To Our Shareholders,
Thank you for your investment in The GAMCO Growth Fund.
For the quarter ended December 31, 2015, the net asset value (“NAV”) per Class AAA Share of The GAMCO Growth Fund increased 8.9% compared with increases of 7.0% and 7.3% for the Standard & Poor’s (“S&P”) 500 Index and the Russell 1000 Growth Index, respectively. See page 2 for additional performance information.
The macro headwinds of a strong dollar and weak energy prices put a lid on earnings growth and equity returns in 2015. Foreign sourced earnings, which are significant for large and small cap stocks alike, took a hit on both export volumes and the translation of foreign earnings back into dollars. The market’s top performers were a handful of hugely disruptive mega-cap growth stocks that are known by the acronym FANG—for Facebook (4.8% of net assets as of December 31, 2015), Amazon (4.8%), Netflix, and Google (5.6%) (Google has now changed its name to Alphabet). The stylistic influence on returns in 2015 was more exaggerated than usual, which is typical at inflection points. Growth has largely outperformed value for the 2009 to 2015 stretch, just as it did in the 1995 to early 2000 period. We believe the year ahead will prove more rewarding for value investors, should the macro headwinds of 2015 abate. The broad trade weighted dollar rose about 10% in 2015, after a similar rise in 2014. The dollar typically (but not always) declines when global growth accelerates, which is expected in 2016, albeit not by much. Additionally, the 60% fall in the price of crude oil from July of 2014 is finally causing a domestic supply response, which should be supportive of oil prices during the back half of 2016, if not sooner. While the Saudis have been merciless in pumping oil flat out (presumably to gain share from the U.S. and squeeze Iran), they too have large financial commitments to meet in order to maintain civil order. Yes, the best cure for low oil prices is low oil prices.
Howard F. Ward, CFA Portfolio Manager
The GAMCO Growth Fund
Shareholder Commentary
December 31, 2015
We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. The financial statements and investment portfolio are mailed separately from the commentary. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.
Average Annual Returns through December 31, 2015 (a)
Since Inception Quarter 1 Year 5 Year 10 Year 15 Year (4/10/87) ———— ———— ——— ———— ——— ————
Class AAA (GABGX). . . 8.85% 5.11% 11.47% 6.49% 2.41% 9.90% S&P 500 Index . . . 7.04 1.38 12.57 7.31 5.00 9.45(d) Russell 1000 Growth Index . . . 7.32 5.67 13.53 8.53 4.33 9.02(d) Class A (GGCAX) . . . 8.85 5.13 11.48 6.49 2.42 9.90 With sales charge (b). . . 2.59 (0.91) 10.16 5.86 2.03 9.68 Class C (GGCCX) . . . 8.65 4.33 10.64 5.69 1.80 9.55 With contingent deferred sales charge (c) . . . 7.65 3.33 10.64 5.69 1.80 9.55 Class I (GGCIX). . . 8.94 5.39 11.75 6.70 2.54 9.97 In the current prospectuses dated April 30, 2015, the expense ratios for Class AAA, A, C, and I Shares are 1.43%, 1.43%, 2.18%, and 1.18%, respectively. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.
(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, 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. Visit www.gabelli.com for performance information as of the most recent month end. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 31, 2003 and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and 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 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. The Russell 1000 Growth Index measures the performance of the large cap growth segment of the U.S. equity market. 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 1% maximum contingent deferred sales charge imposed on redemptions made within one
year of purchase.
The Year in Review
The World Economy
In many ways the issues confronted by investors in 2015 had a familiar ring. There was turmoil in Greece, complete with tear gas, riot police, and smashed windows. There was ISIS and its followers committing various acts of terror throughout the Middle East and elsewhere. The price of oil and most commodities plunged, hurting emerging market producers and the domestic energy industry, and reminding investors of the 2008 rout. Russia expanded its military presence, this time to the Middle East. China’s naval presence grew while its economic growth continued to slow, hurting industrial profits and prompting a devaluation of the yuan to bolster exports. The success of Abenomics in Japan is still a question mark, as the challenge of overcoming a shrinking population appears so difficult that Prime Minister Abe appointed a Minister of Demographics this past October. At nearly the same moment, China vanquished its one child policy in favor of two, as its labor supply is now on the decline. Demographics matter. It could be argued that monetary and fiscal policies have taken a back seat to procreation policy, as the only age groups that are expanding in the developed world are those over the age of fifty.
