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Rye, NY -- The Board of Directors of The Gabelli Equity Trust Inc. (NYSE - GAB) declared a $0.453125 per
share cash distribution payable on December 27, 1999 to Preferred Shareholders of record on December 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 $1.4 billion
in total assets whose primary objective is long term growth of capital.
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