THE GABELLI EQUITY TRUST INC.
ISSUES $150 MILLION OF 6.20% SERIES F CUMULATIVE PREFERRED STOCK

FOR IMMEDIATE RELEASE
Rye, NY
November 13, 2006
NYSE - GAB
CUSIP - 362397101
For information:
Carter Austin
(914) 921-5070
See Prospectus


The Gabelli Equity Trust Inc. (NYSE:GAB) is pleased to announce the completion of an offering of 6.20% Series F Cumulative Preferred Stock valued at $150 million. The Fund intends to use the net proceeds to redeem shares of the Fund's 7.20% Series B Cumulative Preferred Stock, of which there are currently 4,950,000 shares outstanding with a liquidation preference of $25 per share. The excess amount will be invested in accordance with the investment objectives and polices of the Fund.

The 6.20% Series F Cumulative Preferred Stock is rated "Aaa" by Moody's Investors Service, Inc. The 6.20% Series F Cumulative Preferred Stock is perpetual, non-callable for five years and were issued at $25 per share. Distributions will be paid quarterly beginning on December 26, 2006. The 6.20% Series F Cumulative Preferred Stock will begin trading on the New York Stock Exchange under the symbol "GAB Pr F" on November 15, 2006.

Merrill Lynch & Co., Citigroup, A.G. Edwards & Sons, and Gabelli & Company, Inc. served as underwriters for the offering, which closed on November 10, 2006.

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $2.1 billion in total assets, after giving effect to the issuance of the 6.20% Series F Cumulative Preferred Stock. The Fund's primary 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.