GAMCO Investors (GAMI) 8-K GAMCO Investors, Inc. Reports Record Third Quarter Earnings

Exhibit 99.1

For Immediate Release:	Contact:	Kieran Caterina or Diane M. LaPointe
		SVPs and Co-Chief Accounting Officers
		(914) 921-5149 or 7763
		For further information please visit
		www.gabelli.com

GAMCO Investors, Inc. Reports Record Third Quarter Earnings

-   Third quarter net income $35.0 million vs. $16.6 million a year ago

-   Fully diluted earnings were $1.22 per share versus $0.55 per share

-   Average AUM for quarter was $41.0 billion vs. $42.3 billion in 2017 quarter

-   -   Investment grade rating reaffirmed by Standard & Poor’s Our “Giving Back” program unfolded with shareholder designated contributions totaling nearly $5 million bringing total contributions to $47 million

Rye, New York, November 6, 2018 – GAMCO Investors, Inc. (“GAMCO”) (NYSE: GBL) today reported third quarter 2018 revenues of $85.8 million, net income of $35.0 million, and earnings of $1.22 per diluted share.  This compares to third quarter 2017 revenues of $88.3 million, net income of $16.6 million, and earnings of $0.55 per diluted share.

In July 2018, GAMCO’s investment grade rating was reaffirmed by Standard and Poor’s with a stable outlook.  This reflects our strong financial condition.

Average AUM was $41.0 billion for the third quarter of 2018 versus $42.3 billion for the third quarter of 2017 and $40.6 billion for the second quarter of 2018.

Commitment to Community

Our firm has long held the belief that generating returns for our stakeholders, while important, is not the only factor in measuring our corporate success.  The importance of the way we and others conduct business is a key facet of our principles.  As evidence of this, we have been involved in the field of responsible investing since 1987.  In our program of corporate giving, our shareholder designated charitable contribution program, GAMCO shareholders select which organizations will be recipients of charitable grants.  This year, the majority of our shareholders registered their shares and were eligible to designate a 501(c)(3) organization.  With this year’s $4.9 million distribution, we have donated more than $22 million to over 150 charities across the United States since the inception of this program in 2013 which brings the total charitable contributions since our IPO to $47 million.  On November 6, 2018, the Board declared an additional $0.20 per share shareholder designated charitable contribution to registered shareholders of record as of December 31, 2018.

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Revenues

- Total revenues for the third quarter of 2018 were $85.8 million compared to $88.3 million in the prior year.

- Investment advisory fees were $75.9 million in the third quarter versus $77.3 million in the third quarter of 2017.  Open-end and closed-end fund revenues were unchanged at $50.0 million in the third quarter.  Institutional and Private Wealth Management revenues were $24.3 million compared to $26.0 million in 2017.  SICAV revenues increased to $1.6 million from $1.3 million in the prior year quarter.

- Distribution fees from our open-end equity funds and other income were $9.9 million for the third quarter of 2018 versus $11.0 million in the prior-year quarter.

Financial Highlights
	Third Quarter									YTD
($'s in 000's except AUM and per share data)	2018				2017					2018				2017
AUM - average (in millions)	$	41,037			$	42,323				$	41,341			$	41,696
AUM - end of period (in millions)		40,646				43,089					40,646				43,089
Revenues	$	85,788			$	88,341			��	$	260,478			$	261,858
Operating income		51,700				23,393					134,329				105,496
Income before income taxes		46,436				20,434					124,023				98,002
Effective tax rate			24.6	%			18.8	%				24.3	%			34.4	%
Net income		35,016				16,600					93,859				64,314
Net income per fully diluted share	$	1.22			$	0.55				$	3.26			$	2.14
Weighted average diluted shares outstanding		28,739				31,173					28,824				31,144
Shares outstanding at September 30,		29,066				29,168					29,066				29,168

Operating Income

Operating income was $51.7 million in the third quarter of 2018 versus $23.4 million in the prior-year period.  Lower amortization of deferred compensation, a non-cash charge, impacted operating costs by $9.6 million.  The previously announced waiver of CEO compensation beginning March 1, 2018 boosted third quarter operating income by $17.8 million.    Excluding GAAP treatment of the deferral, but reflecting the lower compensation expense due to the waiver, adjusted operating income was $51.9 million in the third quarter of 2018 versus $33.2 million in the year-ago quarter.  See pages 10 and 11 for a reconciliation of GAAP operating income to this adjusted operating income.

