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

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NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON MAY 9, 2005

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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 "Equity Trust") will be held at
The Round Hill Room, Hyatt Regency Greenwich, 1800 East Putnam Avenue,
Old Greenwich, Connecticut 06870, on Monday, May 9, 2005, at 9:00 a.m., for the
following purposes:

1. To elect three (3) Directors of the Equity Trust, two to be elected
by the holders of the Equity 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
("Preferred Stock"), voting together as a single class, and one to
be elected by holders of the Equity 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 1, 2005 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
EQUITY TRUST. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU
PLEASE COMPLETE, SIGN ANDDATE 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 15, 2005

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 Equity 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.

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ANNUAL MEETING OF SHAREHOLDERS
MAY 9, 2005

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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 "Equity
Trust") for use at the Annual Meeting of Shareholders of the Equity Trust to be
held on Monday, May 9, 2005, at 9:00 a.m., at The Round Hill Room, Hyatt Regency
Greenwich, 1800 East Putnam Avenue, Old Greenwich, Connecticut 06870, 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 15, 2005.

In addition to the solicitation of proxies by mail, officers of the Equity
Trust and officers and regular employees of EquiServe Trust Company N.A.
("EquiServe"), the Equity Trust's transfer agent, and affiliates of EquiServe or
other representatives of the Equity Trust also may solicit proxies by telephone,
telegraph, Internet or in person. In addition, the Equity 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 costs of the proxy solicitation and
the expenses incurred in connection with preparing the Proxy Statement and its
enclosures will be paid by the Equity Trust. The Equity Trust will also
reimburse brokerage firms and others for their expenses in forwarding
solicitation materials to the beneficial owners of its shares.

THE EQUITY TRUST'S MOST RECENT ANNUAL REPORT, INCLUDING AUDITED FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004, IS AVAILABLE UPON
REQUEST, WITHOUT CHARGE, BY WRITING TO THE EQUITY TRUST AT ONE CORPORATE CENTER,
RYE, NEW YORK 10580-1422, BY CALLING THE EQUITY 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 in 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
Equity 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 Equity 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 1, 2005 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 Equity 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 and an
appropriate fraction of a vote for each fractional share held. On the record
date, March 1, 2005, there were 140,332,964 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 Equity Trust to
be beneficial owners of more than 5% of the Equity 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 two Directors: vote to elect two Directors:
Frank J. Fahrenkopf, Jr. and Frank J. Fahrenkopf, Jr. and
Salvatore J. Zizza Salvatore J. Zizza

Preferred Stockholders,
voting as a separate class,
vote to elect one Director:
Anthony J. Colavita

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 THREE (3) DIRECTORS OF THE EQUITY 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.
Anthony J. Colavita, Frank J. Fahrenkopf, Jr. and Salvatore J. Zizza have each
been nominated by the Board of Directors for a three-year term to expire at the
Equity Trust's 2008 Annual Meeting of Shareholders or until their successors are
duly elected and qualified. Each of the Directors of the Equity Trust has served
in that capacity since the July 14, 1986 organizational meeting of the Equity
Trust with the exception of (i) Mr. Conn, who became a Director of the Equity
Trust on May 15, 1989, (ii) Mr. Pohl, who became a Director of the Equity Trust
on February 19, 1992, (iii) Mr. Fahrenkopf, Jr., who became a Director of the
Equity Trust on May 11, 1998, (iv) Mr. Colavita, who became a Director of the
Equity Trust on November 17, 1999 and (v) Mr. Ferrara, who became a Director of
the Equity Trust on August 15, 2001. All of the Directors of the Equity 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 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
Dr. Thomas E. Bratter
Arthur V. Ferrara

DIRECTORS SERVING UNTIL 2006 ANNUAL MEETING OF SHAREHOLDERS
-----------------------------------------------------------
James P. Conn
Karl Otto Pohl
Anthony R. Pustorino, CPA

