Item 1. | Reports to Stockholders. |
Sincerely yours, |
||||
Bruce N. Alpert | ||||
President | ||||
Since | ||||||||||||||||||||||||||||||||
Inception | ||||||||||||||||||||||||||||||||
Quarter | 1 Year | 3 Year | 5 Year | 10 Year | 15 Year | 20 Year | (4/10/87) | |||||||||||||||||||||||||
GAMCO Growth Fund Class AAA |
12.47 | % | 10.14 | % | (4.61 | )% | 1.73 | % | (1.84 | )% | 6.02 | % | 8.17 | % | 9.57 | % | ||||||||||||||||
S&P 500 Index |
10.76 | 15.08 | (2.84 | ) | 2.29 | 1.42 | 6.77 | 9.13 | 8.80 | (e) | ||||||||||||||||||||||
Russell 1000 Growth Index |
11.83 | 16.71 | (0.47 | ) | 3.75 | 0.02 | 5.73 | 8.33 | 8.09 | (e) | ||||||||||||||||||||||
Class A |
12.46 | 10.18 | (4.61 | ) | 1.73 | (1.83 | ) | 6.02 | 8.17 | 9.57 | ||||||||||||||||||||||
With sales charge (b) |
6.00 | 3.84 | (6.48 | ) | 0.53 | (2.41 | ) | 5.60 | 7.85 | 9.30 | ||||||||||||||||||||||
Class B |
12.25 | 9.32 | (5.33 | ) | 0.97 | (2.35 | ) | 5.64 | 7.88 | 9.32 | ||||||||||||||||||||||
With contingent deferred sales
charge (c) |
7.25 | 4.32 | (6.29 | ) | 0.58 | (2.35 | ) | 5.64 | 7.88 | 9.32 | ||||||||||||||||||||||
Class C |
12.29 | 9.36 | (5.33 | ) | 0.97 | (2.35 | ) | 5.64 | 7.88 | 9.32 | ||||||||||||||||||||||
With contingent deferred sales
charge (d) |
11.29 | 8.36 | (5.33 | ) | 0.97 | (2.35 | ) | 5.64 | 7.88 | 9.32 | ||||||||||||||||||||||
Class I |
12.54 | 10.41 | (4.40 | ) | 1.87 | (1.77 | ) | 6.06 | 8.21 | 9.60 |
(a) | Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share prices, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Performance returns for periods of less than one year are not annualized. Visit www.gabelli.com for performance information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains information about this and other matters and should be read carefully before investing. The Class AAA Shares NAVs per share are used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, and Class C Shares on December 31, 2003 and Class I Shares on January 11, 2008. The actual performance of the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The S&P 500 and the Russell 1000 Growth Index are unmanaged indicators of stock market performance. Dividends are considered reinvested. You cannot invest directly in an index. | |
(b) | Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period. | |
(c) | Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is reduced to 0% after six years. | |
(d) | Assuming payment of the maximum CDSC. A CDSC of 1% is imposed on redemptions made within one year of purchase. | |
(e) | S&P 500 and Russell 1000 Growth Index since inception performance are as of March 31, 1987. |
2
The GAMCO Growth Fund Disclosure of Fund Expenses (Unaudited) For the Six Month Period from July 1, 2010 through December 31, 2010 |
Expense Table |
Beginning | Ending | Annualized | Expenses | |||||||||||||
Account Value | Account Value | Expense | Paid During | |||||||||||||
07/01/10 | 12/31/10 | Ratio | Period* | |||||||||||||
The GAMCO Growth Fund |
||||||||||||||||
Actual Fund Return |
||||||||||||||||
Class AAA |
$ | 1,000.00 | $ | 1,263.20 | 1.45 | % | $ | 8.27 | ||||||||
Class A |
$ | 1,000.00 | $ | 1,263.10 | 1.45 | % | $ | 8.27 | ||||||||
Class B |
$ | 1,000.00 | $ | 1,258.10 | 2.20 | % | $ | 12.52 | ||||||||
Class C |
$ | 1,000.00 | $ | 1,258.70 | 2.20 | % | $ | 12.52 | ||||||||
Class I |
$ | 1,000.00 | $ | 1,264.50 | 1.20 | % | $ | 6.85 | ||||||||
Hypothetical 5% Return |
||||||||||||||||
Class AAA |
$ | 1,000.00 | $ | 1,017.90 | 1.45 | % | $ | 7.38 | ||||||||
Class A |
$ | 1,000.00 | $ | 1,017.90 | 1.45 | % | $ | 7.38 | ||||||||
Class B |
$ | 1,000.00 | $ | 1,014.12 | 2.20 | % | $ | 11.17 | ||||||||
Class C |
$ | 1,000.00 | $ | 1,014.12 | 2.20 | % | $ | 11.17 | ||||||||
Class I |
$ | 1,000.00 | $ | 1,019.16 | 1.20 | % | $ | 6.11 |
* | Expenses are equal to the Funds annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184 days), then divided by 365. |
3
Technology |
20.9 | % | ||
Producer Durables |
20.8 | % | ||
Energy |
19.6 | % | ||
Materials and Processing |
14.4 | % | ||
Consumer Staples |
12.1 | % | ||
Financial Services |
4.6 | % | ||
Health Care |
4.1 | % | ||
Consumer Discretionary |
3.3 | % | ||
U.S. Government Obligations |
0.1 | % | ||
