The Gabelli Capital Asset Fund
(A Variable Annuity)
One Corporate Center
Rye, New York 10580-1422
Quarterly Update: June 30, 2002
Related Links
Printable Factsheet - in PDF format
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Investment Application
Statement of Additional Information
Objective
The Gabelli Capital Asset Fund is an open-end, diversified, management investment company whose investment objective is growth of capital. Investments will be made based on management's perception of their potential for capital appreciation. Current income is a secondary investment objective. The Fund seeks out undervalued companies with greater than average potential for growth.



Shares of the Fund are available to the public only through the purchase of certain variable annuity and variable life insurance contracts issued by the Guardian Insurance & Annuity Company, Inc.
 
Fund Facts
Total Net Assets: $185,273,552
Net Asset Value: $12.95
Manager: Mario J. Gabelli, CFA		 Cusip Number: 36239J105
Inception Date: May 1, 1995
Portfolio Composition
Number of Holdings:
Stocks:
Cash:
Preferred Stocks:
Foreign Holdings:		   281
  90.6 %
    8.5 %
    0.7%
    6.5 %
 		 Top 5 Industries
1) Food & Beverage
2) Equipment & Supplies
3) Entertainment
4) Telecommunications
5) Publishing
% of Portfolio
8.6 %    
8.4 %    
8.2 %    
6.4 %    
6.3 %    
Top Ten Holdings 17.0 % of Net Assets
1)
2)
3)
4)
5)
Media General, Inc.
Rollins Inc.
PepsiAmericas Inc.
Telephone & Data Systems Inc.
Liberty Media Group		 6)
7)
8)
9)
10) 		American Express Co.
Kellogg Co.
Diageo plc
Gaylord Entertainment Co.
Heinz (H.J.) Co.
Performance
Period Total Return(a) Period Avg. Annual Return*(a)
1995(b)
1996
1997
1998
1999
2000
2001
2002 YTD		 8.40 %
11.00 %
42.60 %
11.70 %
19.81 %
5.56 %
2.56 %
(9.0) %		 1 Year
5 Year
Life of Fund(b)
 (13.21) %
9.16 %
12.05 %
* Through 6/30/2002
Past performance is no guarantee of future results.
(a) Total return and average annual return, which reflect changes in share price and reinvestment of dividends, are net of expenses. Investment returns and the principal value of an investment will fluctuate, so that when shares are redeemed they may be worth more or less than their original cost.
(b) From inception: May 5, 1995.
Note: The top ten holdings and industry classifications listed above are not necessarily representative of the entire portfolio and are subject to change. A prospectus containing more complete information, including management fees and expenses, and the most recent quarterly report which contains a more extensive list of holdings are available from your financial representative or by contacting the distributor, Gabelli & Company, Inc., at the address above. This information is not authorized for distribution unless preceded or accompanied by a current prospectus.