THE GABELLI EQUITY TRUST INC.
AUTHORIZES SPIN-OFF OF A NEWLY FORMED CLOSED-END INVESTMENT COMPANY

FOR IMMEDIATE RELEASE
Rye, NY
August 17, 2006
NYSE - GAB
CUSIP 362397408
For information:
Carter Austin
(914) 921-5070



  The Board of Directors of The Gabelli Equity Trust Inc. (the "Equity Trust") (NYSE:GAB) has approved, subject to shareholder and other regulatory approvals, the contribution of a portion of the Equity Trust's assets to a newly formed non-diversified, closed-end investment company, The Gabelli Global Healthcare & WellnessRx Trust (the "Healthcare & WellnessRx Trust"). All of the Healthcare & WellnessRx Trust's common stock would then be distributed to the common stockholders of the Equity Trust.

The Equity Trust would contribute to the Healthcare & WellnessRx Trust approximately $60 million to $100 million of its cash and/or securities and would then distribute all of the shares of the Healthcare & WellnessRx Trust pro rata to the common stockholders of the Equity Trust. The Healthcare & WellnessRx Trust will seek to have its shares listed on the New York Stock Exchange.

The transaction, which is expected to be voted upon at the Equity Trust's Annual Meeting of Shareholders in May 2007, would represent the third spin-off of a closed-end investment company by the Equity Trust. In November 1994, the Equity Trust distributed shares of The Gabelli Global Multimedia Trust Inc. (the "Multimedia Trust") (NYSE:GGT) at a rate of one Multimedia Trust share for every ten shares of Equity Trust common stock. In July 1999, the Equity Trust distributed shares of The Gabelli Utility Trust (the "Utility Trust") (NYSE:GUT) at a rate of one Utility Trust share for every ten shares of Equity Trust common stock. The Board of Directors of the Equity Trust will determine the amount of capital to be distributed, the number of shares to be distributed, and the record and distribution dates, which will be announced at a later time. The distribution will be made only by means of a prospectus and this notice does not constitute an offer of any securities for sale.

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $1.8 billion in total assets whose primary investment objective is long term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed company.