THE GABELLI EQUITY TRUST INC.
PRICES 6.20% SERIES F CUMULATIVE PREFERRED STOCK

FOR IMMEDIATE RELEASE
Rye, NY
November 8, 2006
NYSE - GAB
CUSIP 362397101
For information:
Mario J. Gabelli
(914) 921-5043


The Gabelli Equity Trust Inc. (NYSE:GAB) is pleased to announce the placement of $150 million of 6.20% Series F Cumulative Preferred Stock. It is currently contemplated that the proceeds raised will be used 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 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 will be issued at $25 per share. Distributions will be paid quarterly beginning on December 26, 2006. The Fund expects that the 6.20% Series F Cumulative Preferred Stock will trade on the New York Stock Exchange under the symbol "GAB Pr F" within 30 days.

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

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $1.9 billion in total assets. 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.