UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04700

The Gabelli Equity Trust Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

The Gabelli Equity Trust Inc.

Semiannual Report — June 30, 2025

To Our Stockholders,

For the six months ended June 30, 2025, the net asset value (NAV) total return of The Gabelli Equity Trust Inc. (the Fund) was 9.3%, compared with total returns of 6.2% and 4.6% for the Standard & Poor’s (S&P) 500 Index and the Dow Jones Industrial Average, respectively. The total return for the Fund’s publicly traded shares was 14.2%. The Fund’s NAV per share was $5.41, while the price of the publicly traded shares closed at $5.82 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

Investment Objective and Strategy (Unaudited)

The Fund’s primary investment objective is to achieve long term growth of capital by investing primarily in a portfolio of equity securities consisting of common stock, preferred stock, convertible or exchangeable securities, and warrants and rights to purchase such securities selected by the Investment Adviser. Income is a secondary investment objective. Under normal market conditions, the Fund will invest at least 80% of the value of its total assets in equity securities.

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

Performance Discussion (Unaudited)

Top contributors during the first quarter of 2025 included Berkshire Hathaway (+17%), whose shares rose as markets slid. Chairman Warren Buffett has amassed a $334 billion cash pile, which may be deployed into public equities or whole companies at more advantageous prices. Rolls-Royce shares (+36%) gained as the company reported strong 2024 results, showing margin improvements from commercial optimization and cost efficiency, with 2025 guidance highlighting the strong operational momentum continuing. The company also reinstated dividends, having ceased them since 2020, while also announcing a £1 billion share buyback for 2025. Auto parts aftermarket retailer O’Reilly (+21%) gained as tariffs on automobiles may cause consumers to hold used cars longer, increasing demand for replacement parts. Waste collection leader Republic Services (+21%) gained as the company’s recurring revenue and pricing power positioned it to be able to withstand an economic slowdown and tariffs. Pest control leader Rollins (+17%) shares increased as its leading Orkin business was relatively unaffected by tariffs or a recession. The top detractors for the Fund included American Express (-9%), whose shares declined amid concerns of a slowdown in spending and travel due to economic weakness and concerns about tariffs. Modine (-34%) shares declined on concerns about a slowdown in the buildout of AI-focused data centers. Industrial components suppliers AMETEK (-4%) and IDEX (-13%) declined on concerns about how an economic slowdown may impact order and revenue growth; both companies are poised to take advantage of the current environment by leveraging M&A, which would be accretive to growth and earnings. Lastly, Curtiss-Wright (-11%) declined due to concerns about the growth outlook for its commercial nuclear OEM/aftermarket businesses and Small Modular Reactor opportunities.

The long-term global demand for aircraft and aircraft parts has been a focus of investment for many years. After some disruption related to safety issues and production challenges at Boeing, the sector has performed extremely well this year, with Curtiss-Wright Corp. (+54%), Rolls-Royce (+38%), and Crane (+24%) among the biggest contributors to second quarter returns. Building efficiency has been another fruitful theme, with Johnson Controls (+32%) and Watts Water Technologies (+21%) strong returns in Q2. Finally, long-time holding American Express (+19%) continued to reflect the resilience of the American consumer. After many quarters of outperformance, Berkshire Hathaway (-9%) was the largest detractor from Q2 returns, in part due to Warren Buffett’s announcement that he would step down as CEO at year’s end. UnitedHealth Group (-40%) declined sharply after experiencing cost pressures in its Medicare business and disclosing a government inquiry into its billing practices. Finally, several consumer staples names were a drag on performance: BellRing Brands (-22%) signaled that it expects inventory destocking with some key customers despite strong retail takeaway data; PepsiCo (-11%) is seeing a shift in consumer preferences away from sodas and salty snacks; and tariff uncertainty has so far prevented Spectrum Brands (-25%) from executing a sale.

Top contributors to the portfolio for the first half of 2025 included Rolls-Royce Holdings plc (2.1% of total investments as of June 30, 2025), Curtiss-Wright Corporation (2.0%), and Deere & Company (2.6%).

Detractors from performance included Diageo plc Sponsored ADR (0.7%), IDEX Corporation (0.9%), and UnitedHealth Group Incorporated (0.2%).

Thank you for your investment in The Gabelli Equity Trust.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Comparative Results

Average Annual Returns through June 30, 2025 (a) (Unaudited)

	Six Months			1 Year			5 Year			10 Year			15 Year			20 Year			25 Year			30 Year			Since Inception (8/21/86)
The Gabelli Equity Trust Inc. (GAB)
NAV Total Return (b)		9.27	%		17.41	%		15.65	%		9.68	%		12.75	%		9.70	%		8.74	%		10.06	%		10.70	%
Investment Total Return (c)		14.24			24.90			14.95			10.86			13.34			9.64			8.81			10.16			10.64
S&P 500 Index		6.20			15.16			16.64			13.65			14.86			10.73			7.98			10.47			10.95	(d)
Dow Jones Industrial Average		4.55			14.72			13.51			12.05			13.16			10.16			8.42			10.30			10.34

	(a)	Performance returns for periods of less than one year are not annualized. Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli. com for performance information as of the most recent month end. The S&P 500 Index is an unmanaged indicator of stock market performance. The Dow Jones Industrial Average is an unmanaged index of 30 large capitalization stocks. Dividends are considered reinvested. You cannot invest directly in an index.
	(b)	Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, adjustments for rights offerings, spin-offs, and taxes paid on undistributed long term capital gains and are net of expenses. Since inception return is based on an initial NAV of $9.34.
	(c)	Total returns and average annual returns reflect changes in closing market values on the NYSE, reinvestment of distributions, and adjustments for rights offerings, spin-offs, and taxes paid on undistributed long term capital gains. Since inception return is based on an initial offering price of $10.00.
	(d)	From August 31, 1986, the date closest to the Fund’s inception for which data is available.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments as of June 30, 2025:

The Gabelli Equity Trust Inc.

Financial Services	13.8	%
Equipment and Supplies	8.0	%
Food and Beverage	7.7	%
Diversified Industrial	7.1	%
Entertainment	5.0	%
Automotive: Parts and Accessories	4.5	%
Machinery	4.0	%
Business Services	3.6	%
Health Care	3.6	%
Energy and Utilities	3.6	%
Aerospace and Defense	3.3	%
Environmental Services	3.1	%
Retail	3.0	%
Electronics	2.9	%
Consumer Products	2.6	%
Consumer Services	2.5	%
Aviation: Parts and Services	2.3	%
Building and Construction	2.2	%
Telecommunications	2.0	%
Broadcasting	1.8	%
Computer Software and Services	1.8	%
Hotels and Gaming	1.6	%

Cable and Satellite	1.0	%
Transportation	1.0	%
Real Estate	1.0	%
Automotive	0.9	%
Wireless Communications	0.9	%
Specialty Chemicals	0.9	%
Metals and Mining	0.9	%
U.S. Government Obligations	0.8	%
Communications Equipment	0.7	%
Closed-End Funds	0.5	%
Publishing	0.4	%
Manufactured Housing and Recreational Vehicles	0.3	%
Agriculture	0.3	%
Semiconductors	0.3	%
Computer Hardware	0.1	%
Industrials	0.0	%*
	100.0	%

Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Gabelli Equity Trust Inc.

Schedule of Investments — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 98.7%
		Financial Services — 13.8%
	47,500	Aegon Ltd.	$	263,943	$	343,997
	250	Affiliated Managers Group Inc.		38,704		49,192
	5,945	Ally Financial Inc.		165,801		231,558
	177,500	American Express Co.		19,216,508		56,618,950
	8,750	Apollo Global Management Inc.		301,253		1,241,362
	400	Arthur J. Gallagher & Co.		119,661		128,048
	2,100	Axis Capital Holdings Ltd.		112,844		218,022
	26,500	Banco Bilbao Vizcaya Argentaria SA		254,630		407,521
	75,000	Banco Santander SA, ADR		545,875		622,500
	36,000	Bank of America Corp.		1,383,353		1,703,520
	86	Berkshire Hathaway Inc., Cl. A†		254,157		62,676,800
	2,750	Berkshire Hathaway Inc., Cl. B†		5,436		1,335,868
	39,000	Blackstone Inc.		4,852,194		5,833,620
	167,500	Blue Owl Capital Inc.		3,088,847		3,217,675
	1,370	Capital One Financial Corp.		168,416		291,481
	15,000	Cipher Mining Inc.†		7,980		71,700
	82,120	Citigroup Inc.		4,992,746		6,990,054
	21,000	Commerzbank AG		245,728		662,456
	28,245	Credit Agricole SA		346,498		534,502
	5,000	Cullen/Frost Bankers Inc.		361,440		642,700
	217,800	Dah Sing Banking Group Ltd.		198,143		252,206
	128,800	Dah Sing Financial Holdings Ltd.		349,731		488,131
	35,200	Daiwa Securities Group Inc.		158,929		250,425
	30,000	Deutsche Bank AG		221,322		878,400
	3,277	Diamond Hill Investment Group Inc.		530,334		476,181
	125,000	DigitalBridge Group Inc.		1,321,805		1,293,750
	56,800	E-L Financial Corp. Ltd.		434,635		673,633
	3,000	EXOR NV		232,498		302,498
	478	Farmers & Merchants Bank of Long Beach		2,425,850		2,638,560
	7,326	First American Financial Corp.		418,600		449,743
	227	First Citizens BancShares Inc., Cl. A		362,629		444,119
	12,026	Flushing Financial Corp.		225,142		142,869
	9,200,000	GAM Holding AG†		1,369,709		1,182,683
	14,000	ING Groep NV		221,816		307,167
	136,501	Interactive Brokers Group Inc., Cl. A		2,470,384		7,563,520
	8,000	Intercontinental Exchange Inc.		953,137		1,467,760
	63,450	Janus Henderson Group plc		1,862,854		2,464,398

Shares			Cost		Market Value
	12,800	Japan Post Bank Co. Ltd.	$	102,308	$	138,217
	78,400	Jefferies Financial Group Inc.		1,167,418		4,287,696
	30,600	JPMorgan Chase & Co.		4,240,194		8,871,246
	6,000	Julius Baer Group Ltd.		287,372		405,621
	1,238,809	Just Group plc		1,617,732		2,251,397
	27,200	Kinnevik AB, Cl. A		365,542		271,974
	8,190	KKR & Co. Inc.		855,915		1,089,516
	13,000	Loews Corp.		515,009		1,191,580
	1,000	LPL Financial Holdings Inc.		238,242		374,970
	45,200	Marsh & McLennan Companies Inc.		2,223,191		9,882,528
	2,250	Moelis & Co., Cl. A		85,497		140,220
	9,640	Moody’s Corp.		623,724		4,835,328
	29,000	Morgan Stanley		1,499,161		4,084,940
	45,535	NatWest Group plc		108,902		319,643
	11,246	NN Group NV		480,640		747,408
	6,000	Peapack-Gladstone Financial Corp.		218,158		169,500
	40,000	Polar Capital Holdings plc		304,768		260,529
	13,077	Prosus NV		487,240		731,230
	3,500	Root Inc., Cl. A†		319,675		447,895
	45,700	S&P Global Inc.		10,370,274		24,097,153
	12,200	Shinhan Financial Group Co. Ltd., ADR		365,877		551,196
	1,100	Silvercrest Asset Management Group Inc., Cl. A		21,087		17,446
	4,523	Southern First Bancshares Inc.†		153,757		172,010
	19,987	Standard Chartered plc		165,510		331,142
	96,000	State Street Corp.		5,514,173		10,208,640
	5,000	StoneCo Ltd., Cl. A†		59,193		80,200
	58,500	T. Rowe Price Group Inc.		5,644,505		5,645,250
	2,400	Texas Capital Bancshares Inc.†		175,178		190,560
	120,600	The Bank of New York Mellon Corp.		4,494,861		10,987,866
	4,800	The Goldman Sachs Group Inc.		1,228,347		3,397,200
	20,000	The PNC Financial Services Group Inc.		3,803,955		3,728,400
	13,750	The Westaim Corp.†		229,095		310,593
	16,700	Truist Financial Corp.		275,355		717,933
	16,750	TrustCo Bank Corp. NY		542,321		559,785
	7,200	UniCredit SpA		253,946		482,667
	37,500	W. R. Berkley Corp.		1,504,161		2,755,125
	2,900	Webster Financial Corp.		138,536		158,340
	106,000	Wells Fargo & Co.		3,424,816		8,492,720