Other income/(expense), net

Mark to market investment losses were $3.8 million in the third quarter of 2018 versus gains of $3.6 million in the prior year quarter.  Interest expense for the three months was $1.9 million lower at $0.8 million versus $2.7 million in the year ago quarter.  This reflects the lower balance and repayment of the 4% PIK note.

2

Income Taxes

The Company’s effective tax rate (“ETR”) for the quarter ended September 30, 2018 was 24.6% versus 18.8% for the quarter ended September 30, 2017.  The prior year quarter’s ETR benefited from the reversal of certain tax accruals totaling $3.6 million.  Absent this reversal the ETR was 36.2%.

Business Highlights

- On August 21, 2018, we announced that Ian Lapey joined us as portfolio manager for the newly registered Gabelli Global Financial Services Fund.  The Fund launched on October 1, 2018.  Ian was a Partner, Research Analyst, and Portfolio Manager at Third Avenue Management, after which he joined Moerus Capital Management LLC.  In 2009 he was appointed Co-Manager of the firm’s flagship Third Avenue Value Fund, and was subsequently named sole Portfolio Manager of that fund in 2012.

- We also launched the Gabelli Global Mini Mites Fund.  The fund will invest on a global basis in equity securities that have a market capitalization of $250 million or less.

- On August 27, 2018, Trevor, Stewart, Burton & Jacobson (“TSB&J”), an RIA firm, agreed to assign their private wealth clients to GAMCO Asset Management.  Carl Kempner, Jr. and Melody Bryant joined GAMCO to manage the portfolios for the former TSB&J clients.

- On September 28, 2018, Fitch Ratings gave the Gabelli U.S. Treasury Fund its highest rating, AAAmmf.

Balance Sheet

We ended the quarter with cash and investments of $60.0 million and debt of $24.2 million.  We note that there is $50.0 million, net of a $16.7 million tax benefit, still payable in deferred compensation.

Returns to Shareholder

We distributed $0.6 million in dividends during the quarter ended September 30, 2018 and we purchased 86,333 shares at an average price of $25.99 per share for a total investment of $2.2 million.  Since our IPO in February 1999, we have returned $2.0 billion to shareholders consisting of $1.0 billion of spin-offs, $492.8 million in the form of dividends, and $462.2 million through stock buybacks of approximately 10.7 million shares.

On November 6, 2018, GAMCO’s Board of Directors declared a regular quarterly dividend of $0.02 per share payable on January 15, 2019 to its Class A and Class B shareholders of record on January 2, 2019. 

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About GAMCO Investors, Inc.

GAMCO Investors, Inc., through its subsidiaries, manages open-end funds and closed-end funds (Gabelli Funds, LLC) and private advisory accounts (GAMCO Asset Management Inc.).

The Company reported Assets Under Management as follows (in millions):
	September 30,		September 30,
	2018		2017
Equities:
Open-end Funds	$	12,799	$	13,762
Closed-end Funds		7,895		7,668
Institutional & PWM - direct (a)		11,940		13,893
Institutional & PWM - sub-advisory		5,434		5,346
SICAV		548		504
Total Equities		38,616		41,173
Fixed Income:
100% U.S. Treasury Fund		2,004		1,890
Institutional & PWM		26		26
Total Fixed Income		2,030		1,916
Total Assets Under Management	$	40,646	$	43,089
(a) Includes $324 million and $280 million of 100% U.S. Treasury Fund AUM at
September 30, 2018 and September 30, 2017, respectively.