Other Assets and Liabilities (Net) |
0.1 | % | ||
100.0 | % |
4
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS 99.8% |
||||||||||||
TECHNOLOGY 20.9% |
||||||||||||
Electronics 0.9% |
||||||||||||
235,000 | Intel Corp. |
$ | 5,250,577 | $ | 4,942,050 | |||||||
Information Technology 17.6% |
||||||||||||
100,000 | Adobe Systems Inc. |
3,641,791 | 3,078,000 | |||||||||
83,000 | Apple Inc. |
13,305,759 | 26,772,480 | |||||||||
365,000 | EMC Corp. |
7,419,017 | 8,358,500 | |||||||||
41,500 | Google Inc., Cl. A |
20,866,152 | 24,649,755 | |||||||||
120,000 | International Business
Machines Corp. |
14,215,707 | 17,611,200 | |||||||||
600,000 | Microsoft Corp. |
13,679,020 | 16,752,000 | |||||||||
73,127,446 | 97,221,935 | |||||||||||
Telecommunications 2.4% |
||||||||||||
231,000 | Cisco Systems Inc. |
6,053,354 | 4,673,130 | |||||||||
170,000 | QUALCOMM Inc. |
7,967,589 | 8,413,300 | |||||||||
14,020,943 | 13,086,430 | |||||||||||
TOTAL TECHNOLOGY |
92,398,966 | 115,250,415 | ||||||||||
PRODUCER DURABLES 20.8% |
||||||||||||
100,000 | ABB Ltd., ADR |
2,330,004 | 2,245,000 | |||||||||
30,000 | Caterpillar Inc. |
2,525,976 | 2,809,800 | |||||||||
65,000 | Cummins Inc. |
3,598,357 | 7,150,650 | |||||||||
20,000 | Deere & Co. |
1,549,029 | 1,661,000 | |||||||||
137,000 | Eaton Corp. |
10,181,371 | 13,906,870 | |||||||||
155,000 | Emerson Electric Co. |
7,248,593 | 8,861,350 | |||||||||
80,000 | Flowserve Corp. |
7,600,809 | 9,537,600 | |||||||||
570,000 | General Electric Co. |
9,735,298 | 10,425,300 | |||||||||
140,000 | Honeywell International Inc. |
6,162,918 | 7,442,400 | |||||||||
150,000 | ITT Corp. |
7,461,619 | 7,816,500 | |||||||||
101,800 | Jardine Matheson
Holdings Ltd. |
2,818,066 | 4,479,200 | |||||||||
76,000 | Joy Global Inc. |
3,564,284 | 6,593,000 | |||||||||
85,000 | PACCAR Inc. |
2,574,206 | 4,880,700 | |||||||||
50,000 | Rockwell Collins Inc. |
2,672,444 | 2,913,000 | |||||||||
20,000 | Schneider Electric SA |
2,936,313 | 2,993,332 | |||||||||
97,000 | Siemens AG |
9,629,065 | 12,015,955 | |||||||||
119,000 | United Technologies Corp. |
7,639,582 | 9,367,680 | |||||||||
TOTAL PRODUCER
DURABLES |
90,227,934 | 115,099,337 | ||||||||||
ENERGY 19.6% |
||||||||||||
121,000 | Apache Corp. |
12,089,214 | 14,426,830 | |||||||||
173,000 | Chesapeake Energy Corp. |
4,084,495 | 4,482,430 | |||||||||
88,000 | ConocoPhillips |
5,236,625 | 5,992,800 | |||||||||
100,000 | Devon Energy Corp. |
7,736,257 | 7,851,000 | |||||||||
67,000 | EOG Resources Inc. |
6,053,904 | 6,124,470 | |||||||||
235,000 | Hess Corp. |
15,721,883 | 17,986,900 | |||||||||
116,000 | Murphy Oil Corp. |
7,625,187 | 8,647,800 | |||||||||
168,000 | Occidental Petroleum Corp. |
12,794,033 | 16,480,800 | |||||||||
145,000 | Petroleo Brasileiro SA, ADR |
6,329,620 | 4,954,650 | |||||||||
270,000 | Southwestern Energy Co. |
11,335,965 | 10,106,100 | |||||||||
230,000 | Ultra Petroleum Corp. |
11,172,750 | 10,987,100 | |||||||||
TOTAL ENERGY |
100,179,933 | 108,040,880 | ||||||||||
MATERIALS AND PROCESSING 14.4% |
||||||||||||
155,000 | Agnico-Eagle Mines Ltd. |
9,000,018 | 11,888,500 | |||||||||
145,000 | Barrick Gold Corp. |
6,667,197 | 7,711,100 | |||||||||
55,000 | E. I. du Pont de
Nemours and Co. |
2,531,601 | 2,743,400 | |||||||||
89,500 | Freeport-McMoRan Copper
& Gold Inc. |
7,166,717 | 10,748,055 | |||||||||
89,000 | Monsanto Co. |
5,173,948 | 6,197,960 | |||||||||
240,000 | Newmont Mining Corp. |
12,911,917 | 14,743,200 | |||||||||
68,000 | Precision Castparts Corp. |
8,127,662 | 9,466,280 | |||||||||
91,000 | Rio Tinto plc, ADR |
5,106,739 | 6,521,060 | |||||||||
125,500 | The Mosaic Co. |
6,802,212 | 9,583,180 | |||||||||
TOTAL MATERIALS
AND PROCESSING |
63,488,011 | 79,602,735 | ||||||||||
CONSUMER STAPLES 12.1% |
||||||||||||
75,000 | Colgate-Palmolive Co. |
6,188,000 | 6,027,750 | |||||||||
104,122 | Danone |
6,028,970 | 6,542,323 | |||||||||
185,000 | Nestlé SA |
9,008,201 | 10,832,888 | |||||||||
212,600 | PepsiCo Inc. |
13,256,099 | 13,889,158 | |||||||||
295,000 | The Coca-Cola Co. |
16,053,263 | 19,402,150 | |||||||||
155,000 | The Procter & Gamble Co. |
9,476,900 | 9,971,150 | |||||||||
TOTAL CONSUMER
STAPLES |
60,011,433 | 66,665,419 | ||||||||||
FINANCIAL SERVICES 4.6% |
||||||||||||
