Gabelli Woodland Small Cap Value Fund renamed, now Focus Five Fund

By Toni Weeks

San Diego, Jan. 3 - Gabelli Equity Series Funds, Inc. announced that the Gabelli Woodland Small Cap Value Fund was renamed and launched as the Gabelli Focus Five Fund on Jan. 1, according to a 497 filing with the Securities and Exchange Commission.

The Focus Five Fund is a concentrated fund that will seek to invest up to 50% of its assets in five companies, with the balance being invested in no more than 20 additional equity securities, short-term high-grade liquid investments or cash equivalents.

The fund's strategy will be aligned with that of Gabelli & Co.'s research report, The Focus Five, which has been published quarterly since January 2006.

During the notice period for the name change and investment strategy change, the fund will continue to invest at least 80% of its assets in small cap companies, according to a press release. Subsequently, the fund intends to invest without limitation on market capitalization.

Elizabeth M. Lilly, who served as portfolio manager of the predecessor fund since 2002, will continue as portfolio manager of the fund. She will be joined by Daniel Miller and Sarah Donnelly.

The fund's investment adviser is Rye, N.Y.-based Gabelli Funds, LLC.

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