GAMCO Investors, Inc. Reports Results for the Third Quarter 2023

• Quarter End AUM of $29.2 billion; Average AUM of $30.8 billion
  
• Operating Margin of 29.5%
• Third Quarter Fully Diluted EPS $0.52 versus $0.58 for Second Quarter 2023 and $0.36 in the Third Quarter of 2022

GREENWICH, Conn., Nov. 07, 2023 (GLOBE NEWSWIRE) -- GAMCO Investors, Inc. (“GAMI”) (OTCQX: GAMI) today reported its operating results for the quarter ended September 30, 2023.

Financial Highlights

(In thousands, except percentages and per share data)
		Three Months Ended												% Change From
		September 30, 2023				June 30, 2023				September 30, 2022				June 30, 2023			September 30, 2022
U.S. GAAP
Revenue		$	59,475			$	59,171			$	61,918			0.5	%		-3.9	%
Expenses			41,954				42,679				43,917			-1.7	%		-4.5	%
Operating income			17,521				16,492				18,001			6.2	%		-2.7	%
Non-operating income (loss)			303				3,281				(2,441	)		-90.8	%		n/m
Net income			13,137				14,613				9,427			-10.1	%		39.4	%
Diluted earnings per share		$	0.52			$	0.58			$	0.36			-10.3	%		44.4	%
Operating margin			29.5	%			27.9	%			29.1	%		160 bps			40 bps

Giving Back to Society - $74 million since IPO

Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $74 million, including $48 million through the shareholder designated charitable contribution (“SDCC”) program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of GAMCO’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, GAMI shareholders have designated charitable gifts to approximately 350 charitable organizations.

Revenue

(In thousands)		Three Months Ended
		September 30, 2023			June 30, 2023			$ Change				% Change
Investment advisory and incentive fees
Fund revenues		$	37,755		$	37,480		$	275			0.7	%
Institutional and Private Wealth Management			15,457			15,222			235			1.5	%
SICAV			1,555			1,704			(149	)		-8.7	%
Total		$	54,767		$	54,406		$	361			0.7	%
Distribution fees and other income			4,708			4,765			(57	)		-1.2	%
Total revenue		$	59,475		$	59,171		$	304			0.5	%

The modest quarter over quarter increase in revenues was primarily the result of higher average assets under management in Funds and Institutional Private Wealth Management offset by lower average assets under management in the SICAV.

Expenses

(In thousands)		Three Months Ended
		September 30, 2023			June 30, 2023			$ Change				% Change
Compensation		$	28,192		$	28,056		$	136			0.5	%
Management fee			1,980			2,197			(217	)		-9.9	%
Distribution costs			5,992			6,369			(377	)		-5.9	%
Other operating expenses			5,790			6,057			(267	)		-4.4	%
Total expenses		$	41,954		$	42,679		$	(725	)		-1.7	%

• Higher stock-based compensation expense ($0.4 million) for the third quarter, offset partially by lower salaries ($0.3 million), resulted in the slight increase in compensation expense.
• The management fee was $0.2 million lower, based on lower pre-management fee income of $2.2 million.
• Lower average assets under management in open-end equity fund resulted in lower distribution costs; and,
• Other operating expenses decreased from the second quarter of 2023.

Operating Margin

The operating margin, which represents the ratio of operating income to revenue, was 29.5% for the third quarter of 2023 compared with 27.9% for the second quarter of 2023.  

Non-Operating Income

(In thousands)		Three Months Ended
		September 30, 2023				June 30, 2023				$ Change				% Change
Gain / (loss) from investments, net		$	(1,952	)		$	1,616			$	(3,568	)		-220.8	%
Interest and dividend income			2,542				1,958				584			29.8	%
Interest expense			(287	)			(293	)			6			-2.0	%
Total non-operating income / (loss)		$	303			$	3,281			$	(2,978	)		-90.8	%

Non-operating income was lower for the quarter, reflecting the lower mark to market values on our investment portfolio for the quarter offset in part by the higher earnings on our cash and cash equivalents balances.

