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

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

                    NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
                           TO BE HELD ON MAY 10, 2004

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

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 Cole  Auditorium,  The Greenwich  Public  Library,  101 West Putnam  Avenue,
Greenwich,  Connecticut  06830,  on Monday,  May 10, 2004, at 9:00 a.m., for the
following purposes:

      1. To elect three (3)  Directors of the Equity Trust 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 (PROPOSAL 1); and

      2. To approve an amendment to the Equity Trust's Articles of Incorporation
         ("Articles")  to authorize the Board of Directors  from time to time to
         amend the  Articles to increase  or decrease  the number of  authorized
         shares of stock of any class or series  without  further  action by the
         Shareholders; (PROPOSAL 2); and

      3. 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 15, 2004 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 AND SIGN 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 16, 2004








                      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.

                                   ----------

                         ANNUAL MEETING OF SHAREHOLDERS
                                  MAY 10, 2004

                                   ----------

                                 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 10,  2004,  at 9:00  a.m.,  at The  Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue, Greenwich,  Connecticut 06830,
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 16, 2004.

      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
Georgeson  Shareholder  Communications Inc. pursuant to its standard contract to
assist  in  the  solicitation  of  proxies  for a  minimum  fee of  $5,000  plus
reimbursement  of  expenses.  The costs of 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,  2003,  IS  AVAILABLE  UPON
REQUEST, WITHOUT CHARGE, BY WRITING TO THE EQUITY TRUST AT ONE CORPORATE CENTER,
RYE, NEW YORK  10580-1422 OR 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  and "FOR" the other
matters 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.

                                        1




      The close of  business on March 15, 2004 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 ("Common Stock"),  and preferred stock consisting of, (i) 7.20%
Series B Cumulative Preferred Stock ("Series B Preferred"), par value $0.001 per
share,  (ii)  Series C  Auction  Rate  Cumulative  Preferred  Stock  ("Series  C
Preferred"),  par value  $0.001  per share,  (iii)  5.875%  Series D  Cumulative
Preferred  Stock  ("Series D Preferred"),  par value $0.001 per share,  and (iv)
Series E Auction Rate  Cumulative  Preferred  Stock  ("Series E Preferred),  par
value $0.001 per share,  (together  "Preferred Stock") (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 15, 2004, there
were 137,189,884 shares of Common Stock,  6,600,000 shares of Series B Preferred
Stock,  5,200 Shares of Series C Preferred  Stock,  3,000,000 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
--------
1.  Election of Directors     Common and Preferred Stockholders, voting together
                              as a single class, vote to elect three Directors:
                              Mario J. Gabelli, CFA; Dr. Thomas E. Bratter; and
                              Arthur V. Ferrara

2.  Amendment to the          Common and Preferred Stockholders, voting together
Equity Trust's Articles of    as a single class.
Incorporation

3.  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:

      o    indicate your instructions on the Proxy;
      o    date and sign the Proxy;
      o    mail the Proxy promptly in the enclosed postage paid envelope;
      o    allow sufficient time for the Proxy to be received and processed on
           or before 9:00 a.m. on May 10, 2004.


                                        2


      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.
Mario J. Gabelli,  CFA, Dr.  Thomas E. Bratter,  and Arthur V. Ferrara have each
been nominated by the Board of Directors for a three-year  term to expire at the
Equity Trust's 2007 Annual Meeting of Shareholders or until their successors are
duly elected and  qualified.  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 adviser. The classes of Directors are
indicated below:

NOMINEES TO SERVE 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

DIRECTORS SERVING UNTIL 2005 ANNUAL MEETING OF SHAREHOLDERS
-----------------------------------------------------------
Anthony J. Colavita
Frank J. Fahrenkopf, Jr.
Salvatore J. Zizza

      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
at this time.  Mr.  Colavita and Mr. Conn are currently  the  Directors  elected
solely by the holders of the Equity Trust's  Preferred  Stock and are not up for
election at this meeting.

      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.


                                        3




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,  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 and Chief                   Director of Morgan Group        24
Director and                                Executive Officer of Gabelli Asset                Holdings, Inc. (holding
Chief Investment Officer                    Management Inc. and Chief                         company); Vice Chairman
Age: 61                                     Investment Officer of Gabelli Funds,              of Lynch Corporation
                                            LLC and GAMCO Investors, Inc.;                    (diversified manufacturing)
                                            Vice Chairman and Chief Executive
                                            Officer of Lynch Interactive
                                            Corporation (multimedia and services)

KARL OTTO POHL                Since 1992**  Member of the Shareholder Committee of            Director of Gabelli             33
Director                                    Sal Oppenheim Jr. & Cie, Zurich (private          Asset Management
Age: 74                                     investment bank); Former President of             Inc. (investment
                                            the Deutsche Bundesbank and Chairman of           management);
                                            its Central Bank Council (1980-1991)              Chairman, Incentive
                                                                                              Capital and
                                                                                              Incentive Asset
                                                                                              Management (Zurich);
                                                                                              Director at Sal
                                                                                              Oppenheim Jr. & Cie,
                                                                                              Zurich


