Fund Description

The fund was incepted in October 1985 and is managed by Gabelli Funds. The fund seeks to maximize total return, consisting of capital appreciation and current income. The fund follows a value oriented strategy. The fund invests in, and may shift frequently among, a wide range of asset classes and market sectors. These include foreign and domestic equity and debt securities, money market instruments and derivatives. Equity securities in which the fund may invest include common stock, preferred stock (including convertible preferred stock), warrants and depository receipts. Debt securities in which the fund may invest include U.S. corporate debt, U.S. government and agency debt and foreign sovereign and other debt securities (including sovereign and other debt securities from emerging market issuers). The fund may invest up to 65% of its assets in the equity and debt securities of foreign issuers. The fund may also invest in debt securities convertible into shares of common stock. The fund's debt securities may have fixed, floating or variable rates of interest. Dividends and capital gains are distributed annually.