The Gabelli SRI Fund Inc. will now consider sustainability criteria and its name is changing to Gabelli SRI Green Fund Inc.

"Green companies around the world are addressing sustainability issues such as climate change, energy security and independence, natural resource shortages, organic living and urbanization through innovative products and services," says John M. Segrich, CFA, who heads the Gabelli Green research team and will join Christopher C. Desmarais as co-portfolio manager of the fund. "Moreover, we believe these issues are accompanied by a series of economic, social and political changes that have significant global impact and should not be ignored by companies, investors or individuals."

Many companies, new ones and those that are repositioning, are becoming involved in clean power generation, energy storage, recycling and waste, water, energy efficiency, transportation solutions, smart grid and distribution, carbon, forestry, agriculture and medicine, he says, and the fund wants to take advantage of this trend for its investors.

Going forward, the Fund will invest at least 80% of its assets in companies that meet both socially responsible screens as well as sustainability criteria encompassing green investing. The name change and enhanced strategy will take effect March 17.