16,500 | BlackRock Inc. |
3,293,999 | 3,144,570 | |||||||||
222,000 | Cheung Kong
(Holdings) Ltd. |
2,943,268 | 3,424,480 | |||||||||
9,000 | MasterCard Inc., Cl. A |
1,923,843 | 2,016,990 | |||||||||
35,000 | Northern Trust Corp. |
1,870,742 | 1,939,350 | |||||||||
106,500 | Standard Chartered plc |
2,578,539 | 2,865,072 | |||||||||
45,000 | State Street Corp. |
2,062,815 | 2,085,300 | |||||||||
106,000 | Sun Hung Kai Properties Ltd. |
1,561,651 | 1,760,575 | |||||||||
188,000 | Swire Pacific Ltd., Cl. A |
2,069,750 | 3,091,087 | |||||||||
180,000 | The Charles Schwab Corp. |
3,092,956 | 3,079,800 | |||||||||
30,000 | Visa Inc., Cl. A |
1,881,756 | 2,111,400 | |||||||||
TOTAL FINANCIAL
SERVICES |
23,279,319 | 25,518,624 | ||||||||||
5
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS (Continued) |
||||||||||||
HEALTH CARE 4.1% |
||||||||||||
70,000 | Abbott Laboratories |
$ | 3,780,164 | $ | 3,353,700 | |||||||
45,000 | Becton, Dickinson and Co. |
3,431,329 | 3,803,400 | |||||||||
35,000 | Celgene Corp. |
1,902,575 | 2,069,900 | |||||||||
30,000 | Novo Nordisk A/S, Cl. B |
2,046,520 | 3,382,903 | |||||||||
15,000 | Roche Holding AG,
Genusschein |
2,548,548 | 2,197,861 | |||||||||
60,000 | St. Jude Medical Inc. |
2,339,457 | 2,565,000 | |||||||||
50,000 | Stryker Corp. |
2,934,218 | 2,685,000 | |||||||||
35,000 | Varian Medical Systems Inc. |
1,479,895 | 2,424,800 | |||||||||
TOTAL HEALTH CARE |
20,462,706 | 22,482,564 | ||||||||||
CONSUMER DISCRETIONARY 3.3% |
||||||||||||
5,000 | Amazon.com Inc. |
189,430 | 900,000 | |||||||||
25,000 | Coach Inc. |
676,483 | 1,382,750 | |||||||||
25,000 | Costco Wholesale Corp. |
1,194,227 | 1,805,250 | |||||||||
285,000 | Johnson Controls Inc. |
9,244,416 | 10,887,000 | |||||||||
10,000 | NIKE Inc., Cl. B |
546,568 | 854,200 | |||||||||
10,000 | Polo Ralph Lauren Corp. |
449,921 | 1,109,200 | |||||||||
22,400 | Tiffany & Co. |
469,547 | 1,394,848 | |||||||||
TOTAL CONSUMER
DISCRETIONARY |
12,770,592 | 18,333,248 | ||||||||||
TOTAL COMMON STOCKS |
462,818,894 | 550,993,222 | ||||||||||
Principal | ||||||||||||
Amount | ||||||||||||
U.S. GOVERNMENT OBLIGATIONS 0.1% |
||||||||||||
$ | 800,000 | U.S. Treasury Bills,
0.105% to 0.170%,
02/24/11 to 06/09/11 |
799,666 | 799,692 | ||||||||
TOTAL
INVESTMENTS 99.9% |
$ | 463,618,560 | 551,792,914 | |||||||||
Other Assets and
Liabilities (Net) 0.1% |
418,778 | |||||||||||
NET ASSETS 100.0% |
$ | 552,211,692 | ||||||||||
| Non-income producing security. | |
| Represents annualized yield at date of purchase. | |
ADR | American Depositary Receipt |
6
Assets: |
||||
Investments, at value (cost $463,618,560) |
$ | 551,792,914 | ||
Foreign currency, at value (cost $5) |
5 | |||
Cash |
2,587 | |||
Receivable for investments sold |
654,382 | |||
Receivable for Fund shares issued |
277,237 | |||
Dividends receivable |
625,292 | |||
Prepaid expenses |
46,549 | |||
Total Assets |
553,398,966 | |||
Liabilities: |
||||
Payable for Fund shares redeemed |
366,767 | |||
Payable for investment advisory fees |
466,214 | |||
Payable for distribution fees |
116,560 | |||
Payable for accounting fees |
7,500 | |||
Payable for shareholder services fees |
88,894 | |||
Payable for shareholder
communications expenses |
81,255 | |||
Other accrued expenses |
60,084 | |||
Total Liabilities |
1,187,274 | |||
Net Assets (applicable to 17,592,886
shares outstanding) |
$ | 552,211,692 | ||
Net Assets Consist of: |
||||
Paid-in capital |
$ | 918,719,575 | ||
Accumulated net realized loss on investments
and foreign currency transactions |
(454,697,754 | ) | ||
Net unrealized appreciation on investments |
88,174,354 | |||
Net unrealized appreciation on foreign
currency translations |
15,517 | |||
Net Assets |
$ | 552,211,692 | ||
Shares of Beneficial Interest each at $0.01 par value;
unlimited number of shares authorized: |
||||
Class AAA: |
||||
Net Asset Value, offering, and redemption price
per share ($546,786,447 ÷ 17,418,960 shares
outstanding) |
$ | 31.39 | ||
Class A: |
||||
Net Asset Value and redemption price per share
($857,748 ÷ 27,315 shares outstanding) |
$ | 31.40 | ||
Maximum offering price per share (NAV ÷ 0.9425,
based on maximum sales charge of 5.75%
of the offering price) |
$ | 33.32 | ||
Class B: |
||||
