-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SqPoLEFfezqt3V2KrIU42brvaLtj6kManxE45LFHmw4UEfo3W4kkUCce6pU/18Kh RhsJWRmJYQFshN6z1Ri4CQ== 0000935069-03-001262.txt : 20030905 0000935069-03-001262.hdr.sgml : 20030905 20030905163422 ACCESSION NUMBER: 0000935069-03-001262 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030905 EFFECTIVENESS DATE: 20030905 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GABELLI GROWTH FUND CENTRAL INDEX KEY: 0000806857 IRS NUMBER: 133391404 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04873 FILM NUMBER: 03884152 BUSINESS ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580-1434 BUSINESS PHONE: 2124903670 MAIL ADDRESS: STREET 1: ONE CORPORATE CENTER STREET 2: 100 PARK AVENUE CITY: RYE STATE: NY ZIP: 10580-1434 N-CSRS 1 growth.txt GABELLI GROWTH - 6-30-03 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-4873 ------------------------ The Gabelli Growth Fund ------------------------ (Exact name of registrant as specified in charter) One Corporate Center, Rye, New York 10580-1422 ------------------------ (Address of principal executive offices) (Zip code) Bruce N. Alpert Gabelli Funds, LLC One Corporate Center, Rye, New York 10580-1422 ------------------------ (Name and address of agent for service) registrant's telephone number, including area code: 1-800-422-3554 ------------------ Date of fiscal year end: December 31, 2003 ------------------ Date of reporting period: June 30, 2003 ------------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. THE GABELLI GROWTH FUND SEMI-ANNUAL REPORT JUNE 30, 2003 TO OUR SHAREHOLDERS, We are changing the way we provide portfolio managers' commentary to shareholders of our Funds. Our shareholder reports have typically contained commentary on each portfolio manager's assessment of the stock market, individual stocks and how economic events affect their thinking in managing a specific Fund. We have always provided details about performance and presented returns, both good and bad, hopefully in a clear and concise fashion. These comments have been included as part of each Fund's quarterly, semi-annual, and annual financial statements. The Sarbanes-Oxley Act's new corporate governance regulations now require a Fund's principal executive and financial officers to certify the entire contents of shareholder reports in a filing with the Securities and Exchange Commission on form N-CSR. This certification covers the portfolio manager's commentary and subjective opinions if they are attached to or a part of the financial statements. Rather than ask our portfolio managers to eliminate their opinions and/or restrict their commentary to historical facts only, we are removing their commentary from the financial statements and sending it to you separately. As a result, this commentary will no longer be considered part of a Fund's financial report and therefore will not be subject to the officers' certifications. We trust that you understand that our approach is an unintended consequence of the ever-increasing regulatory requirements affecting public companies generally. We hope the specific certification requirements of these new regulations will be modified as they relate to mutual funds, since investment companies have different corporate structures and objectives than other public companies. Sincerely yours, /S/ BRUCE N. ALPERT Bruce N. Alpert Chief Operating Officer August 8, 2003 Gabelli Funds, LLC THE GABELLI GROWTH FUND PORTFOLIO OF INVESTMENTS -- JUNE 30, 2003 (UNAUDITED) - -------------------------------------------------------------------------------- MARKET SHARES COST VALUE ------ ---- ------- COMMON STOCKS -- 99.3% AEROSPACE -- 4.8% 618,500 General Dynamics Corp. $ 45,049,320 $ 44,841,250 850,000 L-3 Communications Holdings Inc.+ ...... 41,589,713 36,966,500 -------------- -------------- 86,639,033 81,807,750 -------------- -------------- BROADCASTING -- 4.1% 1,656,600 Clear Channel Communications Inc.+ 84,679,234 70,223,274 -------------- -------------- BUSINESS SERVICES -- 2.1% 220,000 Cintas Corp. .......... 7,858,481 7,796,800 382,000 Omnicom Group Inc. .... 21,401,886 27,389,400 -------------- -------------- 29,260,367 35,186,200 -------------- -------------- COMMUNICATIONS EQUIPMENT -- 3.9% 1,656,000 Cisco Systems Inc.