NON-INTERESTED DIRECTORS/NOMINEES:
---------------------------------
DR. THOMAS E. BRATTER         Since 1986*** Director, President and Founder,                            --                     3
Director                                    The John Dewey Academy
Age: 64                                     (residential college preparatory
                                            therapeutic high school)

ANTHONY J. COLAVITA 4          Since 1999*  President and Attorney at Law in the                        --                    35
Director                                    law firm of Anthony J. Colavita, P.C.
Age: 68

JAMES P. CONN 4               Since 1989**  Former Managing Director and                      Director of LaQuinta Corp.      12
Director                                    Chief Investment Officer of                       (hotels) and First Republic
Age: 66                                     Financial Security Assurance                      Bank
                                            Holdings Ltd. (1992-1998)
                                            (insurance holding company)

FRANK J. FAHRENKOPF, JR.       Since 1998*  President and Chief Executive                     Director of First Republic       4
Director                                    Officer of the American Gaming                    Bank
Age: 64                                     Association since 1995; 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: 73                                     Guardian Life Insurance Company of               and 25 mutual funds within the
                                            America from 1993 to 1995; President,            Guardian Fund Complex
                                            Chief Executive Officer and a
                                            Director prior thereto



                                        4




                               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/NOMINEES3:
-----------------------------
                                                                                                                 
ANTHONY R. PUSTORINO          Since 1986**  Certified Public Accountant;                   Director of Lynch Corporation      17
Director                                    Professor Emeritus, Pace University            (diversified manufacturing)
Age: 78

SALVATORE J. ZIZZA             Since 1986*  Chairman, Hallmark Electrical                  Director of Hollis Eden            23
Director                                    Supplies Corp.                                 Pharmaceuticals; Director of
Age: 58                                                                                    Earl Scheib, Inc. (automotive
                                                                                           services)

OFFICERS:
--------
BRUCE N. ALPERT                Since 2003   Executive Vice President and Chief
President                                   Operating Officer of Gabelli Funds,
Age: 52                                     LLC since 1988 and an officer of all
                                            registered investment companies advised
                                            by Gabelli Funds, LLC and its affiliates.
                                            Director and President of Gabelli
                                            Advisers, Inc.

CARTER W. AUSTIN               Since 2000   Vice President of the Equity Trust.
Vice President                              Vice President of Gabelli Funds, LLC
Age: 36                                     since 1996.

DAWN M. DONATO                 Since 2004   Registered Representative for Gabelli
Assistant Vice President                    & Company, Inc. since 2002; Prior to 2002,
Age: 36                                     Senior Sales Representative for Manulife
                                            WoodLogan, Inc.

MATTHEW A. HULTQUIST           Since 2004   Assistant Vice President of
Vice President                              Gabelli Asset Management
Age: 24                                     Company since 2001. Prior to 2001,
                                            student at Wake Forest University.

JAMES E. MCKEE                 Since 1995   Vice President, General Counsel and
Secretary                                   Secretary of Gabelli Asset Management
Age: 40                                     Inc. since 1999 and GAMCO Investors,
                                            Inc.  since 1993;  Secretary  of all
                                            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.
*  Term expires at the Equity  Trust's 2005 Annual Meeting of  Shareholders  and
   until his successor is duly elected and qualified.
** Term expires at the Equity  Trust's 2006 Annual Meeting of  Shareholders  and
   until his successor is duly elected and qualified.
***Nominee  to  serve  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 Investment Company
   Act of 1940,  as amended.  Messrs.  Gabelli and Pohl are each  considered  an
   "interested  person"  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.





                                        5




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 held
in the Equity Trust and the aggregate  dollar range of equity  securities in the
Fund  complex  beneficially  owned by each  Director and Nominee for election as
Director.




  NAME OF DIRECTOR/NOMINEE           DOLLAR RANGE OF EQUITY           AGGREGATE DOLLAR RANGE OF EQUITY
                                          SECURITIES HELD                       SECURITIES HELD
                                       IN THE EQUITY TRUST*(1)                IN FUND COMPLEX*(1)
                                                                                
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                                A                                     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, 2003.
** Messrs.  Colavita and Pustorino  beneficially  own less than 1% of the common
   stock of Lynch Corporation having a value of $10,450 as of December 31, 2003.
   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,  2003.  "Beneficial  Ownership"  is
   determined in accordance with Section  16a-1(a)(2) of the Securities Exchange
   Act of 1934, as amended (the "1934 Act").




                                        6




      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                         20,048                              *
                                       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                                 28,505                              *
                                       1,000 7.20% Series B Preferred Stock             *
      Frank J. Fahrenkopf, Jr.                         0                                *
      Arthur V. Ferrara                                0                                *
      Anthony R. Pustorino                          11,917  (6)                         *
      Salvatore J. Zizza                            41,068  (7)                         *

--------------------------
(1)This  information  has  been  furnished  by each  Director  and  Nominee  for
   election as  Director as of December  31,  2003.  "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 33,917 common shares owned by Mr. Zizza's three sons.



