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Mario Gabelli's Asset Fund Q4 2014 Commentary
Mario Gabelli's Asset Fund Q4 2014 Commentary
Morningstar rated The Gabelli Asset Fund Class AAA Shares 4 stars overall, 2 stars for the three year period,
3 stars for the five year period, and 5 stars for the ten year period ended December 31, 2014 among 1,336, 1,336,
1,193, and 812 Large Blend funds, respectively. Morningstar Rating is based on risk-adjusted returns.
(Y)our Portfolio Management Team
Mario J. Gabelli, CFA Christopher J. Marangi Jeffrey J. Jonas, CFA Kevin V. Dreyer
To Our Shareholders,
For the quarter ended December 31, 2014, the net asset value (NAV) per Class AAA Share of The
Gabelli Asset Fund increased 4.0% compared with an increase of 4.9% for the Standard & Poors (S&P) 500
Index. See page 2 for additional performance information.
Annual (P)review
More than in previous years, 2014 offered many surprises, both positive and negative. We suspect few
prognosticators correctly predicted more than a handful of the headline economic indicators below:
12/31/13
12/31/14
2.17%
1.3%
2.7%
5.8%
$1.21
$53.46
2,059
17.3
Comparative Results
Average Annual Returns through December 31, 2014 (a)
Quarter
4.03%
4.93
5.17
5.75
4.04
(1.94)
3.84
2.84
4.11
1 Year
4.89%
13.69
9.97
14.80
4.89
(1.14)
4.11
3.11
5.16
5 Year
14.57%
15.45
14.15
17.27
14.57
13.22
13.72
13.72
14.85
10 Year
8.70%
7.67
7.89
9.26
8.70
8.05
7.89
7.89
8.89
Since
Inception
(3/3/86)
12.40%
10.46(d)
11.35(d)
9.22(d)
12.40
12.16
12.09
12.09
12.47
In the current prospectuses dated April 30, 2014, the expense ratios for Class AAA, A, C, and I Shares are 1.35%,
1.35%, 2.10%, and 1.10%, 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. Returns would have been lower had
Gabelli Funds, LLC (the Adviser) not reimbursed certain expenses of the Fund for periods prior to December 31,
1988. 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 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 Dow Jones
Industrial Average and the Nasdaq Composite Index are unmanaged indicators of stock market performance.
Dividends are considered reinvested, except for the Nasdaq Composite Index. You cannot invest directly in an index.
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.
(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.
(d) S&P 500 Index, Dow Jones Industrial Average, and Nasdaq Composite Index since inception performance results
are as of February 28, 1986.
We have separated the portfolio managers 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 managers 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, are available on our website at www.gabelli.com.
2
BARRONS
ROUNDTABLE
MARIO J. GABELLI
Chairman and Chief Investment Officer Value Portfolios
GAMCO Investors, Inc.
How
does
that
work,
Ticker
Price 1/9/15
Graham Holdings
GHC
$870.47
RHP
$54.33
CWC.UK
Chemtura
CHMT
$23.20
Post Holdings
POST
$41.33
Kinnevik
KINVA.Sweden SEK
247.90
Patterson Cos.
PDCO
$50.43
49 pence
Source: Bloomberg
Mario J. Gabelli is the Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Portfolio Manager of various
investment products at the Firm. The securities mentioned in the article are not representative of any portfolio, and the
views expressed are subject to change at any time.
As of December 31, 2014, The Gabelli Asset Fund held, as a percentage of its net assets, the following companies
mentioned in this article: 0.1% of Ryman Hospitality Properties, 1.8% of DirecTV, 0.1% of Kinnevik Class A, 0.1% of
Millicom International Cellular, 0.1% of Patterson Dental, 0.2% of MGM Resorts International, 0.2% of Post Holdings, 0.1%
of Graham Holdings Co., 0.1% of Kinnevik Class B, 0.2% of Discovery Communications Series A, 0.5% of Discovery
Communications Series C, 0.1% of Amerisource Bergen, 0.2% of Liberty Media Class A, 0.4% of Liberty Media Class C,
0.1% of Liberty Broadband Series A, 0.2% of Chemtura, 0.1% of Liberty Broadband Series C, 1.3% of Berkshire Hathaway,
less than 0.1% of Liberty Broadband Series B, and no shares of Sirona Dental Systems, Cable & Wireless
Communications, VCA, Marriott International, and MWI Veterinary Supply.
