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SIGNATURE CHARLENE LUCCHESI
TITLE PARALEGAL
Exhibit 77 Q(1)
The Gabelli Value Fund, Inc
Articles of Amendment
Gabelli Value Fund, Inc. a Maryland Corporation, having its principal office
in the State of Maryland in Baltimore City (hereinafter called the
"Corporation"), hereby certifies to the State Department of Assessments and
Taxation of Maryland that:
First: The Charter of the Corporation is amended by redesignating the
existing class of Common Stock of the Corporation as Class A Series
Shares of Common Stock.
Second: The Corporation is registered as an open-end investment company under
the Investment Company Act of 1940, as amended.
Third: The amendment to the Charter of the Corporation as set forth above has
been approved by at least a majority of the entire Board of Directors of the
Corporation and is limited to changes expressly permitted by Section 2-605 of
Subtitle 6 of Title 2 of the Maryland General Corporation Law to be made
without action by the stockholders of the Corporation.
In Witness Whereof, The Gabelli Value Fund, Inc. has caused these Articles of
Amendment to be executed by its Vice President and witnessed by its Assistant
Secretary as of the 20th day of April 1999. The Vice-President of the
Corporation who signed these Articles of Amendment acknowledges them to be the
act of the Corporation and states under penalties of perjury that, to the best
of his knowledge, information and belief, the matters and facts set forth here
in relating to authorization and approval hereof are true in all material
respects.
The Gabelli Value Fund, Inc.
By: /s/ Bruce Aipert
Name: Bruce Aipert
Title: Vice president
Witness:
By: /s/ Julie Tedesco
Name: Julie Tedesco
Title: Assistant Secretary
Exhibit 77 Q(1)(a)
THE GABELLI VALUE FUND INC.
ARTICLES SUPPLEMENTARY
THE GABELLI VALUE FUND INC., a Maryland corporation registered as an
open-end investment company under the Investment Company Act of 1940,
as amended (the "1940 Act"), and having its principal office in the
State of Maryland in Baltimore City, Maryland (hereinafter called the
"Corporation"), hereby certifies to the State Department of Assessments and
Taxation of Maryland that:
FIRST: In accordance with procedures established in the Corporation's
Charter and pursuant to Section 2-208 of Maryland General Corporate Law,
the Board of Directors of the Corporation, by resolution dated February 17,
1999, duly reclassifies one hundred fifty million (150,000,000) Class A shares
of the authorized common stock of the Corporation as follows:
Former Classification New Classification Authorized Shares Allocated
The Gabelli Value Fund
- Class A Shares
The Gabelli Value Fund 100,000,000
Class B Series Shares
The Gabelli Value Fund
Class C Series Shares 50,000,000
SECOND: The shares of the Corporation reclassified pursuant to Article First
of these Articles Supplementary have been classified by the Board of Directors
under the authority contained in the Charter of the Corporation.
THIRD: Immediately prior to the effectiveness of these Articles Supplementary
of the Corporation, the Corporation had authority to issue three hundred
million (300,000,000) shares of Common Stock of the par value of $0.001 per
share and of the aggregate par value of three hundred thousand dollars
($300,000), classified as follows:
Previous Classification of Shares
Name of Portfolio Class Designation Number of Shares Classified
The Gabelli Value Fund Class A Series Shares 300,000,000
As supplemented hereby, the Corporation's Articles of Incorporation authorize
the issuance of three hundred million (300,000,000) shares of Common Stock of
the par value of $0.001 per share and of the aggregate par value of three
hundred thousand dollars ($300,000), classified as follows:
Current Classification of Shares
Name of Portfolio Class Designation Number of Shares Classified
The Gabelli Value Fund Class A Series Shares 150,000,000
The Gabelli Value Fund Class B Series Shares 100,000,000
The Gabelli Value Fund Class C Series Shares 50,000,000
300,000,000
FOURTH: The preferences, rights, voting powers, restrictions, limitations as
to dividends, qualifications and terms and conditions of redemption of each
share of each class of The Gabelli Value Fund and shall be subject to all
provisions of the Articles of Incorporation, relating generally to the
Corporation's Common Stock and to the following:
(a) The following definitions shall apply:
(i) "CDSC Shares" shall mean the Shares of any Class subject to a
contingent deferred sales charge.
