FORM 10-K/A GAMCO Investors, Inc. - Gabelli

More documents

Recommendations

Info

The table below compares the long-term performance record for our separate account composite since 1977, using our traditional value-oriented product, the Gabelli PMV with a Catalyst investment approach, versus various benchmarks. [SEE SUPPLEMENTAL PDF] The chart below illustrates how this methodology performed during recent market cycles to capture the upside in positive markets while limiting the downside in the most recent down markets. [SEE SUPPLEMENTAL PDF] ___________________________________________________________________________________________________________ Footnotes to Table and Chart (a) · The GAMCO Value composite represents fully discretionary, tax-exempt institutional accounts managed for at least one full quarter and meeting minimum account size requirements. The minimum size requirement for inclusion in 1985 was $500,000; 1986, $1 million; and 1987 and thereafter, $5 million. The performance calculations include accounts under management during the respective periods. As of 12/31/06, the GAMCO Value composite included 40 accounts with an aggregate market value of $4.1 billion. No two portfolios are identical. Accounts not within this size and type may have experienced different results. · GAMCO Value performance results are computed on a total-return basis, which includes all dividends, interest, and realized and unrealized gains and losses. The summary of past performance is not intended as a prediction of future results. Returns are presented in U.S. dollars. The inception date of the GAMCO Value composite is 10/1/77. · The compound annual growth rate from 1990 to present is net of actual fees and actual transaction costs. The compound annual growth rate before 1990 reflects the calculation of a model investment fee (1% compounded quarterly) and actual transaction costs. · GAMCO Total Return represents the total net return of the composite from 10/1/77 through 12/31/06. · Beta is the measure of the GAMCO composite’s risk (volatility) in relation to the S&P 500 Index. (b) · The S&P 500 is an unmanaged index of 500 U.S. stocks and performance represents total return of the index including reinvestment of dividends. The Russell 2000 is an unmanaged index of 2000 small capitalization stocks and performance represents total return of the index including reinvestment of dividends. The performance figures for the Russell 2000 are based on an inception date of 1/1/79. The S&P 500 and Russell 2000 do not necessarily reflect how a managed portfolio of equity securities would have performed. The CPI is a widely-used measure of inflation, and the CPI+10 measure is used to show the results that would have been achieved by obtaining a rate of return that exceeded the CPI by a constant 10% as a basis of comparison versus the results of the GAMCO composite. · Up and down markets in the chart determined by the performance of the S&P 500 Index during the respective periods. ______________________________________________________________________________________________________________ 6
- GAM GAMCO Equity Fund, managed by Mario Gabelli since 1987, was awarded Standard & Poor’s AAA Rating (a) for the third consecutive year in November 2006 and was one of only six S&P AAA rated funds out of the 1,028 fund Mainstream Sector Group. GAM GAMCO Equity Fund has been sub -advised by GAMCO Asset Management Inc. for London UK-based Global Asset Management (GAM) since the fund’s launch in October 1987. Open and Closed-End Funds - The February 2007 issue of Consumer Reports (b) lists “60 Funds You Can Count On”, and highlights two Gabelli Funds: Gabelli Equity Income Fund and the Gabelli Small Cap Growth Fund. - The Gabelli ABC Fund recorded its thirteenth consecutive full year of positive returns in 2006. According to Lipper, Inc. (c) , The Gabelli ABC Fund is one of only three equityoriented funds (among 1,476 funds) that has had a positive return for each of the last thirteen years. The fund seeks to achieve total returns that are attractive to investors in various market conditions without excessive risk of capital. The performance of The Gabelli ABC Fund has been enhanced since April 2002 by fee waivers initiated by Gabelli Funds, LLC. This fund was up 12.0% for the year ended December 31, 2006 and up 6.2%, 4.9% and 7.2% for the three, five and ten year periods ended December 31, 2006, respectively. - Gabelli Equity Trust provided a return of 28.4% for the year ended December 31, 2006 and average annual returns of 17.6%, 12.8%, and 12.2% for the three, five and ten year periods ended December 31, 2006, respectively. In November 2006, the fund’s board of directors approved the creation of The Gabelli Global Healthcare & Wellness Rx Trust as a spin-off of the fund subject to shareholder approval in May 2007. The fund will focus on health and wellness investment opportunities. - Gabelli Dividend & Income Trust enjoyed a return of 22.4% for the year ended December 31, 2006 and an average annual returns of 14.0% and 14.1% for the three