<SEC-DOCUMENT>0000950123-11-032218.txt : 20110404
<SEC-HEADER>0000950123-11-032218.hdr.sgml : 20110404
<ACCEPTANCE-DATETIME>20110401203035
ACCESSION NUMBER:		0000950123-11-032218
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		36
CONFORMED PERIOD OF REPORT:	20110406
FILED AS OF DATE:		20110404
DATE AS OF CHANGE:		20110401
EFFECTIVENESS DATE:		20110404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI EQUITY TRUST INC
		CENTRAL INDEX KEY:			0000794685
		IRS NUMBER:				222736509
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04700
		FILM NUMBER:		11733220

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>b84254a1def14a.htm
<DESCRIPTION>GABELLI EQUITY TRUST, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SCHEDULE 14A INFORMATION</B>
</DIV>


<DIV align="Center" style="font-size: 12pt; margin-top: 6pt">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934<BR>
(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by Registrant <FONT style="font-family: Wingdings">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT style="font-family: Wingdings">&#111;</FONT>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:
</DIV>


<DIV style="margin-top: 0pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preliminary Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Additional Materials</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting Material Pursuant to Sec. 240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>The Gabelli Equity Trust Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule&nbsp;0-11(set forth the amount on which the filing fee is calculated and
state how it was determined):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount Previously Paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date Filed:</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THE GABELLI EQUITY TRUST&#160;INC.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One Corporate Center
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Rye, New York 10580&#160;- 1422
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">(914)&#160;921-5070</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>To Be Held on May&#160;16, 2011</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the Shareholders of
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE GABELLI EQUITY TRUST&#160;INC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notice is hereby given that the Annual Meeting of Shareholders
    of The Gabelli Equity Trust&#160;Inc., a Maryland corporation
    (the &#147;Fund&#148;), will be held on Monday, May&#160;16,
    2011, at 9:30&#160;a.m., at The Cole Auditorium, The Greenwich
    Library, 101&#160;West Putnam Avenue, Greenwich, Connecticut
    06830 and at any adjournments thereof (the &#147;Meeting&#148;),
    for the following purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;&#160;
</TD>
    <TD align="left">
    To elect three (3)&#160;Directors of the Fund, two (2) Directors
    to be elected by the holders of the Fund&#146;s Common Stock and
    holders of its Series&#160;C Auction Rate Cumulative Preferred
    Stock, 5.875% Series&#160;D Cumulative Preferred Stock,
    Series&#160;E Auction Rate Cumulative Preferred Stock, and 6.20%
    Series&#160;F Cumulative Preferred Stock (together, the
    &#147;Preferred Stock&#148;), voting together as a single class,
    and one (1) Director to be elected by the holders of the
    Fund&#146;s Preferred Stock, voting as a separate class
    <B>(Proposal&#160;1)</B>;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;&#160;
</TD>
    <TD align="left">
    To consider and vote upon such other matters, including
    adjournments, as may properly come before said Meeting or any
    adjournments thereof.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These items are discussed in greater detail in the attached
    Proxy Statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The close of business on March&#160;21, 2011 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR
    HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE
    MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY.
    INSTRUCTIONS&#160;FOR THE PROPER VOTING AND/OR EXECUTION OF
    PROXIES ARE SET FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY
    PROVIDE THEIR VOTE BY TELEPHONE OR THE INTERNET BY FOLLOWING THE
    INSTRUCTIONS&#160;ACCOMPANYING THE PROXY CARD, VOTING
    INSTRUCTION FORM OR NOTICE OF INTERNET AVAILABILITY OF PROXY
    MATERIALS. ALTERNATIVELY, SHAREHOLDERS MAY SUBMIT VOTING
    INSTRUCTIONS&#160;BY SIGNING AND DATING THE PROXY CARD OR VOTING
    INSTRUCTION FORM AND RETURNING IT IN THE ACCOMPANYING
    POSTAGE-PAID ENVELOPE.</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By Order of the Board of Directors,<BR>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AGNES MULLADY<BR>
    <I>Secretary</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    April&#160;6, 2011
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS&#160;FOR
    SIGNING PROXY CARDS TO BE RETURNED BY MAIL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following general rules for signing proxy cards may be of
    assistance to you and avoid the time and expense to the Fund
    involved in validating your vote if you fail to sign your proxy
    card properly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;&#160;
</TD>
    <TD align="left">
    <I>Individual Accounts: </I>Sign your name exactly as it appears
    in the registration on the proxy card.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;&#160;
</TD>
    <TD align="left">
    <I>Joint Accounts: </I>Either party may sign, but the name of
    the party signing should conform exactly to the name shown in
    the registration.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    3.&#160;&#160;
</TD>
    <TD align="left">
    <I>All Other Accounts: </I>The capacity of the individuals
    signing the proxy card should be indicated unless it is
    reflected in the form of registration. For example:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Registration</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Valid Signature</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Corporate Accounts</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    ABC Corp.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    ABC Corp.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    ABC Corp.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    John Doe, Treasurer
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    ABC Corp.<BR>
    <FONT style="white-space: nowrap">c/o&#160;John</FONT>
    Doe, Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    John Doe
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    ABC Corp., Profit Sharing Plan
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    John Doe, Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Trust&#160;Accounts</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    ABC Trust
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Jane B. Doe, Trustee
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Jane B. Doe, Trustee<BR>
    u/t/d 12/28/78
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Jane B. Doe
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Custodian or Estate Accounts</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    John B. Smith, Cust.<BR>
    f/b/o John B. Smith, Jr. UGMA
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    John B. Smith
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    John B. Smith, Executor<BR>
    Estate of Jane Smith
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    John B. Smith, Executor
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS&#160;FOR
    TELEPHONE/INTERNET VOTING</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Various brokerage firms may offer the convenience of providing
    you with voting instructions via telephone or the Internet for
    shares held through such firms. Instructions for Internet and
    telephonic voting are included with each of the Notice of
    Internet Availability of Proxy Materials and the proxy card.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THE GABELLI EQUITY TRUST&#160;INC.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 13%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>ANNUAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>May&#160;16, 2011</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 13%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROXY STATEMENT</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Proxy Statement is furnished in connection with the
    solicitation of proxies by the Board of Directors (the
    &#147;Board,&#148; the members of which are referred to as
    &#147;Directors&#148;) of The Gabelli Equity Trust&#160;Inc., a
    Maryland corporation (the &#147;Fund&#148;) for use at the
    Annual Meeting of Shareholders of the Fund to be held on Monday,
    May&#160;16, 2011, at 9:30&#160;a.m., at The Cole Auditorium,
    The Greenwich Library, 101&#160;West Putnam Avenue, Greenwich,
    Connecticut 06830, and at any adjournments thereof (the
    &#147;Meeting&#148;). A notice of Internet Availability of Proxy
    Materials is being mailed on April&#160;6, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to the solicitation of proxies by mail, officers of
    the Fund and officers and regular employees of Computershare
    Trust&#160;Company, N.A. (&#147;Computershare&#148;), the
    Fund&#146;s transfer agent, and affiliates of Computershare or
    other representatives of the Fund may also solicit proxies by
    telephone, telegraph, Internet, or in person. In addition, the
    Fund has retained Morrow &#038; Co., LLC to assist in the
    solicitation of proxies for an estimated fee of $1,000 plus
    reimbursement of expenses. The Fund will pay the costs of the
    proxy solicitation and the expenses incurred in connection with
    preparing, printing, and mailing the Proxy Statement and its
    enclosures. The Fund will also reimburse brokerage firms and
    others for their expenses in forwarding solicitation materials
    to the beneficial owners of its shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The Fund&#146;s most recent annual report, including audited
    financial statements for the fiscal year ended December&#160;31,
    2010, is available upon request, without charge, by writing to
    the Secretary of the Fund, One Corporate Center, Rye, New York
    10580 <FONT style="white-space: nowrap">-1422,</FONT>
    by calling the Fund at
    <FONT style="white-space: nowrap">800-422-3554,</FONT>
    or via the Internet at www.gabelli.com.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the proxy is properly executed and returned in time to be
    voted at the Meeting, the Shares (as defined below) represented
    thereby will be voted &#147;FOR&#148; the election of the
    nominees as Directors as described in this Proxy Statement,
    unless instructions to the contrary are marked thereon, and at
    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 submitted 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 Fund at
    the above address prior to the date of the Meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 Fund 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
    meeting may be adjourned by an individual appointed by the Board
    to be the chairman of the Meeting (or in his absence, a person
    designated pursuant to the By-Laws to act as chairman of the
    Meeting). Alternatively, the chairman of the Meeting may, in his
    discretion, submit the question of adjournment to a vote of
    shareholders. Any such adjournment on which the shareholders
    vote will require the affirmative vote of a majority of those
    shares present at the Meeting in person or by proxy (or a
    majority of votes cast if a quorum is present). If a quorum is
    present, the persons named as proxies will vote those proxies
    which they are entitled to vote &#147;FOR&#148; any proposal in
    favor of such adjournment and will vote those proxies required
    to be voted &#147;AGAINST&#148; any proposal against any such
    adjournment. If a quorum is present, 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. The chairman of
    the meeting may adjourn any meeting of stockholders from time to
    time to a date not more than 120&#160;days after the original
    record date without notice other than announcement at the
    meeting. At such adjourned meeting at which a quorum shall be
    present, any business may be transacted which might have been
    transacted at the meeting as originally notified. The Fund may
    set a subsequent record date and give notice of it to
    shareholders, in which case the meeting may be held not more
    than 120&#160;days beyond the subsequent record date. The Fund
    may postpone or cancel a meeting of stockholders by making a
    public announcement (as defined in the By-Laws) of such
    postponement or cancellation prior to the meeting. Notice
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    of the date, time, and place to which the meeting is postponed
    shall be given not less than ten days prior to such date and
    otherwise in the manner set forth in the
    <FONT style="white-space: nowrap">By-Laws.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The close of business on March&#160;21, 2011 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has two classes of capital stock outstanding: common
    stock, par value $0.001 per share (the &#147;Common
    Stock&#148;), and preferred stock consisting of (i)
    Series&#160;C Auction Rate Cumulative Preferred Stock
    (&#147;Series&#160;C Preferred&#148;), (ii)&#160;5.875%
    Series&#160;D Cumulative Preferred Stock (&#147;Series&#160;D
    Preferred&#148;), (iii)&#160;Series&#160;E Auction Rate
    Cumulative Preferred Stock (&#147;Series&#160;E
    Preferred&#148;), and (iv)&#160;6.20% Series&#160;F Cumulative
    Preferred Stock (&#147;Series&#160;F Preferred&#148;), each
    having a par value of $0.001 per share (together, the
    &#147;Preferred Stock&#148; and together with the Common Stock,
    the &#147;Shares&#148;). The holders of the Common Stock and
    Preferred Stock are each entitled to one vote for each full
    share held. On the record date, there were
    180,857,486&#160;shares of Common Stock, 2,880&#160;shares of
    Series&#160;C Preferred, 2,363,860&#160;shares of Series&#160;D
    Preferred, 1,120&#160;shares of Series&#160;E Preferred, and
    5,850,402&#160;shares of Series&#160;F Preferred outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the record date, there were no persons known to the Fund
    to be beneficial owners of more than 5% of the Fund&#146;s
    outstanding shares of Common Stock or Preferred Stock.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF VOTING RIGHTS ON PROXY PROPOSALS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Proposal</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Common Stockholders</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Preferred
    Stockholders</FONT></B>
</DIV>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -18pt; margin-left: 18pt">
    1.&#160;&#160;Election of<BR>
    Directors
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Common and Preferred Stockholders, voting together as a single
    class, vote to elect two Directors:<BR>
    Frank J. Fahrenkopf, Jr. and<BR>
    Salvatore J. Zizza
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Common and Preferred Stockholders, voting together as a single
    class, vote to elect two Directors:<BR>
    Frank J. Fahrenkopf, Jr. and<BR>
    Salvatore J. Zizza<BR>
    <BR>
    Preferred Stockholders, voting as a separate class, vote to
    elect one Director:<BR>
    Anthony J. Colavita
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2.&#160;&#160;Other Business
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Common and Preferred Stockholders, voting together as a single
    class
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order that your Shares may be represented at the Meeting, you
    are requested to vote on the following matters:
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;1:
    TO ELECT THREE (3)&#160;DIRECTORS OF THE FUND</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Nominees
    for the Board of Directors</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors consists of eight Directors, seven of
    whom are not &#147;interested persons&#148; of the Fund (as
    defined in the Investment Company Act of 1940, as amended (the
    &#147;1940 Act&#148;)). The Fund divides the Board into three
    classes, each class having a term of three years. Each year, the
    term of office of one class will expire. Anthony&#160;J.
    Colavita, Frank J. Fahrenkopf, Jr., and Salvatore J. Zizza have
    each been nominated by the Board for election to serve for a
    three year term to expire at the Fund&#146;s 2014 Annual Meeting
    of Shareholders and until their successors are duly elected and
    qualified. Each of the Directors of the Fund has served in that
    capacity since the July&#160;14, 1986 organizational meeting of
    the Fund with the exception of Mr.&#160;Conn, who became a
    Director of the Fund on May&#160;15, 1989, Mr.&#160;Fahrenkopf,
    who became a Director of the Fund on May&#160;11, 1998,
    Mr.&#160;Colavita, who became a Director of the Fund on
    November&#160;17, 1999, and Mr.&#160;Ferrara, who became a
    Director of the Fund on August&#160;15, 2001. All of the
    Directors of the Fund are also directors or trustees of other
    investment companies for which Gabelli Funds, LLC (the
    &#147;Adviser&#148;) or its affiliates serve as investment
    adviser. The classes of Directors are indicated below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><U>Nominees to Serve Until 2014 Annual Meeting of
    Shareholders</U></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anthony J. Colavita
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Frank J. Fahrenkopf, Jr.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Salvatore J. Zizza
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><U>Directors Serving Until 2013 Annual Meeting of
    Shareholders</U></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mario J. Gabelli, CFA
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Thomas E. Bratter
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Arthur V. Ferrara
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><U>Directors Serving Until 2012 Annual Meeting of
    Shareholders</U></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    James P. Conn
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anthony R. Pustorino
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Fund&#146;s Articles of Incorporation,
    Articles&#160;Supplementary, and the 1940 Act, holders of the
    Fund&#146;s outstanding Preferred Stock, voting as a separate
    class, are entitled to elect two Directors, and holders of the
    Fund&#146;s outstanding Common Stock and Preferred Stock, voting
    together as a single class, are entitled to elect the remaining
    Directors. The holders of the Fund&#146;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 Fund&#146;s
    Preferred Stock are in arrears for two full years. No dividend
    arrearages exist as of the date of this Proxy Statement.
    Messrs.&#160;Colavita and Conn are currently the Directors
    elected solely by the holders of the Fund&#146;s Preferred
    Stock. A quorum of the Preferred Stockholders must be present in
    person or by proxy at the Meeting in order for the proposal to
    elect Mr. Colavita to be considered. Mr. Conn&#146;s term as
    Director is scheduled to expire at the Fund&#146;s 2012 Annual
    Meeting of Shareholders, and therefore he is not standing for
    election at this Meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless authority is withheld, it is the intention of the persons
    named in the proxy to vote the proxy &#147;FOR&#148; 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.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    about Directors and Officers</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below are the existing Directors,
    including those Directors who are not considered to be
    &#147;interested persons,&#148; as defined in the 1940 Act (the
    &#147;Independent Directors&#148;), three of whom are nominated
    for reelection to the Board of the Fund and officers of the
    Fund, including information relating to their respective
    positions held with the Fund, a brief statement of their
    principal occupations and, in the case of the Directors, their
    other directorships during the past five years (excluding other
    funds managed by the Adviser), if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund
    Complex<SUP style="font-size: 85%; vertical-align: top">(3)<BR>

