to the risk that its performance may be hurt disproportionately by
the poor performance of relatively few securities.
|
• |
Convertible
Securities. GRID Fund only — The characteristics of
convertible securities make them appropriate investments for investors who
seek a high level of total return and are able to tolerate the addition of
credit risk. These characteristics include the potential for capital
appreciation if the value of the underlying common stock increases, the
relatively high yield received from dividend or interest payments as
compared to common stock dividends, and decreased risks of decline in
value, relative to the underlying common stock due to their fixed income
nature. As a result of the conversion feature, however, the interest rate
or dividend preference on a convertible security is generally lower than
would be the case if the securities were not convertible. During periods
of rising interest rates, it is possible that the potential for capital
gain on a convertible security may be less than that of a common stock
equivalent if the yield on the convertible security is at a level which
causes it to sell at a discount. Any common stock or other equity security
received by conversion will not be included in the calculation of the
percentage of total assets invested in convertible securities.
|
• |
Credit Risk for
Convertible Securities and Fixed Income
Securities. GRID Fund only — Many convertible
securities are not investment grade, that is, not rated within the four
highest categories by S&P and Moody’s. To the extent that the Fund’s
convertible securities and any other fixed income securities are rated
lower than investment grade or are not rated, there would be a greater
risk as to the timely repayment of the principal of, and timely payment of
interest or dividends on, those securities.
|
• |
Interest Rate
Risk. GRID
Fund only — The primary risk associated with dividend- and
interest-paying securities is interest rate risk. A decrease in interest
rates will generally result in an increase in the investment value of such
securities, while increases in interest rates will generally result in a
decline in its investment value. This effect is generally more pronounced
for fixed rate securities than for securities whose income rate is
periodically reset. The Fund may be subject to a greater risk of rising
interest rates due to the current period of historically low interest
rates and given the recent inflationary price movements. There is a
possibility that interest rates may rise in the future.
|
• |
Equity Market
Risk. The price of equity securities may
rise or fall because of changes in the broad market or changes in a
company’s financial condition, sometimes rapidly or unpredictably. These
price movements may result from factors affecting individual companies,
sectors or industries selected for a Fund’s portfolio or the securities
market as a whole, such as changes in |
economic or political conditions. When the value of
a Fund’s securities goes down, your investment in the Fund decreases in
value. |
• |
Equity
Risk. Equity risk is the risk that the
prices of the securities held by the Funds will change due to general
market and economic conditions, perceptions regarding the industries in
which the companies issuing the securities participate and the issuer
company’s particular circumstances. These fluctuations may cause a
security to be worth less than it was worth when it was purchased by a
Fund. Because the value of securities, and thus shares of the Funds, could
decline, you could lose money. GRID Fund
only — Dividends on common equity securities are not fixed but are
declared at the discretion of an issuer’s board of directors. Companies
that have historically paid dividends on their securities are not required
to continue to pay dividends on such securities. There is no guarantee
that the issuers of the common equity securities will declare dividends in
the future or that, if declared, they will remain at current levels or
increase over time. Therefore, there is the possibility that such
companies could reduce or eliminate the payment of dividends in the
future. The GRID Fund’s investments in dividend producing equity
securities may also limit its potential for appreciation during a broad
market advance. The prices of dividend producing equity securities can be
highly volatile. Investors should not assume that the GRID Fund’s
investments in these securities will necessarily reduce the volatility of
the GRID Fund’s NAV or provide “protection,” compared to other types of
equity securities, when markets perform poorly.
|
• |
Inflation
Risk. Inflation risk is the risk that the
value of assets or income from investments will be worth less in the
future as inflation decreases the value of money. Recently, there have
been market indicators of a rise in inflation. As inflation increases, the
real value of the Fund’s shares and distributions therefore may decline.
Inflation rates may change frequently and significantly as a result of
various factors, including unexpected shifts in the domestic or global
economy and changes in economic policies, and the Fund’s investments may
not keep pace with inflation, which may result in losses to Fund
shareholders. |
• |
Coronavirus
(“COVID‑19”) and Global Health Event
Risk. As of the filing date of this
prospectus, there is an outbreak of a highly contagious form of a novel
coronavirus known as “COVID‑19.” COVID‑19 has been declared a pandemic by
the World Health Organization and, in response to the outbreak, the U.S.
Health and Human Services Secretary has declared a public health emergency
in the United States. COVID‑19 had a devastating impact on the global
economy, including the U.S. economy, and resulted in a global economic
recession. Many states issued orders requiring the closure of
non‑essential businesses and/or requiring residents to stay at home. The
COVID‑19 pandemic and preventative measures taken to contain or mitigate
its spread have caused, and are continuing to cause, business shutdowns,
cancellations of events and travel, significant reductions in demand for
certain goods and services, reductions in business activity and financial
transactions, supply chain interruptions and overall economic and
financial market instability both globally and in the United States. Such
effects will likely continue for the duration of the pandemic, which is
uncertain, and for some period thereafter. While several countries, as
well as certain states, counties, and cities in the United States, began
to relax the early public health restrictions with a view to partially or
fully reopening their economies, many cities, both globally and in the
United States, continue to experience, from time to time, surges in the
reported number of cases and hospitalizations related to the COVID‑19
pandemic. Recurring COVID‑19 outbreaks, newly discovered variant and
sub‑variant strains of the virus and increases in cases can, and has, led
to the re‑introduction of restrictions
|
and business shutdowns in certain states, counties,
and cities in the United States and globally, and could continue to lead
to the re‑introduction of such restrictions elsewhere. Even after the
COVID‑19 pandemic subsides, the U.S. economy and most other major global
economies may continue to experience a substantial economic downturn or
recession, and our business and operations, as well as the business and
operations of our portfolio companies, could be materially adversely
affected by a prolonged economic downturn or recession in the United
States and other major markets. |
• |
Event Driven
Risk. GRID
Fund and Global Mini Mites Fund only — The principal risk
associated with event driven investments is that certain of the events may
not happen or the market may react differently than expected to the
anticipated transaction. Furthermore, even if the event occurs or is
announced, it may be renegotiated, terminated, involve a longer time frame
than originally contemplated or may not actually happen. Additionally,
forced sellers may reduce prices and/or marks to market. Event driven
investment transactions are also subject to the risk of overall market
movements. To the extent that a general increase or decline in securities
values affects the securities involved in an event driven position of the
GRID Fund differently, the position may be exposed to loss. Accordingly,
the GRID Fund may realize losses due to the risks involved with event
driven investing which negatively impact the value of its shares.
|
• |
Growth Stock
Risk. Securities of growth companies may be
more volatile since such companies usually invest a high portion of
earnings in their business, and they may lack the dividends of value
stocks that can cushion stock prices in a falling market. Stocks of
companies the Adviser believes are fast-growing may trade at a higher
multiple of current earnings than other stocks. The values of these stocks
may be more sensitive to changes in current or expected earnings than the
values of other stocks. Earnings disappointments often lead to
|
sharply falling prices because investors buy growth
stocks in anticipation of superior earnings growth. If the Adviser’s
assessment of the prospects for a company’s earnings growth is wrong, or
if the Adviser’s judgment of how other investors will value the company’s
earnings growth is wrong, then the price of the company’s stock may fall
or may not approach the value that the Adviser has placed on it.
|
• |
Foreign Securities
Risk. A Fund that invests outside the United
States carries additional risks that include:
|
• |
Currency
Risk — Fluctuations in exchange rates between the
U.S. dollar and foreign currencies may negatively affect an
investment. Adverse changes in exchange rates may erode or reverse any
gains produced by foreign currency denominated investments and may widen
any losses. Each Fund may, but is not required to, seek to reduce currency
risk by hedging part or all of its exposure to various foreign currencies.
In addition, a Fund’s investments could be adversely affected by delays
in, or a refusal to grant, repatriation of funds or conversion of emerging
market currencies. |
• |
Information
Risk — Key information about an issuer, security, or
market may be inaccurate or unavailable. |
• |
Political
Risk — Foreign governments may expropriate assets, impose
capital or currency controls, impose tariffs or punitive taxes, or
nationalize a company or industry. Any of these actions could have a
severe effect on security prices and impair each Fund’s ability to bring
its capital or income back to the United States. Other political
risks include economic policy changes, social and political instability,
military action, and war. In particular, the consequences of the conflict
between Russia and Ukraine, including international sanctions, the
potential impact on inflation and increased disruption to supply chains
may impact our portfolio companies, result in an economic downturn or
recession either globally or locally in the U.S. or other economies,
reduce business activity, spawn additional conflicts (whether in the form
of traditional military action, reignited “cold” wars or in the form of
virtual warfare such as cyberattacks) with similar and perhaps wider
ranging impacts and consequences and have an adverse impact on the Fund’s
returns and net asset value. |
• |
Liquidity
Risk — Foreign securities are sometimes less liquid than
securities of comparably sized U.S. issuers.
|
• |
Access
Risk — The risk that some countries may restrict a Fund’s
access to investments or offer terms that are less advantageous than those
for local investors. This could limit the attractive investment
opportunities available to each Fund. |
• |
Eurozone Investment
Risks — A number of countries in the European Union (the “EU”) have
experienced, and may continue to experience, severe economic and financial
difficulties, increasing the risk of investing in the European markets. On
June 23, 2016, the United Kingdom held a referendum in which voters
approved an exit from the EU, commonly referred to as “Brexit”. The United
Kingdom’s withdrawal from the EU occurred on January 31, 2020, and
the United Kingdom remained in the EU’s customs union and single market
until December 31, 2020. The United Kingdom and the EU have entered into a
Trade and Cooperation Agreement (the “TCA”). While the TCA regulates a
number of important areas, significant parts of the United Kingdom economy
are not addressed in detail by the TCA, including in particular the
services sector, which represents the largest
|
component of the United Kingdom’s economy. A number
of issues, particularly in relation to the financial services sector,
remain to be resolved through further bilateral negotiations, which are
currently expected to begin in the early part of 2021. As a result, the
new relationship between the United Kingdom and the EU could in the short
term, and possibly for longer, cause disruptions to and create uncertainty
in the United Kingdom and European economies, prejudice to financial
services businesses that are conducting business in the EU and which are
based in the United Kingdom, legal uncertainty regarding achievement of
compliance with applicable financial and commercial laws and regulations,
and the unavailability of timely information as to expected legal, tax and
other regimes. During this period of uncertainty, the negative impact on
not only the United Kingdom and European economies, but the broader global
economy, could be significant, potentially resulting in increased market
and currency volatility (including volatility of the value of the British
pound sterling relative to the United States dollar and other currencies
and volatility in global currency markets generally), and illiquidity and
lower economic growth for companies that rely significantly on Europe for
their business activities and revenues. In addition, certain European
countries have recently experienced negative interest rates on certain
fixed-income instruments. In addition, certain European countries have
experienced negative interest rates on certain fixed-income instruments.