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	25,348	Westwood Holdings Group Inc.	$	320,532	$	395,429
				104,909,699		278,878,662
		Equipment and Supplies — 8.0%
	3,000	3M Co.		449,165		456,720
	308,400	AMETEK Inc.		18,191,664		55,808,064
	28,000	Amphenol Corp., Cl. A		12,928		2,765,000
	10,000	Ardagh Group SA†		173,555		60,900
	48,000	Ardagh Metal Packaging SA		197,947		205,440
	281,000	Donaldson Co. Inc.		8,597,455		19,487,350
	19,000	Federal Signal Corp.		1,591,310		2,021,980
	164,300	Flowserve Corp.		6,950,694		8,601,105
	36,000	Franklin Electric Co. Inc.		197,875		3,230,640
	7,500	Hubbell Inc.		1,020,663		3,063,075
	102,700	IDEX Corp.		13,066,172		18,031,039
	20,000	Ilika plc†		36,630		10,981
	15,525	Kimball Electronics Inc.†		300,998		298,546
	170,000	Mueller Industries Inc.		2,220,586		13,509,900
	59,000	Mueller Water Products Inc., Cl. A		664,292		1,418,360
	8,000	Sealed Air Corp.		128,172		248,240
	20,000	Tenaris SA, ADR		781,922		748,000
	80,000	The Timken Co.		3,018,717		5,804,000
	11,200	The Toro Co.		796,538		791,616
	59,000	The Weir Group plc		248,266		2,016,560
	89,500	Watts Water Technologies Inc., Cl. A		4,573,585		22,007,155
	4,000	Xerox Holdings Corp.		33,873		21,080
				63,253,007		160,605,751
		Food and Beverage — 7.7%
	6,000	Ajinomoto Co. Inc.		52,866		162,869
	2,100	Anheuser-Busch InBev SA/NV		148,084		144,068
	153,000	BellRing Brands Inc.†		7,066,942		8,863,290
	90,800	Brown-Forman Corp., Cl. A		1,257,186		2,494,276
	18,200	Constellation Brands Inc., Cl. A		228,268		2,960,776
	25,000	Crimson Wine Group Ltd.†		128,738		137,500
	171,500	Danone SA		8,247,377		14,011,998
	5,000	Darling Ingredients Inc.†		171,240		189,700
	800,000	Davide Campari-Milano NV		2,871,107		5,380,875
	4,250	Diageo plc		191,897		106,641
	140,000	Diageo plc, ADR		20,133,992		14,117,600
	86,000	Farmer Brothers Co.†		438,266		117,820
	90,000	Flowers Foods Inc.		490,089		1,438,200
	85,500	Fomento Economico Mexicano SAB de CV, ADR		4,187,623		8,804,790

Shares			Cost		Market Value
	1,670,000	Grupo Bimbo SAB de CV, Cl. A	$	2,454,436	$	4,658,147
	3,500	Heineken Holding NV		277,388		260,769
	42,550	Heineken NV		2,112,473		3,710,014
	3,200	Ingredion Inc.		49,280		433,984
	97,200	ITO EN Ltd.		2,235,019		2,204,473
	54,900	Kerry Group plc, Cl. A		631,945		5,910,788
	2,000	Kerry Group plc, Cl. A		194,664		220,866
	8,000	Keurig Dr Pepper Inc.		265,812		264,480
	9,550	LVMH Moet Hennessy Louis Vuitton SE		741,748		5,001,493
	40,000	Maple Leaf Foods Inc.		765,492		833,339
	62,000	Molson Coors Beverage Co., Cl. B		3,592,836		2,981,580
	163,000	Mondelēz International Inc., Cl. A		7,520,935		10,992,720
	28,000	Morinaga Milk Industry Co. Ltd.		299,202		629,395
	20,000	Nestlé SA		1,361,295		1,987,019
	140,000	Niagen Bioscience Inc.†		299,762		2,017,400
	13,000	Nomad Foods Ltd.		302,793		220,870
	87,000	PepsiCo Inc.		9,069,294		11,487,480
	38,000	Pernod Ricard SA		3,097,275		3,786,874
	37,000	Post Holdings Inc.†		2,492,348		4,034,110
	40,000	Remy Cointreau SA		2,538,713		2,041,152
	6,400	The Boston Beer Co. Inc., Cl. A†		1,971,031		1,221,184
	158,500	The Campbell’s Company		6,515,575		4,858,025
	60,000	The Coca-Cola Co.		2,359,978		4,245,000
	10,000	The Hershey Co.		1,638,942		1,659,500
	22,200	The J.M. Smucker Co.		2,408,748		2,180,040
	109,500	The Kraft Heinz Co.		4,170,657		2,827,290
	17,500	The Simply Good Foods Co.†		651,962		552,825
	43,000	Tootsie Roll Industries Inc.		800,174		1,438,350
	7,000	TreeHouse Foods Inc.†		273,236		135,940
	40,000	Tyson Foods Inc., Cl. A		709,960		2,237,600
	646,000	Yakult Honsha Co. Ltd.		9,257,758		12,168,154
				116,674,406		156,131,264
		Diversified Industrial — 7.1%
	500	Agilent Technologies Inc.		57,295		59,005
	412,000	Ampco-Pittsburgh Corp.†		972,467		1,219,520
	41,500	AZZ Inc.		1,511,944		3,920,920
	154,100	Crane Co.		5,559,860		29,262,049
	710	Eaton Corp. plc		156,050		253,463
	4,000	Esab Corp.		145,452		482,200
	39,625	General Electric Co.		4,052,772		10,199,079
	120,700	Greif Inc., Cl. A		2,633,247		7,844,293
	12,000	Greif Inc., Cl. B		731,088		828,120
	18,100	Griffon Corp.		360,226		1,309,897
	7,500	GXO Logistics Inc.†		278,248		365,250

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	109,000	Honeywell International Inc.	$	18,247,970	$	25,383,920
	12,500	Huntsman Corp.		130,731		130,250
	28,000	Ingersoll Rand Inc.		221,802		2,329,040
	95,000	ITT Inc.		3,742,243		14,898,850
	24,500	Kennametal Inc.		620,589		562,520
	50,000	Myers Industries Inc.		818,952		724,500
	18,500	nVent Electric plc		198,662		1,355,125
	101,000	Park-Ohio Holdings Corp.		1,399,300		1,803,860
	9,454	Proto Labs Inc.†		403,600		378,538
	20,000	PureCycle Technologies Inc.†		184,200		274,000
	315	Rheinmetall AG		58,532		666,785
	500	Roper Technologies Inc.		137,938		283,420
	900	Siemens AG		176,879		230,743
	9,000	Smiths Group plc		228,406		277,467
	5,250	Societe Generale SA		139,068		300,245
	388,500	Steel Partners Holdings LP†		2,576,055		15,365,175
	15,307	Stratasys Ltd.†		155,239		175,571
	10,500	Sulzer AG		544,524		1,895,015
	73,000	Textron Inc.		3,976,408		5,861,170
	4,000	The Eastern Co.		87,239		91,280
	300	The Sherwin-Williams Co.		108,142		103,008
	100,000	Toray Industries Inc.		771,663		685,948
	19,200	Trane Technologies plc		504,220		8,398,272
	81,615	Tredegar Corp.†		634,551		718,212
	84,000	Trinity Industries Inc.		1,339,455		2,268,840
	3,800	Valmont Industries Inc.		872,357		1,240,966
	1,000	VeriSign Inc.		209,421		288,800
				54,946,795		142,435,316
		Entertainment — 5.0%
	113,000	Atlanta Braves Holdings Inc., Cl. A†		3,304,287		5,560,730
	265,862	Atlanta Braves Holdings Inc., Cl. C†		7,712,054		12,434,366
	10,000	Charter Communications Inc., Cl. A†		3,399,560		4,088,100
	6,500	FactSet Research Systems Inc.		3,007,791		2,907,320
	90,000	Genting Singapore Ltd.		74,910		50,609
	1,650,000	Grupo Televisa SAB, ADR		6,207,961		3,613,500
	115,000	International Game Technology plc		2,582,637		1,818,150
	14,573	Liberty Media Corp.-Liberty Live, Cl. A†		371,134		1,158,262
	61,927	Liberty Media Corp.-Liberty Live, Cl. C†		2,850,264		5,025,995
	15,000	Lionsgate Studios Corp.†		101,299		87,150
	114,974	Madison Square Garden Entertainment Corp.†		2,973,046		4,595,511

Shares			Cost		Market Value
	94,767	Madison Square Garden Sports Corp.†	$	8,921,996	$	19,801,565
	1,850	Netflix Inc.†		893,306		2,477,390
	383,000	Ollamani SAB†		1,138,438		1,020,544
	355,200	Paramount Global, Cl. A		10,363,820		8,151,840
	153,974	Sphere Entertainment Co.†		4,111,736		6,436,113
	80	Spotify Technology SA†		55,899		61,387
	1,000	Starz Entertainment Corp.†		7,625		16,070
	11,000	Take-Two Interactive Software Inc.†		1,371,970		2,671,350
	40,000	TBS Holdings Inc.		796,181		1,405,507
	64,200	The Walt Disney Co.		7,490,222		7,961,442
	8,000	TKO Group Holdings Inc.		710,011		1,455,600
	58,000	Universal Entertainment Corp.†		695,590		391,084
	764,000	Vivendi SE		2,192,970		2,635,965
	362,750	Warner Bros Discovery Inc.†		5,985,671		4,157,115
				77,320,378		99,982,665
		Automotive: Parts and Accessories — 4.5%
	7,500	Aptiv plc†		433,044		511,650
	2,500	Atmus Filtration Technologies Inc.		48,750		91,050
	74,000	BorgWarner Inc.		3,226,299		2,477,520
	391,900	Dana Inc.		4,174,806		6,721,085
	350,000	Dowlais Group plc		453,576		319,965
	13,585	Ducommun Inc.†		842,219		1,122,529
	210,000	Garrett Motion Inc.		1,612,699		2,207,100
	160,000	Genuine Parts Co.		12,872,981		19,409,600
	138,100	Modine Manufacturing Co.†		1,756,339		13,602,850
	441,250	O’Reilly Automotive Inc.†		19,883,786		39,769,862
	9,200	Phinia Inc.		301,366		409,308
	105,000	Standard Motor Products Inc.		1,181,521		3,225,600
	27,600	Strattec Security Corp.†		1,006,088		1,716,996
	98,000	Superior Industries International Inc.†		211,189		13,366
				48,004,663		91,598,481
		Machinery — 4.0%
	24,200	Astec Industries Inc.		826,373		1,008,898
	12,800	Caterpillar Inc.		86,323		4,969,088
	455,000	CNH Industrial NV		5,171,994		5,896,800
	101,300	Deere & Co.		6,031,308		51,510,037
	6,688	Regal Rexnord Corp.		315,782		969,492
	127,500	Xylem Inc.		9,677,083		16,493,400
				22,108,863		80,847,715
		Business Services — 3.6%
	8,000	Allegion plc		146,679		1,152,960
	470,000	Clear Channel Outdoor Holdings Inc.†		837,943		549,900

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Business Services (Continued)
	2,500	Edenred SE	$	32,846	$	77,421
	1,019,000	Havas NV		2,021,757		1,750,083
	16,000	Jardine Matheson Holdings Ltd.		534,478		768,960
	11,000	Lamar Advertising Co., Cl. A, REIT		871,529		1,334,960
	96,030	Mastercard Inc., Cl. A		27,462,711		53,963,098
	120,000	Paysafe Ltd.†		1,878,552		1,514,400
	10,000	Pitney Bowes Inc.		35,949		109,100
	147,500	Resideo Technologies Inc.†		2,106,657		3,253,850
	12,000	The Brink’s Co.		768,257		1,071,480
	62,000	The Interpublic Group of Companies Inc.		1,260,415		1,517,760
	29,000	UL Solutions Inc., Cl. A		1,008,315		2,112,940
	12,100	Visa Inc., Cl. A		133,100		4,296,105
				39,099,188		73,473,017
		Health Care — 3.6%
	563	AbbVie Inc.		75,490		104,504
	14,000	Alcon AG		511,183		1,235,920
	24,500	Amgen Inc.		2,423,576		6,840,645
	12,000	Bausch + Lomb Corp.†		201,680		156,120
	24,000	Baxter International Inc.		796,615		726,720
	2,000	Becton Dickinson & Co.		437,201		344,500
	7,000	Biogen Inc.†		1,960,489		879,130
	21,500	BioMarin Pharmaceutical Inc.†		1,401,024		1,181,855
	2,000	Bio-Rad Laboratories Inc., Cl. A†		660,416		482,640
	64,900	Boston Scientific Corp.†		2,209,180		6,970,909
	750	Bridgebio Pharma Inc.†		29,719		32,385
	82,000	Bristol-Myers Squibb Co.		4,642,045		3,795,780
	6,310	Cencora Inc.		510,499		1,892,054
	1,000	Chemed Corp.		520,135		486,930
	12,000	CVS Group plc		252,909		205,898
	238,000	Demant A/S†		2,170,860		9,927,705
	470	Eli Lilly & Co.		168,038		366,379
	2,000	Enovis Corp.†		86,035		62,720
	13,800	Evolent Health Inc., Cl. A†		243,694		155,388
	10,650	Exact Sciences Corp.†		487,249		565,941
	3,100	Fresenius SE & Co. KGaA		148,756		155,852
	1,390	Gerresheimer AG		150,196		78,396
	2,800	Gilead Sciences Inc.		209,116		310,436
	3,000	Glaukos Corp.†		142,524		309,870
	25,000	Haleon plc		105,477		128,480
	100	HCA Healthcare Inc.		26,201		38,310
	59,000	Henry Schein Inc.†		2,501,687		4,309,950
	5,597	Incyte Corp.†		362,382		381,156
	9,360	Indivior plc†		28,408		139,272
	555	Intuitive Surgical Inc.†		141,888		301,593