Under the Equity Trust's Articles of Incorporation, Articles Supplementary
and the Investment Company Act of 1940, as amended (the "1940 Act"), holders of
the Equity Trust's outstanding Preferred Stock, voting as a separate class, are
entitled to elect two Directors, and holders of the Equity Trust's outstanding
Common Stock and Preferred Stock, voting as a single class, are entitled to
elect the remaining Directors, subject to the provisions of the 1940 Act and the
Equity Trust's Articles of Incorporation, Articles Supplementary and By-Laws.
The holders of the Equity 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 Equity 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 Equity Trust's Preferred
Stock. A quorum of the Preferred Stockholders must be present at the Meeting in
order for the proposal to elect Mr. Colavita 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 Equity Trust and officers of the Equity Trust,
including information relating to their respective positions held with the
Equity Trust, a brief statement of their principal occupations during the past
five years and other directorships, 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, Chief Director of Morgan Group 24
Director and Executive Officer of Gabelli Asset Holdings, Inc. (holding
Chief Investment Officer Management Inc. and Chief company)
Age: 62 Investment Officer - Value Portfolios
of Gabelli Funds, LLC and GAMCO
Investors, Inc.; Chairman and Chief
Executive Officer of Lynch Interactive
Corporation (multimedia and services)

KARL OTTO POHL Since 1992** Member of the Shareholder Director of Gabelli Asset 35
Director Committee of Sal. Oppenheim Jr. & Management Inc.; Chairman,
Age: 75 Cie, Zurich (private investment bank); InCentive Capital AG and
Former President of the Deutsche InCentive Asset Management
Bundesbank and Chairman of its AG (Zurich); Director of Sal.
Central Bank Council (1980-1991) Oppenheim Jr. & Cie, (Zurich)
(private investment bank)

NON-INTERESTED DIRECTORS/NOMINEES:
----------------------------------
DR. THOMAS E. BRATTER Since 1986*** Director, President and Founder, -- 3
Director The John Dewey Academy
Age: 65 (residential college preparatory
therapeutic high school)

ANTHONY J. COLAVITA(4) Since 1999* Partner in the law firm of Anthony J. -- 37
Director Colavita, P.C.
Age: 69

JAMES P. CONN(4) Since 1989** Former Managing Director and Director of LaQuinta Corp. 14
Director Chief Investment Officer of (hotels) and First Republic Bank
Age: 67 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
Age: 65 Association; Partner in the law
firm of Hogan & Hartson; Co-
Chairman of the Commission on
Presidential Debates; Former
Chairman of the Republican
National Committee

ARTHUR V. FERRARA Since 2001*** Former Chairman of the Board and Director of the Guardian Life 9
Director Chief Executive Officer of The Insurance Company of America
Age: 74 Guardian Life Insurance Company of and 5 mutual funds within the
America (1993-1995); President,
Guardian Fund Complex Chief
Executive Officer and a Director
prior thereto

ANTHONY R. PUSTORINO Since 1986** Certified Public Accountant; Director of Lynch Corporation 17
Director Professor Emeritus, Pace University (diversified manufacturing)
Age: 79

SALVATORE J. ZIZZA Since 1986* Chairman, Hallmark Electrical Director of Hollis Eden 25
Director Supplies Corp. Pharmaceuticals and
Age: 59 Earl Scheib, Inc. (automotive
services)

OFFICERS:
--------
BRUCE N. ALPERT Since 1988 Executive Vice President and Chief
President and Treasurer Operating Officer of Gabelli Funds, LLC
Age: 53 since 1988. Director and President of
Gabelli Advisers, Inc. since 1998.
Officer of all the registered
investment companies in the Gabelli
fund complex.

CARTER W. AUSTIN Since 2000 Vice President of the Equity Trust.
Vice President Vice President of Gabelli Funds, LLC
Age: 38 since 1996.

DAWN M. DONATO Since 2004 Assistant Vice President of Gabelli
Assistant Vice President Funds, LLC since 2004. Registered
Age: 37 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 Gabelli Asset Management Inc. since
Age: 51 2004. Chief Compliance Officer of all
the registered investment companies in
the Gabelli fund complex. Vice
President of Goldman Sachs Asset
Management from 2000-2004; Deputy
General Counsel of Gabelli Asset
Management Inc. from 1998-2000.

