|
UNITED
STATES
|
||||
|
SECURITIES
AND EXCHANGE COMMISSION
|
||||
|
Washington,
D.C. 20549
|
||||
|
FORM
10-K
|
||||
|
[ X
] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
||||
|
For
the fiscal year ended December 31, 2008
|
||||
|
or
|
||||
|
[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
||||
|
For
the transition period from ______ to ______
|
||||
|
Commission
file number 1-14761
|
||||
|
GAMCO
Investors, Inc.
|
||||
|
(Exact
name of registrant as specified in its charter)
|
||||
|
New
York
|
13-4007862
|
|
||
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
||
|
One
Corporate Center, Rye, NY
|
10580-1422
|
|
||
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
||
|
Registrant’s telephone number, including area
code (914) 921-5100
|
||||
|
Securities
registered pursuant to Section 12(b) of the Act:
|
||||
|
Title
of each class
|
Name
of each exchange on which registered
|
|
||
|
Class
A Common Stock, par value $0.001 per share
|
New
York Stock Exchange, Inc.
|
|||
|
|
||||
|
Securities
registered pursuant to Section 12(g) of the Act: None
|
||||
|
Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the
Securities Act Yes o No x.
|
||||
|
Indicate by check mark if the
registrant is not required to file reports pursuant to Section 13 or
Section 15(d) of the Act Yes o No x.
|
||||
|
Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements
for the past 90 days Yes x No o.
|
||||
|
Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of Regulation
S-K is not contained herein, and will not be contained, to the best
of registrant’s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment
to this Form 10-K o.
|
||||
|
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer",
"accelerated filer", and "smaller reporting company” in Rule 12b-2 of the
Exchange Act. (Check one):
|
||||
|
|
Large accelerated filer
o
|
Accelerated filer x
|
||
|
|
Non-accelerated filer
o
(Do
not check if a smaller reporting
company)
|
Smaller reporting company
o
|
|
|
|
Indicate by check mark whether
the registrant is a shell company (as defined in Exchange Act Rule
12b-2) Yes o No x.
|
||||
|
GAMCO
Investors, Inc.
|
||||
|
Annual Report on Form 10-K For
the Fiscal Year Ended December 31, 2008
|
||||
|
2008
Selected Dynamics
|
||||
|
Overview
|
||||
| Item 4 | Submission Of Matters To A Vote Of Security Holders | 27 | ||
|
Certifications
|
||||
|
·
|
Investment
Partnerships: we provide
advisory services to limited partnerships and offshore funds (“Investment
Partnerships”). We managed a total of $295 million in
Investment Partnership assets on December 31,
2008.
|
|
·
|
Institutional
and Private Wealth Management: we provide advisory services to a
broad range of investors, including private wealth management,
corporate pension and profit-sharing plans, foundations, endowments,
jointly-trusteed plans and municipalities, and also serve as sub-advisor
to certain other third-party investment funds including registered
investment companies (“Institutional and Private Wealth
Management”). Each Institutional and Private Wealth Management
portfolio is managed to meet the specific needs and objectives of the
particular client by utilizing investment strategies and techniques within
our areas of expertise. On December 31, 2008, we had $8.5
billion of Institutional and Private Wealth Management
AUM.
|
|
·
|
Open and
Closed-End Funds: we provide
advisory services to (i) twenty one open-end funds and nine closed-end
funds under Gabelli, GAMCO and Comstock brands; and (ii) seven open-end
funds including the Westwood family of funds and the B.B. Micro Cap Growth
Fund (collectively, the “Funds”). The Funds had $11.9 billion
of assets under management on December 31,
2008.
|
|
GAMCO(a)
|
S&P
500(b)
|
Russel
2000(b)
|
CPI+10(b)
|
||||
|
Number
of Up Years
|
28
|
25
|
21
|
||||
|
Number
of Down Years
|
4
|
7
|
9
|
||||
|
Years
GAMCO Value Beat Index
|
22
|
21
|
20
|
||||
|
Total
Return (CAGR) gross
(a)
|
16.2
|
10.8
|
10.8
|
14.0
|
|||
|
Total
Return (CAGR) net
|
15.3
|
||||||
|
Beta
|
0.82
|
||||||
|
Footnotes
|
|
(a) |
The
GAMCO Value composite represents fully discretionary, tax-exempt
institutional accounts managed for at least one full quarter and meeting
minimum account size requirements. The minimum size requirement
for inclusion in 1985 was $500,000; $1 million in 1986; and $5 million in
1987 and thereafter. The performance calculations include accounts under
management during the respective periods. As of 12/31/08, the GAMCO Value
composite included 41 accounts with an aggregate market value of $2.5
billion. No two portfolios are identical. Accounts
not within this size and type may have experienced different results. Not
all accounts in the GAMCO Value Composite are included in the
composite.