Shares			Cost		Market Value
	23,900	Johnson & Johnson	$	2,589,930	$	3,650,725
	69,000	Merck & Co. Inc.		5,182,057		5,462,040
	69,400	Novartis AG, ADR		3,408,303		8,398,094
	35,000	Option Care Health Inc.†		347,670		1,136,800
	31,500	Perrigo Co. plc		1,100,898		841,680
	21,500	Pfizer Inc.		629,934		521,160
	7,500	QuidelOrtho Corp.†		230,319		216,150
	400	Roche Holding AG, Genusschein		115,039		130,267
	15,500	Sandoz Group AG, ADR		218,317		847,307
	2,100	Sanofi SA		205,102		203,362
	9,750	Smith & Nephew plc		135,687		148,957
	350	Soleno Therapeutics Inc.†		28,357		29,323
	690	Stryker Corp.		244,693		272,985
	335	Tenet Healthcare Corp.†		52,630		58,960
	1,400	Teva Pharmaceutical Industries Ltd., ADR†		19,824		23,464
	2,000	The Cigna Group		426,594		661,160
	15,700	Tristel plc		120,482		88,357
	12,825	UnitedHealth Group Inc.		3,248,315		4,001,015
	11,996	Valeritas Holdings Inc.†(a)		56,778		0
	80	Vertex Pharmaceuticals Inc.†		37,233		35,616
	4,000	Waters Corp.†		495,911		1,396,160
	1,600	Waystar Holding Corp.†		54,627		65,392
	13,000	Zimmer Biomet Holdings Inc.		1,431,265		1,185,730
	20,000	Zimvie Inc.†		176,128		187,000
	5,500	Zoetis Inc.		203,297		857,725
	608	Zosano Pharma Corp.†(a)		87,212		0
				44,451,274		72,986,867
		Energy and Utilities — 3.6%
	49,500	APA Corp.		1,531,341		905,355
	40,000	Baker Hughes Co.		1,130,735		1,533,600
	21,000	BP plc, ADR		836,584		628,530
	16,000	CMS Energy Corp.		51,030		1,108,480
	155,600	ConocoPhillips		7,485,885		13,963,544
	98,400	Enbridge Inc.		2,488,608		4,459,488
	71,000	Energy Transfer LP		646,737		1,287,230
	61,000	Enterprise Products Partners LP		686,625		1,891,610
	19,000	Essential Utilities Inc.		677,172		705,660
	32,500	Evergy Inc.		1,873,775		2,240,225
	19,200	Eversource Energy		1,599,119		1,221,504
	38,600	Exxon Mobil Corp.		1,621,200		4,161,080
	1,375	GE Vernova Inc.		52,199		727,581
	218,000	Halliburton Co.		6,144,508		4,442,840
	20,000	Kimbell Royalty Partners LP		263,762		279,200
	12,500	Kinder Morgan Inc.		117,668		367,500
	7,200	Marathon Petroleum Corp.		362,369		1,195,992
	117,200	National Fuel Gas Co.		5,971,732		9,928,012

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities (Continued)
	50,000	New Fortress Energy Inc.	$	201,275	$	166,000
	63,000	NextEra Energy Inc.		4,633,030		4,373,460
	4,000	Niko Resources Ltd.†(a)		55,327		0
	2,779	Noble Corp. plc		101,044		73,782
	18,000	NOV Inc.		331,381		223,740
	5,000	Occidental Petroleum Corp.		270,697		210,050
	35,000	Oceaneering International Inc.†		442,873		725,200
	9,000	Phillips 66		661,909		1,073,700
	35,000	Portland General Electric Co.		1,634,177		1,422,050
	45,000	RPC Inc.		156,349		212,850
	116,500	Schlumberger NV		5,440,318		3,937,700
	2,500	Sempra		177,944		189,425
	2,450	Severn Trent plc		78,246		91,944
	17,000	Southwest Gas Holdings Inc.		598,635		1,264,630
	96,000	The AES Corp.		1,248,553		1,009,920
	27,500	TXNM Energy Inc.		997,745		1,548,800
	46,000	UGI Corp.		1,344,480		1,675,320
	94,000	Venture Global Inc., Cl. A		2,312,691		1,464,520
	31,950	Vitesse Energy Inc.		467,707		705,776
	3,300	Weatherford International plc		179,287		166,023
	134,000	XPLR Infrastructure LP		1,871,442		1,098,800
				56,746,159		72,681,121
		Aerospace and Defense — 3.3%
	1,000	Airbus SE		145,622		208,804
	10,000	Avio SpA		164,576		278,585
	1,000	Embraer SA, ADR		26,040		56,910
	5,000	Hexcel Corp.		319,750		282,450
	1,315	Howmet Aerospace Inc.		69,764		244,761
	10,000	Innovative Solutions and Support Inc.†		100,359		138,800
	200	Karman Holdings Inc.†		4,400		10,074
	12,000	Kratos Defense & Security Solutions Inc.†		222,321		557,400
	8,000	L3Harris Technologies Inc.		1,298,452		2,006,720
	1,200	Lockheed Martin Corp.		551,452		555,768
	17,300	Northrop Grumman Corp.		2,190,825		8,649,654
	3,255,666	Rolls-Royce Holdings plc		6,369,705		43,240,979
	1,000	RTX Corp.		80,483		146,020
	1,100	Thales SA		144,294		323,418
	48,900	The Boeing Co.†		8,256,829		10,246,017
	7,500	Triumph Group Inc.†		110,351		193,125
				20,055,223		67,139,485
		Environmental Services — 3.1%
	30,000	Pentair plc		699,890		3,079,800
	174,200	Republic Services Inc.		14,923,329		42,959,462

Shares			Cost		Market Value
	15,620	Veolia Environnement SA	$	434,070	$	556,587
	69,000	Waste Management Inc.		6,362,228		15,788,580
	29,000	Zurn Elkay Water Solutions Corp.		304,544		1,060,530
				22,724,061		63,444,959
		Retail — 3.0%
	197,500	Arko Corp.		1,194,727		835,425
	34,750	AutoNation Inc.†		1,649,876		6,903,088
	50,500	BBB Foods Inc., Cl. A†		1,087,122		1,401,880
	6,500	CarMax Inc.†		437,675		436,865
	7,000	Casey’s General Stores Inc.		1,151,635		3,571,890
	3,500	Chipotle Mexican Grill Inc.†		106,108		196,525
	9,500	Copart Inc.†		262,002		466,165
	27,360	Costco Wholesale Corp.		3,831,682		27,084,758
	60,200	CVS Health Corp.		4,408,431		4,152,596
	11,000	Lowe’s Companies Inc.		1,656,983		2,440,570
	95,000	Macy’s Inc.		1,721,950		1,107,700
	19,500	Sally Beauty Holdings Inc.†		190,214		180,570
	5,500	Shake Shack Inc., Cl. A†		232,301		773,300
	90,250	The Wendy’s Co.		1,929,443		1,030,655
	30,000	Walgreens Boots Alliance Inc.		496,238		344,400
	90,000	Walmart Inc.		1,638,025		8,800,200
				21,994,412		59,726,587
		Electronics — 2.9%
	30,000	Arlo Technologies Inc.†		165,385		508,800
	3,400	Bel Fuse Inc., Cl. A		30,838		305,490
	3,064	Bel Fuse Inc., Cl. B		49,093		299,322
	2,000	CTS Corp.		72,180		85,220
	5,000	Flex Ltd.†		66,363		249,600
	40,000	Hitachi Ltd., ADR		287,076		1,162,400
	121,500	Intel Corp.		3,318,771		2,721,600
	35,161	Koninklijke Philips NV		177,225		843,161
	1,300	Mettler-Toledo International Inc.†		195,442		1,527,136
	175,000	Mirion Technologies Inc.†		1,524,521		3,767,750
	141,245	Sony Group Corp., ADR		2,233,142		3,676,607
	32,700	TE Connectivity plc		1,289,872		5,515,509
	175,104	Texas Instruments Inc.		15,710,215		36,355,093
	1,000	Universal Display Corp.		145,615		154,460
	6,650	WESCO International Inc.		1,202,303		1,231,580
				26,468,041		58,403,728
		Consumer Products — 2.6%
	34,180	American Outdoor Brands Inc.†		542,332		357,181
	12,500	Christian Dior SE		454,461		6,251,970
	26,000	Church & Dwight Co. Inc.		424,362		2,498,860
	132,000	Edgewell Personal Care Co.		4,242,551		3,090,120
	86,000	Energizer Holdings Inc.		2,804,853		1,733,760
	35,500	Essity AB, Cl. B		541,915		983,099

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	2,000	Givaudan SA	$	1,469,293	$	9,681,769
	54,000	Hanesbrands Inc.†		483,531		247,320
	17,300	Harley-Davidson Inc.		803,696		408,280
	1,170	Hermes International SCA		409,960		3,168,485
	4,000	Johnson Outdoors Inc., Cl. A		311,029		121,080
	25,000	Mattel Inc.†		342,596		493,000
	13,000	National Presto Industries Inc.		700,676		1,273,480
	24,000	Oil-Dri Corp. of America		245,929		1,415,760
	50,000	Philip Morris International Inc.		5,054,043		9,106,500
	49,500	Reckitt Benckiser Group plc		1,648,837		3,366,733
	60,000	Spectrum Brands Holdings Inc.		4,954,109		3,180,000
	27,600	Svenska Cellulosa AB SCA, Cl. B		73,685		358,824
	42,500	The Estee Lauder Companies Inc., Cl. A		3,085,783		3,434,000
	4,280	Unilever plc		250,170		259,966
	4,200	Zalando SE†		261,876		138,280
				29,105,687		51,568,467
		Consumer Services — 2.5%
	5,900	Amazon.com Inc.†		915,876		1,294,401
	18,378	Angi Inc.†		311,357		280,448
	52,000	API Group Corp.†		1,953,535		2,654,600
	393,500	Bollore SE		2,285,870		2,470,579
	2,000	Deutsche Post AG		101,199		92,375
	34,500	IAC Inc.†		1,440,470		1,288,230
	64,300	Matthews International Corp., Cl. A		1,753,316		1,537,413
	720,000	Rollins Inc.		9,918,709		40,622,400
	3,200	Travel + Leisure Co.		104,020		165,152
				18,784,352		50,405,598
		Aviation: Parts and Services — 2.3%
	4,000	AAR Corp.†		231,787		275,160
	25,000	Astronics Corp.†		231,096		837,000
	83,000	Curtiss-Wright Corp.		6,235,339		40,549,650
	4,000	JBT Marel Corp.		425,811		481,040
	98,500	Spirit AeroSystems Holdings Inc., Cl. A†		3,383,193		3,757,775
				10,507,226		45,900,625
		Building and Construction — 2.2%
	6,000	AAON Inc.		499,475		442,500
	3,500	Amrize Ltd.†		187,331		173,425
	12,000	Amrize Ltd., Toronto†		652,210		598,601
	27,500	Arcosa Inc.		830,805		2,384,525
	7,900	Ashtead Group plc		450,720		506,303