Negative interest rates may result in heightened market volatility and may
detract from the Fund’s performance to the extent the Fund is exposed to
such interest rates. Among other things, these developments have adversely
affected the value and exchange rate of the Euro and Pound Sterling, and
may continue to significantly affect the economies of all EU countries,
which in turn may have a material adverse effect on the Fund’s investments
in such countries, other countries that depend on EU countries for
significant amounts of trade or investment, or issuers with exposure to
debt issued by certain EU countries. To the extent that a Fund has
exposure to European markets or to transactions tied to the value of the
euro, these events could negatively affect the value and liquidity of the
Fund’s investments. All of these developments may continue to
significantly affect the economies of all EU countries, which in turn may
have a material adverse effect on a Fund’s investments in such countries,
other countries that depend on EU countries for significant amounts of
trade or investment, or issuers with exposure to debt issued by certain EU
countries. |
• |
Globalization
Risks — The growing inter-relationship of global
economies and financial markets has increased the effect of conditions in
one country or region on issuers of securities in a different country or
region. In particular, events or developments that interrupt the global
supply chain, such as pandemic risks relating to a novel strain of the
coronavirus (COVID-19), the adoption or prolongation of protectionist
trade policies by one or more countries, war, changes in economic or
monetary policy in the US or abroad, or a slowdown in the US economy,
could lead to a decrease in demand for products and reduced flows of
capital and income to companies in other countries. Those events might
particularly affect companies in emerging countries.
|
• |
Emerging Market
Risk. Foreign securities risks are more
pronounced in emerging markets. Investments in emerging markets may
experience sharp price swings, as there may be less government supervision
and regulation of business in such markets, and may entail risks relating
to political and economic instability and expropriation, nationalization,
confiscation or the |
imposition of restrictions on foreign investment,
lack of hedging instruments, and restrictions on repatriation of capital
invested. Securities markets in emerging markets may be less liquid and
developed than those in the United States, potentially making prices
erratic. Economic or political crises may detrimentally affect investments
in emerging markets. Emerging market countries may experience substantial
rates of inflation or deflation. The economies of developing countries
tend to be dependent upon international trade. There may be little
financial information available about emerging market issuers, and it may
be difficult to obtain or enforce a judgment against them. Other risks
include a high concentration of investors, financial intermediaries, and
market capitalization and trading volume in a small number of issuers and
industries; vulnerability to changes in commodity prices due to
overdependence on exports, including gold and natural resources,
overburdened infrastructure and obsolete or unseasoned financial systems;
environmental problems; less developed legal systems; and less reliable
securities custodial services and settlement practices. For all of these
reasons, investments in emerging markets may be considered speculative.
|
• |
Depositary
Receipts. The Funds may invest in non-U.S. equity
securities through depositary receipts, including ADRs, EDRs, GDRs and
other similar global instruments. While ADRs, EDRs and GDRs may not
necessarily be denominated in the same currency as the securities into
which they may be converted, many of the risks associated with foreign
(non-U.S.) securities may also apply to ADRs, EDRs and GDRs. In addition,
the underlying issuers of certain depositary receipts, particularly
unsponsored or unregistered depositary receipts, are under no obligation
to distribute shareholder communications to the holders of such receipts,
or to pass through to them any voting rights with respect to the deposited
securities. Depositary receipts that are not sponsored by the issuer may
be less liquid and there may be less readily available public information
about the issuer. |
• |
Micro-Cap Company
Risk. Global Mini Mites Fund only — Although
micro-cap companies may offer greater potential for capital appreciation
than larger companies, investing in securities of such companies may
involve greater risks than investing in larger, more established
companies, including the risk of loss and the risk that the Fund’s returns
may differ significantly from returns of funds investing in larger cap
companies or other asset classes. Micro-cap companies may be new or
unseasoned companies which are in their very early stages of development.
Micro-cap companies generally have limited product lines, markets,
management personnel, competitive strengths, research, and financial
resources, and may be more vulnerable to adverse business or market
developments. Their securities may trade less frequently and in more
limited volume, and are subject to more abrupt or erratic market price
movements, than the securities of larger, more established companies. The
greater price volatility of micro‑cap stocks may result from the fact that
there may be less market liquidity, less information publicly available,
or fewer investors who monitor the activities of those companies. The Fund
is also subject to the risk that micro‑cap stocks fall out of favor
generally with investors. The Fund may be able to deal with only a few
market-makers when purchasing and selling micro-cap securities, and may
need a considerable amount of time to purchase or sell its positions in
these securities. Also, micro-cap companies are typically subject to
greater changes in earnings and business prospects than larger companies.
Consequently, micro-cap company stock prices tend to rise and fall in
value more than other stock prices. Micro-cap securities are highly
volatile, and these companies may fail to execute their business plans and
go out of |
business. Micro-cap companies carry additional
risks because of the tendency of their earnings and revenues to be less
predictable. Micro-cap companies may be more vulnerable than larger
companies to key personnel losses due to reliance on a smaller number of
management personnel. These conditions, which create greater opportunities
to find securities trading below the Adviser’s estimate of the company’s
current worth, also involve increased risk. The shares of micro-cap
companies may require fair-value pricing, which is subjective and requires
judgment by the Adviser, and may be at risk for de-listing from a
securities exchange, making it difficult for the Fund to buy and sell
shares of a particular company. The actual market prices for a security
may differ from the fair value of that security as determined by the
Adviser, and there is no assurance that the Fund will realize fair
valuation upon the sale of a security. In addition, there may be less
public information available about micro-cap companies. It may take a long
time before the Fund realizes a gain, if any, on an investment in a
micro-cap company. Micro-cap companies may have limited financial
resources and little or no access to additional credit and therefore may
be more susceptible to market downturns or rising credit costs than
larger, more established companies. The risks of investing in micro-cap
companies are even greater than those of investing in small-cap companies,
which may have market capitalizations of up to $3 billion at the time of
investment. |
• |
Industry
Risk. Global
Content & Connectivity Fund only — Telecommunications — The
telecommunications industry is subject to governmental regulation and a
greater price volatility than the overall market, and telecommunications
companies can be adversely affected by, among other things, changes in
government regulation, intense competition, dependency on patent
protection, significant capital expenditures, heavy debt burdens, rapid
obsolescence of products and services due to product compatibility or
changing consumer preferences and strong market reactions to technological
developments throughout the industry, among other things. Government
actions around the world, specifically in the area of pre-marketing
clearance of products and prices, can be arbitrary and unpredictable.
Changes in world currency values are also unpredictable and can have a
significant short term impact on revenues, profits, and share valuations.
Certain telecommunications companies allocate greater than usual financial
resources to research and product development. The securities of such
companies may experience above-average price movements associated with the
perceived prospects of success of the research and development programs.
In addition, companies in which the Global Content & Connectivity
Fund invests may be adversely affected by lack of commercial acceptance of
a new product or process or by technological change and obsolescence.
|
• |
Liquidity
Risk. Global Mini Mites Fund only — Liquidity
risk is the risk that certain of the Fund’s securities holdings may be
considered to be illiquid, which means that they may be difficult to
value, purchase, or sell. This could prevent the Fund from purchasing or
selling such illiquid securities at an advantageous time or price, and
could require the Fund to dispose of other investments at unfavorable
times or prices in order to satisfy its obligations, which could delay the
redemption of Fund shares. Because the trading market for micro-cap stocks
is generally more volatile, thin and unpredictable relative to larger
capitalization stocks, the Fund is subject to greater liquidity risk than
a fund that invests in larger capitalization stocks. The Fund is permitted
to have 15% of its assets invested in illiquid securities. While the
Adviser intends to manage the liquidity profile of the Fund in a manner
consistent with this limitation and in a manner that is in the best
interests of the Fund and its shareholders, it is also possible that
positions that were liquid at the time of acquisition may become illiquid,
which could in turn cause the Fund not to be in compliance with its 15%
illiquid securities limit. This could occur as a result of general
volatility in the market for a particular micro-cap stock, or as a result
of adverse market or economic conditions independent of any specific
adverse changes in the conditions of a particular issuer or the market for
its securities. In such instances the Fund will seek to bring its
portfolio back within the 15% illiquid securities limit in an orderly
manner. During such periods |
the Fund will not be able to acquire any additional
illiquid securities, which could cause the Fund to pass on what would be
otherwise desirable investment opportunities and may impact the Fund’s
ability to achieve its desired level of exposure to a certain issuer or
sector. Liquidity risk may be magnified in rising interest rate
environments due to higher than normal redemption rates. Periods of heavy
redemption could cause the Fund to sell assets at a loss or depressed
value, which could negatively affect performance, and this risk is
heightened during periods of declining or illiquid markets; however, as
described above, the Adviser intends to actively manage the liquidity
profile of the Fund so that it is able to meet redemption requests without
significant dilution to remaining shareholders’ interests in the Fund and
the Corporation’s Board believes that the Fund’s investment policies
provide the Fund with sufficient flexibility in managing its liquidity
risk. Additionally, breaches of the 15% illiquid securities limit will
require various reporting to the Corporation’s Board and to the SEC, which
could result in additional costs that could impact returns. See
“Investment Strategies and Risks — Government Intervention in Financial
Markets Risk” in the SAI for additional information.
|
• |
Lower Rated
Securities. GRID Fund only — Lower rated securities
may involve major risk exposures such as increased sensitivity to interest
rate and economic changes, and the market to sell such securities may be
limited. These securities are often referred to in the financial press as
“junk bonds” and are generally considered speculative investments with
increased credit risks. As part of its investment in lower grade
securities, the Fund may also invest in securities of issuers in default.