    </SUP></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Address<SUP style="font-size: 85%; vertical-align: top">(1)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>by Director</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="9" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><U>INTERESTED
    DIRECTOR</U><SUP style="font-size: 85%; vertical-align: top">(4)</SUP>:</B>

</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Mario J. Gabelli</B> <BR>
    Director and<BR>
    Chief Investment Officer<BR>
    Age: 68
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1986**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, Chief Executive Officer, and Chief Investment Officer
    - Value Portfolios of GAMCO Investors, Inc. and Chief Investment
    Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset
    Management Inc.; Director/Trustee or Chief Investment Officer of
    other registered investment companies in the Gabelli/GAMCO Funds
    Complex; Chief Executive Officer of GGCP, Inc.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Morgan Group Holdings, Inc. (holding company);
    Chairman of the Board and Chief Executive Officer of LICT Corp.
    (multimedia and communication services company); Director of
    CIBL, Inc. (broadcasting and wireless communications); Director
    of RLJ Acquisition, Inc. (blank check company)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    26
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><U>INDEPENDENT
    DIRECTORS/NOMINEES</U><SUP style="font-size: 85%; vertical-align: top">(5)</SUP>:</B>

</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Thomas E. Bratter</B> <BR>
    Director<BR>
    Age: 71
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1986**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, President, and Founder of The John Dewey Academy
    (residential college preparatory therapeutic high school)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    &#151;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Anthony J.
    Colavita<SUP style="font-size: 85%; vertical-align: top">(6)</SUP></B>

    <BR>
    Director<BR>
    Age: 75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1999*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President of the law firm of Anthony J. Colavita,&#160;P.C.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    &#151;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    34
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>James P.
    Conn<SUP style="font-size: 85%; vertical-align: top">(6)</SUP></B>

    <BR>
    Director<BR>
    Age: 73
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1989***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Former Managing Director and Chief Investment Officer of
    Financial Security Assurance Holdings Ltd. (insurance holding
    company) (1992-1998)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of First Republic Bank (banking) through January 2008;
    Director of La Quinta Corp. (hotels) through January 2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    18
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Frank J. Fahrenkopf, Jr.</B> <BR>
    Director<BR>
    Age: 71
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1998*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Executive Officer of the American Gaming
    Association; Co-Chairman of the Commission on Presidential
    Debates; Former Chairman of the Republican National Committee
    (1983-1989)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of First Republic Bank (banking)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    6
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Arthur V. Ferrara</B> <BR>
    Director<BR>
    Age: 80
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2001**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Former Chairman of the Board and Chief Executive Officer of The
    Guardian Life Insurance Company of America
    <FONT style="white-space: nowrap">(1993-1995)</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    &#151;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    8
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund
    Complex<SUP style="font-size: 85%; vertical-align: top">(3)<BR>

    </SUP></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Address<SUP style="font-size: 85%; vertical-align: top">(1)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>by Director</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Anthony R. Pustorino</B> <BR>
    Director<BR>
    Age: 85
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1986***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certified Public Accountant; Professor Emeritus, Pace University
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The LGL Group, Inc. (diversified manufacturing)
    (2002-2010)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    13
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Salvatore J. Zizza</B> <BR>
    Director<BR>
    Age: 65
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1986*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of Zizza &#038; Co., Ltd. (financial consulting) since
    1978; Chairman of Metropolitan Paper Recycling Inc. (recycling)
    since 2006; Chairman of BAM Inc., (manufacturing); Chairman of
    E-Corp English (global English instruction for corporate
    personnel) since 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Non-Executive Chairman and Director of Harbor BioSciences, Inc.
    (biotechnology); Vice-Chairman and Director of Trans-Lux
    Corporation (business services); Chairman, Chief Executive
    Officer, and Director of General Employment Enterprises, Inc.
    (staffing); Director of Bion Environmental Technologies
    (technology) (2005-2008); and Director of Earl Scheib Inc.
    (automotive painting) through April 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    28
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><U>OFFICERS</U><SUP style="font-size: 85%; vertical-align: top">(7)</SUP>:</B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Bruce N. Alpert</B> <BR>
    President<BR>
    Age: 59
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2003
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Vice President and Chief Operating Officer of Gabelli
    Funds, LLC since 1988 and an officer of all of the registered
    investment companies in the Gabelli/GAMCO Funds Complex.
    Director of Teton Advisors, Inc. since 1998; Chairman of Teton
    Advisors, Inc. 2008 to 2010; President of Teton Advisors, Inc.
    1998 to 2008; Senior Vice President of GAMCO Investors, Inc.
    since&#160;2008
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Carter W. Austin</B> <BR>
    Vice President<BR>
    Age: 44
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2000
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President of other closed-end funds within the
    Gabelli/GAMCO Funds Complex; Vice President of Gabelli Funds,
    LLC since 1996
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Peter D. Goldstein</B> <BR>
    Chief Compliance Officer<BR>
    Age: 58
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Regulatory Affairs at GAMCO Investors, Inc. since
    2004; Chief Compliance Officer of all of the registered
    investment companies in the Gabelli/GAMCO Funds Complex
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Molly A.F. Marion</B> <BR>
    Vice President and<BR>
    Ombudsman<BR>
    Age: 57
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President of The Gabelli Global Gold, Natural Resources
    &#038; Income Trust since 2005; Assistant Vice President of
    GAMCO Investors, Inc. since&#160;2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
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    5
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Address<SUP style="font-size: 85%; vertical-align: top">(1)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Agnes Mullady<BR>
    </B>Treasurer and Secretary<BR>
    Age: 52
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Operating Officer of the Open-End Fund
    Division of Gabelli Funds, LLC since September 2010; Senior Vice
    President of GAMCO Investors, Inc. since 2009; Vice President of
    Gabelli Funds, LLC since 2007; Officer of all of the registered
    investment companies in the Gabelli/GAMCO Funds Complex
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Address: One Corporate Center, Rye,
    NY
    <FONT style="white-space: nowrap">10580-1422.</FONT>
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">The Fund&#146;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.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">The &#147;Fund&#160;Complex&#148;
    or the &#147;Gabelli/GAMCO Funds&#160;Complex&#148; includes all
    the registered funds that are considered part of the same fund
    complex as the Fund because they have common or affiliated
    investment advisers.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">&#147;Interested person&#148; of
    the Fund as defined in the 1940 Act. Mr.&#160;Gabelli is
    considered to be an &#147;interested person&#148; of the Fund
    because of his affiliation with the Fund&#146;s Adviser and
    Gabelli&#160;&#038; Company, Inc., which executes portfolio
    transactions for the Fund, and as a controlling shareholder
    because of the level of his ownership of Common Stock of the
    Fund.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(5)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Directors who are not considered to
    be &#147;interested persons&#148; of the Fund as defined in the
    1940 Act are considered to be &#147;Independent&#148; Directors.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(6)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">As a Director, elected solely by
    holders of the Fund&#146;s Preferred Stock.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(7)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Each officer will hold office for
    an indefinite term until the date he or she resigns or retires
    or until his or her successor is elected and qualified.
    </FONT></TD>
</TR>