|
|
·
|
GAMCO
Value performance results are computed on a total-return basis, which
includes all dividends, interest, and realized and unrealized gains and
losses. The summary of past performance is not intended as a
prediction of future results. Returns are presented in U.S.
dollars. All returns are before taxes and custodial fees. The
inception date of the GAMCO Value composite is
10/1/77.
|
|
·
|
The
net
returns from 1990 to 2008 are net of actual fees and actual transaction
costs. The net returns before 1990 reflects the calculation
using a model investment fee (1% compounded quarterly) and actual
transaction costs. Gross returns are before investment
management fees.
|
|
·
|
GAMCO
Value Total Return represents the total net return of the composite from
10/1/77 through 12/31/08.
|
|
·
|
Beta
is the measure of the GAMCO Value composite’s risk (volatility) in
relation to the S&P 500
Index.
|
|
(b)
|
The
S&P 500 is an unmanaged index of 500 U.S. stocks and performance
represents total return of the index including reinvestment of
dividends. The Russell 2000 is an unmanaged index of 2,000
small capitalization stocks and performance represents total return of the
index including reinvestment of dividends. The performance
figures for the Russell 2000 are based on an inception date of
1/1/79. The S&P 500 and Russell 2000 do not necessarily
reflect how a managed portfolio of equity securities would have
performed. The CPI is a widely-used measure of inflation, and
the CPI+10 measure is used to show the results that would have been
achieved by obtaining a rate of return that exceeded the CPI by a constant
10% as a basis of comparison versus the results of the GAMCO Value
composite.
|
|
·
|
GAM
GAMCO
Equity Fund was awarded Standard & Poor’s AAA Rating for
the fifth consecutive year and is one of only four S&P AAA
rated funds out of the 95 fund Mainstream Equities Group. The Standard
& Poor’s AAA rating is a widely acknowledged measure of excellence,
awarded only when, in S&P’s words: “The fund demonstrates the
highest standards of quality based on its investment process and
management’s consistency of performance as compared to funds with similar
objectives.” GAM
GAMCO
Equity Fund has been sub-advised by GAMCO for London UK based GAM since
the fund’s launch in October 1987. We plan to enhance our position
as a sub-advisor with other financial sponsors where we have investment
capacity.
|
| Open and Closed-End Funds |
|
·
|
Our
100% US Treasury Money Market Fund¹, exceeded $1 billion as investors fled
enhanced-money market funds in favor of funds that focus on the highest
quality U.S. Treasury instruments and superior yield. The fund
ranked second in total return for the 12 months ended December 31, 2008
among 78 US Treasury money market funds tracked by Lipper Inc.², For the 5
year and 10 year periods ended December 31, 2008, the fund ranked 2nd out
of 69 funds and 3rd out of 47 funds, respectively, within that
category.
|
|
·
|
Gabelli
“Private Market Value (PMV) with a CatalystTM” Investment
Approach. While we
have expanded our investment product offerings, our “value investing”
approach remains the core of our business. This method is based
on the value investing principles articulated by Graham & Dodd in 1934
and further augmented by Mario J. Gabelli, CFA with his development
of Private Market Value (PMV) with a CatalystTM and his
introduction of a catalyst into the value investment
methodology. The development of PMV analysis combined with the
concept of a catalyst has evolved from the original Graham & Dodd
value investing approach to a Gabelli augmented Graham & Dodd and,
which attributable to Gabelli, is commonly referred to as Private Market
Value (PMV) with a CatalystTM investing.
|
| - |
Private
Market Value (PMV) with a CatalystTM investing
is a disciplined, research-driven approach based on intensive security
analysis. In this process, we generally select stocks whose
intrinsic value, based on our estimate of current asset value and future
growth and earnings power, is significantly different from the value as
reflected in the public market. We then calculate the firm’s
PMV, which is defined as the price an informed industrial buyer would be
likely to pay to acquire the
business.
|
| - |
Our
value team generally looks for situations in which catalyst(s) is
(are) working to help eliminate the premium or realize the discount
between the public market price and the estimated
PMV. Catalysts which are company specific
include: realization of hidden assets, recognition of
underperforming subsidiaries, share buybacks, spin-offs, mergers and
acquisitions, balance sheet changes, new products, accounting changes, new
management and cross-shareholder unwinding. Other catalysts are
related to industry dynamics or macroeconomics and include but are not
limited to: industry consolidation, deregulation, accounting, tax, pension
and political reforms, technological change and the macroeconomic
backdrop. The time horizons for catalysts to trigger change can
either be short-term, medium-term or
long-term.
|
|
·
|
Establishing
Research and Relationship Centers. To extend
our research into new areas and add to our core research competency, we
opened two research offices in Shanghai and Singapore supplementing
our existing offices in London, New York, Chicago, Greenwich CT,
Reno, Palm Beach, and Minneapolis. We will continue to evaluate
adding additional research offices throughout the
world.
|
|
·
|
Introducing
New Products and Services. We believe
we have the capacity for development of new products and services around
the Gabelli and GAMCO brands to complement our existing product offerings.