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Table I: Fund Flows - 3rd Quarter 2018
								Fund
			Market					distributions,
	June 30,		appreciation/		Net cash			net of			September 30,
	2018		(depreciation)		flows			reinvestments			2018
Equities:
Open-end Funds	$	12,906	$	480	$	(566	)	$	(21	)	$	12,799
Closed-end Funds		7,778		252		(9	)		(126	)		7,895
Institutional & PWM - direct		11,982		418		(460	)		-			11,940
Institutional & PWM - sub-advisory		5,459		55		(80	)		-			5,434
SICAV		559		1		(12	)		-			548
Total Equities		38,684		1,206		(1,127	)		(147	)		38,616
Fixed Income:
100% U.S. Treasury Fund		1,961		10		33			-			2,004
Institutional & PWM		26		-		-			-			26
Total Fixed Income		1,987		10		33			-			2,030
Total Assets Under Management	$	40,671	$	1,216	$	(1,094	)	$	(147	)	$	40,646

Table II: Fund Flows - Year to date September 30, 2018
									Fund
			Market						distributions,
	December 31,		appreciation/			Net cash			net of			September 30,
	2017		(depreciation)			flows			reinvestments			2018
Equities:
Open-end Funds	$	13,747	$	503		$	(1,413	)	$	(38	)	$	12,799
Closed-end Funds		8,053		269			(47	)		(380	)		7,895
Institutional & PWM - direct		13,420		227			(1,707	)		-			11,940
Institutional & PWM - sub-advisory		5,432		122			(120	)		-			5,434
SICAV		510		(14	)		52			-			548
Total Equities		41,162		1,107			(3,235	)		(418	)		38,616
Fixed Income:
100% U.S. Treasury Fund		1,870		24			110			-			2,004
Institutional & PWM		31		1			(6	)		-			26
Total Fixed Income		1,901		25			104			-			2,030
Total Assets Under Management	$	43,063	$	1,132		$	(3,131	)	$	(418	)	$	40,646

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Table III
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
	For the Quarter Ended
	September 30,
	2018			2017
Investment advisory and incentive fees	$	75,934		$	77,328
Distribution fees and other income		9,854			11,013
Total revenues		85,788			88,341
Compensation costs		17,562			42,919
Distribution costs		9,819			11,665
Other operating expenses		5,258			5,429
Total expenses		32,639			60,013
Operating income before management fee		53,149			28,328
Investment income		(3,797	)		3,586
Interest expense		(759	)		(2,688	)
Shareholder-designated contribution		(708	)		(3,857	)
Other expense, net		(5,264	)		(2,959	)
Income before management fee and income taxes		47,885			25,369
Management fee expense		1,449			4,935
Income before income taxes		46,436			20,434
Income tax expense		11,420			3,834
Net income attributable to GAMCO Investors, Inc.	$	35,016		$	16,600
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	1.22		$	0.57
Diluted	$	1.22		$	0.55
Weighted average shares outstanding:
Basic		28,677			28,926
Diluted		28,739			31,173
Actual shares outstanding (a)		29,066			29,168
Notes:
(a) Includes 434,750 and 164,050 of RSAs, respectively.
See GAAP to non-GAAP reconciliation on page 8.

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Table IV
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
	For the Nine Months Ended
	September 30,
	2018			2017
Investment advisory and incentive fees	$	230,616		$	228,942
Distribution fees and other income		29,862			32,916
Total revenues		260,478			261,858
Compensation costs		72,464			97,634
Distribution costs		29,875			33,373
Other operating expenses		16,245			15,900
Total expenses		118,584			146,907
Operating income before management fee		141,894			114,951
Investment income		(6,541	)		4,632
Interest expense		(2,881	)		(8,269	)
Shareholder-designated contribution		(884	)		(3,857	)
Other expense, net		(10,306	)		(7,494	)
Income before management fee and income taxes		131,588			107,457
Management fee expense		7,565			9,455
Income before income taxes		124,023			98,002
Income tax expense		30,164			33,688
Net income attributable to GAMCO Investors, Inc.	$	93,859		$	64,314
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	3.26		$	2.22
Diluted	$	3.26		$	2.14
Weighted average shares outstanding:
Basic		28,789			28,930
Diluted		28,824			31,144
Actual shares outstanding (a)		29,066			29,168
Notes:
(a) Includes 434,750 and 164,050 of RSAs, respectively.
See GAAP to non-GAAP reconciliation on page 8.