Europe has its own set of challenges unique to its eurozone currency block (19 countries), namely diverse cultures between the north and south and geographic proximity to a violent Middle East, from which whole cities of people are fleeing. For better or worse, the great migration to Europe from Syria, Iraq, and elsewhere is well underway. Led by a former physicist from East Germany, Angela Merkel, Germany has taken the lead role in welcoming nearly 800 thousand refugees this year. This is a humanitarian disaster of epic proportions. There is a real concern that terrorists will gain access to Europe among the refugees, as was apparently the case with at least one of the Parisian attackers. If viewed as a single market, the European Union (28 countries) is the largest economy in the world, so it is important. Europe’s recovery has lagged that of the U.S. coming out of the Great Recession. Critics point to the European Central Bank (ECB), as it did not act as quickly and forcefully as the Fed, with its aggressive quantitative easing (QE) policy under Bernanke and subsequently, Yellen. The ECB chose to grow its balance sheet by loaning money to European banks, who in turn bought sovereign debt, so it had not technically engaged in QE, in which it would have bought securities outright for its own account.
The head of the ECB, Mario Draghi, had hinted strongly at QE since July of 2012, when he made his now infamous statement to “do whatever it takes” to save the euro. But there was endless bickering among various countries over whether the ECB actually had the power to engage in QE. Finally, in January of 2015, Draghi announced his plan. The ECB would commit to buying at least $1.3 trillion (at then prevailing exchange rates) of securities over the 18 months beginning in March. Global stock markets rallied and the euro fell to an 11 year low. The plan directed the 19 national banks in the eurozone to buy at least 80% of the securities and assume the underlying risk. The program was slated to end in September of 2016, but Draghi announced in
December that he would extend it and increase the targeted level of buying if conditions warranted. So far, QE arguably appears to have provided a modest bump to eurozone GDP growth (1.5% up from 0.9%) but has been less successful in lifting inflation (at about 0.1%), and it was fear of deflation that gave rise to the QE program. Because monetary policy works with a lag, inflation expectations for 2016 have risen to 1.1% and deflation is less of a concern outside of the world of commodities. So Europe is growing, albeit slowly and not more than expected. The same is true of Japan. China is growing but true growth is meaningfully below 7%. The private consumption side of China is still doing reasonably well but anything impacted by the slowdown in fixed asset investment is not.
Domestically, our economy is in reasonable shape due to the relative health of consumer spending, which comprises nearly 70% of GDP. We have added about 210 thousand jobs per month this year, on average, down from 2014 but still solid. Weekly unemployment claims have been near a 41 year low hit a few months ago. The Misery Index, which combines the unemployment rate and the inflation rate, is at a 30 year low. Auto sales may establish a new record in 2015. Homebuilder sentiment is at a 10 year high. Consumer real income expectations are rising for the first time in 20 years according to the University of Michigan. Capital spending and government spending will increase in 2016. Importantly, the dollar is unlikely to continue to rise over the course of 2016, just as the price of oil is unlikely to continue to fall. We may grow at 3.0% in 2016, although the consensus is closer to 2.5%. Sentiment is a bit sour now but that may change quickly if the headwinds of 2015 convert to tailwinds (falling dollar, rising oil prices and rising earnings) in 2016.