      The Equity Trust pays each Director 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
Directors'  actual  out-of-pocket  expenses relating to their attendance at such
meetings. In addition,  effective in 2004, the Audit Committee Chairman receives
an annual fee of $3,000 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,
2003  amounted  to  $134,500.  During  the year ended  December  31,  2003,  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 service providers;  (iii) the Equity Trust's compliance with
legal  and  regulatory   requirements;   and  (iv)  the  independent   auditor's
qualifications,  independence  and  performance.  The  Audit  Committee  is also
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 25, 2004. The Charter is attached
as Appendix A to this Proxy Statement.

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

                                        7




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
accountants  are  responsible  for planning  and carrying out proper  audits and
reviews. The independent  accountants are ultimately accountable to the Board of
Directors and to the Audit Committee,  as representatives  of shareholders.  The
independent  accountants  for the  Equity  Trust  report  directly  to the Audit
Committee.

      In performing  its oversight  function,  at a meeting held on February 20,
2004, 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, 2003,  and discussed the
audit of such financial statements with the independent accountants.

      In  addition,   the  Audit   Committee   discussed  with  the  independent
accountants the accounting principles applied by the Equity Trust and such other
matters  brought to the  attention  of the Audit  Committee  by the  independent
accountants  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 accountants the written disclosures
and  statements   required  by  the  SEC's   independence   rules,   delineating
relationships  between  the  independent  accountants  and the Equity  Trust and
discussed the impact that any such  relationships  might have on the objectivity
and independence of the independent accountants.

      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 independent  accountants,
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 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, 2003.

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

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

      February 25, 2004

      The Audit  Committee  met twice during the fiscal year ended  December 31,
2003. 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.

                                        8




NOMINATING COMMITTEE
      The  Board  of  Directors  has a  Nominating  Committee  composed  of  two
independent (as such term is defined by the NYSE Listing  Standards)  Directors,
namely Messrs.  Colavita and Zizza. The Nominating Committee did not meet during
the fiscal year ended December 31, 2003. 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  have a  candidate  considered  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 person'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 the Equity Trust's  Secretary c/o Gabelli Funds, LLC, James E. McKee 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 has not adopted a charter. In the
event that a charter is adopted in the future, it will be available at that time
on the Equity Trust's website (www.gabelli.com).


                                        9




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 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 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(s) of a product
or service, or patently offensive 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  Equity  Trust
has not maintained information regarding  attendance of Directors at shareholder
meetings in previous years.



                                       10




      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, 2003.  Mr. Austin is employed by the Equity Trust and is not
employed  by the  Adviser  (although  he 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, 2003



                                                                             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                                 $0          (33)
Director

NON-INTERESTED DIRECTORS/NOMINEES:
---------------------------------
DR. THOMAS E. BRATTER                             $18,000                            $31,000      (3)
Director

ANTHONY J. COLAVITA                               $21,000                            $160,543    (35)
Director

JAMES P. CONN                                     $18,500                            $58,451     (12)
Director

FRANK J. FAHRENKOPF, JR.                          $18,000                            $34,951      (4)
Director

ARTHUR V. FERRARA                                 $16,500                            $27,500      (9)
Director

ANTHONY R. PUSTORINO                              $22,500                            $136,000    (17)
Director

SALVATORE J. ZIZZA                                $20,000                            $82,043     (11)
Director

OFFICER:
--------
CARTER W. AUSTIN                                  $180,000                           $180,000     (1)
Vice President

------------------
*  Represents  the total  compensation  paid to such persons during the calendar
   year ended  December 31, 2003 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 advisers. The number in parentheses represents
   the number of such investment companies and portfolios.




                                       11




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.

PROPOSAL  2:  TO  APPROVE  AN  AMENDMENT  TO  THE  EQUITY  TRUST'S  ARTICLES  OF
INCORPORATION  TO PERMIT THE BOARD OF DIRECTORS FROM TIME TO TIME TO INCREASE OR
DECREASE THE NUMBER OF AUTHORIZED SHARES OF STOCK OF THE EQUITY TRUST

      At a meeting  held on  February  25,  2004,  the Equity  Trust's  Board of
Directors  considered  and approved a proposed  amendment to the Equity  Trust's
Articles  authorizing the Board of Directors,  in its sole discretion,  to amend
the Articles from time to time to increase or decrease the  aggregate  number of
authorized  shares  of stock or the  number  of  shares of stock of any class or
series of the Equity Trust,  and  recommended the amendment to the Articles (the
"Amendment") to  shareholders  for their  approval.  The  affirmative  vote of a
majority  of the votes  entitled  to be cast by the  shareholders  of the Equity
Trust is required to approve the Amendment.  If the Amendment is approved by the
Equity Trust's  shareholders,  a new section will be added at the end of Article
FIFTH of the Equity Trust's Articles, to read as follows:

     (7) The Board of  Directors,  with the approval of a majority of the entire
         Board of Directors,  and without any action by the  shareholders of the
         Corporation,  may amend these Articles from time to time to increase or
         decrease the aggregate  number of shares of stock of the Corporation or
         the  number  of  shares  of  stock  of any  class  or  series  that the
         Corporation has authority to issue.