The Fund will make an investment in securities of issuers in default only
when the Adviser believes that such issuers will honor their obligations
or emerge from bankruptcy protection under a plan pursuant to which the
securities received by the Fund in exchange for its defaulted securities
will have a value in excess of the Fund’s investment. By investing in
securities of issuers in default, the Fund bears the risk that these
issuers will not continue to honor their obligations or emerge from
bankruptcy protection or that the value of the securities will not
otherwise appreciate. |
• |
Issuer
Risk. The value of a security may decline
for a number of reasons that directly relate to an issuer, such as
management performance, financial leverage, and reduced demand for the
issuer’s goods or services, as well as the historical and prospective
earnings of the issuer and the value of its assets or factors unrelated to
the issuer’s value, such as investor perception.
|
• |
Management
Risk. If the portfolio managers are
incorrect in their assessment of the growth prospects of the securities a
Fund holds, then the value of such Fund’s shares may decline. In addition,
the portfolio managers’ strategy may produce returns that are different
from other mutual funds that invest in similar securities.
|
• |
Limited Operating
History. Global Mini Mites Fund only — The Fund
commenced operations on October 1, 2018 and therefore has a limited
operating history and may have higher expenses (although the Fund expects
that such expenses would be limited under its Expense Deferral Agreement
with the Adviser). There can be no assurance that the Fund will grow to or
maintain an economically viable size. The Fund could cease operations, and
investors may be required to liquidate or transfer their assets at a loss.
|
• |
Non‑Diversification
Risk. Each Fund is classified as a
“non-diversified” mutual fund, which means that a greater proportion of
its assets may be invested in the securities of a single issuer than a
“diversified” mutual fund. As non‑diversified mutual funds, more of each
Fund’s assets may |
be focused in the common stocks of a small number
of issuers, which may make the value of each Fund’s shares more sensitive
to changes in the market value of a single issuer or industry than shares
of a diversified mutual fund. The ability to invest in a more limited
number of securities may increase the volatility of each Fund’s investment
performance, as each Fund may be more susceptible to risks associated with
a single economic, political, or regulatory event than a diversified fund.
If the securities in which each Fund invests perform poorly, each Fund
could incur greater losses than it would have had if it had been invested
in a greater number of securities. |
• |
Smaller
Capitalization Risk. Global Content & Connectivity Fund, Global
Growth Fund, International Small Cap Fund, and Global Mini Mites Fund
— Risk is greater for the securities of smaller capitalization
companies (including small unseasoned companies that have been in
operation for less than three years) because they generally are more
vulnerable than larger companies to adverse business or economic
developments and they may have more limited resources. The securities of
smaller capitalization companies also may trade less frequently and in
smaller volume than larger companies. As a result, the value of such
securities may be more volatile than the securities of larger companies,
and a Fund may experience difficulty in purchasing or selling such
securities at the desired time and price.
|
• |
A “front-end sales load,” or sales charge is a
one‑time fee that may be charged at the time of purchase of shares.
|
• |
A “contingent deferred sales charge” (“CDSC”) is a
one‑time fee that may be charged at the time of redemption depending on
the time of redemption. |
• |
A “Rule 12b‑1 fee” is a recurring annual fee for
distributing shares and servicing shareholder accounts based on a Fund’s
average daily net assets attributable to the particular class of shares.
|
Class AAA Shares | Class A Shares | Class I Shares | ||||
Front-End Sales Load? |
No. | Yes. The percentage declines as the amount invested increases. The offering price of a Class A share includes the front-end sales load. | No. | |||
Contingent Deferred Sales Charge? |
No. | No, except for shares redeemed up to and including the last day of the eighteenth month after purchase as part of an investment greater than $1 million if no front-end sales charge was paid at the time of purchase. | No. | |||
Rule 12b‑1 Fee |
0.25% | 0.25% | None. | |||
Convertible to Another Class? |
Yes. May be converted to Class I shares provided certain conditions are met. | Yes. May be converted to Class I shares provided certain conditions are met. | No. | |||
Fund Expense Levels |
Higher annual expenses than Class I shares. Same as Class A shares. | Higher annual expenses than Class I shares. Same as Class AAA shares. | Lower annual expenses than Class AAA and Class A. |
Amount of Investment | Sales Charge as % of the Offering Price* |
Sales Charge as % of Amount Invested |
Reallowance to Broker‑Dealers | ||||||||||||
Under $50,000 |
5.75 | % | 6.10 | % | 5.00 | % | |||||||||
$50,000 but under $100,000 |
4.75 | % | 4.99 | % | 4.00 | % | |||||||||
$100,000 but under $250,000 |
3.75 | % | 3.90 | % | 3.00 | % | |||||||||
$250,000 but under $500,000 |
2.75 | % | 2.83 | % | 2.25 | % | |||||||||
$500,000 but under $1 million |
2.00 | % | 2.04 | % | 1.75 | % | |||||||||
$1 million but under $2 million |
0.00 | %** | 0.00 | % | 1.00 | % | |||||||||
$2 million but under $5 million |
0.00 | %** | 0.00 | % | 0.50 | % | |||||||||
$5 million or more |
0.00 | %** | 0.00 | % | 0.25 | % |
* |
Front-end sales load. The term “offering price”
includes the front-end sales load. |
** |
Subject to a CDSC equivalent to the corresponding
amount listed under the column “Reallowance to Broker-Dealers” for
redemptions up to and including the last day of the eighteenth month after
purchase. |
• |
all of your accounts at the Funds or a financial
intermediary; |
• |
any account of yours at another financial
intermediary; and |
• |
accounts of related parties of yours, such as
members of the same family, at any financial intermediary.
|
• |
Class A shares up to and including the last
day of the eighteenth month from when they were purchased as part of an
investment greater than $1 million if no front end sales charge was paid
at the time of purchase; or |
• |
redemptions and distributions from retirement plans
made after the death or disability of a shareholder
|
• |
minimum required distributions made from an IRA or
other retirement plan account after you reach age 701⁄2 |
• |
involuntary redemptions made by a Fund
|
• |
a distribution from a tax deferred retirement plan
after your retirement |
• |
returns of excess contributions to retirement plans
following the shareholder’s death or disability
|
• |
By Mail or In
Person. You may open an account by mailing a
completed subscription order form with a check or money order payable to
“The Gabelli Global Content & Connectivity Fund”, “The Gabelli Global
Growth Fund”, “The Gabelli International Small Cap Fund”, “The Gabelli
Global Rising Income and Dividend Fund”, or “Gabelli Global Mini Mites
Fund” to: |
By Mail | By Personal or Overnight Delivery | |
The Gabelli
Funds |
The Gabelli
Funds | |
P.O. Box
219204 |
c/o
DST | |
Kansas City, MO
64121-9204 |
430 W 7th Street STE
219204 | |
Kansas City, MO
64105-1409 |
• |
By
Internet. You may open an account over the
Internet at www.gabelli.com. |
• |
By Bank Wire or by
ACH System. To open an account using the
bank wire transfer system or ACH system, first telephone the Fund(s) at
800‑GABELLI (800‑422‑3554) to obtain a new account number. Then instruct
your bank to wire the funds to: |
• |
By
Telephone. You may make purchases for an
existing account with banking instructions on file by telephone at
800-GABELLI (800-422-3554). |
• |
By
Letter. You may mail a letter requesting the
redemption of shares to: The Gabelli
Funds, P.O. Box 219204, Kansas City, MO 64121-9204. Your letter
should state the name of the fund(s) and the share class, the dollar
amount or number of shares you wish to redeem, and your account number.
You must sign the letter in exactly the same way the account is registered
and, if there is more than one owner of shares, all owners must sign. A
medallion signature guarantee is required for each signature on your
redemption letter. You can obtain a medallion signature guarantee from
financial institutions such as commercial banks, broker-dealers, savings
banks, and credit unions. A notary public cannot provide a medallion
signature guarantee. |
• |
By Telephone or the
Internet. Unless you have requested that
telephone or Internet redemptions from your account not be permitted, you
may redeem your shares in an account excluding an IRA directly registered
with DST by calling either 800‑GABELLI (800‑422‑3554) or 800‑872‑5365
(617‑328‑5000 from outside the United States) or by visiting our website
at www.gabelli.com. You may not redeem Fund shares held through an IRA
through the Internet. IRA holders should consult a tax adviser concerning
the current tax rules applicable to IRAs. If DST properly acts on
telephone or Internet instructions after following reasonable procedures
to protect against unauthorized transactions, neither DST nor the Funds
will be responsible for any losses due to unauthorized telephone or
Internet transactions and instead you would be responsible. You may
request that proceeds from telephone or Internet redemptions be mailed to
you by check (if your address has not changed in the prior thirty days),
forwarded to you by bank wire, or invested in another mutual fund advised
by the Adviser (see “Exchange of Shares”). Among the procedures that DST
may use are passwords or verification of personal information. The Funds
may impose limitations from time to time on telephone or Internet
redemptions. |
1. |
Telephone
or Internet Redemption By Check. The Funds will make checks payable
to the name in which the account is registered and will normally mail the
check to the address of record within seven days.