</TABLE>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Nominee to serve, if elected, until
    the Fund&#146;s 2014 Annual Meeting of Shareholders and until
    his successor is duly elected and qualified.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Term continues until the
    Fund&#146;s 2013 Annual Meeting of Shareholders and until his
    successor is duly elected and qualified.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">***
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Term continues until the
    Fund&#146;s 2012 Annual Meeting of Shareholders and until his
    successor is duly elected and qualified.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board believes that each Director&#146;s experience,
    qualifications, attributes, or skills on an individual basis and
    in combination with those of other Directors lead to the
    conclusion that each Director should serve in such capacity.
    Among the attributes or skills common to all Directors are their
    ability to review critically and to evaluate, question, and
    discuss information provided to them, to interact effectively
    with the other Directors, the Adviser, the
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    other service providers, counsel, and the Fund&#146;s
    independent registered public accounting firm, and to exercise
    effective and independent business judgment in the performance
    of their duties as Directors. Each Director&#146;s ability to
    perform
    <FONT style="white-space: nowrap">his/her</FONT>
    duties effectively has been attained in large part through the
    Director&#146;s business, consulting, or public service
    positions and through experience from service as a member of the
    Board and one or more of the other funds in the Gabelli/GAMCO
    Fund&#160;Complex, public companies, or non-profit entities, or
    other organizations as set forth above and below. Each
    Director&#146;s ability to perform
    <FONT style="white-space: nowrap">his/her</FONT>
    duties effectively also has been enhanced by education,
    professional training, and experience.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mario J. Gabelli.</I> Mr.&#160;Gabelli is Chairman of the
    Board of Directors and Chief Investment Officer of the Fund. He
    also currently serves as Chairman of the boards of other funds
    in the Fund&#160;Complex. Mr.&#160;Gabelli is Chairman, Chief
    Executive Officer, and Chief Investment Officer-Value Portfolios
    of GAMCO Investors, Inc. (&#147;GAMCO&#148;), a NYSE listed
    investment advisory firm. He is also the Chief Investment
    Officer of Value Portfolios of Gabelli Funds, LLC and GAMCO
    Asset Management, Inc., each of which are asset management
    subsidiaries of GAMCO. In addition, Mr.&#160;Gabelli is Chief
    Executive Officer and a director and the controlling shareholder
    of GGCP, Inc., an investment holding company that holds a
    majority interest in GAMCO. Mr.&#160;Gabelli also sits on the
    boards of other publicly traded companies and private firms and
    various charitable foundations and educational institutions,
    including the Board of Trustees of Boston College and Roger
    Williams University and the Board of Overseers of Columbia
    University Graduate School of Business. Mr.&#160;Gabelli
    received his Bachelors degree from Fordham University and his
    Masters of Business Administration from Columbia University
    Graduate School of Business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Thomas E. Bratter.</I> Dr. Bratter is the Director, Founder,
    and President of The John Dewey Academy, a residential college
    preparatory therapeutic high school in Massachusetts. He is also
    a Director of the International Center for Study of Psychiatry
    and Psychology, Vice President of the Small Boarding Schools
    Association, and a Trustee of the Majorie Polikoff Estate. In
    addition to serving on the boards of other funds in the
    Fund&#160;Complex, Dr.&#160;Bratter has been an active investor
    in publicly traded equities for over forty&#160;years.
    Dr.&#160;Bratter also serves on the
</DIV>
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    6
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Advisory Board of the American Academy of Health Providers in
    the Addictive Disorders and sits on the editorial boards of six
    professional journals. Prior to establishing and managing The
    John Dewey Academy, Dr. Bratter was in private practice as a
    psychotherapist and taught psychology at Columbia University as
    an adjunct faculty member for more than twenty&#160;years.
    Dr.&#160;Bratter also founded and sat on the boards of six
    community based treatment programs for adolescents. He has
    authored one hundred and fifty articles and four books
    concerning the treatment and education of gifted and self
    destructive adolescents and their families. Dr.&#160;Bratter
    received his Bachelor of Arts, Masters, and Doctorate in
    Education from Columbia College and University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anthony J. Colavita,&#160;Esq.</I> Mr.&#160;Colavita is a
    practicing attorney with over forty-nine&#160;years of
    experience, including the field of business law. He is the Chair
    of the Fund&#146;s Nominating Committee and a member of the
    Fund&#146;s Audit Committee. Mr.&#160;Colavita also serves on
    comparable or other board committees with respect to other funds
    in the Fund&#160;Complex on whose boards he sits.
    Mr.&#160;Colavita also serves as a Trustee of a charitable
    remainder unitrust. He formerly served as a Commissioner of the
    New York State Thruway Authority and as a Commissioner of the
    New York State Bridge Authority. He served for ten years as the
    elected Supervisor of the Town of Eastchester, New&#160;York,
    responsible for ten annual municipal budgets of approximately
    eight million dollars per year. Mr.&#160;Colavita formerly
    served as Special Counsel to the New York State Assembly for
    five years and as a Senior Attorney with the New York State
    Insurance Department. He is the former Chairman of the
    Westchester County Republican Party and the New York State
    Republican Party. Mr.&#160;Colavita received his Bachelor of
    Arts from Fairfield University and his Juris Doctor from Fordham
    University School of Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>James P. Conn.</I> Mr.&#160;Conn is the lead independent
    Director of the Fund, a member of the Fund&#146;s Proxy Voting
    Committee, and also serves on comparable or other board
    committees for other funds in the Fund&#160;Complex on whose
    boards he sits. He was a senior business executive of an
    insurance holding company for much of his career, including
    service as Chief Investment Officer. Mr.&#160;Conn has been a
    director of several public companies in banking and other
    industries, and was lead Director and/or Chair of various
    committees. He received his Bachelor of Science in Business
    Administration from Santa&#160;Clara University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Frank J. Fahrenkopf,&#160;Jr.</I> Mr.&#160;Fahrenkopf is the
    President and Chief Executive Officer of the American Gaming
    Association (&#147;AGA&#148;), the trade group for the
    <FONT style="white-space: nowrap">hotel-casino</FONT>
    industry. Additionally, he serves on certain board committees
    with respect to other funds in the Fund&#160;Complex on whose
    board he sits. He presently is Co-Chairman of the Commission on
    Presidential Debates, which is responsible for the widely viewed
    Presidential debates during the quadrennial election cycle.
    Additionally, he serves as a board member of the International
    Republican Institute, which he founded in 1984. He served for
    many years as Chairman of the Pacific Democrat Union and Vice
    Chairman of the International Democrat Union, a worldwide
    association of political parties from the United States, Great
    Britain, France, Germany, Canada, Japan, Australia, and twenty
    other nations. Prior to becoming the AGA&#146;s first chief
    executive in 1995, Mr.&#160;Fahrenkopf was a partner in the law
    firm of Hogan&#160;&#038; Hartson, where he chaired the
    International Trade Practice Group and specialized in
    regulatory, legislative, and corporate matters for
    multinational, foreign, and domestic clients. He also served as
    Chairman of the Republican National Committee for six&#160;years
    during Ronald Reagan&#146;s presidency. Mr. Fahrenkopf is the
    former Chairman of the Finance Committee of the Culinary
    Institute of America and remains a member of the board.
    Additionally, he has over twenty&#160;years&#146; of experience
    as a member of the board of directors of a bank and still serves
    as a member of the Advisory Board of the bank.
    Mr.&#160;Fahrenkopf received his Bachelor of Arts from the
    University of Nevada, Reno and his Juris Doctor from Boalt Hall
    School of Law, U.C.&#160;Berkeley.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Arthur V. Ferrara.</I> Mr.&#160;Ferrara is the former
    Chairman of the Board and Chief Executive Officer of The
    Guardian Life Insurance Company of America, and formerly served
    on the boards of The Guardian Insurance and Annuity Company and
    funds managed by Guardian Investor Services Corporation. He also
    is a former Chairman of the Life Insurance Council of New York
    Inc. Mr.&#160;Ferrara serves as Chairman of the Fund&#146;s
    <I>ad hoc</I> Pricing Committee (described below under
    &#147;Directors&#160;&#151; Leadership Structure and Oversight
    Responsibilities&#148;). He is a member of the Fund&#146;s
    Nominating and Proxy Voting Committees and is also a member of a
    multi-fund <I>ad hoc</I> compensation committee. He also serves
    on comparable or other board committees with respect to other
    funds in the Fund&#160;Complex on whose boards he sits.
    Mr.&#160;Ferrara received his Bachelor of Science in Business
    Administration from the College of the Holy Cross.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anthony R. Pustorino.</I> Mr.&#160;Pustorino is a Certified
    Public Accountant (&#147;CPA&#148;) and Professor Emeritus of
    Pace University with fifty&#160;years of experience in public
    accounting. Mr.&#160;Pustorino is Chair of the Fund&#146;s Audit
    and Proxy
</DIV>
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    <BR>
    7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Voting Committees, has been designated the Fund&#146;s Audit
    Committee Financial Expert, and is a member of both multi-fund
    <I>ad hoc</I> Compensation Committees. Mr.&#160;Pustorino also
    serves on comparable committees of other boards in the Fund
    Complex. Mr.&#160;Pustorino was Chair of the Audit Committee and
    was a Director of LGL Group, Inc., a diversified manufacturing
    company. He was previously the President and shareholder of a
    CPA firm and a Professor of accounting at both Fordham
    University and Pace University. He served as Chairman of the
    Board of Directors of the New York State Board for Public
    Accountancy and of the CPA Examination Review Board of the
    National Association of State Board of Accountancy. He was Vice
    President and member of the Executive Committee of the New York
    State Society of CPAs, and was the Chair or member of many of
    its technical committees. He was a member of Council of the
    American Institute of CPAs. Mr.&#160;Pustorino is the recipient
    of numerous professional and teaching awards. He received a
    Bachelor of Science in Business from Fordham University and a
    Masters in Business Administration from New York University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Salvatore J. Zizza.</I> Mr.&#160;Zizza is the Chairman of a
    financial consulting firm. He also serves as Chairman to other
    companies involved in manufacturing, recycling, and real estate.
    He is a member of the Fund&#146;s Audit and Nominating
    Committees, is a member of the Fund&#146;s <I>ad hoc</I> Pricing
    Committee, and is a member of both multi-fund <I>ad hoc</I>
    Compensation Committees. In addition, he serves on comparable or
    other board committees, including as lead independent director,
    with respect to other funds in the Fund&#160;Complex on whose
    boards he sits. Besides serving on the boards of many funds
    within the Fund&#160;Complex, he is currently a director of
    three other public companies and previously served on the boards
    of several other public companies. He previously served as the
    Chief Executive of a large NYSE listed construction company.
    Mr.&#160;Zizza received his Bachelor of Arts and his Master of
    Business Administration in Finance from St.&#160;John&#146;s
    University, which awarded him an Honorary Doctorate in
    Commercial Sciences.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Directors&#160;&#151;
    Leadership Structure and Oversight Responsibilities</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Overall responsibility for general oversight of the Fund rests
    with the Board. The Board has appointed Mr.&#160;Conn as the
    lead independent Director. The lead independent Director
    presides over executive sessions of the Directors and also
    serves between meetings of the Board as a liaison with service
    providers, officers, counsel, and other Directors on a wide
    variety of matters including scheduling agenda items for Board
    meetings. Designation as such does not impose on the lead
    independent Director any obligations or standards greater than
    or different from other Directors. The Board has established a
    Nominating Committee and an Audit Committee to assist the Board
    in the oversight of the management and affairs of the Fund. The
    Board also has an <I>ad hoc</I> Proxy Voting Committee that
    exercises voting and investment responsibilities on behalf of
    the Fund in selected situations. From time to time the Board
    establishes additional committees or informal working groups,
    such as pricing committees related to securities offerings by
    the Fund to address specific matters, or assigns one of its
    members to work with trustees or directors of other funds in the
    Gabelli/GAMCO Fund&#160;Complex on special committees or working
    groups that address complex-wide matters, such as the multi-fund
    <I>ad hoc</I> Compensation Committee relating to compensation of
    the Chief Compliance Officer for all the funds in the
    Fund&#160;Complex, and a separate multi-fund&#160;<I>ad hoc</I>
    Compensation Committee relating to compensation of certain
    officers of the closed-end funds in the Fund&#160;Complex.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All of the Fund&#146;s Directors other than Mr.&#160;Mario J.
    Gabelli are Independent Directors, and the Board believes they
    are able to provide effective oversight of the Fund&#146;s
    service providers. In addition to providing feedback and
    direction during Board meetings, the Directors meet regularly in
    executive session and chair all committees of the Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s operations entail a variety of risks, including
    investment, administration, valuation, and a range of compliance
    matters. Although the Adviser, the
    <FONT style="white-space: nowrap">sub-administrator</FONT>
    and the officers of the Fund are responsible for managing these
    risks on a
    <FONT style="white-space: nowrap">day-to-day</FONT>
    basis within the framework of their established risk management
    functions, the Board also addresses risk management of the Fund
    through its meetings and those of the committees and working
    groups. As part of its general oversight, the Board reviews with
    the Adviser at Board meetings the levels and types of risks
    being undertaken by the Fund, and the Fund&#146;s Audit
    Committee (&#147;Audit Committee&#148;) discusses the
    Fund&#146;s risk management and controls with the independent
    registered public accounting firm engaged by the Fund. The Board
    reviews valuation policies and procedures and the valuations of
    specific illiquid securities. The Board also receives periodic
    reports from the Fund&#146;s Chief Compliance Officer regarding
    compliance matters relating to the Fund and its major service
    providers, including results of the implementation and testing
    of the Fund&#146;s and such providers&#146; compliance programs.
    The Board&#146;s oversight function is facilitated by management
    reporting processes designed to provide visibility to the Board
    regarding the identification, assessment, and
</DIV>
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    <BR>
    8
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    management of critical risks, and the controls and policies and
    procedures used to mitigate those risks. The Board reviews its
    role in supervising the Fund&#146;s risk management from time to
    time and may make changes at its discretion at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board has determined that its leadership structure is
    appropriate for the Fund because it enables the Board to
    exercise informed and independent judgment over matters under
    its purview, allocates responsibility among committees in a
    manner that fosters effective oversight and allows the Board to
    devote appropriate resources to specific issues in a flexible
    manner as they arise. The Board periodically reviews its
    leadership structure as well as its overall structure,
    composition, and functioning, and may make changes at its
    discretion at any time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Beneficial
    Ownership of Shares&#160;Held in the Fund and the Family of
    Investment Companies for each Director and Nominee for Election
    as Director</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below is the dollar range of equity
    securities in the Fund beneficially owned by each Director and
    nominee for election as Director and the aggregate dollar range
    of equity securities in the Fund&#160;Complex beneficially owned
    by each Director and nominee for election as Director.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="17%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="25%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Dollar Range of Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range of Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities Held<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities Held in Family of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Director/Nominee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>in the
    Fund*<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Investment
    Companies*<SUP style="font-size: 85%; vertical-align: top">(1)(2)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 6pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><U>INTERESTED DIRECTOR:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Mario J. Gabelli
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><U>INDEPENDENT DIRECTORS/NOMINEES:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Thomas E. Bratter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Anthony J. Colavita
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    James P. Conn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Frank J. Fahrenkopf, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    B
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Arthur V. Ferrara
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    B
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Anthony R. Pustorino
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    D
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Salvatore J. Zizza
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    D
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 23%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Key to Dollar Ranges
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">A. None
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">B. $1&#160;&#150; $10,000
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">C. $10,001&#160;&#150; $50,000
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">D. $50,001&#160;&#150; $100,000
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">E.&#160;Over $100,000
    </FONT>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">All shares were valued as of
    December&#160;31, 2010.
    </FONT></TD>
</TR>

