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SIGNATURE BRUCE N. ALPERT
TITLE PRESIDENT/TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806857
<NAME> GABELLI GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1955686229
<INVESTMENTS-AT-VALUE> 3150207166
<RECEIVABLES> 14257355
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 42842
<TOTAL-ASSETS> 3164507363
<PAYABLE-FOR-SECURITIES> 116437
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5942744
<TOTAL-LIABILITIES> 6059181
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1965359928
<SHARES-COMMON-STOCK> 67912387
<SHARES-COMMON-PRIOR> 52671581
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1432683
<ACCUM-APPREC-OR-DEPREC> 1194520937
<NET-ASSETS> 3158448182
<DIVIDEND-INCOME> 14339216
<INTEREST-INCOME> 1177460
<OTHER-INCOME> 0
<EXPENSES-NET> 30855569
<NET-INVESTMENT-INCOME> (15338893)
<REALIZED-GAINS-CURRENT> 326900048
<APPREC-INCREASE-CURRENT> 616076849
<NET-CHANGE-FROM-OPS> 927638004
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 312444198
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23312269
<NUMBER-OF-SHARES-REDEEMED> 14494427
<SHARES-REINVESTED> 6422964
<NET-CHANGE-IN-ASSETS> 1293892088
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 598971
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 30855569
<AVERAGE-NET-ASSETS> 2248900699
<PER-SHARE-NAV-BEGIN> 35.40
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 16.50
<PER-SHARE-DIVIDEND> 0.0
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</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Trustees of
The Gabelli Growth Fund
In planning and performing our audit of the financial statements
of The Gabelli Growth Fund (the "Fund") for the year ended December
31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation
of internal control to future periods is subject to the risk that
it may become inadequate because of changes in conditions or that
the effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which
the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However,
we noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of
management and the Trustees of the Fund and the Securities and
Exchange Commission and should not be used by anyone other than
those specified parties.
PricewaterhouseCoopers LLP
February 11, 2000
THE GABELLI GROWTH FUND
EXHIBIT TO ITEM 77C
A Special Meeting of Shareholders of The Gabelli Growth Fund
(the "Fund") was held on November 30, 1999. The following
proposals were submitted for a vote of the shareholders:
1. To consider and act upon amendments to the Fund's Declaration
of Trust to permit the Fund to offer additional classes of shares:
With respect to the proposal relating to the approval of amendments
to the Fund's Declaration of Trust to permit the Fund to offer
additional classes of shares, the following votes and percentages
were recorded:
For Against Abstain Broker Non-Votes
26,516,557 3,979,337 1,907,771 1,038,696
(50.29%)
2. To consider and act upon a proposal to amend the Fund's
fundamental investment policy with respect to options to permit
the Fund to buy and sell put and call options on securities it
holds or has the right to obtain:
With respect to the proposal relating to amending the Fund's
fundamental investment policy with respect to options to permit
the Fund to buy and sell put and call options on securities it
holds or has the right to obtain, the following votes and
percentages were recorded:
For Against Abstain Broker Non-Votes
26,297,180 4,047,632 2,058,852 1,038,696
(78.63%)
3. To elect nine trustees of the Fund:
With respect to the proposal relating to the election of nine
trustees of the Fund, the following votes and percentages were
recorded:
For
Withholding
Authority
Percent Represented
at the Meeting
Voting in Favor
Mario J. Gabelli
32,438,325
1,004,035
97.00%
Felix J. Christiana
32,349,817
1,092,544
96.73%
Anthony J. Colavita
32,399,072
1,043,289
96.88%
James P. Conn
32,349,092
1,093,268
96.73%
John D. Gabelli
32,280,199
1,162,162
96.52%
Karl Otto Pohl
32,263,962
1,178,398
96.48%
Anthony R. Pustorino
32,332,954
1,109,407
96.68%
Anthonie C. van Ekris
32,402,527
1,039,833
96.89%
Anthony Torna
32,323,013
1,119,347
96.65%
4. To ratify the selection of PricewaterhouseCoopers LLP
as the independent accountants of the Fund for the fiscal year
ending December 31, 1999:
With respect to the proposal relating to the ratification of
the selection of PricewaterhouseCoopers LLP as the independent
accountants of the Fund for the fiscal year ending December 31,
1999, the following votes and percentages were recorded:
For Against Abstain
31,840,122 380,841 1,221,397
(95.21%)
l:\shared\boslegal\clients\gabgrow\misc\nsar77c.doc
G:\SHARED\3RDPARTY\GABEQTRU\NSAREX.DOC
