The fund was incepted in August 1965 and is managed by Gabelli Funds. The fund seeks long-term capital appreciation in various market conditions without excessive risk of capital loss. The fund pursues its objective by investing primarily in common stocks, selected for their appreciation potential. The fund invests in certain 'event' driven situations such as announced mergers, acquisitions and reorganizations ('arbitrage'). The fund engages within prescribed limits, in short sales of common stocks whereby the fund borrows and sells a security it does not own in order to profit from the potential decline in the price of that security. The fund may invest all or a portion of its assets primarily in U.S. Treasury securities when the portfolio manager believes the risk of loss from investing in stocks is high. Dividends and capital gains are distributed annually.