| 1. | The next February, Gabelli Global Convertible Securities Fund was born.
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| 2. | Convertible securities are hybrids that combine features of debt and equity.
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| 3. | Diluted earnings reflect options, warrants and other convertible securities.
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| 4. | Battipaglia likes convertible securities when a stock price has collapsed.
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| 5. | That is because it owned no bonds, just convertible securities and stocks.
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| 6. | Another option is convertible securities, which combine features of stocks and bonds.
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| 7. | Convertible securities are bonds and preferred stock paying a fixed amount of interest.
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| 8. | Fully diluted shares assumes that all convertible securities are changed into common shares.
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| 9. | Andrew Davis also manages the Davis Convertible Securities Fund.
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| 10. | Fully diluted shares take into account shares represented by convertible securities and options.
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