|
2. |
Telephone
or Internet Redemption By Bank Wire or ACH System. The Funds accept
telephone or Internet requests for wire or ACH System redemptions in
amounts of at least $1,000. The Funds will send a wire or ACH System
credit to either a bank designated on your subscription order form or on a
subsequent letter with a medallion signature guarantee. The proceeds are
normally wired on the next Business Day. |
• |
you must meet the minimum investment requirements
for the fund whose shares you wish to purchase through exchange;
|
• |
if you are exchanging into a fund with a higher
sales charge, you must pay the difference at the time of exchange;
|
• |
if you are exchanging from a fund with a redemption
fee applicable to the redemption involved in your exchange, you must pay
the redemption fee at the time of the exchange;
|
• |
you will realize a taxable gain or loss because the
exchange is treated as a sale for federal income tax purposes;
|
• |
you should read the prospectus of the fund whose
shares you are purchasing through exchange. Call 800‑GABELLI
(800‑422‑3554), or visit our website at www.gabelli.com to obtain the
prospectus; and |
• |
you should be aware that a financial intermediary
may charge a fee for handling an exchange for you.
|
• |
Exchange by
Telephone. You may give exchange
instructions by telephone by calling 800‑GABELLI (800‑422‑3554). You may
not exchange shares by telephone if you hold share certificates.
|
• |
Exchange by
Mail. You may send a written request for
exchanges to: The Gabelli Funds, P.O. Box 219204, Kansas City, MO
64121-9204. Your letter should state your name, your account number, the
dollar amount or number of shares you wish to exchange, the name and class
of the fund(s) whose shares you wish to exchange, and the name of the
fund(s) whose shares you wish to acquire.
|
• |
Exchange through
the Internet. You may also give exchange
instructions via the Internet at www.gabelli.com. The Funds may impose
limitations from time to time on Internet exchanges.
|
• |
Shareholders owning Class I shares of a Fund are
only able to exchange their shares for Class I shares of another fund
managed by the Adviser or its affiliates if they meet the minimum
investment requirements for Class I shares of that other fund;
|
• |
Exchanges for Class AAA or Class A (if “closed to
purchases from new investors”) shares of a Fund are only permitted for
existing holders of Class AAA or Class A shares, as applicable, of the
Fund into which such shareholder seeks to exchange; and
|
• |
Class C shares of the Funds are no longer available
as an exchange option for holders of Class C shares of other funds
managed by the Adviser or its affiliates.
|
Income (Loss) from Investment Operations |
Distributions | Ratios to Average Net Assets/ Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31 |
Net Asset Value, Beginning of Year |
Net Investment Income (Loss)(a) |
Net Realized and Unrealized Gain (Loss) on Investments |
Total from Investment Operations |
Net Investment Income |
Net Realized Gain on Investments |
Return of Capital |
Total Distributions |
Redemption Fees(a)(b) |
Net Asset Value, End of Year |
Total Return† |
Net Assets, End of Year (in 000’s) |
Net Investment Income (Loss) |
Operating Expenses Before Reimburse- ment |
Operating Expenses Net of Reimburse- ment(c) |
Portfolio Turnover Rate |
||||||||||||||||||||||||||||||||||||||||||||||||
Class AAA |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 22.18 | $ | 0.56 | (d) | $ | 0.59 | $ | 1.15 | $ | (0.62 | ) | $ | (0.85 | ) | $ | — | $ | (1.47 | ) | $ | — | $ | 21.86 | 5.17 | % | $ | 65,025 | 2.33 | %(d) | 1.65 | % | 0.90 | %(e)(f) | 26 | % | ||||||||||||||||||||||||||||
2020 |
19.64 | 0.11 | (d) | 3.11 | 3.22 | (0.46 | ) | (0.22 | ) | — | (0.68 | ) | 0.00 | 22.18 | 16.42 | 67,239 | 0.57 | (d) | 1.77 | 0.90 | (e) | 41 | ||||||||||||||||||||||||||||||||||||||||||
2019 |
18.08 | 0.32 | 2.51 | 2.83 | (0.37 | ) | (0.90 | ) | — | (1.27 | ) | 0.00 | 19.64 | 15.62 | 65,024 | 1.63 | 1.74 | 1.69 | (e) | 14 | ||||||||||||||||||||||||||||||||||||||||||||
2018 |
21.77 | 0.16 | (2.76 | ) | (2.60 | ) | (0.15 | ) | (0.93 | ) | (0.01 | ) | (1.09 | ) | 0.00 | 18.08 | (11.89 | ) | 63,196 | 0.78 | 1.72 | 1.72 | 19 | |||||||||||||||||||||||||||||||||||||||||
2017 |
20.43 | 0.11 | 2.63 | 2.74 | (0.14 | ) | (1.26 | ) | — | (1.40 | ) | — | 21.77 | 13.38 | 81,832 | 0.48 | 1.73 | 1.73 | 22 | |||||||||||||||||||||||||||||||||||||||||||||
Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 22.38 | $ | 0.56 | (d) | $ | 0.60 | $ | 1.16 | $ | (0.62 | ) | $ | (0.85 | ) | $ | — | $ | (1.47 | ) | $ | — | $ | 22.07 | 5.16 | % | $ | 428 | 2.30 | %(d) | 1.65 | % | 0.90 | %(e)(f) | 26 | % | ||||||||||||||||||||||||||||
2020 |
19.81 | 0.11 | (d) | 3.14 | 3.25 | (0.46 | ) | (0.22 | ) | — | (0.68 | ) | 0.00 | 22.38 | 16.43 | 422 | 0.59 | (d) | 1.77 | 0.90 | (e) | 41 | ||||||||||||||||||||||||||||||||||||||||||
2019 |
18.23 | 0.36 | 2.50 | 2.86 | (0.38 | ) | (0.90 | ) | — | (1.28 | ) | 0.00 | 19.81 | 15.64 | 374 | 1.80 | 1.74 | 1.68 | (e) | 14 | ||||||||||||||||||||||||||||||||||||||||||||
2018 |
21.94 | 0.16 | (2.79 | ) | (2.63 | ) | (0.14 | ) | (0.93 | ) | (0.01 | ) | (1.08 | ) | 0.00 | 18.23 | (11.94 | ) | 231 | 0.76 | 1.72 | 1.72 | 19 | |||||||||||||||||||||||||||||||||||||||||
2017 |
20.58 | 0.10 | 2.66 | 2.76 | (0.14 | ) | (1.26 | ) | — | (1.40 | ) | — | 21.94 | 13.39 | 576 | 0.43 | 1.73 | 1.73 | 22 | |||||||||||||||||||||||||||||||||||||||||||||
Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 21.59 | $ | 0.64 | (d) | $ | 0.48 | $ | 1.12 | $ | (0.62 | ) | $ | (0.85 | ) | $ | — | $ | (1.47 | ) | $ | — | $ | 21.24 | 5.17 | % | $ | 3 | 2.76 | %(d) | 2.40 | % | 0.91 | %(e)(f) | 26 | % | ||||||||||||||||||||||||||||
2020 |
19.13 | 0.10 | (d) | 3.04 | 3.14 | (0.46 | ) | (0.22 | ) | — | (0.68 | ) | — | 21.59 | 16.44 | 49 | 0.54 | (d) | 2.52 | 0.90 | (e) | 41 | ||||||||||||||||||||||||||||||||||||||||||
2019 |
17.45 | 0.04 | 2.55 | 3.00 | (0.01 | ) | (0.90 | ) | — | (0.91 | ) | 0.00 | 19.13 | 14.81 | 84 | 0.19 | 2.49 | 2.45 | (e) | 14 | ||||||||||||||||||||||||||||||||||||||||||||
2018 |
21.08 | 0.02 | (2.68 | ) | (2.66 | ) | (0.03 | ) | (0.93 | ) | (0.01 | ) | (0.97 | ) | 0.00 | 17.45 | (12.56 | ) | 279 | 0.08 | 2.47 | 2.47 | 19 | |||||||||||||||||||||||||||||||||||||||||
2017 |
19.85 | (0.06 | ) | 2.55 | 2.49 | — | (1.26 | ) | — | (1.26 | ) | — | 21.08 | 12.53 | 267 | (0.28 | ) | 2.48 | 2.48 | 22 | ||||||||||||||||||||||||||||||||||||||||||||
Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 22.11 | $ | 0.55 | (d) | $ | 0.60 | $ | 1.15 | $ | (0.62 | ) | $ | (0.85 | ) | $ | — | $ | (1.47 | ) | $ | — | $ | 21.79 | 5.18 | % | $ | 13,523 | 2.32 | %(d) | 1.40 | % | 0.90 | %(e)(f) | 26 | % | ||||||||||||||||||||||||||||
2020 |
19.58 | 0.11 | (d) | 3.10 | 3.21 | (0.46 | ) | (0.22 | ) | — | (0.68 | ) | 0.00 | 22.11 | 16.42 | 13,931 | 0.58 | (d) | 1.52 | 0.90 | (e) | 41 | ||||||||||||||||||||||||||||||||||||||||||
2019 |
18.03 | 0.46 | 2.51 | 2.97 | (0.52 | ) | (0.90 | ) | — | (1.42 | ) | 0.00 | 19.58 | 16.42 | 12,495 | 2.33 | 1.49 | 0.99 | (e) | 14 | ||||||||||||||||||||||||||||||||||||||||||||
2018 |
21.75 | 0.32 | (2.79 | ) | (2.47 | ) | (0.31 | ) | (0.93 | ) | (0.01 | ) | (1.25 | ) | 0.00 | 18.03 | (11.27 | ) | 12,394 | 1.52 | 1.47 | 1.00 | (e) | 19 | ||||||||||||||||||||||||||||||||||||||||
2017 |
20.40 | 0.28 | 2.62 | 2.90 | (0.29 | ) | (1.26 | ) | — | (1.55 | ) | — | 21.75 | 14.20 | 14,374 | 1.26 | 1.48 | 1.00 | (e) | 22 |
† | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
(a) | Per share amounts have been calculated using the average shares outstanding method. |
(b) | Amount represents less than $0.005 per share. |
(c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios. |
(d) | Includes income resulting from special dividends. Without these dividends, the per share income amounts would have been $0.05 and $0.09 (Class AAA), $0.04 and $0.09 (Class A), $0.15 and $0.08 (Class C), and $0.05 and $0.09 (Class I), and the net investment income ratios would have been 0.20% and 0.45% (Class AAA), 0.18% and 0.47% (Class A), 0.63% and 0.41% (Class C), and 0.20% and 0.46% (Class I) for the years ended December 31, 2021 and 2020, respectively. |
