The author of the article is promoting these and buy and hold. The distributions have consistently declined over time and will likely decline in the future. The capital invested back at the time when this fund was created is below what it is today. Consider that in 1986 CD rates were over 10%. If you just rolled over 5 year CDs since 1986 versus investing in these funds, you not only would have all your original capital, but the returns would be far superior.
Consider the Gabelli fund objectives:
"Investment Objective
To achieve long-term growth of capital primarily through investment in equity securities, with income being a secondary objective. The Fund will invest at least 80% of its assets in equity securities. The Fund may invest, from time to time, in shares of other investment companies. It may purchase or write call or put options on securities or indices. It may invest up to 10% of its net assets in securities, for which the markets are illiquid. The Fund invests in various industries, including food and beverage, financial services, energy and utilities, telecommunications, healthcare, diversified industrial, consumer products, publishing, entertainment, cable and satellite, hotels and gaming, and equipment and supplies."
So after 34 years, the investment capital is cut in half? Is that what equity markets did over the past 34 years? As a minimum these funds should have been able to hold the NAV at inception which is a very low bar.