      In approving the proposed Amendment, the Board of Directors considered the
Adviser's expressed concern that in certain circumstances a change in the number
of the Equity  Trust's  authorized  shares may be desirable  (e.g.,  in order to
permit a  proposed  rights  offering  or  stock  split)  but  that  the  current
requirement for stockholder approval of the change could involve delays that are
not consistent with the best interests of shareholders.  In addition, satisfying
the requirement for stockholder  approval could involve the significant  expense
of a special meeting of shareholders, including the costs of preparing, printing
and mailing proxy materials to shareholders.

      The authorized  capital stock of the Equity Trust and the number of shares
of common stock and preferred stock issued and outstanding are set forth below.



-----------------------------------------------------------------------------------------
                        SHARES OF COMMON
    SHARES OF           STOCK ISSUED AND               SHARES OF PREFERRED STOCK
    AUTHORIZED             OUTSTANDING                   ISSUED AND OUTSTANDING
   CAPITAL STOCK      AS OF MARCH 15, 2004                AS OF MARCH 15, 2004
-----------------------------------------------------------------------------------------
                                               Series B   Series C   Series D   Series E
-----------------------------------------------------------------------------------------
                                                                   
   200,000,000            137,189,884          6,600,000    5,200    3,000,000    2,000
-----------------------------------------------------------------------------------------



      If the  shareholders of the Equity Trust approve the Amendment,  the Board
of Directors may cause the issuance of  additional  shares of stock of any class
or series of the Equity Trust without further action by the shareholders, unless
stockholder  approval is required by  applicable  law or by the rules of the New
York Stock Exchange or any other exchange upon which the Equity Trust's stock is
then  listed.  If this  Proposal is approved by  shareholders,  the terms of any
securities to be authorized,  including  dividend or interest rates,  conversion
prices,  voting  rights,  redemption  prices,  maturity  dates and other similar
matters, will be determined by the Equity Trust's Board of Directors.



                                       12




     THE EQUITY TRUST'S BOARD OF DIRECTORS  RECOMMENDS THAT THE  SHAREHOLDERS OF
THE EQUITY TRUST VOTE "FOR" THE APPROVAL OF THE AMENDMENT TO THE EQUITY  TRUST'S
ARTICLES TO AUTHORIZE  THE BOARD OF DIRECTORS TO AMEND THE ARTICLES FROM TIME TO
TIME TO INCREASE OR DECREASE THE NUMBER OF AUTHORIZED SHARES OF CAPITAL STOCK OF
THE EQUITY TRUST.

ADDITIONAL INFORMATION

INDEPENDENT ACCOUNTANTS

         PricewaterhouseCoopers,  1177  Avenue of the  Americas,  New  York,  NY
10036, has been selected to serve as the Equity Trust's independent  accountants
for   the   Equity   Trust's    fiscal   year   ending    December   31,   2004.
PricewaterhouseCoopers  acted as the Equity Trust's independent  accountants for
the fiscal year ended  December  31,  2003.  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, 2002
and 2003, respectively.

 FISCAL YEAR ENDED                 AUDIT-RELATED                          ALL
    DECMBER 31     AUDIT FEES*        FEES**          TAX FEES***     OTHER FEES
    ----------     ----------       -----------       -----------    -----------

       2002          $86,565          $86,750           $2,250            --
       2003          $82,229          $12,500           $2,350            --

--------------
*   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
    Rating's 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
auditors to the Equity Trust,  and all non-audit  services to be provided by the
auditors  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 to the
Audit Committee,  at its next regularly  scheduled  meeting after the Chairman's
pre-approval  of such services,  his  decision(s).  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  auditors 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, 2002 and December 31, 2003 were pre-approved
by the Audit Committee.

                                       13




          For  The  Equity   Trust's   fiscal  year  ended  December  31,  2003,
PricewaterhouseCoopershas  represented  to the  Equity  Trust  that  it did  not
provide  any  non-audit  services  (or bill any fees for such  services)  to the
Equity Trust's  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 receives,  the Equity Trust  believes  that during the calendar
year  ended  2003,  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 which 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 Director by the
holders entitled to vote for a particular Director 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.

      With  respect  to  Proposal  Two,  the  adoption  of  which  requires  the
affirmative vote of a majority of the outstanding shares of the Equity Trust, an
abstention or broker non-vote will have the effect of a vote against the matter.
If any  proposal,  other  than  Proposals  1 and 2,  properly  comes  before the
Meeting,  shares  represented by the proxies will be voted on all such proposals
in the discretion of the person, or persons, voting the proxies.

