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, 2026

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)

The Report to Shareholders is attached herewith.

The Gabelli Equity Trust Inc.

Semiannual Report — June 30, 2026

To Our Stockholders,

For the six months ended June 30, 2026, the net asset value (NAV) total return of The Gabelli Equity Trust Inc. (the Fund) was 13.5%, compared with total returns of 10.2% and 9.8% 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 (1.7)%. The Fund’s NAV per share was $5.94, while the price of the publicly traded shares closed at $5.66 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, 2026.

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.

Performance Discussion (Unaudited)

Following a turbulent start to the year, the second quarter marked a return to stability across markets, the economy, and geopolitics. Stock markets staged a notable rebound of their own in 2Q, with the S&P 500 Index posting its best quarterly performance in six years following a negative first quarter return. This rebound was supported by improving economic fundamentals, expanding usage of AI technology, and a de-escalatory path for conflicts in the Middle East. Interestingly, following a particularly strong run for growth stocks over the last three years, value stocks widely outperformed in 2Q for a second consecutive quarter.

During the second quarter, the conflict between Iran and the United States was an on-again, off-again conflict. Ceasefires were declared, only to be broken, while negotiations kept going on. The conflict drove up energy prices as ships could not safely get out of the Persian Gulf. This, in turn, helped to keep the inflation rate above the Federal Reserve’s target rate of 2%. A new Fed Chairman, Kevin Warsh, was sworn in as Chairman during the quarter. Although Chairman Warsh was a proponent of lowering short-term interest rates during the nomination process, the persistent inflation rate of about 3% or more means rates are more likely to rise in the second half of the year, instead of fall. We strive to find stocks for (y)our Fund that trade at a discount to their Private Market Value and will thrive, regardless of the movement in short term interest rates.

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.

Contributors to performance included Texas Instruments Inc. (2.5% of net assets as of June 30, 2026), Corning Inc., (1.5%), and Curtiss-Wright Corp. (3.0%).

Detractors from the portfolio included Rollins Inc., (1.0%), Mastercard Inc. (2.2%), and S&P Global Inc. (0.8%).

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, 2026 (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)		13.49	%		23.65	%		9.82	%		12.28	%		11.36	%		10.07	%		9.79	%		10.29	%		11.01	%
Investment Total Return (c)		(1.70	)		9.55			7.27			12.03			11.01			9.94			8.73			10.11			10.61
S&P 500 Index		10.21			22.32			13.41			15.51			14.36			11.39			9.55			10.36			11.22	(d)
Dow Jones Industrial Average		9.75			20.64			10.77			13.67			12.57			10.61			9.14			10.10			10.45	(d)

	(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 net assets as of June 30, 2026:

The Gabelli Equity Trust Inc.

Financial Services	13.8	%
Equipment and Supplies	10.5	%
Diversified Industrial	7.2	%
Food and Beverage	7.0	%
Entertainment	6.3	%
U.S. Government Obligations	5.8	%
Automotive: Parts and Accessories	5.1	%
Aerospace and Defense	5.0	%
Machinery	4.9	%
Energy and Utilities	4.5	%
Health Care	3.9	%
Electronics	3.6	%
Retail	3.1	%
Business Services	3.1	%
Aviation: Parts and Services	3.0	%
Building and Construction	2.9	%
Consumer Products	2.7	%
Environmental Services	2.6	%
Computer Software and Services	2.4	%
Real Estate	2.0	%
Communications Equipment	2.0	%
Telecommunications	1.8	%
Consumer Services	1.7	%

Broadcasting	1.6	%
Cable and Satellite	1.4	%
Metals and Mining	1.2	%
Transportation	1.1	%
Specialty Chemicals	1.1	%
Automotive	1.0	%
Semiconductors	0.9	%
Wireless Communications	0.7	%
Hotels and Gaming	0.7	%
Closed-End Funds	0.6	%
Investment Companies	0.6	%
Manufactured Housing and Recreational Vehicles	0.5	%
Agriculture	0.4	%
Publishing	0.3	%
Industrials	0.0	%*
Consumer Finance	0.0	%*
Computer Hardware	0.0	%*
Other Assets and Liabilities (Net)	(17.0	)%
	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, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 110.0%
		Financial Services — 13.8%
	49,000	Aegon Ltd.	$	275,133	$	416,434
	250	Affiliated Managers Group Inc.		38,704		84,600
	9,395	Ally Financial Inc.		336,613		431,700
	150,760	American Express Co.		16,632,231		50,994,570
	170	Aon plc, Cl. A		59,775		56,387
	8,500	Apollo Global Management Inc.		271,011		1,005,635
	1,900	Axis Capital Holdings Ltd.		102,328		204,136
	11,000	Banco Bilbao Vizcaya Argentaria SA		127,010		274,875
	75,000	Banco Santander SA, ADR		545,875		1,035,000
	36,000	Bank of America Corp.		1,383,353		2,051,280
	15,000	Barclays plc		85,835		100,797
	82	Berkshire Hathaway Inc., Cl. A†		242,276		61,405,700
	3,650	Berkshire Hathaway Inc., Cl. B†		196,225		1,826,424
	30,000	Blackstone Inc.		3,963,795		3,530,100
	8,500,000	Bolsas y Mercados Argentinos SA		1,814,237		1,775,902
	52,000	Bridgepoint Group plc		200,115		180,991
	14,000	Cannae Holdings Inc.		201,182		201,600
	3,190	Capital One Financial Corp.		588,430		639,978
	200	Chubb Ltd.		61,679		68,148
	8,500	Cipher Digital Inc.†		4,522		208,250
	59,220	Citigroup Inc.		3,930,886		8,288,431
	72,000	Cohen & Steers Inc.		4,637,516		5,482,080
	5,375	Commerzbank AG		171,166		228,647
	23,745	Credit Agricole SA		318,832		477,371
	5,000	Cullen/Frost Bankers Inc.		361,440		772,600
	281,100	Dah Sing Banking Group Ltd.		327,147		414,687
	102,700	Dah Sing Financial Holdings Ltd.		298,986		493,933
	45,200	Daiwa Securities Group Inc.		237,453		443,535
	30,000	Deutsche Bank AG		221,322		1,012,800
	55,000	DigitalBridge Group Inc.		527,486		867,900
	61,200	E-L Financial Corp. Ltd.		481,555		731,423
	3,000	EXOR NV		232,498		229,663
	478	Farmers & Merchants Bank of Long Beach		2,425,850		4,297,215
	8,726	First American Financial Corp.		507,241		598,516
	367	First Citizens BancShares Inc., Cl. A		624,959		763,650
	9,604,917	GAM Holding AG†		1,301,258		796,447
	1,900	Hana Financial Group Inc.		142,505		140,541
	8,000	ING Groep NV		144,791		252,926