(e) | Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $589,925, $591,218 and $91,150 for the years ended December 31, 2021, 2020, and 2019, and certain Class I expenses to the Fund of $70,600 and $56,231 for the years ended December 31, 2018 and 2017, respectively. |
(f) | The Fund incurred tax expense for the year ended December 31, 2021. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class. |
Income (Loss) from Investment Operations |
Distributions | Ratios to Average Net Assets/ Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31 |
Net Asset Value, Beginning of Year |
Net Investment Income (Loss)(a) |
Net Realized and Unrealized Gain (Loss) on Investments |
Total from Investment Operations |
Net Investment Income |
Net Realized Gain on Investment |
Return of Capital |
Total Distributions |
Redemption Fees(a)(b) |
Net Asset Value, End of Year |
Total Return† |
Net Assets, End of Year (in 000’s) |
Net Investment Income (Loss) |
Operating Expenses Before Reimburse- ment |
Operating Expenses Net of Reimburse- ment |
Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class AAA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 47.04 | $ | (0.25 | ) | $ | 10.19 | $ | 9.94 | $ | (0.02 | ) | $ | (2.28 | ) | $ | — | $ | (2.30 | ) | $ | 0.00 | $ | 54.68 | 21.10 | % | $ | 126,055 | (0.49 | )% | 1.50 | % | 0.91 | %(c)(d) | 49 | % | ||||||||||||||||||||||||||||||||||||||||||||
2020 |
35.56 | (0.05 | ) | 12.64 | 12.59 | (0.09 | ) | (1.02 | ) | — | (1.11 | ) | 0.00 | 47.04 | 35.43 | 115,210 | (0.14 | ) | 1.57 | 0.90 | (c) | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 |
29.94 | (0.07 | ) | 9.29 | 9.22 | — | (3.60 | ) | — | (3.60 | ) | 0.00 | 35.56 | 30.73 | 88,287 | (0.21 | ) | 1.63 | 1.22 | (c) | 78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 |
33.42 | (0.05 | ) | (0.91 | ) | (0.96 | ) | — | (2.52 | ) | — | (2.52 | ) | 0.00 | 29.94 | (2.80 | ) | 71,877 | (0.14 | ) | 1.68 | 1.42 | (c)(e) | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 |
26.72 | (0.13 | ) | 7.89 | 7.76 | — | (1.05 | ) | (0.01 | ) | (1.06 | ) | 0.00 | 33.42 | 29.02 | 77,829 | (0.42 | ) | 1.67 | 1.67 | (e) | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 47.01 | $ | (0.25 | ) | $ | 10.18 | $ | 9.93 | $ | (0.02 | ) | $ | (2.28 | ) | $ | — | $ | (2.30 | ) | $ | 0.00 | $ | 54.64 | 21.09 | % | $ | 5,252 | (0.49 | )% | 1.50 | % | 0.91 | %(c)(d) | 49 | % | ||||||||||||||||||||||||||||||||||||||||||||
2020 |
35.55 | (0.05 | ) | 12.62 | 12.57 | (0.09 | ) | (1.02 | ) | — | (1.11 | ) | 0.00 | 47.01 | 35.38 | 4,804 | (0.12 | ) | 1.57 | 0.90 | (c) | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 |
29.93 | (0.08 | ) | 9.30 | 9.22 | — | (3.60 | ) | — | (3.60 | ) | 0.00 | 35.55 | 30.74 | 5,332 | (0.21 | ) | 1.63 | 1.22 | (c) | 78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 |
33.41 | (0.05 | ) | (0.91 | ) | (0.96 | ) | — | (2.52 | ) | — | (2.52 | ) | 0.00 | 29.93 | (2.80 | ) | 3,861 | (0.14 | ) | 1.68 | 1.41 | (c)(e) | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 |
26.72 | (0.13 | ) | 7.88 | 7.75 | — | (1.05 | ) | (0.01 | ) | (1.06 | ) | 0.00 | 33.41 | 28.98 | 3,652 | (0.43 | ) | 1.67 | 1.67 | (e) | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 38.30 | $ | (0.21 | ) | $ | 8.30 | $ | 8.09 | $ | (0.02 | ) | $ | (2.28 | ) | $ | — | $ | (2.30 | ) | $ | 0.00 | $ | 44.09 | 21.08 | % | $ | 2,411 | (0.49 | )% | 2.25 | % | 0.91 | %(c)(d) | 49 | % | ||||||||||||||||||||||||||||||||||||||||||||
2020 |
29.11 | (0.04 | ) | 10.34 | 10.30 | (0.09 | ) | (1.02 | ) | — | (1.11 | ) | 0.00 | 38.30 | 35.41 | 2,376 | (0.12 | ) | 2.32 | 0.90 | (c) | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 |
25.18 | (0.25 | ) | 7.78 | 7.53 | — | (3.60 | ) | — | (3.60 | ) | 0.00 | 29.11 | 29.82 | 2,598 | (0.84 | ) | 2.38 | 1.87 | (c) | 78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 |
28.73 | (0.28 | ) | (0.75 | ) | (1.03 | ) | — | (2.52 | ) | — | (2.52 | ) | 0.00 | 25.18 | (3.50 | ) | 1,561 | (0.93 | ) | 2.43 | 2.15 | (c)(e) | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 |
23.26 | (0.32 | ) | 6.85 | 6.53 | — | (1.05 | ) | (0.01 | ) | (1.06 | ) | 0.00 | 28.73 | 28.04 | 1,479 | (1.19 | ) | 2.42 | 2.42 | (e) | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 48.23 | $ | (0.26 | ) | $ | 10.45 | $ | 10.19 | $ | (0.02 | ) | $ | (2.28 | ) | $ | — | $ | (2.30 | ) | $ | 0.00 | $ | 56.12 | 21.10 | % | $ | 106,107 | (0.50 | )% | 1.25 | % | 0.91 | %(c)(d) | 49 | % | ||||||||||||||||||||||||||||||||||||||||||||
2020 |
36.45 | (0.08 | ) | 12.97 | 12.89 | (0.09 | ) | (1.02 | ) | — | (1.11 | ) | 0.00 | 48.23 | 35.39 | 70,888 | (0.18 | ) | 1.32 | 0.90 | (c) | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 |
30.55 | 0.01 | 9.49 | 9.50 | — | (3.60 | ) | — | (3.60 | ) | 0.00 | 36.45 | 31.03 | 16,566 | 0.03 | 1.38 | 0.99 | (c) | 78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 |
33.90 | 0.09 | (0.92 | ) | (0.83 | ) | — | (2.52 | ) | — | (2.52 | ) | 0.00 | 30.55 | (2.37 | ) | 8,272 | 0.26 | 1.43 | 1.00 | (c)(e) | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 |
26.92 | 0.07 | 7.97 | 8.04 | — | (1.05 | ) | (0.01 | ) | (1.06 | ) | 0.00 | 33.90 | 29.84 | 5,667 | 0.24 | 1.42 | 1.00 | (c)(e) | 43 |
† | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
(a) | Per share amounts have been calculated using the average shares outstanding method. |
(b) | Amount represents less than $0.005 per share. |
(c) | Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $1,048,506, $876,253, $412,641, and $261,050 for the years ended December 31, 2021, 2020, 2019, and 2018 and certain Class I expenses to the Fund of $19,466 for the year ended December 31, 2017. |
(d) | The Fund incurred tax expense for the year ended December 31, 2021. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class. |
(e) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2018 and 2017, there was no impact to the expense ratios. |
Income (Loss) from Investment Operations |
Distributions | Ratios to Average Net Assets/ Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31 |
Net Asset Value, Beginning of Year |
Net Investment Income (Loss)(a) |
Net Realized and Unrealized Gain (Loss) on Investments |
Total
from Investment Operations |
Net Investment Income |
Net Realized Gain on Investments |
Return of Capital |
Total Distributions |
Redemption Fees(a)(b) |
Net Asset Value, End of Year |
Total Return† |
Net Assets, End of Year (in 000’s) |
Net Investment Income (Loss) |
Operating Expenses Before Reimburse- ment |
Operating Expenses Net of Reimburse- ment(c)(d) |
Portfolio Turnover Rate |
||||||||||||||||||||||||||||||||||||||||||||||||
Class AAA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 15.44 | $ | 0.13 | (e) | $ | 0.51 | $ | 0.64 | $ | (0.33 | ) | $ | (0.00 | )(b) | $ | — | $ | (0.33 | ) | $ | 0.00 | $ | 15.75 | 4.16 | % | $ | 6,191 | 0.79 | %(e) | 2.89 | % | 0.92 | %(f) | 15 | % | ||||||||||||||||||||||||||||
2020 |
13.06 | 0.06 | 2.44 | 2.50 | (0.12 | ) | — | — | (0.12 | ) | 0.00 | 15.44 | 19.16 | 6,617 | 0.51 | 3.65 | 0.91 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
2019 |
11.09 | 0.19 | (e) | 2.68 | 2.87 | (0.22 | ) | (0.68 | ) | — | (0.90 | ) | 0.00 | 13.06 | 25.94 | 6,366 | 1.50 | (e) | 3.41 | 1.00 | 9 | |||||||||||||||||||||||||||||||||||||||||||
2018 |
18.55 | 0.19 | (4.13 | ) | (3.94 | ) | (0.19 | ) | (3.32 | ) | (0.01 | ) | (3.52 | ) | 0.00 | 11.09 | (20.87 | ) | 5,954 | 1.07 | 3.11 | 1.00 | (g) | 26 | ||||||||||||||||||||||||||||||||||||||||
2017 |
22.41 | 0.04 | 6.19 | 6.23 | (0.13 | ) | (9.96 | ) | — | (10.09 | ) | — | 18.55 | 28.09 | 8,599 | 0.16 | 3.01 | 1.67 | 71 | |||||||||||||||||||||||||||||||||||||||||||||
Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 15.40 | $ | 0.13 | (e) | $ | 0.52 | $ | 0.65 | $ | (0.33 | ) | $ | (0.00 | )(b) | $ | — | $ | (0.33 | ) | $ | 0.00 | $ | 15.72 | 4.24 | % | $ | 104 | 0.82 | %(e) | 2.89 | % | 0.92 | %(f) | 15 | % | ||||||||||||||||||||||||||||
2020 |
13.03 | 0.06 | 2.43 | 2.49 | (0.12 | ) | — | — | (0.12 | ) | 0.00 | 15.40 | 19.13 | 101 | 0.50 | 3.65 | 0.91 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
2019 |
