Gamco Offers to Settle with SEC

Gamco Investors has made an offer to the Securities and Exchange Commission to finally settle an investigation begun in 2003 into mutual fund timing, Reuters reports.   Gamco indicated in an SEC filing that it has set aside another $3 million in reserve on top of the $12 million it had previously set aside.   Gamco said that the $15 million set aside totals 34 cents a share and that the $3 million recently set aside will reduce fourth-quarter profits by 7 cents a share.   The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.