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The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) declared a $0.45 per share cash
distribution payable on March 26, 2004 to Preferred Shareholders of record on March 19, 2004.
The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GAB Pr B", are
rated 'Aaa' by Moody's Investors Service and have an annual dividend rate of $1.80 per share. The
Preferred Shares were issued on June 20, 2001 at $25.00 per share and pay distributions quarterly.
A portion of the distribution may be treated as long term capital gains and qualifying dividend
income for individuals, each subject to a maximum Federal tax rate of 15% in taxable accounts for
individuals. Long-term capital gains and ordinary income, if any, will be allocated on a pro-rata
basis to all distributions for the year. The final determination of the source of all distributions
in 2004 will be made after year-end.
The Gabelli Equity Trust Inc. is a closed-end, non-diversified management investment company with
$1.6 billion in total assets whose primary investment objective is long-term growth of capital.
The Fund is managed by Gabelli Funds, LLC, a subsidiary of Gabelli Asset Management Inc. (NYSE:GBL),
which is a publicly traded NYSE listed company.
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