The Markets
The ECB’s bigger than expected QE program provided a generally bullish backdrop for stock markets in the first half of the year. The ECB joined the Bank of Japan which has been a member of the QE club under the Abenomics stimulus program for some time and continues in that capacity today. The Fed, however, halted expanding its balance sheet in October of 2014, but continues to reinvest interest and maturing principal payments so the Fed’s balance sheet run-off has yet to begin. While the People’s Bank of China was not doing QE, it was encouraging stock market investment with other forms of monetary accommodation. With fixed asset investment in China slowing, the People’s Bank wanted to boost private sector consumption by way of the wealth effect, courtesy of rising stock prices. Sound familiar? By June, the Chinese stock market had more than doubled over twelve months. Margin debt had ballooned, valuations were in bubble territory and volatility was increasing. Stocks peaked on June 12 and the market lost 40% of its value by the end of August.
In an attempt to boost exports and stem the stock market decline, China devalued the yuan on August 10. With QE in Europe and Japan driving down the value of the euro and yen, China was disadvantaged, along with the U.S. The move was viewed as an admission that China’s growth was much worse than the 7% GDP growth being reported and it triggered a global stock market correction, the first in several years. The S&P 500 fell 12%. Commodity prices, already weakened by falling fixed asset investment in China, fell further. Oil prices, which had
already fallen $30 per barrel to $60 since July of 2014, dropped to $40, hit by China’s slowdown, the price war being waged by Saudi Arabia, and a rising dollar. The Commodity Supercycle was in full reverse. Growth fears escalated. The August payroll report disappointed. The Fed, widely expected to raise rates in September, got spooked and backed off. The market worried about what the Fed feared or knew. Corporations, always sensitive to headline risk, reined in spending plans, knowing their foreign profits were well below plan. In Houston and in the Bakken, the collapse in oil prices changed the narrative. Most exploration and production oil companies were cash flow negative with $90 oil. With oil at $40, the calculus changed and investors began to seriously question the safety of oil companies’ interest and dividend payments.
The valuation argument for stocks is largely conditioned upon rising earnings and a continuation of historically ultra-low interest rates. In other words, stocks are cheap in a very low interest rate environment that maximizes the present value of future earnings and offers no compelling fixed income alternative. The market is selling at about 16 times next year’s earnings, which is pretty average, but interest rates near 2% on 10-year U.S. Treasuries are well below average (average is north of 6%). We also note that both individual investors and pension funds have equity allocations hovering at or below 40%. Historically, equity allocations tend to exceed 50% at market peaks (not always) during periods when interest rates have been much higher. With the stock market having now trounced the collective hedge fund returns over the last 6 years, there is bound to be an increase in the allocation to long only equity managers. Make no mistake, capital chases returns. Some investors have sworn off stocks due to what can seem like extreme levels of volatility. Unfortunately, regulators appear to have no stomach for taking on High Frequency Trading (HFT), which accounts for the majority of trades on any given day and drives volatility.
Earnings ultimately drive share prices. The tepid earnings growth of 2015 translated into a very narrow stock market advance with the majority of stocks (in the Russell 3000 Index) actually declining. Foreign profits of U.S. multinationals were for the most part savaged by the strong dollar. Profits derived in part or in whole from the energy patch were decimated. Consumer driven earnings were okay except for brick and mortar retailers doing battle with Amazon.com or suffering from unseasonably warm weather. The key to the stock market’s direction has been, and will likely continue to be, telegraphed by movements in the dollar, commodity prices and the global purchasing manager’s index (PMI). Rising global growth, confirmed by a rising global PMI, higher commodity prices and a falling dollar, would provide a bullish set of conditions for the stock market in 2016. Portfolio Observations
During the fourth quarter, new positions were established in Salesforce.com (0.5% of net assets as of December 31, 2015), Tesla Motors (0.6%), Palo Alto Networks (0.3%) and Chipotle Mexican Grill (0.4%). Salesforce.com in a leader in software applications for the “cloud”, and the migration to the “cloud” from in-house enterprise networks is happening rapidly. Tesla Motors builds highly praised all-electric cars. Led by visionary Elon Musk, Tesla’s current high-end models will be joined by a more affordable model in about two years. Palo Alto Networks in the leading provider of cybersecurity software. We believe spending on
cybersecurity will grow rapidly for years to come. Finally, we invested a relatively small amount in Chipotle Mexican Grill after the stock fell 25% in the wake of concerns about food borne illnesses. We believe this successful casual food chain will implement procedures to greatly reduce such risk and that current weakness in the stock represents a good entry point. We expect to add to our position should the stock continue under pressure. We added to a number of existing holdings, but the largest increases were for General Electric (2.5%), Charles Schwab (1.6%) and WhiteWave Foods (0.5%).