Income Taxes

A reconciliation of the company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:

		Three Months Ended
		September 30, 2023			June 30, 2023
U.S. statutory tax rate		21.0	%		21.0	%
State income tax, net of federal benefit		2.3			2.7
Other		3.0			2.4
Effective income tax rate		26.3	%		26.1	%

Assets Under Management

(In millions)		As of
		September 30, 2023			June 30, 2023			% Change
Mutual Funds		$	7,546		$	8,271		-8.8	%
Closed-end Funds			6,727			7,195		-6.5	%
Institutional & PWM (a) (b)			10,034			11,035		-9.1	%
SICAV (c)			622			590		5.4	%
Total Equities			24,929			27,091		-8.0	%
100% U.S. Treasury Money Market Fund			4,217			3,596		17.3	%
Institutional & PWM Fixed Income			32			32		0.0	%
Total Treasuries & Fixed Income			4,249			3,628		17.1	%
Total Assets Under Management		$	29,178		$	30,719		-5.0	%
(a) Includes $401 and $441 of AUM subadvised for Teton Advisors, Inc. at September 30, 2023 and June 30, 2023, respectively.
(b) Includes $230 and $230 of 100% U.S. Treasury Fund AUM at September 30, 2023 and June 30, 2023, respectively.
(c) Includes $613 and $579 of the SICAV AUM subadvised by Associated Capital Group, Inc. at September 30, 2023 and June 30, 2023, respectively.

Assets under management on September 30, 2023 were $29.2 billion, a decrease of 5.0% from the $30.7 billion on June 30, 2023 reflecting general market trends. The quarter’s decrease consisted of market depreciation of $1.3 billion, net outflows of $104 million and distributions of $132 million.

100% U.S. Treasury Money Market Fund

Assets under management in our 100% U.S. Treasury Money Market Fund on September 30, 2023 were $4.2 billion, an increase of 17.3% from the $3.6 billion on June 30, 2023 reflecting net inflows of $569 million and market appreciation of $52 million and up from $2.7 billion at September 30, 2022.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/df3b8402-cc51-4028 ...

Mutual Funds

Assets under management in Mutual Funds on September 30, 2023 were $7.5 billion, a decrease of 8.8% from the $8.3 billion at June 30, 2023. The quarterly change was attributed to:

• Net outflows of $217 million;
• Market depreciation of $503 million; and
• Distributions, net of reinvestment, of $5 million.

Closed-end Funds

Assets under management in Closed-end Funds on September 30, 2023 were $6.7 billion, a decrease of 6.5% from the $7.2 billion on June 30, 2023. The quarterly change was comprised of:

• Net outflows of $29 million, consisting of the put of $16 million of preferred shares and $13 million of common stock repurchased by the Funds;
• Market depreciation of $312 million; and
• Distributions, net of reinvestment, of $127 million.

Institutional & PWM

Assets under management in Institutional & PWM on September 30, 2023 were $10.0 billion, a decrease of 9.1% from the $11.0 billion on June 30, 2023. The quarterly change was due to:

• Net outflows of $462 million; and
• Market depreciation of $539 million.

SICAV

Assets under management in SICAV on September 30, 2023 were $622 million, an increase from the $590 million on June 30, 2023. The quarterly change was comprised as follows:

• Net inflows of $35 million; and
• Market depreciation of $3 million.

Balance Sheet Information

As of September 30, 2023, cash, cash equivalents, and investments were $219.5 million, compared with $169.5 million as of December 31, 2022. As of September 30, 2023, stockholders’ equity was $170.1 million compared to $139.1 million as of December 31, 2022.