      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, 2004.

                    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  form of 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 2005,  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  18, 2004.  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.




                                       14




                                    APPENDIX A
                                    ----------

                          THE GABELLI EQUITY TRUST INC.
                                  (THE "TRUST")

                             AUDIT COMMITTEE CHARTER


I. ORGANIZATION AND QUALIFICATION OF COMMITTEE MEMBERS
------------------------------------------------------
      There  shall be an  audit  committee  (the  "Committee")  of the  Board of
Directors (the "Board") which shall be composed of at least three members of the
Board,  each of whom is  independent,  I.E.  not an  "interested  person" of the
Trust, as that term is defined in Section 2(a)(19) of the Investment Company Act
of 1940. In addition,  the members shall not receive any  compensation  from the
Trust,  or any  subsidiary  thereof,  if  applicable,  except  compensation  for
services as a member of the  Trust's  Board or a  committee  of the Board.  With
respect to closed-end  funds listed on the NYSE,  each member must also meet the
independence  requirements of audit committee members, as currently set forth in
Section  303.01  of  the  NYSE's  listing  standards.   Members  shall  have  no
relationships  with  the  Trust  or its  investment  adviser,  administrator  or
custodian  that may  interfere  with the  exercise  of their  independence  from
management of the Trust. The members and the Committee chair shall be elected by
the full Board.

      The members  shall be  "financially  literate,"  i.e.  have the ability to
understand  fundamental financial statements.  With respect to a closed-end fund
listed on the  NYSE,  at least one  member  shall  have  accounting  or  related
financial  management  expertise,  as the Board interprets such qualification in
its business judgment.  The Board shall determine annually whether any member of
the Committee is an "audit committee financial expert" (ACFE) as defined in Item
3 of Form N-CSR. The Board may presume that an ACFE has the requisite accounting
or related  financial  management  expertise,  with respect to a closed-end fund
listed on the NYSE. The  designation of a person as an ACFE shall not impose any
greater  responsibility  or liability on that person than the  responsibility or
liability imposed on such person as a member of the Committee.

      With  respect  to a  closed-end  fund  listed on the NYSE,  in the event a
member  simultaneously  serves on the audit committees of more than three public
companies,  the Board must  determine that such  simultaneous  service would not
impair the ability of such  member to  effectively  serve on the  Trust's  audit
committee.

II. STATEMENT OF PRINCIPLE
--------------------------
      The  function of the  Committee is to assist the Board in  fulfilling  its
oversight  responsibilities  relating to the Trust's  accounting  and  financial
reporting policies and practices. It is management's  responsibility to maintain
appropriate systems for accounting and internal control and for the presentation
and  integrity  of the  Trust's  financial  statements.  It is  the  independent
accountants' responsibility to plan and carry out proper audits and reviews. The
independent  accountants  are  ultimately  accountable  to the  Board and to the
Committee, as representatives of shareholders.

The  independent  accountants  for  the  Trust  shall  report  directly  to  the
Committee.


                                       15




III. DUTIES AND RESPONSIBILITIES
--------------------------------

A. GENERAL
----------

   1.   oversee the quality and integrity of the Trust's accounting and
        financial statement reporting process and the independent audit and
        reviews thereof;

   2.   review and evaluate any issues raised by the independent accountants or
        management regarding the accounting or financial reporting policies and
        practices of the Trust, its internal controls, and, as appropriate, the
        internal controls of certain service providers; and to resolve
        disagreements between management and the independent accountants
        regarding financial reporting; and act as a liaison between the Trust's
        independent accountants and the full Board; and

   3.   with respect to a closed-end fund listed on the NYSE, oversee, or, as
        appropriate, assist Board oversight of, (a) the Trust's compliance with
        legal and regulatory requirements; and (b) the performance of the
        Trust's internal audit function, if applicable.

B. SPECIFIC
-----------

    1.  (a) approve the selection, retention, termination and compensation
            of independent accountants and the audit and non-audit services to
            be rendered prior to their engagement to provide such services, and,
            in connection therewith, to evaluate the qualifications,
            independence and performance of the independent accountants;

        (b) when required by applicable rules, to pre-approve all audit and
            permissible non-audit services to be provided by the independent
            accountants to the Trust, to its investment adviser and to any
            entity controlling, controlled by or under common control with the
            investment adviser that provides ongoing services to the Trust
            ("Covered Services Provider"), if the engagement relates directly to
            the operations and financial reporting of the Trust; and

        (c) the Committee may delegate its responsibility to pre-approve any
            such audit and permissible non-audit services to the chair of the
            Committee, in accordance with applicable laws, pursuant to the
            details of pre-approval policies and procedures adopted by the
            Committee.