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Table V
GAMCO INVESTORS, INC.
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
	2018												2017
	1st			2nd			3rd			Year			1st			2nd			3rd			4th
	Quarter			Quarter			Quarter			to Date			Quarter			Quarter			Quarter			Quarter			Full Year
Income Statement Data:
Revenues	$	87,497		$	87,193		$	85,788		$	260,478		$	85,917		$	87,600		$	88,341		$	98,666		$	360,524
Expenses		41,607			44,338			32,639			118,584			41,310			45,584			60,013			54,931			201,838
Operating income before
management fee		45,890			42,855			53,149			141,894			44,607			42,016			28,328			43,735			158,686
Investment income		(4,855	)		2,111			(3,797	)		(6,541	)		509			537			3,586			(2,467	)		2,165
Interest expense		(1,200	)		(922	)		(759	)		(2,881	)		(2,832	)		(2,749	)		(2,688	)		(1,891	)		(10,160	)
Shareholder-designated contribution		-			(176	)		(708	)		(884	)		-			-			(3,857	)		(280	)		(4,137	)
Other income/(expense), net		(6,055	)		1,013			(5,264	)		(10,306	)		(2,323	)		(2,212	)		(2,959	)		(4,638	)		(12,132	)
Income before management
fee and income taxes		39,835			43,868			47,885			131,588			42,284			39,804			25,369			39,097			146,554
Management fee expense		4,634			1,482			1,449			7,565			2,164			2,356			4,935			4,211			13,666
Income before income taxes		35,201			42,386			46,436			124,023			40,120			37,448			20,434			34,886			132,888
Income tax expense		7,940			10,804			11,420			30,164			15,300			14,554			3,834			21,391			55,079
Net income attributable to
GAMCO Investors, Inc.	$	27,261		$	31,582		$	35,016		$	93,859		$	24,820		$	22,894		$	16,600		$	13,495		$	77,809
Net income per share
attributable to GAMCO
Investors, Inc.:
Basic	$	0.94		$	1.10		$	1.22		$	3.26		$	0.86		$	0.79		$	0.57		$	0.46		$	2.68
Diluted	$	0.94		$	1.10		$	1.22		$	3.26		$	0.82		$	0.76		$	0.55		$	0.46		$	2.60
Weighted average shares outstanding:
Basic		28,916			28,777			28,677			28,789			28,970			28,896			28,926			29,103			28,980
Diluted		28,916			28,819			28,739			28,824			31,160			31,100			31,173			30,336			30,947
Reconciliation of non-GAAP
financial measures to GAAP:
Operating income before
management fee		45,890			42,855			53,149			141,894			44,607			42,016			28,328			43,735			158,686
Deduct: management fee expense		4,634			1,482			1,449			7,565			2,164			2,356			4,935			4,211			13,666
Operating income	$	41,256		$	41,373		$	51,700		$	134,329		$	42,443		$	39,660		$	23,393		$	39,524		$	145,020
Operating margin before
management fee		52.4	%		49.1	%		62.0	%		54.5	%		51.9	%		48.0	%		32.1	%		44.3	%		44.0	%
Operating margin after
management fee		47.2	%		47.4	%		60.3	%		51.6	%		49.4	%		45.3	%		26.5	%		40.1	%		40.2	%
Notes on Non-GAAP Financial Measures:
Operating income before management fee is used by management to evaluate its business operations. We believe this measure is useful in illustrating the operating results of GAMCO Investors, Inc. (the "Company") as management fee expense is based on pre-tax income before management fee expense, which includes non-operating items including investment gains and losses from the Company's proprietary investment portfolio and interest expense.

