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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 September 27, 1999 to Preferred Shareholders of
record on September 20, 1999.
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 5,400,000 Preferred Shares were issued on June 9, 1998 at $25.00 per share and
will 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 1999 will be made
after year-end.
The Gabelli Equity Trust Inc. is a closed-end, non-diversified management investment company
with $1.5 billion in total assets whose primary objective is long term growth of capital.
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