Edgar Filing: GABELLI EQUITY TRUST INC

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange
Act of 1934 (Amendment No. __)
Filed by Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-12

THE GABELLI EQUITY TRUST INC.

(Name of Registrant as Specified In Its Charter)

(Name Of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

1) Title of each class of securities to which transaction applies:

2) Aggregate number of securities to which transaction applies:

3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11(set forth the amount on which the
filing fee is calculated and state how it was determined):

4) Proposed maximum aggregate value of transaction:

5) Total fee paid:

[ ] Fee paid previously with preliminary materials.

[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.

1) Amount Previously Paid:

2) Form, Schedule or Registration Statement No.:

3) Filing Party:

4) Date Filed:

THE GABELLI EQUITY TRUST INC.
One Corporate Center
Rye, New York 10580-1422
(914) 921-5070
------------------
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON MAY 15, 2006
------------------

To the Shareholders of
THE GABELLI EQUITY TRUST INC.

Notice is hereby given that the Annual Meeting of Shareholders (the
"Meeting") of The Gabelli Equity Trust Inc. (the "Trust") will be held at The
Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich,
Connecticut 06830, on Monday, May 15, 2006, at 9:00 a.m., for the following
purposes:

1. To elect two (2) Directors of the Trust, one (1) Director to be elected
by the holders of the Trust's Common Stock and holders of its 7.20%
Series B Cumulative Preferred Stock, Series C Auction Rate Cumulative
Preferred Stock, 5.875% Series D Cumulative Preferred Stock, and Series
E Auction Rate Cumulative Preferred Stock (together, the "Preferred
Stock"), voting together as a single class, and one (1) Director to be
elected by the holders of the Trust's Preferred Stock, voting as a
separate class (PROPOSAL 1); and

2. To consider and vote upon such other matters, including adjournments,
as may properly come before said Meeting or any adjournments thereof.

These items are discussed in greater detail in the attached Proxy
Statement.

The close of business on March 13, 2006 has been fixed as the record date
for the determination of shareholders entitled to notice of and to vote at the
Meeting and any adjournments thereof.

YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE
TRUST. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE
COMPLETE, SIGN, AND DATE THE ENCLOSED PROXY CARD AND RETURN IT PROMPTLY IN THE
ENCLOSED ENVELOPE, WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES.
INSTRUCTIONS FOR THE PROPER EXECUTION OF PROXIES ARE SET FORTH ON THE INSIDE
COVER.

By Order of the Board of Directors,

JAMES E. MCKEE
SECRETARY

April 17, 2006

INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general rules for signing proxy cards may be of assistance to you
and avoid the time and expense to the Trust involved in validating your vote if
you fail to sign your proxy card properly.

1. INDIVIDUAL ACCOUNTS: Sign your name exactly as it appears in the
registration on the proxy card.

2. JOINT ACCOUNTS: Either party may sign, but the name of the party
signing should conform exactly to the name shown in the registration.

3. ALL OTHER ACCOUNTS: The capacity of the individuals signing the proxy
card should be indicated unless it is reflected in the form of
registration. For example:

REGISTRATION VALID SIGNATURE
------------ ---------------
CORPORATE ACCOUNTS

(1) ABC Corp. ABC Corp.
(2) ABC Corp. John Doe, Treasurer
(3) ABC Corp.
c/o John Doe, Treasurer John Doe
(4) ABC Corp., Profit Sharing Plan John Doe, Trustee

TRUST ACCOUNTS

(1) ABC Trust Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee
u/t/d 12/28/78 Jane B. Doe

CUSTODIAN OR ESTATE ACCOUNTS

(1) John B. Smith, Cust.
f/b/o John B. Smith, Jr. UGMA John B. Smith
(2) John B. Smith, Executor
Estate of Jane Smith John B. Smith, Executor

TELEPHONE/INTERNET VOTING

Various brokerage firms may offer the convenience of providing you voting
instructions via telephone or the Internet for shares held through such firms.
If available, instructions are included with this Proxy Statement and proxy
card.

THE GABELLI EQUITY TRUST INC.
----------
ANNUAL MEETING OF SHAREHOLDERS
May 15, 2006
----------
PROXY STATEMENT

This Proxy Statement is furnished in connection with the solicitation of
proxies by the Board of Directors of The Gabelli Equity Trust Inc. (the "Trust")
for use at the Annual Meeting of Shareholders of the Trust to be held on Monday,
May 15, 2006, at 9:00 a.m., at The Cole Auditorium, The Greenwich Library, 101
West Putnam Avenue, Greenwich, Connecticut 06830, and at any adjournments
thereof (the "Meeting"). A Notice of Annual Meeting of Shareholders and proxy
card accompany this Proxy Statement, all of which are first being mailed to
shareholders on or about April 17, 2006.

In addition to the solicitation of proxies by mail, officers of the Trust
and officers and regular employees of Computershare Trust Company, N.A.
("Computershare"), the Trust's transfer agent, and affiliates of Computershare
or other representatives of the Trust also may solicit proxies by telephone,
telegraph, Internet, or in person. In addition, the Trust has retained The
Altman Group, Inc. to assist in the solicitation of proxies for a minimum fee of
$2,500 plus reimbursement of expenses. The Trust will pay the costs of the proxy
solicitation and the expenses incurred in connection with preparing the Proxy
Statement and its enclosures. The Trust will also reimburse brokerage firms and
others for their expenses in forwarding solicitation materials to the beneficial
owners of its shares.

THE TRUST'S MOST RECENT ANNUAL REPORT, INCLUDING AUDITED FINANCIAL
STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2005, IS AVAILABLE UPON REQUEST,
WITHOUT CHARGE, BY WRITING TO THE TRUST AT ONE CORPORATE CENTER, RYE, NEW YORK
10580-1422, BY CALLING THE TRUST AT 800-422-3554, OR VIA THE INTERNET AT
WWW.GABELLI.COM.

If the enclosed proxy is properly executed and returned in time to be voted
at the Meeting, the Shares (as defined below) represented thereby will be voted
"FOR" the election of the nominees as Directors listed in the accompanying
Notice of Annual Meeting of Shareholders, unless instructions to the contrary
are marked thereon, and at the discretion of the proxy holders as to the
transaction of any other business that may properly come before the Meeting. Any
shareholder who has given a proxy has the right to revoke it at any time prior
to its exercise either by attending the Meeting and voting his or her shares in
person or by submitting a letter of revocation or a later-dated proxy to the
Trust at the above address prior to the date of the Meeting.