Return to Shareholders

During the third quarter, GAMI paid a dividend of $0.04 per share for a total of $1.0 million and purchased 159,518 shares for $3.3 million at an average investment of $20.74 per share. From October 1, 2023, to November 7, 2023, the Company has purchased 84,657 shares at an average investment of $18.92 per share. On November 7, 2023, the Board of Directors increased the buyback authorization by 500,000 shares to 1,023,171 shares.

On November 7, 2023, GAMI’s board of directors declared a regular quarterly dividend of $0.04 per share, which is payable on December 26, 2023, to class A and class B shareholders of record on December 12, 2023.

About GAMCO Investors, Inc.

GAMI is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst). GAMI conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed semi-transparent ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). GAMI serves a broad client base including institutions, intermediaries, private wealth, and direct retail investors. In recent years, GAMI has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities.

Gabelli Funds offers a wide range of solutions for clients across Value and Growth Equity, SRI, Convertibles, sector-focused strategies including Gold and Utilities, Merger Arbitrage, and U.S. Treasury Money Market Fixed Income.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

^{Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.}

^{Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.}

^{Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).}

^{Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com}

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
		Three Months Ended												% Change From
		September 30, 2023				June 30, 2023				September 30, 2022				June 30, 2023			September 30, 2022
Revenue:
Investment advisory and incentive fees		$	54,767			$	54,406			$	56,215
Distribution fees and other income			4,708				4,765				5,703
Total revenue			59,475				59,171				61,918			0.5	%		-3.9	%
Expenses:
Compensation			28,192				28,056				29,539
Management fee			1,980				2,197				1,730
Distribution costs			5,992				6,369				6,599
Other operating expenses			5,790				6,057				6,049
Total expenses			41,954				42,679				43,917			-1.7	%		-4.5	%
Operating income			17,521				16,492				18,001			6.2	%		-2.7	%
Non-operating income (loss):
Gain / (loss) from investments, net			(1,952	)			1,616				(2,686	)
Interest and dividend income			2,542				1,958				893
Interest expense			(287	)			(293	)			(648	)
Total non-operating income / (loss)			303				3,281				(2,441	)		-90.8	%		-112.4	%
Income before provision for income taxes			17,824				19,773				15,560			-9.9	%		14.6	%
Provision for income taxes			4,687				5,160				6,133
Net income		$	13,137			$	14,613			$	9,427			-10.1	%		39.4	%
Earnings per share attributable to common
stockholders:
Basic		$	0.52			$	0.58			$	0.36			-10.3	%		44.4	%
Diluted		$	0.52			$	0.58			$	0.36			-10.3	%		44.4	%
Weighted average shares outstanding:
Basic			25,224				25,358				26,152
Diluted			25,224				25,358				26,370

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
		Nine Months Ended
		September 30, 2023				September 30, 2022				% Change
Revenue:
Investment advisory and incentive fees		$	164,168			$	180,225
Distribution fees and other income			14,384				16,919
Total revenue			178,552				197,144			-9.4	%
Expenses:
Compensation			85,434				82,812
Management fee			6,213				3,407
Distribution costs			18,834				20,416
Other operating expenses			17,660				18,282
Total expenses			128,141				124,917			2.6	%
Operating income			50,411				72,227			-30.2	%
Non-operating income (loss):
Gain / (loss) from investments, net			225				(9,891	)
Interest and dividend income			6,161				1,537
Interest expense			(878	)			(2,235	)
Total non-operating income / (loss)			5,508				(10,589	)		-152.0	%
Income before provision for income taxes			55,919				61,638			-9.3	%
Provision for income taxes			12,272				17,471
Net income		$	43,647			$	44,167			-1.2	%
Earnings per share attributable to common
stockholders:
Basic		$	1.72			$	1.68			2.4	%
Diluted		$	1.72			$	1.66			3.6	%
Weighted average shares outstanding:
Basic			25,369				26,319
Diluted			25,369				26,604