JAMES E. MCKEE Since 1995 Vice President, General Counsel and
Secretary Secretary of Gabelli Asset Management
Age: 41 Inc. since 1999 and GAMCO Investors,
Inc. since 1993; Secretary of the
registered investment companies
advised by Gabelli Advisers, Inc.
and Gabelli Funds, LLC.

_______________________

(1) Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

(2) The Equity 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 Equity Trust's 2008 Annual Meeting
of Shareholders and until his successor is duly elected and qualified.

** Term continues until the Equity Trust's 2006 Annual Meeting of
Shareholders and until his successor is duly elected and qualified.

*** Term continues until the Equity Trust's 2007 Annual Meeting of
Shareholders and until his successor is duly elected and qualified.

(3) "Interested person" of the Equity Trust as defined in the 1940 Act.
Messrs. Gabelli and Pohl are each considered an "interested person" of the
Equity Trust because of their affiliation with Gabelli Funds, LLC which
acts as the Equity Trust's investment adviser, as officers or directors of
other Gabelli Funds or an affiliated entity (and in the case of Mr.
Gabelli, as a controlling shareholder).

(4) As a Director, elected solely by holders of the Equity Trust's Preferred
Stock.

BENEFICIAL OWNERSHIP OF SHARES HELD IN THE EQUITY 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 Equity 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.

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

INTERESTED DIRECTORS/NOMINEES:
------------------------------

Mario J. Gabelli E E

Karl Otto Pohl A A

NON-INTERESTED DIRECTORS/NOMINEES:
----------------------------------

Dr. Thomas E. Bratter E E

Anthony J. Colavita** C E

James P. Conn E E

Frank J. Fahrenkopf, Jr. A B

Arthur V. Ferrara C 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, 2004.

** Messrs. Colavita and Pustorino each beneficially own less than 1% of the
common stock of Lynch Corporation each having a value of $14,500 as of
December 31, 2004. 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 Equity Trust's Adviser.

(1) This information has been furnished by each Director and Nominee for
election as Director as of December 31, 2004. "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 Equity 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 and Officer of the Equity Trust.

AMOUNT AND NATURE OF PERCENT OF SHARES
NAME OF DIRECTOR/NOMINEE BENEFICIAL OWNERSHIP (1) OUTSTANDING (2)
------------------------ ---------------------------------------- -----------------

INTERESTED DIRECTORS/NOMINEES:
------------------------------

Mario J. Gabelli 1,453,565 (3) 1.1%
Karl Otto Pohl 0 *

NON-INTERESTED DIRECTORS/NOMINEES:
----------------------------------

Dr. Thomas E. Bratter 21,997 *
500 7.20% Series B Preferred Stock *
Anthony J. Colavita 2,205 (4) *
1,000 7.20% Series B Preferred Stock (5) *
James P. Conn 29,415 *
1,000 7.20% Series B Preferred Stock *
Frank J. Fahrenkopf, Jr. 0 *
Arthur V. Ferrara 1,436 *
Anthony R. Pustorino 11,917 (6) *
Salvatore J. Zizza 28,811 (7) *

__________________________

(1) This information has been furnished by each Director and Nominee for
election as Director as of December 31, 2004. "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 635,160 common shares owned by affiliates of the Adviser for
which Mr. Gabelli disclaims beneficial ownership.

(4) Comprised of 2,205 common shares owned by Mr. Colavita's spouse.

(5) Comprised of 1,000 preferred shares owned by Mr. Colavita's spouse.

(6) Includes 2,303 common shares owned by Mr. Pustorino's spouse.

(7) Includes 21,660 common shares owned by Mr. Zizza's three sons.

The Equity 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 and $1,000 per telephonic meeting or Committee meeting, together with the
Director's actual out-of-pocket expenses relating to his attendance at such
meetings. In addition, effective in 2004, 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 Equity Trust to such Directors during the year ended December 31, 2004
amounted to $140,500. During the year ended December 31, 2004, the Directors of
the Equity Trust met five times, one of which was a special meeting 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 Equity Trust's Audit Committee is to assist the Board of
Directors in its oversight of (i) the quality and integrity of the Equity
Trust's financial statement reporting process and the independent audit and
reviews therof; (ii) the Equity 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 Equity 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 Equity 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
16, 2005.

