THE GABELLI EQUITY TRUST INC.
TO REDEEM 25% OF ITS 7.20% TAX ADVANTAGED
SERIES B CUMULATIVE PREFERRED STOCK

FOR IMMEDIATE RELEASE
Rye, NY
May 23, 2006
NYSE - GAB
CUSIP 362397408
For information:
Carter Austin
(914) 921-5070



  The Gabelli Equity Trust Inc. (NYSE - GAB) (the "Fund"), as authorized by the Board of Directors, will redeem 25% (1,650,000 Shares) of its outstanding 7.20% Tax Advantaged Series B Cumulative Preferred Stock (the "Preferred Shares"). The redemption date is June 26, 2006 and the redemption price is $25.00 per Preferred Share, which is equal to the liquidation preference of the Preferred Shares. Preferred Shareholders of record on June 19, 2006 will receive the quarterly dividend of $0.45 per Preferred Share on the payable date of June 26, 2006. Since the redemption date and the payable date for the quarterly dividend are both June 26, 2006, no accumulated but unpaid dividends will be included as a component of the redemption price. The Preferred Shares are callable at any time at the liquidation preference of $25.00 per share plus accrued dividends following the expiration of the five-year call protection on June 20, 2006.

The redemption will be made pro rata from each Preferred Shareholder based on the respective number of Preferred Shares held by each such holder on the redemption date. From and after the redemption date, the Preferred Shares to be redeemed will no longer be deemed outstanding, dividends will cease to accrue and all the rights of the Preferred Shareholders with respect to the Preferred Shares to be redeemed will cease, except the right to receive the redemption price. Shareholders of record will be mailed a redemption notice and letter of transmittal shortly. The redemption price will be paid only to shareholders of record who complete and sign the letter of transmittal and submit certificates for the number of Preferred Shares being redeemed. The paying agent for this redemption is Computershare Trust Company, N.A.

The Board has also authorized the Fund to issue additional preferred stock in the future. The actual amount of capital to be raised, the dividend rate and the timing of any new offering will be determined at a later date. This announcement does not constitute an offering of any securities, which will be made only by means of a prospectus.

The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GAB Pr B", are rated 'Aaa' by Moody's Investor Services and have an annual dividend rate of $1.80 per share. The Preferred Shares pay distributions quarterly.

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $1.9 billion in total assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed company.