We eliminated six positions. Brown Forman had been a profitable stock for us but we decided the valuation was too rich at recent prices north of 100. Concern over fundamental growth was the driving factor behind sales of B/E Aerospace, Monsanto, NXP Semiconductor, Parker Hannifin and Ralph Lauren. We also reduced a number of positions, but the larger reductions were for McKesson (0.6%), J.P. Morgan (1.5%), Twenty-First Century Fox (0.4%) and Oracle Corp (0.5%).
Industry sector weights were little changed during the quarter. We owned 75 companies in the portfolio, four of which are domiciled overseas, representing 4% of assets.
Performance Commentary
Companies that made the most positive contribution to our results for the quarter (based upon price change and position size) were, in order, Amazon.com, Microsoft (5.1% of net assets as of December 31, 2015), Facebook, Alphabet (formerly Google), Home Depot (3.2%) , Adobe Systems (3.2%), General Electric, Sherwin Williams (2.2%), Honeywell (3.3%) and MasterCard International (3.2%).
Hurting us the most for the quarter were, in order, Apple (5.1%), NXP Semiconductors, Hain Celestial Group (0.4%), Macy’s (0.2%), Penske Automotive Group (0.4%), Chipotle Mexican Grill (0.4%), Union Pacific (0.6%), Allergan plc (2.1%), Comcast (1.6%) and WhiteWave Foods.
For the full year, the largest positive contributors to our results were Amazon.com, Facebook, Microsoft, Alphabet (formerly Google), Home Depot, Adobe Systems, Starbucks (1.3%), MasterCard, Visa (2.2%) and Nike (1.3%). These are world class companies run by some of the best management teams you will find anywhere. The biggest negative performers were Union Pacific, Allergan, Ralph Lauren (since sold), Twenty-First Century Fox, Goldman Sachs (1.5%), EOG Resources (0.4%), PPG Industries (1.5%), Macy’s, Parker Hannifin (since sold) and Oracle Corp.
In Conclusion
There is an old Wall Street maxim that says “it is always darkest before dawn.” While most investors would characterize 2015 as a year of treading water in stocks (although it felt worse), 2016 is actually promising and an upside surprise should not be ruled out, despite a rocky start. We say this as the biggest headwind to earnings growth the last two years, the strong dollar, should stabilize if not decline over the course of the year. Additionally, monetary policy operates with a lag, as do lower energy prices. So consumers, many with new jobs and rising wage rates – not to mention repaired balance sheets – are in a position to spend. Expect the Fed to raise interest rates once, maybe twice in 2016. That means historically low interest rates are here to stay and that is the gift that keeps on giving to equity investors.
Let’s Talk Stocks
The following are stock specifics on selected holdings of our Fund. Favorable earnings prospects do not necessarily translate into higher stock prices, but they do express a positive trend that we believe will develop over time. Individual securities mentioned are not necessarily representative of the entire portfolio. For the following holdings, the share prices are listed first in United States dollars (USD) and second in the local currency, where applicable, and are presented as of December 31, 2015.
Alphabet Inc. (5.6% of net assets as of December 31, 2015) (GOOG - $758.88 – NASDAQ, GOOGL – $778.01 – NASDAQ)is the parent company of Google, which is widely recognized as the world’s leading Internet search engine. Google’s stated mission is to organize the world’s information and make it universally accessible and useful. Google generates revenue by providing advertisers with the opportunity to deliver measurable, cost effective online advertising that is relevant to the information displayed on any given webpage. This makes the advertising useful to consumers as well as to the advertiser placing it. We believe this highly innovative and fast growing company is uniquely positioned to create new market opportunities while maintaining its lead in online search.
