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Gabelli Asset Management Inc., (NYSE:GBL) today announced the initial public offering of common
shares of the Gabelli Global Utility & Income Trust, a new closed-end fund investing primarily in
dividend-paying global utility securities. The Fund will issue 2.9 million shares in the public offering
at the initial price of $20 per share, generating gross proceeds of $58 million (exclusive of the
underwriters' over allotment) and will begin trading today on the American Stock Exchange under the
symbol "GLU."
"We believe the Gabelli Global Utility & Income Trust is a great opportunity for investors seeking a
total return investment with tax advantaged monthly income," said Mario J. Gabelli, Chairman and Chief
Executive Officer of Gabelli Asset Management. Under the 2003 Tax Act, the maximum federal tax rate for
qualifying dividend income and long-term capital gains received by individual taxpayers is currently 15%.
"This initial public offering provides investors an opportunity to take advantage of the improving
fundamentals in the utility sector and the attractive tax advantaged dividends that utilities pay,"
according to Barry Abramson, Senior Utility Analyst at the firm. Along with Mario Gabelli, the lead
portfolio manager, the Fund will draw on the knowledge of a team of Gabelli professionals who have
specific expertise in the Fund's primary investment areas.
"We thank our lead underwriters, Merrill Lynch & Co., Citigroup, and A.G. Edwards, as well as Overture
Asset Managers and all those who partnered with us and contributed to the success of this offering,"
said Darryl Grayson, National Sales Manager of Gabelli Funds.
The Fund's adviser will be Gabelli Funds, LLC, a subsidiary of Gabelli Asset Management Inc., which
manages approximately $28 billion of assets in closed-end funds, mutual funds and separately managed
accounts as of March 31. The Fund's shares are scheduled to commence trading on the American Stock
Exchange today and the offering is scheduled to close Friday, May 28.
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