Set forth below is the allocation of net investment income, short- and long-term capital gains and non-taxable return of capital for the 1999 distributions of the Common Shares of The Gabelli Equity Trust Inc.

Distribution - $ Per Share   1ST QTR 2ND QTR SPIN-OFF(d) 3RD QTR 4TH QTR TOTAL PERCENTAGES (e) Record Date 03/19/99 06/18/99 07/01/99 09/17/99 12/17/99   1ST QTR ALL OTHER(e) Payment Date 03/29/99 06/28/99 07/09/99 09/27/99 12/28/99       SOURCE Net Investment Income (a) $0.0043 $0.0037 $0.01347 $0.0037 $0.0050 $0.03010 1.5785% 1.3726% Short-Term Capital Gains (a) $0.0268 0.0268 $0.09751 0.0268 0.0358 $0.21378 9.9363% 9.9374% Long-Term Capital Gains (b) $0.1373 0.1232 $0.44769 0.1232 0.1642 $0.99561 50.8527% 45.6247% Return of Capital (c) $0.1016 0.1163 $0.42258 0.1163 0.1550 $0.91176 37.6324% 43.0653% TOTAL $0.2700 $0.2700 $0.98125 $0.2700 $0.3600 $2.15125 100% 100%

100% of the long-term capital gains paid by the Gabelli Equity Trust in 1999 was classified as "20% Rate Gains" subject to a maximum tax rate of 20% (or 10% depending on an individual's tax bracket). Capital gain distributions are reported in box 2a of Form 1099-DIV.

CORPORATE DIVIDENDS RECEIVED DEDUCTION AND U.S. GOVERNMENT SECURITIES INCOME
The percentage of the ordinary income paid by the Gabelli Equity Trust in 1999 that qualifies for the dividends received deduction available for corporations is 44.64%. The percentage of the ordinary income paid by the Equity Trust in 1999 that was derived from U.S. Government Securities was 6.34%. The percentage of U.S. Government Securities held as of December 31, 1999 was 2.24%. (f)

(a) Distributions from net investment income and short-term capital gains are taxable as ordinary income and will appear on your Form 1099-DIV, box 1, under Ordinary Dividends.
(b) Taxable as long-term capital gains, reportable in column (f), line 13 on Form 1040, Schedule D. Since there were no retained capital gains in 1999, Form 2439 will not be necessary.
(c) Non-taxable distribution of capital. The tax basis of an individual's investment should be reduced by the same amount.
(d) Represents the spin-off of the Gabelli Utility Trust.
(e) These percentages should be applied to each distribution made by the Trust during 1999 to determine the appropriate allocations for tax purposes. Distributions from short-term capital gains are treated as ordinary income for tax purposes.
(f) Certain states require that 50% of the Fund's portfolio be invested in U. S. Government Securities at the end of each calendar quarter to allow "pass-through" treatment of income derived from U. S. Government Securities. The Trust did not meet this strict requirement in 1999.