Shares			Cost		Market Value
	18,000	Assa Abloy AB, Cl. B	$	310,378	$	561,638
	51,900	Canfor Corp.†		813,671		538,914
	3,000	Carrier Global Corp.		165,981		219,570
	2,700	CRH plc		266,411		247,860
	2,500	D.R. Horton Inc.		391,779		322,300
	43,000	Fortune Brands Innovations Inc.		1,935,732		2,213,640
	35,400	Gencor Industries Inc.†		409,525		495,600
	70,750	Herc Holdings Inc.		4,874,285		9,317,068
	10,000	Holcim AG		607,284		742,328
	35,200	Ibstock plc		100,002		70,640
	158,500	Johnson Controls International plc		7,514,544		16,740,770
	30,000	Knife River Corp.†		1,327,316		2,449,200
	9,900	Lennar Corp., Cl. B		1,489,027		1,041,975
	25,000	Masterbrand Inc.†		409,280		273,250
	12,000	Sika AG		1,556,815		3,257,672
	2,500	Toll Brothers Inc.		307,283		285,325
	3,000	Vulcan Materials Co.		484,932		782,460
				25,584,786		43,665,564
		Telecommunications — 2.0%
	100,000	America Movil SAB de CV, ADR		713,533		1,794,000
	8,200	AT&T Inc.		148,158		237,308
	70,000	ATN International Inc.		1,243,751		1,137,500
	54,000	BCE Inc.		1,792,222		1,197,180
	750,000	BT Group plc, Cl. A		3,030,351		1,994,632
	7,040,836	Cable & Wireless Jamaica Ltd.†(a)		128,658		12,718
	6,000	Cisco Systems Inc.		283,739		416,280
	8,000	Deutsche Telekom AG		145,238		291,849
	125,000	Deutsche Telekom AG, ADR		2,029,153		4,573,750
	51,000	GCI Liberty Inc., Escrow†(a)		0		0
	36,000	Hellenic Telecommunications Organization SA		452,922		684,436
	15,000	Hellenic Telecommunications Organization SA, ADR		91,063		144,750
	26,000	Iridium Communications Inc.		621,604		784,420
	264,732	Koninklijke KPN NV		448,166		1,289,775
	130,045	Liberty Global Ltd., Cl. A†		1,268,507		1,301,750
	163,064	Liberty Global Ltd., Cl. C†		2,095,815		1,681,190
	1,100,000	NII Holdings Inc., Escrow†		374,000		385,000
	85,312	Sunrise Communications AG, Cl. A		4,485,814		4,808,309
	21,000	Telecom Argentina SA, ADR		127,554		185,430
	400,000	Telecom Italia SpA†		117,048		197,236
	70,000	Telefonica Brasil SA, ADR		726,827		798,000

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Telecommunications (Continued)
	285,000	Telefonica SA, ADR	$	3,363,202	$	1,490,550
	298,200	Telephone and Data Systems Inc.		11,035,106		10,609,956
	50,000	TELUS Corp.		233,734		803,011
	46,075	TIM SA, ADR		352,294		926,568
	3,040	VEON Ltd., ADR†		133,023		140,053
	46,500	Verizon Communications Inc.		2,046,418		2,012,055
	174,000	Vodafone Group plc		300,315		185,771
	98,000	Vodafone Group plc, ADR		1,286,705		1,044,680
				39,074,920		41,128,157
		Broadcasting — 1.8%
	289,000	Canal+ SA		1,253,344		903,673
	2,000	Cogeco Inc.		39,014		98,741
	20,000	Corus Entertainment Inc., OTC, Cl. B†		34,239		1,544
	87,400	Fox Corp., Cl. A		3,610,006		4,897,896
	94,000	Fox Corp., Cl. B		3,519,419		4,853,220
	16,000	Gray Media Inc.		14,422		72,480
	16,750	Liberty Broadband Corp., Cl. A†		593,799		1,638,485
	57,500	Liberty Broadband Corp., Cl. C†		3,668,957		5,656,850
	37,750	Liberty Media Corp.-Liberty Formula One, Cl. A†		1,299,309		3,584,740
	36,250	Liberty Media Corp.-Liberty Formula One, Cl. C†		1,007,233		3,788,125
	17,500	Nexstar Media Group Inc.		1,450,842		3,026,625
	96,000	Sinclair Inc.		2,024,774		1,326,720
	143,974	Sirius XM Holdings Inc.		3,801,867		3,307,083
	179,000	TEGNA Inc.		2,800,805		3,000,040
	60,000	Television Broadcasts Ltd.†		186,904		26,522
				25,304,934		36,182,744
		Computer Software and Services — 1.8%
	20,000	3D Systems Corp.†		175,400		30,800
	1,000	Akamai Technologies Inc.†		78,920		79,760
	4,000	Alphabet Inc., Cl. A		700,368		704,920
	30,230	Alphabet Inc., Cl. C		4,687,804		5,362,500
	1,500	Backblaze Inc., Cl. A†		7,050		8,250
	1,250	Capgemini SE		195,334		213,577
	1,600	Check Point Software Technologies Ltd.†		185,221		354,000
	270	CrowdStrike Holdings Inc., Cl. A†		40,904		137,514
	4,866	Edgio Inc.†		91,631		1
	15,500	Fiserv Inc.†		2,208,607		2,672,355
	2,000	Fortinet Inc.†		102,749		211,440
	90,000	Hewlett Packard Enterprise Co.		1,419,613		1,840,500

Shares			Cost		Market Value
	20,000	I3 Verticals Inc., Cl. A†	$	408,769	$	549,600
	270	Intuit Inc.		107,508		212,660
	8,054	Kyndryl Holdings Inc.†		180,978		337,946
	11,955	Meta Platforms Inc., Cl. A		5,803,152		8,823,866
	4,000	Micron Technology Inc.		303,008		493,000
	4,670	Microsoft Corp.		1,271,256		2,322,905
	12,000	MKS Inc.		1,151,222		1,192,320
	25,000	Movella Holdings Inc.†		41,375		100
	30,400	N-able Inc.†		415,905		246,240
	7,065	NVIDIA Corp.		139,154		1,116,199
	1,390	Oracle Corp.		256,415		303,896
	145,000	Oxford Metrics plc		180,280		99,517
	30,000	PAR Technology Corp.†		960,385		2,081,100
	4,700	PSI Software SE†		156,151		168,859
	16,150	Rockwell Automation Inc.		767,020		5,364,545
	550	Salesforce Inc.		140,491		149,979
	251	ServiceNow Inc.†		131,844		258,048
	2,600	Temenos AG		254,388		185,960
	4,500	Unity Software Inc.†		133,604		108,900
	20,800	Vimeo Inc.†		116,351		84,032
				22,812,857		35,715,289
		Hotels and Gaming — 1.6%
	14,500	Accor SA		501,021		757,169
	23,000	Better Collective A/S†		332,985		318,712
	74,100	Caesars Entertainment Inc.†		2,536,439		2,103,699
	179,500	Entain plc		2,406,166		2,219,980
	4,250	Flutter Entertainment plc†		654,230		1,204,088
	20,000	Genius Sports Ltd.†		80,415		208,000
	6,500	Hyatt Hotels Corp., Cl. A		213,897		907,725
	44,000	Inspired Entertainment Inc.†		390,871		359,480
	7,000	Las Vegas Sands Corp.		269,283		304,570
	3,938,500	Mandarin Oriental International Ltd.		6,886,263		7,522,535
	5,500	Marriott International Inc., Cl. A		1,230,496		1,502,655
	70,000	MGM China Holdings Ltd.		137,917		114,854
	76,400	MGM Resorts International†		2,096,393		2,627,396
	6,000	Penn Entertainment Inc.†		141,532		107,220
	105,700	Ryman Hospitality Properties Inc., REIT		5,033,435		10,429,419
	40,000	Super Group SGHC Ltd.		130,470		438,800
	200,000	The Hongkong & Shanghai Hotels Ltd.†		155,450		140,128
	4,000	Wyndham Hotels & Resorts Inc.		152,872		324,840
	13,100	Wynn Resorts Ltd.		1,071,438		1,227,077
				24,421,573		32,818,347
		Cable and Satellite — 1.0%
	151,480	Comcast Corp., Cl. A		6,101,426		5,406,321

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Cable and Satellite (Continued)
	120,000	EchoStar Corp., Cl. A†	$	2,900,251	$	3,324,000
	155,000	Liberty Latin America Ltd., Cl. A†		1,423,831		945,500
	349,000	Rogers Communications Inc., Cl. B		9,766,428		10,351,340
				20,191,936		20,027,161
		Transportation — 1.0%
	15,500	Ferrari Group plc		139,078		163,229
	1,000	FTAI Infrastructure Inc.		2,940		6,170
	127,700	GATX Corp.		4,896,869		19,609,612
	500	Union Pacific Corp.		116,608		115,040
				5,155,495		19,894,051
		Real Estate — 1.0%
	16,750	American Tower Corp., REIT		3,120,885		3,702,085
	28,500	Blackstone Mortgage Trust Inc., Cl. A, REIT		450,177		548,625
	8,000	Bresler & Reiner Inc.†(a)		162		200
	60,000	Franklin BSP Realty Trust Inc., REIT		688,112		641,400
	10,000	Gaming and Leisure Properties Inc., REIT		165,195		466,800
	5,000	Howard Hughes Holdings Inc.†		343,169		337,500
	1,500	Millrose Properties Inc.		16,590		42,765
	15,000	Millrose Properties Inc., REIT		392,661		427,650
	17,260	Rayonier Inc., REIT		274,799		382,827
	56,000	Seritage Growth Properties, Cl. A†		613,543		172,480
	1,000	Simon Property Group Inc., REIT		103,113		160,760
	32,000	Tejon Ranch Co.†		555,174		542,720
	232,500	The St. Joe Co.		4,081,639		11,090,250
	20,000	VICI Properties Inc., REIT		215,182		652,000
	9,000	Weyerhaeuser Co., REIT		223,925		231,210
				11,244,326		19,399,272
		Automotive — 0.9%
	19,750	Daimler Truck Holding AG		626,330		934,535
	7,500	Daimler Truck Holding AG, ADR		140,250		178,050
	17,300	General Motors Co.		848,608		851,333
	186,900	Iveco Group NV		1,510,267		3,676,653
	9,350	Mercedes-Benz Group AG		569,648		547,277
	103,000	PACCAR Inc.		1,422,884		9,791,180
	90,000	Piaggio & C SpA		264,129		199,309
	15,000	Stellantis NV		178,730		150,450
	3,575	Toyota Motor Corp., ADR		641,212		615,830

Shares			Cost		Market Value
	52,000	Traton SE	$	1,008,706	$	1,685,694
				7,210,764		18,630,311
		Wireless Communications — 0.9%
	15,000	Anterix Inc.†		542,877		384,750
	74,500	Millicom International Cellular SA		1,660,002		2,791,515
	105,000	Operadora De Sites Mexicanos SAB de CV		125,620		95,350
	30,800	T-Mobile US Inc.		3,515,981		7,338,408
	121,000	United States Cellular Corp.†		4,963,783		7,740,370
				10,808,263		18,350,393
		Specialty Chemicals — 0.9%
	8,000	AdvanSix Inc.		96,571		190,000
	3,000	DSM-Firmenich AG		426,963		318,965
	33,000	DuPont de Nemours Inc.		1,884,706		2,263,470
	5,000	FMC Corp.		284,562		208,750
	15,000	H.B. Fuller Co.		626,362		902,250
	29,000	International Flavors & Fragrances Inc.		2,787,061		2,132,950
	2,800	Johnson Matthey plc		100,870		66,722
	23,300	Rogers Corp.†		2,041,966		1,595,584
	102,500	Sensient Technologies Corp.		5,305,404		10,098,300
	13,000	SGL Carbon SE†		60,439		53,597
	25,000	Treatt plc		167,094		89,050
				13,781,998		17,919,638
		Metals and Mining — 0.9%
	31,500	Agnico Eagle Mines Ltd.		1,228,776		3,746,295
	200	Alliance Resource Partners LP		169		5,228
	36,000	Barrick Mining Corp.		1,054,080		749,520
	28,000	Cleveland-Cliffs Inc.†		282,779		212,800
	107,000	Freeport-McMoRan Inc.		3,842,446		4,638,450
	2,000	Materion Corp.		45,360		158,740
	60,000	Metallus Inc.†		799,507		924,600
	50,000	New Hope Corp. Ltd.		67,580		121,758
	117,000	Newmont Corp.		5,163,869		6,816,420
	10,000	Vale SA, ADR		81,899		97,100
				12,566,465		17,470,911
		Communications Equipment — 0.7%
	8,440	Apple Inc.		1,455,144		1,731,635
	11,000	Arista Networks Inc.†		825,835		1,125,410
	163,000	Corning Inc.		4,352,844		8,572,170
	30,000	Harmonic Inc.†		303,263		284,100
	1,750	Motorola Solutions Inc.		448,910		735,805
	4,500	QUALCOMM Inc.		586,737		716,670
	33,000	Telesat Corp.†		443,842		806,520
				8,416,575		13,972,310