Shares			Cost		Market Value
	111,500	Interactive Brokers Group Inc., Cl. A	$	2,059,421	$	9,704,960
	8,500	Intercontinental Exchange Inc.		1,056,399		1,046,435
	20,000	Invesco Ltd.		417,847		527,800
	257,000	Irenic Acquisition Corp.†		2,570,000		2,613,690
	47,500	Janus Henderson Group Ltd.		1,357,478		2,467,625
	12,800	Japan Post Bank Co. Ltd.		102,308		241,129
	79,200	Jefferies Financial Group Inc.		1,212,120		3,958,416
	27,600	JPMorgan Chase & Co.		4,221,612		9,034,308
	6,000	Julius Baer Group Ltd.		287,372		518,317
	27,200	Kinnevik AB, Cl. A†		365,542		172,519
	33,000	Kinnevik AB, Cl. B†		182,018		176,974
	5,490	KKR & Co. Inc.		609,935		503,872
	13,000	Loews Corp.		515,009		1,471,730
	42,700	Marsh & McLennan Companies Inc.		2,024,973		7,116,809
	4,650	Moelis & Co., Cl. A		239,004		304,203
	9,640	Moody’s Corp.		623,724		4,366,149
	15,500	Morgan Stanley		1,385,233		3,240,120
	31,535	NatWest Group plc		156,585		279,003
	4,496	NN Group NV		197,670		393,812
	22,397	OceanFirst Financial Corp.		430,393		437,413
	17,577	Prosus NV		703,828		762,971
	86,910	Rocket Companies Inc., Cl. A†		1,188,922		1,368,833
	39,000	S&P Global Inc.		9,395,769		15,883,140
	3,250	Shinhan Financial Group Co. Ltd., ADR		107,629		205,563
	1,100	Silvercrest Asset Management Group Inc., Cl. A		21,087		11,121
	11,000	SoftBank Group Corp.		318,394		403,413
	12,249	Sony Financial Group Inc., ADR		84,469		53,161
	6,723	Southern First Bancshares Inc.†		250,529		410,775
	1,600	Stack Capital Group Inc.†		19,477		24,188
	9,987	Standard Chartered plc		97,680		270,377
	73,900	State Street Corp.		4,997,937		12,533,440
	58,500	T. Rowe Price Group Inc.		5,644,505		6,650,865
	2,400	Texas Capital Bancshares Inc.		175,178		247,824
	231,940	The Bank of East Asia Ltd.		371,137		370,555
	112,500	The Bank of New York Mellon Corp.		6,458,611		16,268,625
	1,150	The Charles Schwab Corp.		117,174		106,111
	3,000	The Goldman Sachs Group Inc.		1,912,304		3,034,110

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	20,000	The PNC Financial Services Group Inc.	$	3,803,955	$	4,924,400
	15,750	The Westaim Corp.†		263,139		255,420
	217,579	Tiptree Inc.		3,741,158		3,899,016
	60,000	TP ICAP Group plc		216,745		269,322
	16,000	Truist Financial Corp.		263,168		797,120
	15,263	TrustCo Bank Corp. NY		521,559		838,091
	2,700	UniCredit SpA		180,735		241,434
	83,000	VNV Global AB†		153,811		141,239
	37,000	W. R. Berkley Corp.		1,485,735		2,609,610
	9,800	Wealthfront Corp.†		137,200		87,612
	6,550	Webster Financial Corp.		361,243		500,551
	74,500	Wells Fargo & Co.		2,325,267		6,156,680
	23,348	Westwood Holdings Group Inc.		300,878		447,348
	2,000	Wintrust Financial Corp.		289,092		321,440
				109,946,178		281,454,511
		Equipment and Supplies — 10.5%
	3,000	3M Co.		449,165		485,730
	31,000	Albany International Corp., Cl. A		1,666,617		2,309,500
	296,200	AMETEK Inc.		18,615,875		71,662,628
	28,903	Amphenol Corp., Cl. A		138,136		5,096,177
	48,000	Ardagh Metal Packaging SA		197,947		227,520
	267,000	Donaldson Co. Inc.		7,791,311		23,968,590
	19,000	Federal Signal Corp.		1,622,728		2,441,310
	161,800	Flowserve Corp.		7,009,723		11,999,088
	53,000	Franklin Electric Co. Inc.		1,917,216		5,681,070
	3,500	Hubbell Inc.		1,134,147		1,831,200
	95,400	IDEX Corp.		12,150,877		21,651,030
	20,000	Ilika plc†		36,630		7,693
	15,525	Kimball Electronics Inc.†		300,998		397,440
	141,500	Mueller Industries Inc.		1,831,325		17,394,595
	57,000	Mueller Water Products Inc., Cl. A		738,248		1,472,310
	125	Parker-Hannifin Corp.		116,735		122,265
	20,000	Tenaris SA, ADR		781,922		1,109,800
	80,000	The Timken Co.		3,018,718		11,625,600
	11,200	The Toro Co.		796,538		1,091,104
	59,000	The Weir Group plc		248,266		1,881,384
	81,000	Watts Water Technologies Inc., Cl. A		4,896,709		31,707,450
	10,000	Xerox Holdings Corp.		47,221		31,300
				65,507,052		214,194,784
		Diversified Industrial — 7.2%
	500	Agilent Technologies Inc.		57,295		66,415
	415,000	Ampco-Pittsburgh Corp.†		980,792		3,589,750
	40,000	AZZ Inc.		1,431,575		6,202,000
	10,000	CAE Inc.†		332,558		250,600

