EXHIBIT (17)(b)
PURCHASE AGREEMENT
The Gabelli Utility Fund, a business trust organized under the
laws of the State of Delaware (the "Fund"), and The Gabelli Equity Trust
Inc. (the "Equity Trust"), a corporation organized under the laws of the
State of Maryland, hereby agree as follows:
1. The Fund offers to the Equity Trust and the Equity Trust
hereby purchases from the Fund 10,000 shares of common stock, par value
$.001 per share, of the Fund (the "Shares") at a price of $10 per Share.
The Equity Trust hereby acknowledges that it has been advised that the
Shares, which are not represented by certificates, have been recorded for
the account of the Equity Trust in the records of the Fund's transfer agent
and the Fund hereby acknowledges receipt from the Equity Trust of $100,000
in full payment for the Shares.
2. The Equity Trust represents and warrants to the Fund that
the Shares are being acquired for investment purposes and not for the
purpose of distribution.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the 29th day of March 1999.
THE GABELLI UTILITY FUND
Attest:
By: /s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
/s/ Xxx Xxxxxxxxxx Title: Treasurer
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THE GABELLI EQUITY TRUST INC.
Attest: By: /s/ Xxxx X. Xxxxxxxxx
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Name: Xxxx X. Xxxxxxxxx
Xxxxx X. XxXxx Title: Vice President
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