The Adviser to the Gabelli Closed End Funds was informed by the staff of the Securities
and Exchange Commission that they may recommend to the Commission that the Adviser be
held accountable for the actions of two of the seven closed-end funds managed by the
Adviser relating to Section 19(a) and Rule 19a-1 of the Investment Company Act of 1940.
These provisions require registered investment companies to provide written statements
to shareholders when a distribution is made from a source other than net investment income.
While the funds sent annual statements containing the required information and 1099
statements as required by the IRS, the funds did not send written statements to shareholders
with each distribution in 2002 and 2003. The staff indicated that they may recommend to the
Commission that administrative remedies be sought, including a monetary penalty. The
closed-end funds changed their notification procedure and the Adviser believes that all
of the funds are now in compliance.
For further information as it relates to the specific Funds please see the following:
(The documents are in PDF format. If you do not have Adobe Acrobat PDF reader you can
download it now)
The Gabelli Equity Trust
The Gabelli Multimedia Trust
The Gabelli Convertible & Income Securities Fund
The Gabelli Utility Trust
The Gabelli Dividend & Income Trust
The Gabelli Global Utility & Income Trust
The Gabelli Global Gold, Natural Resources & Income Trust