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands)
		September 30,			December 31,			September 30,
		2023			2022			2022
Assets
Cash, cash equivalents, and U.S. Treasury Bills		$	125,181		$	66,381		$	112,274
Investments in securities			71,933			84,742			28,744
Seed capital investments			22,361			18,347			17,464
Receivable from brokers			1,958			1,932			3,241
Other receivables			20,218			25,839			22,569
Deferred tax asset and income tax receivable			10,844			16,701			10,216
Other assets			9,735			9,879			10,718
Total assets		$	262,230		$	223,821		$	205,226
Liabilities and stockholders' equity
Payable for investments purchased		$	-		$	2,980		$	-
Income taxes payable			-			-			750
Compensation payable			47,548			33,919			37,932
Accrued expenses and other liabilities			44,560			47,868			45,094
Total liabilities			92,108			84,767			83,776
Stockholders' equity			170,122			139,054			121,450
Total liabilities and stockholders' equity		$	262,230		$	223,821		$	205,226
Shares outstanding			25,153			25,680			25,904

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Three Months Ended												% Changed From
		September 30,				June 30,				September 30,				June 30,			September 30,
			2023				2023				2022			2023			2022
Equities:
Mutual Funds
Beginning of period assets		$	8,271			$	8,288			$	8,354
Inflows			146				168				189
Outflows			(363	)			(423	)			(367	)
Net inflows (outflows)			(217	)			(255	)			(178	)
Market appreciation (depreciation)			(503	)			242				(482	)
Fund distributions, net of reinvestment			(5	)			(4	)			(5	)
Total increase (decrease)			(725	)			(17	)			(665	)
Assets under management, end of period		$	7,546			$	8,271			$	7,689			-8.8	%		-1.9	%
Percentage of total assets under management			25.9	%			26.9	%			27.8	%
Average assets under management		$	8,100			$	8,165			$	8,571			-0.8	%		-5.5	%
Closed-end Funds
Beginning of period assets		$	7,195			$	7,155			$	7,036
Inflows			-				1				25
Outflows			(29	)			(24	)			(43	)
Net inflows (outflows)			(29	)			(23	)			(18	)
Market appreciation (depreciation)			(312	)			191				(312	)
Fund distributions, net of reinvestment			(127	)			(128	)			(126	)
Total increase (decrease)			(468	)			40				(456	)
Assets under management, end of period		$	6,727			$	7,195			$	6,580			-6.5	%		2.2	%
Percentage of total assets under management			23.1	%			23.4	%			23.8	%
Average assets under management		$	7,124			$	7,117			$	7,234			0.1	%		-1.5	%
Institutional & PWM
Beginning of period assets		$	11,035			$	10,764			$	10,569
Inflows			51				66				64
Outflows			(513	)			(297	)			(426	)
Net inflows (outflows)			(462	)			(231	)			(362	)
Market appreciation (depreciation)			(539	)			502				(375	)
Total increase (decrease)			(1,001	)			271				(737	)
Assets under management, end of period		$	10,034			$	11,035			$	9,832			-9.1	%		2.1	%
Percentage of total assets under management			34.4	%			35.9	%			35.6	%
Average assets under management		$	10,928			$	10,628			$	10,878			2.8	%		0.5	%
SICAV
Beginning of period assets		$	590			$	824			$	886
Inflows			103				48				78
Outflows			(68	)			(269	)			(146	)
Net inflows (outflows)			35				(221	)			(68	)
Market appreciation (depreciation)			(3	)			(13	)			(33	)
Total increase (decrease)			32				(234	)			(101	)
Assets under management, end of period		$	622			$	590			$	785			5.4	%		-20.8	%
Percentage of total assets under management			2.1	%			1.9	%			2.8	%
Average assets under management		$	610			$	683			$	851			-10.7	%		-28.3	%
Total Equities
Beginning of period assets		$	27,091			$	27,031			$	26,845
Inflows			300				283				356
Outflows			(973	)			(1,013	)			(982	)
Net inflows (outflows)			(673	)			(730	)			(626	)
Market appreciation (depreciation)			(1,357	)			922				(1,202	)
Fund distributions, net of reinvestment			(132	)			(132	)			(131	)
Total increase (decrease)			(2,162	)			60				(1,959	)
Assets under management, end of period		$	24,929			$	27,091			$	24,886			-8.0	%		0.2	%
Percentage of total assets under management			85.4	%			88.2	%			90.1	%
Average assets under management		$	26,762			$	26,593			$	27,534			0.6	%		-2.8	%

