Gabelli Equity Trust Authorizes a Rights Offering

The Board of Directors of The Gabelli Equity Trust Inc.

(the “Fund”) approved the issuance of a new series of preferred shares through a transferable rights offering to the holders of the Fund's existing 6.20% Series F Cumulative Preferred Stock (“Series F Preferred Stock”), and has filed an amendment to the Fund's registration statement with the U.S. Securities and Exchange Commission. Key aspects of the rights offering, including the timing and the pricing, have yet to be determined. The Board of Directors reserves the right to delay or cancel the rights offering.