A complete listing of the Funds portfolio holdings as of December 31, 2014 and a prospectus are available by calling the
Fund at 800-GABELLI (800-422-3554) or by visiting our website at www.gabelli.com. Investors should carefully consider
the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains information
about these and other matters and should be read carefully before investing.
The views expressed in this article reflect those of the Portfolio Manager only through the date of the interview. Minor edits
were made. The Portfolio Managers views are subject to change at any time based on market and other conditions.
Favorable earnings or EBITDA (earnings before interest, taxes, depreciation, and amortization), or growth prospects do not
necessarily translate into higher stock prices, but they do express a positive trend that we believe will develop over time.
The information contained in this article is not an offer to sell or a solicitation to buy any security. No security or other product
is offered or will be sold in any jurisdiction in which such offer or solicitation, purchase, or sale would be unlawful under the
securities or other laws of the jurisdiction.
As bottom up stock pickers, we didnt hazard guesses at these numbers last year and we wont again this
year. However, we were admittedly surprised at just what a constructive environment for U.S. stocks it turned
out to be. With no other context, a year end perusal of the first six statistics would indicate that the U.S. economy
should be on increasingly firmer footing. The market, it seems, got it right in 2014.
Unfortunately, that conclusion is made in a vacuum with the benefit of hindsight. Reality has been more
eventful skirmishes in the Ukraine, ISIS reign of terror in the Middle East and the spread of the Ebola virus
added plenty of what, for now, appears to have been noise to the investment mosaic. More recently, the 40%+
crash in oil prices has been a focus. This development has spurred important questions about what triggered
the decline and how it might affect the global economy. Have prices collapsed because of increased supply, in
part from growth of U.S. shale production, and strategic inaction by the Saudis, or has demand abated due to
a slowdown in global growth? Will lower prices lead to greater political instability in places like Russia, the
Middle East and Venezuela? Can savings by the consumer at the pump offset the negative impact of oil
industry job losses and investment cuts? The answers to these questions are as yet unclear.
Notwithstanding the uncertainty around the culprits and implications for falling commodity prices, todays
leading indicators would lead one to believe that the odds of continuing improvement in the U.S. economy have
increased. But world events could be more than just distractions for the market in 2015. Sometimes noise is
meaningful and sometimesits just noise. Our job as analysts is not to make idle predictions, but to construct
an adaptable world view that is informed by new and changing data and to make stock selections based on
that view.
All this reinforces our belief in two differentiating aspects of our process and philosophy. First, we are
fundamentally bottom up stock pickers. We have chosen to focus on the companies in a subset of industries
in which sustainable competitive advantages can be cultivated. Volatile and unpredictable crude prices, for
example, are reasons we tend to avoid the energy sector and gravitate to less commoditized industries.
Second, we are value investors. Our contribution to the body of work begun by Benjamin Graham and David
Dodd has been the concept of Private Market Value (PMV) with a CatalystTM we seek businesses selling in
the public markets at a substantial discount to their PMVs and for which we can identify one or more events
that will narrow that discount. We tend to gravitate toward hard assets and cash flow and away from visions of
grandeur that may or may not occur in the future.