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Publishing — 0.4%
	1,400	Graham Holdings Co., Cl. B	$	698,214	$	1,324,638
	324,000	Louis Hachette Group		481,539		663,509
	90,000	News Corp., Cl. A		1,406,124		2,674,800
	82,000	News Corp., Cl. B		1,154,992		2,813,420
	53,000	The E.W. Scripps Co., Cl. A†		469,542		155,820
				4,210,411		7,632,187
		Manufactured Housing and Recreational Vehicles — 0.3%
	540	Cavco Industries Inc.†		100,307		234,592
	38,500	Champion Homes Inc.†		493,634		2,410,485
	11,344	Legacy Housing Corp.†		184,810		257,055
	5,000	Martin Marietta Materials Inc.		106,125		2,744,800
	48,123	Nobility Homes Inc.		853,655		1,359,475
				1,738,531		7,006,407
		Agriculture — 0.3%
	100,000	Archer-Daniels-Midland Co.		5,279,922		5,278,000
	49,000	Limoneira Co.		876,988		766,850
	6,500	The Mosaic Co.		341,264		237,120
				6,498,174		6,281,970
		Semiconductors — 0.3%
	8,000	Advanced Micro Devices Inc.†		993,274		1,135,200
	3,000	Applied Materials Inc.		412,237		549,210
	415	ASML Holding NV		259,359		332,577
	1,200	Axcelis Technologies Inc.†		75,109		83,628
	6,650	Broadcom Inc.		877,432		1,833,073
	2,000	GLOBALFOUNDRIES Inc.†		76,300		76,400
	200	Hensoldt AG		21,775		22,946
	2,000	Lam Research Corp.		93,001		194,680
	3,000	nLight Inc.†		34,710		59,040
	2,700	NXP Semiconductors NV		494,390		589,923
	23,758	SkyWater Technology Inc.†		176,884		233,779
	3,000	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		421,995		679,470
				3,936,466		5,789,926
		Computer Hardware — 0.1%
	11,000	Dell Technologies Inc., Cl. C		812,958		1,348,600
	5,500	HP Inc.		153,885		134,530
	3,000	NETGEAR Inc.†		59,115		87,210
				1,025,958		1,570,340
		Industrials — 0.0%
	4,500	Clarkson plc		199,403		201,677

		TOTAL COMMON STOCKS		1,021,337,269		1,989,866,963

					Market
Shares			Cost		Value
		CLOSED-END FUNDS — 0.5%
	245,000	Altaba Inc., Escrow†	$	0	$	330,750
	4,285	Royce Global Trust Inc.		37,279		51,549
	45,900	Royce Small-Cap Trust Inc.		610,121		690,795
	700,000	SuRo Capital Corp.†		3,152,398		5,747,000
	77,500	The Central Europe, Russia, and Turkey Fund Inc.		2,013,362		1,202,800
	156,000	The New Germany Fund Inc.		2,109,793		1,862,640
				7,922,953		9,885,534
		TOTAL CLOSED-END FUNDS		7,922,953		9,885,534

		PREFERRED STOCKS — 0.0%
		Retail — 0.0%
	48,000	QVC Group Inc., 8.000%, 03/15/31		1,863,280		329,760

		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	2,504	Occidental Petroleum Corp., expire 08/03/27†		12,395		51,858

		Diversified Industrial — 0.0%
	379,000	Ampco-Pittsburgh Corp., expire 08/01/25†		258,897		7,201

		TOTAL WARRANTS		271,292		59,059

Principal
Amount
		CONVERTIBLE CORPORATE BONDS — 0.0%
		Cable and Satellite — 0.0%
$	200,000	AMC Networks Inc., 4.250%, 02/15/29		197,887		169,000

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 0.8%
$	16,140,000	U.S. Treasury Bills, 4.211% to 4.330%††, 08/07/25 to 09/25/25	$	16,008,193	$	16,007,613

TOTAL INVESTMENTS — 100.0%			$	1,047,600,874		2,016,317,929

Other Assets and Liabilities (Net)						3,172,295

PREFERRED STOCK (10,809,974 preferred shares outstanding)						(345,624,350	)

NET ASSETS — COMMON STOCK (309,217,495 common shares outstanding)					$	1,673,865,874

NET ASSET VALUE PER COMMON SHARE ($1,673,865,874 ÷ 309,217,495 shares outstanding)					$	5.41

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
†	Non-income producing security.
††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

Geographic Diversification	% of Total Investments			Market Value
North America		83.9	%	$	1,691,057,589
Europe		13.2			267,289,901
Latin America		1.2			23,878,015
Japan		1.2			23,490,909
Asia/Pacific		0.5			10,601,515
Total Investments		100.0	%	$	2,016,317,929

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Statement of Assets and Liabilities

June 30, 2025 (Unaudited)

Assets:
Investments, at value (cost $1,047,600,874)	$	2,016,317,929
Cash		32,041
Receivable for investments sold		1,444,126
Dividends and interest receivable		3,684,807
Deferred offering expense		413,473
Prepaid expenses		8,062
Total Assets		2,021,900,438
Liabilities:
Foreign currency overdraft, at value (cost $3,751)		3,745
Distributions payable		289,928
Payable for investments purchased		271,173
Payable for investment advisory fees		1,644,231
Payable for payroll expenses		93,341
Payable for accounting fees		7,500
Series M Cumulative Preferred Stock, callable and mandatory redemption 03/26/27 (See Notes 2 and 7)		68,550,000
Series N Cumulative Preferred Stock, callable and mandatory redemption 12/26/25 (See Notes 2 and 7)		31,950,000
Other accrued expenses		100,296
Total Liabilities		102,910,214
Cumulative Preferred Stock, $0.001 par value:
Series G (5.000%, $25 liquidation value per share, 12,000,000 shares authorized with 2,392,242 shares issued and outstanding)		59,806,050
Series H (5.000%, $25 liquidation value per share, 8,000,000 shares authorized with 3,781,297 shares issued and outstanding)		94,532,425
Series K (5.000%, $25 liquidation value per share, 4,000,000 shares authorized with 3,631,435 shares issued and outstanding)		90,785,875
Total Preferred Stock		245,124,350
Net Assets Attributable to Common Stockholders	$	1,673,865,874

Net Assets Attributable to Common Stockholders Consist of:
Paid-in capital	$	722,314,031
Total distributable earnings		951,551,843
Net Assets	$	1,673,865,874

Net Asset Value per Common Share:
($1,673,865,874 ÷ 309,217,495 shares outstanding at $0.001 par value;)	$	5.41

Statement of Operations

For the six months ended June 30, 2025 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $530,668)	$	16,161,717
Interest		719,122
Total Investment Income		16,880,839
Expenses:
Investment advisory fees		9,757,620
Interest expense on preferred stock		2,300,488
Stockholder communications expenses		255,933
Custodian fees		119,097
Directors’ fees		117,167
Payroll expenses		86,344
Legal and audit fees		76,714
Shareholder services fees		62,952
Accounting fees		22,500
Shelf offering expense		11,615
Interest expense		3,781
Miscellaneous expenses		260,849
Total Expenses		13,075,060
Less:
Advisory fee reduction on unsupervised assets (See Note 3)		(1,422	)
Expenses paid indirectly by broker (See Note 5)		(11,297	)
Custodian fee credits		(2,083	)
Total Reductions and Credits		(14,802	)
Net Expenses		13,060,258
Net Investment Income		3,820,581

Net Realized and Unrealized Gain on Investments and Foreign Currency:
Net realized gain on investments		36,336,307
Net realized gain on foreign currency transactions		22,833
Net realized gain on investments and foreign currency transactions		36,359,140
Net change in unrealized appreciation/depreciation:
on investments		110,494,815
on foreign currency translations		189,938
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		110,684,753
Net Realized and Unrealized Gain on Investments and Foreign Currency		147,043,893
Net Increase in Net Assets Resulting from Operations		150,864,474
Total Distributions to Preferred Stockholders		(6,187,086	)
Net Increase in Net Assets Attributable to Common Stockholders Resulting from Operations	$	144,677,388

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Statement of Changes in Net Assets Attributable to Common Stockholders

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	3,820,581		$	6,600,066
Net realized gain on investments and foreign currency transactions		36,359,140			115,385,536
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		110,684,753			79,277,311
Net Increase in Net Assets Resulting from Operations		150,864,474			201,262,913

Distributions to Preferred Stockholders from Accumulated Earnings		(6,187,086	)*		(13,375,339	)

Net Increase in Net Assets Attributable to Common Stockholders Resulting from Operations		144,677,388			187,887,574

Distributions to Common Stockholders:
Accumulated earnings		(25,846,923	)*		(114,913,640	)
Return of capital		(66,463,517	)*		(67,494,603	)
Total Distributions to Common Stockholders		(92,310,440	)		(182,408,243	)

Fund Share Transactions:
Net increase in net assets from common shares issued upon reinvestment of distributions		10,714,215			27,706,723
Net increase in net assets from repurchase of preferred shares		760,080			9,362,826
Offering costs for preferred shares charged to paid-in capital		—			(231,735	)
Net Increase in Net Assets from Fund Share Transactions		11,474,295			36,837,814

Net Increase in Net Assets Attributable to Common Stockholders		63,841,243			42,317,145

Net Assets Attributable to Common Stockholders:
Beginning of year		1,610,024,631			1,567,707,486
End of period	$	1,673,865,874		$	1,610,024,631

Based on year to date book income. Amounts are subject to change and recharacterization at year end.

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Statement of Cash Flows

June 30, 2025

Net increase in net assets attributable to common stockholders resulting from operations	$	144,677,388

Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities:
Purchase of long term investment securities		(70,759,997	)
Proceeds from sales of long term investment securities		143,044,228
Net sales of short term investment securities		15,075,810
Net realized gain on investments		(36,336,307	)
Net change in unrealized appreciation on investments		(110,494,815	)
Net amortization of discount		(714,032	)
Increase in receivable for investments sold		(493,863	)
Decrease in dividends and interest receivable		383,297
Increase in deferred offering expense		(6,170	)
Decrease in prepaid expenses		26,747
Decrease in payable for investments purchased		(608,485	)
Decrease in payable for investment advisory fees		(80,826	)
Decrease in payable for payroll expenses		(11,623	)
Increase in payable for accounting fees		3,750
Decrease in other accrued expenses		(304,192	)
Net cash provided by operating activities		83,400,910

Net decrease in net assets resulting from financing activities:
Redemption of Series G 5.000% Cumulative Preferred Stock		(939,425	)
Redemption of Series H 5.000% Cumulative Preferred Stock		(1,517,025	)
Redemption of Series K 5.000% Cumulative Preferred Shares		(2,155,875	)
Issuance of Series N 5.250% Cumulative Preferred Stock		2,500,000
Distributions to common stockholders		(92,310,166	)
Repurchase of preferred shares		760,080
Decrease in payable to bank		(424,351	)
Net increase in net assets from common shares issued upon reinvestment of distributions		10,714,215
Net cash used in financing activities		(83,372,547	)
Net increase in cash		28,363
Cash (including foreign currency):
Beginning of year		(67	)
End of period	$	28,296

Supplemental disclosure of cash flow information:
Interest paid on preferred stock	$	2,300,488
Interest paid on bank overdrafts		3,781
Increase in net assets from common shares issued upon reinvestment of distributions		10,714,215

The following table provides a reconciliation of cash foreign currency reported within the Statement of Assets and Liabilities that sum to the total of the same amount above at June 30, 2025:

Cash	$	32,041
Foreign currency overdraft, at value		(3,745	)
	$	28,296

See accompanying notes to financial statements

The Gabelli Equity Trust Inc.