A quorum of shareholders is constituted by the presence in person or by
proxy of the holders of a majority of the outstanding shares of the Trust
entitled to vote at the Meeting. In the event a quorum is not present at the
Meeting, or in the event that a quorum is present at the Meeting but sufficient
votes to approve any of the proposed items are not received, the persons named
as proxies may propose one or more adjournments of such Meeting to permit
further solicitation of proxies. A shareholder vote may be taken on one or more
of the proposals in this Proxy Statement prior to such adjournment if sufficient
votes have been received for approval and it is otherwise appropriate. Any such
adjournment will require the affirmative vote of a majority of those shares
present at the Meeting in person or by proxy. If a quorum is present, the
persons named as proxies will vote those proxies which they are entitled to vote
"FOR" any proposal in favor of such adjournment and will vote those proxies
required to be voted "AGAINST" any proposal against any such adjournment. Absent
the establishment of a subsequent record date and the giving of notice to the
holders of record thereon, the adjourned Meeting must take place not more than
120 days after the record date. At such adjourned Meeting, any business may be
transacted which might have been transacted at the original Meeting. If a quorum
is present, a shareholder vote may be taken on one or more of the proposals
properly brought before the Meeting prior to any adjournment if sufficient votes
have been received and it is otherwise appropriate.

The close of business on March 13, 2006 has been fixed as the record date
for the determination of shareholders entitled to notice of and to vote at the
Meeting and all adjournments thereof.

The Trust has two classes of capital stock: common stock, par value $0.001
per share (the "Common Stock"), and preferred stock consisting of (i) 7.20%
Series B Cumulative Preferred Stock ("Series B Preferred"), (ii) Series C
Auction Rate Cumulative Preferred Stock ("Series C Preferred"), (iii) 5.875%
Series D Cumulative Preferred Stock ("Series D Preferred"), and (iv) Series E
Auction Rate Cumulative Preferred Stock ("Series E Preferred"), each having a
par value of $0.001 per share (together, the "Preferred Stock" and together with
the Common Stock, the "Shares"). The holders of the Common Stock and Preferred
Stock are each entitled to one vote for each full share held and an appropriate
fraction of a vote for each fractional share held. On the record date, there
were 166,079,270 shares of Common Stock, 6,600,000 shares of Series B Preferred
Stock, 5,200 shares of Series C Preferred Stock, 2,949,700 shares of Series D
Preferred Stock, and 2,000 shares of Series E Preferred Stock outstanding.

As of the record date, there were no persons known to the Trust to be
beneficial owners of more than 5% of the Trust's outstanding shares of Common
Stock or Preferred Stock.

SUMMARY OF VOTING RIGHTS ON PROXY PROPOSALS

PROPOSAL COMMON STOCKHOLDERS PREFERRED STOCKHOLDERS
-------- ------------------- ----------------------

1. Election of Common and Preferred Stockholders, Common and Preferred Stockholders,
Directors voting together as a single class, voting together as a single class,
vote to elect one Director: vote to elect one Director:
Anthony R. Pustorino Anthony R. Pustorino

Preferred Stockholders,
voting as a separate class,
vote to elect one Director:
James P. Conn

2. Other Business Common and Preferred Stockholders, voting together as a single class

In order that your Shares may be represented at the Meeting, you are
requested to vote on the following matters:

PROPOSAL 1: TO ELECT TWO (2) DIRECTORS OF THE TRUST

NOMINEES FOR THE BOARD OF DIRECTORS

The Board of Directors is divided into three classes, each class having a
term of three years. Each year the term of office of one class will expire.
James P. Conn and Anthony R. Pustorino have each been nominated by the Board of
Directors for a three-year term to expire at the Trust's 2009 Annual Meeting of
Shareholders or until their successors are duly elected and qualified. James P.
Conn has been nominated by the Board of Directors for election by the holders of
the Trust's Preferred Stock for a three-year term to expire at the Trust's 2009
Annual Meeting of Shareholders or until his successor is duly elected and
qualified. Each of the Directors of the Trust has served in that capacity since
the July 14, 1986 organizational meeting of the Trust with the exception of (i)
Mr. Conn, who became a Director of the Trust on May 15, 1989, (ii) Mr.
Fahrenkopf, who became a Director of the Trust on May 11, 1998, (iii) Mr.
Colavita, who became a Director of the Trust on November 17, 1999, and (iv) Mr.
Ferrara, who became a Director of the Trust on August 15, 2001. All of the
Directors of the Trust are also directors or trustees of other investment
companies for which Gabelli Funds, LLC (the "Adviser") or its affiliates serve
as investment adviser. The classes of Directors are indicated below:

NOMINEES TO SERVE UNTIL 2009 ANNUAL MEETING OF SHAREHOLDERS
-----------------------------------------------------------
James P. Conn
Anthony R. Pustorino

DIRECTORS SERVING UNTIL 2008 ANNUAL MEETING OF SHAREHOLDERS
-----------------------------------------------------------
Anthony J. Colavita
Frank J. Fahrenkopf, Jr.
Salvatore J. Zizza

DIRECTORS SERVING UNTIL 2007 ANNUAL MEETING OF SHAREHOLDERS
-----------------------------------------------------------
Mario J. Gabelli, CFA
Thomas E. Bratter
Arthur V. Ferrara

Under the Trust's Articles of Incorporation, Articles Supplementary, and
the Investment Company Act of 1940, as amended (the "1940 Act"), holders of the
Trust's outstanding Preferred Stock, voting as a separate class, are entitled to
elect two Directors, and holders of the Trust's outstanding Common Stock and
Preferred Stock, voting together as a single class, are entitled to elect the
remaining Directors, subject to the provisions of the 1940 Act and the Trust's
Articles of Incorporation, Articles Supplementary, and By-Laws. The holders of
the Trust's outstanding Preferred Stock would be entitled to elect the minimum
number of additional Directors that would represent a majority of the Directors
in the event that dividends on the Trust's Preferred Stock are in arrears for
two full years. No dividend arrearages exist as of the date of this Proxy
Statement. Messrs. Colavita and Conn are currently the Directors elected solely
by the holders of the Trust's Preferred Stock. A quorum of the Preferred
Stockholders must be present at the Meeting in order for the proposal to elect
Mr. Conn to be considered.