+ ... 25,532,736 27,638,640 1,300,000 Nokia Corp., ADR ...... 27,690,237 21,359,000 498,000 Qualcomm Inc. ......... 23,349,411 17,803,500 -------------- -------------- 76,572,384 66,801,140 -------------- -------------- COMPUTER HARDWARE -- 1.5% 780,000 Dell Computer Corp.+ .. 22,407,944 24,928,800 -------------- -------------- COMPUTER SOFTWARE AND SERVICES -- 3.3% 2,200,000 Microsoft Corp. ....... 60,003,089 56,342,000 -------------- -------------- CONSUMER PRODUCTS -- 1.2% 10,000 Coach Inc.+ ........... 373,000 497,400 70,000 eBay Inc.+ ............ 5,529,276 7,292,600 270,000 Harley-Davidson Inc. .. 11,303,512 10,762,200 20,000 Procter & Gamble Co. .. 1,633,017 1,783,600 -------------- -------------- 18,838,805 20,335,800 -------------- -------------- ELECTRONICS -- 13.2% 900,000 Analog Devices Inc.+ .. 62,373,364 31,338,000 1,105,000 Applied Materials Inc.+ 14,320,530 17,525,300 1,735,000 Intel Corp. ........... 74,742,756 36,060,240 325,000 KLA-Tencor Corp.+ ..... 13,425,311 15,109,250 810,000 Linear Technology Corp. 21,276,109 26,090,100 1,040,000 Microchip Technology Inc. 23,055,150 25,615,200 2,080,000 Taiwan Semiconductor Manufacturing Co. Ltd., ADR+ .......... 15,445,916 20,966,400 1,871,000 Texas Instruments Inc. 111,792,759 32,929,600 710,000 Xilinx Inc.+ .......... 18,890,132 17,970,100 -------------- -------------- 355,322,027 223,604,190 -------------- -------------- ENERGY AND UTILITIES -- 5.7% 208,000 Apache Corp. .......... 13,004,520 13,532,480 560,000 Murphy Oil Corp. ...... 24,044,971 29,456,000 830,000 Occidental Petroleum Corp. ............... 24,661,934 27,846,500 530,000 Schlumberger Ltd. ..... 22,292,794 25,212,100 -------------- -------------- 84,004,219 96,047,080 -------------- -------------- ENTERTAINMENT -- 8.8% 5,240,000 AOL Time Warner Inc.+ . 193,706,216 84,311,600 1,465,851 Viacom Inc., Cl. B+ ... 72,339,194 63,999,055 -------------- -------------- 266,045,410 148,310,655 -------------- -------------- FINANCIAL SERVICES -- 18.3% 325,000 American Express Co. .. 13,078,570 13,588,250 780,000 Citigroup Inc. ........ 31,823,013 33,384,000 185,000 Goldman Sachs Group Inc. 17,273,282 15,493,750 1,254,900 Janus Capital Group Inc. 42,275,199 20,580,360 687,000 Marsh & McLennan Companies Inc. ...... 34,864,491 35,085,090 1,211,000 Mellon Financial Corp. 40,623,242 33,605,250 MARKET SHARES COST VALUE ------ ---- ------- 835,000 Merrill Lynch & Co. Inc. ..........$ 39,491,850 $ 38,977,800 1,054,900 Northern Trust Corp. .. 56,932,579 44,084,271 1,620,000 Schwab (Charles) Corp. 24,425,453 16,345,800 1,503,800 State Street Corp. .... 64,836,254 59,249,720 -------------- -------------- 365,623,933 310,394,291 -------------- -------------- FOOD AND BEVERAGE -- 5.6% 220,000 Cheesecake Factory Inc.+ ....... 7,197,872 7,895,800 10,000 Coca-Cola Co. ......... 392,510 464,100 790,000 PepsiCo Inc. .......... 39,352,427 35,155,000 650,000 Starbucks Corp.+ ...... 15,136,521 15,938,000 855,000 Sysco Corp. ........... 25,164,872 25,684,200 140,000 Whole Foods Market Inc.+ 6,930,724 6,654,200 55,000 Wrigley (Wm.) Jr. Co. . 3,026,323 3,092,650 -------------- -------------- 97,201,249 94,883,950 -------------- -------------- HEALTH CARE -- 13.4% 843,000 Amgen Inc.+ ........... 36,165,350 56,008,920 539,000 Johnson & Johnson ..... 29,488,149 27,866,300 220,000 Lilly (Eli) & Co. ..... 18,282,136 15,173,400 940,000 Medtronic Inc. ........ 42,967,841 45,091,800 1,532,500 Pfizer Inc. ........... 50,419,774 52,334,875 600,000 UnitedHealth Group Inc. 27,918,136 30,150,000 -------------- -------------- 205,241,386 226,625,295 -------------- -------------- PUBLISHING -- 1.4% 372,500 McGraw-Hill Companies Inc. ...... 18,138,080 23,095,000 -------------- -------------- RETAIL -- 10.4% 410,000 Bed Bath & Beyond Inc.+ ........ 14,386,210 15,912,100 290,000 Kohl's Corp.+ ......... 16,821,104 14,900,200 1,216,577 The Home Depot Inc. ... 46,260,536 40,293,030 1,383,400 Tiffany & Co. ......... 23,723,697 45,209,512 370,000 Wal-Mart Stores Inc. .. 22,404,292 19,857,900 1,325,000 Walgreen Co. .......... 47,691,733 39,882,500 -------------- -------------- 171,287,572 176,055,242 -------------- -------------- SATELLITE -- 0.9% 1,130,000 General Motors Corp., Cl. H+ .............. 