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.