Unless authority is withheld, it is the intention of the persons named in
the proxy to vote the proxy "FOR" the election of the nominees named above. Each
nominee has indicated that he has consented to serve as a Director if elected at
the Meeting. If a designated nominee declines or otherwise becomes unavailable
for election, however, the proxy confers discretionary power on the persons
named therein to vote in favor of a substitute nominee or nominees.

INFORMATION ABOUT DIRECTORS AND OFFICERS

Set forth in the table below are the existing Directors and Nominees for
election to the Board of the Trust and officers of the Trust, including
information relating to their respective positions held with the Trust, a brief
statement of their principal occupations during the past five years and other
directorships (excluding other funds managed by the Adviser), if any.

TERM OF NUMBER OF
OFFICE AND PORTFOLIOS IN
NAME, POSITION(S) LENGTH OF FUND COMPLEX
ADDRESS 1 TIME PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIPS OVERSEEN
AND AGE SERVED 2 DURING PAST FIVE YEARS HELD BY DIRECTOR BY DIRECTOR
-------- -------- ---------------------- ---------------- -----------
INTERESTED DIRECTORS/NOMINEES 3:
-------------------------------

MARIO J. GABELLI Since 1986*** Chairman of the Board and Chief Director of Morgan Group 23
Director and Executive Officer of GAMCO Holdings, Inc. (holding
Chief Investment Officer Investors, Inc. and Chief company)
Age: 63 Investment Officer - Value Portfolios
of Gabelli Funds, LLC and GAMCO
Asset Management Inc.; Chairman
and Chief Executive Officer of
Lynch Interactive Corporation
(multimedia and services)

NON-INTERESTED DIRECTORS/NOMINEES:
-----------------------------------
THOMAS E. BRATTER Since 1986*** Director, President and Founder of -- 3
Director The John Dewey Academy
Age: 66 (residential college preparatory
therapeutic high school)

ANTHONY J. COLAVITA 4 Since 1999** Partner in the law firm of Anthony J. -- 33
Director Colavita, P.C.
Age: 70

JAMES P. CONN 4 Since 1989* Former Managing Director and Director of First Republic Bank 14
Director Chief Investment Officer of (banking)
Age: 68 Financial Security Assurance
Holdings Ltd. (insurance holding
company) (1992-1998)

FRANK J. FAHRENKOPF, JR. Since 1998** President and Chief Executive Director of First Republic Bank 5
Director Officer of the American Gaming (banking)
Age: 66 Association; Co-Chairman of the
Commission on Presidential Debates;
Chairman of the Republican National
Committee (1983-1989)

ARTHUR V. FERRARA Since 2001*** Former Chairman of the Board and Director of The Guardian 6
Director Chief Executive Officer of The Sponsored Mutual Funds
Age: 75 Guardian Life Insurance Company of
America (1993-1995)

ANTHONY R. PUSTORINO Since 1986* Certified Public Accountant; Director of Lynch Corporation 14
Director Professor Emeritus, Pace University (diversified manufacturing)
Age: 80

SALVATORE J. ZIZZA Since 1986** Chairman of Hallmark Electrical Director of Hollis Eden 24
Director Supplies Corp. Pharmaceuticals (biotechnology)
Age: 60 and Earl Scheib, Inc. (automotive
services)

TERM OF
OFFICE AND
NAME, POSITION(S) LENGTH OF
ADDRESS 1 TIME PRINCIPAL OCCUPATION(S)
AND AGE SERVED DURING PAST FIVE YEARS
-------- ------ ----------------------
OFFICERS:
---------

BRUCE N. ALPERT Since 1988 Executive Vice President and Chief
President Operating Officer of Gabelli Funds,
Age: 54 LLC since 1988; Director and
President of Gabelli Advisers, Inc. since
1998; Officer of all registered
investment companies in the Gabelli
Funds complex.

CARTER W. AUSTIN Since 2000 Vice President of the Trust since
Vice President 2000; Vice President of The Gabelli Dividend
Age: 39 & Income Trust since 2003 and The Gabelli
Global Gold, Natural Resources & Income
Trust since 2005; Vice President of
Gabelli Funds, LLC since 1996.

DAWN M. DONATO Since 2004 Assistant Vice President of the Trust since
Assistant Vice President 2004; Assistant Vice President of Gabelli &
Age: 38 Company, Inc. since 2004; Registered
Representative for Gabelli & Company, Inc.
since 2002; Senior Sales Representative for
Manulife WoodLogan, Inc. prior to 2002.

PETER D. GOLDSTEIN Since 2004 Director of Regulatory Affairs for
Chief Compliance Officer GAMCO Investors, Inc. since 2004;
Age: 52 Chief Compliance Officer of all
registered investment companies in
the Gabelli Funds complex; Vice President
of Goldman Sachs Asset Management
from 2000-2004.

JAMES E. MCKEE Since 1995 Vice President, General Counsel and
Secretary Secretary of GAMCO Investors, Inc.
Age: 42 since 1999 and GAMCO Asset
Management Inc. since 1993; Secretary
of all registered investment companies
advised by Gabelli Advisers, Inc. and
Gabelli Funds, LLC.

AGNES MULLADY Since 2006 Officer of all registered investment companies
Treasurer and Principal in the Gabelli Funds complex; Senior Vice President of
Financial Officer U.S. Trust Company, N.A. and Treasurer and Chief
Age: 47 Financial Officer of Excelsior Funds from 2004-2005;
Chief Financial Officer of AMIC Distribution Partners from
2002-2004; Controller of Reserve Management, Inc.
and Reserve Partners, Inc. and Treasurer of Reserve Funds
from 2000-2002.

-----------
1 Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise
noted.
2 The Trust's Board of Directors is divided into three classes, each
class having a term of three years. Each year the term of office of one
class expires and the successor or successors elected to such class
serve for a three-year term.
* Nominee to serve, if elected, until the Trust's 2009 Annual Meeting of
Shareholders or until his successor is duly elected and qualified.
** Term continues until the Trust's 2008 Annual Meeting of Shareholders or
until his successor is duly elected and qualified.
*** Term continues until the Trust's 2007 Annual Meeting of Shareholders
or until his successor is duly elected and qualified.
3 "Interested person" of the Trust as defined in the 1940 Act. Mr.
Gabelli is considered an "interested person" of the Trust because of
his affiliation with Gabelli Funds, LLC, which is the Trust's
investment adviser, and Gabelli & Company, Inc., which executes
portfolio transactions for the Trust, and as a controlling shareholder
because of the level of his ownership of common shares of the Trust.
4 As a Director, elected solely by holders of the Trust's Preferred
Stock.

