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The Board of Directors of The Gabelli Equity Trust Inc. (NYSE - GAB) declared a $0.453125 per
share cash distribution payable on June 26, 2002 to Preferred Shareholders of record on June 19, 2002.
The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GAB Pr", are
rated 'Aaa' by Moody's Investor Services and have an annual dividend rate of $1.8125 per share.
The Preferred Shares were issued on June 9, 1998 at $25.00 per share and pay distributions quarterly.
A portion of this distribution will be treated as long-term capital gains. This has the effect
of providing individual shareholders with an ordinary income tax equivalent yield that is higher
than the current yield. Long-term capital gains will be allocated to all distributions for the
year. The final determination of the source of all distributions in 2002 will be made after year-end.
The Gabelli Equity Trust Inc. is a closed-end, non-diversified management investment company with
$1.4 billion in total assets whose primary investment objective is long-term growth of capital.
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