New products since our initial public offering
include:
|
|
-
|
Six
closed-end funds: The Gabelli Dividend & Income Trust, The Gabelli
Global Deal Fund, The Gabelli Global Utility and Income Trust, The Gabelli
Global Gold, Natural Resources & Income Trust, The Gabelli Utility
Trust, and The Gabelli Healthcare and WellnessRX
Trust.
|
|
-
|
Four
open-end funds: Gabelli Blue Chip Value Fund (1999), Gabelli
Utilities Fund (1999) Gabelli Woodland Small Cap Value Fund (2003),
Gabelli SRI Fund (2007), to be rebranded as Gabelli Green SRI Fund, Inc.
in 2009.
|
|
-
|
Four
offshore funds: Gabelli Global Partners, Ltd., Gabelli Japanese
Value Partners, Ltd., Gabelli Capital Structure Arbitrage Fund Ltd., and
GAMCO SRI Partners,
Ltd.
|
|
-
|
Eight
private limited partnerships: Gemini Global Partners, L.P.,
Gabelli Capital Structure Arbitrage Fund LP., Gabelli Intermediate Credit,
L.P., Gabelli Japanese Value Partners, L.P., Gabelli Associates Fund II,
L.P., GAMA Select Energy Plus, L.P., GAMCO Medical Opportunities, L.P.,
and the GAMCO Long/Short Equity Fund, L.P. to be launched in
2009.
|
|
·
|
Incentive
Fees and
Fulcrum Fees. Our investment
strategy is focused on adding stock specific alpha through our proprietary
Private Market Value (PMV) with a CatalystTM
equity research efforts. We expect to receive an increasing portion
of our revenues and earnings through various products with incentive and
fulcrum fees. Since we envision that a growing percentage of
the firm's revenues will be directly linked to performance-based fees,
this will also increase the variability of our revenues and
profits. As of December 31, 2008, approximately $1.0 billion of
Institutional and Private Wealth Management assets are managed on a
performance fee basis along with $1.0 billion of preferred issues of
closed-end funds, the $344 million The Gabelli Global Deal Fund and $295
million of investment partnership assets. Unlike most money
management firms, we elected not to receive a management fee on a majority
of the preferred offerings in our closed-end funds until the fund’s
overall performance exceeds each preferred’s nominal cost of
capital. In addition, the incubation of new product strategies using
proprietary capital will compensate the investment team with a performance
fee model to reinforce our pay-for-performance
approach.
|
|
·
|
Expanding
Mutual Fund Distribution. We continue
to expand our distribution network primarily through national and regional
brokerage firms and have developed additional classes of shares for most
of our mutual funds for sale through these firms and other third-party
distribution channels on a commission basis. We intend to
increase our wholesaling efforts to market the multi-class shares, which
have been designed to meet the needs of investors who seek advice through
financial consultants.
|
|
·
|
Increasing
Presence in Private Wealth Management Market. Our
private wealth
management business focuses, in general, on serving clients who have
established an account relationship of $1 million or more with
us. According to industry estimates, the number of households
with over $1 million in investable assets will continue to grow in the
future, subject to ups and downs in the equity and fixed income
markets. With our 32-year history of serving this segment,
long-term performance record, customized portfolio approach, dominant,
tax-sensitive, buy-hold investment strategy, brand name recognition and
broad array of product offerings, we believe that we are well-positioned
to capitalize on the growth opportunities in this
market.
|
|
·
|
Increasing
Marketing for Institutional and Private Wealth
Management. The Institutional
and Private Wealth Management business was principally developed through
direct marketing channels. Historically, pension and financial consultants
have not been a major source of new institutional and private wealth
management business for us. We plan to augment our
institutional sales force through the addition of staff to market directly
to the consultant community as well as our traditional marketing
channels.
|
|
·
|
Attracting
and Retaining Experienced Professionals. We
offer
significant variable compensation that provides opportunities to our
staff. We have increased the scope of our investment management
capabilities by adding portfolio managers and other investment personnel
in order to expand our broad array of products. The ability to
attract and retain highly-experienced investment and other professionals
with a long-term commitment to us and our clients has been, and will
continue to be, a significant factor in our long-term growth. At December
2008, we have 369,900 restricted stock awards outstanding to our
professional staff recommended by and excluding Mr. Gabelli, which have
three- and five-year vesting, which will reward long-term commitment to
our goals.