33,092,575 14,475,300 -------------- -------------- WIRELESS COMMUNICATIONS -- 0.7% 595,000 Vodafone Group plc, ADR 10,956,600 11,691,750 -------------- -------------- TOTAL COMMON STOCKS ... 1,985,313,907 1,680,807,717 -------------- -------------- PRINCIPAL AMOUNT --------- U.S. GOVERNMENT OBLIGATIONS -- 0.7% $11,668,000 U.S. Treasury Bills, 0.080% to 1.032%, 07/03/03 to 12/26/03 ++ ......... 11,640,650 11,640,767 -------------- -------------- TOTAL INVESTMENTS -- 100.0% ..............$1,996,954,557 1,692,448,484 ============== OTHER ASSETS AND LIABILITIES (NET) -- 0.0% ......... 103,230 -------------- NET ASSETS -- 100.0% ................ $1,692,551,714 ============== - ----------------- For Federal tax purposes: Aggregate cost ...................... $1,996,954,557 ============== Gross unrealized appreciation ....... $ 101,745,194 Gross unrealized depreciation ....... (406,251,267) -------------- Net unrealized depreciation ......... $ (304,506,073) ============== - ----------------- + Non-income producing security. ++ Represents annualized yield at date of purchase. ADR - American Depository Receipt. See accompanying notes to financial statements. 2 THE GABELLI GROWTH FUND STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 2003 (UNAUDITED) - -------------------------------------------------------------------------------- ASSETS: Investments, at value (Cost $1,996,954,557) .................................. $ 1,692,448,484 Cash ..................................................... 1,643 Receivable for investments sold .......................... 8,058,943 Receivable for Fund shares sold .......................... 982,598 Dividends receivable ..................................... 1,043,274 --------------- TOTAL ASSETS ............................................. 1,702,534,942 --------------- LIABILITIES: Payable for investments purchased ........................ 6,709,126 Payable for Fund shares redeemed ......................... 242,078 Payable for investment advisory fees ..................... 1,436,368 Payable for distribution fees ............................ 359,092 Other accrued expenses ................................... 1,236,564 --------------- TOTAL LIABILITIES ........................................ 9,983,228 --------------- NET ASSETS applicable to 80,049,237 shares outstanding ..................................... $ 1,692,551,714 =============== NET ASSETS CONSIST OF: Shares of beneficial interest, at par value ........................................... $ 800,492 Additional paid-in capital ............................... 3,083,107,137 Accumulated net investment loss .......................... (4,960,925) Accumulated net realized loss on investments ......................................... (1,081,888,917) Net unrealized depreciation on investments ............... (304,506,073) --------------- TOTAL NET ASSETS ......................................... $ 1,692,551,714 =============== NET ASSET VALUE, offering and redemption price per share ($1,692,551,714 (DIVIDE) 80,049,237 shares outstanding; unlimited number of shares authorized of $0.01 par value) ....................................... $21.14 ====== STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED) - -------------------------------------------------------------------------------- INVESTMENT INCOME: Dividends (net of foreign taxes $73,987) ..... $ 7,078,962 Interest ..................................... 115,565 ------------ TOTAL INVESTMENT INCOME ...................... 7,194,527 ------------ EXPENSES: Investment advisory fees ..................... 8,127,460 Distribution fees ............................ 2,031,865 Shareholder services fees .................... 1,363,520 Shareholder communications expenses .......... 290,748 Custodian fees ............................... 153,312 Registration fees ............................ 27,968 Trustees' fees ............................... 35,807 Legal and audit fees ......................... 41,394 Miscellaneous expenses ....................... 83,378 ------------ TOTAL EXPENSES ............................... 12,155,452 ------------ NET INVESTMENT LOSS .......................... (4,960,925) ------------ NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized loss on investments ............. (248,652,863) Net change in unrealized appreciation (depreciation) on investments .............. 