Shares			Cost		Market Value
	150,100	Crane Co.	$	5,993,168	$	33,482,807
	710	Eaton Corp. plc		156,050		302,545
	4,000	Esab Corp.		145,452		394,520
	1,000	Fluor Corp.†		39,354		52,390
	27,525	General Electric Co.		4,217,386		10,286,918
	120,700	Greif Inc., Cl. A		2,633,247		8,990,943
	12,000	Greif Inc., Cl. B		731,088		1,122,480
	17,000	Griffon Corp.		332,933		1,658,010
	7,500	GXO Logistics Inc.†		278,248		380,250
	800	Hertz Global Holdings Inc.†		5,108		1,812
	58,550	Honeywell International Inc.		10,067,070		13,109,345
	7,000	ICF International Inc.		604,729		510,020
	28,000	Ingersoll Rand Inc.		221,802		2,295,720
	123,000	ITT Inc.		8,913,279		24,324,480
	24,500	Kennametal Inc.		620,589		858,725
	7,000	Mercury Systems Inc.†		605,159		856,310
	50,000	Myers Industries Inc.		818,952		1,765,500
	70,000	NIQ Global Intelligence plc†		1,000,320		654,500
	3,500	Nitto Boseki Co. Ltd.		115,651		92,884
	17,500	nVent Electric plc		187,046		2,968,175
	101,000	Park-Ohio Holdings Corp.		1,399,300		3,883,450
	25,000	Parsons Corp.†		1,619,431		1,309,750
	9,454	Proto Labs Inc.†		403,600		770,596
	20,000	PureCycle Technologies Inc.†		184,200		162,200
	250	Rheinmetall AG		52,523		282,936
	4,000	Rigaku Holdings Corp.		63,727		61,502
	500	Roper Technologies Inc.		137,938		169,195
	900	Siemens AG		176,879		289,118
	9,000	Smiths Group plc		228,406		305,614
	3,000	Societe Generale SA		133,539		265,209
	15,307	Stratasys Ltd.†		155,239		131,028
	10,500	Sulzer AG		544,524		1,743,936
	4,900	Sunbelt Rentals Holdings Inc.		309,413		366,569
	2,000	Symrise AG		184,291		200,686
	73,000	Textron Inc.		4,251,699		6,696,290
	4,000	The Eastern Co.		87,239		111,400
	300	The Sherwin-Williams Co.		108,142		103,296
	100,000	Toray Industries Inc.		771,663		693,441
	18,960	Trane Technologies plc		482,945		9,312,394
	102,000	Tredegar Corp.†		784,048		811,920
	82,000	Trinity Industries Inc.		1,326,272		2,835,560
	3,800	Valmont Industries Inc.		872,357		2,194,880
				54,766,226		146,918,069
		Food and Beverage — 7.0%
	6,000	Ajinomoto Co. Inc.		52,866		216,722
	2,100	Anheuser-Busch InBev SA/NV		148,084		174,345
	238,000	BellRing Brands Inc.†		5,983,979		3,079,720
	92,800	Brown-Forman Corp., Cl. A		1,312,886		2,539,008

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	18,200	Constellation Brands Inc., Cl. A	$	228,268	$	2,531,438
	25,000	Crimson Wine Group Ltd.†		128,738		110,400
	165,000	Danone SA		7,889,960		13,525,070
	6,000	Darling Ingredients Inc.†		202,113		327,720
	830,000	Davide Campari-Milano NV		3,180,407		5,166,654
	4,250	Diageo plc		191,898		85,830
	148,000	Diageo plc, ADR		20,845,088		11,896,240
	90,000	Flowers Foods Inc.		490,089		711,000
	78,500	Fomento Economico Mexicano SAB de CV, ADR		4,175,373		10,040,150
	1,670,000	Grupo Bimbo SAB de CV, Cl. A		2,454,436		5,452,866
	3,500	Heineken Holding NV		276,410		266,940
	42,550	Heineken NV		2,112,473		3,578,258
	3,200	Ingredion Inc.		49,280		303,072
	97,200	ITO EN Ltd.		2,235,020		1,758,441
	54,700	Kerry Group plc, Cl. A		629,607		5,000,017
	2,000	Kerry Group plc, Cl. A		194,664		183,616
	9,300	LVMH Moet Hennessy Louis Vuitton SE		733,361		5,144,134
	35,000	Maple Leaf Foods Inc.		572,915		752,935
	67,000	Molson Coors Beverage Co., Cl. B		3,801,886		2,610,320
	157,000	Mondelēz International Inc., Cl. A		7,266,936		9,080,880
	112,000	Morinaga Milk Industry Co. Ltd.		299,202		873,090
	7,500	National Beverage Corp.†		265,856		234,000
	20,000	Nestlé SA		1,361,295		2,056,436
	151,000	Niagen Bioscience Inc.†		348,421		481,690
	13,000	Nomad Foods Ltd.		173,014		142,350
	87,000	PepsiCo Inc.		9,069,294		11,779,800
	38,000	Pernod Ricard SA		3,097,275		2,772,725
	37,000	Post Holdings Inc.†		2,492,348		3,265,620
	60,000	Premier Foods plc		138,178		162,517
	42,000	Remy Cointreau SA		2,625,243		2,067,375
	16,800	The Boston Beer Co. Inc., Cl. A†		3,748,476		2,974,104
	134,000	The Campbell’s Company		5,684,119		2,984,180
	60,000	The Coca-Cola Co.		2,359,979		4,876,200
	10,000	The Hershey Co.		1,684,385		1,754,500
	27,000	The J.M. Smucker Co.		2,911,025		3,037,500
	132,000	The Kraft Heinz Co.		4,693,368		3,117,840
	856	The Magnum Ice Cream Co. NV†		12,064		14,891
	43,260	Tootsie Roll Industries Inc.		777,114		1,710,933
	40,000	Tyson Foods Inc., Cl. A		709,960		2,290,000

