Gabelli Equity Trust Reaffirms Its 10% Distribution Policy and Declares Second Quarter Distribution of $0.14 Per Share, an Increase from $0.13 Per Share in First Quarter 2011

The Board of Directors of The Gabelli Equity Trust

reaffirmed its 10% distribution policy and declared a $0.14 per share cash distribution payable on June 23, 2011 to common stock shareholders of record on June 16, 2011. The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Directors. Under the Fund's current distribution policy, the Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code, whichever is greater. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. Pursuant to this policy, the Fund paid total distributions of $0.51 per share in 2010 (including an adjusting distribution of $0.17 per share in the fourth quarter).