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle - continued
(in millions)
		Three Months Ended												% Changed From
		September 30,				June 30,				September 30,				June 30,			September 30,
			2023				2023				2022			2023			2022
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	3,596			$	3,609			$	1,836
Inflows			1,297				931				1,705
Outflows			(728	)			(988	)			(838	)
Net inflows (outflows)			569				(57	)			867
Market appreciation (depreciation)			52				44				12
Total increase (decrease)			621				(13	)			879
Assets under management, end of period		$	4,217			$	3,596			$	2,715			17.3	%		55.3	%
Percentage of total assets under management			14.5	%			11.7	%			9.8	%
Average assets under management		$	3,995			$	3,618			$	2,433			10.4	%		64.2	%
Institutional & PWM Fixed Income
Beginning of period assets		$	32			$	32			$	32
Inflows			-				-				-
Outflows			-				-				-
Net inflows (outflows)			-				-				-
Market appreciation (depreciation)			-				-				-
Total increase (decrease)			-				-				-
Assets under management, end of period		$	32			$	32			$	32			0.0	%		0.0	%
Percentage of total assets under management			0.1	%			0.1	%			0.1	%
Average assets under management		$	32			$	32			$	32			0.0	%		0.0	%
Total Treasuries & Fixed Income
Beginning of period assets		$	3,628			$	3,641			$	1,868
Inflows			1,297				931				1,705
Outflows			(728	)			(988	)			(838	)
Net inflows (outflows)			569				(57	)			867
Market appreciation (depreciation)			52				44				12
Total increase (decrease)			621				(13	)			879
Assets under management, end of period		$	4,249			$	3,628			$	2,747			17.1	%		54.7	%
Percentage of total assets under management			14.6	%			11.8	%			9.9	%
Average assets under management		$	4,027			$	3,650			$	2,465			10.3	%		63.4	%
Total AUM
Beginning of period assets		$	30,719			$	30,672			$	28,713
Inflows			1,597				1,214				2,061
Outflows			(1,701	)			(2,001	)			(1,820	)
Net inflows (outflows)			(104	)			(787	)			241
Market appreciation (depreciation)			(1,305	)			966				(1,190	)
Fund distributions, net of reinvestment			(132	)			(132	)			(131	)
Total increase (decrease)			(1,541	)			47				(1,080	)
Assets under management, end of period		$	29,178			$	30,719			$	27,633			-5.0	%		5.6	%
Average assets under management		$	30,789			$	30,243			$	29,999			1.8	%		2.6	%

