Rye, NY
November 16, 2006
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 18, 2006 to common stock shareholders of record on December 13, 2006, pursuant to the Gabelli Equity Trust's 10% Distribution Policy. This distribution consists of the $0.20 per share quarterly distribution plus a $0.10 per share additional distribution to satisfy the 10% Distribution Policy.

The total distributions for 2006 from the Fund equate to $0.88 per share, a 3.5% increase over the $0.85 per share total distributions paid in 2005.

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 a minimum of $0.20 per share for 2007 with an adjusting distribution in the fourth quarter.

Under the Gabelli Equity Trust's distribution policy, the Fund pays a minimum annual distribution of 10% of the average net asset value of the Fund. The Fund paid $0.19 per share to shareholders in the first and second quarters of 2006 and an increased distribution of $0.20 per share to shareholders in the third quarter of 2006. 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 based on the income, capital gains, or capital available.

The Board of Directors determined to distribute $0.30 per share even though the minimum annual distribution of 10% of the average net asset value of the Fund equates to $0.27 per share for the fourth quarter of 2006 or $0.85 per share for full year 2006.

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 paid-in capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. As of November 16, 2006, the date of this press release, the current distribution would include approximately 17% from net investment income, 48% from net capital gains and 35% from paid-in capital. The estimated components of each distribution are provided to shareholders of record in a notice accompanying the distribution and are available on our website ( The final determination of the sources of all distributions in 2006 will be made after year-end. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2006 distributions in early 2007 via Form 1099-DIV.

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $2.1 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.