</TABLE>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This information has been furnished
    by each Director and nominee for election as Director as of
    December&#160;31, 2010. &#147;Beneficial Ownership&#148; is
    determined in accordance with
    <FONT style="white-space: nowrap">Rule&#160;16a-1(a)(2)</FONT>
    of the Securities Exchange Act of 1934, as amended (the
    &#147;1934&#160;Act&#148;).
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The term &#147;Family of Investment
    Companies&#148; includes two or more registered funds that share
    the same investment adviser or principal underwriter and hold
    themselves out to investors as related companies for purposes of
    investment and investor services. Currently, the registered
    funds that comprise the &#147;Fund&#160;Complex&#148; are
    identical to those that comprise the &#147;Family of Investment
    Companies.&#148;
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below is the amount of shares
    beneficially owned by each Director, nominee for election as
    Director, and executive officer of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount and Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Percent of Shares<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Director/Nominee/Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Beneficial
    Ownership<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Outstanding<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U>INTERESTED DIRECTOR:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Mario J. Gabelli
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#160;&#160;&#160;1,616,704<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U>INDEPENDENT
    DIRECTORS/NOMINEES:</U></B><SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Thomas E. Bratter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    48,372
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Anthony J. Colavita
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#160;&#160;&#160;2,835<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    James P. Conn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58,646
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Frank J. Fahrenkopf, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Arthur V. Ferrara
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    200
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Anthony R. Pustorino
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#160;&#160;&#160;13,618<SUP style="font-size: 85%; vertical-align: top">(6)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Salvatore J. Zizza
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10,890
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U>OFFICERS:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Bruce N. Alpert
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    793 Common Shares
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    2,610 Series D Preferred
    Shares<SUP style="font-size: 85%; vertical-align: top">(7)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    8,800 Series F Preferred
    Shares<SUP style="font-size: 85%; vertical-align: top">(8)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Agnes Mullady
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    *
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 23%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This information has been furnished
    by each Director, including each nominee for election as
    Director, and executive officer as of December&#160;31, 2010.
    &#147;Beneficial Ownership&#148; is determined in accordance
    with
    <FONT style="white-space: nowrap">Rule&#160;16a-1(a)(2)</FONT>
    of the 1934&#160;Act. Reflects ownership of shares of Common
    Stock unless otherwise noted.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">An asterisk indicates that the
    ownership amount constitutes less than 1% of the total shares
    outstanding. The Directors, including nominees for election as
    Director, and executive officers ownership as a group
    constitutes less than 1% of the total Common Stock or Preferred
    Stock outstanding.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Comprised of 947,963&#160;shares of
    Common Stock owned directly by Mr.&#160;Gabelli,
    37,358&#160;shares of Common Stock owned by a family partnership
    for which Mr.&#160;Gabelli serves as general partner, and
    631,383 shares of Common Stock owned by GAMCO Investors, Inc. or
    its affiliates. Mr.&#160;Gabelli disclaims beneficial ownership
    of the shares held by the discretionary accounts and by the
    entities named except to the extent of his interest in such
    entities.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">None of the Independent Directors
    nor their family members had any interest in the Adviser or any
    person directly or indirectly controlling, controlled by, or
    under common control with the Adviser as of December 31, 2010.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(5)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">All 2,835&#160;shares of Common
    Stock are owned by Mr.&#160;Colavita&#146;s spouse for which he
    disclaims beneficial ownership.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(6)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 2,630&#160;shares of
    Common Stock owned by Mr.&#160;Pustorino&#146;s spouse for which
    he disclaims beneficial ownership.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(7)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">All 2,610&#160;shares of Preferred
    Stock are owned by Mr.&#160;Alpert&#146;s spouse for which he
    disclaims beneficial ownership.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(8)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 800&#160;shares of
    Preferred Stock jointly owned by Mr.&#160;Alpert and his spouse
    and 8,000 shares owned by Mr. Alpert&#146;s spouse for which he
    disclaims beneficial ownership.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund pays each Director who is not affiliated with the
    Adviser or its affiliates a fee of $12,000 per year plus $1,500
    per Board meeting attended, $1,000 per standing Committee
    meeting attended, and $500 per telephonic meeting, together with
    the Director&#146;s actual out-of-pocket expenses relating to
    his attendance at such meetings. In addition, the lead
    independent Director receives an annual fee of $1,000, the Audit
    Committee Chairman receives an annual fee of $3,000, the Proxy
    Voting Committee Chairman receives an annual fee of $1,500, and
    the Nominating Committee Chairman receives an annual fee of
    $2,000. A Director may receive a single meeting fee, allocated
    among the participating funds, for participation in certain
    meetings on behalf of multiple funds. The aggregate remuneration
    (excluding out-of-pocket expenses) paid by the Fund to such
    Directors during the fiscal year ended December&#160;31, 2010
    amounted to $143,993. During the fiscal year ended
    December&#160;31, 2010, the Directors of the Fund met six times,
    two of which were special meetings of the Board 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The Audit
    Committee and Audit Committee Report</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The role of the Fund&#146;s Audit Committee is to assist the
    Board of Directors in its oversight of (i)&#160;the quality and
    integrity of the Fund&#146;s financial statement reporting
    process and the independent audit and reviews thereof;
    (ii)&#160;the Fund&#146;s accounting and financial reporting
    policies and practices, its internal controls, and, as
    appropriate, the internal controls of certain of its service
    providers; (iii)&#160;the Fund&#146;s compliance with legal and
    regulatory requirements; and (iv)&#160;the independent
    registered public accounting firm&#146;s qualifications,
    independence, and performance. The Audit Committee also is
    required to prepare an audit committee report pursuant to the
    rules of the Securities and Exchange Commission (the
    &#147;SEC&#148;) for inclusion in the Fund&#146;s annual proxy
    statement. The Audit Committee operates pursuant to the Audit
    Committee Charter (the &#147;Audit Charter&#148;) that was most
    recently
</DIV>
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    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    reviewed and approved by the Board of Directors on
    February&#160;16, 2011. The Audit Charter is available on the
    Fund&#146;s website at
    www.gabelli.com/corporate/closed/corp_gov.html.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the Audit Charter, the Audit Committee is
    responsible for conferring with the Fund&#146;s independent
    registered public accounting firm, reviewing annual financial
    statements, approving the selection of the Fund&#146;s
    independent registered public accounting firm, and overseeing
    the Fund&#146;s internal controls. The Audit Charter also
    contains provisions relating to the pre-approval by the Audit
    Committee of audit and non-audit services to be provided by
    PricewaterhouseCoopers LLP (&#147;PricewaterhouseCoopers&#148;)
    to the Fund and to the Adviser and certain of its affiliates.
    The Audit Committee advises the full Board with respect to
    accounting, auditing, and financial matters affecting the Fund.
    As set forth in the Audit Charter, management is responsible for
    maintaining appropriate systems for accounting and internal
    control, and the Fund&#146;s independent registered public
    accounting firm is responsible for planning and carrying out
    proper audits and reviews. The independent registered public
    accounting firm is ultimately accountable to the Board of
    Directors and to the Audit Committee, as representatives of
    shareholders. The independent registered public accounting firm
    for the Fund reports directly to the Audit Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In performing its oversight function, at a meeting held on
    February&#160;14, 2011, the Audit Committee reviewed and
    discussed with management of the Fund and PricewaterhouseCoopers
    the audited financial statements of the Fund as of and for the
    fiscal year ended December&#160;31, 2010, and discussed the
    audit of such financial statements with the independent
    registered public accounting firm.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Audit Committee discussed with the independent
    registered public accounting firm the accounting principles
    applied by the Fund and such other matters brought to the
    attention of the Audit Committee by the independent registered
    public accounting firm as required by Statement of Auditing
    Standards No.&#160;61, as amended (AICPA, Professional Standards
    Vol. 1 AU Section&#160;380), as adopted by the Public Company
    Accounting Oversight Board (United States) (&#147;PCAOB&#148;)
    in Rule&#160;3200T. The Audit Committee also received from the
    independent registered public accounting firm the written
    disclosures and statements required by the SEC&#146;s
    independence rules, delineating relationships between the
    independent registered public accounting firm and the Fund, and
    discussed the impact that any such relationships might have on
    the objectivity and independence of the independent registered
    public accounting firm.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As set forth above, and as more fully set forth in the Audit
    Charter, the Audit Committee has significant duties and powers
    in its oversight role with respect to the Fund&#146;s financial
    reporting procedures, internal control systems, and the
    independent audit process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The members of the Audit Committee are not, and do not represent
    themselves to be, professionally engaged in the practice of
    auditing or accounting and are not employed by the Fund for
    accounting, financial management, or internal control purposes.
    Moreover, the Audit Committee relies on and makes no independent
    verification of the facts presented to it or representations
    made by management or the Fund&#146;s independent registered
    public accounting firm. Accordingly, the Audit Committee&#146;s
    oversight does not provide an independent basis to determine
    that management has maintained appropriate accounting
    <FONT style="white-space: nowrap">and/or</FONT>
    financial reporting principles and policies, or internal
    controls and procedures, designed to assure compliance with
    accounting standards and applicable laws and regulations.
    Furthermore, the Audit Committee&#146;s considerations and
    discussions referred to above do not provide assurance that the
    audit of the Fund&#146;s financial statements has been carried
    out in accordance with the standards of the PCAOB or that the
    financial statements are presented in accordance with generally
    accepted accounting principles (United States).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on its consideration of the audited financial statements
    and the discussions referred to above with management and the
    Fund&#146;s independent registered public accounting firm, and
    subject to the limitations on the responsibilities and role of
    the Audit Committee set forth in the Audit Charter and those
    discussed above, the Audit Committee recommended to the
    Fund&#146;s Board of Directors that the Fund&#146;s audited
    financial statements be included in the Fund&#146;s Annual
    Report for the fiscal year ended December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Submitted by the Audit Committee of the Fund&#146;s Board of
    Directors</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anthony R. Pustorino, Chairman<BR>
    Anthony J. Colavita<BR>
    Salvatore J. Zizza<BR>
    February&#160;16, 2011
</DIV>
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    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Audit Committee met three times during the fiscal year ended
    December&#160;31, 2010. The Audit Committee is composed of three
    of the Fund&#146;s Independent Directors, namely
    Messrs.&#160;Colavita, Pustorino, and Zizza. Each member of the
    Audit Committee has been determined by the Board of Directors to
    be financially literate. Mr.&#160;Pustorino has been designated
    as the Fund&#146;s audit committee financial expert, as defined
    in Items 407(d)(5)(ii) and (iii) of Regulation S-K.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Nominating
    Committee</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors has a Nominating Committee composed of
    three Independent Directors, namely Messrs.&#160;Colavita,
    Ferrara, and Zizza. Each Nominating Committee Member is an
    Independent Director as determined under NYSE guidelines. The
    Nominating Committee met once during the fiscal year ended
    December&#160;31, 2010. The Nominating Committee is responsible
    for identifying and recommending qualified candidates to the
    Board in the event that a position is vacated or created. The
    Nominating Committee will consider recommendations by
    shareholders if a vacancy were to exist. In considering
    candidates submitted by shareholders, the Nominating Committee
    will take into consideration the needs of the Board, the
    qualifications of the candidate, and the interests of
    shareholders. The Nominating Committee may also take into
    consideration the number of shares held by the recommending
    shareholder and the length of time that such shares have been
    held. To recommend a candidate for consideration by the
    Nominating Committee, a shareholder must submit the
    recommendation in writing and must include the following
    information:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The name of the shareholder and evidence of the
    shareholder&#146;s ownership of shares of the Fund, including
    the number of shares owned and the length of time of ownership;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The name of the candidate, the candidate&#146;s resume or a
    listing of his or her qualifications to be a Director of the
    Fund, and the person&#146;s consent to be named as a Director if
    selected by the Nominating Committee and nominated by the Board
    of Directors;&#160;and
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If requested by the Nominating Committee, a completed and signed
    director&#146;s questionnaire.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The shareholder recommendation and information described above
    must be sent to the Fund&#146;s Secretary,
    <FONT style="white-space: nowrap">c/o&#160;Gabelli</FONT>
    Funds, LLC, One Corporate Center, Rye, NY
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    and must be received by the Secretary no less than 120&#160;days
    prior to the first anniversary of the date of the proxy
    statement for the preceding year&#146;s annual meeting or, if
    the meeting has moved by more than thirty&#160;days, no less
    than ten&#160;days following the date on which public
    announcement of the date of such annual meeting is first made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Nominating Committee believes that the minimum
    qualifications for serving as a Director of the Fund 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 Fund 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&#146;s specific experiences and skills, time
    availability in light of other commitments, potential conflicts
    of interest, and independence from management and the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Nominating Committee considers the overall composition of
    the Board, bearing in mind the benefits that may be derived from
    having members who have a variety of experiences,
    qualifications, attributes, or skills useful in overseeing a
    publicly traded, highly regulated entity such as the Fund. The
    Fund&#146;s governing documents state that a nominee for
    Director shall be at least twenty-one&#160;years of age and not
    older than such maximum age, if any, as the Directors may
    determine and shall not be under legal disability. The Directors
    have not determined a maximum age. The Nominating Committee does
    not have a formal policy regarding the consideration of
    diversity in identifying director candidates. For a discussion
    of experiences, qualifications, attributes, or skills supporting
    the appropriateness of each Director&#146;s service on the
    Fund&#146;s Board, see the biographical information of the
    Directors above in the section entitled &#147;Information about
    Directors and Officers.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s Nominating Committee adopted a charter on
    May&#160;12, 2004, and amended the charter on November&#160;17,
    2004. The charter is available on the Fund&#146;s website at
    www.gabelli.com/corporate/closed/corp_gov.html.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Board Related Matters</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors has established the following procedures
    in order to facilitate communications among the Board and the
    shareholders of the Fund and other interested parties.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <U><FONT style="font-family: 'Times New Roman', Times">Receipt
    of Communications</FONT></U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    member(s) with whom you wish to communicate either by name or
    title. All such correspondence should be sent to The Gabelli
    Equity Trust Inc., Gabelli Funds, LLC, One Corporate Center,
    Rye, NY
    <FONT style="white-space: nowrap">10580&#160;-1422.</FONT>
    To communicate with the Board electronically, shareholders may
    go to the corporate website at www.gabelli.com under the heading
    &#147;Our Firm/Contact Us/Email Addresses/Board of Directors
    (Gabelli Closed-End Funds).&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <U><FONT style="font-family: 'Times New Roman', Times">Forwarding
    the Communications</FONT></U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    Fund and that are not in the nature of advertising, promotion of
    a product or service, or patently offensive or otherwise
    objectionable material. In the case of communications to the
    Board of Directors or any committee or group of members of the
    Board, the General Counsel&#146;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
    <FONT style="white-space: nowrap">e-mail</FONT> is
    addressed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund does not expect Directors or nominees for election as
    Director to attend the Annual Meeting of Shareholders.
    Mr.&#160;Gabelli, Chairman of the Board of Directors of the
    Fund, attended the Fund&#146;s Annual Meeting of Shareholders
    held on May&#160;17, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth certain information regarding the
    compensation of the Directors by the Fund and executive
    officers, if any, who were compensated by the Fund rather than
    the Adviser for the year ended December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">COMPENSATION
    TABLE</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="16%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="24%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>from the Fund and Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Person and Position</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>from the Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Paid to Directors*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B><U>INTERESTED DIRECTOR:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Mario J. Gabelli</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0&#160;&#160;(26
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director and Chief Investment Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B><U>INDEPENDENT DIRECTORS/NOMINEES:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Thomas E. Bratter</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    43,500&#160;&#160; (4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Anthony J. Colavita</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23,111
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    254,500&#160;&#160;(33
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>James P. Conn</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    144,500&#160;&#160;(17
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Frank J. Fahrenkopf, Jr.</B>&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    73,500&#160;&#160; (5
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Arthur V. Ferrara</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    42,000&#160;&#160;(7
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Anthony R. Pustorino</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,795
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    164,500&#160;&#160;(13
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Salvatore J. Zizza</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21,111
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    212,000&#160;&#160;(27
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B><U>OFFICER:</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Molly A.F. Marion</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;90,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Vice President and Ombudsman
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 23%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">*&#160;
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Represents the total compensation
    paid to such persons during the fiscal year ended
    December&#160;31, 2010 by investment companies (including the
    Fund) or portfolios that are considered part of the same fund
    complex as the Fund because they have common or affiliated
    investment advisers. The number in parentheses represents the
    number of such investment companies and portfolios.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Required
    Vote</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The election of each of the listed nominees for Director of the
    Fund requires the affirmative vote of the holders of a majority
    of the applicable class or classes of Shares of the Fund
    represented at the Meeting if a quorum is present.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THE BOARD OF DIRECTORS, INCLUDING THE INDEPENDENT DIRECTORS,
    UNANIMOUSLY RECOMMENDS THAT THE COMMON AND PREFERRED
    SHAREHOLDERS VOTE &#147;FOR&#148; THE ELECTION OF EACH
    NOMINEE.</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Independent
    Registered Public Accounting Firm</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PricewaterhouseCoopers, 300 Madison Avenue, New York, NY 10017,
    has been selected to serve as the Fund&#146;s independent
    registered public accounting firm for the fiscal year ending
    December&#160;31, 2011. PricewaterhouseCoopers acted as the
    Fund&#146;s independent registered public accounting firm for
    the fiscal year ended December&#160;31, 2010. The Fund knows of
    no direct financial or material indirect financial interest of
    PricewaterhouseCoopers in the Fund. 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below are audit fees and non-audit
    related fees billed to the Fund by PricewaterhouseCoopers for
    professional services received during and for the fiscal years
    ended December&#160;31, 2009 and 2010, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Fiscal Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Audit Related<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>All<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>December 31</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Audit Fees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fees*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Tax Fees**</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Other Fees</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    55,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    20,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    5,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    45,427
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    13,463
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    4,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 23%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">*&#160;
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">&#147;Audit Related Fees&#148; are
    those estimated fees billed to the Fund by
    PricewaterhouseCoopers in connection with the preparation of
    Preferred Shares Reports to Moody&#146;s Investors Service, Inc.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">&#147;Tax Fees&#148; are those fees
    billed by PricewaterhouseCoopers in connection with tax
    compliance services, including primarily the review of the
    Fund&#146;s income tax returns.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s Audit Charter requires that the Audit Committee
    pre-approve all audit and non-audit services to be provided by
    the independent registered public accounting firm to the Fund,
    and all non-audit services to be provided by the independent
    registered public accounting firm to the Fund&#146;s Adviser and
    service providers controlling, controlled by, or under common
    control with the Fund&#146;s Adviser (&#147;affiliates&#148;)
    that provide ongoing services to the Fund (a &#147;Covered
    Services Provider&#148;), if the engagement relates directly to
    the operations and financial reporting of the Fund. The Audit
    Committee may delegate its responsibility to pre-approve any
    such audit and permissible
    <FONT style="white-space: nowrap">non-audit</FONT>
    services to the Chairman of the Audit Committee, and the
    Chairman must report his decision(s) to the Audit Committee, at
    its next regularly scheduled meeting after the Chairman&#146;s
    pre-approval of such services. The Audit Committee may also
    establish detailed pre-approval policies and procedures for
    pre-approval of such services in accordance with applicable
    laws, including the delegation of some or all of the Audit
    Committee&#146;s pre-approval responsibilities to other persons
    (other than the Adviser or the Fund&#146;s officers).
    Pre-approval by the Audit Committee of any permissible non-audit
    services is not required so long as: (i)&#160;the aggregate
    amount of all such permissible non-audit services provided to
    the Fund, the Adviser, and any Covered Services Provider
    constitutes not more than 5% of the total amount of revenues
    paid by the Fund to its independent registered public accounting
    firm during the year in which the permissible non-audit services
    are provided; (ii)&#160;the permissible non-audit services were
    not recognized by the Fund at the time of the engagement to be
    non-audit services; and (iii)&#160;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 PricewaterhouseCoopers billed the Fund
    fees for the fiscal years ended December&#160;31, 2009 and
    December&#160;31, 2010 were pre-approved by the Audit Committee.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the fiscal years ended December&#160;31, 2009 and 2010,
    PricewaterhouseCoopers has represented to the Fund that it did
    not provide any non-audit services (or bill any fees for such
    services) to the Adviser or any affiliates thereof that provide
    services to the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Investment Adviser and Administrator</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC is the Fund&#146;s Adviser and Administrator
    and its business address is One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;16(a)
    Beneficial Ownership Reporting Compliance</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Section&#160;16(a) of the 1934&#160;Act and Section&#160;30(h)
    of the 1940 Act, and the rules thereunder, require the
    Fund&#146;s executive officers and Directors, executive officers
    and directors of the Adviser, certain other affiliated persons
    of the Adviser, and persons who own more than 10% of a
    registered class of the Fund&#146;s securities to file reports
    of ownership and changes in ownership with the SEC and the New
    York Stock Exchange and to furnish the Fund with copies of all
    Section&#160;16(a) forms they file. Based solely on the
    Fund&#146;s review of the copies of such forms it received for
    the fiscal year ended December&#160;31, 2010, the Fund believes
    that during that year such persons complied with all such
    applicable filing requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Broker
    Non-Votes and Abstentions</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of determining the presence of a quorum for
    transacting business at the Meeting, abstentions and broker
    &#147;non-votes&#148; (that is, proxies from brokers or nominees
    indicating that such persons have not received instructions from
    the beneficial owner or other persons entitled to vote shares on
    a particular matter with respect to which the brokers or
    nominees do not have discretionary power) will be treated as
    shares that are present but that have not been voted.
    Accordingly, shareholders are urged to forward their voting
    instructions promptly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The affirmative vote of the holders of a majority of the
    applicable class or classes of Shares of the Fund represented at
    the Meeting if a quorum is present 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brokers holding shares of the Fund in &#147;street name&#148;
    for the benefit of their customers and clients will request the
    instructions of such customers and clients on how to vote their
    shares on Proposal&#160;1 before the Meeting. Under the rules of
    the New York Stock Exchange, such brokers may, for certain
    &#147;routine&#148; matters, grant discretionary authority to
    the proxies designated by the Board to vote if no instructions
    have been received from their customers and clients prior to the
    date specified in the brokers&#146; request for voting
    instructions. Proposal&#160;1 is a &#147;routine&#148; matter
    and accordingly beneficial owners who do not provide proxy
    instructions or who do not return a proxy card may have their
    shares voted by broker-dealer firms in favor of Proposal&#160;1.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholders of the Fund will be informed of the voting results
    of the Meeting in the Fund&#146;s Semi-Annual Report for the six
    months ended June&#160;30, 2011.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">&#147;Householding&#148;</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please note that only one annual or semi-annual report or Proxy
    Statement or Notice of Internet Availability of Proxy Materials
    may be delivered to two or more shareholders of the Fund who
    share an address, unless the Fund has received instructions to
    the contrary. To request a separate copy of an annual report or
    semi-annual report or this Proxy Statement or Notice of Internet
    Availability of Proxy Materials, or for instructions regarding
    how to request a separate copy of these documents or regarding
    how to request a single copy if multiple copies of these
    documents are received, shareholders should contact the Fund at
    the address and phone number set forth above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">OTHER
    MATTERS TO COME BEFORE THE MEETING</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Directors of the Fund do not intend to present any other
    business at the Meeting, nor are they aware that any shareholder
    intends to do so. If, however, any other matters, including
    adjournments, are properly brought before the Meeting, the
    persons named in the accompanying proxy will vote thereon in
    accordance with their judgment.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SHAREHOLDER
    PROPOSALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All proposals by shareholders of the Fund which are intended to
    be presented at the Fund&#146;s next Annual Meeting of
    Shareholders to be held in 2012 (the &#147;2012 Annual
    Meeting&#148;) must be received by the Fund for consideration
    for inclusion in the Fund&#146;s 2012 proxy statement and proxy
    relating to that meeting no later than December&#160;8, 2011.
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    under the 1934 Act (&#147;Rule
    <FONT style="white-space: nowrap">14a-8&#148;)</FONT>
    specifies a number of procedural and eligibility requirements to
    be satisfied by a shareholder submitting a proposal for
    inclusion in the Fund&#146;s proxy materials pursuant to this
    Rule. Any shareholder contemplating submissions of such a
    proposal is referred to Rule
    <FONT style="white-space: nowrap">14a-8.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s By-Laws require shareholders that wish to
    nominate Directors or make proposals to be voted on at an Annual
    Meeting of the Fund&#146;s Shareholders (and which are not
    proposed to be included in the Fund&#146;s proxy materials
    pursuant to
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    under the 1934&#160;Act) to provide timely notice of the
    nomination or proposal in writing. To be considered timely for
    the 2012 Annual Meeting, any such notice must be delivered to or
    mailed and received at the principal executive offices of the
    Fund at the address set forth on the first page of this proxy
    statement no earlier than 9:00&#160;a.m.&#160;Eastern time on
    November&#160;8, 2011 and no later than
    5:00&#160;p.m.&#160;Eastern time on December&#160;8, 2011;
    provided, however, that if the 2012 Annual Meeting is to be held
    on a date that is earlier than April&#160;16, 2012 or later than
    June&#160;15, 2012, such notice must be delivered to the Fund no
    later than 5:00&#160;p.m.&#160;Eastern time on the tenth day
    following the date on which public announcement of the date of
    the 2012 Annual Meeting was first made. Any such notice by a
    shareholder shall set forth the information required by the
    Fund&#146;s By-Laws with respect to each nomination or matter
    the shareholder proposes to bring before the 2012 Annual Meeting.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>SHAREHOLDERS MAY PROVIDE THEIR VOTE BY TELEPHONE OR THE
    INTERNET BY FOLLOWING THE INSTRUCTIONS&#160;ACCOMPANYING THE
    PROXY CARD, VOTING INSTRUCTION FORM OR SET FORTH IN THE NOTICE
    OF INTERNET AVAILABILITY OF PROXY MATERIALS.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    April&#160;6, 2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    GAB-PS-2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%"><IMG src="b84254a1b8425401.gif" alt="(LOGO)">