Net Asset Value and offering price per share
($287,575 ÷ 9,658 shares outstanding) |
$ | 29.78 | (a) | |
Class C: |
||||
Net Asset Value and offering price per share
($787,376 ÷ 26,443 shares outstanding) |
$ | 29.78 | (a) | |
Class I: |
||||
Net Asset Value, offering, and redemption price
per share ($3,492,546 ÷ 110,510 shares
outstanding) |
$ | 31.60 | ||
(a) | Redemption price varies based on the length of time held. |
Investment Income: |
||||
Dividends
(net of foreign withholding taxes of $5,023) |
$ | 7,583,467 | ||
Interest |
2,074 | |||
Total Investment Income |
7,585,541 | |||
Expenses: |
||||
Investment advisory fees |
5,360,261 | |||
Distribution fees Class AAA |
1,325,070 | |||
Distribution fees Class A |
2,353 | |||
Distribution fees Class B |
2,571 | |||
Distribution fees Class C |
13,055 | |||
Shareholder services fees |
588,878 | |||
Shareholder communications expenses |
189,825 | |||
Custodian fees |
87,768 | |||
Trustees fees |
87,553 | |||
Legal and audit fees |
68,122 | |||
Registration expenses |
58,439 | |||
Accounting fees |
45,000 | |||
Interest expense |
1,837 | |||
Miscellaneous expenses |
59,862 | |||
Total Expenses |
7,890,594 | |||
Less: |
||||
Custodian fee credits |
(34 | ) | ||
Net Expenses |
7,890,560 | |||
Net Investment Loss |
(305,019 | ) | ||
Net
Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency: |
||||
Net realized loss on investments |
(4,356,431 | ) | ||
Net realized loss on foreign
currency transactions |
(9,698 | ) | ||
Net realized loss on investments
and foreign currency transactions |
(4,366,129 | ) | ||
Net change in unrealized appreciation: |
||||
on investments |
55,337,726 | |||
on foreign currency translations |
12,827 | |||
Net change in unrealized appreciation
on investments and foreign
currency translations |
55,350,553 | |||
Net
Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency |
50,984,424 | |||
Net Increase in Net Assets Resulting
from Operations |
$ | 50,679,405 | ||
7
Year Ended | Year Ended | |||||||
December 31, 2010 | December 31, 2009 | |||||||
Operations: |
||||||||
Net investment loss |
$ | (305,019 | ) | $ | (398,605 | ) | ||
Net realized loss on investments and foreign currency transactions |
(4,366,129 | ) | (77,482,264 | ) | ||||
Net change in unrealized appreciation on investments
and foreign currency translations |
55,350,553 | 272,245,690 | ||||||
Net Increase in Net Assets Resulting from Operations |
50,679,405 | 194,364,821 | ||||||
Shares of Beneficial Interest Transactions: |
||||||||
Class AAA |
(78,602,668 | ) | (72,334,029 | ) | ||||
Class A |
(434,946 | ) | 164,195 | |||||
Class C |
(915,285 | ) | (330,845 | ) | ||||
Class I |
(716,189 | ) | (247,375 | ) | ||||
Net Decrease in Net Assets from Shares of Beneficial Interest
Transactions |
(80,669,088 | ) | (72,748,054 | ) | ||||
Redemption Fees |
418 | 1,551 | ||||||
Net Increase/(Decrease) in Net Assets |
(29,989,265 | ) | 121,618,318 | |||||
Net Assets: |
||||||||
Beginning of period |
582,200,957 | 460,582,639 | ||||||
End of period (including undistributed net investment income of
$0 and $0, respectively) |
$ | 552,211,692 | $ | 582,200,957 | ||||
8
Income (Loss) | Ratios to Average Net Assets/ | |||||||||||||||||||||||||||||||||||||||||||
from Investment Operations | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Net | Realized and | Total | Net Asset | Net Assets | Net | ||||||||||||||||||||||||||||||||||||||
Period | Value, | Investment | Unrealized | from | Value, | End of | Investment | Portfolio | ||||||||||||||||||||||||||||||||||||
Ended | Beginning | Income | Gain (Loss) on | Investment | Redemption | End of | Total | Period | Income | Operating | Turnover | |||||||||||||||||||||||||||||||||
December 31 | of Period | (Loss)(a) | Investments | Operations | Fees(a)(b) | Period | Return | (in 000s) | (Loss) | Expenses | Rate | |||||||||||||||||||||||||||||||||
Class AAA |
||||||||||||||||||||||||||||||||||||||||||||
2010 |
$ | 28.50 | $ | (0.02 | ) | $ | 2.91 | $ | 2.89 | $ | 0.00 | $ | 31.39 | 10.1 | % | $ | 546,786 | (0.06 | )% | 1.47 | % | 55 | % | |||||||||||||||||||||
2009 |
19.56 | (0.02 | ) | 8.96 | 8.94 | 0.00 | 28.50 | 45.7 | 575,203 | (0.08 | ) | 1.53 | 83 | |||||||||||||||||||||||||||||||
2008 |