Financial Highlights

Selected data for a common share outstanding throughout each period:

	Six Months Ended June 30, 2025			Year Ended December 31,
	(Unaudited)			2024			2023			2022			2021			2020
Operating Performance:
Net asset value, beginning of year	$	5.24		$	5.19		$	5.08		$	6.41		$	5.86		$	5.88
Net investment income		0.01			0.02			0.04			0.03			0.04			0.04
Net realized and unrealized gain/(loss) on investments in securities, futures contracts, and foreign currency transactions		0.48			0.64			0.74			(0.71	)		1.31			0.60
Total from investment operations		0.49			0.66			0.78			(0.68	)		1.35			0.64

Distributions to Preferred Stockholders: (a)
Net investment income		(0.00	)*(b)		(0.01	)		(0.01	)		(0.00	)(b)		(0.01	)		(0.01	)
Net realized gain		(0.02	)*		(0.03	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)
Total distributions to preferred stockholders		(0.02	)		(0.04	)		(0.07	)		(0.06	)		(0.07	)		(0.07	)

Net Increase/(Decrease) in Net Assets Attributable to Common Stockholders Resulting from Operations		0.47			0.62			0.71			(0.74	)		1.28			0.57

Distributions to Common Stockholders:
Net investment income		(0.01	)*		(0.05	)		(0.03	)		(0.02	)		(0.03	)		(0.04	)
Net realized gain		(0.07	)*		(0.33	)		(0.29	)		(0.27	)		(0.42	)		(0.29	)
Return of capital		(0.22	)*		(0.22	)		(0.28	)		(0.31	)		(0.18	)		(0.27	)
Total distributions to common stockholders		(0.30	)		(0.60	)		(0.60	)		(0.60	)		(0.63	)		(0.60	)

Fund Share Transactions:
Increase/(decrease) in net asset value from common share transactions		—			—			—			—			(0.10	)		0.00	(b)
Increase/decrease in net asset value from common shares issued upon reinvestment of distributions		0.00	(b)		(0.00	)(b)		0.00	(b)		0.01			0.00	(b)		—
Increase in net asset value from repurchase of preferred shares		0.00	(b)		0.03			0.00	(b)		0.00	(b)		—			0.01
Offering costs and adjustment to offering costs for preferred shares charged to paid-in capital		—			(0.00	)(b)		—			—			(0.00	)(b)		—
Offering costs and adjustment to offering costs for common shares charged to paid-in capital		—			—			—			(0.00	)(b)		—			—
Total Fund share transactions		0.00	(b)		0.03			0.00	(b)		0.01			(0.10	)		0.01

Net Asset Value, End of Period	$	5.41		$	5.24		$	5.19		$	5.08		$	6.41		$	5.86
NAV total return †		9.27	%		12.80	%		14.83	%		(11.17	)%		22.31	%		13.25	%
Market value, end of period	$	5.82		$	5.38		$	5.08		$	5.48		$	7.19		$	6.27
Investment total return ††		14.24	%		18.32	%		3.78	%		(15.60	)%		28.83	%		16.59	%

Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of period (in 000’s)	$	2,019,490		$	1,957,761		$	2,001,400		$	1,931,241		$	2,382,135		$	1,977,843
Net assets attributable to common shares, end of period (in 000’s)	$	1,673,866		$	1,610,025		$	1,567,707		$	1,506,193		$	1,870,648		$	1,534,206
Ratio of net investment income to average net assets attributable to common shares before preferred distributions		0.48	%(c)		0.40	%		0.61	%		0.46	%		0.57	%		0.81	%

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Financial Highlights (Continued)

Selected data for a common share outstanding throughout each period:


	Six Months Ended June 30, 2025			Year Ended December 31,
	(Unaudited)			2024			2023			2022			2021			2020
Ratio of operating expenses to average net assets attributable to common shares: before fee reductions (d)(e)		1.63	%(c)		1.59	%		1.62	%		1.58	%		1.37	%		1.48	%
Ratio of operating expenses to average net assets attributable to common shares: net of fee reductions, if any (d)(f)		1.62	%(c)		1.59	%		1.62	%		1.52	%		1.37	%		1.48	%
Portfolio turnover rate		4	%		8	%		9	%		9	%		12	%		13	%

Cumulative Preferred Stock:
Auction Rate Series C Preferred (g)
Liquidation value, end of period (in 000’s)		—			—		$	62,300		$	62,300		$	62,300		$	62,300
Total shares outstanding (in 000’s)		—			—			2			2			2			2
Liquidation preference per share		—			—		$	25,000		$	25,000		$	25,000		$	25,000
Liquidation value (h)		—			—		$	25,000		$	25,000		$	25,000		$	25,000
Asset coverage per share (i)		—			—		$	115,370		$	113,590		$	116,432		$	111,456

Auction Rate Series E Preferred (j)
Liquidation value, end of period (in 000’s)		—			—		$	27,700		$	27,700		$	27,700		$	27,700
Total shares outstanding (in 000’s)		—			—			1			1			1			1
Liquidation preference per share		—			—		$	25,000		$	25,000		$	25,000		$	25,000
Liquidation value (h)		—			—		$	25,000		$	25,000		$	25,000		$	25,000
Asset coverage per share (i)		—			—		$	115,370		$	113,590		$	116,432		$	111,456

5.000% Series G Preferred
Liquidation value, end of period (in 000’s)	$	59,806		$	60,745		$	63,016		$	65,060		$	69,491		$	69,491
Total shares outstanding (in 000’s)		2,392			2,430			2,521			2,602			2,780			2,780
Liquidation preference per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Average market value (k)	$	21.13		$	22.07		$	22.11		$	23.59		$	25.66		$	25.25
Asset coverage per share (i)	$	146.08		$	140.75		$	115.37		$	113.59		$	116.43		$	111.46

5.000% Series H Preferred
Liquidation value, end of period (in 000’s)	$	94,532		$	96,049		$	102,079		$	103,195		$	104,322		$	104,322
Total shares outstanding (in 000’s)		3,781			3,842			4,083			4,128			4,173			4,173
Liquidation preference per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Average market value (k)	$	21.17		$	22.10		$	22.15		$	23.58		$	25.55		$	25.30
Asset coverage per share (i)	$	146.08		$	140.75		$	115.37		$	113.59		$	116.43		$	111.46

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Financial Highlights (Continued)

Selected data for a common share outstanding throughout each period:


	Six Months Ended June 30, 2025			Year Ended December 31,
	(Unaudited)			2024			2023			2022			2021			2020
5.450% Series J Preferred (l)
Liquidation value, end of period (in 000’s)		—			—			—			—		$	80,000		$	80,000
Total shares outstanding (in 000’s)		—			—			—			—			3,200			3,200
Liquidation preference per share		—			—			—			—		$	25.00		$	25.00
Average market value (k)		—			—			—			—		$	26.03		$	26.00
Asset coverage per share (i)		—			—			—			—		$	116.43		$	111.46

5.000% Series K Preferred
Liquidation value, end of period (in 000’s)	$	90,786		$	92,942		$	95,273		$	98,243		$	99,825		$	99,825
Total shares outstanding (in 000’s)		3,631			3,718			3,811			3,930			3,993			3,993
Liquidation preference per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Average market value (k)	$	21.19		$	22.10		$	22.24		$	23.70		$	26.40		$	25.86
Asset coverage per share (i)	$	146.08		$	140.75		$	115.37		$	113.59		$	116.43		$	111.46

4.250% Series M Cumulative Preferred Shares
Liquidation value, end of period (in 000’s)	$	68,550		$	68,550		$	68,550		$	68,550		$	67,850			—
Total shares outstanding (in 000’s)		686			686			686			686			679			—
Liquidation preference per share	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00			—
Average market value (k)	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00			—
Asset coverage per share (i)	$	584.30		$	563.00		$	461.48		$	454.36		$	465.72			—

5.250% Series N Cumulative Preferred Shares
Liquidation value, end of period (in 000’s)	$	31,950		$	29,450		$	14,775			—			—			—
Total shares outstanding (in 000’s)		320			295			148			—			—			—
Liquidation preference per share	$	100.00		$	100.00		$	100.00			—			—			—
Average market value (k)	$	100.00		$	100.00		$	100.00			—			—			—
Asset coverage per share (i)	$	584.30		$	563.00		$	461.48			—			—			—
Asset Coverage (m)		584	%		563	%		461	%		454	%		466	%		446	%

	†	Based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend dates and adjustments for the rights offering. Total return for a period of less than one year is not annualized.
	††	Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan. Total return for a period of less than one year is not annualized.
	*	Based on year to date book income. Amounts are subject to change and recharacterization at year end.
	(a)	Calculated based on average common shares outstanding on the record dates throughout the periods.
	(b)	Amount represents less than $0.005 per share.
	(c)	Annualized.
	(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented there was no material impact on the expense ratios.
	(e)	Ratio of operating expenses to average net assets including liquidation value of preferred shares before fee reductions for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020 would have been 1.34%, 1.32%, 1.27%, 1.24%, 1.10%, and 1.10%, respectively.
	(f)	Ratio of operating expenses to average net assets including liquidation value of preferred shares net of fee reductions for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020 would have been 1.34%, 1.31%, 1.27%, 1.20%, 1.10%, and 1.10%, respectively.
	(g)	The Fund redeemed and retired all of the 2,492 shares of Series C Preferred Stock on June 26, 2024.
	(h)	Since February 2008, the weekly auctions have failed. Holders that have submitted orders have not been able to sell any or all of their shares in the auction.
	(i)	Asset coverage per share is calculated by combining all series of preferred stock.
	(j)	The Fund redeemed and retired all of the 1,108 shares of Series E Preferred Stock on June 28, 2024.
	(k)	Based on weekly prices.

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Financial Highlights (Continued)

	(l)	The Fund redeemed and retired all of the 3,200,000 shares of Series J Preferred Stock on January 31, 2022.
	(m)	Asset coverage is calculated by combining all series of preferred stock.

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Equity Trust Inc. (the Fund) was incorporated on May 20, 1986 in Maryland. The Fund is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund commenced investment operations on August 21, 1986.

The Fund’s primary objective is long term growth of capital with income as a secondary objective. The Fund will invest at least 80% of its assets in equity securities under normal market conditions (the 80% Policy). The 80% Policy may be changed without stockholder approval. The Fund will provide stockholders with notice at least sixty days prior to the implementation of any changes in the 80% Policy.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Company’s Board of Trustees (the Board).

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

●

Level 1 — unadjusted quoted prices in active markets for identical securities;

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/25
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Computer Software and Services	$	35,715,189	$	100		—	$	35,715,289
Energy and Utilities		72,681,121		—	$	0		72,681,121
Equipment and Supplies		160,544,851		60,900		—		160,605,751
Health Care		72,986,867		—		0		72,986,867
Manufactured Housing and Recreational Vehicles		5,646,932		1,359,475		—		7,006,407
Real Estate		19,356,307		42,765		200		19,399,272
Telecommunications		40,730,439		385,000		12,718		41,128,157
Other Industries (b)		1,580,344,099		—		—		1,580,344,099
Total Common Stocks		1,988,005,805		1,848,240		12,918		1,989,866,963
Closed-End Funds		9,554,784		330,750		—		9,885,534
Preferred Stocks (b)		329,760		—		—		329,760
Warrants (b)		59,059		—		—		59,059
Convertible Corporate Bonds (b)		—		169,000		—		169,000
U.S. Government Obligations		—		16,007,613		—		16,007,613
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,997,949,408	$	18,355,603	$	12,918	$	2,016,317,929

	(a)	The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
	(b)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

At June 30, 2025, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in currencies options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

The Fund’s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. Therefore the Fund reflects derivative assets and liabilities any related collateral gross on the statement of assets and liabilities. The enforceability of the right to offset may vary by jurisdiction.

The Fund’s derivative contracts held at June 30, 2025, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are included in unrealized appreciation/depreciation on futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. As of June 30, 2025, the Fund had no open positions in futures contracts.

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (CFTC). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (CEA), the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund which permit the Fund to engage in commodity interest transactions that include (i) “bona fide hedging” transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the Fund’s commodity interest transactions would not exceed 100% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures, and financial futures contracts). As a result, in the future the Fund will be more limited in its ability to use these instruments than in the past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund’s performance.

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

Series M and Series N Cumulative Preferred Stock. For financial reporting purposes only, the liquidation value of preferred stock that has a mandatory call date is classified as a liability within the Statement of Assets and Liabilities and the dividends paid on this preferred stock are included as a component of “Interest expense on preferred stock” within the Statement of Operations. Offering costs are amortized over the life of the preferred stock.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Stockholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2025, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 10% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At June 30, 2025, the Fund held no restricted securities.

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee of 110% of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, if any, would be included in the Statement of Operations.

Distributions to Stockholders. Distributions to common stockholders are recorded on the ex-dividend date. Distributions to stockholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

Under the Fund’s current common share distribution policy, the Fund declares and pays quarterly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Pursuant to this policy, distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s NAV and the financial market environment. The Fund’s distribution policy is subject to modification by the Board at any time.

Distributions to stockholders of the Fund’s 5.000% Series G Cumulative Preferred Stock, 5.000% Series H Cumulative Preferred Stock, 5.000% Series K Cumulative Preferred Stock, 4.250% Series M Cumulative Preferred Stock, and 5.250% Series N Cumulative Preferred Stock (Preferred Stock) are recorded on a daily basis and are determined as described in Note 7.

