Gabelli Funds has opened the doors on its new Gabelli Woodland Small Cap Value Fund. Elizabeth M. Lilly is the portfolio manager for the non-diversified fund. The no-load fund is an outgrowth of Gabelli's purchase of Woodland partners last November.

Lilly herself was cofounder and managing partner of Woodland Partners. She co-founded Woodland with Richard W. Jensen and a third partner in 1996 after spending six years as a manager at U. S. Bancorp's First Asset Management (FAM). She is also the portfolio manager of the FMI Woodland Small Cap Value Fund for which Gabelli is the subadvisor.

Bruce N. Alpert, chief operating officer of Gabelli, said that the firm has no immediate plans to launch more funds based on its acquisition of Woodland. "This fund is really focused on Elizabeth's speciality," he explained.

The fund will be distributed through a number of no-transaction fee programs, including those of Charles Schwab, Fidelity Investments, and T.D. Waterhouse. It carries a minimum initial investment of $1,000. The fund also carries advisor class shares -- including A, B and C shares -- for sale through investment consultants. 

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