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Rating:A Constitution State MMF Surpasses $5B Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 9, 2024

A Constitution State MMF Surpasses $5B

Reported by Neil Anderson, Managing Editor

Mario Gabelli and his team are celebrating a big milestone for their 31-year-old money market mutual fund.

On Friday, Gamco Investors, Inc.'s Gabelli Funds, LLC [profile] revealed that the Gabelli U.S. Treasury Money Market Fund now has more than $5 billion in AUM. (Gamco overall had more than $31 billion in AUM as of December 31, 2023, so the money fund amounts to about 16 percent of the firm's AUM.)

"This achievement not only highlights the Fund's commitment to delivering a low cost money market strategy but also solidities its standing as a top choice for shareholders seeking beneficial tax-advantaged returns," the Gabelli Funds team writes, adding that their money fund is "among the most attractive money market funds in its class."

The Gabelli money fund's inception date was September 30, 1992. It is the sole series of the Gabelli Money Market Funds.

The 31-year-old fund comes in three flavors: I shares (GABXX) (fka AAA shares), A shares (GBAXX), and C shares (GBCXX) (though A and C shares are only available to investors exchanging into them from the same share classes of other Gabelli funds). The expense ratio for all three share classes is 8 basis points. The A shares and C shares also include up to 100bps in deferred load.

Judith Raneri, senior vice president at Gabelli, serves as the money fund's portfolio manager. Gabelli Funds serves as the fund's investment advisor.

The money fund's other service providers include: G.distributors, LLC (a Gabelli affiliate) as distributor; BNY Mellon Investment Servicing (US) Inc. as sub-administrator; Ernst & Young LLP as independent accounting firm; Paul Hastings LLP as counsel; SS&C Global Investor & Distribution Solutions, Inc. (SS&C GIDS) as transfer agent; and State Street Bank and Trust Company as custodian. 

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