36.17 | (0.09 | ) | (16.52 | ) | (16.61 | ) | 0.00 | 19.56 | (45.9 | ) | 455,357 | (0.31 | ) | 1.40 | 93 | ||||||||||||||||||||||||||||
2007 |
30.62 | (0.16 | ) | 5.71 | 5.55 | 0.00 | 36.17 | 18.1 | 945,068 | (0.49 | ) | 1.45 | 91 | |||||||||||||||||||||||||||||||
2006 |
28.81 | (0.05 | ) | 1.86 | 1.81 | 0.00 | 30.62 | 6.3 | 956,811 | (0.19 | ) | 1.44 | 57 | |||||||||||||||||||||||||||||||
Class A |
||||||||||||||||||||||||||||||||||||||||||||
2010 |
$ | 28.50 | $ | (0.01 | ) | $ | 2.91 | $ | 2.90 | $ | 0.00 | $ | 31.40 | 10.2 | % | $ | 858 | (0.05 | )% | 1.47 | % | 55 | % | |||||||||||||||||||||
2009 |
19.57 | (0.02 | ) | 8.95 | 8.93 | 0.00 | 28.50 | 45.6 | 1,237 | (0.08 | ) | 1.53 | 83 | |||||||||||||||||||||||||||||||
2008 |
36.18 | (0.08 | ) | (16.53 | ) | (16.61 | ) | 0.00 | 19.57 | (45.9 | ) | 737 | (0.29 | ) | 1.40 | 93 | ||||||||||||||||||||||||||||
2007 |
30.63 | (0.08 | ) | 5.63 | 5.55 | 0.00 | 36.18 | 18.1 | 707 | (0.23 | ) | 1.45 | 91 | |||||||||||||||||||||||||||||||
2006 |
28.82 | (0.06 | ) | 1.87 | 1.81 | 0.00 | 30.63 | 6.3 | 276 | (0.19 | ) | 1.44 | 57 | |||||||||||||||||||||||||||||||
Class B |
||||||||||||||||||||||||||||||||||||||||||||
2010 |
$ | 27.24 | $ | (0.21 | ) | $ | 2.75 | $ | 2.54 | $ | 0.00 | $ | 29.78 | 9.3 | % | $ | 288 | (0.80 | )% | 2.22 | % | 55 | % | |||||||||||||||||||||
2009 |
18.84 | (0.19 | ) | 8.59 | 8.40 | 0.00 | 27.24 | 44.6 | 263 | (0.84 | ) | 2.28 | 83 | |||||||||||||||||||||||||||||||
2008 |
35.10 | (0.30 | ) | (15.96 | ) | (16.26 | ) | 0.00 | 18.84 | (46.3 | ) | 182 | (1.06 | ) | 2.15 | 93 | ||||||||||||||||||||||||||||
2007 |
29.93 | (0.40 | ) | 5.57 | 5.17 | 0.00 | 35.10 | 17.2 | 339 | (1.23 | ) | 2.20 | 91 | |||||||||||||||||||||||||||||||
2006 |
28.38 | (0.27 | ) | 1.82 | 1.55 | 0.00 | 29.93 | 5.5 | 289 | (0.94 | ) | 2.19 | 57 | |||||||||||||||||||||||||||||||
Class C |
||||||||||||||||||||||||||||||||||||||||||||
2010 |
$ | 27.23 | $ | (0.21 | ) | $ | 2.76 | $ | 2.55 | $ | 0.00 | $ | 29.78 | 9.4 | % | $ | 787 | (0.80 | )% | 2.22 | % | 55 | % | |||||||||||||||||||||
2009 |
18.84 | (0.18 | ) | 8.57 | 8.39 | 0.00 | 27.23 | 44.5 | 1,620 | (0.82 | ) | 2.28 | 83 | |||||||||||||||||||||||||||||||
2008 |
35.10 | (0.28 | ) | (15.98 | ) | (16.26 | ) | 0.00 | 18.84 | (46.3 | ) | 1,467 | (1.05 | ) | 2.15 | 93 | ||||||||||||||||||||||||||||
2007 |
29.93 | (0.40 | ) | 5.57 | 5.17 | 0.00 | 35.10 | 17.2 | 1,001 | (1.23 | ) | 2.20 | 91 | |||||||||||||||||||||||||||||||
2006 |
28.38 | (0.27 | ) | 1.82 | 1.55 | 0.00 | 29.93 | 5.5 | 401 | (0.95 | ) | 2.19 | 57 | |||||||||||||||||||||||||||||||
Class I |
||||||||||||||||||||||||||||||||||||||||||||
2010 |
$ | 28.62 | $ | 0.05 | $ | 2.93 | $ | 2.98 | $ | 0.00 | $ | 31.60 | 10.4 | % | $ | 3,493 | 0.19 | % | 1.22 | % | 55 | % | ||||||||||||||||||||||
2009 |
19.60 | 0.04 | 8.98 | 9.02 | 0.00 | 28.62 | 46.0 | 3,878 | 0.17 | 1.28 | 83 | |||||||||||||||||||||||||||||||||
2008(c) |
33.70 | 0.00 | (b) | (14.10 | ) | (14.10 | ) | 0.00 | 19.60 | (41.8 | ) | 2,840 | 0.00 | (d)(e) | 1.15 | (d) | 93 |
| 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 distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized. | |
(a) | Per share amounts have been calculated using the average shares outstanding method. | |
(b) | Amount represents less than $0.005 per share. | |
(c) | From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008. | |
(d) | Annualized. | |
(e) | Amount represents less than 0.005%. |
9
10
| Level 1 quoted prices in active markets for identical securities; | ||
| Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and | ||
| Level 3 significant unobservable inputs (including the Funds determinations as to the fair value of investments). |
Investments in | ||||
Securities | ||||
(Market Value) | ||||
Valuation Inputs | Assets | |||
Level 1 Quoted Prices* |
$ | 550,993,222 | ||
Level 2 Other Significant Observable Inputs* |
799,692 | |||
Total |
$ | 551,792,914 | ||
* | Portfolio holdings designated in Level 1 and Level 2 are disclosed individually in the Schedule of Investments (SOI). Level 2 consists of U.S. Government Obligations. Please refer to the SOI for the industry classifications of these portfolio holdings. |
11
12
Accumulated capital loss carryforwards |
$ | (448,685,479 | ) | |