429,738,681 ------------ NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ............................. 181,085,818 ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................ $176,124,893 ============ STATEMENT OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2003 YEAR ENDED (UNAUDITED) DECEMBER 31, 2002 --------------- ----------------- OPERATIONS: Net investment loss ........................................................ $ (4,960,925) $ (15,060,172) Net realized loss on investments ........................................... (248,652,863) (759,180,066) Net change in unrealized appreciation (depreciation) on investments ........ 429,738,681 (176,872,952) -------------- --------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............ 176,124,893 (951,113,190) -------------- --------------- SHARE TRANSACTIONS: Net decrease in net assets from shares of beneficial interest transactions ......................................... (159,389,497) (321,460,700) -------------- --------------- NET INCREASE (DECREASE) IN NET ASSETS ...................................... 16,735,396 (1,272,573,890) NET ASSETS: Beginning of period ........................................................ 1,675,816,318 2,948,390,208 -------------- --------------- End of period .............................................................. $1,692,551,714 $ 1,675,816,318 ============== ===============
See accompanying notes to financial statements. 3 THE GABELLI GROWTH FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - -------------------------------------------------------------------------------- 1. ORGANIZATION. The Gabelli Growth Fund (the "Fund") was organized on October 24, 1986 as a Massachusetts business trust. The Fund is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's primary objective is capital appreciation. The Fund commenced investment operations on April 10, 1987. 2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. SECURITY VALUATION. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees so determines, by such other method as the Board of Trustees shall determine in good faith, to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the "Adviser"). Portfolio securities primarily traded on foreign markets are generally valued at the preceding closing values of such securities on their respective exchanges. Securities and assets for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Board of Trustees. Short term debt securities with remaining maturities of 60 days or less are valued at amortized cost, unless the Board of Trustees determines such does not reflect the securities fair value, in which case these securities will be valued at their fair value as determined by the Board of Trustees. Debt instruments having a maturity greater than 60 days for which market quotations are readily available are valued at the latest average of the bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Options are valued at the last sale price on the exchange on which they are listed. If no sales of such options have taken place that day, they will be valued at the mean between their closing bid and asked prices. SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded as earned. Dividend income is recorded on the ex-dividend date. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are recorded on the ex-dividend date. Income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States. The Fund has a net capital loss carryforward for Federal income tax purposes at December 31, 2002 of $812,111,982. This capital loss carryforward is available to reduce future distributions of net capital gains to shareholders. $68,961,980 of the loss carryforward is available through 2009; and $743,150,002 is available through 2010. 4 THE GABELLI GROWTH FUND NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) - -------------------------------------------------------------------------------- 3. INVESTMENT ADVISORY AGREEMENT. The Fund has entered into an investment advisory agreement (the "Advisory Agreement") with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of the Fund's average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs and pays the compensation of all Officers and Trustees of the Fund who are its affiliates. 