What Worked in 2014
Our focus on financial engineering and dealmaking bore fruit last year. In January, our ownership of Beam
Inc. was rewarded when Suntory (less than 0.1% of net assets as of December 31, 2014) of Japan offered to
purchase Beam at $83.50 per share, a transaction which closed on the last day of April. In May, the remaining
piece of Sara Lee, known as Hillshire Brands, made an ill-advised bid for Pinnacle Foods. Hillshires
management path to remain independent, as the company approached its two year anniversary as a public
company, backfired. It led (much to our delight) to a bidding war between JBS Pilgrims Pride and Tyson Foods
(less than 0.1%), with Tyson Foods the victor. Tysons purchase of Hillshire at $63 per share closed in July. In
media, DIRECTV (1.8%), once a tracker stock of General Motors (less than 0.1%), then a holding of Dr. John
Malones Liberty Entertainment, agreed to a sale to AT&T (less than 0.1%) for $95 per share in cash and stock.
Dr. Malone continued to be the most prolific financial engineer, giving birth to two new companies, Liberty
TripAdvisor (less than 0.1%) and Liberty Broadband (0.2%), while repositioning other assets.
Other Fund holdings announced restructurings including The Madison Square Garden Co. (0.9%), itself
a February 2010 spin-off of Cablevision (1.0%), which is evaluating the separation of its entertainment segment
from its Sports and its Entertainment segments. Graham Holdings Company (less than 0.1%), formerly the
Washington Post Company, announced it would spin-off its cable unit in a year in which it was rewarded for
concluding a cash-rich split-off transaction with Berkshire Hathaway (1.3%). Energizer (1.4%) announced it
would split its Household Products and Personal Care businesses, with each company possibly following the
path of Sara Lee into the arms of acquirers. Finally, in the fourth quarter, Chemtura (0.2%) completed the sale
of its AgroSolutions business and launched a Dutch auction to re-deploy cash via a capitalization shrink. Many
other holdings have catalysts in place, with Sony Corp. (0.5%), CBS (0.5%) and Viacom (1.0%), among others,
prime candidates for change.
The Funds returns, relative to its benchmark, were negatively impacted by our investment in small
capitalization stocks and our underweighting of certain strongly performing sectors including utilities and
biotechnology. In keeping with the philosophy outlined above, we do not allocate assets to market sectors on
a top-down basis. Unfortunately, at times areas where we possess accumulated compounded knowledge fall
out of favor 2014 was one of those periods. While small caps and media, for example, might not immediately
revert to market leadership, over an investment cycle we are confident our stock selection in those areas
should be rewarded.
Lets Talk Stocks
The following are stock specifics on selected holdings of the 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 percentage of net assets and their share prices are presented as of December 31, 2014.
American Express Co. (1.7% of net assets as of December 31, 2014) (AXP $93.04 NYSE) is the largest
closed-loop credit card company in the world. The company operates its eponymous premiere branded
payment network and lends to its largely affluent customer base. American Express has 110 million cards in
force and over $67 billion in loans, while its customers charged nearly $950 billion of spending on their cards
in 2013. The companys strong consumer brand has allowed American Express to enter the deposit gathering
market as an alternate source of funding, while the companys affluent customers have picked up spending.
Longer term, American Express should capitalize on its higher spending customer base and continue to
expand into other payment related businesses, such as corporate purchasing, while also growing in emerging
markets. Similarly, the company is looking at the growing success of social media as an opportunity to expand
its product base and payment options.
Berkshire Hathaway Inc. (1.3%) (BRK/A $226,000.00 NYSE), based in Omaha, Nebraska, is the holding
company for a diverse group of operating subsidiaries, including insurance, freight rail transportation, utilities
and energy, finance, services, and retailing. The subsidiaries operate in an autonomous fashion, while
investment and capital allocation decisions are managed by 82 year-old Warren Buffett in consultation with
89 year-old Charlie Munger. From 1995 through December 31, 2013, the firm had an annual compounded gain
on book value of 19.7%.
CVS Health Corp. (0.9%) (CVS $96.31 NYSE) is a pharmacy innovation company helping people on their
path to better health. Through their 7,800 retail pharmacies, more than 900 walk-in medical clinics, a leading
pharmacy benefits manager with nearly 65 million plan members, and expanding specialty pharmacy services,
CVS Health enables people, businesses and communities to manage health in more affordable, effective ways.