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Nine Months Ended
		September 30,				September 30,
			2023				2022			% Change
Equities:
Mutual Funds
Beginning of period assets		$	8,140			$	10,249
Inflows			556				745
Outflows			(1,164	)			(1,157	)
Net inflows (outflows)			(608	)			(412	)
Market appreciation (depreciation)			27				(2,135	)
Fund distributions, net of reinvestment			(13	)			(13	)
Total increase (decrease)			(594	)			(2,560	)
Assets under management, end of period		$	7,546			$	7,689			-1.9	%
Percentage of total assets under management			25.9	%			27.8	%
Average assets under management		$	8,185			$	9,117			-10.2	%
Closed-end Funds
Beginning of period assets		$	7,046			$	8,656
Inflows			25				120
Outflows			(68	)			(300	)
Net inflows (outflows)			(43	)			(180	)
Market appreciation (depreciation)			112				(1,504	)
Fund distributions, net of reinvestment			(388	)			(392	)
Total increase (decrease)			(319	)			(2,076	)
Assets under management, end of period		$	6,727			$	6,580			2.2	%
Percentage of total assets under management			23.1	%			23.8	%
Average assets under management		$	7,150			$	7,669			-6.8	%
Institutional & PWM
Beginning of period assets		$	10,714			$	13,497
Inflows			178				252
Outflows			(1,368	)			(1,110	)
Net inflows (outflows)			(1,190	)			(858	)
Market appreciation (depreciation)			510				(2,807	)
Total increase (decrease)			(680	)			(3,665	)
Assets under management, end of period		$	10,034			$	9,832			2.1	%
Percentage of total assets under management			34.4	%			35.6	%
Average assets under management		$	10,893			$	11,795			-7.6	%
SICAV
Beginning of period assets		$	867			$	831
Inflows			275				443
Outflows			(513	)			(369	)
Net inflows (outflows)			(238	)			74
Market appreciation (depreciation)			(7	)			(120	)
Total increase (decrease)			(245	)			(46	)
Assets under management, end of period		$	622			$	785			-20.8	%
Percentage of total assets under management			2.1	%			2.8	%
Average assets under management		$	716			$	871			-17.8	%
Total Equities
Beginning of period assets		$	26,767			$	33,233
Inflows			1,034				1,560
Outflows			(3,113	)			(2,936	)
Net inflows (outflows)			(2,079	)			(1,376	)
Market appreciation (depreciation)			642				(6,566	)
Fund distributions, net of reinvestment			(401	)			(405	)
Total increase (decrease)			(1,838	)			(8,347	)
Assets under management, end of period		$	24,929			$	24,886			0.2	%
Percentage of total assets under management			85.4	%			90.1	%
Average assets under management		$	26,944			$	29,452			-8.5	%

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle - continued
(in millions)
		Nine Months Ended
		September 30,				September 30,
			2023				2022			% Change
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	2,462			$	1,717
Inflows			4,073				3,708
Outflows			(2,448	)			(2,724	)
Net inflows (outflows)			1,625				984
Market appreciation (depreciation)			130				14
Total increase (decrease)			1,755				998
Assets under management, end of period		$	4,217			$	2,715			55.3	%
Percentage of total assets under management			14.5	%			9.8	%
Average assets under management		$	3,622			$	2,020			79.3	%
Institutional & PWM Fixed Income
Beginning of period assets		$	32			$	32
Inflows			-				-
Outflows			-				-
Net inflows (outflows)			-				-
Market appreciation (depreciation)			-				-
Total increase (decrease)			-				-
Assets under management, end of period		$	32			$	32			0.0	%
Percentage of total assets under management			0.1	%			0.1	%
Average assets under management		$	32			$	32			0.0	%
Total Treasuries & Fixed Income
Beginning of period assets		$	2,494			$	1,749
Inflows			4,073				3,708
Outflows			(2,448	)			(2,724	)
Net inflows (outflows)			1,625				984
Market appreciation (depreciation)			130				14
Total increase (decrease)			1,755				998
Assets under management, end of period		$	4,249			$	2,747			54.7	%
Percentage of total assets under management			14.6	%			9.9	%
Average assets under management		$	3,654			$	2,052			78.1	%
Total AUM
Beginning of period assets		$	29,261			$	34,982
Inflows			5,107				5,268
Outflows			(5,561	)			(5,660	)
Net inflows (outflows)			(454	)			(392	)
Market appreciation (depreciation)			772				(6,552	)
Fund distributions, net of reinvestment			(401	)			(405	)
Total increase (decrease)			(83	)			(7,349	)
Assets under management, end of period		$	29,178			$	27,633			5.6	%
Average assets under management		$	30,598			$	31,504			-2.9	%

Contact:	Kieran Caterina
	Chief Accounting Officer
	[phone]
	For further information please visit
	www.gabelli.com