4. DISTRIBUTION PLAN. The Fund's Board of Trustees has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. For the six months ended June 30, 2003 the Fund incurred distribution costs payable to Gabelli & Company, Inc., an affiliate of the Adviser, of $2,031,865, or 0.25% of average daily net assets, the annual limitation under the Plan. Such payments are accrued daily and paid monthly. 5. PORTFOLIO SECURITIES. Purchases and sales of securities for the six months ended June 30, 2003, other than short term securities, aggregated $391,829,451 and $576,126,613, respectively. 6. TRANSACTIONS WITH AFFILIATES. The cost of calculating the Fund's net asset value per share is a Fund expense pursuant to the Investment Advisory Agreement between the Fund and the Advisor. During the six months ended June 30, 2003, the Fund reimbursed the Advisor $17,256 in connection with the cost of computing the Fund's net asset value. 7. LINE OF CREDIT. The Fund has access to an unsecured line of credit up to $25,000,000 from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at 0.75% above the Federal Funds rate on outstanding balances. There were no outstanding borrowings against the line of credit at June 30, 2003. 8. SHARES OF BENEFICIAL INTEREST. Transactions in shares of beneficial interest were as follows: JUNE 30, 2003 YEAR ENDED (UNAUDITED) DECEMBER 31, 2002 ---------------------------- ---------------------------- SHARES AMOUNT SHARES AMOUNT ----------- ------------- ----------- ------------- Shares sold ....... 9,561,754 $ 186,574,544 26,974,204 $ 605,995,363 Shares redeemed ...(17,742,857) (345,964,041) (41,533,751) (927,456,063) ----------- ------------- ----------- ------------- Net decrease ...... (8,181,103) $(159,389,497) (14,559,547) $(321,460,700) =========== ============= =========== ============= 5 THE GABELLI GROWTH FUND FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- Selected data for a share of beneficial interest outstanding throughout each period.
SIX MONTHS ENDED YEAR ENDED DECEMBER 31, JUNE 30, 2003 ------------------------------------------------------------- (UNAUDITED) 2002 2001 2000 1999 1998 ---------------- -------- -------- ------- ------- ------- OPERATING PERFORMANCE: Net asset value, beginning of period ...$ 18.99 $ 28.68 $ 37.79 $ 46.51 $ 35.40 $ 28.63 ----------- ---------- ---------- ---------- ---------- ---------- Net investment loss .................... (0.06) (0.17) (0.23) (0.24) (0.23) (0.07) Net realized and unrealized gain/(loss) on investments ....................... 2.21 (9.52) (8.88) (4.64) 16.50 8.58 ----------- ---------- ---------- ---------- ---------- ---------- Total from investment operations ....... 2.15 (9.69) (9.11) (4.88) 16.27 8.51 ----------- ---------- ---------- ---------- ---------- ---------- DISTRIBUTIONS TO SHAREHOLDERS: Net realized gain on investments ....... -- -- (0.00)(a) (3.84) (5.16) (1.74) ----------- ---------- ---------- ---------- ---------- ---------- Total distributions .................... -- -- (0.00)(a) (3.84) (5.16) (1.74) ----------- ---------- ---------- ---------- ---------- ---------- NET ASSET VALUE, END OF PERIOD .........$ 21.14 $ 18.99 $ 28.68 $ 37.79 $ 46.51 $ 35.40 =========== ========== ========== ========== ========== ========== Total return+ .......................... 11.3% (33.8)% (24.1)% (10.6)% 46.3% 29.8% =========== ========== ========== ========== ========== ========== RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA: Net assets, end of period (in 000's) ...$1,692,552 $1,675,816 $2,948,390 $3,833,807 $3,158,448 $1,864,556 Ratio of net investment income / (loss) to average net assets ................ (0.61)%(b) (0.68)% (0.71)% (0.63)% (0.68)% (0.33)% Ratio of operating expenses to average net assets ................ 1.50%(b) 1.43% 1.40% 1.38% 1.37% 1.41% Portfolio turnover rate ................ 24% 30% 26% 55% 52% 40%