9
Their unique integrated model increases access to quality care, delivers better health outcomes and lowers
overall health care costs.
DIRECTV (1.8%) (DTV $86.70 NASDAQ) is the largest pay television provider in the world, with over
twenty million subscribers in the U.S. and over twelve million throughout Latin America. Originally part of
General Motors (less than 0.1%), DTV used its technological advantage, focus on high income customers,
recognition of the necessity for superior customer service, and clever (Sunday Ticket) participation in exclusive
sports programming to cement its position in the U.S. The company used essentially the same strategy in Latin
America, where it is benefiting from the growth of the middle class in countries such as Brazil and Colombia.
Atop a superior operating business, DTV has layered a capital structure that maximizes equity returns. The
company has used modest leverage to repurchase stock, in the process cutting its shares outstanding by more
than half over the last five years. Long of interest to its telecom distribution partners, AT&T (less than 0.1%)
agreed to acquire the company in April 2014 for $95 per share in cash and stock. We expect the transaction
to be approved and close in the first half of 2015.
Energizer Holdings Inc. (1.4%) (ENR $128.56 NYSE) became an independent company after it was spun
off from Ralston Purina in April 2000. Energizer manufactures, markets and sells dry cell batteries and lighting
products worldwide. Subsequently, Energizer expanded its product portfolio through acquisitions, including
Schick-Wilkinson Sword (2003), Playtex (2007), Edge/Skintimate (2009), American Safety Razor (2010), and
most recently, Johnson & Johnsons (0.3%) feminine hygiene brands (2013). Today, Energizer reports results
for two segments: Household ($1.8 billion of revenue), which includes the domestic and international battery
businesses and Personal Care ($2.6 billion), which includes wet shaving, skin, feminine and infant care. In
April 2014, ENR announced its intention to split the company into two publicly traded firms through a tax-free
spin-off of the Household division. The transaction is expected to be completed by July 2015. This may be the
first step in realizing the full value of the two businesses, as both divisions may be more attractive acquisition
candidates on a standalone basis.
Genuine Parts Co. (1.6%) (GPC $106.57 NYSE) is an Atlanta based distributor of automotive and industrial
replacement parts, office products, and electrical and electronic components. We expect GPCs well known
NAPA Auto Parts group to benefit as an aged vehicle population, which includes the highest percentage of off
warranty vehicles in history, helps drive sales of automotive aftermarket products over the next several years.
Additionally, economic indicators remain supportive of the companys industrial and electrical parts distribution
businesses amid steady economic expansion. Finally, GPCs management has shown consistent dedication to
shareholder value via share repurchases and dividend increases.
Honeywell International Inc. (1.2%) (HON $99.92 NYSE) is a Fortune 100 company that invents and
manufactures technologies to address some of the worlds toughest challenges linked to global macrotrends
such as energy efficiency, clean energy generation, safety and security, globalization and customer
productivity. Based in Morris Township, New Jersey, the company employs approximately 132,000 people
worldwide, including more than 22,000 engineers and scientists.
Liberty Global plc (0.2%, 0.8%) (LBTYK $48.31 NASDAQ, LBTYA $50.21 NASDAQ) is the leading
international cable operator, offering advanced video, telephone, and broadband internet services. The
company operates broadband communications networks in 14 countries, principally located in Europe under
the brands UPC, Unitymedia (Germany), Virgin (UK), Telenet (Belgium), and VTR (Chile). As part of its June
2013 acquisition of Virgin Media, Liberty Global redomiciled in the UK, increasing its strategic flexibility in the
future. The company is internationally focused and well positioned to capitalize on the growing demand for
digital television, broadband internet, and digital telephony services in markets across its diverse geographic
10
footprint. The company closed its acquisition of Netherlands cable operator Ziggo, among its largest to date,
in November 2014. In an effort to surface additional value, in early 2015 Liberty Global is expected to issue a
stock tracking its Latin American operations.