</DIV>
<P><DIV style="position: relative; float: left; width: 5%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>

</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>PROXY TABULATOR</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>P.O. BOX 9112</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>FARMINGDALE, NY 11735</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 40pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BROADRIDGE<br>
FINANCIAL SOLUTIONS, INC.<br>
ATTENTION:<br>
TEST PRINT<br>
51 MERCEDES WAY<br>
EDGEWOOD, NY<br>
11717</B>
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="right" valign="bottom"><BR><BR style="font-size: 6pt"><IMG src="b84254a1b8425402.gif" alt="(LOGO)"><br><br>
<IMG src="b84254a1b8425403.gif" alt="(LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>To vote by Internet</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Follow the instructions provided on the website.</DIV><br>
<B>To vote by Telephone</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Call <B>1-800-690-6903</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Follow the instructions.</DIV><br>
<B>To vote by Mail</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Check the appropriate boxes on the proxy card below.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Sign and date the proxy card.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">4)&nbsp;&nbsp;&nbsp;Return the proxy card in the envelope provided.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="b84254a1b8425431.gif" alt="(LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="right" style="font-size: 10pt; margin-top: 40pt"><IMG src="b84254a1b8425405.gif" alt="(LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>

<P><DIV style="position: relative; float: left; width: 7%">

<DIV align="right" style="font-size: 10pt; margin-top: 230pt"><IMG src="b84254a1b8425406.gif" alt="(LOGO)"></DIV>