Pursuant to the Charter, the Audit Committee is responsible for conferring
with the Equity Trust's independent registered public accounting firm, reviewing
annual financial statements, approving the selection of

the Equity Trust's independent registered public accounting firm and overseeing
the Equity 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 Equity 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 Equity Trust. As set forth in the Charter,
management is responsible for maintaining appropriate systems for accounting and
internal control, and the Equity 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 Equity Trust reports directly to the Audit Committee.

In performing its oversight function, at a meeting held on February 11,
2005, the Audit Committee reviewed and discussed with management of the Equity
Trust and PricewaterhouseCoopers the audited financial statements of the Equity
Trust as of and for the fiscal year ended December 31, 2004, 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 Equity Trust and
such other matters brought to the attention of the Audit Committee by the
independent registered public accounting firm 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 Equity 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 Equity Trust's financial reporting procedures, internal control systems
and the independent audit process.

Based on its consideration of the audited financial statements and the
discussions referred to above with management and the Equity 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 Equity Trust's
Board of Directors that the Equity Trust's audited financial statements be
included in the Equity Trust's Annual Report for the fiscal year ended December
31, 2004.

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

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

February 16, 2005

The Audit Committee met twice during the fiscal year ended December 31,
2004. The Audit Committee is composed of three of the Equity Trust's independent
(as such term is defined by the New York Stock Exchange, Inc.'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 fiscal year ended December 31, 2004. 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 Equity 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 Equity 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 Equity Trust's Secretary, c/o Gabelli Funds, LLC,
and must be received by the Secretary no less than 120 days prior to the
anniversary date of the Equity 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 Equity 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 Equity 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 Equity Trust. The Nominating Committee also seeks to have the Board of
Directors represent a diversity of backgrounds and experience.

The Equity 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
Equity 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
Equity 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 members(s) with whom you wish to communicate by either name or title. All
such correspondence should be sent c/o the Equity 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 Equity
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 Equity 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 Equity Trust's Directors and officers for the fiscal year
ended December 31, 2004. Ms. Donato is employed by the Equity Trust and is not
employed by the Adviser (although she may receive incentive-based variable
compensation from affiliates of the Adviser). Officers of the Equity Trust who
are employed by the Adviser receive no compensation or expense reimbursement
from the Equity Trust.

COMPENSATION TABLE
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004

AGGREGATE COMPENSATION FROM
AGGREGATE COMPENSATION THE EQUITY TRUST AND FUND
NAME OF PERSON AND POSITION FROM THE EQUITY TRUST COMPLEX PAID TO DIRECTORS AND OFFICERS*
---------------------------------- ---------------------- ---------------------------------------

INTERESTED DIRECTORS/NOMINEES:
------------------------------

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

KARL OTTO POHL $0 $5,085 (34)
Director

NON-INTERESTED DIRECTORS/NOMINEES:
----------------------------------

DR. THOMAS E. BRATTER $18,500 $32,500 (3)
Director

ANTHONY J. COLAVITA $23,000 $216,835 (36)
Director

JAMES P. CONN $18,500 $83,210 (13)
Director

FRANK J. FAHRENKOPF, JR. $18,500 $53,500 (4)
Director

ARTHUR V. FERRARA $16,500 $29,125 (9)
Director

ANTHONY R. PUSTORINO $24,500 $150,000 (17)
Director

SALVATORE J. ZIZZA $21,000 $137,179 (24)
Director

OFFICERS:
---------

CARTER W. AUSTIN** $93,333 $276,667 (2)
Vice President

DAWN M. DONATO $69,583 $69,583 (1)
Assistant Vice President

MATTHEW A. HULTQUIST** $64,782 $64,782 (1)
Vice President

___________________

* Represents the total compensation p aid to such persons during the
calendar year ended December 31, 2004 by investment companies (including
the Equity Trust) or portfolios thereof from which such person receives
compensation that are considered part of the same fund complex as the
Equity Trust because they have common or affiliated investment advisers.
The number in parentheses represents the number of such investment
companies and portfolios.