   2.   ensure receipt from the independent accountants of a formal written
        statement delineating all the relationships between them and the Trust,
        consistent with Independence Standards Board Standard 1; evaluate the
        independence of the accountants; and actively engage in a dialogue with
        them regarding matters that might reasonably be expected to affect their
        independence;

   3.   consider in consultation with the independent accountants, the scope and
        plan of upcoming external audits to assure completeness of coverage and
        effective use of audit resources;

   4.   meet with the Trust's independent accountants, at least twice a year and
        more often if required, to review the conduct and results of each audit
        and review of the Trust's financial statements, and discuss the matters
        stated in SAS 61 "Communications with Audit Committees," as amended by
        SAS 89 and 90, and any other communications required to be discussed
        with the Committee pursuant to applicable laws and regulations,
        including their:

        (a) conclusions and recommendations on the adequacy of the internal
            controls both of the Trust and its service providers together with
            the responses of the appropriate management, including the status of
            previous audit recommendations;

        (b) reasoning in accepting or questioning sensitive accounting estimates
            by management;

                                       16




        (c) reasoning in not recognizing material audit adjustments proposed by
            them;

        (d) judgments about the quality and appropriateness, (not just the
            acceptability), of the Trust's critical accounting principles used,
            including the degree of aggressiveness or conservatism in the
            application of such principles in its financial reporting;

        (e) views as to the adequacy and clarity of disclosures in the Trust's
            financial statements in relation to generally accepted accounting
            principles;

        (f) views of how the use of generally acceptable alternatives to
            critical accounting and tax principles, disclosure practices and
            valuation policies, preferred by them, would have affected the
            financial statements;

        (g) conclusions regarding any serious disagreements, difficulties or
            disputes with management encountered during the course of the audit;

        (h) discussion of any significant risks to which the Trust is, or might
            be exposed, and the steps management has taken to minimize such
            risks;

        (i) discussion of any significant changes to the audit plan;

        (j) discussion of other matters related to the conduct of the audit
            required to be communicated to the Committee under generally
            accepted auditing standards;

        (k) material written communications to the management of the Trust such
            as any management letter or schedules of unrecognized audit
            adjustments; and

        (l) non-audit services provided by the Trust's independent accountants
            to the Trust's investment adviser or any adviser affiliate that
            provides ongoing services to the Trust, which services were not
            pre-approved by the Committee (and consideration by the Committee of
            whether the performance of such services is compatible with
            maintaining the independent accountant's independence).

   5.   meet periodically with the Trust's independent accountants in separate
        executive sessions to discuss any other matters or communications
        required under applicable laws or which they or the Committee deem
        advisable or appropriate to discuss;

   6.   meet periodically with management in separate executive sessions,
        including to review with the Trust's principal executive officer and/or
        principal financial officer in connection with required certifications
        on Form N-CSR any significant deficiencies in the design or operation of
        internal control over financial reporting or material weaknesses therein
        and any reported evidence of fraud involving management or other
        employees who have a significant role in the Trust's internal control
        over financial reporting;

   7.   with respect to closed-end funds listed on the NYSE, meet periodically
        with the Trust's internal auditors (or other personnel responsible for
        the internal audit function), if applicable, in separate executive
        sessions;

   8.   authorize and oversee investigations into any matters within the
        Committee's scope of responsibilities, or as specifically delegated to
        the Committee by the Board;

   9.   consider and evaluate the effect upon the Trust of significant changes
        in accounting principles, practices, controls or procedures proposed or
        contemplated by management or the independent accountants;

   10.  review management's discussion and analysis of financial statements to
        be included in the Trust's annual report;

                                       17




   11.  establish procedures for the receipt, retention and treatment of
        complaints received by the Trust relating to accounting, internal
        accounting controls, or auditing matters, and the confidential,
        anonymous submission by employees of the Trust and its affiliates of
        concerns about accounting or auditing matters pertaining to the Trust,
        and to address reports from attorneys or auditors of possible violations
        of federal or state law or fiduciary duty;

   12.  with respect to closed-end funds listed on the NYSE, discuss the Trust's
        earnings press releases, as applicable, as well as financial information
        and earnings guidance provided to analysts and ratings agencies;

   13.  with respect to closed-end funds listed on the NYSE, at least annually,
        obtain and review a report by the independent accountant describing: the
        firm's internal quality-control procedures; any material issues raised
        by the most recent internal quality-control review, or peer review, of
        the firm, or by any inquiry or investigation by governmental or
        professional authorities, within the preceding five years, respecting
        one or more independent audits carried out by the firm, and any steps
        taken to deal with any such issues; and (to assess the auditor's
        independence) all relationships between the independent auditor and the
        Trust;

   14.  with respect to closed-end funds listed on the NYSE, set clear hiring
        policies for employees or former employees of the independent
        accountants; and

   15.  with respect to closed-end funds, provide the audit committee report
        required by Item 306 of Regulation S-K for proxy statements relating to
        the election of Directors; and

   16.  report to the Board on a regular and timely basis.