National Fuel Gas Co. (0.5%) (NFG $69.53 NYSE) is a diversified natural gas company. NFG owns a
regulated gas utility serving the region around Buffalo, New York, gas pipelines that move gas between the
Midwest and Canada and from the Marcellus to the Northeast, gathering and processing systems, and an oil and
gas exploration and production business. NFGs regulated utility and pipeline businesses, as well as its California
oil production business, provide stable earnings and cash flows to support the dividend, while the natural gas
production business offers significant upside potential. NFGs ownership of 800,000 acres in the Marcellus shale,
including 745,000 acres in the shale fairway of Pennsylvania, holds enormous natural gas reserve potential, and
we believe the position could be worth $3.5 billion based on recent comparable transactions. We continue to
expect above average long term earnings and cash flow growth from rapidly growing gas production and
expansion of the strategically located pipeline network. The company has increased its dividend for over forty
consecutive years. In addition, NFG is considering corporate restructuring alternatives, such as a master
limited partnership (MLP) of its midstream assets.
Time Warner Inc. (0.3%) (TWX $152.06 NYSE), located in New York, New York, is a diversified media
company with operations in cable networks through HBO, TNT, TBS & CNN, and film & television production.
We like the companys cable networks, high margins and low capital intensity. We expect the company to use
its free cash flow to return capital to shareholders through its $1.27 per share dividend and aggressive share
repurchases. Following the $85 per share bid by Twenty-First Century Fox (2.2%), we expect Time Warner
could be an acquisition target.
Walgreens Boots Alliance Inc. (0.1%) (WBA $76.20 NYSE), based in Deerfield, Illinois is now the worlds
largest retail pharmacy chain and drug wholesaler. After several years of uneven performance, the company
is undergoing a complete management change as part of its just completed merger with Alliance Boots. Boots
Chairman Stefano Pessina will lead the company on an interim basis as it searches for a permanent leader
with global retail and pharmacy experience. New CFO Tim McLevish is aggressively cutting costs, accelerating
the integration of Alliance Boots, and returning more cash to shareholders. While there is still a lot of work left
to do, we believe that the combined company should be a global leader with significant free cash flow once the
integration is complete.
Investment Scorecard
The top contributors to performance for 2014 included takeover targets DIRECTV (1.8% of net assets as
of December 31, 2014) (+25%), Hillshire Brands (+90%), and Beam Inc. (+23%). Automotive parts retailers
Genuine Parts (1.6%) (+31%) and OReilly Automotive (0.9%) (+50%) and pharmacy CVS Health (0.9%) (+37%)
performed well in a benign consumer environment. Actavis (0.3%) (+53%) continued its string of accretive
acquisitions, and Berkshire Hathaways (1.3%) (+27%) businesses were strong, contributing positively to
Fund results.
Detractors from performance included Rolls-Royce (0.8%) (-34%), which committed execution
missteps against a background of weak defense and marine markets, Flowserve (1.0%) (-23%),
and Weatherford International (0.3%) (-26%) which were impacted late in the year by the fall in oil prices, and
Diageo (1.0%) (-11%), which faced slowing emerging markets growth. Media holdings Viacom (1.0%) (-13%)
and Discovery Communications (0.7%) (-20%) reported soft advertising trends and are plagued by
concerns over a potential shift in consumer viewing behavior.
11
Conclusion
While most signs point towards an improving U.S. economy, certain geopolitical dynamics are
concerning. The markets response to the potential for increased interest rates is also in question. As a result,
2015 could be a volatile year in which we will seek opportunity. Our focus remains on generating superior tax
efficient, inflation adjusted returns by relying upon our time tested people, process and Private Market Value
(PMV) with a CatalystTM philosophy. Our embrace of this philosophy and process has demonstrated superior
returns over the history of our firm and we have confidence this should remain the case in the future.