|
|
·
|
Sponsorship
of Industry Conferences. Gabelli & Company,
our institutional research boutique, sponsors industry conferences and
management events throughout the year. At these conferences and events,
senior management from leading industry companies share their thoughts on
the industry, competition, regulatory issues and the challenges and
opportunities in their businesses with portfolio managers and securities
analysts.
|
|
·
|
Hosting of
Institutional Investor Symposiums. We have
a tradition of sponsoring institutional investor symposiums that bring
together prominent portfolio managers, members of academia and other
leading business professionals to present, discuss and debate current
issues and topics in the investment
industry.
|
|
-1997
|
“Active
vs. Passive Stock Selection”
|
|
-1998
|
“The
Role of Hedge Funds as a Way of Generating Absolute
Returns”
|
|
-2001
|
“Virtues
of Value Investing”
|
|
-2003
|
“Dividends,
Taxable versus Non-Taxable Issues”
|
|
-2006
|
“Closed-End
Funds: Premiums vs. Discounts, Dividends and
Distributions”
|
|
·
|
Capitalizing
on
Acquisitions, Alliances and Lift-outs. We
intend
to selectively and opportunistically pursue acquisitions, alliances and
lift-outs that will broaden our product offerings and add new sources of
distribution. In November 2002, we completed our alliance with
Woodland Partners LLC, a Minneapolis based investment advisor of
institutional, high net-worth and sub-advisory accounts. On
October 1, 1999, we completed our alliance with Mathers and Company, Inc.
and now act as investment advisor to the Mathers Fund (renamed GAMCO
Mathers Fund), and in May 2000, we added Comstock Partners Funds, Inc.,
(renamed Comstock Funds, Inc.). The Mathers and Comstock funds
are part of our Non-Market Correlated mutual fund product line. On March
11, 2008, Funds Advisor assumed the role of investment advisor to the AXA
Enterprise Mergers and Acquisitions Fund, a fund that has been sub-advised
by GAMCO since the fund’s inception on February 28, 2001. In
November 2008, the Board of Directors of the B.B. Micro Cap Growth Fund
selected Teton, a subsidiary of GBL, as its interim investment
adviser. Shareholders of the fund have been asked to approve a
merger of the fund into the GAMCO Westwood Mighty MitesSM
Fund.
|
|
·
|
Strong
Industry Fundamentals: According
to
data compiled by the U.S. Federal Reserve, the investment management
industry has grown faster than more traditional segments of the financial
services industry, including the banking and insurance industries. Since
GBL began managing for institutional and private wealth management clients
in 1977, world equity markets have grown at a 10.2% compounded annual
growth rate through December 31, 2008 to nearly $32 trillion(a). The
U.S. equity market comprises about $10.6 trillion(a)
or roughly 33% of world equity markets. We believe that
demographic trends and the growing role of money managers in the placement
of capital compared to the traditional role played by banks and life
insurance companies will result in continued growth of the investment
management industry.
|
|
·
|
Long-Term
Performance: We have a
superior long-term record of achieving relatively high returns for our
Institutional and Private Wealth Management clients. We believe that our
performance record represents a competitive advantage and a recognized
component of our franchise.
|
|
·
|
Stock
Market Gains: Since
we
began managing for institutional and private wealth management clients in
1977, our traditional value-oriented Institutional and Private Wealth
Management composite has earned a compound annual return of 15.3% net of
fees versus a compound annual return of 10.8% for the S&P 500
through December 31, 2008. Since our initial public offering in
February 1999 through December 2008, the compound annual return for our
traditional value-oriented Institutional and Private Wealth Management
composite was 5.3% versus the S&P 500’s compound annual total negative
return of 1.5%.
|
|
·
|
Widely-Recognized
“Gabelli” and “GAMCO” Brand Names: For much of our
history, our portfolio managers and investment products have been featured
in a variety of financial print media, including both U.S. and
international publications such as The Wall Street Journal,
Financial Times, Money Magazine, Barron's, Fortune, Business Week, Nikkei
Financial News, Forbes Magazine, Consumer Reports and Investor's Business
Daily. We also underwrite publications written by our investment
professionals, including Deals…Deals…and More
Deals which examines the practice of merger arbitrage and Global Convertible Investing:
The Gabelli Way, a comprehensive guide to effective investing in
convertible securities.
|
|
·
|
Diversified
Product Offerings: Since the inception of our investment
management activities, we have sought to expand the breadth of our product
offerings. We currently offer a wide spectrum of investment products and
strategies, including product offerings in U.S. equities, U.S. fixed
income, global and international equities, convertible securities, U.S.