BENEFICIAL OWNERSHIP OF SHARES HELD IN THE TRUST AND THE FUND COMPLEX FOR EACH
DIRECTOR AND NOMINEE FOR ELECTION AS DIRECTOR

Set forth in the table below is the dollar range of equity securities in
the Trust beneficially owned by each Director and Nominee for election as
Director and the aggregate dollar range of equity securities in the Fund complex
beneficially owned by each Director and Nominee for election as Director.

NAME OF DIRECTOR/NOMINEE DOLLAR RANGE OF EQUITY AGGREGATE DOLLAR RANGE OF EQUITY
SECURITIES HELD SECURITIES HELD
IN THE TRUST*(1) IN FUND COMPLEX*(1)(2)

INTERESTED DIRECTOR/NOMINEE:
---------------------------
Mario J. Gabelli E E

NON-INTERESTED DIRECTORS/NOMINEES:
----------------------------------
Thomas E. Bratter E E

Anthony J. Colavita** C E

James P. Conn E E

Frank J. Fahrenkopf, Jr. A B

Arthur V. Ferrara A E

Anthony R. Pustorino** E E

Salvatore J. Zizza E E

--------------------------
* Key to Dollar Ranges
A. None
B. $1 - $10,000
C. $10,001 - $50,000
D. $50,001 - $100,000
E. Over $100,000
All shares were valued as of December 31, 2005.

** Messrs. Colavita and Pustorino each beneficially own less than 1% of the
common stock of Lynch Corporation, having a value of $16,517 and $19,272,
respectively, as of December 31, 2005. Lynch Corporation may be deemed to
be controlled by Mario J. Gabelli and in that event would be deemed to be
under common control with the Trust's Adviser.
(1) This information has been furnished by each Director and Nominee for
election as Director as of December 31, 2005. "Beneficial Ownership" is
determined in accordance with Section 16a-1(a)(2) of the Securities
Exchange Act of 1934, as amended (the "1934 Act").
(2) The "Fund Complex" includes all the funds that are considered part of the
same fund complex as the Trust because they have common or affiliated
investment advisers.

Set forth in the table below is the amount of shares beneficially owned by each
Director of the Trust.

AMOUNT AND NATURE OF PERCENT OF SHARES
NAME OF DIRECTOR/NOMINEE BENEFICIAL OWNERSHIP (1) OUTSTANDING (2)
------------------------ ----------------------- ---------------
INTERESTED DIRECTOR/NOMINEE:
---------------------------
Mario J. Gabelli 1,827,970 (3) 1.1%

NON-INTERESTED DIRECTORS/NOMINEES:
---------------------------------
Thomas E. Bratter 27,177 *
500 Series B Preferred *
Anthony J. Colavita 2,835 (4) *
1,000 Series B Preferred (5) *
James P. Conn 40,603 *
1,000 Series B Preferred *
Frank J. Fahrenkopf, Jr. 0 *
Arthur V. Ferrara 0 *
Anthony R. Pustorino 13,620 (6) *
Salvatore J. Zizza 54,043 (7) *
--------------------------
(1) This information has been furnished by each Director and Nominee for
election as Director as of December 31, 2005. "Beneficial Ownership" is
determined in accordance with Section 16a-1(a)(2) of the 1934 Act. Reflects
ownership of common shares unless otherwise noted.
(2) An asterisk indicates that the ownership amount constitutes less than 1% of
the total shares outstanding.
(3) Includes 947,963 shares owned directly by Mr. Gabelli, 37,358 shares owned
by a family partnership for which Mr. Gabelli serves as general partner,
and 842,649 shares owned by GAMCO Investors, Inc. or its affiliates. Mr.
Gabelli disclaims beneficial ownership of the shares held by the
discretionary accounts and by the entities named except to the extent of
his interest in such entities.
(4) Comprised of 2,835 common shares owned by Mr. Colavita's spouse for which
he disclaims beneficial ownership.
(5) Comprised of 1,000 preferred shares owned by Mr. Colavita's spouse for
which he disclaims beneficial ownership.
(6) Includes 2,632 common shares owned by Mr. Pustorino's spouse for which he
disclaims beneficial ownership.
(7) Includes 43,153 common shares owned by Mr. Zizza's sons for which he
disclaims beneficial ownership.

The Trust pays each Director who is not affiliated with the Adviser or its
affiliates a fee of $12,000 per year plus $1,500 per meeting attended in person,
$1,000 per Committee meeting attended in person, and $500 per telephonic
meeting, together with the Director's actual out-of-pocket expenses relating to
his attendance at such meetings. In addition, the Audit Committee Chairman
receives an annual fee of $3,000, the Proxy Voting Committee Chairman receives
an annual fee of $1,500, and the Nominating Committee Chairman receives an
annual fee of $2,000. The aggregate remuneration (not including out-of-pocket
expenses) paid by the Trust to such Directors during the year ended December 31,
2005 amounted to $139,991. During the year ended December 31, 2005, the
Directors of the Trust met seven times, three of which were special meetings of
Directors. Each Director then serving in such capacity attended at least 75% of
the meetings of Directors and of any Committee of which he is a member.

AUDIT COMMITTEE REPORT

The role of the Trust's Audit Committee (the "Audit Committee") is to
assist the Board of Directors in its oversight of (i) the quality and integrity
of the Trust's financial statement reporting process and the independent audit
and reviews thereof; (ii) the Trust's accounting and financial reporting
policies and practices, its internal controls, and, as appropriate, the internal
controls of certain of its service providers; (iii) the Trust's compliance with
legal and regulatory requirements; and (iv) the independent registered public
accounting firm's qualifications, independence, and performance. The Audit
Committee also is required to prepare an audit committee report pursuant to the
rules of the Securities and Exchange Commission (the "SEC") for inclusion in the
Trust's annual proxy statement. The Audit Committee operates pursuant to the
Audit Committee Charter (the "Charter") that was most recently reviewed and
approved by the Board of Directors on February 15, 2006.

