Mario J. Gabelli is the Chairman and Chief Investment Officer of Gabelli Asset Management Inc. and Portfolio Manager of various investment products at the firm. The securities mentioned in the article are not representative of any entire portfolio, and are subject to change at any time. As of February 2005, the firm and its affiliates benefically own on behalf of their investment advisory clients or otherwise approximately:

AZTAR CORP	12.83%
CABLEVISION SYSTEMS-NY GRP-A	9.97%
CAVCO INDUSTRIES INC	43.62%
COOPER INDUSTRIES LTD-CL A	3.5%
FISHER COMMUNICATIONS INC	17.18%
GENERAL MILLS INC	less than 1%
LIBERTY MEDIA INTL INC-A	1.66%
LIBERTY MEDIA CORP-A	1.42%
LIN TV CORP-CL A	13.46%
ROGERS COMMUNICATIONS -CL B	2.46%
THE WALT DISNEY CO.	less than 1%
THOMAS & BETTS CORP	15.51%
THOMAS INDUSTRIES INC	19.88%
TIME WARNER INC	less than 1%
UNITEDGLOBALCOM INC -CL A	1.71%
US CELLULAR CORP	5.16%
VIVENDI UNIVERSAL-SP ADR	less than 1%

One of our affiliates serves as an investment adviser to TIME WARNER INC and has received compensation within the past 12 months for these non-investment banking securities-related services.

The views expressed in this article reflect those of the Chief Investment Officer only through the date. Minor edits were made. The manager's views are subject to change at any time based on market and other conditions. Favorable earnings or EBITDA (Earning before Interest, Taxes, Depreciation and Amortization) growth prospects do not necessarily translate into higher stock prices, but they do express a positive trend which we believe will develop over time.