Shares			Cost		Market Value
	646,000	Yakult Honsha Co. Ltd.	$	9,257,758	$	10,910,028
				116,865,111		142,041,555
		Entertainment — 6.3%
	113,000	Atlanta Braves Holdings Inc., Cl. A†		3,304,287		6,363,030
	198,862	Atlanta Braves Holdings Inc., Cl. C†		6,608,911		10,320,938
	121,000	Brightstar Lottery plc		2,132,264		1,297,120
	10,000	Charter Communications Inc., Cl. A†		3,399,560		1,422,100
	3,000	CTS Eventim AG & Co. KGaA		242,722		174,989
	7,000	DeNA Co. Ltd.		115,651		105,498
	90,000	Genting Singapore Ltd.		74,910		42,435
	1,765,000	Grupo Televisa SAB, ADR		6,081,961		4,783,150
	14,573	Liberty Live Holdings Inc., Cl. A†		371,134		1,475,662
	54,927	Liberty Live Holdings Inc., Cl. C†		2,746,305		5,802,488
	20,000	Lionsgate Studios Corp.†		134,824		306,200
	115,974	Madison Square Garden Entertainment Corp.†		2,994,106		9,381,137
	93,167	Madison Square Garden Sports Corp.†		8,678,382		37,438,227
	9,500	Manchester United plc, Cl. A†		174,954		217,835
	61,050	Netflix Inc.†		5,305,877		4,358,970
	1,500	Nintendo Co. Ltd.		67,070		62,871
	7,000	Nintendo Co. Ltd., ADR		118,521		73,360
	359,250	Ollamani SAB†		1,020,830		1,694,818
	136,474	Sphere Entertainment Co.†		3,963,058		23,614,096
	480	Spotify Technology SA†		237,002		220,382
	1,000	Starz Entertainment Corp.†		7,625		28,860
	6,500	Take-Two Interactive Software Inc.†		921,730		1,624,870
	40,000	TBS Holdings Inc.		796,181		1,531,413
	104,200	The Walt Disney Co.		11,671,657		10,029,250
	58,000	Universal Entertainment Corp.†		695,591		224,730
	549,000	Vivendi SE		1,432,422		1,354,941
	190,750	Warner Bros Discovery Inc.†		2,579,822		5,085,395
				65,877,357		129,034,765
		Automotive: Parts and Accessories — 5.1%
	7,500	Aptiv plc†		374,399		460,350
	2,500	Atmus Filtration Technologies Inc.		48,750		127,475
	74,000	BorgWarner Inc.		3,226,299		4,913,600
	190,400	Dana Inc.		1,865,292		5,180,784
	24,909	Dauch Corp.†		194,010		135,007
	10,085	Ducommun Inc.†		622,922		1,867,843

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Automotive: Parts and Accessories (Continued)
	152,000	Garrett Motion Inc.	$	1,217,719	$	5,506,960
	218,500	Genuine Parts Co.		18,607,132		25,778,630
	58,400	Modine Manufacturing Co.†		380,985		15,593,968
	19,300	Monro Inc.		340,246		330,223
	407,750	O’Reilly Automotive Inc.†		19,034,821		37,549,697
	7,200	Phinia Inc.		235,268		593,064
	105,000	Standard Motor Products Inc.		1,181,521		4,091,850
	26,300	Strattec Security Corp.†		942,492		2,142,135
				48,271,856		104,271,586
		Aerospace and Defense — 5.0%
	2,200	Airbus SE		379,508		489,019
	17,500	Avio SpA		341,765		628,858
	20,000	Chemring Group plc		127,692		135,829
	1,000	Embraer SA, ADR		26,040		63,800
	200	Firefly Aerospace Inc.†		9,000		5,880
	1,000	Graham Corp.†		92,116		123,790
	7,000	Hexcel Corp.		439,034		700,420
	58,550	Honeywell Aerospace Inc.†		9,621,749		12,944,234
	1,465	Howmet Aerospace Inc.		100,207		393,880
	10,000	Innovative Solutions and Support Inc.†		100,359		180,000
	200	Karman Holdings Inc.†		4,400		9,984
	12,000	Kratos Defense & Security Solutions Inc.†		222,321		598,320
	29,150	L3Harris Technologies Inc.		7,797,974		8,470,699
	2,000	Lockheed Martin Corp.		928,098		1,018,920
	17,300	Northrop Grumman Corp.		2,190,825		8,811,063
	2,845,000	Rolls-Royce Holdings plc		5,566,238		54,515,596
	1,000	RTX Corp.		80,483		189,730
	53,000	StandardAero Inc.†		1,592,497		1,585,230
	1,500	Thales SA		251,449		385,285
	51,084	The Boeing Co.†		8,284,652		11,058,153
	7,500	York Space Systems Inc.†		162,038		184,650
				38,318,445		102,493,340
		Machinery — 4.9%
	24,200	Astec Industries Inc.		826,374		1,480,798
	14,290	Caterpillar Inc.		1,280,566		15,217,421
	529,000	CNH Industrial NV		5,982,627		5,940,670
	97,200	Deere & Co.		5,797,928		61,656,876
	6,688	Regal Rexnord Corp.		315,782		1,593,015
	6,500	RENK Group AG		393,364		313,229
	119,500	Xylem Inc.		9,067,800		14,126,095
				23,664,441		100,328,104
		Energy and Utilities — 4.5%
	30,000	Amentum Holdings Inc.†		881,139		620,100
	2,000	American Water Works Co. Inc.		270,691		263,160