Pursuant to the Charter, the Audit Committee is responsible for conferring
with the Trust's independent registered public accounting firm, reviewing annual
financial statements, approving the selection of the Trust's independent
registered public accounting firm, and overseeing the Trust's internal controls.
The Charter also contains

provisions relating to the pre-approval by the Audit Committee of certain
non-audit services to be provided by PricewaterhouseCoopers LLP
("PricewaterhouseCoopers") to the Trust and to the Adviser and certain of its
affiliates. The Audit Committee advises the full Board with respect to
accounting, auditing, and financial matters affecting the Trust. As set forth in
the Charter, management is responsible for maintaining appropriate systems for
accounting and internal control, and the Trust's independent registered public
accounting firm is responsible for planning and carrying out proper audits and
reviews. The independent registered public accounting firm is ultimately
accountable to the Board of Directors and to the Audit Committee, as
representatives of shareholders. The independent registered public accounting
firm for the Trust reports directly to the Audit Committee.

In performing its oversight function, at a meeting held on February 13,
2006, the Audit Committee reviewed and discussed with management of the Trust
and PricewaterhouseCoopers the audited financial statements of the Trust as of
and for the year ended December 31, 2005, and discussed the audit of such
financial statements with the independent registered public accounting firm.

In addition, the Audit Committee discussed with the independent registered
public accounting firm the accounting principles applied by the Trust and such
other matters brought to the attention of the Audit Committee by the independent
registered public accounting firm as required by Statement of Auditing Standards
No. 61, COMMUNICATIONS WITH AUDIT COMMITTEES, as currently modified or
supplemented. The Audit Committee also received from the independent registered
public accounting firm the written disclosures and statements required by the
SEC's independence rules, delineating relationships between the independent
registered public accounting firm and the Trust, and discussed the impact that
any such relationships might have on the objectivity and independence of the
independent registered public accounting firm.

As set forth above, and as more fully set forth in the Charter, the Audit
Committee has significant duties and powers in its oversight role with respect
to the Trust's financial reporting procedures, internal control systems, and the
independent audit process.

The members of the Audit Committee are not, and do not represent themselves
to be, professionally engaged in the practice of auditing or accounting and are
not employed by the Trust for accounting, financial management, or internal
control purposes. Moreover, the Audit Committee relies on and makes no
independent verification of the facts presented to it or representations made by
management or independent verification of the facts presented to it or
representations made by management or the Trust's independent registered public
accounting firm. Accordingly, the Audit Committee's oversight does not provide
an independent basis to determine that management has maintained appropriate
accounting and/or financial reporting principles and policies, or internal
controls and procedures, designed to assure compliance with accounting standards
and applicable laws and regulations. Furthermore, the Audit Committee's
considerations and discussions referred to above do not provide assurance that
the audit of the Trust's financial statements has been carried out in accordance
with the standards of the Public Company Accounting Oversight Board (United
States) or that the financial statements are presented in accordance with
generally accepted accounting principles (United States).

Based on its consideration of the audited financial statements and the
discussions referred to above with management and the Trust's independent
registered public accounting firm, and subject to the limitations on the
responsibilities and role of the Audit Committee set forth in the Charter and
those discussed above, the Audit Committee recommended to the Trust's Board of
Directors that the Trust's audited financial statements be included in the
Trust's Annual Report for the year ended December 31, 2005.

SUBMITTED BY THE AUDIT COMMITTEE OF THE TRUST'S BOARD OF DIRECTORS

Anthony R. Pustorino, Chairman
Anthony J. Colavita
Salvatore J. Zizza

February 15, 2006

The Audit Committee met twice during the year ended December 31, 2005. The
Audit Committee is composed of three of the Trust's independent (as such term is
defined by the New York Stock Exchange's listing standards (the "NYSE Listing
Standards")) Directors, namely Messrs. Colavita, Pustorino, and Zizza. Each
member of the Audit Committee has been determined by the Board of Directors to
be financially literate.

NOMINATING COMMITTEE

The Board of Directors has a Nominating Committee composed of three
independent (as such term is defined by the NYSE Listing Standards) Directors,
namely Messrs. Colavita, Ferrara, and Zizza. The Nominating Committee met once
during the year ended December 31, 2005. The Nominating Committee is responsible
for identifying and recommending to the Board of Directors individuals believed
to be qualified to become Board members in the event that a position is vacated
or created. The Nominating Committee will consider Director candidates
recommended by shareholders. In considering candidates submitted by
shareholders, the Nominating Committee will take into consideration the needs of
the Board of Directors, the qualifications of the candidate, and the interests
of shareholders. The Nominating Committee may also take into consideration the
number of shares held by the recommending shareholder and the length of time
that such shares have been held. To recommend a candidate for consideration by
the Nominating Committee, a shareholder must submit the recommendation in
writing and must include the following information:

o The name of the shareholder and evidence of the shareholder's ownership
of shares of the Trust, including the number of shares owned and the
length of time of ownership;
o The name of the candidate, the candidate's resume or a listing of his
or her qualifications to be a Director of the Trust, and the person's
consent to be named as a Director if selected by the Nominating
Committee and nominated by the Board of Directors; and
o If requested by the Nominating Committee, a completed and signed
directors' questionnaire.

The shareholder recommendation and information described above must be sent
to James E. McKee, the Trust's Secretary, c/o Gabelli Funds, LLC at One
Corporate Center, Rye, NY 10580-1422, and must be received by the Secretary no
less than 120 days prior to the anniversary date of the Trust's most recent
annual meeting of shareholders or, if the meeting has moved by more than 30
days, a reasonable amount of time before the meeting.

The Nominating Committee believes that the minimum qualifications for
serving as a Director of the Trust are that the individual demonstrate, by
significant accomplishment in his or her field, an ability to make a meaningful
contribution to the Board of Directors' oversight of the business and affairs of
the Trust and have an impeccable record and reputation for honest and ethical
conduct in both his or her professional and personal activities. In addition,
the Nominating Committee examines a candidate's specific experiences and skills,
time availability in light of other commitments, potential conflicts of
interest, and independence from management and the Trust. The Nominating
Committee also seeks to have the Board of Directors represent a diversity of
backgrounds and experience.

The Trust's Nominating Committee adopted a charter on May 12, 2004, and
amended the charter on November 17, 2004. The charter can be found on the
Trust's website at www.gabelli.com.

OTHER BOARD-RELATED MATTERS

The Board of Directors has established the following procedures in order to
facilitate communications between the Board and the shareholders of the Trust
and other interested parties.

