Summary

• The Gabelli Growth Fund returned (9.9)% during the first quarter, compared with a (9.8)% return for the Russell 1000 Growth Index.
• During the quarter, we added to an existing position in Amphenol (0.8% of net assets as of March 31, 2026). We initiated new positions in Caterpillar (0.5%) and Charles Schwab (0.4%).
• At a sector level, we ended the quarter with overweight exposures in Industrials (16% of portfolio assets compared with 9% in the Russell 1000 Growth Index) and Financials (3% of portfolio assets compared with 2% in the benchmark).

PORTFOLIO MANAGEMENT TEAM: Howard F. Ward, CFA, John T. Belton, CFA