Net unrealized appreciation on investments and
foreign currency translations |
82,177,596 | |||
Total |
$ | (366,507,883 | ) | |
Gross | Gross | |||||||||||||||
Unrealized | Unrealized | Net Unrealized | ||||||||||||||
Cost | Appreciation | Depreciation | Appreciation | |||||||||||||
Investments |
$ | 469,630,835 | $ | 94,651,591 | $ | (12,489,512 | ) | $ | 82,162,079 |
13
14
Year Ended | Year Ended | |||||||||||||||
December 31, 2010 | December 31, 2009 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class AAA |
||||||||||||||||
Shares sold |
724,280 | $ | 20,032,512 | 1,248,178 | $ | 28,547,900 | ||||||||||
Shares redeemed |
(3,490,250 | ) | (98,635,180 | ) | (4,343,445 | ) | (100,881,929 | ) | ||||||||
Net decrease |
(2,765,970 | ) | $ | (78,602,668 | ) | (3,095,267 | ) | $ | (72,334,029 | ) | ||||||
Class A |
||||||||||||||||
Shares sold |
9,652 | $ | 278,393 | 22,812 | $ | 568,856 | ||||||||||
Shares redeemed |
(25,735 | ) | (713,339 | ) | (17,076 | ) | (404,661 | ) | ||||||||
Net increase/(decrease) |
(16,083 | ) | $ | (434,946 | ) | 5,736 | $ | 164,195 | ||||||||
Class B |
||||||||||||||||
Shares sold |
| $ | | | $ | | ||||||||||
Shares redeemed |
| | | | ||||||||||||
Net increase/(decrease) |
| $ | | | $ | | ||||||||||
Class C |
||||||||||||||||
Shares sold |
4,596 | $ | 126,688 | 13,413 | $ | 316,290 | ||||||||||
Shares redeemed |
(37,652 | ) | (1,041,973 | ) | (31,795 | ) | (647,135 | ) | ||||||||
Net decrease |
(33,056 | ) | $ | (915,285 | ) | (18,382 | ) | $ | (330,845 | ) | ||||||
Class I |
||||||||||||||||
Shares sold |
31,707 | $ | 888,202 | 61,341 | $ | 1,460,614 | ||||||||||
Shares redeemed |
(56,702 | ) | (1,604,391 | ) | (70,745 | ) | (1,707,989 | ) | ||||||||
Net decrease |
(24,995 | ) | $ | (716,189 | ) | (9,404 | ) | $ | (247,375 | ) | ||||||
15
16
17
Term of | Number of | |||||||||
Name, Position(s) | Office and | Funds in Fund | ||||||||
Address1 | Length of | Complex Overseen | Principal Occupation(s) | Other Directorships | ||||||
and Age | Time Served2 | by Trustee | During Past Five Years | Held by Trustee4 | ||||||
INTERESTED TRUSTEES3: |
||||||||||
Mario J. Gabelli Trustee Age: 68 |
Since 1992 | 26 | Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Chief Investment Officer Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies in the Gabelli/GAMCO Funds complex; Chief Executive Officer of GGCP, Inc. | Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications) | ||||||
John D. Gabelli Trustee Age: 66 |
Since 1995 | 10 | Senior Vice President of Gabelli & Company, Inc. | | ||||||
Anthony Torna, Sr. Trustee Age: 84 |
Since 1987 | 1 | Registered Representative, Maxim Group LLC from 2002; Investec Ernst & Company, 2001-2002 | | ||||||
INDEPENDENT TRUSTEES5: |
||||||||||
Anthony J. Colavita Trustee Age: 75 |
Since 1989 | 34 | President of the law firm of Anthony J. Colavita, P.C. | | ||||||
James P. Conn Trustee Age: 72 |
Since 1992 | 18 | Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (insurance holding company) (1992-1998) | Director of First Republic Bank (banking) through January 2008 and LaQuinta Corp. (hotels) through January 2006 | ||||||
Dugald A. Fletcher Trustee Age: 81 |
1989-1996 2000-present |
2 | President, Fletcher & Company, Inc. | Director of Harris and Harris Group, Inc. (venture capital) | ||||||
Robert J. Morrissey Trustee Age: 71 |
Since 2001 | 6 | Partner in the law firm of Morrissey, Hawkins & Lynch | | ||||||
Anthony R. Pustorino Trustee Age: 85 |
Since 1987 | 13 | Certified Public Accountant; Professor Emeritus, Pace University | Director of The LGL Group, Inc. (diversified manufacturing) (2002-2010) | ||||||
Anthonie C. van Ekris Trustee Age: 76 |
1987-1989 1992-present |
20 | Chairman of BALMAC International, Inc. (commodities and futures trading) | Director of Aurado Energy Inc. (oil and gas operations) through 2005 | ||||||
Salvatore J. Zizza Trustee Age: 65 |
1987-1996 2000-present |
28 | Chairman and Chief Executive Officer of Zizza & Co., Ltd. (private holding company) and Chief Executive Officer of General Employment Enterprises, Inc. | Director of Harbor BioSciences, Inc. (biotechnology) and Trans-Lux Corporation (business services); Chairman of each of BAM (manufacturing); Metropolitan Paper Recycling (recycling); Bergen Cove Realty Inc. (real estate); Bion Environmental Technologies (technology) (2005-2008); Director of Earl Scheib Inc. (automotive painting) through April 2009 |