IV. ADDITIONAL PROVISIONS
-------------------------
      The  Trust  shall  provide  appropriate  funding  (as  determined  by  the
Committee) for it to carry out its duties and its  responsibilities,  including:
(a) for payment of compensation to the Trust's independent  accountants or other
public accounting firm providing audit, review or attest services for the Trust,
(b) for  payment of  compensation  to any  special  counsel  and other  advisors
employed by the Committee,  (c) for the ordinary  administrative expenses of the
Committee, and (d) for continuing education programs to enable Committee members
to keep abreast of industry and regulatory  development  and to gain  continuing
insights to best  practices of audit  committees.  In performing  its duties the
Committee shall consult, as it deems appropriate, with the members of the Board,
officers and employees of the Trust, the investment adviser, the Trust's counsel
and the Trust's other service providers.

      On an annual basis,  the Committee  shall review and reassess the adequacy
of this charter and recommend to the full Board any changes the Committee  deems
appropriate.  In addition,  on an annual basis, the Committee shall evaluate its
performance as a whole and that of its  individual  members to assess whether it
is functioning effectively.

Adopted as of:    November 19, 2003, as amended on February 25, 2004



                                                                    3553-PS-2004

                                       18


X PLEASE MARK                                                               3553
  VOTES AS IN
  THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:

            (01) MARIO J. GABELLI
            (02) THOMAS E. BRATTER
            (03) ARTHUR V. FERRARA

        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

2. To approve an amendment to the Equity Trust's Articles of Incorporation.

FOR_____ AGAINST_____ ABSTAIN_____

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:______ Signature:_________________ Date:______


X PLEASE MARK                                                               3553
  VOTES AS IN
  THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:

            (01) MARIO J. GABELLI
            (02) THOMAS E. BRATTER
            (03) ARTHUR V. FERRARA

        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

2. To approve an amendment to the Equity Trust's Articles of Incorporation.

FOR_____ AGAINST_____ ABSTAIN_____

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:______ Signature:_________________ Date:______



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 Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue,  Greenwich,  Connecticut 06830
on Monday,  May 10,  2004 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,  FOR the approval of an amendment to
the Equity Trust's Articles of Incorporation  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 and Proposal No.
2.
--------------------------------------------------------------------------------
PLEASE VOTE,  DATE AND SIGN ON REVERSE SIDE 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

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 Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue,  Greenwich,  Connecticut 06830
on Monday,  May 10,  2004 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,  FOR the approval of an amendment to
the Equity Trust's Articles of Incorporation  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 and Proposal No.
2.
--------------------------------------------------------------------------------
PLEASE VOTE,  DATE AND SIGN ON REVERSE SIDE 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?

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


 PLEASE MARK
X VOTES AS IN
  THIS EXAMPLE.

1. to elect three (3) Directors of the Equity Trust:

(01) MARIO J. GABELLI
(02) THOMAS E. BRATTER
(03) ARTHUR V. FERRARA


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


2. To approve an amendment to the Equity Trust's Articles of Incorporation.

FOR____          AGAINST_____            ABSTAIN____

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:___________  Signature:___________ Date:___________

                                                                            3468
  PLEASE MARK
X VOTES AS IN
  THIS EXAMPLE.

1. to elect three (3) Directors of the Equity Trust:

(01) MARIO J. GABELLI
(02) THOMAS E. BRATTER
(03) ARTHUR V. FERRARA


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


2. To approve an amendment to the Equity Trust's Articles of Incorporation.

FOR____          AGAINST_____            ABSTAIN____

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:___________  Signature:___________ Date:___________




ERIES B                  THE GABELLI EQUITY TRUST INC.               SERIES B
PREFERRED                                                             PREFERRED
          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 Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue,  Greenwich,  Connecticut 06830
on Monday,  May 10,  2004 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,  FOR the approval of an amendment to
the Equity Trust's Articles of Incorporation  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 and Proposal No.
2.

--------------------------------------------------------------------------------
PLEASE VOTE,  DATE AND SIGN ON REVERSE SIDE 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?
_____________________________________   ________________________________________
_____________________________________   ________________________________________
_____________________________________   ________________________________________


SERIES B                  THE GABELLI EQUITY TRUST INC.               SERIES B
PREFERRED                                                             PREFERRED
          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 Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue,  Greenwich,  Connecticut 06830
on Monday,  May 10,  2004 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,  FOR the approval of an amendment to
the Equity Trust's Articles of Incorporation  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 and Proposal No.
2.

--------------------------------------------------------------------------------
PLEASE VOTE,  DATE AND SIGN ON REVERSE SIDE 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?
_____________________________________   ________________________________________
_____________________________________   ________________________________________
_____________________________________   ________________________________________



                                                                            3353

  PLEASE MARK
X VOTES AS IN
  THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:


(01) MARIO J. GABELLI
(02) THOMAS E. BRATTER
(03) ARTHUR V. FERRARA


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


2. To approve an amendment to the Equity Trust's Articles of Incorporation.

FOR____          AGAINST_____            ABSTAIN____

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:___________  Signature:___________ Date:___________

                                                                            3553

  PLEASE MARK
X VOTES AS IN
  THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:


(01) MARIO J. GABELLI
(02) THOMAS E. BRATTER
(03) ARTHUR V. FERRARA


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


2. To approve an amendment to the Equity Trust's Articles of Incorporation.

FOR____          AGAINST_____            ABSTAIN____

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:___________  Signature:___________ Date:___________





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

         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 Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue,  Greenwich,  Connecticut 06830
on Monday,  May 10,  2004 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,  FOR the approval of an amendment to
the Equity Trust's Articles of Incorporation  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 and Proposal No.
2.

