Gabelli Closed-End Funds Preferred Stock Ratings
July 12 2012 - 5:51PM
Business Wire
Moody’s Investors Service has issued revised ratings for
preferred shares of our closed-end funds. Closed-end funds are
regulated under the Investment Company Act of 1940, as amended (the
“1940 Act”), and subject to oversight by the United States
Securities and Exchange Commission.
The Gabelli Closed-End Funds meet the requirements of the 1940
Act, which require “asset coverage” (as defined in the 1940 Act) of
at least 200% of the amount of any preferred shares outstanding at
the time of issuance, at the time dividends or distributions are
declared on common stock or at the time common stock is purchased
(with certain exceptions).
As a reminder, The Gabelli Equity Trust Inc. (the “Fund”) is
currently conducting a transferrable rights offering to the Fund’s
existing 6.20% Series F Cumulative Preferred Stock (the “Series F
Preferred”) shareholders. The rights offering allows Series F
Preferred shareholders to acquire Series G Cumulative Preferred
Stock (the “Series G Preferred”) in accordance with the terms of
the offer. The rights offering is only made by means of a
prospectus, and this document does not constitute an offer to sell,
or a solicitation of an offer to buy, any of the Fund’s
securities.
GAMCO Investors, Inc. (NYSE:GBL), through its subsidiaries,
manages assets of private advisory accounts (GAMCO Asset Management
Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and
partnerships and offshore funds (Gabelli Securities, Inc.) and is
known for its Private Market Value with a Catalyst™ style of
investment. As of March 31, 2012, GAMCO Investors, Inc. had $36.7
billion in assets under management.
This document is not an offering, which can only be made by a
final prospectus. Investors should consider the Fund’s investment
objectives, risks, charges and expenses carefully before investing.
The base prospectus contains this and additional information about
the Fund and the prospectus supplement contains this and additional
information about the rights offering and Series G Preferred, and
should be read carefully before investing.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
Our disclosure and analysis in this press release contain some
forward-looking statements. Forward-looking statements give our
current expectations or forecasts of future events. You can
identify these statements because they do not relate strictly to
historical or current facts. They use words such as "anticipate,"
"estimate," "expect," "project," "intend," "plan," "believe," and
other words and terms of similar meaning. They also appear in any
discussion of future operating or financial performance. In
particular, these include statements relating to future actions,
future performance of our products, expenses, the outcome of any
legal proceedings, and financial results. Although we believe that
we are basing our expectations and beliefs on reasonable
assumptions within the bounds of what we currently know about our
business and operations, there can be no assurance that our actual
results will not differ materially from what we expect or believe.
Some of the factors that could cause our actual results to differ
from our expectations or beliefs include, without limitation: the
adverse effect from a decline in the securities markets; a decline
in the performance of our products; a general downturn in the
economy; changes in government policy or regulation; changes in our
ability to attract or retain key employees; and unforeseen costs
and other effects related to legal proceedings or investigations of
governmental and self-regulatory organizations. We also direct your
attention to any more specific discussions of risk contained in our
Form 10-K and other public filings. We are providing these
statements as permitted by the Private Litigation Reform Act of
1995. We do not undertake to update publicly any forward-looking
statements if we subsequently learn that we are unlikely to achieve
our expectations or if we receive any additional information
relating to the subject matters of our forward-looking
statements.
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