</DIV>
<DIV style="position: relative; float: right; width: 93%">
<DIV align="left" style="font-size: 7pt; margin-top: 6pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#120;</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M33486-P12097&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>KEEP THIS PORTION FOR YOUR RECORDS</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3pt"><TD colspan="5">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt" nowrap><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DETACH AND RETURN THIS PORTION ONLY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border: 2px solid black; padding: 6px; padding-bottom: 0px; margin-top: 3pt">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" rowspan="3"><IMG src="b84254a1b8425404.gif" alt="(LOGO)"></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="font-size: 6pt"><BR style="font-size: 6pt"><B>THE GABELLI EQUITY TRUST INC.<br>
COMMON  SHAREHOLDER</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left" style="font-size: 10pt"><BR style="font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>02&nbsp;&nbsp;&nbsp;000000000110</B></TD>
    <TD style="border-top: 2px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>A</B>&nbsp;</FONT></FONT></FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="Justify"><FONT style="font-size: 7pt">
<B>Election of Directors&#151;The Board of
Directors recommends a vote <U>FOR</U> each
of the nominees listed.</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For<BR>
All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold<BR>
All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For All<BR>
Except</B></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top" style="font-size: 6pt">To withhold
authority to vote
for any individual
nominee(s), mark
&#147;For All Except&#148;
and write the
name(s) of the
nominee(s) on the
line below.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>1.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To elect two (2)&nbsp;Directors of the Fund:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Nominees:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">01)&nbsp;&nbsp;&nbsp;Frank J. Fahrenkopf, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">02)&nbsp;&nbsp;&nbsp;Salvatore J. Zizza</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 120pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD vAlign=top align=left><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>B</B>&nbsp;</FONT></FONT></FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD colspan="9" valign="top" align="left"><FONT style="font-size: 7pt"><b>Authorized Signatures&#151;This section must be completed for your vote to be
counted.&#151;Sign and Date Below</b></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" valign="top" align="left"><div align="Justify">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. 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.</div></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV>
</DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" valign="bottom" style="font-size: 8pt"><B>P12097-01S</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap rowspan="2" align="right" valign="top" style="font-size: 8pt"><B><FONT face="Symbol">&#042;&#042;&#042;</FONT><br>GS2
362397101<br>1<br><FONT face="Symbol">&#042;&#042;&#042;&#042;&#042;</FONT>ACCOUNT</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature &#091;PLEASE SIGN WITHIN BOX&#093;
</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Signature (Joint Owners)</TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>


</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center" style="font-size: 10pt; margin-top: 200pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</B><BR>
The Notice and Proxy Statement is available at www.proxyvote.com.
</DIV>


<DIV align="Center" style="font-size: 8pt; margin-top: 100pt">&#9660;&nbsp;&nbsp;<B>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. </B>&nbsp;&#9660;
</DIV>

<DIV align="right" style="font-size: 7pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px dashed #000000; FONT-size: 1px">&nbsp;</DIV>
M33488-P12097&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
<BR style="font-size: 3pt">
<DIV style="width: 100%; border: 2px solid black; padding: 24px;">

<DIV align="left" style="font-size: 10pt; margin-top: 50pt"><B>THE
GABELLI EQUITY TRUST INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>This
proxy is solicited on behalf of the Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">The undersigned hereby appoints Mario J. Gabelli, Agnes Mullady 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
&#147;Fund&#148;) which the undersigned is entitled to vote
at the Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The Greenwich
Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 on Monday, May&nbsp;16, 2011, at 9:30
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.</div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">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.</div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">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 <B>FOR </B>the election of the nominees as
Directors and in the discretion of the proxy holder as to any other matter that may properly come
before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No.&nbsp;1.</div>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000"><br style="font-size: 3pt"><B>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</B><br><br style="font-size: 3pt"></DIV></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%"><IMG src="b84254a1b8425430.gif" alt="(LOGO)">

</DIV>
<P><DIV style="position: relative; float: left; width: 5%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>

</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>PROXY TABULATOR</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>P.O. BOX 9112</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>FARMINGDALE, NY 11735</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 40pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BROADRIDGE<br>
FINANCIAL SOLUTIONS, INC.<br>
ATTENTION:<br>
TEST PRINT<br>
51 MERCEDES WAY<br>
EDGEWOOD, NY<br>
11717</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><BR><BR style="font-size: 6pt"><IMG src="b84254a1b8425407.gif" alt="(LOGO)"><br><br>
<IMG src="b84254a1b8425408.gif" alt="(LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>To vote by Internet</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Follow the instructions provided on the website.</DIV><br>
<B>To vote by Telephone</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Call <B>1-800-690-6903</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Follow the instructions.</DIV><br>
<B>To vote by Mail</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;Read the Proxy Statement.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;Check the appropriate boxes on the proxy card below.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;Sign and date the proxy card.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">4)&nbsp;&nbsp;&nbsp;Return the proxy card in the envelope provided.</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="b84254a1b8425432.gif" alt="(LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="right" style="font-size: 10pt; margin-top: 40pt"><IMG src="b84254a1b8425410.gif" alt="(LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>

<P><DIV style="position: relative; float: left; width: 2%">

<DIV align="right" style="font-size: 10pt; margin-top: 230pt"><IMG src="b84254a1b8425411.gif" alt="(LOGO)"></DIV>

</DIV>
<DIV style="position: relative; float: right; width: 98%">
<DIV align="left" style="font-size: 7pt; margin-top: 6pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#120;</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M33485-P12097&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>KEEP THIS PORTION FOR YOUR RECORDS</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3pt"><TD colspan="5">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt" nowrap><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DETACH AND RETURN THIS PORTION ONLY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border: 2px solid black; padding: 6px; padding-bottom: 0px; margin-top: 3pt">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" rowspan="3"><IMG src="b84254a1b8425409.gif" alt="(LOGO)"></TD>
    <TD>&nbsp;</TD>

<TD colspan="3" valign="top" align="left" style="font-size: 6pt"><BR style="font-size: 6pt"><B>THE
GABELLI EQUITY TRUST INC.<br>
SERIES C PREFERRED SHAREHOLDER</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left" style="font-size: 10pt"><BR style="font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>02&nbsp;&nbsp;&nbsp;000000000220</B></TD>
    <TD style="border-top: 2px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>A</B>&nbsp;</FONT></FONT></FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="Justify"><FONT style="font-size: 7pt">
<B>Election of Directors&#151;The Board of
Directors recommends a vote <U>FOR</U> each
of the nominees listed.</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For<BR>
All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold<BR>
All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For All<BR>
Except</B></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top" style="font-size: 6pt" nowrap>To withhold
authority to vote
for any individual<BR>

nominee(s), mark
&#147;For All Except&#148;
and write the
name(s) <BR>
of the
nominee(s) on the
line below.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>1.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To elect three (3)&nbsp;Directors of the Fund:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Nominees:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">01)&nbsp;&nbsp;&nbsp;Anthony J. Colavita</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">02)&nbsp;&nbsp;&nbsp;Frank J. Fahrenkopf, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">03)&nbsp;&nbsp;&nbsp;Salvatore J. Zizza</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 120pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD vAlign=top align=left><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>B</B>&nbsp;</FONT></FONT></FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD colspan="9" valign="top" align="left"><FONT style="font-size: 7pt"><b>Authorized Signatures&#151;This section must be completed for your vote to be
counted.&#151;Sign and Date Below</b></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" valign="top" align="left"><div align="Justify">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. 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.</div></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV>
</DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" valign="bottom" style="font-size: 8pt"><B>P12097-01S</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap rowspan="2" align="right" valign="top" style="font-size: 8pt"><B><FONT face="Symbol">&#042;&#042;&#042;</FONT><br>GS2
362397507<br>2<br><FONT face="Symbol">&#042;&#042;&#042;&#042;&#042;</FONT>ACCOUNT</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature &#091;PLEASE SIGN WITHIN BOX&#093;
</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Signature (Joint Owners)</TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>


</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center" style="font-size: 10pt; margin-top: 200pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</B><BR>
The Notice and Proxy Statement is available at www.proxyvote.com.
</DIV>


<DIV align="Center" style="font-size: 8pt; margin-top: 120pt"><FONT style="font-size: 12pt; font-family: Webdings">&#054;</FONT> <B>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. </B><FONT style="font-size: 12pt; font-family: Webdings">&#054;</FONT>
</DIV>

<DIV align="right" style="font-size: 7pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px dashed #000000; FONT-size: 1px">&nbsp;</DIV>
M33486-P12097&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
<BR style="font-size: 3pt">
<DIV style="width: 100%; border: 2px solid black; padding: 24px;">

<DIV align="left" style="font-size: 10pt; margin-top: 50pt"><B>THE GABELLI EQUITY TRUST INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>This proxy is solicited on behalf of the Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">The undersigned hereby appoints Mario J. Gabelli, Agnes Mullady 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
&#147;Fund&#148;) which the undersigned is entitled to vote
at the Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The Greenwich
Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 on Monday, May&nbsp;16, 2011, at 9:30
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.</div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">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.</div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><div align="justify">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 <B>FOR </B>the election of the nominees as
Directors and in the discretion of the proxy holder as to any other matter that may properly come
before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No.&nbsp;1.</div>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000"><br style="font-size: 3pt"><B>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</B><br><br style="font-size: 3pt"></DIV></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">

<DIV align="right" style="font-size: 10pt; margin-top: 100pt; margin-right: 15%">
<IMG src="b84254a1b8425412.gif" alt="(LOGO)"></div>

<DIV style="position: relative; float: LEFT; width: 45%">

<DIV align="RIGHT">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 20pt">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>PROXY TABULATOR</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>P.O. BOX 9112</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>FARMINGDALE, NY 11735</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 50pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>BROADRIDGE<br>
FINANCIAL SOLUTIONS, INC.<br>
ATTENTION:<br>
TEST PRINT<br>
51 MERCEDES WAY<br>
EDGEWOOD, NY<br>
11717</B></div></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="b84254a1b8425413.gif" alt="(LOGO)"><br><br>
<IMG src="b84254a1b8425414.gif" alt="(LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE></div></div>


<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 20pt">
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" ><DIV style="margin-left:0px; text-indent:-0px"><B>To vote by Internet</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;&nbsp;Follow the instructions provided on the website.</DIV><br>
<B>To vote by Telephone</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;&nbsp;Call <B>1-800-690-6903</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;&nbsp;Follow the instructions.</DIV><br>
<B>To vote by Mail</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;&nbsp;Read the Proxy Statement.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate boxes on the proxy card below.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;&nbsp;Sign and date the proxy card.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">4)&nbsp;&nbsp;&nbsp;&nbsp;Return the proxy card in the envelope provided.</DIV></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE></div></div>


<DIV style="position: relative; float: right; width: 6%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 00%">
<IMG src="b84254a1b8425433.gif" alt="(LOGO)"></div>
</div>
<BR clear="all"><BR>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt; margin-right:5%"><IMG src="b84254a1b8425416.gif" alt="(LOGO)"></div>

<DIV style="position: relative; float: left; width: 1%">
<DIV align="right" style="font-size: 10pt; margin-top: 300pt; margin-right: 5%"><IMG src="b84254a1b8425417.gif" alt="(LOGO)"></div>
</div>

<DIV style="position: relative; float: right; width: 99%">
<DIV style="MARGIN-TOP: 12pt" align=center>
<TABLE style="FONT-SIZE: 6pt" cellSpacing=0 cellPadding=0 width="100%" border=0><!-- Begin Table Head -->
  <TR vAlign=bottom>
    <TD width="45%">TO VOTE, MARK BLOCKS BELOW
      IN BLUE OR BLACK INK AS FOLLOWS:
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="font-family: Wingdings">&#120;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M33485-P121097&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>KEEP THIS PORTION FOR YOUR RECORDS</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3pt"><TD colspan="5">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt" nowrap><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DETACH AND RETURN THIS PORTION ONLY</TD>
</TR>
<!-- End Table Body -->
</TABLE></DIV>


<DIV align="CENTER" style="font-size: 1pt; margin-top: 1pt">&nbsp;</div>
<DIV style="BORDER-RIGHT: black 2px solid; PADDING-RIGHT: 4px; BORDER-TOP: black 2px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: -2px; BORDER-LEFT: black 2px solid; WIDTH: 100%; PADDING-TOP: 4px; BORDER-BOTTOM: black 2px solid">

<DIV align=center>
<TABLE style="FONT-SIZE: 7pt" cellSpacing=0 cellPadding=0 width="98%" border=0><!-- Begin Table Head -->

    <TR style="FONT-SIZE: 5pt" vAlign=bottom>
    <TD width="7%" rowspan="4" valign="top" NOWRAP><IMG src="b84254a1b8425415.gif" alt="(LOGO)">&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD></TR>
<!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>

<TD vAlign=top align=left colSpan=3><div align="justify"><font style="font-size: 6pt"><B>THE
GABELLI EQUITY TRUST INC.<BR>SERIES D PREFERRED SHAREHOLDER</B></font></div></TD>
    <TD>&nbsp;</TD>

    <TD colspan="7" valign="middle"><font style="font-size: 10pt"><b>02&nbsp;&nbsp; 000000000220</b></font></TD>
    <TD style="BORDER-RIGHT: black 2pt solid; BORDER-TOP: black 2pt solid" vAlign=top align=right>&nbsp;</TD>
</TR>
  <TR style="FONT-SIZE: 7pt">

    <TD vAlign=top align=left colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: black 2pt solid; BORDER-TOP: black 0pt solid" vAlign=top align=right>&nbsp;</TD></TR>
  <TR vAlign=bottom style="font-size: 8pt">
    <TD valign="top"><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>A</B>&nbsp;</FONT></FONT></FONT>&nbsp;</TD>
    <TD vAlign=top align=left colSpan=2><div align="justify">
<FONT style="font-size: 7pt"><b>Election of Directors&#151;The Board
of Directors recommends a vote <U>FOR</U> each of the
nominees listed.</b></FONT></div></TD>
    <TD>&nbsp;</TD>
<TD vAlign=top align=center><B>For<BR>All</B> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=center><B>Withhold<BR>All</B> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center><B>For All<BR>Except</B> </TD>
    <TD>&nbsp;</TD>
    <TD valign=top align=left rowSpan=2><DIV align=justify>
<FONT style="font-size: 6pt">
To withhold authority to vote for any individual nominee(s),<BR>mark &#147;For All Except&#148; and write the
name(s) of the<BR>nominee(s) on the line below.</FONT></div></TD>
    <TD style="BORDER-RIGHT: black 0pt solid; BORDER-TOP: black 0pt solid" vAlign=top align=right>&nbsp;</TD>