** Mr. Austin ceased to be a paid employee of the Equity Trust as of June
30, 2004, however he continues to serve as a Vice President of the Equity
Trust. Mr. Hultquist resigned as an officer and employee of the Equity
Trust effective as of December 22, 2004.

REQUIRED VOTE

The election of each of the listed Nominees for Director of the Equity
Trust requires the affirmative vote of the holders of a plurality of the
applicable class or classes of Shares of the Equity 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 Equity Trust's independent registered public accounting
firm for the Equity Trust's fiscal year ending December 31, 2005.
PricewaterhouseCoopers acted as the Equity Trust's independent registered public
accounting firm for the fiscal year ended December 31, 2004. The Equity Trust
knows of no direct financial or material indirect financial interest of
PricewaterhouseCoopers in the Equity 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 Equity Trust by PricewaterhouseCoopers for professional services
received during and for the Equity Trust's fiscal years ended December 31, 2003
and 2004, respectively.

FISCAL YEAR ENDED AUDIT-RELATED ALL
DECEMBER 31 AUDIT FEES FEES** TAX FEES*** OTHER FEES
----------------- ---------- ------------- ----------- ----------
2003 $84,911* $12,500 $2,450 --
2004 $43,658 $20,600 $2,550 --

____________
* Includes non-recurring fees billed by PricewaterhouseCoopers to the Equity
Trust in connection with the initial offering of each series of Preferred
Stock of the Equity Trust.

** "Audit-Related Fees" are those fees billed to the Equity 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 Equity
Trust's income tax returns.

The Equity 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 Equity Trust, and all
non-audit services to be provided by the independent registered public
accounting firm to the Equity Trust's Adviser and service providers controlling,
controlled by or under common control with the Equity Trust's Adviser
("affiliates") that provide on-going services to the Equity Trust (a "Covered
Services Provider"), if the engagement relates directly to the operations and
financial reporting of the Equity 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 Equity 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 Equity Trust, the Adviser and any Covered Services Provider constitutes
not more than 5% of the total amount of revenues paid by the Equity Trust to its
independent registered public accounting firm during the fiscal year in which
the permissible non-audit services are provided; (ii) the permissible non-audit
services were not recognized by the Equity 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 PricewaterhouseCoopersbilled the Equity Trust fees for
the fiscal years ended December 31, 2003 and December 31, 2004 were pre-approved
by the Audit Committee.

For the Equity Trust's fiscal year ended December 31, 2004,
PricewaterhouseCoopershas represented to the Equity 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 Equity Trust.

THE INVESTMENT ADVISER AND ADMINISTRATOR

Gabelli Funds, LLC is the Equity 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 Equity Trust's officers and Directors, officers
and directors of the Adviser, affiliated persons of the Adviser, and persons who
own more than 10% of a registered class of the Equity Trust's securities to file
reports of ownership and changes in ownership with the SEC and the New York
Stock Exchange, Inc. and to furnish the Equity Trust with copies of all Section
16(a) forms they file. Based solely on the Equity Trust's review of the copies
of such forms it received for the calender year ended December 31, 2004, the
Equity Trust believes that during that year such persons complied with all such
applicable filing requirements.

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 Equity Trust will be informed of the voting results of
the Meeting in the Equity Trust's Semi-Annual Report dated June 30, 2005.

OTHER MATTERS TO COME BEFORE THE MEETING

The Directors of the Equity 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 Equity Trust, which are intended to
be presented at the Equity Trust's next Annual Meeting of Shareholders to be
held in 2006, must be received by the Equity Trust for consideration for
inclusion in the Equity Trust's proxy statement and proxy relating to that
meeting no later than December 16, 2005. 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-2005

COMMON THE GABELLI EQUITY TRUST INC. COMMON

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
"Equity Trust") which the undersigned is entitled to vote at the Annual Meeting
of Shareholders of the Equity Trust to be held at The Round Hill Room, Hyatt
Regency Greenwich, 1800 East Putnam Avenue, Old Greenwich, Connecticut 06870 on
Monday, May 9, 2005 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 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.