balanced and investment
partnerships.
|
|
· GAMCO
Growth
|
|
· “ International
Growth
|
|
· “ Gold
|
|
· “ Global
Telecommunications
|
|
· “ Global
Growth
|
|
· “ Global
Opportunity
|
|
· “ Global
Convertible Securities
|
|
· “ Mathers
|
|
January
1,
|
||||||||||||||||||||||||||||||
|
2004
to
|
||||||||||||||||||||||||||||||
|
December
31,
|
||||||||||||||||||||||||||||||
|
At
December 31,
|
2008
|
%
Change
|
||||||||||||||||||||||||||||
|
2004
|
2005
|
2006
|
2007
|
2008
|
CAGR(a)
|
2008
/ 07
|
||||||||||||||||||||||||
|
Equity:
|
||||||||||||||||||||||||||||||
|
Mutual
Funds
|
$
|
12,371
|
$
|
12,963
|
$
|
14,195
|
$
|
16,115
|
$
|
10,367
|
(2.3
|
)%
|
(35.7
|
)%
|
||||||||||||||||
|
Institutional
& Private Wealth Management
|
||||||||||||||||||||||||||||||
|
Direct
|
9,881
|
9,550
|
10,282
|
10,708
|
6,861
|
(5.5
|
)
|
(35.9
|
)
|
|||||||||||||||||||||
|
Sub-advisory
|
3,706
|
2,832
|
2,340
|
2,584
|
1,585
|
(16.6
|
)
|
(38.7
|
)
|
|||||||||||||||||||||
|
Total
Equity
|
25,958
|
25,345
|
26,817
|
29,407
|
18,813
|
(5.3
|
)
|
(36.0
|
)
|
|||||||||||||||||||||
|
Fixed
Income:
|
||||||||||||||||||||||||||||||
|
Money
Market Mutual Funds
|
1,488
|
724
|
734
|
1,112
|
1,507
|
9.2
|
35.5
|
|||||||||||||||||||||||
|
Bond
Mutual Funds
|
11
|
11
|
10
|
10
|
14
|
4.9
|
40.0
|
|||||||||||||||||||||||
|
Institutional
& Private Wealth Management
|
388
|
84
|
50
|
24
|
22
|
(46.5
|
)
|
(8.3
|
)
|
|||||||||||||||||||||
|
Total
Fixed Income
|
1,887
|
819
|
794
|
1,146
|
1,543
|
(7.0
|
)
|
34.6
|
||||||||||||||||||||||
|
Investment
Partnerships
|
814
|
634
|
491
|
460
|
295
|
(15.7
|
)
|
(35.9
|
)
|
|||||||||||||||||||||
|
Total
Assets Under Management
|
$
|
28,659
|
$
|
26,798
|
$
|
28,102
|
$
|
31,013
|
$
|
20,651
|
(5.6
|
)
|
(33.4
|
)
|
||||||||||||||||
|
Breakdown
of Total Assets Under Management:
|
||||||||||||||||||||||||||||||
|
Mutual
Funds
|
$
|
13,870
|
$
|
13,698
|
$
|
14,939
|
$
|
17,237
|
$
|
11,888
|
(2.3
|
)
|
(31.0
|
)
|
||||||||||||||||
|
Institutional
& Private Wealth Management
|
||||||||||||||||||||||||||||||
|
Direct
|
10,269
|
9,634
|
10,332
|
10,732
|
6,883
|
(6.5
|
)
|
(35.9
|
)
|
|||||||||||||||||||||
|
Sub-advisory
|
3,706
|
2,832
|
2,340
|
2,584
|
1,585
|
(16.6
|
)
|
(38.7
|
)
|
|||||||||||||||||||||
|
Investment
Partnerships
|
814
|
634
|
491
|
460
|
295
|
(15.7
|
)
|
(35.9
|
)
|
|||||||||||||||||||||
|
Total
Assets Under Management
|
$
|
28,659
|
$
|
26,798
|
$
|
28,102
|
$
|
31,013
|
$
|
20,651
|
(5.6
|
)
|
(33.4
|
)
|
||||||||||||||||
|
U.S. Equities:
|
Global and International
Equities:
|
Investment Partnerships:
|
|
All
Cap Value
|
International
Growth
|
Merger
Arbitrage
|
|
Large
Cap Value
|
Global
Growth
|
U.S.