Shares			Cost		Market Value
	48,500	APA Corp.	$	1,497,626	$	1,579,645
	4,700	Avista Corp.		192,747		192,277
	38,000	Baker Hughes Co.		1,065,794		2,109,000
	21,000	BP plc, ADR		836,584		775,950
	3,000	Chevron Corp.		471,931		497,280
	16,000	CMS Energy Corp.		51,030		1,224,000
	151,500	ConocoPhillips		7,609,088		15,749,940
	3,000	Diamondback Energy Inc.		423,686		527,340
	98,400	Enbridge Inc.		2,488,608		5,334,264
	76,000	Energy Transfer LP		652,505		1,453,120
	1,000	Entegris Inc.		87,137		179,860
	55,000	Enterprise Products Partners LP		486,810		2,021,800
	7,000	EQT Corp.		390,056		372,190
	46,000	Essential Utilities Inc.		1,727,569		1,762,260
	31,500	Evergy Inc.		1,817,591		2,722,545
	19,200	Eversource Energy		1,599,119		1,387,584
	38,400	ExxonMobil Holdings Corp.		1,603,835		5,250,048
	305	GE Vernova Inc.		11,579		358,332
	202,500	Halliburton Co.		5,690,067		6,874,875
	9,000	IDACORP Inc.		1,206,000		1,361,700
	32,500	Kimbell Royalty Partners LP		377,429		472,225
	10,000	Kinder Morgan Inc.		94,134		319,700
	15,000	Landis+Gyr Group AG		1,007,845		803,837
	7,200	Marathon Petroleum Corp.		362,369		1,840,824
	3,500	MGE Energy Inc.		262,702		285,390
	125,700	National Fuel Gas Co.		6,678,930		9,705,297
	60,750	NextEra Energy Inc.		4,458,286		5,332,027
	4,000	Niko Resources Ltd.†		55,327		0
	35,000	Oceaneering International Inc.†		442,873		1,418,200
	9,000	Phillips 66		661,909		1,521,450
	35,000	Portland General Electric Co.		1,634,177		1,814,050
	45,000	RPC Inc.		156,349		262,350
	2,500	Sempra		177,944		231,775
	2,450	Severn Trent plc		78,246		96,064
	109,000	SLB Ltd.		5,120,901		5,067,410
	17,000	Southwest Gas Holdings Inc.		598,635		1,507,560
	85,000	The AES Corp.		1,098,126		1,246,100
	5,000	The York Water Co.		146,441		153,250
	7,500	TXNM Energy Inc.		271,572		425,850
	61,000	UGI Corp.		1,863,554		2,106,940
	70,000	Ur-Energy Inc.†		110,594		95,200
	122,000	Venture Global Inc., Cl. A		2,237,592		1,357,860
	72,300	Vitesse Energy Inc.		1,200,822		1,140,171
	130,000	XPLR Infrastructure LP†		1,510,641		1,535,300
				61,668,590		91,356,100
		Health Care — 3.9%
	150	AbbVie Inc.		20,113		37,746

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	1,500	Abivax SA, ADR†	$	153,843	$	199,890
	14,000	Alcon AG		511,183		939,400
	24,200	Amgen Inc.		2,351,091		8,763,304
	12,000	Bausch + Lomb Corp.†		201,680		198,720
	31,000	Baxter International Inc.		965,414		660,920
	7,000	Biogen Inc.†		1,960,489		1,512,420
	15,000	BioMarin Pharmaceutical Inc.†		856,695		858,300
	59,000	Boston Scientific Corp.†		1,877,013		2,518,120
	750	Bridgebio Pharma Inc.†		29,719		55,860
	82,000	Bristol-Myers Squibb Co.		4,642,045		4,724,840
	500	Celcuity Inc.†		53,385		52,310
	6,200	Cencora Inc.		501,110		1,754,476
	12,000	CVS Group plc		252,909		186,711
	500	Cytokinetics Inc.†		33,656		42,595
	237,500	Demant A/S†		2,166,116		9,737,222
	13,000	Dexcom Inc.†		913,268		875,550
	470	Eli Lilly & Co.		168,038		563,732
	2,000	Enovis Corp.†		86,035		41,400
	2,550	Gilead Sciences Inc.		194,239		322,167
	3,000	Glaukos Corp.†		142,524		419,280
	3,000	Globus Medical Inc., Cl. A†		243,392		237,030
	25,000	Haleon plc		105,477		115,302
	100	HCA Healthcare Inc.		26,201		38,989
	48,000	Henry Schein Inc.†		2,404,801		4,008,960
	5,597	Incyte Corp.†		362,382		634,476
	9,360	Indivior Pharmaceuticals Inc.†		28,408		384,041
	1,050	Insmed Inc.†		117,372		111,951
	420	Intuitive Surgical Inc.†		109,196		167,026
	19,000	Johnson & Johnson		1,954,561		4,825,430
	69,000	Merck & Co. Inc.		5,195,290		8,866,500
	12,000	Moderna Inc.†		596,233		840,360
	65,500	Novartis AG, ADR		3,205,443		10,265,160
	31,000	Option Care Health Inc.†		307,675		650,070
	133,000	Perrigo Co. plc		2,560,984		1,381,870
	21,500	Pfizer Inc.		629,934		517,720
	30,000	QuidelOrtho Corp.†		415,839		525,450
	400	Roche Holding AG		115,039		164,752
	15,500	Sandoz Group AG, ADR		218,317		1,402,595
	2,100	Sanofi SA		205,102		180,151
	9,750	Smith & Nephew plc		135,687		141,033
	690	Stryker Corp.		244,693		217,240
	25,000	Tandem Diabetes Care Inc.†		389,392		377,250
	2,000	The Cigna Group		445,459		551,360
	15,700	Tristel plc		120,482		83,301
	10,000	UnitedHealth Group Inc.		2,488,238		4,156,300
	11,996	Valeritas Holdings Inc.†(a)		56,778		0
	4,000	Waters Corp.†		495,911		1,500,160