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

	Common		Preferred
Distributions paid from:
Ordinary income	$	18,686,237	$	2,174,979
Net long term capital gains		96,227,403		11,200,360
Return of capital		67,494,603		—
Total distributions paid	$	182,408,243	$	13,375,339

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2025:

Cost

Gross

Unrealized
Appreciation

Gross
Unrealized
Depreciation

Net
Unrealized
Appreciation

Investments

1,066,630,908

1,027,185,749

(77,498,728

)

949,687,021

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of the Fund’s average weekly net assets including the liquidation value of preferred stock. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration of all aspects of the Fund’s business and affairs.

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Fund with respect to which the Adviser transferred dispositive and voting control to the Fund’s Proxy Voting Committee. During the six months ended June 30, 2025, the Fund’s Proxy Voting Committee exercised control and discretion over all rights to vote or consent, and exercised dispositive control, with respect to Bel Fuse Inc., Gray Media, Inc., and Ryman Hospitality Properties, Inc., and the Adviser reduced its fee with respect to such securities by $1,422.

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $71,617,464 and $142,704,224, respectively. Purchases and sales of U.S. Government obligations for the six months ended June 30, 2025, aggregated $122,129,080 and $137,204,890, respectively.

5. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2025, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $11,297.

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2025, the Fund accrued 22,500 in accounting fees in the Statement of Operations.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the six months ended June 30, 2025, the Fund accrued $86,344 in payroll expenses in the Statement of Operations.

The Fund pays retainer and per meeting fees to Independent Directors and certain Interested Directors, plus specified amounts to the Lead Director, Audit Committee Chairman, and Nominating Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

6. Line of Credit. The Fund participates in an unsecured line of credit, which expires on June 25, 2026 and may be renewed annually, of up to $75,000,000 under which it may borrow up to one-third of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations.

During the six months ended June 30, 2025, there were no borrowings outstanding under the line of credit.

7. Capital. The Fund’s Articles of Incorporation, as amended, permit the Fund to issue 337,024,900 shares of common stock (par value $0.001) and authorizes the Board to increase its authorized shares from time to time. The Board has authorized the repurchase of its shares on the open market when the shares are trading on the NYSE at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2025 and the year ended December 31, 2024, the Fund did not repurchase any shares of its common stock in the open market.

Transactions in shares of common stock were as follows:

Six Months Ended
June 30,
2025

(Unaudited)

Year Ended
December 31,
2024

Shares

Amount

Shares

Amount

Net increase in net assets from common shares issued upon reinvestment of distributions

1,972,827

10,714,215

5,190,774

27,706,723

The Fund’s Articles of Incorporation, as amended, authorize the issuance of up to 18,000,000 shares of $0.001 par value Preferred Stock. The 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 stockholders. Dividends on shares of the Preferred Stock are cumulative. The Fund is required by the 1940 Act

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

and by the Fund’s Articles Supplementary to meet certain asset coverage tests with respect to the 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 Series G, Series H, Series K, Series M, and Series N Preferred Stock at redemption prices of $25, $25, $25, $100, and $100 respectively, 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 stockholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common stockholders.

On December 17, 2021, January 31, 2022, and March 28, 2022, the Fund issued 678,500 shares, 5,000 shares, and 2,000 shares, respectively, of 4.25% Series M Cumulative Preferred Shares, receiving combined net proceeds of $67,745,574, after the deduction of combined offering expenses of $804,426. The Series M Preferred Shares have a liquidation value of $100 per share, and are callable at the Fund’s option at any time on or after March 26, 2027, and have a mandatory redemption date on March 26, 2032.

On January 31, 2022, the Fund redeemed and retired all Series J Preferred at the redemption price of $25.132465 per Series J Preferred, which was equal to the liquidation preference of $25.00 per share plus $0.132465 per share representing accumulated and unpaid dividends to the Redemption Date.

On December 28, 2023, February 29, 2024, and June 26, 2024, the Fund issued 147,750 shares, 190,500 shares, and 11,750 shares, respectively, of 5.25% Series N Preferred, receiving total net proceeds of $34,900,000 after the deduction of estimated offering expenses of $100,000. The Series N Preferred has a liquidation value of $100 per share, is puttable in the 60-day period ending June 26, 2025, and has a mandatory redemption date of December 26, 2025. On June 26, 2024, December 26, 2024, and June 26, 2025, shareholders put 25,500, 30,000, and 25,000 Series N Preferred shares, respectively, at the liquidation preference of $100 per share.

For Series C and Series E Preferred Stock, the dividend rates, as set by the auction process that was generally held every seven days, were expected to vary with short term interest rates. Since February 2008, the number of shares of Series C and Series E Preferred Stock subject to bid orders by potential holders had been less than the number of shares of Series C and Series E Preferred Stock subject to sell orders. Holders that submitted sell orders had not been able to sell any or all of the Series C and Series E Preferred Stock for which they submitted sell orders. Therefore, the weekly auctions failed, and the dividend rate had been the maximum rate. For Series C and Series E Preferred Stock, the maximum auction rate is 175% of the “AA” Financial Composite Commercial Paper Rate. On January 5, 2024, the Fund concluded a tender offer for the Series C and Series E Preferred Stock. Shareholders tendered 2,435 shares of Series C Preferred and 894 shares of Series E Preferred, at the Purchase Prices of $22,500 per share plus accrued and unpaid dividends. On June 26, 2024, and June 28, 2024, the Fund redeemed all Series C Preferred Stock and Series E Preferred Stock, respectively, at the redemption prices of $25,000 per share.

The Fund may redeem at any time, in whole or in part, the Series G, Series H and Series K Preferred Stock and may redeem the Series M Preferred at any time after March 26, 2027, at its liquidation price plus any accrued and unpaid dividends. In addition, the Board has authorized the repurchase of the Series G, Series H, and Series K Preferred Stock in the open market at a price less than the $25 liquidation value per share. During the six months ended June 30, 2025 and the year ended December 31, 2024, the Fund repurchased 36,183 and 90,808 Series G Preferred, 61,881 and 241,182 Series H Preferred, and 85,409 and 93,251 Series K Preferred,

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

at discounts of 16.9% and 13.3%, 16.8% and 7.9%, and 16.0% and 11.6%, respectively, from their liquidation preferences of $25 per share.

The following table summarizes Cumulative Preferred Stock information:

Series	Issue Date	Authorized		Number of Shares Outstanding at 6/30/2025		Net Proceeds		2025 Dividend Rate Range	Dividend Rate at 6/30/2025	Accrued Dividends at 6/30/2025
G 5.000%	August 1, 2012		12,000,000		2,392,242	$	69,407,417	Fixed Rate	5.000%	$	44,204
H 5.000%	September 28, 2012		8,000,000		3,781,297		100,865,695	Fixed Rate	5.000%		77,420
K 5.000%	December 16, 2019		4,000,000		3,631,435		96,525,000	Fixed Rate	5.000%		117,295
M 4.250%	Various		—		685,500		67,745,574	Fixed Rate	4.250%		32,371
N 5.250%	Various		—		319,500		34,900,000	Fixed Rate	5.250%		18,638

The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares 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 shares, 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 shares 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.

8. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

9. Segment Reporting. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

10. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

Certifications

The Fund’s Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of May 19, 2025, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which contains certifications by the Fund’s principal executive officer and principal financial officer that relate to the Fund’s disclosure in such reports and that are required by Rule 30a-2(a) under the 1940 Act.

Shareholder Meeting – May 12, 2025 – Final Results

The Fund’s Annual Meeting of Stockholders was held on May 12, 2025. At that meeting, common and preferred stockholders, voting together as a single class, re-elected Mario J. Gabelli, Leslie F. Foley, and William F. Heitmann as Directors of the Fund, with 215,858,217 votes, 215,522,350 votes, and 215,766,744 votes cast in favor of these Directors, and 5,787,207 votes, 6,123,074 votes, and 5,878,680 votes withheld for these Directors, respectively, and elected Eileen Cheigh Nakamura as a Director of the Fund, with 215,925,419 votes cast for this Director and 5,720,005 votes withheld for this Director.

Elizabeth C. Bogan, James P. Conn, Frank J. Fahrenkopf, Jr., Michael Ferrantino, Laura Linehan, Agnes Mullady, and Salvatore J. Zizza continue to serve in their capacities as Directors of the Fund.

We thank you for your participation and appreciate your continued support.

THE GABELLI EQUITY TRUST INC.

AND YOUR PERSONAL PRIVACY

Who are we?

The Gabelli Equity Trust Inc. is a closed-end management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company that has subsidiaries that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

When you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer agent in order, for example, to participate in our dividend reinvestment plan.

●

Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

●

Information about your transactions with us. This would include information about the shares that you buy or sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

This page was intentionally left blank.

THE GABELLI EQUITY TRUST INC.

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

		Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

		Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School.

		Kevin V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the consumer sector. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School.

		Howard F. Ward, CFA, joined Gabelli Funds in 1995 and currently serves as GAMCO’s Chief Investment Officer of Growth Equities as well as a Gabelli Funds, LLC portfolio manager for several funds within the Fund Complex. Prior to joining Gabelli, Mr. Ward served as Managing Director and Lead Portfolio Manager for several Scudder mutual funds. He also was an Investment Officer in the Institutional Investment Department with Brown Brothers, Harriman & Co. Mr. Ward received his BA in Economics from Northwestern University.

		Robert D. Leininger, CFA, joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently, he was a partner and portfolio manager at Rorer Asset Management before rejoining GAMCO in 2010 where he currently serves as a portfolio manager of Gabelli Funds, LLC. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA degree from the Wharton School at the University of Pennsylvania.

		Daniel M. Miller currently serves as a portfolio manager of Gabelli Funds, LLC and is also a Managing Director of GAMCO Investors, Inc. Mr. Miller joined the Firm in 2002 and graduated magna cum laude with a degree in Finance from the University of Miami in Coral Gables, Florida.

		Ian Lapey joined Gabelli in October 2018 as a portfolio manager. Prior to joining Gabelli, Mr. Lapey was a research analyst and partner at Moerus Capital Management LLC. Prior to joining Moerus, he was a partner, research analyst, and a portfolio manager at Third Avenue Management. Mr. Lapey holds an MBA degree in Finance and Statistics from the Stern School of Business at New York University. He also holds a Master’s degree in Accounting from Northeastern University and a BA in Economics from Williams College.

		Ashish Sinha joined GAMCO UK in 2012 as a research analyst. Prior to joining the Firm, Mr. Sinha was a research analyst at Morgan Stanley in London for seven years and has covered European Technology, Mid-Caps, and Business Services. He also worked in planning and strategy at Birla Sun Life Insurance in India. Currently Mr. Sinha is a portfolio manager of Gabelli Funds, LLC and an Assistant Vice President of GAMCO Asset Management UK. Mr. Sinha has a BSBA degree from the Institute of Management Studies and an MB from IIFT.

		Gustavo Pifano joined the Firm in 2008 and is based in London. He serves as an assistant vice president of research and covers the industrial and consumer sectors with a focus on small-cap stocks. Gustavo is a member of the risk management group and responsible for the Firm’s UK compliance oversight and AML reporting functions. Gustavo holds a BBA in Finance from University of Miami and an MBA degree from University of Oxford Said Business School.

		Hendi Susanto joined Gabelli in 2007 as the lead technology research analyst. He spent his early career in supply chain management consulting and operations in the technology industry. He currently is a portfolio manager of Gabelli Funds, LLC and a Vice President of Associated Capital Group, Inc. Mr. Susanto received a BS degree summa cum laude from the University of Minnesota, an MS from Massachusetts Institute of Technology, and an MBA degree from the Wharton School of Business.

		Joseph Gabelli rejoined GAMCO Investors, Inc. in 2018 after serving as a data strategy consultant for Alt/S, an early stage Boston based healthcare, media, and marketing analytics firm, beginning in July 2017. From 2008 until June 2017, he served as an equity research analyst covering the global food and beverage industry for GAMCO Investors, Inc. and its affiliate, Associated Capital Group. He began his investment career at Integrity Capital Management, a Boston based equity hedge fund, where he focused on researching small and micro-cap companies in the technology, healthcare, and consumer discretionary sectors. Mr. Gabelli holds a BA from Boston College and an MBA degree from Columbia Business School, where he graduated with Dean’s Honors and Distinction.

		Macrae (Mac) Sykes joined the Firm in 2008 as an analyst focused on financial services. He was ranked #1 investment services analyst by the Wall Street Journal in 2010, was a runner-up in the annual StarMine analyst awards for stock picking in 2014 and 2018, and received several honorable mentions for coverage of brokers and asset managers from Institutional Investor. In 2018, Mac was a contributing author to The Warren Buffet Shareholder: Stories from inside the Berkshire Hathaway Annual Meeting edited by Lawrence Cunningham and Stephen Cuba. Mac holds a BA in Economics from Hamilton College and an MBA degree in Finance from Columbia Business School.