- -------------------------------- + Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of dividends. (a) Amount represents less than $0.005 per share. (b) Annualized. See accompanying notes to financial statements. 6 THE GABELLI GROWTH FUND One Corporate Center Rye, New York 10580-1422 800-GABELLI 800-422-3554 FAX: 914-921-5118 WEBSITE: WWW.GABELLI.COM E-MAIL: INFO@GABELLI.COM Net Asset Value available daily by calling 800-GABELLI after 6:00 P.M. BOARD OF TRUSTEES Mario J. Gabelli, CFA Karl Otto Pohl CHAIRMAN AND CHIEF FORMER PRESIDENT INVESTMENT OFFICER DEUTSCHE BUNDESBANK GABELLI ASSET MANAGEMENT INC. Anthony J. Colavita Anthony R. Pustorino ATTORNEY-AT-LAW CERTIFIED PUBLIC ACCOUNTANT ANTHONY J. COLAVITA, P.C. PROFESSOR EMERITUS PACE UNIVERSITY James P. Conn Anthony Torna FORMER CHIEF INVESTMENT OFFICER MAXIM GROUP LLC FINANCIAL SECURITY ASSURANCE HOLDINGS LTD. Dugald A. Fletcher Anthonie C. van Ekris PRESIDENT, MANAGING DIRECTOR FLETCHER & COMPANY, INC. BALMAC INTERNATIONAL, INC. John D. Gabelli Salvatore J. Zizza SENIOR VICE PRESIDENT CHAIRMAN, HALLMARK ELECTRICAL GABELLI & COMPANY, INC. SUPPLIES CORP. Robert J. Morrissey ATTORNEY-AT-LAW MORRISSEY, HAWKINS & LYNCH OFFICERS AND PORTFOLIO MANAGER Bruce N. Alpert Howard F. Ward, CFA PRESIDENT PORTFOLIO MANAGER Gus Coutsouros James E. McKee VICE PRESIDENT AND TREASURER SECRETARY DISTRIBUTOR Gabelli & Company, Inc. CUSTODIAN, TRANSFER AGENT AND DIVIDEND AGENT State Street Bank and Trust Company LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP - -------------------------------------------------------------------------------- This report is submitted for the general information of the shareholders of The Gabelli Growth Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. - -------------------------------------------------------------------------------- GAB406Q203SR [GRAPHIC OMITTED] PICTURE OF MARIO GABELLI THE GABELLI GROWTH FUND SEMI-ANNUAL REPORT JUNE 30, 2003 ITEM 2. CODE OF ETHICS. Not applicable. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. [RESERVED] ITEM 9. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 10. EXHIBITS. (a)(1) Not applicable. (a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. (b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (registrant) The Gabelli Growth Fund -------------------------------------- By (Signature and Title)* /s/ Bruce N. Alpert ----------------------------------------------------- Bruce N. Alpert, Principal Executive Officer Date 09/03/03 ----------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Bruce N. Alpert ----------------------------------------------------- Bruce N. Alpert, Principal Executive Officer Date 09/03/03 ----------------------------------------------------- By (Signature and Title)* /s/ Gus A. Coutsouros ----------------------------------------------------- Gus A. Coutsouros, Principal Financial Officer Date 09/03/03 ----------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.302CERT 3 exh302.txt CERTIFICATION 302 CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT I, Bruce N. Alpert, certify that: 1. I have reviewed this report on Form N-CSR of The Gabelli Growth Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [Omitted] (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 09/03/03 /s/ Bruce N. Alpert ----------------- ---------------------------------------------- Bruce N. Alpert, Principal Executive Officer CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT I, Gus A. Coutsouros, certify that: 1. I have reviewed this report on Form N-CSR of The Gabelli Growth Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [Omitted] (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 09/03/03 /s/ Gus A. Coutsouros ---------------- ------------------------------------------------ Gus A. Coutsouros, Principal Financial Officer EX-99.906CERT 4 exh906.txt CERTIFICATION 906 CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT I, Bruce N. Alpert, Principal Executive Officer of The Gabelli Growth Fund (the "Registrant"), certify that: 1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: 09/03/03 /s/ Bruce N. Alpert ---------------- --------------------------------------------- Bruce N. Alpert, Principal Executive Officer I, Gus A. Coutsouros, Principal Financial Officer of The Gabelli Growth Fund (the "Registrant"), certify that: 1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: 09/03/03 /s/ Gus A. Coutsouros ----------------- ----------------------------------------------- Gus A. Coutsouros, Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----