11.05 | 0.07 | (e) | 2.67 | 2.74 | (0.08 | ) | (0.68 | ) | — | (0.76 | ) | 0.00 | 13.03 | 24.86 | 91 | 0.60 | (e) | 3.41 | 1.91 | 9 | |||||||||||||||||||||||||||||||||||||||||||
2018 |
18.44 | 0.01 | (4.08 | ) | (4.07 | ) | — | (3.32 | ) | — | (3.32 | ) | 0.00 | 11.05 | (21.70 | ) | 81 | 0.04 | 3.11 | 2.01 | (g) | 26 | ||||||||||||||||||||||||||||||||||||||||||
2017 |
22.33 | (0.05 | ) | 6.18 | 6.13 | (0.06 | ) | (9.96 | ) | — | (10.02 | ) | — | 18.44 | 27.74 | 155 | (0.19 | ) | 3.01 | 2.00 | 71 | |||||||||||||||||||||||||||||||||||||||||||
Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 13.87 | $ | 0.11 | (e) | $ | 0.47 | $ | 0.58 | $ | (0.33 | ) | $ | (0.00 | )(b) | $ | — | $ | (0.33 | ) | $ | 0.00 | $ | 14.12 | 4.20 | % | $ | 16 | 0.77 | %(e) | 3.64 | % | 0.92 | %(f) | 15 | % | ||||||||||||||||||||||||||||
2020 |
11.74 | 0.05 | 2.20 | 2.25 | (0.12 | ) | — | — | (0.12 | ) | 0.00 | 13.87 | 19.19 | 28 | 0.48 | 4.40 | 0.91 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
2019 |
10.02 | (0.01 | )(e) | 2.41 | 2.40 | — | (0.68 | ) | — | (0.68 | ) | 0.00 | 11.74 | 24.01 | 26 | (0.12 | )(e) | 4.16 | 2.61 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
2018 |
17.26 | (0.11 | ) | (3.81 | ) | (3.92 | ) | — | (3.32 | ) | — | (3.32 | ) | 0.00 | 10.02 | (22.33 | ) | 31 | (0.67 | ) | 3.86 | 2.76 | (g) | 26 | ||||||||||||||||||||||||||||||||||||||||
2017 |
21.52 | (0.23 | ) | 5.93 | 5.70 | — | (9.96 | ) | — | (9.96 | ) | — | 17.26 | 26.79 | 43 | (0.92 | ) | 3.76 | 2.75 | 71 | ||||||||||||||||||||||||||||||||||||||||||||
Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 15.85 | $ | 0.14 | (e) | $ | 0.52 | $ | 0.66 | $ | (0.33 | ) | $ | (0.00 | )(b) | $ | — | $ | (0.33 | ) | $ | 0.00 | $ | 16.18 | 4.18 | % | $ | 4,376 | 0.87 | %(e) | 2.64 | % | 0.92 | %(f) | 15 | % | ||||||||||||||||||||||||||||
2020 |
13.41 | 0.05 | 2.51 | 2.56 | (0.12 | ) | — | — | (0.12 | ) | 0.00 | 15.85 | 19.11 | 4,342 | 0.39 | 3.40 | 0.91 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
2019 |
11.39 | 0.19 | (e) | 2.77 | 2.96 | (0.26 | ) | (0.68 | ) | — | (0.94 | ) | 0.00 | 13.41 | 26.04 | 1,312 | 1.52 | (e) | 3.16 | 1.00 | 9 | |||||||||||||||||||||||||||||||||||||||||||
2018 |
18.93 | 0.19 | (4.22 | ) | (4.03 | ) | (0.18 | ) | (3.32 | ) | (0.01 | ) | (3.51 | ) | 0.00 | 11.39 | (20.90 | ) | 1,557 | 1.07 | 2.86 | 1.00 | (g) | 26 | ||||||||||||||||||||||||||||||||||||||||
2017 |
22.68 | 0.21 | 6.31 | 6.52 | (0.31 | ) | (9.96 | ) | — | (10.27 | ) | — | 18.93 | 29.02 | 2,031 | 0.82 | 2.76 | 1.00 | 71 |
† | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
(a) | Per share amounts have been calculated using the average shares outstanding method. |
(b) | Amount represents less than $0.005 per share. |
(c) | Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $216,306, $210,061, $184,323, $201,091, and $144,403 for the years ended December 31, 2021, 2020, 2019, 2018, and 2017, respectively. |
(d) | The Fund incurred interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 0.90% for each Class for the year ended December 31, 2020, and 2.00% (Class A), 2.75% (Class C) and with no impact to Class AAA and Class I for the year ended December 31, 2018. For the years ended December 31, 2021, 2019, and 2017, the effect of interest expense was minimal. |
(e) | Includes income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.06 and $0.15 (Class AAA), $0.06 and $0.04 (Class A), $0.05 and $(0.05) (Class C), and $0.07 and $0.15 (Class I), and the net investment income/(loss) ratios would have been 0.36% and 1.19% (Class AAA), 0.39% and 0.29% (Class A), 0.34% and (0.43%) (Class C), and 0.44% and 1.21% (Class I) for the years ended December 31, 2021 and 2019, respectively. |
(f) | The Fund incurred tax expense for the year ended December 31, 2021. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 0.90% for each Class. |
(g) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2018, the effect of expense reimbursements was minimal. |
Income (Loss) from Investment Operations |
Distributions | Ratios to Average Net Assets/ Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31 |
Net Asset Value, Beginning of Year |
Net Investment Income (Loss)(a) |
Net Realized and Unrealized Gain (Loss) on Investments |
Total
from Investment Operations |
Net Investment Income |
Net Realized Gain on Investments |
Return of Capital |
Total Distributions |
Redemption Fees(a)(b) |
Net Asset Value, End of Year |
Total Return† |
Net Assets, End of Year (in 000’s) |
Net Investment Income (Loss) |
Operating Expenses Before Reimburse- ment |
Operating Expenses Net of Reimburse- ment(c)(d) |
Portfolio Turnover Rate |
||||||||||||||||||||||||||||||||||||||||||||||||
Class AAA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 29.04 | $ | 0.39 | (e) | $ | 5.79 | $ | 6.18 | $ | (0.17 | ) | $ | (0.37 | ) | $ | — | $ | (0.54 | ) | $ | 0.00 | $ | 34.68 | 21.32 | % | $ | 4,914 | 1.21 | %(e) | 1.62 | % | 0.90 | %(f) | 10 | % | ||||||||||||||||||||||||||||
2020 |
26.18 | 0.19 | 2.87 | 3.06 | (0.20 | ) | — | — | (0.20 | ) | 0.00 | 29.04 | 11.68 | 5,157 | 0.79 | 1.72 | 0.90 | (f) | 8 | |||||||||||||||||||||||||||||||||||||||||||||
2019 |
23.00 | 0.08 | (e) | 3.22 | 3.30 | (0.08 | ) | (0.04 | ) | — | (0.12 | ) | 0.00 | 26.18 | 14.38 | 6,194 | 0.34 | (e) | 1.70 | 1.65 | (f) | 5 | ||||||||||||||||||||||||||||||||||||||||||
2018 |
27.20 | 0.16 | (3.98 | ) | (3.82 | ) | (0.20 | ) | (0.18 | ) | — | (0.38 | ) | — | 23.00 | (14.02 | ) | 4,929 | 0.60 | 1.67 | 1.67 | 20 | ||||||||||||||||||||||||||||||||||||||||||
2017 |
22.80 | 0.03 | 4.74 | 4.77 | (0.07 | ) | (0.28 | ) | (0.02 | ) | (0.37 | ) | 0.00 | 27.20 | 20.91 | 7,672 | 0.12 | 1.62 | 1.62 | 24 | ||||||||||||||||||||||||||||||||||||||||||||
Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 29.10 | $ | 0.39 | (e) | $ | 5.80 | $ | 6.19 | $ | (0.17 | ) | $ | (0.37 | ) | $ | — | $ | (0.54 | ) | $ | 0.00 | $ | 34.75 | 21.31 | % | $ | 1,169 | 1.19 | %(e) | 1.62 | % | 0.90 | %(f) | 10 | % | ||||||||||||||||||||||||||||
2020 |
26.23 | 0.18 | 2.89 | 3.07 | (0.20 | ) | — | — | (0.20 | ) | 0.00 | 29.10 | 11.69 | 840 | 0.76 | 1.72 | 0.90 | (f) | 8 | |||||||||||||||||||||||||||||||||||||||||||||
2019 |
23.04 | 0.09 | (e) | 3.21 | 3.30 | (0.07 | ) | (0.04 | ) | — | (0.11 | ) | 0.00 | 26.23 | 14.35 | 1,441 | 0.35 | (e) | 1.70 | 1.66 | (f) | 5 | ||||||||||||||||||||||||||||||||||||||||||
2018 |
27.26 | 0.16 | (3.99 | ) | (3.83 | ) | (0.21 | ) | (0.18 | ) | — | (0.39 | ) | — | 23.04 | (14.01 | ) | 1,465 | 0.61 | 1.67 | 1.67 | 20 | ||||||||||||||||||||||||||||||||||||||||||
2017 |
22.86 | 0.05 | 4.74 | 4.79 | (0.09 | ) | (0.28 | ) | (0.02 | ) | (0.39 | ) | 0.00 | 27.26 | 20.93 | 1,178 | 0.18 | 1.62 | 1.62 | 24 | ||||||||||||||||||||||||||||||||||||||||||||
Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 24.30 | $ | 0.34 | (e) | $ | 4.83 | $ | 5.17 | $ | (0.17 | ) | $ | (0.37 | ) | $ | — | $ | (0.54 | ) | $ | 0.00 | $ | 28.93 | 21.32 | % | $ | 654 | 1.23 | %(e) | 2.38 | % | 0.90 | %(f) | 10 | % | ||||||||||||||||||||||||||||
2020 |
21.94 | 0.15 | 2.41 | 2.56 | (0.20 | ) | — | — | (0.20 | ) | 0.00 | 24.30 | 11.65 | 968 | 0.74 | 2.47 | 0.90 | (f) | 8 | |||||||||||||||||||||||||||||||||||||||||||||
2019 |
19.35 | (0.09 | (e) | 2.72 | 2.63 | — | (0.04 | ) | — | (0.04 | ) | 0.00 | 21.94 | 13.61 | 1,836 | (0.43 | )(e) | 2.45 | 2.37 | (f) | 5 | |||||||||||||||||||||||||||||||||||||||||||
2018 |
22.93 | (0.02 | ) | (3.35 | ) | (3.37 | ) | (0.03 | ) | (0.18 | ) | — | (0.21 | ) | — | 19.35 | (14.65 | ) | 2,245 | (0.09 | ) | 2.42 | 2.42 | 20 | ||||||||||||||||||||||||||||||||||||||||
2017 |
19.36 | (0.14 | ) | 4.01 | 3.87 | — | (0.28 | ) | (0.02 | ) | (0.30 | ) | 0.00 | 22.93 | 19.98 | 2,127 | (0.62 | ) | 2.37 | 2.37 | 24 | |||||||||||||||||||||||||||||||||||||||||||
Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 29.15 | $ | 0.39 | (e) | $ | 5.82 | $ | 6.21 | $ | (0.17 | ) | $ | (0.37 | ) | $ | — | $ | (0.54 | ) | $ | 0.00 | $ | 34.82 | 21.34 | % | $ | 62,757 | 1.20 | %(e) | 1.37 | % | 0.90 | %(f) | 10 | % | ||||||||||||||||||||||||||||
2020 |
26.28 | 0.19 | 2.88 | 3.07 | (0.20 | ) | — | — | (0.20 | ) | 0.00 | 29.15 | 11.67 | 48,234 | 0.79 | 1.47 | 0.90 | (f) | 8 | |||||||||||||||||||||||||||||||||||||||||||||
2019 |
