THE GABELLI EQUITY TRUST INC.
DECLARES FOURTH QUARTER DISTRIBUTION OF $0.30 PER SHARE
AND REAFFIRMS ITS 10% DISTRIBUTION POLICY

FOR IMMEDIATE RELEASE
Rye, NY
November 17, 2005
NYSE - GAB
CUSIP 362397101
For information:
Carter Austin
(914) 921-5070



  The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) declared a $0.30 per share cash distribution payable on December 23, 2005 to common stock shareholders of record on December 15, 2005, pursuant to the Gabelli Equity Trust's 10% Distribution Policy. This distribution consists of the $0.19 per share quarterly distribution plus an $0.11 per share additional distribution, to satisfy the 10% Distribution Policy. The total distribution from the Fund equates to $0.85 per share for 2005, a 6% increase over the $0.80 per share total distribution paid in 2004.

The Board of Directors also reaffirmed the continuation of the Gabelli Equity Trust's 10% Distribution Policy and intends to maintain the quarterly distribution level of $0.19 per share for 2006 with an adjusting distribution in the fourth quarter.

Under the Gabelli Equity Trust's payout policy, the Fund pays a minimum annual distribution of 10% of the average net asset value of the Fund. The Fund's current quarterly distribution level was raised to $0.19 per share in the third quarter of 2005. The Fund pays an adjusting distribution in the fourth quarter of a sufficient amount to pay 10% of the average net asset value of the Fund, as of the last day of the four preceding calendar quarters, or to satisfy the minimum distribution requirements of the Internal Revenue Code, whichever is greater. Each quarter, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or paid-in capital available.

A portion of the distribution may be treated as long-term capital gain and qualified dividend income for individuals, each subject to the maximum Federal income tax rate, which is currently 15% in taxable accounts for individuals. If the Fund does not generate earnings from dividends, interest and net realized capital gains equal to or in excess of the aggregate distributions paid by the Fund for the year, then the amount distributed in excess of the Fund's investment income and net realized capital gains will be deemed a non-taxable return of capital. Long-term capital gains, qualified dividend income, ordinary income and non-taxable return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on earnings to date, the distribution would include approximately 7% from net investment income, 12% from capital gains and 81% from non-taxable return of capital. The final determination of the source of all distributions in 2005 will be made after year-end. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2005 distributions in early 2006 via Form 1099-DIV.

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.