Long/Short
|
|
Large
Cap Growth
|
Global
Value
|
Global
Long/Short
|
|
Mid
Cap Value
|
Global
Telecommunications
|
European
Arbitrage (a)
|
|
Small
Cap Value
|
Global
Multimedia
|
Japanese
Long/Short
|
|
Small
Cap Growth
|
Gold
|
Sector-Focused
|
|
Micro
Cap
|
-
Energy
|
|
|
Natural
Resources
|
U.S. Fixed Income:
|
-
Gold
|
|
Income
|
Corporate
|
-
Medical Opportunities
|
|
Utilities
|
Government
|
Merchant
Banking
|
|
Non-Market
Correlated
|
Asset-backed
|
|
|
Options
Income
|
Intermediate
|
|
|
Short-term
|
||
|
Convertible Securities:
|
U.S. Balanced:
|
|
|
U.S.
Convertible Securities
|
Balanced
Growth
|
|
|
Global
Convertible Securities
|
Balanced
Value
|
|
Net
Assets as of
|
||||||||||||||||
|
December
31,
|
||||||||||||||||
|
Fund
|
Advisory
|
12b-1
|
Initial
|
2008
|
||||||||||||
|
(Morningstar
Overall
|
Primary
Investment
|
Fund
|
Fees
|
Fees
|
Offer
|
(all
classes)
|
||||||||||
|
Rating)
(1)
|
Objective
|
Characteristics
|
(%)
|
(%)
|
Date
|
($
in millions)
|
||||||||||
|
OPEN-END
FUNDS:
|
||||||||||||||||
|
EQUITY
INCOME:
|
||||||||||||||||
|
The
Gabelli Equity
|
High
level of total return
|
Class
AAA,
|
1.00
|
.25
|
01/02/92
|
$
|
906
|
|||||||||
|
Income
Fund
|
with
an emphasis on
|
No-load,
|
||||||||||||||
|
««««
|
income-producing
equities
|
Open-end,
|
||||||||||||||
|
with
yields greater than
|
Diversified,
|
|||||||||||||||
|
the
S&P 500 average.
|
Multi-class
Shares (2)
|
|||||||||||||||
|
GAMCO
Westwood
|
Both
capital appreciation
|
Class
AAA,
|
.75
|
.25
|
10/01/91
|
$
|
143
|
|||||||||
|
Balanced
Fund
|
and
current income using
|
No-load,
|
||||||||||||||
|
«««««
|
portfolios
containing stocks,
|
Open-end,
|
||||||||||||||
|
(12)
|
bonds,
and cash as appropriate
|
Diversified,
|
||||||||||||||
|
in
light of current economic
|
Multi-class
shares (2)
|
|||||||||||||||
|
and
business conditions.
|
||||||||||||||||
|
GAMCO
Westwood
|
High
level of current income
|
Class
AAA,
|
1.00
|
(9)
|
.25
|
09/30/97
|
$
|
6
|
||||||||
|
Income
Fund
|
as
well as long-term capital
|
No-load,
|
||||||||||||||
|
«««
|
appreciation
by investing
|
Open-end,
|
||||||||||||||
|
(12)
|
primarily
in income producing
|
Diversified,
|
||||||||||||||
|
equity
and fixed income
|
Multi-class
shares (2)
|
|||||||||||||||
|
securities.
|
||||||||||||||||
|
VALUE:
|
||||||||||||||||
|
GAMCO
Westwood
|
Capital
appreciation through a
|
Class
AAA,
|
1.00
|
.25
|
01/02/87
|
$
|
143
|
|||||||||
|
Equity
Fund
|
diversified
portfolio of equity
|
No-load,
|
||||||||||||||
|
«««««
|
securities
using bottom-up
|
Open-end,
|
||||||||||||||
|
(12)
|
fundamental
research with a
|
Diversified,
|
||||||||||||||
|
focus
on identifying
|
Multi-class
shares (2)
|
|||||||||||||||
|
well-seasoned
companies.
|
||||||||||||||||
|
The
Gabelli
|
Growth
of capital as a primary
|
Class
AAA,
|
1.00
|
.25
|
03/03/86
|
$
|
1,744
|
|||||||||
|
Asset
Fund
|
investment
objective, with
|
No-load,
|
||||||||||||||
|
««««
|
current
income as a secondary
|
Open-end,
|
||||||||||||||
|
investment
objective. Invests in
|
Diversified,
|
|||||||||||||||
|
equity
securities of companies
|
Multi-class
shares (2)
|
|||||||||||||||
|
selling
at a significant discount
|
||||||||||||||||
|
to
their private market value.
|
||||||||||||||||
|
The
Gabelli Blue Chip
|
Capital
appreciation through
|
Class
AAA,
|
1.00
|
.25
|
08/26/99
|
$
|
19
|
|||||||||
|
Value
Fund
|
investments
in equity securities
|
No-load,
|
||||||||||||||
|
«««
|
of
established companies, which
|
Open-end,
|
||||||||||||||
|
are
temporarily out of favor and
|
Diversified,
|
|||||||||||||||
|
which
have market capitalizations
|
Multi-class
shares (2)
|
|||||||||||||||
|
in
excess of $5 billion.