Microsoft Corp. (5.1%) (MSFT – $55.48 – NASDAQ), the world’s largest software company, develops, manufacturers, and licenses a range of software products for a variety of computing devices from PC’s to servers to its Xbox game console. While the company’s core desktop operating system and applications software franchise (Windows/MS Office) is maturing, Microsoft is gaining share in the enterprise market and, with its Internet and Xbox efforts, in the consumer markets also. The company’s latest operating system, Windows 10, was released in July 2015.
Apple Inc. (5.1%) (AAPL – $105.26 – NASDAQ)designs Macs, arguably the best personal computers in the world, along with OS X, iLife, iWork, and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and is defining the future of mobile media and computing devices with the iPad and Apple Watch.
Amazon.com Inc. (4.8%) (AMZN – $675.89 – NASDAQ) opened on the World Wide Web in July 1995. The company is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire phone, Fire tablets, Fire TV and Amazon Echo are some of the products and services pioneered by Amazon.
Facebook Inc.’s (4.8%) (FB – $104.66 – NASDAQ)mission is to give people the power to share and make the world more open and connected. People use Facebook to stay connected with friends and family, to discover what's going on in the world, and to share and express what matters to them. As of September 30, 2015, Facebook had 1.55 billion monthly active users (MAUs) worldwide and an average of 1.01 billion daily active users (DAUs), creating a powerful targeted advertising platform.
Honeywell International Inc. (3.3%) (HON – $103.57 – NYSE)is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; turbochargers; and performance materials. Based in Morris Township, N.J., the company employs more than 127,000 people worldwide, including more than 22,000 engineers and scientists.
The Home Depot Inc. (3.2%) (HD – $132.25 – NYSE) is the world's largest home improvement specialty retailer, with 2,274 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, ten Canadian provinces, and Mexico. In fiscal 2014, The Home Depot had sales of $83.2 billion and earnings of $6.3 billion. The Company employs more than 370,000 associates.
MasterCard Inc. (3.2%) (MA - $97.36 – NYSE)is a technology company in the global payments industry that operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure, and more efficient for everyone.
Adobe Systems Inc. (3.2%) (ADBE – $93.94 – NASDAQ)is the global leader in digital marketing and digital media solutions. Their tools and services allow customers to create groundbreaking digital content, deploy it across media and devices, measure and optimize it over time and achieve greater business success. Adobe’s software and services help customers make, manage, measure, and monetize their content across every channel and screen.
General Electric Co. (2.5%) (GE – $31.15 – NYSE)is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across industrial sectors.
January 13, 2016
Top Ten Holdings (Percent of Net Assets)
December 31, 2015 Alphabet Inc. 5.6% Microsoft Corp. 5.1% Apple Inc. 5.1% Amazon.com Inc. 4.8% Facebook Inc. 4.8%
Honeywell International Inc. 3.3%
The Home Depot Corp. 3.2%
Mastercard Inc. 3.2%
Adobe Systems Inc. 3.2%
Note:The views expressed in this Shareholder Commentary reflect those of the Portfolio Manager only through the end of the period stated in this Shareholder Commentary. The Portfolio Manager’s views are subject to change at any time based on market and other conditions. The information in this Portfolio Manager’s Shareholder Commentary represents the opinions of the individual Portfolio Manager and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Views expressed are those of the Portfolio Manager and may differ from those of other portfolio managers or of the Firm as a whole. This Shareholder Commentary does not constitute an offer of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this Shareholder Commentary has been obtained from sources we believe to be reliable, but cannot be guaranteed.