</TR>

  <TR style="FONT-SIZE: 5pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: black 0pt solid; BORDER-TOP: black 0pt solid"      vAlign=top align=right>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=left>1. </TD>

    <TD vAlign=top align=left colspan="2">To elect three (3) Directors of the Fund:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center><B>&nbsp; </B></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=middle align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

  <TR style="FONT-SIZE: 2pt" vAlign=bottom><!-- Blank Space -->

    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center><B>&nbsp; </B></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=middle align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=middle align=left colspan="2" rowspan="2"><b>Nominees:</b></TD>
    <TD vAlign=top noWrap align=left>&nbsp; </TD>

    <TD vAlign=middle align=center rowspan="2"><font style="FONT-SIZE: 11pt"><FONT face=wingdings>o</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=middle align=center rowspan="2"><font style="FONT-SIZE: 11pt"><FONT face=wingdings>o</FONT></FONT></TD>

    <TD vAlign=top noWrap align=center><B>&nbsp; </B></TD>
    <TD vAlign=middle align=center rowspan="2"><font style="FONT-SIZE: 11pt"><FONT face=wingdings>o</FONT></FONT></TD>

    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=middle align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

  <TR style="FONT-SIZE: 2pt" vAlign=bottom><!-- Blank Space -->

    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD vAlign=bottom align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD>

</TR>

 <TR style="FONT-SIZE: 3pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">01)&nbsp;&nbsp;&nbsp;Anthony J. Colavita<br>
02)&nbsp;&nbsp;&nbsp;Frank J. Fahrenkopf, Jr.
<br>03)&nbsp;&nbsp;&nbsp;Salvatore J. Zizza
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 50pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left><DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 57pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left><DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>B</B>&nbsp;</FONT></FONT></FONT></TD>

    <TD vAlign=middle align=left colspan="10"><b>Authorized Signatures&#151;This section must be completed for <B>your </B>vote to be
counted.&#151;Sign and Date Below</b></TD>

</TR>

 <TR style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left><DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

<tr style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>

    <TD vAlign=middle align=left colspan="11">
Please sign this proxy exactly as your name(s) appear(s) in the records of the
Fund. 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.</TD>

</TR>

<!-- End Table Body --></TABLE></DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></div></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" valign="bottom" style="font-size: 8pt"><B>P12097-01S</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap rowspan="2" align="right" valign="top" style="font-size: 8pt"><B><FONT face="Symbol">&#042;&#042;&#042;</FONT><br>GS2
362397705<br>4<br><FONT face="Symbol">&#042;&#042;&#042;&#042;&#042;</FONT>ACCOUNT</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature &#091;PLEASE SIGN WITHIN BOX&#093;</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Signature (Joint Owners)</TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE></div></div></div>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></div>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">



<DIV align="center" style="font-size: 9pt; margin-top: 200pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: </B><br>The
Notice and Proxy Statement is available at www.proxyvote.com.
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 100pt">&#9660;&nbsp;&nbsp;<B>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>&nbsp;&#9660;</DIV>
<DIV style="MARGIN-TOP: 0pt; FONT-SIZE: 1pt" align=center>
<DIV style="FONT-SIZE: 1px; WIDTH: 100%; BORDER-BOTTOM: #000000 1px dashed"></DIV></DIV>


<DIV align="right" style="font-size: 7pt; margin-top: 1pt">M33486-P12097&nbsp;&nbsp;&nbsp;&nbsp;</div>

<DIV align="right" style="font-size: 3pt; margin-top: 1pt">&nbsp;</div>


<DIV style="BORDER-RIGHT: black 2px solid; PADDING-RIGHT: 11px; BORDER-TOP: black 2px solid; PADDING-LEFT: 11px; PADDING-BOTTOM: 0px; BORDER-LEFT: black 2px solid; WIDTH: 100%; PADDING-TOP: 1px; BORDER-BOTTOM: black 2px solid">


<DIV align="left" style="font-size: 10pt; margin-top: 40pt; margin-right: 2%; margin-left: 2%"><B>THE GABELLI EQUITY TRUST INC.</b></div>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-right: 4%; margin-left: 2%"><B>This proxy is solicited on behalf of the Board of Directors</b></div>



<DIV align="justify" style="font-size: 10pt; margin-top: 12pt; margin-right: 2%; margin-left: 2%">
The undersigned hereby appoints Mario J. Gabelli, Agnes Mullady 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 &#147;Fund&#148;) which the undersigned is entitled to
vote at the Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The
Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 on Monday, May&nbsp;16, 2011, at
9:30&nbsp;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.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 12pt; margin-right: 2%; margin-left: 2%">

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.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 12pt; margin-right: 2%; margin-left: 2%">
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 <B>FOR</B> the election of the nominees as
Directors and in the discretion of the proxy holder as to any other matter that may properly come
before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No.&nbsp;1.
</div>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000"><br style="font-size: 3pt"><B>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</B><br><br style="font-size: 3pt"></DIV></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="right" style="font-size: 1pt; margin-top: 14pt">&nbsp;
</DIV>

</div>
<P style="FONT-SIZE: 10pt" align=center><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">

<DIV align="RIGHT" style="font-size: 10pt; margin-top: 100pt; margin-right: 10%"><IMG src="b84254a1b8425418.gif" alt="(LOGO)"></div>


<DIV style="position: relative; float: LEFT; width: 47%">
<DIV align="RIGHT">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 20pt">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>PROXY TABULATOR</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>P.O. BOX 9112</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>FARMINGDALE, NY 11735</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 50pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>BROADRIDGE<br>
FINANCIAL SOLUTIONS, INC.<br>
ATTENTION:<br>
TEST PRINT<br>
51 MERCEDES WAY<br>
EDGEWOOD, NY<br>
11717</B></div></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="b84254a1b8425419.gif" alt="(LOGO)"><br><br>
<IMG src="b84254a1b8425420.gif" alt="(LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE></div></div>



<DIV style="position: relative; float: left; margin-left: 2%; width: 47%">

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 20pt">
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" ><DIV style="margin-left:0px; text-indent:-0px"><B>To vote by Internet</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;&nbsp;Follow the instructions provided on the website.</DIV><br>
<B>To vote by Telephone</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;&nbsp;Call <B>1-800-690-6903</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;&nbsp;Follow the instructions.</DIV><br>
<B>To vote by Mail</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;&nbsp;Read the Proxy Statement.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate boxes on the proxy card below.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;&nbsp;Sign and date the proxy card.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">4)&nbsp;&nbsp;&nbsp;&nbsp;Return the proxy card in the envelope provided.</DIV></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE></div></div>

<DIV style="position: relative; float: right; width: 3%">
<DIV align="right" style="font-size: 10pt; margin-top: 0pt; margin-left: 0%"><IMG src="b84254a1b8425434.gif" alt="(LOGO)"></div>
</div>
<BR clear="all"><BR>



<DIV align="right" style="font-size: 10pt; margin-top: 50pt; margin-right: 10%"><IMG src="b84254a1b8425422.gif" alt="(LOGO)"></div>

<DIV style="position: relative; float: left; width: 2%">

<DIV align="right" style="font-size: 10pt; margin-top: 240pt"><IMG src="b84254a1b8425423.gif" alt="(LOGO)"></div>
</div>

<DIV style="position: relative; float: RIGHT; width: 98%">
<DIV style="MARGIN-TOP: 12pt" align=center>
<TABLE style="FONT-SIZE: 6pt" cellSpacing=0 cellPadding=0 width="100%" border=0><!-- Begin Table Head -->

  <TR vAlign=bottom>
    <TD width="45%">TO VOTE, MARK BLOCKS BELOW
      IN BLUE OR BLACK INK AS FOLLOWS:
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="font-family: Wingdings">&#120;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M33485-P12097&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>KEEP THIS PORTION FOR YOUR RECORDS</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3pt"><TD colspan="5">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt" nowrap><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DETACH AND RETURN THIS PORTION ONLY</TD>
</TR>
<!-- End Table Body -->
</TABLE></DIV>


<DIV align="CENTER" style="font-size: 1pt; margin-top: 1pt">&nbsp;</div>
<DIV style="BORDER-RIGHT: black 2px solid; PADDING-RIGHT: 4px; BORDER-TOP: black 2px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: -2px; BORDER-LEFT: black 2px solid; WIDTH: 100%; PADDING-TOP: 4px; BORDER-BOTTOM: black 2px solid">

<DIV align=center>
<TABLE style="FONT-SIZE: 7pt" cellSpacing=0 cellPadding=0 width="98%" border=0><!-- Begin Table Head -->

    <TR style="FONT-SIZE: 5pt" vAlign=bottom>
    <TD width="7%" rowspan="4" valign="top" NOWRAP><IMG src="b84254a1b8425421.gif" alt="(LOGO)">&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD></TR>
<!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>

<TD vAlign=top align=left colSpan=3><div align="justify"><font style="font-size: 6pt"><B>THE GABELLI EQUITY TRUST INC. SERIES E PREFERRED SHAREHOLDER</B></font></div></TD>
    <TD>&nbsp;</TD>

    <TD colspan="7" valign="middle"><font style="font-size: 10pt"><b>02&nbsp;&nbsp; 000000000330</b></font></TD>
    <TD style="BORDER-RIGHT: black 2pt solid; BORDER-TOP: black 2pt solid" vAlign=top align=right>&nbsp;</TD>
</TR>
  <TR style="FONT-SIZE: 7pt">

    <TD vAlign=top align=left colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: black 2pt solid; BORDER-TOP: black 0pt solid" vAlign=top align=right>&nbsp;</TD></TR>
  <TR vAlign=bottom style="font-size: 8pt">
    <TD valign="top"><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>A</B>&nbsp;</FONT></FONT></FONT>&nbsp;</TD>
    <TD vAlign=top align=left colSpan=2><div align="justify">
<FONT style="font-size: 7pt"><b>Election of Directors&#151;The Board of Trustees recommends a vote <U>FOR</U> each of the
nominees listed.</b></FONT></div></TD>
    <TD>&nbsp;</TD>
<TD vAlign=top align=center><B>For<BR>All</B> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=center><B>Withhold<BR>All</B> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center><B>For All<BR>Except</B> </TD>
    <TD>&nbsp;</TD>
    <TD valign=top align=left rowSpan=2><DIV align=justify>
<FONT style="font-size: 6pt">
To withhold authority to vote for any individual nominee(s),<BR>mark &#147;For All Except&#148; and write the
name(s) of the<BR>nominee(s) on the line below.</FONT></div></TD>
    <TD style="BORDER-RIGHT: black 0pt solid; BORDER-TOP: black 0pt solid" vAlign=top align=right>&nbsp;</TD>

</TR>

  <TR style="FONT-SIZE: 5pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: black 0pt solid; BORDER-TOP: black 0pt solid"      vAlign=top align=right>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=left>1. </TD>

    <TD vAlign=top align=left colspan="2">To elect three (3) Directors of the Fund:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center><B>&nbsp; </B></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=middle align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

  <TR style="FONT-SIZE: 2pt" vAlign=bottom><!-- Blank Space -->

    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center><B>&nbsp; </B></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=middle align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=middle align=left colspan="2" rowspan="2"><b>Nominees:</b></TD>
    <TD vAlign=top noWrap align=left>&nbsp; </TD>

    <TD vAlign=middle align=center rowspan="2"><font style="FONT-SIZE: 11pt"><FONT face=wingdings>o</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=middle align=center rowspan="2"><font style="FONT-SIZE: 11pt"><FONT face=wingdings>o</FONT></FONT></TD>

    <TD vAlign=top noWrap align=center><B>&nbsp; </B></TD>
    <TD vAlign=middle align=center rowspan="2"><font style="FONT-SIZE: 11pt"><FONT face=wingdings>o</FONT></FONT></TD>

    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=middle align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

  <TR style="FONT-SIZE: 2pt" vAlign=bottom><!-- Blank Space -->

    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD vAlign=bottom align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD>

</TR>

 <TR style="FONT-SIZE: 3pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">01)&nbsp;&nbsp;&nbsp;Anthony J. Colavita<br>
02)&nbsp;&nbsp;&nbsp;Frank J. Fahrenkopf, Jr.
<br>03)&nbsp;&nbsp;&nbsp;Salvatore J. Zizza
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 50pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left><DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 57pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left><DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>B</B>&nbsp;</FONT></FONT></FONT></TD>

    <TD vAlign=middle align=left colspan="10"><b>Authorized Signatures&#151;This section must be completed for <B>your </B>vote to be
counted.&#151;Sign and Date Below</b></TD>

</TR>

 <TR style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left><DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

<tr style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>

    <TD vAlign=middle align=left colspan="11">
Please sign this proxy exactly as your name(s) appear(s) in the records of the
Fund. 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.</TD>

</TR>

<!-- End Table Body --></TABLE></DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></div></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="bottom" style="font-size: 8pt"><B>P12097-01S</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap rowspan="2" align="right" valign="top" style="font-size: 8pt"><B><FONT face="Symbol">&#042;&#042;&#042;</FONT><br>GS2
3623997606<br>3<br><FONT face="Symbol">&#042;&#042;&#042;&#042;&#042;</FONT>ACCOUNT</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature &#091;PLEASE SIGN WITHIN BOX&#093;</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Signature (Joint Owners)</TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE></div></div>
</div>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></div>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">