--------------------------------------------------------------------------------
PLEASE VOTE,  DATE AND SIGN ON REVERSE SIDE 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?
____________________________________        ____________________________________
____________________________________        ____________________________________
____________________________________        ____________________________________


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

         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 Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue,  Greenwich,  Connecticut 06830
on Monday,  May 10,  2004 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,  FOR the approval of an amendment to
the Equity Trust's Articles of Incorporation  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 and Proposal No.
2.

--------------------------------------------------------------------------------
PLEASE VOTE,  DATE AND SIGN ON REVERSE SIDE 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?
____________________________________        ____________________________________
____________________________________        ____________________________________
____________________________________        ____________________________________



                                                                            3654

  PLEASE MARK
X VOTES AS IN
  THIS EXAMPLE.

1. to elect three (3) Directors of the Equity Trust:


(01) MARIO J. GABELLI
(02) THOMAS E. BRATTER
(03) ARTHUR V. FERRARA


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


2. To approve an amendment to the Equity Trust's Articles of Incorporation.

FOR____          AGAINST_____            ABSTAIN____

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:___________  Signature:___________ Date:___________

                                                                            3654

  PLEASE MARK
X VOTES AS IN
  THIS EXAMPLE.

1. to elect three (3) Directors of the Equity Trust:

(01) MARIO J. GABELLI
(02) THOMAS E. BRATTER
(03) ARTHUR V. FERRARA


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


2. To approve an amendment to the Equity Trust's Articles of Incorporation.

FOR____          AGAINST_____            ABSTAIN____

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:___________  Signature:___________ Date:___________



SERIES D                  THE GABELLI EQUITY TRUST INC.                SERIES D
PREFERRED                                                              PREFERRED
          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 Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue,  Greenwich,  Connecticut 06830
on Monday,  May 10,  2004 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,  FOR the approval of an amendment to
the Equity Trust's Articles of Incorporation  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 and Proposal No.
2.

--------------------------------------------------------------------------------
PLEASE VOTE,  DATE AND SIGN ON REVERSE SIDE 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?
________________________________         _______________________________________
________________________________         _______________________________________
________________________________         _______________________________________


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

          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 Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue,  Greenwich,  Connecticut 06830
on Monday,  May 10,  2004 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,  FOR the approval of an amendment to
the Equity Trust's Articles of Incorporation  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 and Proposal No.
2.

--------------------------------------------------------------------------------
PLEASE VOTE,  DATE AND SIGN ON REVERSE SIDE 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?
________________________________         _______________________________________
________________________________         _______________________________________
________________________________         _______________________________________



X PLEASE MARK                                                               3553
  VOTES AS IN
  THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:

            (01) MARIO J. GABELLI
            (02) THOMAS E. BRATTER
            (03) ARTHUR V. FERRARA

        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

2. To approve an amendment to the Equity Trust's Articles of Incorporation.

FOR_____ AGAINST_____ ABSTAIN_____

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:______ Signature:_________________ Date:______


X PLEASE MARK                                                               3553
  VOTES AS IN
  THIS EXAMPLE.

1. To elect three (3) Directors of the Equity Trust:

            (01) MARIO J. GABELLI
            (02) THOMAS E. BRATTER
            (03) ARTHUR V. FERRARA

        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

2. To approve an amendment to the Equity Trust's Articles of Incorporation.

FOR_____ AGAINST_____ ABSTAIN_____

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:______ Signature:_________________ Date:______



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

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 Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue,  Greenwich,  Connecticut 06830
on Monday,  May 10,  2004 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,  FOR the approval of an amendment to
the Equity Trust's Articles of Incorporation  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 and Proposal No.
2.
--------------------------------------------------------------------------------
PLEASE VOTE,  DATE AND SIGN ON REVERSE SIDE 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?

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




SERIES E                 THE GABELLI EQUITY TRUST INC.                  SERIES E
PREFERRED This proxy is solicited on behalf of the Board of Directors  PREFERRED

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 Cole  Auditorium,  The
Greenwich Public Library, 101 West Putnam Avenue,  Greenwich,  Connecticut 06830
on Monday,  May 10,  2004 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,  FOR the approval of an amendment to
the Equity Trust's Articles of Incorporation  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 and Proposal No.
2.
--------------------------------------------------------------------------------
PLEASE VOTE,  DATE AND SIGN ON REVERSE SIDE 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?

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