Minimum Initial Investment – $1,000
The Fund’s minimum initial investment for regular accounts is $1,000. There are no subsequent investment minimums. No initial minimum is required for those establishing an Automatic Investment Plan. Additionally, the Fund and other Gabelli/GAMCO Funds are available through the no-transaction fee programs at many major brokerage firms. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. See the prospectuses for more details.
www.gabelli.com
Please visit us on the Internet. Our homepage at www.gabelli.com contains information about GAMCO Investors, Inc., the Gabelli/GAMCO Mutual Funds, IRAs, 401(k)s, current and historical quarterly reports, closing prices, and other current news. We welcome your comments and questions via e-mail at info@gabelli.com.
The Fund’s daily NAVs are available in the financial press and each evening after 7:00 PM (Eastern Time) by calling 800-GABELLI (800-422-3554). Please call us during the business day, between 8:00 AM – 7:00 PM (Eastern Time), for further information.
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e-delivery
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Gabelli/GAMCO Funds and Your Personal Privacy
Who are we?
The Gabelli/GAMCO Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC and GAMCO Asset Management Inc., which are affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries that provide investment advisory services for a variety of clients.
What kind of non-public information do we collect about you if you become a fund shareholder? If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:
• Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.
• Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you. This would include information about the shares that you buy or redeem. If we hire someone else to provide services—like a transfer agent—we will also have information about the transactions that you conduct through them. What information do we disclose and to whom do we disclose it?
We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.
What do we do to protect your personal information?
We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.
THE GAMCO GROWTH FUND One Corporate Center
Rye, NY 10580-1422 Portfolio Manager Biography
Howard F. Ward, CFA, joined Gabelli Funds in 1995 and currently serves as GAMCO’s Chief Investment Officer of Growth Equities as well as a Gabelli Funds, LLC portfolio manager for several funds within the Gabelli/GAMCO Funds Complex. Prior to joining Gabelli, Mr. Ward served as Managing Director and Lead Portfolio Manager for several Scudder mutual funds. He also was the Investment Officer in the Institutional Investment Department with Brown Brothers, Harriman & Co. for four years. Mr. Ward received his B.A. in Economics from Northwestern University.
T H E G A M CO G R OW T H F U N D
One Corporate Center Rye, NY 10580-1422
t 800-GABELLI (800-422-3554) f 914-921-5118
e info@gabelli.com G A B E L L I . C O M
Net Asset Value per share available daily by calling 800-GABELLI after 7:00 P.M.
B OA R D O F T RU ST E E S Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Chairman and Chief Executive Officer,
Associated Capital Group Inc. Anthony J. Colavita President,
Anthony J. Colavita, P.C. James P. Conn
Former Chief Investment Officer, Financial Security Assurance Holdings Ltd.
Dugald A. Fletcher President,
Fletcher & Company, Inc. John D. Gabelli Senior Vice President, G.research, Inc. Robert J. Morrissey Partner,
Morrissey, Hawkins & Lynch Anthony R. Pustorino Certified Public Accountant, Professor Emeritus, Pace University Anthony Torna
Former Investment Counselor, Maxim Group LLC
Anthonie C. van Ekris Chairman,
BALMAC International, Inc. Salvatore J. Zizza Chairman,
Zizza & Associates Corp. O F F I C E R S Bruce N. Alpert President Andrea R. Mango Secretary Agnes Mullady Treasurer Richard J. Walz Chief Compliance Officer D I ST R I B U TO R G.distributors, LLC
C U STO D I A N , T RA N S F E R AGENT, AND DIVIDEND DISBURSING AGENT
State Street Bank and Trust Company L EG A L CO U N S E L
Skadden, Arps, Slate, Meagher & Flom LLP Th i s re p o r t i s s u b m i t te d fo r t h e g e n e ra l i n fo r m a t i o n o f t h e s h a re h o l d e r s o f Th e G A M CO G row t h F u n d . I t i s n o t a u t h o r i ze d fo r d i st r i b u t i o n to p ro s p e c t i ve i nve sto r s u n l e s s p re ce d e d o r a cco m p a n i e d by a n e f fe c t i ve p ro s p e c t u s .
