Investment objective & strategy
As of April 30, 2025 · prospectusObjective. The Fund seeks to achieve total returns that are attractive to investors in various market conditions without excessive risk of capital loss.
Strategy. The Fund invests primarily in securities of domestic and foreign issuers that Gabelli Funds, LLC, the Funds investment adviser (the Adviser), believes provide attractive opportunities for appreciation or investment income. The Adviser seeks to limit excessive risk of capital loss by utilizing various investment strategies, including investing in value oriented common stocks, i.e. , common stocks that trade at a significant discount to the Advisers assessment of their private market value (the value informed investors would be willing to pay to acquire the entire company), virtually risk free U.S. Treasury Bills, and by utilizing certain arbitrage strategies. The Funds use of arbitrage may be described as investing in event driven situations such as announced mergers, acquisitions, and reorganizations. When a … The Fund invests primarily in securities of domestic and foreign issuers that Gabelli Funds, LLC, the Funds investment adviser (the Adviser), believes provide attractive opportunities for appreciation or investment income. The Adviser seeks to limit excessive risk of capital loss by utilizing various investment strategies, including investing in value oriented common stocks, i.e. , common stocks that trade at a significant discount to the Advisers assessment of their private market value (the value informed investors would be willing to pay to acquire the entire company), virtually risk free U.S. Treasury Bills, and by utilizing certain arbitrage strategies. The Funds use of arbitrage may be described as investing in event driven situations such as announced mergers, acquisitions, and reorganizations. When a company agrees to be acquired by another company, its stock price often quickly rises to just below the stated acquisition price. If the Adviser, through extensive research, determines that the acquisition is likely to be consummated on schedule at the stated acquisition price, the Fund may purchase the selling companys securities, offering the Fund the possibility of generous returns relative to cash equivalents with a limited risk of excessive loss of capital. The Fund may hold a significant portion of its assets in cash in anticipation of arbitrage opportunities. The Fund may invest up to 40% of its total assets in securities of non-U.S. issuers. The Fund may invest up to 25% of its assets in lower quality fixed income securities, including up to 5% of its assets in securities of issuers that are in default, in order to seek higher income and capital appreciation. For additional information about selection of investments suitable for the Fund, see page 9 of this prospectus. In selecting investments for the Fund, the Adviser considers a number of factors, including: ? the Advisers own evaluations of the private market value of the underlying assets and business of the company which is the value the Adviser believes informed investors would be willing to pay to acquire the entire company; ? the interest or dividend income generated by the securities; ? the potential for capital appreciation of the securities; ? the prices of the securities relative to other comparable securities; ? whether the securities are entitled to the benefits of sinking funds or other protective conditions; ? the existence of any anti-dilution protections or guarantees of the security; and ? the diversification of the Funds portfolio as to issuers. The Adviser also evaluates the issuers free cash flow and long term earnings trends. Finally, the Adviser looks for a catalyst: something in the companys industry, indigenous to the company, or in the companys country that will surface additional value. The Adviser expects that, in accordance with the Funds investment objective, it will invest the Funds assets in a more conservative manner than it would in a small capitalization growth fund. For example, it may utilize fixed income securities and hedging strategies to reduce the risk of capital loss to a greater extent than it does in most other equity funds managed by the Adviser. As a result, the Funds total return is not expected to be as high as traditional equity funds in periods of significant appreciation in the equity markets.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| LENNAR CORP CL B | — | $67.30M | 16.17% |
| U.S. Treasury Bills | B | $39.26M | 9.43% |
| U.S. Treasury Bills | B | $28.31M | 6.80% |
| U.S. Treasury Bills | — | $23.61M | 5.67% |
| U.S. Treasury Bills | — | $19.39M | 4.66% |
| U.S. Treasury Bills | B | $16.10M | 3.87% |
| U.S. Treasury Bills | B | $15.85M | 3.81% |
| U.S. Treasury Bills | B | $11.83M | 2.84% |
| U.S. Treasury Bills | B | $11.16M | 2.68% |
| U.S. Treasury Bills | 912797SX | $9.04M | 2.17% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Enterprise Mergers and Acquisitions Fund · EMAAX, EMACX, EMAYX, EAAAX | 41% | 1.00% |
| Fidelity Series Treasury Bill Index Fund · FHQFX | 37% | 0.00% |
| GDL Fund | 36% | — |
Advisers
| Firm | Role |
|---|---|
| Gabelli Funds, LLC | Adviser |
Footnotes
- Expense ratio as of April 30, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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