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On May 17, 1999, shareholders of The Gabelli Equity Trust Inc. (GAB), at its 1999
Annual Meeting, overwhelmingly approved the spin-off of the Gabelli Utility Trust.
The Board of Directors has authorized the distribution of the Utility Trust shares
to GAB shareholders at a ratio of one share of the Utility Trust for every ten
shares of GAB owned. The Utility Trust's initial net asset value is anticipated to
be $7.50 per share. The distribution will be made on July 9, 1999 to Equity Trust
shareholders of record on July 1, 1999.
The Utility Trust will primarily focus on utility companies involved in the
distribution of electricity, gas and water. The Utility Trust will be listed on
the New York Stock Exchange (NYSE) under the symbol "GUT" and will pay a monthly
dividend.
Shares of the Utility Trust will trade on the NYSE on a "when-issued" basis from
June 29, 1999 through July 9, 1999 and will trade on a "regular way" basis beginning
on July 12, 1999. Shares of GAB will trade with "due bills" from June 29, 1999
through July 9, 1999, after which shares of GAB will trade "ex-distribution".
The Gabelli Equity Trust Inc. is a closed-end, non-diversified management investment
company, with $1.5 billion in assets, whose primary objective is long-term growth of
capital.
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