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

--------------------------------------------------------------------------------
Please sign this proxy exactly as your name(s) appear(s) in the records of the
Equity 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.
--------------------------------------------------------------------------------

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
------------------------------------ ---------------------------------------
------------------------------------ ---------------------------------------
------------------------------------ ---------------------------------------

COMMON THE GABELLI EQUITY TRUST INC. COMMON

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

3553

X PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

1. To elect two (2) Directors of the Equity Trust:
(01) FRANK J. FAHRENKOPF, JR.
(02) SALVATORE J. ZIZZA

For All
Nominees

Withhold

For All
Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name in the space provided above.)

------------------------------
THE GABELLI EQUITY TRUST INC.
------------------------------
COMMON SHAREHOLDER

Mark box at right if an address change or comment has been
noted on the reverse side of this card.

Please be sure to sign and date this proxy.

Signature: Date: Co-owner: Date:
--------------- ----------- --------------- --------

3553

X PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

1. To elect two (2) Directors of the Equity Trust:
(01) FRANK J. FAHRENKOPF, JR.
(02) SALVATORE J. ZIZZA

For All
Nominees

Withhold

For All
Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name in the space provided above.)

------------------------------
THE GABELLI EQUITY TRUST INC.
------------------------------
COMMON SHAREHOLDER

Mark box at right if an address change or comment has been
noted on the reverse side of this card.

Please be sure to sign and date this proxy.

Signature: Date: Co-owner: Date:
--------------- ----------- --------------- --------

SERIES B THE GABELLI EQUITY TRUST INC SERIES B
PREFERRED THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS PREFERRED

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
------------------------------------ ------------------------------------
------------------------------------ ------------------------------------
------------------------------------ ------------------------------------

SERIES B THE GABELLI EQUITY TRUST INC SERIES B
PREFERRED THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS PREFERRED

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
------------------------------------ ------------------------------------
------------------------------------ ------------------------------------
------------------------------------ ------------------------------------

3468

X PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:
(01) ANTHONY J. COLAVITA
(02) FRANK J. FAHRENKOPF, JR.
(03) SALVATORE J. ZIZZA

For All
Nominees

Withhold

For All
Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name in the space provided above.)

--------------------------------
THE GABELLI EQUITY TRUST INC.
--------------------------------
SERIES B PREFERRED SHAREHOLDER

Mark box at right if an address change or comment has been
noted on the reverse side of this card.

Please be sure to sign and date this proxy.

Signature: Date: Co-owner: Date:
------------- ------------ ---------------------- -------

3468

X PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:
(01) ANTHONY J. COLAVITA
(02) FRANK J. FAHRENKOPF, JR.
(03) SALVATORE J. ZIZZA

For All
Nominees

Withhold

For All
Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name in the space provided above.)

--------------------------------
THE GABELLI EQUITY TRUST INC.
--------------------------------
SERIES B PREFERRED SHAREHOLDER

Mark box at right if an address change or comment has been
noted on the reverse side of this card.

Please be sure to sign and date this proxy.

Signature: Date: Co-owner: Date:
------------- ------------ ---------------------- -------

SERIES C THE GABELLI EQUITY TRUST INC. SERIES C
PREFERRED THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS PREFERRED

HAS YOUR ADDRESS CHANGED?

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

DO YOU HAVE ANY COMMENTS?

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

SERIES C THE GABELLI EQUITY TRUST INC. SERIES C
PREFERRED THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS PREFERRED

HAS YOUR ADDRESS CHANGED?

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

DO YOU HAVE ANY COMMENTS?

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

3553

X PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:
(01) ANTHONY J. COLAVITA
(02) FRANK J. FAHRENKOPF, JR.
(03) SALVATORE J. ZIZZA

For All
Nominees

Withhold

For All
Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name in the space provided above.)