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Table VI
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per share data)
	September 30,			December 31,
	2018			2017
ASSETS
Cash and cash equivalents	$	34,334		$	17,821
Investments		29,704			36,790
Receivable from brokers		2,654			1,578
Other receivables		30,616			45,621
Deferred tax asset and income tax receivable		11,532			15,615
Other assets		9,617			10,861
Total assets	$	118,457		$	128,286	��
LIABILITIES AND EQUITY
Payable to brokers	$	-		$	14,926
Income taxes payable and deferred tax liabilities		3,555			3,128
Compensation payable (a)		70,385			82,907
Accrued expenses and other liabilities		32,545			34,454
Sub-total		106,485			135,415
5.875% Senior notes (due June 1, 2021)		24,162			24,144
4% PIK note (due November 30, 2020)		-			50,000
1.6% AC Note (due February 28, 2018)		-			15,000
Total debt		24,162			89,144
Total liabilities		130,647			224,559
GAMCO Investors, Inc.'s stockholders' deficit		(12,190	)		(96,273	)
Total liabilities and equity	$	118,457		$	128,286
(a) Excludes $21.1 million and $59.0 million of DCCA expense that is not yet recorded under GAAP as of
September 30, 2018 and December 31, 2017, respectively.

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Non-GAAP information and reconciliation:

GAMCO’s non-GAAP measures include adjusted operating income, adjusted income before taxes, adjusted effective tax rate, adjusted net income and adjusted net income per fully diluted share.  GAMCO’s calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation.  As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods to understand operating performance without regard to items that we do not consider to be a component of our core operating performance.  Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes.  For these reasons we believe these non-GAAP measures are useful for our investors.

Adjusted operating income, adjusted income before taxes, adjusted effective tax rate, adjusted net income and adjusted net income per fully diluted share can be used by investors to review our results on a consistent basis.  Examples of adjustments to these measures include the GAAP impact of the 2016 Deferred Cash Compensation Agreement (“DCCA”), First Half 2017 DCCA, and the Fourth Quarter 2017 DCCA that were put in place to enable the Company to more quickly pay down its debt.

The following tables reconcile adjusted income before taxes, adjusted effective tax rate, adjusted net income and adjusted net income per share to their closest GAAP equivalent:

	For the three months ended September 30, 2018
				Impact of			Impact of
	Reported			Fourth Quarter			First Half			Impact of
	GAAP			2017 DCCA			2017 DCCA			2016 DCCA			Adjusted
Total revenues	$	85,788		$	-		$	-		$	-		$	85,788
Compensation costs		17,562			(766	)		(441	)		2,474			18,829
Distribution costs		9,819			-			-			-			9,819
Other operating expenses		5,258			-			-			-			5,258
Total expenses		32,639			(766	)		(441	)		2,474			33,906
Operating income before management fee		53,149			766			441			(2,474	)		51,882
Other income/(expense), net		(5,264	)		-			-			-			(5,264	)
Income before management fee and income taxes		47,885			766			441			(2,474	)		46,618
Management fee expense		1,449			(419	)		-			(1,030	)		-
Income before income taxes		46,436			1,185			441			(1,444	)		46,618
Income tax expense		11,420			296			110			(361	)		11,465
Net income attributable to GAMCO Investors, Inc.	$	35,016		$	889		$	331		$	(1,083	)	$	35,153
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	1.22		$	0.03		$	0.01		$	(0.04	)	$	1.23
Diluted	$	1.22		$	0.03		$	0.01		$	(0.04	)	$	1.22
Reconciliation of non-GAAP financial measures to GAAP:
Operating income before management fee	$	53,149		$	766		$	441		$	(2,474	)	$	51,882
Deduct: management fee expense		(1,449	)		419			-			1,030			-
Operating income	$	51,700		$	1,185		$	441		$	(1,444	)	$	51,882

