The Board of Directors of The Gabelli Equity Trust (NYSE:GAB) (the “Fund”) is pleased to announce the initial closing of a private placement of shares of 4.25% Series M Cumulative Preferred Stock (“Series M Preferred”).

The Fund expects to use the proceeds from the offering to redeem the Fund’s outstanding 5.45% Series J Cumulative Preferred Stock.

The Series M Preferred is non-callable until March 26, 2027, and has a liquidation preference of $100 per share. Distributions are scheduled to be paid quarterly beginning on March 26, 2022.

This press release is not an offering of, or a solicitation to purchase, the Series M Preferred. The Series M Preferred have not been registered under the Securities Act of 1933 or any state securities laws.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing in the Fund. For more information regarding this and other information about the Fund, call:

About The Gabelli Equity Trust

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $2.2 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).

NYSE – GAB

CUSIP – 362397101

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