--------------------------------
THE GABELLI EQUITY TRUST INC.
--------------------------------
SERIES C PREFERRED SHAREHOLDER

Mark box at right if an address change or comment has been
noted on the reverse side of this card.

Please be sure to sign and date this proxy.

Signature: Date: Co-owner: Date:
-------------- -------------- --------------- ------------

3553

X PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:
(01) ANTHONY J. COLAVITA
(02) FRANK J. FAHRENKOPF, JR.
(03) SALVATORE J. ZIZZA

For All
Nominees

Withhold

For All
Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name in the space provided above.)

--------------------------------
THE GABELLI EQUITY TRUST INC.
--------------------------------
SERIES C PREFERRED SHAREHOLDER

Mark box at right if an address change or comment has been
noted on the reverse side of this card.

Please be sure to sign and date this proxy.

Signature: Date: Co-owner: Date:
-------------- -------------- --------------- ------------

SERIES D THE GABELLI EQUITY TRUST INC. SERIES D
PREFERRED THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS PREFERRED

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
----------------------------------- -------------------------------------
----------------------------------- -------------------------------------
----------------------------------- -------------------------------------

SERIES D THE GABELLI EQUITY TRUST INC. SERIES D
PREFERRED THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS PREFERRED

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
----------------------------------- -------------------------------------
----------------------------------- -------------------------------------
----------------------------------- -------------------------------------

3654

X PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:
(01) ANTHONY J. COLAVITA
(02) FRANK J. FAHRENKOPF, JR.
(03) SALVATORE J. ZIZZA

For All
Nominees

Withhold

For All
Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name in the space provided above.)

--------------------------------
THE GABELLI EQUITY TRUST INC.
--------------------------------
SERIES D PREFERRED SHAREHOLDER

Mark box at right if an address change or comment has been
noted on the reverse side of this card.

Please be sure to sign and date this proxy.

Signature: Date: Co-owner: Date:
--------------- ------------ ----------------- -----------

3654

X PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:
(01) ANTHONY J. COLAVITA
(02) FRANK J. FAHRENKOPF, JR.
(03) SALVATORE J. ZIZZA

For All
Nominees

Withhold

For All
Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name in the space provided above.)

--------------------------------
THE GABELLI EQUITY TRUST INC.
--------------------------------
SERIES D PREFERRED SHAREHOLDER

Mark box at right if an address change or comment has been
noted on the reverse side of this card.

Please be sure to sign and date this proxy.

Signature: Date: Co-owner: Date:
--------------- ------------ ----------------- -----------

SERIES E THE GABELLI EQUITY TRUST INC. SERIES E
PREFERRED THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS PREFERRED

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
--------------------------------- ---------------------------------------
--------------------------------- ---------------------------------------
--------------------------------- ---------------------------------------

SERIES E THE GABELLI EQUITY TRUST INC. SERIES E
PREFERRED THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS PREFERRED

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
--------------------------------- ---------------------------------------
--------------------------------- ---------------------------------------
--------------------------------- ---------------------------------------

3553

X PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:
(01) ANTHONY J. COLAVITA
(02) FRANK J. FAHRENKOPF, JR.
(03) SALVATORE J. ZIZZA

For All
Nominees

Withhold

For All
Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name in the space provided above.)

--------------------------------
THE GABELLI EQUITY TRUST INC.
--------------------------------
SERIES E PREFERRED SHAREHOLDER

Mark box at right if an address change or comment has been
noted on the reverse side of this card.

Please be sure to sign and date this proxy.

Signature: Date: Co-owner: Date:
----------- ----------------- -------------- -----------

3553

X PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:
(01) ANTHONY J. COLAVITA
(02) FRANK J. FAHRENKOPF, JR.
(03) SALVATORE J. ZIZZA

For All
Nominees

Withhold

For All
Except
(INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name in the space provided above.)

--------------------------------
THE GABELLI EQUITY TRUST INC.
--------------------------------
SERIES E PREFERRED SHAREHOLDER

Mark box at right if an address change or comment has been
noted on the reverse side of this card.

Please be sure to sign and date this proxy.

Signature: Date: Co-owner: Date:
----------- ----------------- -------------- -----------