RECEIPT OF COMMUNICATIONS
-------------------------

Shareholders and other interested parties may contact the Board or any
member of the Board by mail or electronically. To communicate with the Board or
any member of the Board, correspondence should be addressed to the Board or the
Board member(s) with whom you wish to communicate by either name or title. All
such correspondence should be sent c/o the Trust at One Corporate Center, Rye,
NY 10580-1422. To communicate with the Board electronically, shareholders may
send an e-mail to gabellifundsboard@gabelli.com.

FORWARDING THE COMMUNICATIONS
-----------------------------

All communications received will be opened by the office of the General
Counsel of the Adviser for the sole purpose of determining whether the contents
represent a message to one or more Directors. The office of the General Counsel
will forward promptly to the addressee(s) any contents that relate to the Trust
and that are not in the nature of advertising, promotion of a product or
service, or patently offensive or otherwise objectionable material. In the case
of communications to the Board of Directors or any committee or group of members
of the Board, the General Counsel's office will make sufficient copies of the
contents to send to each Director who is a member of the group or committee to
which the envelope or e-mail is addressed.

The Trust does not expect Directors or Nominees for election as Director to
attend the Annual Meeting of Shareholders.

The following table sets forth certain information regarding the
compensation of the Trust's Directors and officers for the year ended December
31, 2005. Ms. Donato is employed by the Trust and is not employed by the Adviser
(although she may receive incentive-based variable compensation from affiliates
of the Adviser). Officers of the Trust who are employed by the Adviser receive
no compensation or expense reimbursement from the Trust.

COMPENSATION TABLE
FOR THE YEAR ENDED DECEMBER 31, 2005

AGGREGATE COMPENSATION FROM
AGGREGATE COMPENSATION THE TRUST AND FUND COMPLEX
NAME OF PERSON AND POSITION FROM THE TRUST PAID TO DIRECTORS AND OFFICERS*
---------------------------- -------------- ------------------------------
INTERESTED DIRECTORS/NOMINEES:
-----------------------------

MARIO J. GABELLI $0 $0 (24)(diamond)
Chairman of the Board and
Chief Investment Officer

KARL OTTO POHL** $0 $7,571 (35)+ (diamond)
Director

NON-INTERESTED DIRECTORS/NOMINEES:
---------------------------------
THOMAS E. BRATTER $18,333 $32,750 (3)
Director

ANTHONY J. COLAVITA $22,085 $212,473 (37)+ (diamond)
Director

JAMES P. CONN $17,538 $83,283 (14)
Director

FRANK J. FAHRENKOPF, JR. $18,225 $60,183 (5)
Director

ARTHUR V. FERRARA $18,063 $32,011 (9)+
Director

ANTHONY R. PUSTORINO $25,154 $147,261 (17)+
Director

SALVATORE J. ZIZZA $20,592 $143,962 (25)(diamond)
Director

OFFICER:
--------
DAWN M. DONATO $75,000 $75,000 (1)
Assistant Vice President

------------------
* Represents the total compensation paid to such persons during the
calendar year ended December 31, 2005 by investment companies
(including the Trust) or portfolios thereof from which such person
receives compensation that are considered part of the same fund
complex as the Trust because they have common or affiliated investment
advisers. The number in parentheses represents the number of such
investment companies and portfolios.
** Mr. Pohl resigned from the Board of Directors effective November 16,
2005 and now serves as Director Emeritus.
+ Includes compensation for serving as a Director of The Treasurer's
Fund, Inc., which was liquidated on October 28, 2005.
(diamond) Includes compensation for serving as a Trustee of Ned Davis Research
Funds, Inc., which was liquidated on February 10, 2006.

REQUIRED VOTE

The election of each of the listed Nominees for Director of the Trust
requires the affirmative vote of the holders of a plurality of the applicable
class or classes of Shares of the Trust represented at the Meeting if a quorum
is present.

THE BOARD OF DIRECTORS, INCLUDING THE "NON-INTERESTED" DIRECTORS,
UNANIMOUSLY RECOMMENDS THAT THE COMMON AND PREFERRED SHAREHOLDERS VOTE "FOR" THE
ELECTION OF EACH NOMINEE.

ADDITIONAL INFORMATION

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers, 300 Madison Avenue, New York, NY 10017, has been
selected to serve as the Trust's independent registered public accounting firm
for the year ending December 31, 2006. PricewaterhouseCoopers acted as the
Trust's independent registered public accounting firm for the year ended
December 31, 2005. The Trust knows of no direct financial or material indirect
financial interest of PricewaterhouseCoopers in the Trust. A representative of
PricewaterhouseCoopers will not be present at the Meeting, but will be available
by telephone and will have an opportunity to make a statement, if asked, and
will be available to respond to appropriate questions.

Set forth in the table below are audit fees and non-audit related fees
billed to the Trust by PricewaterhouseCoopers for professional services received
during and for the years ended December 31, 2004 and 2005, respectively.

YEAR ENDED AUDIT-RELATED ALL
DECEMBER 31 AUDIT FEES FEES* TAX FEES** OTHER FEES
----------- ---------- ----- ---------- ----------
2004 $43,658 $20,600 $2,550 --
2005 $85,700 $20,600 $2,880 --
------------
* "Audit-Related Fees" are those fees billed to the Trust by
PricewaterhouseCoopers in connection with the preparation of Preferred
Shares Reports to Moody's Investors Service, Inc. and Standard & Poor's
Ratings Services.
** "Tax Fees" are those fees billed by PricewaterhouseCoopers in connection
with tax compliance services, including primarily the review of the Trust's
income tax returns.