		Daniel Barasa, joined Gabelli Funds in 2022 as an analyst covering the pharmaceuticals, insurance, value-based care and life sciences (CROs) industries. Previously, he worked as an actuary at Cigna and New York Life. Mr. Barasa graduated summa cum laude from Berea College with a BA in Economics and Mathematics and holds an MBA from Harvard Business School. He is also a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.

		Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR, joined the Firm in 2009 as an associate in the alternative investments division and is currently an analyst covering the aerospace and defense and environmental services sectors, with a focus on suppliers to the commercial, military, and regional jet aircraft industry and waste services. He previously served in the United States Marine Corps as an F/A-18 Hornet fighter pilot. Tony graduated with distinction from the United States Naval Academy with a BS in systems engineering and holds an MBA in finance and economics from Columbia Business School.

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “General Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “General Equity Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

The NASDAQ symbol for the Net Asset Value is “XGABX.”

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may, from time to time, purchase its common shares in the open market when the Fund’s shares are trading at a discount of 10% or more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

(b)

Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 (a) of this form.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

Not applicable.

(b)

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

At its meeting on February 13, 2025, the Board of Directors (Board) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not interested persons of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services.

The Independent Board Members considered information regarding the portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio managers, the nature, quality and extent of administrative and shareholder services supervised or provided by the Adviser, including portfolio management, supervision of Fund operations and compliance and regulatory filings and disclosures to shareholders, general oversight of other service providers, review of Fund legal issues, assisting the Independent Board Members in their capacity as directors, and other services, and the absence of significant service problems reported to the Board. The Independent Board Members concluded that the services are extensive in nature and that the Adviser consistently delivered a high level of service.

Investment Performance of the Fund and Adviser.

The Independent Board Members considered the short- and long-term investment performance for the Fund over various periods of time as compared with relevant equity indices and the performance of other closed-end funds included in the Lipper peer category. The Board noted that the Fund’s total return performance was below the average of a select group of peers for the one, three-, five-, and ten-year periods ended December 31, 2024. The Independent Board Members concluded that the Adviser was delivering satisfactory performance results consistent with the investment strategies being pursued by the Fund and disclosed to investors.

Costs of Services and Profits Realized by the Adviser.

(a) Costs of Services to Fund: Fees and Expenses. The Independent Board Members considered the Fund’s advisory fee rate and expense ratio relative to industry averages for the Fund’s peer group category and the advisory fees charged by the Adviser and its affiliates to other fund and non-fund clients. The Independent Board Members considered the Adviser’s fee structure as compared to that of the Adviser’s affiliate, GAMCO, for services provided to institutional and high net worth accounts and in connection with sub-advisory arrangements, noting that the service level for GAMCO accounts and sub-advisory relationships is materially different than the services provided by the Adviser to its registered funds and investors in such funds, which is reflected in the difference in fee structure. The Independent Board Members noted that the mix of services under the Advisory Agreement is more extensive than those under the advisory agreements for non-fund clients. The Independent Board Members noted that the other non-advisory expenses paid by the Fund are above the average and median for the Fund’s peer group category and above the average and the median for a select group of peers, and that management fee, gross advisory fee and total expenses were above the average and median of the peer group range and a select group of peers. They took note of the fact that the use of leverage impacts comparative expenses to peer funds, not all of which utilize leverage. The Independent Board Members concluded that the advisory fee is not excessive based upon the qualifications, experience, reputation, and performance of the Adviser and the other factors considered.

(b) Profitability and Costs of Services to Adviser. The Independent Board Members considered the Adviser’s overall profitability and costs. The Independent Board Members referred to the Board Materials for the pro forma income statements for the Adviser and the Fund for the period ended December 31, 2024. They noted the pro forma estimates of the Adviser’s profitability and costs attributable to the Fund. The Independent Board Members also considered whether the amount of profit is a fair entrepreneurial profit for the management of the Fund and noted that the Adviser has continued to increase its resources devoted to Fund matters, including portfolio management resources, in response to regulatory requirements and new or enhanced Fund policies and procedures. The Independent Board Members concluded that the profitability to the Adviser of managing the Fund was not excessive.

Extent of Economies of Scale as Fund Grows.

The Independent Board Members considered whether there have been economies of scale with respect to the management of the Fund and whether the Fund has appropriately benefited from any economies of scale. The Independent Board Members noted that, although the ability of the Fund to realize economies of scale through growth is more limited than for an open-end fund, economies of scale may develop for certain funds as their assets increase and their fund-level expenses decline as a percentage of assets, but that fund-level economies of scale may not necessarily result in Adviser-level economies of scale. The Independent Board Members were aware that economies can be shared through an adviser’s investment in its fund advisory business and noted the Adviser’s increase in personnel and resources devoted to the Fund Complex in recent years, which could benefit the Fund.

Whether Fee Levels Reflect Economies of Scale.

The Independent Board Members also considered whether the advisory fee rate is reasonable in relation to the asset size of the Fund and any economies of scale that may exist, and concluded that the Fund’s current fee schedule (without breakpoints) was considered reasonable, particularly in light of the Fund’s performance over time.

Other Relevant Considerations.

(a) Adviser Personnel and Methods. The Independent Board Members considered the size, education, and experience of the Adviser’s staff, the Adviser’s fundamental research capabilities, and the Adviser’s approach to recruiting, training, and retaining portfolio managers and other research and management personnel, and concluded that, in each of these areas, the Adviser was structured in such a way to support the high level of services being provided to the Fund.

(b) Other Benefits to the Adviser. The Independent Board Members also considered the character and amount of other incidental benefits received by the Adviser and its affiliates from their association with the Fund. The Independent Board Members considered the brokerage commissions paid to an affiliate of the Adviser. The Independent Board Members concluded that potential “fall-out” benefits that the Adviser and its affiliates may receive, such as brokerage commissions paid to an affiliated broker, greater name recognition, or increased ability to obtain research services, appear to be reasonable and may in some cases benefit the Fund.

Conclusions

In considering the Advisory Agreement, the Independent Board Members did not identify any factor as all-important or all-controlling, and instead considered these factors collectively in light of the Fund’s surrounding circumstances. Based on this review, it was the judgment of the Independent Board Members that shareholders had received satisfactory absolute and relative performance over time consistent with the investment strategies being pursued by the Fund at reasonable fees and, therefore, continuation of the Advisory Agreement was in the best interests of the Fund and its shareholders. As a part of its decision making process, the Independent Board Members noted that the Adviser has managed the Fund since its inception, and the Independent Board Members believe that a long term relationship with a capable, conscientious adviser is in the best interests of the Fund. The Independent Board Members considered, generally, that shareholders invested in the Fund knowing that the Adviser managed the Fund and knowing its investment advisory fee. As such, the Independent Board Members considered, in particular, whether the Adviser managed the Fund in accordance with its investment objectives and policies as disclosed to shareholders. The Independent Board Members concluded that the Fund was managed by the Adviser in a manner consistent with its investment objectives and policies. The Independent Board Members also confirmed that they were satisfied with the information provided by the Adviser, that it included all information the Independent Board Members believed was necessary to evaluate the terms of the Advisory Agreement, and that the Independent Board Members were satisfied that any questions they had were appropriately addressed. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the nature and quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a)

Provide the information specified in the table with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Exchange Act (17CFR 240-10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

REGISTRANT PURCHASES OF EQUITY SECURITIES

Period

(a) Total Number
of Shares (or Units)
Purchased

(b) Average
Price Paid per
Share (or Unit)

(d) Maximum Number
(or Approximate Dollar Value)
of Shares (or Units) that May Yet
Be Purchased Under the
Plans or Programs

Month #1

01/01/2025 through 01/31/2025

Common – N/A

Preferred Series K –8,147

Preferred Series G – 3,595

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – $21.39

Preferred Series G – $21.17

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – 8,147

Preferred Series G – 3,595

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series N – N/A

Common – 307,244,668

Preferred Series K – 3,716,570 - 8,147 = 3,708,423

Preferred Series G – 2,428,425 - 3,595 = 2,424,830

Preferred Series H – 3,841,978

Preferred Series M – 685,500

Preferred Series N – 344,500

Month #2

02/01/2025 through 02/28/2025

Common – N/A

Preferred Series K – N/A

Preferred Series G – 2,599

Preferred Series H – 21,759

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – $21.31

Preferred Series G – $21.18

Preferred Series H – $21.87

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – 2,599

Preferred Series H – 21,759

Preferred Series M – N/A

Preferred Series N – N/A

Common – 307,244,668

Preferred Series K – 3,708,423 - 24,760 = 3,683,663

Preferred Series G – 2,424,830 - 2,599 = 2,422,231

Preferred Series H – 3,841,978

Preferred Series M – 685,500

Preferred Series N – 344,500

Month #3

03/01/2025 through 03/31/2025

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – 900

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – $21.86

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – 900

Preferred Series M – N/A

Preferred Series N – N/A

Common – 308,158,264

Preferred Series K – 3,683,663

Preferred Series G – 2,422,231

Preferred Series H – 4,061,401 - 900 = 4,060,501

Preferred Series M – 685,500

Preferred Series N – 344,500

Month #4

04/01/2025 through 04/30/2025

Common – N/A

Preferred Series K –22,661

Preferred Series G – 29,989

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – $20.85

Preferred Series G – $20.72

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K –22,661

Preferred Series G – 29,989

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series N – N/A

Common –308,158,264

Preferred Series K – 3,683,663 - 22,661 = 3,661,002

Preferred Series G – 2,422,231 - 29,989 = 2,392,242

Preferred Series H – 3,841,978

Preferred Series M – 685,500

Preferred Series N – 344,500

Month #5

05/01/2025 through 05/31/2025

Common – N/A

Preferred Series K – 2,400

Preferred Series G – N/A

Preferred Series H – 18,132

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – $20.80

Preferred Series G – N/A

Preferred Series H – $20.96

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – 2,400

Preferred Series G – N/A

Preferred Series H – 18,132

Preferred Series M – N/A

Preferred Series N – N/A

Common – 308,158,264

Preferred Series K – 3,661,002 - 2,400 = 3,658,602

Preferred Series G – 2,392,242

Preferred Series H – 3,841,978 - 18,132 = 3,823,846

Preferred Series M – 685,500

Preferred Series N – 344,500

Month #6

06/01/2025 through 06/30/2025

Common – N/A

Preferred Series K – 27,441

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – $21.72

Preferred Series G – N/A

Preferred Series H – $20.65

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – 27,441

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series N – N/A

Common – 309,217,495

Preferred Series K – 3,658,602 - 27,441 = 3,631,161

Preferred Series G – 2,392,242

Preferred Series H – 3,823,846 - 43,749 = 3,780,097

Preferred Series M – 685,500

Preferred Series N – 319,500

Total

Common – N/A

Preferred Series K – 85,409

Preferred Series G – 36,183

Preferred Series H – 61,881

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – $21.09

Preferred Series G – $20.93

Preferred Series H – $20.75

Preferred Series M – N/A

Preferred Series N – N/A

Common – N/A

Preferred Series K – 85,409

Preferred Series G – 36,183

Preferred Series H – 61,881

Preferred Series M – N/A

Preferred Series N – N/A

N/A

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:

a.	The date each plan or program was announced – The notice of the potential repurchase of common and preferred shares occurs semiannually in the Fund’s shareholder reports in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.

b.	The dollar amount (or share or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 10% or more from the net asset value of the shares. Any or all preferred shares outstanding may be repurchased when the Fund’s preferred shares are trading at a discount to their respective liquidation values.

c.	The expiration date (if any) of each plan or program – The Fund’s repurchase plans are ongoing.

d.	Each plan or program that has expired during the period covered by the table – The Fund’s repurchase plans are ongoing.

e.	Each plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans are ongoing.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)

If the registrant is a closed-end management investment company, provide the following dollar amounts of income and fees/compensation related to the securities lending activities of the registrant during its most recent fiscal year:

(1)

Gross income from securities lending activities; $0

(2)

All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (“revenue split”); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees; $0

(3)

The aggregate fees/compensation disclosed pursuant to paragraph (2); $0 and

(4)

Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)). $0

(b)

If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrant’s most recent fiscal year. N/A

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1)		Not applicable.

(a)(2)		Not applicable.

(a)(3)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)		There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5)		There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	The Gabelli Equity Trust Inc.

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer

Date	September 4, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer

Date	September 4, 2025

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

Date	September 4, 2025

Print the name and title of each signing officer under his or her signature.

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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