|
||||||||||||||||
|
SMALL
CAP VALUE:
|
||||||||||||||||
|
The
Gabelli Small Cap
|
High
level of capital appreciation
|
Class
AAA,
|
1.00
|
.25
|
10/22/91
|
$
|
838
|
|||||||||
|
Growth
Fund
|
from
equity securities of smaller
|
No-load,
|
||||||||||||||
|
«««««
|
companies
with market
|
Open-end,
|
||||||||||||||
|
capitalization
of $2 billion or less
|
Diversified,
|
|||||||||||||||
|
at
the time of purchase.
|
Multi-class
Shares (2)
|
|||||||||||||||
|
Net
Assets as of
|
||||||||||||||||
|
December
31,
|
||||||||||||||||
|
Fund
|
Advisory
|
12b-1
|
Initial
|
2008
|
||||||||||||
|
(Morningstar
Overall
|
Primary
Investment
|
Fund
|
Fees
|
Fees
|
Offer
|
(all
classes)
|
||||||||||
|
Rating)
(1)
|
Objective
|
Characteristics
|
(%)
|
(%)
|
Date
|
($
in millions)
|
||||||||||
|
The
Gabelli Woodland
|
Long
Term capital appreciation
|
Class
AAA,
|
1.00
|
(9)
|
.25
|
12/31/02
|
$
|
4
|
||||||||
|
Small
Cap Value Fund
|
investing
at least 80% of its
|
No-load,
|
||||||||||||||
|
«««
|
in
equity securities of
|
Open-end,
|
||||||||||||||
|
companies
with market
|
Non-diversified,
|
|||||||||||||||
|
capitalizations
less than
|
Multi-class
shares (2)
|
|||||||||||||||
|
the
greater of $3.0 billion
|
||||||||||||||||
|
or
the largest company
|
||||||||||||||||
|
in
the Russell 2000 Index.
|
||||||||||||||||
|
GAMCO
Westwood
|
Long-term
capital
|
Class
AAA,
|
1.00
|
(9)
|
.25
|
04/15/97
|
$
|
7
|
||||||||
|
SmallCap
Equity Fund
|
appreciation,
investing
|
No-load,
|
||||||||||||||
|
««
|
at
least 80% of its assets
|
Open-end,
|
||||||||||||||
|
(12)
|
in
equity securities of
|
Diversified,
|
||||||||||||||
|
companies
with market
|
Multi-class
shares (2)
|
|||||||||||||||
|
capitalizations
of $2.5 billion
|
||||||||||||||||
|
or
less at the time of purchase.
|
||||||||||||||||
|
FOCUSED
VALUE:
|
||||||||||||||||
|
The
Gabelli
|
High
level of capital
|
Class
A,
|
1.00
|
.25
|
09/29/89
|
$
|
381
|
|||||||||
|
Value
Fund
|
appreciation
from
|
Front
end-load,
|
||||||||||||||
|
««
|
undervalued
equity
|
Open-end,
|
||||||||||||||
|
securities
that are
|
Non-diversified,
|
|||||||||||||||
|
held
in a concentrated
|
Multi-class
shares (2)
|
|||||||||||||||
|
portfolio.
|
||||||||||||||||
|
GROWTH:
|
||||||||||||||||
|
The
GAMCO
|
Capital
appreciation from
|
Class
AAA,
|
1.00
|
.25
|
04/10/87
|
$
|
463
|
|||||||||
|
Growth
Fund
|
companies
that have
|
No-load,
|
||||||||||||||
|
««
|
favorable,
yet undervalued,
|
Open-end,
|
||||||||||||||
|
prospects
for earnings
|
Diversified,
|
|||||||||||||||
|
growth.
Invests in equity
|
Multi-class
Shares (2)
|
|||||||||||||||
|
securities
of companies
|
||||||||||||||||
|
that
have above-average
|
||||||||||||||||
|
or
expanding market
|
||||||||||||||||
|
shares
and profit margins.
|
||||||||||||||||
|
GAMCO
International
|
Capital
appreciation
|
Class
AAA,
|
1.00
|
.25
|
06/30/95
|
$
|
27
|
|||||||||
|
Growth
Fund
|
by
investing primarily
|
No-load,
|
||||||||||||||
|
«««
|
in
equity securities of
|
Open-end,
|
||||||||||||||
|
foreign
companies with
|
Diversified,
|
|||||||||||||||
|
rapid
growth in revenues
|
Multi-class
shares (2)
|
|||||||||||||||
|
and
earnings.