year and since inception (November 2003) periods ended December 31, 2006. - Gabelli Utility Trust generated a return of 29.4% for the year ended December 31, 2006 and average annual returns of 17.4%, 12.6% and 11.3% for the three, five year, and since inception (July 1999) periods ended December 31, 2006, respectively. - Gabelli Global Multimedia Trust produced a return of 25.9% for its shareholders for the year ended December 31, 2006 and average annual returns of 13.8%, 8.2%, and 12.8% for the three, five and ten year periods ended December 31, 2006, respectively. - The GAMCO Gold Fund, managed by Caesar Bryan, continues to deliver strong performance as the fund generated a return of 32.4% for its shareholders in 2006 and average annual returns of 16.4%, 34.6%, 9.1% for the three, five and ten year periods ended December 31, 2006, respectively. - Gabelli Asset Fund (Class AAA), in its twentieth year, generated a return of 21.8% for its shareholders for the year ended December 31, 2006 and average annual returns of 14.0%, 10.7%, and 12.8% for the three, five and ten year periods ended December 31, 2006, respectively. - Gabelli Equity Income Fund (Class AAA), since its inception, has earned an average annual return of 12.5% for its shareholders through December 31, 2006 and average annual returns of 19.2%, 12.7%, 11.2%, and 11.4% for the one, three, five and ten year periods ended December 31, 2006, respectively. - GAMCO Global Telecommunications Fund (Class AAA) generated a total return of 28.9% for the year ended December 31, 2006 and average annual returns of 17.8%, 10.5%, and 12.2% for the three, five, and ten year periods ended December 31, 2006, respectively. - The Gabelli U.S. Treasury Money Market Fund (GUSTO) is currently the lowest cost money market fund in its class of money market funds investing exclusively in U.S. Treasury obligations. Gabelli Funds, LLC, the advisor of the fund, has voluntarily waived a larger portion of its management fee and will maintain total expenses at eight basis points or 0.08% of the average net assets at least through September 30, 2007 and may renew its decision to do so annually. The 7 day and 30 day annualized yield as of December 31, 2006 were 5.00% and 5.06%, respectively. 7
Page 1 and 2: UNITED STATES SECURITIES AND EXCHAN
Page 3 and 4: The aggregate market value of the c
Page 5: Our assets under management are org
Page 9 and 10: As in prior years, we experienced c
Page 11 and 12: To further extend “value investin
Page 13 and 14: · Diversified Product Offerings: S
Page 15 and 16: Open-end Funds On December 31, 2006
Page 17 and 18: Assets Under Management The followi
Page 19 and 20: The following table lists the Mutua
Page 21 and 22: Net Assets as of December 31, Fund
Page 23 and 24: Net Assets as of December 31, Fund
Page 25 and 26: Shareholders of the open-end Funds
Page 27 and 28: Gabelli & Company also offers our o
Page 29 and 30: Investments by GBL on behalf of our
Page 31 and 32: ITEM 1A: RISK FACTORS Business Risk
Page 33 and 34: Catastrophic and unpredictable even
Page 35 and 36: During 2006, as in prior years, we
Page 37 and 38: Our businesses are subject to exten
Page 39 and 40: PART II ITEM 5: MARKET FOR THE REGI
Page 41 and 42: The following table shows informati
Page 43 and 44: December 31, 2002 (a) 2003 (a) 2004
Page 45 and 46: As a result of the first material w
Page 47 and 48: Consolidated Statements of Income I
Page 49 and 50: Our liquid balance sheet, coupled w
Page 51 and 52: For the three years ended December
Page 53 and 54: Expenses Compensation: Compensation
Page 55 and 56: Mutual fund revenues increased $3.9
Page 57 and 58:
Liquidity and Capital Resources Our
Page 59 and 60:
Our revenues are primarily driven b
Page 61 and 62:
Critical Accounting Policies In the
Page 63 and 64:
Recent Accounting Developments In F
Page 65 and 66:
ITEM 8: FINANCIAL STATEMENTS AND SU
Page 67 and 68:
REPORT OF INDEPENDENT REGISTERED PU
Page 69 and 70:
GAMCO INVESTORS, INC. AND SUBSIDIAR
Page 71 and 72:
(In thousands) See accompanying not
Page 73 and 74:
GAMCO INVESTORS, INC. AND SUBSIDIAR
Page 75 and 76:
Gabelli Direct, Inc. (“Gabelli Di
Page 77 and 78:
Goodwill Goodwill pertains to the c
Page 79 and 80:
Restatement As discussed within the
Page 81 and 82:
In February 2007, the FASB issued F
Page 83 and 84:
We were not required to consolidate
Page 85 and 86:
E. Debt Debt consists of the follow
Page 87 and 88:
The table below represents for vari
Page 89 and 90:
Shelf Registration On December 28,
Page 91 and 92:
We serve as the investment advisor
Page 93 and 94:
N. Goodwill In accordance with SFAS
Page 95 and 96:
As a result of the first material w
Page 97 and 98:
ITEM 14: PRINCIPAL ACCOUNTANT FEES
Page 99 and 100:
POWER OF ATTORNEY Each person whose
Page 101 and 102:
Exhibit 21.1 Subsidiaries of GAMCO
Page 103 and 104:
Exhibit 31.1 Certifications I, Mari
Page 105 and 106:
Certifications Exhibit 31.3 I, Dian
Page 107:
Exhibit 32.2 Certification of Actin
show all

FORM 10-K/A GAMCO Investors, Inc. - Gabelli

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?