18
Term of | ||||
Name, Position(s) | Office and | |||
Address1 | Length of | Principal Occupation(s) | ||
and Age | Time Served2 | During Past Five Years | ||
OFFICERS: |
||||
Bruce N. Alpert President and Secretary Age: 59 |
Since 1994 | Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex. Director of Teton Advisors, Inc. since 1998; Chairman of Teton Advisors, Inc. 2008 to 2010; President of Teton Advisors, Inc. 1998 through 2008; Senior Vice President of GAMCO Investors, Inc. since 2008 | ||
Agnes Mullady Treasurer Age: 52 |
Since 2006 | Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex | ||
Peter D. Goldstein Chief Compliance Officer Age: 57 |
Since 2004 | Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex |
1 | Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted. | |
2 | Each Trustee will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Trustee and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is removed by the Board of Trustees or shareholders, in accordance with the Funds By-Laws and Declaration of Trust. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified. | |
3 | Interested person of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an interested person because of their affiliation with Gabelli Funds, LLC which acts as the Funds investment adviser. Mr. Torna is considered an interested person because he is a registered broker with a firm to which the Fund Complex (but not the Fund) pays brokerage commissions. Mario J. Gabelli and John D. Gabelli are brothers. | |
4 | This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act. | |
5 | Trustees who are not interested persons are considered Independent Trustees. |
19
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. | ||
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. | ||
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this items instructions. |
Item 3. | Audit Committee Financial Expert. |
Item 4. | Principal Accountant Fees and Services. |
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrants annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $42,400 for 2009 and $34,767 for 2010. |
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrants financial statements and are not reported under paragraph (a) of this Item are $0 for 2009 and $0 for 2010. |
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $3,800 for 2009 and $3,625 for 2010. Tax fees represent tax compliance services provided in connection with the review of the Registrants tax returns. |
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2009 and $0 for 2010. | ||
(e)(1) | Disclose the audit committees pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | ||
Pre-Approval Policies and Procedures. The Audit Committee (Committee) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (Gabelli) that provides services to the registrant (a Covered Services Provider) if the independent registered public accounting firms engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairpersons pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committees pre-approval responsibilities to the other persons (other than Gabelli or the registrants officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit. | |||
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) | 100% | ||
(c) | 100% | ||
(d) | N/A |
(f) | The percentage of hours expended on the principal accountants engagement to audit the registrants financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountants full-time, permanent employees was 0%. |
(g) | The aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2009 and $0 for 2010. | ||
(h) | The registrants audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountants independence. |
Item 5. | Audit Committee of Listed registrants. |
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. | |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Item 10. | Submission of Matters to a Vote of Security Holders. |
Item 11. | Controls and Procedures. |
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). | ||