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	For the three months ended September 30, 2017
	Reported			First Half
	GAAP			2017 DCCA			2016 DCCA			Adjusted
Total revenues	$	88,341		$	-		$	-		$	88,341
Compensation costs		42,919			(4,816	)		(3,415	)		34,688
Distribution costs		11,665			-			-			11,665
Other operating expenses		5,429			-			-			5,429
Total expenses		60,013			(4,816	)		(3,415	)		51,782
Operating income before management fee		28,328			4,816			3,415			36,559
Other expense, net		(2,959	)		-			-			(2,959	)
Income before management fee and income taxes		25,369			4,816			3,415			33,600
Management fee expense		4,935			(886	)		(688	)		3,361
Income before income taxes		20,434			5,702			4,103			30,239
Income tax expense		3,834			2,167			1,559			7,560
Net income attributable to GAMCO Investors, Inc.	$	16,600		$	3,535		$	2,544		$	22,679
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	0.57		$	0.12		$	0.09		$	0.78
Diluted	$	0.55		$	0.11		$	0.08		$	0.75
Reconciliation of non-GAAP financial measures to GAAP:
Operating income before management fee	$	28,328		$	4,816		$	3,415		$	36,559
Deduct: management fee expense		(4,935	)		886			688			(3,361	)
Operating income	$	23,393		$	5,702		$	4,103		$	33,198

	For the nine months ended September 30, 2018
				Impact of			Impact of
	Reported			Fourth Quarter			First Half			Impact of
	GAAP			2017 DCCA			2017 DCCA			2016 DCCA			Non-GAAP
Total revenues	$	260,478		$	-		$	-		$	-		$	260,478
Compensation costs		72,464			(4,446	)		(2,335	)		135			65,818
Distribution costs		29,875			-			-			-			29,875
Other operating expenses		16,245			-			-			-			16,245
Total expenses		118,584			(4,446	)		(2,335	)		135			111,938
Operating income before management fee		141,894			4,446			2,335			(135	)		148,540
Other expense, net		(10,306	)		-			-			-			(10,306	)
Income before management fee and income taxes		131,588			4,446			2,335			(135	)		138,234
Management fee expense		7,565			(1,257	)		(1,401	)		(3,090	)		1,817
Income before income taxes		124,023			5,703			3,736			2,955			136,417
Income tax expense		30,164			1,426			934			738			33,262
Net income attributable to GAMCO Investors, Inc.	$	93,859		$	4,277		$	2,802		$	2,217		$	103,155
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	3.26		$	0.15		$	0.10		$	0.08		$	3.58
Diluted	$	3.26		$	0.15		$	0.10		$	0.08		$	3.58

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	For the nine months ended September 30, 2017
	Reported			First Half
	GAAP			2017 DCCA			2016 DCCA			Adjusted
Total revenues	$	261,858		$	-		$	-		$	261,858
Compensation costs		97,634			14,390			(9,174	)		102,850
Distribution costs		33,373			-			-			33,373
Other operating expenses		15,900			-			-			15,900
Total expenses		146,907			14,390			(9,174	)		152,123
Operating income before management fee		114,951			(14,390	)		9,174			109,735
Other expense, net		(7,494	)		-			-			(7,494	)
Income before management fee and income taxes		107,457			(14,390	)		9,174			102,241
Management fee expense		9,455			2,666			(2,172	)		9,949
Income before income taxes		98,002			(17,056	)		11,346			92,292
Income tax expense		33,688			(6,594	)		4,350			31,444
Net income attributable to GAMCO Investors, Inc.	$	64,314		$	(10,462	)	$	6,996		$	60,848
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	2.22		$	(0.36	)	$	0.24		$	2.10
Diluted	$	2.14		$	(0.34	)	$	0.22		$	2.02

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

The financial results set forth in this press release are preliminary. 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, the effects of the Tax Cuts and Jobs Act, 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 could cause our actual results to differ from our expectations or beliefs include 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, a general downturn in the economy that negatively impacts our operations, and the ongoing impacts of the Tax Cuts and Jobs Act with respect to tax rates and the non-deductibility of certain portions of NEO compensation. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors  contained in our Form 10-K 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.

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