August 16, 2012 at 17:19 PM EDT
Gabelli Equity Trust Announces Partial Redemption of its 6.20% Series F Cumulative Preferred Stock

The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (the “Fund”) authorized the redemption of 2,120,000 shares of its outstanding 6.20% Series F Cumulative Preferred Stock (“the Preferred Shares”). The redemption date is September 26, 2012, 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 September 19, 2012 will receive the quarterly dividend of $0.3875 per Preferred Share on the payable date of September 26, 2012. Because the redemption date and the payable date for the quarterly dividend are both September 26, 2012, no accumulated but unpaid dividends will be included as a component of the redemption price.

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 redeemed Preferred Shares will cease, except the right to receive the redemption price. Shareholders of record will be mailed a redemption notice shortly.

For Preferred Shares held in brokerage accounts, Depository Trust Company (“DTC”), the holder of record, determines the allocations of this partial series redemption by lottery among each participant account. Each participant account, as nominee for underlying beneficial owners (street name shareholders), in turn determines the allocations of redeemed shares among underlying beneficial owners. The procedures used by various participant accounts to allocate redeemed shares among beneficial owners may differ from other participant accounts as well as from the procedures used by DTC.

The Preferred Shares, which trade on the New York Stock Exchange under the symbol “GAB Pr F”, are rated “A1” by Moody’s Investors Service and have an annual dividend rate of $1.55 per share. The Preferred Shares were issued on November 10, 2006 at $25.00 per share and pay distributions quarterly. After five years of call protection, the Preferred Shares became callable at any time at the liquidation value of $25.00 per share plus accrued dividends.

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $1.4 billion in total net 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.

Contacts:

The Gabelli Equity Trust Inc.
Molly Marion / Carter Austin
914-921-5070
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