23.08 | 0.25 | (e) | 3.24 | 3.49 | (0.25 | ) | (0.04 | ) | — | (0.29 | ) | 0.00 | 26.28 | 15.11 | 44,180 | 1.01 | (e) | 1.45 | 0.99 | (f) | 5 | ||||||||||||||||||||||||||||||||||||||||||
2018 |
27.35 | 0.35 | (4.04 | ) | (3.69 | ) | (0.40 | ) | (0.18 | ) | — | (0.58 | ) | — | 23.08 | (13.44 | ) | 38,934 | 1.32 | 1.42 | 1.00 | (f) | 20 | |||||||||||||||||||||||||||||||||||||||||
2017 |
22.89 | 0.19 | 4.78 | 4.97 | (0.21 | ) | (0.28 | ) | (0.02 | ) | (0.51 | ) | 0.00 | 27.35 | 21.68 | 59,555 | 0.74 | 1.37 | 1.00 | (f) | 24 |
† | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
(a) | Per share amounts have been calculated using the average shares outstanding method. |
(b) | Amount represents less than $0.005 per share. |
(c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios. |
(d) | The Fund incurred interest expense, the effect of which was minimal. |
(e) | Includes income resulting from special dividends. Without these dividends, the per share income/(loss) amounts would have been $0.19 and $0.03 (Class AAA), $0.19 and $0.04 (Class A), $0.17 and $(0.13) (Class C), and $0.19 and $0.20 (Class I), and the net investment income/(loss) ratios would have been 0.59% and 0.14% (Class AAA), 0.57% and 0.14% (Class A), 0.61% and (0.64%) (Class C), 0.58% and 0.80% (Class I), for the years ended December 31, 2021 and 2019, respectively. |
(f) | Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $311,048, $295,855, and $196,584 for the years ended December 31, 2021, 2020, and 2019 and certain Class I expenses to the Fund of $211,071 and $175,468 for the years ended December 31, 2018 and 2017, respectively. |
Income (Loss) from Investment Operations |
Distributions | Ratios to Average Net Assets/ Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended December 31 |
Net Asset Value, Beginning of Period |
Net Investment Income (Loss)(a) |
Net Realized and Unrealized Gain (Loss) on Investments |
Total
from Investment Operations |
Net Investment Income |
Net Realized Gain on Investments |
Total Distributions |
Redemption Fees(a)(b) |
Net Asset Value, End of Period |
Total Return† |
Net Assets, End of Period (in 000’s) |
Net Investment Income (Loss) |
Operating Expenses Before Reimburse- ment |
Operating Expenses Net of Reimburse- ment(c) |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||||||||||||||||||||
Class AAA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 10.67 | $ | (0.02 | ) | $ | 2.04 | $ | 2.02 | $ | (0.07 | ) | $ | (1.58 | ) | $ | (1.65 | ) | $ | 0.00 | $ | 11.04 | 19.25 | % | $ | 83 | (0.17 | )% | 3.49 | % | 0.90 | %(d)(e) | 79 | % | ||||||||||||||||||||||||||
2020 |
9.26 | 0.05 | 1.42 | 1.47 | (0.06 | ) | — | (0.06 | ) | — | 10.67 | 15.87 | 120 | 0.61 | 9.40 | 0.90 | (d) | 63 | ||||||||||||||||||||||||||||||||||||||||||
2019 |
8.62 | 0.05 | 0.94 | 0.99 | (0.04 | ) | (0.31 | ) | (0.35 | ) | — | 9.26 | 11.49 | 114 | 0.53 | 10.81 | 1.23 | (f) | 131 | |||||||||||||||||||||||||||||||||||||||||
2018(g) |
10.00 | 0.01 | (1.38 | ) | (1.37 | ) | (0.01 | ) | (0.00 | )(b) | (0.01 | ) | — | 8.62 | (13.71 | ) | 70 | 0.45 | (h) | 44.14 | (h) | 1.25 | (h) | 6 | ||||||||||||||||||||||||||||||||||||
Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 10.66 | $ | (0.02 | ) | $ | 2.05 | $ | 2.03 | $ | (0.07 | ) | $ | (1.58 | ) | $ | (1.65 | ) | $ | 0.00 | $ | 11.04 | 19.38 | % | $ | 13 | (0.18 | )% | 3.49 | % | 0.90 | %(d)(e) | 79 | % | ||||||||||||||||||||||||||
2020 |
9.26 | 0.05 | 1.41 | 1.46 | (0.06 | ) | — | (0.06 | ) | — | 10.66 | 15.76 | 11 | 0.66 | 9.40 | 0.90 | (d) | 63 | ||||||||||||||||||||||||||||||||||||||||||
2019 |
8.62 | 0.04 | 0.95 | 0.99 | (0.04 | ) | (0.31 | ) | (0.35 | ) | — | 9.26 | 11.47 | 10 | 0.43 | 10.81 | 1.23 | (f) | 131 | |||||||||||||||||||||||||||||||||||||||||
2018(g) |
10.00 | 0.01 | (1.38 | ) | (1.37 | ) | (0.01 | ) | (0.00 | )(b) | (0.01 | ) | — | 8.62 | (13.72 | ) | 9 | 0.41 | (h) | 44.14 | (h) | 1.25 | (h) | 6 | ||||||||||||||||||||||||||||||||||||
Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 10.63 | $ | (0.02 | ) | $ | 2.04 | $ | 2.02 | $ | (0.07 | ) | $ | 1.58 | ) | $ | (1.65 | ) | $ | 0.00 | $ | 11.00 | 19.34 | % | $ | 13 | (0.18 | )% | 4.24 | % | 0.90 | %(d)(e) | 79 | % | ||||||||||||||||||||||||||
2020 |
9.23 | 0.05 | 1.41 | 1.46 | (0.06 | ) | — | (0.06 | ) | — | 10.63 | 15.81 | 11 | 0.66 | 10.15 | 0.90 | (d) | 63 | ||||||||||||||||||||||||||||||||||||||||||
2019 |
8.61 | (0.02 | ) | 0.95 | 0.93 | (0.00 | )(b) | (0.31 | ) | (0.31 | ) | — | 9.23 | 10.83 | 9 | (0.25 | ) | 11.56 | 1.92 | (f) | 131 | |||||||||||||||||||||||||||||||||||||||
2018(g) |
10.00 | (0.01 | ) | (1.38 | ) | (1.39 | ) | — | (0.00 | )(b) | (0.00 | )(b) | — | 8.61 | (13.88 | ) | 8 | (0.34 | )(h) | 44.89 | (h) | 2.00 | (h) | 6 | ||||||||||||||||||||||||||||||||||||
Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
$ | 10.67 | $ | (0.02 | ) | $ | 2.04 | $ | 2.02 | $ | (0.07 | ) | $ | 1.58 | ) | $ | (1.65 | ) | $ | 0.00 | $ | 11.04 | 19.25 | % | $ | 6,801 | (0.18 | )% | 3.24 | % | 0.90 | %(d)(e) | 79 | % | ||||||||||||||||||||||||||
2020 |
9.26 | 0.09 | 1.38 | 1.47 | (0.06 | ) | — | (0.06 | ) | — | 10.67 | 15.87 | 3,922 | 1.11 | 9.15 | 0.90 | (d) | 63 | ||||||||||||||||||||||||||||||||||||||||||
2019 |
8.61 | 0.08 | 0.94 | 1.02 | (0.06 | ) | (0.31 | ) | (0.37 | ) | — | 9.26 | 11.84 | 1,605 | 0.84 | 10.56 | 1.00 | (f) | 131 | |||||||||||||||||||||||||||||||||||||||||
2018(g) |
10.00 | 0.02 | (1.40 | ) | (1.38 | ) | (0.01 | ) | (0.00 | )(b) | (0.01 | ) | — | 8.61 | (13.76 | ) | 494 | 0.79 | (h) | 43.89 | (h) | 1.00 | (h) | 6 |
† | Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. Total return for a period of less than one year is not annualized. Total return for a period of less than one year is not annualized. |
(a) | Per share amounts have been calculated using the average shares outstanding method. |
(b) | Amount represents less than $0.005 per share. |
(c) | Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $147,312, $163,109, $126,588, and $43,899 for the years ended December 31, 2021, 2020, and 2019 and the period ended December 31, 2018, respectively. |
(d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses for the years ended December 31, 2021 and 2020. If credits had not been received, the ratios of operating expenses to average net assets would have been 0.92% and 0.96% for each Class, respectively. |
(e) | The Fund incurred tax expense for the year ended December 31, 2021 and there was no impact on the expense ratios. |
(f) | The Fund incurred interest expense for the year ended December 31, 2019. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.22% (Class AAA and Class A),1.90% (Class C), and 0.99% (Class I), respectively. |
(g) | The Fund commenced investment operations on October 1, 2018. |
(h) | Annualized. |
Front‑end Sales Load Waivers on Class A Shares Available at Merrill Lynch |
Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents) |
Shares purchased through a Merrill Lynch affiliated investment advisory program |
Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable) |
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the Fund Complex) |
Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus |
Eligible shares purchased from the proceeds of redemptions within the Fund Complex, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front‑end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement |
CDSC Waivers on Class A and C Shares Available at Merrill Lynch |
Death or disability of the shareholder |
Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus |
Return of excess contributions from an IRA Account |
Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code |
Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
Shares acquired through a right of reinstatement |
Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to a fee based accounts or platforms (applicable to A and C shares only) |
Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
Front‑end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent |
Breakpoints as described in this prospectus |
Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Funds’ prospectus will be automatically calculated based on the aggregated holding of Fund Complex assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible Fund Complex assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within the Fund Complex, through Merrill Lynch, over a 13 month period of time (if applicable) |
• |
Employer-sponsored retirement plans (e.g., 401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and
money purchase pension plans and defined benefit plans). For purposes of
this provision, employer-sponsored retirement plans do not include SEP
IRAs, Simple IRAs, SAR-SEPs or Keogh plans
|
• |
Morgan Stanley employee and employee-related
accounts according to Morgan Stanley’s account linking rules
|
• |
Shares purchased through reinvestment of dividends
and capital gains distributions when purchasing shares of the same fund
|
• |
Shares purchased through a Morgan Stanley
self-directed brokerage account |
• |
Class C (i.e., level-load) shares that are no
longer subject to a contingent deferred sales charge and are converted to
Class A shares of the same fund pursuant to Morgan Stanley Wealth
Management’s share class conversion program
|
• |
Shares purchased from the proceeds of redemptions
within the same fund family, provided (i) the repurchase occurs
within 90 days following the redemption, (ii) the redemption and purchase
occur in the same account, and (iii) redeemed shares were subject to a
front-end or deferred sales charge. |
• |
Shares purchased in an investment advisory program.
|
• |
Shares purchased within the same fund family
through a systematic reinvestment of capital gains and dividend
distributions. |
• |
Employees and registered representatives of Raymond
James or its affiliates and their family members as designated by Raymond
James. |
• |
Shares purchased from the proceeds of redemptions
within the same fund family, provided (1) the repurchase occurs
within 90 days following the redemption, (2) the redemption and
purchase occur in the same account, and (3) redeemed shares were
subject to a front‑end or deferred sales load (known as Rights of
Reinstatement). |
• |
A shareholder in the Fund’s Class C shares
will have their shares converted at net asset value to Class A shares
(or the appropriate share class) of the Fund if the shares are no longer
subject to a CDSC and the conversion is in line with the policies and
procedures of Raymond James. |
• |
Death or disability of the shareholder.
|
• |
Shares sold as part of a systematic withdrawal plan
as described in the fund’s prospectus. |
• |
Return of excess contributions from an IRA Account.
|
• |
Shares sold as part of a required minimum
distribution for IRA and retirement accounts due to the shareholder
reaching age 701⁄2 as described in the fund’s
prospectus. |
• |
Shares sold to pay Raymond James fees but only if
the transaction is initiated by Raymond James.
|
• |
Shares acquired through a right of reinstatement.
|
• |
Breakpoints as described in this prospectus.
|
• |
Rights of accumulation which entitle shareholders
to breakpoint discounts will be automatically calculated based on the
aggregated holding of fund family assets held by accounts within the
purchaser’s household at Raymond James. Eligible fund family assets not
held at Raymond James may be included in the calculation of rights of
accumulation calculation only if the shareholder notifies his or her
financial advisor about such assets. |
• |
Letters of intent which allow for breakpoint
discounts based on anticipated purchases within a fund family, over a
13‑month time period. Eligible fund family assets not held at Raymond
James may be included in the calculation of letters of intent only if the
shareholder notifies his or her financial advisor about such assets.
|
• |
Employer-sponsored retirement, deferred
compensation and employee benefit plans (including health savings
accounts) and trusts used to fund those plans, provided that the shares
are not held in a commission-based brokerage account and shares are held
for the benefit of the plan |
• |
Shares purchased by or through a 529 Plan
|
• |
Shares purchased through a OPCO affiliated
investment advisory program |
• |
Shares purchased through reinvestment of capital
gains distributions and dividend reinvestment when purchasing shares of
the same fund (but not any other fund within the fund family)
|
• |
Shares purchased form the proceeds of redemptions
within the same fund family, provided (1) the repurchase occurs
within 90 days following the redemption, (2) the redemption and purchase
occur in the same amount, and (3) redeemed shares were subject to a
front-end or deferred sales load (known as Rights of Restatement).
|
• |
A shareholder in the Fund’s Class C shares will
have their shares converted at net asset value to Class A shares (or
the appropriate share class) of the Fund if the shares are no longer
subject to a CDSC and the conversion is in line with the policies and
procedures of OPCO |
• |
Employees and registered representatives of OPCO or
its affiliates and their family members |
• |
Directors or Trustees of the Fund, and employees of
the Fund’s investment adviser or any of its affiliates, as described in
this prospectus |
• |
Death or disability of the shareholder
|
• |
Shares sold as part of a systematic withdrawal plan
as described in the Fund’s prospectus |
• |
Return of excess contributions from an IRA Account
|
• |
Shares sold as part of a required minimum
distribution for IRA and retirement accounts due to the shareholder
reaching age 70½ as described in the prospectus
|
• |
Shares sold to pay OPCO fees but only if the
transaction is initiated by OPCO |
• |
Shares acquired through a right of reinstatement
|
• |
Breakpoints as described in this prospectus.
|
• |
Rights of Accumulation (ROA) which entitle
shareholders to breakpoint discounts will be automatically calculated
based on the aggregated holding of fund family assets held by accounts
within the purchaser’s household at OPCO. Eligible fund family assets not
held at OPCO may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such assets
|
• |
Employer-sponsored retirement plans (e.g., 401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and
money purchase pension plans and defined benefit plans). For purposes of
this provision, employer-sponsored retirement plans do not include SEP
IRAs, Simple IRAs or SAR‑SEPs. |
• |
Shares purchased through reinvestment of capital
gains distributions and dividend reinvestment when purchasing shares of
the same Fund (but not any other fund within the same fund family).
|
• |
Shares exchanged from Class C shares of the
same fund in the month of or following the 7‑year anniversary of the
purchase date. To the extent that this prospectus elsewhere provides for a
waiver with respect to exchanges of Class C shares or conversion of
Class C shares following a shorter holding period, that waiver will
apply. |
• |
Employees and registered representatives of
Ameriprise Financial or its affiliates and their immediate family members.
|
• |
Shares purchased by or through qualified accounts
(including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b)
TSCAs subject to ERISA and defined benefit plans) that are held by a
covered family member, defined as an Ameriprise financial advisor and/or
the advisor’s spouse, advisor’s lineal ascendant (mother, father,
grandmother, grandfather, great grandmother, great grandfather), advisor’s
lineal descendant (son, step‑son, daughter, step-daughter, grandson,
granddaughter, great grandson, great granddaughter) or any spouse of a
covered family member who is a lineal descendant.
|
• |
Shares purchased from the proceeds of redemptions
within the same fund family, provided (1) the repurchase occurs
within 90 days following the redemption, (2) the redemption and
purchase occur in the same account, and (3) redeemed shares were
subject to a front‑end or deferred sales load (i.e. Rights of
Reinstatement). |
• |
Free from the Funds’ website at www.gabelli.com.
|
• |
For a fee, by electronic request at
[email protected], by writing to the Public Reference Section of the SEC,
Washington, DC 20549-1520 or by calling 202‑551‑8090.
|
• |
Free from the EDGAR Database on the SEC’s website
at www.sec.gov. |