
Investment Policy
Long-term capital growth focused on equity securities.

Annualized Results
GAM investment results relative to the S&P 500.

Five-Year Results
NAV and stockholder returns assuming a $10,000 initial investment.

Twenty-Year Results
NAV and stockholder returns assuming a $10,000 initial investment.

Premium/Discount History
GAM share price relative to NAV, over the past 12 months (weekly) and 10 years (quarterly).
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Shares of the Company’s Common Stock usually sell at a discount from their underlying net asset value (NAV) as do the shares of most other domestic equity closed-end funds. Periodically, the shares sell at a premium over NAV. The following chart shows the discount at the end of each business week during the past year. The table below the chart shows information, including the discount at the end of each quarter, during the past 10 years.

January 2009 - January 2010


1999-2009
Date
|
Net Asset Value |
Market Price
|
Premium/(Discount)
|

|
12/31/1999
|
$41.74 |
$37.19
|
(10.89%)
|

|
03/31/2000
|
$43.39 |
$39.38
|
(9.25%)
|

|
06/30/2000
|
$42.03 |
$39.19
|
(6.67%)
|

|
09/30/2000
|
$45.40 |
$41.81
|
(7.90%)
|

|
12/31/2000
|
$39.91 |
$36.00
|
(9.80%)
|

|
03/31/2001
|
$35.76 |
$34.00
|
(4.92%)
|

|
06/30/2001
|
$37.97 |
$37.71
|
(0.68%)
|

|
09/30/2001
|
$33.68 |
$31.55
|
(6.32%)
|

|
12/31/2001
|
$35.14 |
$33.47
|
(4.75%)
|

|
03/31/2002
|
$34.04 |
$32.98
|
(3.11%)
|

|
06/30/2002
|
$30.08 |
$27.70
|
(7.91%)
|

|
09/30/2002
|
$25.77 |
$23.50
|
(8.81%)
|

|
12/31/2002
|
$26.48 |
$23.85
|
(9.93%)
|

|
03/31/2003
|
$25.94 |
$23.25
|
(10.37%)
|

|
06/30/2003
|
$30.15 |
$27.44
|
(8.99%)
|

|
09/30/2003
|
$30.51 |
$27.49
|
(9.90%)
|

|
12/31/2003
|
$33.11 |
$29.73
|
(10.21%)
|

|
03/31/2004
|
$33.81 |
$30.35
|
(10.23%)
|

|
06/30/2004
|
$33.65 |
$30.14
|
(10.43%)
|

|
09/30/2004
|
$33.25 |
$29.53
|
(11.19%)
|

|
12/31/2004
|
$35.49 |
$31.32
|
(11.75%)
|

|
03/31/2005
|
$35.10 |
$30.87
|
(12.05%)
|

|
06/30/2005
|
$37.27 |
$32.00
|
(14.14%)
|

|
09/30/2005
|
$39.88 |
$34.83
|
(12.66%)
|

|
12/31/2005
|
$39.00 |
$34.54
|
(11.44%)
|

|
03/31/2006
|
$40.76 |
$37.84
|
(7.16%)
|

|
06/30/2006
|
$39.52 |
$36.10
|
(8.65%)
|

|
09/30/2006
|
$40.86 |
$37.66
|
(7.83%)
|

|
12/31/2006
|
$40.54 |
$37.12
|
(8.44%)
|

|
03/31/2007
|
$41.00 |
$36.84
|
(10.12%)
|

|
06/30/2007
|
$45.14 |
$40.55
|
(10.17%)
|

|
09/30/2007
|
$45.94 |
$40.77
|
(11.25%)
|

|
12/31/2007
|
$38.10 |
$34.70
|
(8.92%)
|

|
03/31/2008
|
$36.10 |
$31.79
|
(11.94%)
|

|
06/30/2008
|
$36.15 |
$32.36
|
(10.48%)
|

|
09/30/2008
|
$29.91 |
$25.87
|
(13.51%)
|

|
12/31/2008
|
$21.09 |
$17.40
|
(17.50%)
|

|
03/31/2009
|
$18.73 |
$15.35
|
(18.05%)
|

|
06/30/2009
|
$22.89 |
$18.75
|
(18.09%)
|

|
09/30/2009
| $26.91 |
$23.79
| (11.59%)
|

|
12/31/2009
|
$27.50 |
$23.46
|
(14.69%)
|

|
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