January 8, 2015
Note: The views expressed in this Shareholder Commentary reflect those of the Portfolio Managers only through
the end of the period stated in this Shareholder Commentary. The Portfolio Managers views are subject to
change at any time based on market and other conditions. The information in this Portfolio Managers
Shareholder Commentary represents the opinions of the individual Portfolio Managers 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 Managers 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 Funds 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.
12
The Funds daily NAV is available in the financial press and each evening after 7:00 PM (Eastern Time)
by calling 800-GABELLI (800-422-3554). The Funds Nasdaq symbol is GABAX for Class AAA Shares. Please
call us during the business day, between 8:00 AM 7:00 PM (Eastern Time), for further information.
You may sign up for our e-mail alerts at www.gabelli.com and receive early notice of quarterly report
availability, news events, media sightings, and mutual fund prices and performance.
e-delivery
We are pleased to offer electronic delivery of Gabelli fund documents. Direct shareholders of our mutual
funds can elect to receive their Annual and Semiannual Reports, Manager Commentaries, and Prospectus via
e-delivery. For more information or to sign up for e-delivery, please visit our website at www.gabelli.com.
Multi-Class Shares
The Gabelli Asset Fund began offering additional classes of Fund shares on December 31, 2003. Class
AAA Shares are no-load shares offered directly through selected broker/dealers. Class A and Class C Shares
are targeted to the needs of investors who seek advice through financial consultants. Class I Shares are
available directly through the Funds distributor or brokers that have entered into selling agreements specifically
with respect to Class I Shares. The Board of Trustees determined that expanding the types of Fund shares
available through various distribution options will enhance the ability of the Fund to attract additional investors.
Morningstar Rating is based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average
of the performance figures associated with a funds three, five, and ten year (if applicable) Morningstar Rating metrics. For
funds with at least a three year history, a Morningstar Rating is based on a risk-adjusted return measure (including the
effects of sales charges, loads, and redemption fees) placing more emphasis on downward variations and rewarding
consistent performance. That accounts for variations in a funds monthly performance. The top 10% of funds in each
category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star.
(Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight
variations in the distribution percentages.) Morningstar Rating is for the AAA Share class only; other classes may have
different performance characteristics. Ratings reflect relative performance. Results for certain periods were negative. 2014
Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither
Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
13
BOARD OF TRUSTEES
Mario J. Gabelli, CFA
Chairman and
Chief Executive Officer,
GAMCO Investors, Inc.
Anthony J. Colavita
President,
Anthony J. Colavita, P.C.
James P. Conn
Former Chief Investment Officer,
Financial Security Assurance
Holdings Ltd.
John D. Gabelli
Senior Vice President,
G.research, Inc.
Kuni Nakamura
President,
Advanced Polymer, Inc.
Anthony R. Pustorino
Certified Public Accountant,
Professor Emeritus,
Pace University
Werner J. Roeder, MD
Former Medical Director,
Lawrence Hospital
OFFICERS
Bruce N. Alpert
President
Andrea R. Mango
Secretary
Agnes Mullady
Treasurer
Richard J. Walz
Chief Compliance Officer
Shareholder Commentary
December 31, 2014
DISTRIBUTOR
G.distributors, LLC
CUSTODIAN, TRANSFER
AGENT, AND DIVIDEND
DISBURSING AGENT
State Street Bank and Trust Company
LEGAL COUNSEL
Skadden, Arps, Slate, Meagher &
Flom LLP
Morningstar rated The Gabelli Asset Fund Class AAA Shares 4 stars
overall, 2 stars for the three year period, 3 stars for the five year
period, and 5 stars for the ten year period ended December 31, 2014
among 1,336, 1,336, 1,193, and 812 Large Blend funds, respectively.
Morningstar Rating is based on risk-adjusted returns.
G A B 4 0 5 Q 41 4 S C
THE
GABELLI
ASSET
FUND