Shares			Cost		Market Value
	22,000	Zimmer Biomet Holdings Inc.	$	2,239,590	$	1,893,980
	5,500	Zoetis Inc.		203,297		395,230
	608	Zosano Pharma Corp.†(a)		87,212		0
				43,788,950		79,098,650
		Electronics — 3.6%
	30,000	Arlo Technologies Inc.†		165,385		404,400
	2,800	Bel Fuse Inc., Cl. A		25,396		815,444
	5,000	Flex Ltd.†		66,362		810,350
	40,000	Hitachi Ltd., ADR		287,076		1,106,000
	38,500	Intel Corp.†		915,821		5,375,755
	35,161	Koninklijke Philips NV		177,225		956,027
	1,300	Mettler-Toledo International Inc.†		195,442		1,660,763
	105,000	Mirion Technologies Inc.†		815,138		1,882,650
	145,245	Sony Group Corp., ADR		2,209,266		2,913,615
	27,000	TE Connectivity plc		1,064,435		5,443,470
	168,004	Texas Instruments Inc.		15,378,423		50,076,952
	1,000	Universal Display Corp.		145,615		86,590
	6,300	WESCO International Inc.		1,140,897		2,176,209
				22,586,481		73,708,225
		Business Services — 3.1%
	4,000	A10 Networks Inc.		68,920		149,440
	8,000	Allegion plc		146,679		1,123,920
	460,000	Clear Channel Outdoor Holdings Inc.†		812,295		1,113,200
	135,000	GPGI Inc.		1,786,687		2,139,750
	96,200	Havas NV		1,895,002		1,874,104
	16,000	Jardine Matheson Holdings Ltd.		534,478		984,000
	40,000	Magnite Inc.†		554,668		759,200
	86,000	Mastercard Inc., Cl. A		24,021,935		44,169,600
	10,000	Pitney Bowes Inc.		35,949		175,200
	70,500	Resideo Technologies Inc.†		1,496,187		2,192,550
	13,250	The Brink’s Co.		931,866		1,251,992
	32,000	UL Solutions Inc., Cl. A		1,204,325		3,259,520
	350	United Rentals Inc.		270,908		396,512
	11,100	Visa Inc., Cl. A		122,100		3,808,299
				33,881,999		63,397,287
		Retail — 3.1%
	95,000	Arko Corp.		419,720		762,850
	31,150	AutoNation Inc.†		1,474,465		5,787,359
	60,000	BBB Foods Inc., Cl. A†		1,503,446		2,500,200
	7,649	Casey’s General Stores Inc.		3,207,596		6,079,349
	8,000	Copart Inc.†		220,634		225,520
	26,860	Costco Wholesale Corp.		5,749,986		25,126,724
	10,000	Coupang Inc.†		167,679		173,700
	59,700	CVS Health Corp.		4,369,642		6,175,965
	11,000	Lowe’s Companies Inc.		1,656,983		2,425,390
	95,000	Macy’s Inc.		1,721,950		2,237,250

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Retail (Continued)
	80	MercadoLibre Inc.†	$	127,103	$	135,791
	17,000	Sally Beauty Holdings Inc.†		170,308		240,380
	7,500	Shake Shack Inc., Cl. A†		368,840		420,150
	1,000	The Home Depot Inc.		328,863		352,680
	84,000	The Wendy’s Co.		1,785,006		696,360
	88,500	Walmart Inc.		1,495,150		10,023,510
				24,767,371		63,363,178
		Aviation: Parts and Services — 3.0%
	4,000	AAR Corp.†		231,787		571,720
	9,000	Astronics Corp.†		77,094		731,340
	1,800	Astronics Corp., Cl. B†		17,221		136,800
	79,800	Curtiss-Wright Corp.		6,632,608		60,469,248
				6,958,710		61,909,108
		Building and Construction — 2.9%
	3,500	Amrize Ltd.		187,331		186,550
	4,000	Amrize Ltd., Toronto		193,416		211,980
	26,200	Arcosa Inc.		847,887		3,806,598
	18,000	Assa Abloy AB, Cl. B		310,378		635,621
	93,600	Canfor Corp.†		1,195,334		889,637
	11,500	Carrier Global Corp.		621,787		843,525
	4,200	CRH plc		441,887		449,400
	2,000	D.R. Horton Inc.		296,746		325,760
	56,000	Fortune Brands Innovations Inc.		2,464,257		3,074,400
	35,400	Gencor Industries Inc.†		409,525		528,168
	83,450	Herc Holdings Inc.		6,451,322		11,961,723
	10,000	Holcim AG		607,283		901,980
	35,200	Ibstock plc		100,002		42,886
	151,500	Johnson Controls International plc		7,622,088		22,135,665
	35,500	Knife River Corp.†		1,759,517		2,969,575
	10,000	Lennar Corp., Cl. B		1,204,490		887,100
	50,000	Masterbrand Inc.†		525,080		514,500
	50	NVR Inc.†		379,990		340,670
	12,000	Sika AG		1,556,815		2,476,485
	13,000	Toll Brothers Inc.		1,773,369		2,141,750
	1,000	TopBuild Corp.†		419,966		354,530
	53,000	Trex Co. Inc.†		2,100,983		2,652,120
	3,000	Vulcan Materials Co.		484,932		885,030
				31,954,385		59,215,653
		Consumer Products — 2.7%
	34,180	American Outdoor Brands Inc.†		542,332		401,273
	12,400	Belden Inc.		1,470,965		1,486,884
	31,000	British American Tobacco plc, ADR		1,839,269		1,914,560
	12,500	Christian Dior SE		454,461		6,412,843
	26,000	Church & Dwight Co. Inc.		424,362		2,518,880