<DIV align="center" style="font-size: 9pt; margin-top: 200pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: </B><br>The
Notice and Proxy Statement is available at www.proxyvote.com.
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 100pt">&#9660;&nbsp;&nbsp;<B>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>&nbsp;&#9660;</DIV>
<DIV style="MARGIN-TOP: 0pt; FONT-SIZE: 1pt" align=center>
<DIV style="FONT-SIZE: 1px; WIDTH: 100%; BORDER-BOTTOM: #000000 1px dashed"></DIV></DIV>


<DIV align="right" style="font-size: 7pt; margin-top: 1pt">M33486-P12097&nbsp;&nbsp;&nbsp;&nbsp;</div>

<DIV align="right" style="font-size: 3pt; margin-top: 1pt">&nbsp;</div>


<DIV style="BORDER-RIGHT: black 2px solid; PADDING-RIGHT: 11px; BORDER-TOP: black 2px solid; PADDING-LEFT: 11px; PADDING-BOTTOM: 0px; BORDER-LEFT: black 2px solid; WIDTH: 100%; PADDING-TOP: 1px; BORDER-BOTTOM: black 2px solid">


<DIV align="left" style="font-size: 10pt; margin-top: 40pt; margin-right: 2%; margin-left: 2%"><B>THE GABELLI EQUITY TRUST INC.</b></div>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-right: 4%; margin-left: 2%"><B>This proxy is solicited on behalf of the Board of Directors</b></div>



<DIV align="justify" style="font-size: 10pt; margin-top: 12pt; margin-right: 2%; margin-left: 2%">
The undersigned hereby appoints Mario J. Gabelli, Agnes Mullady 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 &#147;Fund&#148;) which the undersigned is entitled to
vote at the Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The
Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 on Monday, May&nbsp;16, 2011, at
9:30&nbsp;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.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 12pt; margin-right: 2%; margin-left: 2%">

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.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 12pt; margin-right: 2%; margin-left: 2%">
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 <B>FOR</B> the election of the nominees as
Directors and in the discretion of the proxy holder as to any other matter that may properly come
before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No.&nbsp;1.
</div>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000"><br style="font-size: 3pt"><B>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</B><br><br style="font-size: 3pt"></DIV></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="right" style="font-size: 1pt; margin-top: 14pt">&nbsp;
</DIV>

</div>
<P style="FONT-SIZE: 10pt" align=center><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">

<DIV align="RIGHT" style="font-size: 10pt; margin-top: 100pt; margin-right: 10%"><IMG src="b84254a1b8425424.gif" alt="(LOGO)"></div>

<DIV style="position: relative; float: LEFT; width: 45%">

<DIV align="RIGHT">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 20pt">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>PROXY TABULATOR</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>P.O. BOX 9112</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>FARMINGDALE, NY 11735</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 50pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>BROADRIDGE<br>
FINANCIAL SOLUTIONS, INC.<br>
ATTENTION:<br>
TEST PRINT<br>
51 MERCEDES WAY<br>
EDGEWOOD, NY<br>
11717</B></div></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="b84254a1b8425425.gif" alt="(LOGO)"><br><br>
<IMG src="b84254a1b8425426.gif" alt="(LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE></div></div>


<DIV style="position: relative; float: left; margin-left: 2%; width: 47%">

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 20pt">
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" ><DIV style="margin-left:0px; text-indent:-0px"><B>To vote by Internet</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;&nbsp;Follow the instructions provided on the website.</DIV><br>
<B>To vote by Telephone</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;&nbsp;Read the Proxy Statement and have the proxy card below at hand.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;&nbsp;Call <B>1-800-690-6903</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;&nbsp;Follow the instructions.</DIV><br>
<B>To vote by Mail</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px">1)&nbsp;&nbsp;&nbsp;&nbsp;Read the Proxy Statement.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">2)&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate boxes on the proxy card below.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">3)&nbsp;&nbsp;&nbsp;&nbsp;Sign and date the proxy card.</DIV>
<DIV style="margin-left:21px; text-indent:-21px">4)&nbsp;&nbsp;&nbsp;&nbsp;Return the proxy card in the envelope provided.</DIV></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE></div></div>

<DIV style="position: relative; float: right; width: 5%">
<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><IMG src="b84254a1b8425435.gif" alt="(LOGO)"></div>
</div>

<BR clear="all"><BR>


<DIV align="right" style="font-size: 10pt; margin-top: 50pt; margin-right: 10%"><IMG src="b84254a1b8425428.gif" alt="(LOGO)"></div>

<DIV style="position: relative; float: left; width: 2%">

<DIV align="right" style="font-size: 10pt; margin-top: 300pt"><IMG src="b84254a1b8425429.gif" alt="(LOGO)"></div>
</div>

<DIV style="position: relative; float: right; width: 98%">
<DIV style="MARGIN-TOP: 12pt" align=center>
<TABLE style="FONT-SIZE: 6pt" cellSpacing=0 cellPadding=0 width="100%" border=0><!-- Begin Table Head -->

  <TR vAlign=bottom>
    <TD width="45%">TO VOTE, MARK BLOCKS BELOW
      IN BLUE OR BLACK INK AS FOLLOWS:
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="font-family: Wingdings">&#120;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M33486-P12097&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>KEEP THIS PORTION FOR YOUR RECORDS</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px dashed #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3pt"><TD colspan="5">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt" nowrap><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DETACH AND RETURN THIS PORTION ONLY</TD>
</TR>
<!-- End Table Body -->
</TABLE></DIV>


<DIV align="CENTER" style="font-size: 1pt; margin-top: 1pt">&nbsp;</div>
<DIV style="BORDER-RIGHT: black 2px solid; PADDING-RIGHT: 4px; BORDER-TOP: black 2px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: -2px; BORDER-LEFT: black 2px solid; WIDTH: 100%; PADDING-TOP: 4px; BORDER-BOTTOM: black 2px solid">

<DIV align=center>
<TABLE style="FONT-SIZE: 7pt" cellSpacing=0 cellPadding=0 width="98%" border=0><!-- Begin Table Head -->

    <TR style="FONT-SIZE: 5pt" vAlign=bottom>
    <TD width="7%" rowspan="4" valign="top" NOWRAP><IMG src="b84254a1b8425427.gif" alt="(LOGO)">&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD></TR>
<!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>

<TD vAlign=top align=left colSpan=3><div align="justify"><font style="font-size: 6pt">
<B>THE GABELLI EQUITY TRUST INC. SERIES F PREFERRED SHAREHOLDER</B></font></div></TD>
    <TD>&nbsp;</TD>

    <TD colspan="7" valign="middle"><font style="font-size: 10pt"><b>02&nbsp;&nbsp; 000000000220</b></font></TD>
    <TD style="BORDER-RIGHT: black 2pt solid; BORDER-TOP: black 2pt solid" vAlign=top align=right>&nbsp;</TD>
</TR>
  <TR style="FONT-SIZE: 7pt">

    <TD vAlign=top align=left colSpan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: black 2pt solid; BORDER-TOP: black 0pt solid" vAlign=top align=right>&nbsp;</TD></TR>
  <TR vAlign=bottom style="font-size: 8pt">
    <TD valign="top"><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>A</B>&nbsp;</FONT></FONT></FONT>&nbsp;</TD>
    <TD vAlign=top align=left colSpan=2><div align="justify">
<FONT style="font-size: 7pt"><b>Election of Directors&#151;The Board of Directors recommends a vote <U>FOR</U> each of the
nominees listed.</b></FONT></div></TD>
    <TD>&nbsp;</TD>
<TD vAlign=top align=center><B>For<BR>All</B> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=center><B>Withhold<BR>All</B> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center><B>For All<BR>Except</B> </TD>
    <TD>&nbsp;</TD>
    <TD valign=top align=left rowSpan=2><DIV align=justify>
<FONT style="font-size: 6pt">
To withhold authority to vote for any individual nominee(s),<BR>mark &#147;For All Except&#148; and write the
name(s) of the<BR>nominee(s) on the line below.</FONT></div></TD>
    <TD style="BORDER-RIGHT: black 0pt solid; BORDER-TOP: black 0pt solid" vAlign=top align=right>&nbsp;</TD>

</TR>

  <TR style="FONT-SIZE: 5pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: black 0pt solid; BORDER-TOP: black 0pt solid"      vAlign=top align=right>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=left>1. </TD>

    <TD vAlign=top align=left colspan="2">To elect three (3) Directors of the Fund:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center><B>&nbsp; </B></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=middle align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

  <TR style="FONT-SIZE: 2pt" vAlign=bottom><!-- Blank Space -->

    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center><B>&nbsp; </B></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=middle align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=middle align=left colspan="2" rowspan="2"><b>Nominees:</b></TD>
    <TD vAlign=top noWrap align=left>&nbsp; </TD>

    <TD vAlign=middle align=center rowspan="2"><font style="FONT-SIZE: 11pt"><FONT face=wingdings>o</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=middle align=center rowspan="2"><font style="FONT-SIZE: 11pt"><FONT face=wingdings>o</FONT></FONT></TD>

    <TD vAlign=top noWrap align=center><B>&nbsp; </B></TD>
    <TD vAlign=middle align=center rowspan="2"><font style="FONT-SIZE: 11pt"><FONT face=wingdings>o</FONT></FONT></TD>

    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=middle align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

  <TR style="FONT-SIZE: 2pt" vAlign=bottom><!-- Blank Space -->

    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD vAlign=bottom align=left colSpan=2>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD>

</TR>

 <TR style="FONT-SIZE: 3pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">01)&nbsp;&nbsp;&nbsp;Anthony J. Colavita<br>
02)&nbsp;&nbsp;&nbsp;Frank J. Fahrenkopf, Jr.
<br>03)&nbsp;&nbsp;&nbsp;Salvatore J. Zizza
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left>
      <DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 50pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left><DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 57pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left><DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

 <TR style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left><FONT style="BACKGROUND: #000000; WIDTH: 2%"><font style="font-size: 11pt"><FONT color=#ffffff>&nbsp;<B>B</B>&nbsp;</FONT></FONT></FONT></TD>

    <TD vAlign=middle align=left colspan="10"><b>Authorized Signatures&#151;This section must be completed for <B>your </B>vote to be
counted.&#151;Sign and Date Below</b></TD>

</TR>

 <TR style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>

    <TD vAlign=top align=left colspan="2">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=left><DIV style="FONT-SIZE: 1pt; BORDER-BOTTOM: #000000 0px solid">&nbsp;</DIV></TD></TR>

<tr style="FONT-SIZE: 7pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>

    <TD vAlign=middle align=left colspan="11">
Please sign this proxy exactly as your name(s) appear(s) in the records of the
Fund. 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.</TD>

</TR>

<!-- End Table Body --></TABLE></DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></div></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="bottom" style="font-size: 8pt"><B>P12097-01S</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD align="left" valign="bottom"><DIV style="border: 1px solid #000000">&nbsp;<br><br><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap rowspan="2" align="right" valign="top" style="font-size: 8pt"><B><FONT face="Symbol">&#042;&#042;&#042;</FONT><br>GS2
3623978D4<br>5<br><FONT face="Symbol">&#042;&#042;&#042;&#042;&#042;</FONT>ACCOUNT</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature &#091;PLEASE SIGN WITHIN BOX&#093;</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Signature (Joint Owners)</TD>
    <TD align="left" valign="top">Date</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE></div></div></div>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></div>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">



<DIV align="center" style="font-size: 9pt; margin-top: 200pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: </B><br>The
Notice and Proxy Statement is available at www.proxyvote.com.
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 100pt">&#9660;&nbsp;&nbsp;<B>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>&nbsp;&#9660;</DIV>
<DIV style="MARGIN-TOP: 0pt; FONT-SIZE: 1pt" align=center>
<DIV style="FONT-SIZE: 1px; WIDTH: 100%; BORDER-BOTTOM: #000000 1px dashed"></DIV></DIV>


<DIV align="right" style="font-size: 7pt; margin-top: 1pt">M33486-P12097&nbsp;&nbsp;&nbsp;&nbsp;</div>

<DIV align="right" style="font-size: 3pt; margin-top: 1pt">&nbsp;</div>


<DIV style="BORDER-RIGHT: black 2px solid; PADDING-RIGHT: 11px; BORDER-TOP: black 2px solid; PADDING-LEFT: 11px; PADDING-BOTTOM: 0px; BORDER-LEFT: black 2px solid; WIDTH: 100%; PADDING-TOP: 1px; BORDER-BOTTOM: black 2px solid">


<DIV align="left" style="font-size: 10pt; margin-top: 40pt; margin-right: 2%; margin-left: 2%"><B>THE
GABELLI EQUITY TRUST INC.</b></div>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-right: 4%; margin-left: 2%"><B>This
proxy is solicited on behalf of the Board of Directors</b></div>



<DIV align="justify" style="font-size: 10pt; margin-top: 12pt; margin-right: 2%; margin-left: 2%">
The undersigned hereby appoints Mario J. Gabelli, Agnes Mullady 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 &#147;Fund&#148;) which the undersigned is entitled to
vote at the Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The
Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut
06830 on Monday, May&nbsp;16, 2011, at 9:30&nbsp;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.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 12pt; margin-right: 2%; margin-left: 2%">

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.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 12pt; margin-right: 2%; margin-left: 2%">
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
<B>FOR</B> the election of the nominees as Directors and in the discretion of the proxy holder as to any other matter that may properly come
before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No.&nbsp;1.
</div>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000"><br style="font-size: 3pt"><B>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</B><br><br style="font-size: 3pt"></DIV></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="right" style="font-size: 1pt; margin-top: 14pt">&nbsp;
</DIV>

</div>
<P style="FONT-SIZE: 10pt" align=center><!-- Folio -->&nbsp;<!-- /Folio -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