The Trust's Audit Committee Charter requires that the Audit Committee
pre-approve all audit and non-audit services to be provided by the independent
registered public accounting firm to the Trust, and all non-audit services to be
provided by the independent registered public accounting firm to the Trust's
Adviser and service providers controlling, controlled by, or under common
control with the Trust's Adviser ("affiliates") that provide on-going services
to the Trust (a "Covered Services Provider"), if the engagement relates directly
to the operations and financial reporting of the Trust. The Audit Committee may
delegate its responsibility to pre-approve any such audit and permissible
non-audit services to the Chairman of the Audit Committee, and the Chairman must
report his decision(s) to the Audit Committee, at its next regularly scheduled
meeting after the Chairman's pre-approval of such services. The Audit Committee
may also establish detailed pre-approval policies and procedures for
pre-approval of such services in accordance with applicable laws, including the
delegation of some or all of the Audit Committee's pre-approval responsibilities
to other persons (other than the Adviser or the Trust's officers). Pre-approval
by the Audit Committee of any permissible non-audit services is not required so
long as: (i) the aggregate amount of all such permissible non-audit services
provided to the Trust, the Adviser, and any Covered Services Provider
constitutes not more than 5% of the total amount of revenues paid by the Trust
to its independent registered public accounting firm during the year in which
the permissible non-audit services are provided; (ii) the permissible non-audit
services were not recognized by the Trust at the time of the engagement to be
non-audit services; and (iii) such services are promptly brought to the
attention of the Audit Committee and approved by the Audit Committee or the
Chairman prior to the completion of the audit. All of the audit, audit-related,
and tax services described above for which PricewaterhouseCoopers billed the
Trust fees for the years ended December 31, 2004 and December 31, 2005 were
pre-approved by the Audit Committee.

For the year ended December 31, 2005, PricewaterhouseCoopers has
represented to the Trust that it did not provide any non-audit services (or bill
any fees for such services) to the Adviser or any affiliates thereof that
provide services to the Trust.

THE INVESTMENT ADVISER AND ADMINISTRATOR

Gabelli Funds, LLC is the Trust's Adviser and Administrator and its
business address is One Corporate Center, Rye, New York 10580-1422.

COMPLIANCE WITH THE SECURITIES EXCHANGE ACT OF 1934

Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, and the
rules thereunder, require the Trust's executive officers and Directors,
executive officers and directors of the Adviser, certain other affiliated
persons of the Adviser, and persons who own more than 10% of a registered class
of the Trust's securities to file reports of ownership and changes in ownership
with the SEC and the New York Stock Exchange and to furnish the Trust with
copies of all Section 16(a) forms they file. Based solely on the Trust's review
of the copies of such forms it received for the year ended December 31, 2005,
the Trust believes that during that year such persons complied with all such
applicable filing requirements, except for two late Form 4 filings, one on
behalf of Dr. Bratter and one on behalf of Mr. Zizza.

BROKER NON-VOTES AND ABSTENTIONS

For purposes of determining the presence of a quorum for transacting
business at the Meeting, abstentions and broker "non-votes" (that is, proxies
from brokers or nominees indicating that such persons have not received
instructions from the beneficial owner or other persons entitled to vote shares
on a particular matter with respect to which the brokers or nominees do not have
discretionary power) will be treated as shares that are present but that have
not been voted. Accordingly, shareholders are urged to forward their voting
instructions promptly.

The affirmative vote of a plurality of votes cast for each Nominee by the
shareholders entitled to vote for a particular Nominee is necessary for the
election of a Director. Abstentions or broker non-votes will not be counted as
votes cast and will have no effect on the result of the vote. Abstentions or
broker non-votes, however, will be considered to be present at the Meeting for
purposes of determining the existence of a quorum.

Shareholders of the Trust will be informed of the voting results of the
Meeting in the Trust's Semi-Annual Report dated June 30, 2006.

OTHER MATTERS TO COME BEFORE THE MEETING

The Directors of the Trust do not intend to present any other business at
the Meeting, nor are they aware that any shareholder intends to do so. If,
however, any other matters, including adjournments, are properly brought before
the Meeting, the persons named in the accompanying proxy will vote thereon in
accordance with their judgment.

SHAREHOLDER PROPOSALS

All proposals by shareholders of the Trust which are intended to be
presented at the Trust's next Annual Meeting of Shareholders to be held in 2007
must be received by the Trust for consideration for inclusion in the Trust's
proxy statement and proxy relating to that meeting no later than December 18,
2006. There are additional requirements regarding proposals of shareholders, and
a shareholder contemplating submission of a proposal is referred to Rule 14a-8
under the 1934 Act.

IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT
EXPECT TO ATTEND THE MEETING ARE THEREFORE URGED TO COMPLETE, SIGN, DATE, AND
RETURN THE PROXY CARD AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.

This Page Left Blank Intentionally.

3553-PS-2006

MR A SAMPLE
DESIGNATION (IF ANY)
ADD 1
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000000000.000 ext
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000000000.000 ext
000000000.000 ext
000000000.000 ext
000000000.000 ext
000000000.000 ext

C 1234567890 J N T

-- Mark box at left if an address change is noted on this card.
--
--------------------------------------------------------------------------------
ANNUAL MEETING PROXY CARD COMMON SHAREHOLDER
--------------------------------------------------------------------------------

THE GABELLI EQUITY TRUST INC.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Mario J. Gabelli, James E. McKee and Bruce N.
Alpert, and each of them, attorneys and proxies of the undersigned, with full
powers of substitution and revocation, to represent the undersigned and to vote
on behalf of the undersigned all shares of The Gabelli Equity Trust Inc. (the
"Trust") which the undersigned is entitled to vote at the Annual Meeting of
Shareholders of the Trust to be held at The Cole Auditorium, The Greenwich
Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 on Monday, May 15,
2006 at 9:00 a.m., and at any adjournments thereof. The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby
instructs said attorneys and proxies to vote said shares as indicated herein. In
their discretion, the proxies are authorized to vote upon such other business as
may properly come before the Meeting.

A majority of the proxies present and acting at the Meeting in person or by
substitute (or, if only one shall be so present, then that one) shall have and
may exercise all of the power and authority of said proxies hereunder. The
undersigned hereby revokes any proxy previously given.

This proxy, if properly executed, will be voted in the manner directed by the
undersigned shareholder. If no direction is made, this proxy will be voted FOR
the election of the nominee as Director and in the discretion of the proxy
holder as to any other matter that may properly come before the Meeting. Please
refer to the Proxy Statement for a discussion of Proposal No. 1.

--------------------------------------------------------------------------------
PLEASE VOTE, DATE AND SIGN BELOW AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.
--------------------------------------------------------------------------------

A ELECTION OF DIRECTOR
1. To elect one (1) Director of the Trust:

01 - Anthony R. Pustorino, CPA FOR WITHHOLD

COMMENTS --
Mark box at right if comments are noted below. --

--------------------------------------------------------------------------------

B AUTHORIZED SIGNATURES - SIGN HERE - THIS SECTION MUST BE COMPLETED FOR
YOUR INSTRUCTIONS TO BE EXECUTED.

