Gabelli Asset Management Inc. (NYSE: GBL) announced that it would make an investment of $45 million in The Gabelli Dividend & Income Trust, a new closed-end fund. The initial public offering of 73 million common shares of the Fund at an initial price of $20 will generate gross proceeds (exclusive of the underwriters' overallotment) of $1.46 billion. The Fund was offered through a group of underwriters led by Merrill Lynch & Co., Citigroup, A.G. Edwards and Gabelli & Company, Inc. and began trading on November 25, 2003 under the ticker symbol "GDV" on the New York Stock Exchange. Gabelli Asset Management Inc., through its subsidiaries, now manages approximately $26 billion in assets of mutual funds and closed-end funds (Gabelli Funds, LLC), partnerships and offshore funds (Alternative Investment Group) and private advisory accounts (GAMCO).