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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 June 26, 2003 to Preferred Shareholders of record on June 19, 2003.
The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GAB Pr B", are
rated 'Aaa' by Moody's Investor Services 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 this distribution may 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. Any long-term capital gains will be allocated on a pro-rata basis to all
distributions for the year. The final determination of the source of all distributions in 2003 will
be made after year-end.
The Gabelli Equity Trust Inc. is a closed-end, non-diversified management investment company with
$1.3 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. (GBL - NYSE),
which is a publicly traded NYSE listed company.
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