Please sign this proxy exactly as your name(s) appear(s) in the records of the
Trust. If joint owners, either may sign. Trustees and other fiduciaries should
indicate the capacity in which they sign, and where more than one name appears,
a majority must sign. If a corporation, this signature should be that of an
authorized officer who should state his or her title.

Signature 1 - Please keep signature within the box
----------------

----------------

Signature 2 - Please keep signature within the box
----------------

----------------

Date (mm/dd/yyyy)
----------------
/ /
----------------

0 0 8 4 6 1 1 1 U P X 0 0 8 4 6 1 +

GABELLI FUNDS

MR A SAMPLE
DESIGNATION (IF ANY)
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000000000.000 ext
000000000.000 ext
000000000.000 ext
000000000.000 ext
000000000.000 ext
000000000.000 ext
000000000.000 ext

C 1234567890 J N T

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--
--------------------------------------------------------------------------------
ANNUAL MEETING PROXY CARD SERIES B PREFERRED
--------------------------------------------------------------------------------
THE GABELLI EQUITY TRUST INC.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

This proxy, if properly executed, will be voted in the manner directed by the
undersigned shareholder. If no direction is made, this proxy will be voted FOR
the election of the nominees as Directors and in the discretion of the proxy
holder as to any other matter that may properly come before the Meeting. Please
refer to the Proxy Statement for a discussion of Proposal No. 1.

A ELECTION OF DIRECTORS
1. To elect two (2) Directors of the Trust:

01 - James P. Conn FOR WITHHOLD
02 - Anthony R. Pustorino, CPA FOR WITHHOLD

COMMENTS --
Mark box at right if comments are noted below. --

--------------------------------------------------------------------------------

B AUTHORIZED SIGNATURES - SIGN HERE - THIS SECTION MUST BE COMPLETED FOR
YOUR INSTRUCTIONS TO BE EXECUTED.

Signature 1 - Please keep signature within the box
----------------

----------------

Signature 2 - Please keep signature within the box
----------------

----------------

Date (mm/dd/yyyy)
----------------
/ /
----------------

0 0 8 4 6 1 3 1 U P X C O Y +

GABELLI FUNDS

--------------------------------------------------------------------------------
ANNUAL MEETING PROXY CARD SERIES C PREFERRED
--------------------------------------------------------------------------------

THE GABELLI EQUITY TRUST INC.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

This proxy, if properly executed, will be voted in the manner directed by the
undersigned shareholder. If no direction is made, this proxy will be voted FOR
the election of the nominees as Directors and in the discretion of the proxy
holder as to any other matter that may properly come before the Meeting. Please
refer to the Proxy Statement for a discussion of Proposal No. 1.

A ELECTION OF DIRECTORS
1. To elect two (2) Directors of the Trust:

01 - James P. Conn FOR WITHHOLD
02 - Anthony R. Pustorino, CPA FOR WITHHOLD

COMMENTS --
Mark box at right if comments are noted below. --

--------------------------------------------------------------------------------

B AUTHORIZED SIGNATURES - SIGN HERE - THIS SECTION MUST BE COMPLETED FOR
YOUR INSTRUCTIONS TO BE EXECUTED.

Signature 1 - Please keep signature within the box
----------------

----------------

Signature 2 - Please keep signature within the box
----------------

----------------

Date (mm/dd/yyyy)
----------------
/ /
----------------

0 0 8 4 6 1 4 1 U P X C O Y +

GABELLI FUNDS

MR A SAMPLE
DESIGNATION (IF ANY)
ADD 1
ADD 2
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000000000.000 ext
000000000.000 ext
000000000.000 ext
000000000.000 ext
000000000.000 ext
000000000.000 ext
000000000.000 ext

C 1234567890 J N T

-- Mark box at left if an address change is noted on this card.
--
--------------------------------------------------------------------------------
ANNUAL MEETING PROXY CARD SERIES D PREFERRED
--------------------------------------------------------------------------------
THE GABELLI EQUITY TRUST INC.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

This proxy, if properly executed, will be voted in the manner directed by the
undersigned shareholder. If no direction is made, this proxy will be voted FOR
the election of the nominees as Directors and in the discretion of the proxy
holder as to any other matter that may properly come before the Meeting. Please
refer to the Proxy Statement for a discussion of Proposal No. 1.

A ELECTION OF DIRECTORS
1. To elect two (2) Directors of the Trust:

01 - James P. Conn FOR WITHHOLD
02 - Anthony R. Pustorino, CPA FOR WITHHOLD

COMMENTS --
Mark box at right if comments are noted below. --

--------------------------------------------------------------------------------

B AUTHORIZED SIGNATURES - SIGN HERE - THIS SECTION MUST BE COMPLETED FOR
YOUR INSTRUCTIONS TO BE EXECUTED.

Signature 1 - Please keep signature within the box
----------------

----------------

Signature 2 - Please keep signature within the box
----------------

----------------

Date (mm/dd/yyyy)
----------------
/ /
----------------

0 0 8 4 6 1 2 1 U P X C O Y +

GABELLI FUNDS

--------------------------------------------------------------------------------
ANNUAL MEETING PROXY CARD SERIES E PREFERRED
--------------------------------------------------------------------------------

THE GABELLI EQUITY TRUST INC.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

This proxy, if properly executed, will be voted in the manner directed by the
undersigned shareholder. If no direction is made, this proxy will be voted FOR
the election of the nominees as Directors and in the discretion of the proxy
holder as to any other matter that may properly come before the Meeting. Please
refer to the Proxy Statement for a discussion of Proposal No. 1.

A ELECTION OF DIRECTORS
1. To elect two (2) Directors of the Trust:

01 - James P. Conn FOR WITHHOLD
02 - Anthony R. Pustorino, CPA FOR WITHHOLD

COMMENTS --
Mark box at right if comments are noted below. --

--------------------------------------------------------------------------------

B AUTHORIZED SIGNATURES - SIGN HERE - THIS SECTION MUST BE COMPLETED FOR
YOUR INSTRUCTIONS TO BE EXECUTED.

Signature 1 - Please keep signature within the box
----------------

----------------

Signature 2 - Please keep signature within the box
----------------

----------------

Date (mm/dd/yyyy)
----------------
/ /
----------------

0 0 8 4 6 1 5 1 U P X C O Y +