THE GABELLI EQUITY TRUST INC.
EXHIBIT TO ITEM 77I


The Gabelli Equity Trust Inc. (the "Fund"), organized as a
Maryland Corporation, issued a new series of Preferred
Stock on November 10, 2006, valued at a total of $150
million (6,000,000 shares) of 6.20% Series F Cumulative
Preferred Stock (the "Series F Preferred Stock").  The
Cumulative Preferred Stock is senior to the common stock
and results in the financial leveraging of the common
stock. Such leveraging tends to magnify both the risks and
opportunities to common shareholders. Dividends on shares
of the Cumulative Preferred Stock are cumulative. The Fund
is required by the Investment Company Act of 1940, as
amended (the "1940 Act"), and by the Articles Supplementary
to meet certain asset coverage tests with respect to the
Cumulative Preferred Stock. If the Fund fails to meet these
requirements and does not correct such failure, the Fund
may be required to redeem, in part or in full, the 6.20%
Series F Cumulative Preferred Stock at redemption prices of
$25 per share plus an amount equal to the accumulated and
unpaid dividends whether or not declared on such shares in
order to meet these requirements. Additionally, failure to
meet the foregoing asset coverage requirements could
restrict the Fund's ability to pay dividends to common
shareholders and could lead to sales of portfolio
securities at inopportune times.

The holders of Cumulative Preferred Stock generally are
entitled to one vote per share held on each matter
submitted to a vote of shareholders of the Fund and will
vote together with holders of common stock as a single
class. The holders of Cumulative Preferred Stock voting
together as a single class also have the right currently to
elect two Directors and under certain circumstances are
entitled to elect a majority of the Board of Directors. In
addition, the affirmative vote of a majority of the votes
entitled to be cast by holders of all outstanding shares of
the preferred stock, voting as a single class, will be
required to approve any plan of reorganization adversely
affecting the preferred stock, and the approval of two-
thirds of each class, voting separately, of the Fund's
outstanding voting stock must approve the conversion of the
Fund from a closed-end to an open-end investment company.
The approval of a majority (as defined in the 1940 Act) of
the outstanding preferred stock and a majority (as defined
in the 1940 Act) of the Fund's outstanding voting
securities are required to approve certain other actions,
including changes in the Fund's investment objectives or
fundamental investment policies.