Gabelli Equity Trust Reaffirms Its 10% Distribution Policy and Declares Fourth Quarter Distribution of $0.15 Per Share

The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.15 per share cash distribution payable on December 20, 2019 to common stock shareholders of record on December 13, 2019. With this fourth quarter distribution, the total distributions from the Fund for 2019 would equate to $0.60 per share.

Additionally, the Board of Directors announces that it will evaluate potential strategic opportunities for the Fund in what we believe to be an attractive environment to invest in the broader equity markets.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Directors. Under the Fund’s current distribution policy, the Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. We note that 10% of the average net asset value of the Fund would be $0.57 based on the ending net asset values per share as of December 31, 2018, March 31, 2019, June 30, 2019, and September 30, 2019 of $5.25, $5.89, $5.91, and $5.61, respectively. In declaring a distribution of $0.15 per share, the Board of Directors has chosen to distribute $0.03 greater than that called for by the distribution policy. The net asset value per share fluctuates daily.

Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.