|
||||||||||||||||
|
AGGRESSIVE
GROWTH:
|
||||||||||||||||
|
The
GAMCO Global
|
High
level of capital
|
Class
AAA,
|
1.00
|
.25
|
02/07/94
|
$
|
53
|
|||||||||
|
Growth
Fund
|
appreciation
through
|
No
load,
|
||||||||||||||
|
«««
|
investment
in a
|
Open-end,
|
||||||||||||||
|
portfolio
of equity
|
Non-diversified,
|
|||||||||||||||
|
securities
focused on
|
Multi-class
shares (2)
|
|||||||||||||||
|
companies
involved
|
||||||||||||||||
|
in
the global marketplace.
|
||||||||||||||||
|
MICRO-CAP:
|
||||||||||||||||
|
GAMCO
Westwood
|
Long-term
capital appreciation
|
Class
AAA,
|
1.00
|
.25
|
05/11/98
|
$
|
70
|
|||||||||
|
Mighty
MitesSM Fund
|
by
investing primarily
|
No
load,
|
||||||||||||||
|
«««««
|
in
equity securities with
|
Open-end,
|
||||||||||||||
|
(12)
|
market
capitalization
|
Diversified,
|
||||||||||||||
|
of
$300 million or less
|
Multi-class
shares (2)
|
|||||||||||||||
|
at
the time of purchase.
|
||||||||||||||||
|
Net
Assets as of
|
||||||||||||||||
|
December
31,
|
||||||||||||||||
|
Fund
|
Advisory
|
12b-1
|
Initial
|
2008
|
||||||||||||
|
(Morningstar
Overall
|
Primary
Investment
|
Fund
|
Fees
|
Fees
|
Offer
|
(all
classes)
|
||||||||||
|
Rating)
(1)
|
Objective
|
Characteristics
|
(%)
|
(%)
|
Date
|
($
in millions)
|
||||||||||
|
SPECIALTY
EQUITY:
|
||||||||||||||||
|
The
GAMCO Global
|
High
level of capital
|
Class
AAA,
|
1.00
|
(9)
|
.25
|
05/11/98
|
$
|
12
|
||||||||
|
Opportunity
Fund
|
appreciation
through
|
No-load,
|
||||||||||||||
|
«««
|
worldwide
investments
|
Open-end,
|
||||||||||||||
|
in
equity securities.
|
Non-diversified,
|
|||||||||||||||
|
Multi-class
shares (2)
|
||||||||||||||||
|
The
GAMCO Global
|
High
level of total return
|
Class
AAA,
|
1.00
|
(9)
|
.25
|
02/03/94
|
$
|
4
|
||||||||
|
Convertible
|
through
a combination of
|
No-load,
|
||||||||||||||
|
Securities
Fund
|
current
income and capital
|
Open-end,
|
||||||||||||||
|
««
|
Appreciation
through
|
Non-diversified,
|
||||||||||||||
|
investment
in convertible
|
Multi-class
shares (2)
|
|||||||||||||||
|
securities
of U.S. and
|
||||||||||||||||
|
non-U.S.
issuers.
|
||||||||||||||||
|
The
Gabelli Capital
|
Capital
appreciation from
|
No-load,
|
.75
|
n/a
|
05/01/95
|
$
|
109
|
|||||||||
|
Asset
Fund
|
equity
securities of companies
|
Open-end,
|
||||||||||||||
|
(not
rated) (8)
|
selling
at a significant
|
Diversified,
|
||||||||||||||
|
discount
to their private
|
Variable
Annuity
|
|||||||||||||||
|
market
value.
|
||||||||||||||||
|
The
Gabelli SRI Fund
|
Capital
appreciation from
|
Class
A,
|
1.00
|
(9)
|
.25
|
6/1/07
|
$
|
2
|
||||||||
|
(not
rated) (8)
|
equity
securities of companies
|
No-load,
|
||||||||||||||
|
the
fund deems to be
|
Open-end,
|
|||||||||||||||
|
socially
responsible.
|
Diversified,
|
|||||||||||||||
|
Multi-class
shares (2)
|
||||||||||||||||
|
SECTOR:
|
||||||||||||||||
|
GAMCO
|
Seeks
capital
|
Class
AAA,
|
1.00
|
.25
|
07/11/94
|
$
|
387
|
|||||||||
|
Gold
Fund
|
appreciation
and
|
No-load,
|
||||||||||||||
|
«««
|
employs
a value
|
Open-end,
|
||||||||||||||
|
approach
to investing
|
Diversified,
|
|||||||||||||||
|
primarily
in equity
|
Multi-class
shares (2)
|
|||||||||||||||
|
securities
of gold-
|
||||||||||||||||
|
related
companies
|
||||||||||||||||