Shares			Cost		Market Value
	120,683	Edgewell Personal Care Co.	$	3,486,891	$	3,241,545
	109,000	Energizer Holdings Inc.		3,140,051		2,336,960
	35,500	Essity AB, Cl. B		541,915		1,004,259
	2,000	Givaudan SA		1,469,293		8,465,347
	16,300	Harley-Davidson Inc.		757,239		398,698
	1,170	Hermes International SCA		409,960		2,136,274
	14,000	Kimberly-Clark Corp.		1,398,221		1,536,780
	25,000	Mattel Inc.†		342,596		347,000
	13,000	National Presto Industries Inc.		700,676		1,624,870
	24,000	Oil-Dri Corp. of America		245,928		2,453,040
	45,650	Philip Morris International Inc.		5,033,267		8,258,542
	47,520	Reckitt Benckiser Group plc		1,648,837		3,095,546
	52,500	Spectrum Brands Holdings Inc.		4,183,024		4,501,875
	17,000	Sturm Ruger & Co. Inc.		559,955		643,450
	12,600	Svenska Cellulosa AB SCA, Cl. B		32,203		128,776
	27,500	The Estee Lauder Companies Inc., Cl. A		1,923,551		2,171,125
	3,804	Unilever plc		238,078		228,449
	10,200	Zalando SE†		402,733		295,675
				31,245,807		55,602,651
		Environmental Services — 2.6%
	30,000	Pentair plc		699,890		2,299,800
	154,700	Republic Services Inc.		14,867,958		32,963,476
	15,620	Veolia Environnement SA		434,070		650,360
	67,000	Waste Management Inc.		6,149,597		14,932,960
	28,000	Zurn Elkay Water Solutions Corp.		294,042		1,414,840
				22,445,557		52,261,436
		Computer Software and Services — 2.4%
	20,000	3D Systems Corp.†		175,400		60,400
	1,000	Akamai Technologies Inc.†		78,920		118,210
	2,000	Alphabet Inc., Cl. A		368,575		714,740
	29,880	Alphabet Inc., Cl. C		5,865,213		10,557,500
	1,500	Backblaze Inc., Cl. A†		7,050		23,790
	1,250	Capgemini SE		195,334		125,629
	2,800	Check Point Software Technologies Ltd.†		423,582		368,004
	20,000	CoreWeave Inc., Cl. A†		1,604,807		1,990,800
	270	CrowdStrike Holdings Inc., Cl. A†		40,904		206,048
	62,500	Fiserv Inc.†		6,038,572		3,065,625
	2,000	Fortinet Inc.†		102,749		307,240
	6,500	Gen Digital Inc.		177,671		161,785
	95,000	Hewlett Packard Enterprise Co.		1,570,623		4,285,450
	15,000	I3 Verticals Inc., Cl. A†		292,333		320,400
	11,000	Kyndryl Holdings Inc.†		263,554		124,410

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Computer Software and Services (Continued)
	12,080	Meta Platforms Inc., Cl. A	$	7,796,223	$	6,804,543
	2,205	Micron Technology Inc.		367,827		2,545,209
	9,495	Microsoft Corp.		3,481,815		3,541,825
	6,000	MKS Inc.		459,910		2,668,800
	25,000	Movella Holdings Inc.†		41,375		10
	30,400	N-able Inc.†		415,905		111,568
	12,100	Omnicom Group Inc.		705,042		881,243
	1,790	Oracle Corp.		322,229		262,325
	95,000	PAR Technology Corp.†		2,330,662		1,654,900
	2,790	Rapid7 Inc.†		39,284		22,599
	14,950	Rockwell Automation Inc.		538,652		7,401,446
	550	Salesforce Inc.		140,491		86,163
	250	Synopsys Inc.†		95,183		111,518
	2,600	Temenos AG		254,388		212,698
	2,800	Uber Technologies Inc.†		198,072		202,048
	4,500	Unity Software Inc.†		133,604		128,610
	8,000	Weave Communications Inc.†		60,317		47,920
				34,586,266		49,113,456
		Real Estate — 2.0%
	17,500	American Tower Corp., REIT		3,202,601		2,862,475
	35,000	Blackstone Mortgage Trust Inc., Cl. A, REIT		510,471		593,250
	8,000	Bresler & Reiner Inc.†(a)		162		9
	155,000	Franklin BSP Realty Trust Inc., REIT		1,552,961		1,261,700
	10,000	Gaming and Leisure Properties Inc., REIT		164,224		445,300
	5,000	Howard Hughes Holdings Inc.†		343,169		357,450
	11,000	Lamar Advertising Co., Cl. A, REIT		871,529		1,715,780
	1,500	Millrose Properties Inc., Cl. B		16,590		45,075
	102,500	Millrose Properties Inc., REIT		2,960,975		3,080,125
	18,051	Rayonier Inc., REIT		291,808		384,125
	101,800	Ryman Hospitality Properties Inc., REIT		4,799,477		13,086,390
	95,843	Safehold Inc., REIT		1,553,361		1,504,735
	57,000	Seritage Growth Properties, Cl. A†		616,919		149,910
	750	Simon Property Group Inc., REIT		76,804		167,738
	85,000	Tejon Ranch Co.†		1,446,145		1,589,500
	207,900	The St. Joe Co.		3,609,873		13,020,777
	29,500	VICI Properties Inc., REIT		531,261		783,225

