THE GABELLI EQUITY TRUST INC.
DECLARES $0.3875 QUARTERLY DIVIDEND FOR ITS
6.20% SERIES F CUMULATIVE PREFERRED STOCK

FOR IMMEDIATE RELEASE
Rye, NY
February 26, 2007
NYSE - GAB PrF
CUSIP 362397804
For information:
LoAn Nguyen
(914) 921-5070

  The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) declared a $0.3875 per share cash distribution payable on March 26, 2007 to Preferred Shareholders of record on March 19, 2007.

The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GAB Pr F", are rated "Aaa" by Moody's Investors Service and have an annual dividend rate of $1.55 per share. The Preferred Shares were issued on November 10, 2006 at $25.00 per share and will pay distributions quarterly. The Preferred Shares will be callable at any time at the liquidation value of $25.00 per share plus accrued dividends following the expiration of the five-year call protection on November 10, 2011.

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. Long-term capital gains, qualified dividend income, and ordinary income, if any, will be allocated on a pro-rata basis to all distributions for the year. As of February 26, 2007, the date of this press release, the current distribution would include approximately 16% from net investment income and 84% from net capital gains. The estimated components of each distribution are provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2007 will be made after year-end, and can vary from the quarterly estimates. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2007 distributions in early 2008 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.