(b) | There were no changes in the registrants 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 registrants second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. |
Item 12. | Exhibits. |
(a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. | ||
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | ||
(a)(3) | Not applicable. | ||
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(registrant) The GAMCO Growth Fund |
||||
By (Signature and Title)* | /s/ Bruce N. Alpert | |||
Bruce N. Alpert, Principal Executive Officer | ||||
By (Signature and Title)* | /s/ Bruce N. Alpert | |||
Bruce N. Alpert, Principal Executive Officer | ||||
By (Signature and Title)* | /s/ Agnes Mullady | |||
Agnes Mullady, Principal Financial Officer and Treasurer | ||||
* | Print the name and title of each signing officer under his or her signature. |
| the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the 1940 Act); | ||
| the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the Advisers Act); | ||
| the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the Trusts 1940 Act Code of Ethics); |
1
| one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the Directors) of each Company that are not interested persons of such Company (the Independent Directors) within the meaning of the 1940 Act (the Advisory Groups 1940 Act Code of Ethics and, together with such Companys 1940 Act Code of Ethics, the 1940 Act Codes of Ethics); | ||
| the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the Conflict Policies); and | ||
| the Advisory Groups policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the Advisory Policies). |
Each Senior Officer must: |
| act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules; | ||
| comply with the laws, rules and regulations that govern the conduct of each Companys operations and report any suspected violations thereof in accordance with the section below entitled Compliance With Code Of Ethics; and | ||
| adhere to a high standard of business ethics. |
2
| the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; | ||
| any ownership interest in, or any consulting or employment relationship with, of any of the Companies service providers, other than the Advisory Group; or | ||
| a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officers employment by the Advisory Group, such as compensation or equity ownership. |
3
Each Senior Officer must: |
| familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and | ||
| not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Companys independent auditors, such Companys counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations. |
| the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her; | ||
| violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation; | ||
| if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and | ||
| appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities. |
4
| that provided the basis for any amendment or waiver to this Code of Ethics; and | ||
| relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors. |
5
6
7
1. | I have reviewed this report on Form N-CSR of The GAMCO 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 registrants 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants 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 registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
Date: 3/9/11 | /s/ Bruce N. Alpert | |||
Bruce N. Alpert, Principal Executive Officer | ||||
1. | I have reviewed this report on Form N-CSR of The GAMCO 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 registrants 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants 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 registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
Date: 3/9/11 | /s/ Agnes Mullady | |||
Agnes Mullady, Principal Financial Officer and Treasurer | ||||
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: 3/9/11 | /s/ Bruce N. Alpert | |||
Bruce N. Alpert, Principal Executive Officer | ||||
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: 3/9/11 | /s/ Agnes Mullady | |||
Agnes Mullady, Principal Financial Officer and Treasurer | ||||
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