(ii) "Class" shall mean one of the separate classes of Shares of the Fund
designated as such by these Articles Supplementary.
(iii) "Class A Series Shares" shall mean the Shares of the Fund designated
as such by these Articles Supplementary.
(iv) "Class B Series Shares" shall mean the Shares of the Fund designated
as such by these Articles Supplementary.
(v) "Class C Series Shares" shall mean the Shares of the Fund designated as
such by these Articles Supplementary.
(vi) "Rule 18f-3 Plan" shall mean the plan approved by the Directors and as
amended from time to time, in accordance with Rule 18f-3 under the
Investment Company Act of 1940, as amended, pursuant to which the Fund
may issue multiple classes of shares with varying front-end sales
charges, contingent deferred sales charges, distribution fees and
service fees.
(b) In accordance with Article V(5) of the Articles of Incorporation:
(i) The assets attributable to each Class of Shares and the liabilities
attributable to each Class of Shares shall be based upon the allocations
required by the Rule 18f-3 Plan.
(ii) All dividends and distributions on each Class of Shares shall be
distributed pro rata to the holders of Shares of that Class in
proportion to the number of Shares of that Class held by such holders
at the date and time of record established for the payment of such
dividends or distributions and such dividends and distributions need
not be pro rata with respect to dividends and distributions paid to
Shares of any other class. Dividends and distributions shall be paid
with respect to Shares of a given Class only out of lawfully available
assets attributable to such Class.
(iii) Each Class B Series Share shall be convertible automatically, and
without any action or choice on the part of the holder thereof, into
Class A Series Shares (or fractions thereof) pursuant to such terms,
conditions and restrictions as may be established by the Directors and
set forth from time to time in the Prospectus of the Fund with respect
to the Class B Series Shares.
(iv) The number of Class A Series Shares into which each Class B Series
Share shall convert pursuant to the foregoing paragraph shall equal
the number (including for this purpose fractions of a Share) obtained
by dividing the net asset value per share of the Class B Series Shares
for purposes of sales and redemptions thereof on the date of such
conversion (the "Conversion Date") by the net asset value per share of
the Class A Series Shares for purposes of sales and redemptions thereof
on the Conversion Date.
(v) On the Conversion Date, the Class B Series Shares which convert into
Class A Series Shares will no longer be deemed outstanding and the
rights of the holders thereof (except the right to receive dividends
declared prior to the Conversion Date but unpaid as of the Conversion
Date) will cease. Certificates representing Class A Series Shares
resulting from conversion may be issued pursuant to such terms and
conditions as may be established from time to time by the Directors.
(vi) Shareholders of a particular Class of the Fund shall not be entitled
to vote on any matter that affects only one or more other Classes and
shall be the only shareholders entitled to vote on matters submitted
to shareholders affecting the Distribution Fees or Service Fees
relative to the Class or other matters only affecting the Class.
(vii) Shareholders shall have separate voting rights on any matter submitted
to shareholders in which the interest of one Class differs from the
interests of any other Class.
(c) The method of determining the purchase price and the price, terms and
manner of redemptions of each Class of Shares shall be established by
the Directors in accordance with the provisions of the Articles of
Incorporation, these Articles and the Rule 18f-3 Plan and shall be set
forth in the prospectus of the Fund with respect to each Class of
Shares, as amended from time to time, under the Securities Act of 1933,
as amended.
IN WITNESS WHEREOF, The Gabelli Value Fund Inc. has caused these
Articles Supplementary to be signed, and witnessed, in its name and on
its behalf by its undersigned officers who acknowledge that these
Articles Supplementary are the act of the Corporation; that to the best
of their knowledge, information, and belief, all matters and facts set
forth herein relating to the authorization and approval of these
Articles Supplementary are true in all material respects; and that this
statement is made under the penalties of perjury.
Date: April 20, 1999
THE GABELLI VALUE FUND, INC.
By:/s/ Bruce Aipert
Name: Bruce Aipert
Title: Vice President
WITNESS:
By: /s/ Julie Tedesco
Name: Julie Tedesco
Title: Assistant Secretary
