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Gabelli Asset Management Inc., (NYSE:GBL) today announced the initial public offering of common
shares of the Gabelli Global Gold, Natural Resources & Income Trust, a new closed-end fund
investing primarily in equity securities of gold and natural resources companies. The Fund
intends to earn income primarily through a strategy of writing (selling) covered call options
on equity securities in its portfolio. The Fund will issue 16.6 million shares in the public
offering at the initial price of $20 per share, generating gross proceeds of $332 million
(exclusive of the underwriters' overallotment) and will trade on the American Stock Exchange
under the symbol "GGN."
"We believe the timing is ideal for the launch of an income-oriented fund supported by equity
investments in gold and natural resources companies" according to Caesar Bryan, a co-lead portfolio
manager of the Fund. The Fund will be managed by a team of Gabelli professionals who have
expertise in the Fund's primary investment areas.
"Citigroup, Merrill Lynch & Co., and A.G. Edwards, the lead underwriters, did a terrific job.
We thank everyone who partnered with us and contributed to the success of this offering," said
Bill Mulrow, Head of New Product Development for Gabelli Asset Management.
The Fund's adviser will be Gabelli Funds, LLC, a subsidiary of Gabelli Asset Management. The
Fund's shares commenced trading on the American Stock Exchange on Tuesday, March 29, 2005 and
the offering is scheduled to close on Thursday, March 31, 2005.
Gabelli Asset Management Inc., through its subsidiaries, manages approximately $28.7 billion
in assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli
Funds, LLC), and partnerships and offshore funds (Investment Partnerships).
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