comparative results the gabelli value fund inc shareholder commentary december 31 2006 to our shareholders we had a great year posted total return of 10 58 for fourth quarter compared with 6 69 standard & poor s s&p 500 index was up 21 outperforming 15 78 five ten fifteen and since inception periods annualized returns were 8 72 13 52 14 03 respectively which compares favorably over same 18 42 63 80 economy resilience expectations that us federal reserve would stop raising rates plus falling oil prices treasury bond yields ignited powerful stock market rally at mid continued through stocks gained straight in as record breaking global merger acquisition activity solid corporate profits plenty liquidity fueled advance both bonds have discounted slower economic growth some reduction short term interest
