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SIGNATURE BRUCE N. ALPERT
TITLE PRESIDENT/TREAS
<TABLE> <S> <C>
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<NAME> GABELLI EQUITY TRUST FUND
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THE GABELLI EQUITY TRUST INC.
EXHIBIT TO ITEM 77C
The Annual Meeting of Shareholders of The Gabelli Equity Trust Inc.
(the "Equity Trust") was held on May 17, 1999. The following
proposals were submitted for a vote of the shareholders:
1. To approve the distribution to the Equity Trust's Shareholders of
approximately $75 million of the Trust's net assets in the form of shares
of The Gabelli Utility Fund, a newly-organized closed-end, registered
investment company:
With respect to the proposal relating to the approval of the
distribution to the Equity Trust shareholders of approximately
$75 million of the Trust net assets in the form of shares of
The Gabelli Utility Fund, the following votes and percentages
were recorded:
For Against Abstain Broker Non-Votes
51,966,317 3,583,204 1,447,128 13,724,908
(73.48%)
2. To elect three directors of the Equity Trust:
With respect to the proposal relating to the election of three
directors of the Equity Trust, the following votes and percentages
were recorded:
Percent Represented
Withholding at the Meeting
For Authority Voting in Favor
Bill Callaghan 69,517,746 1,203,810 98.30%
Frank J. Fahren Kopf, Jr 69,455,518 1,266,038 98.21%
Salvatore J. Zizza 69,542,520 1,179,037 98.33%
The remaining Directors in office are: Mario J. Gabelli,
Thomas E. Bratter, Felix J. Christiana, Karl Otto Pohl,
James P. Conn and Anthony Pustorino
3. To ratify the selection of PricewaterhouseCoopers LLP
as the independent accountants of the Equity Trust for the fiscal
year ending December 31, 1999:
With respect to the proposal relating to the ratification of the
selection of PricewaterhouseCoopers LLP as the independent
accountants of the Equity Trust for the fiscal year ending
December 31, 1999, the following votes and percentages were recorded:
(Common Stock and Preferred Stock Entitled to Vote Together as a Single Class)
For Against Abstain
69,278,738 596,462 846,356
(97.96%)
EXHIBIT 77(Q)(1)
AMENDMENT TO THE BYLAWS OF
THE GABELLI EQUITY TRUST INC.
AS PROPOSED MAY 19, 1999
The By-Laws of Gabelli Equity Trust Inc. (the "Trust") be, and they
hereby are, amended to add the following Section to Article I of the Trust's
By-Laws.
"Section 12 - Notice of Stockholder Business. At any annual or special
meeting of the stockholders, only such business shall be conducted as shall
have been properly brought before the meeting. To be properly brought before
an annual or special meeting, the business must be (i) specified in the notice
of meeting (or any supplement thereto) given by or at the direction of the
Board of Directors, (ii) otherwise properly brought before the meeting by or
at the direction of the Board of Directors, or (iii) otherwise properly brought
before the meeting by a stockholder.
For business to be properly brought before an annual or special meeting by a
stockholder, the stockholder must have given timely notice thereof in writing
to the Secretary of the Corporation. To be timely, any such notice must be
delivered to or mailed and received at the principal executive offices of the
Corporation not later than 60 days prior to the date of the meeting; provided,
however, that if less than 70 days' notice or prior public disclosure of the
date of the meeting is given or made to stockholders, any such notice by a
stockholder to be timely must be so received not later than the close of
business on the 10th day following the day on which notice of the date of the
annual or special meeting was given or such public disclosure was made.
Any such notice by a stockholder shall set forth as to each matter the
stockholder proposes to bring before the annual or special meeting
(i) a brief description of the business desired to be brought before the
annual or special meeting and the reasons for conducting such business at the
annual or special meeting, (ii) the name and address, as they appear on the
Corporation's books, of the stockholder proposing such business,
(iii) the class and number of shares of the capital stock of the Corporation
which are beneficially owned by the stockholder, and (iv) any material interest
of the stockholder in such business.
Notwithstanding anything in these By-Laws to the contrary, no business shall
be conducted at any annual or special meeting except in accordance with the
procedures set forth in this Section 12. The chairman of the annual or
special meeting shall, if the facts warrant, determine and declare to the
meeting that business was not properly brought before the meeting in
accordance with the provisions of this Section 12, and, if he should
determine, he shall so declare to the meeting that any such business not
properly brought before the meeting shall not be considered or transacted."