Shares			Cost		Market Value
	9,000	Weyerhaeuser Co., REIT	$	223,925	$	215,460
				22,772,255		41,263,024
		Communications Equipment — 2.0%
	6,440	Apple Inc.		1,193,324		1,863,478
	11,000	Arista Networks Inc.†		1,018,744		1,868,680
	118,400	Corning Inc.		3,339,502		30,242,912
	5,000	Harmonic Inc.†		43,211		81,650
	1,750	Motorola Solutions Inc.		448,910		726,758
	4,500	QUALCOMM Inc.		586,738		831,555
	36,000	Telesat Corp.†		585,398		1,822,320
	23,000	Viasat Inc.†		784,753		2,065,630
				8,000,580		39,502,983
		Telecommunications — 1.8%
	100,000	America Movil SAB de CV, ADR		713,533		2,599,000
	19,200	AT&T Inc.		423,329		397,440
	42,000	ATN International Inc.		681,706		1,112,580
	54,000	BCE Inc.		1,792,222		1,161,540
	750,000	BT Group plc, Cl. A		3,030,351		1,891,186
	7,040,836	Cable & Wireless Jamaica Ltd.†(a)		128,658		0
	6,000	Cisco Systems Inc.		283,739		704,760
	16,000	Deutsche Telekom AG		423,838		436,016
	125,000	Deutsche Telekom AG, ADR		2,029,152		3,410,000
	36,000	Hellenic Telecommunications Organization SA		452,921		799,226
	15,000	Hellenic Telecommunications Organization SA, ADR		91,062		166,710
	264,732	Koninklijke KPN NV		448,166		1,305,516
	130,045	Liberty Global Ltd., Cl. A†		1,268,507		1,478,612
	163,064	Liberty Global Ltd., Cl. C†		2,095,815		1,793,704
	4,000	Shenandoah Telecommunications Co.		57,280		60,320
	52,812	Sunrise Communications AG, Cl. A		2,764,958		2,627,528
	21,000	Telecom Argentina SA, ADR		127,554		273,000
	40,000	Telecom Italia SpA†		117,048		363,712
	70,000	Telefonica Brasil SA, ADR		726,827		921,200
	260,000	Telefonica SA, ADR		3,021,952		1,029,600
	250,400	Telephone and Data Systems Inc.		8,947,832		9,267,304
	50,000	TELUS Corp.		233,734		528,821
	46,075	TIM SA, ADR		352,294		986,927
	3,040	VEON Ltd., ADR†		133,023		158,718
	46,500	Verizon Communications Inc.		2,046,418		1,968,810
	174,000	Vodafone Group plc		300,315		229,879

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Telecommunications (Continued)
	98,000	Vodafone Group plc, ADR	$	1,286,705	$	1,296,050
				33,978,939		36,968,159
		Consumer Services — 1.7%
	21,450	Amazon.com Inc.†		4,848,265		5,112,393
	18,378	Angi Inc.†		311,357		109,349
	75,000	API Group Corp.†		1,879,672		3,176,250
	373,500	Bollore SE		2,169,573		1,730,943
	250	Booking Holdings Inc.		54,768		44,560
	2,000	Deutsche Post AG		101,199		121,344
	64,300	Matthews International Corp., Cl. A		1,753,316		1,730,956
	34,500	People Inc.†		1,440,470		1,592,520
	498,000	Rollins Inc.		6,194,253		20,786,520
	3,200	Travel + Leisure Co.		104,019		244,576
	15,000	Verisure plc†		248,347		167,277
				19,105,239		34,816,688
		Broadcasting — 1.6%
	262,000	Canal+ SA		1,136,251		849,363
	2,000	Cogeco Inc.		39,014		87,375
	20,000	Corus Entertainment Inc., OTC, Cl. B†		34,239		464
	85,000	Fox Corp., Cl. A		3,510,286		4,433,600
	110,500	Fox Corp., Cl. B		4,350,426		5,175,820
	16,000	Gray Media Inc.		14,422		63,520
	16,750	Liberty Broadband Corp., Cl. A†		491,925		557,440
	46,000	Liberty Broadband Corp., Cl. C†		3,094,885		1,529,960
	3,350	Liberty Capital Corp., Cl. A†		101,874		73,365
	11,000	Liberty Capital Corp., Cl. C†		329,211		237,160
	38,750	Liberty Media Corp.-Liberty Formula One, Cl. A†		1,569,139		3,392,175
	30,250	Liberty Media Corp.-Liberty Formula One, Cl. C†		847,232		2,877,985
	25,050	Nexstar Media Group Inc.		2,987,693		4,473,680
	110,000	Sinclair Inc.		2,224,354		1,567,500
	165,974	Sirius XM Holdings Inc.		4,396,357		4,902,872
	60,000	Television Broadcasts Ltd.†		186,904		17,060
	58,819	Versant Media Group Inc.		2,184,827		2,118,072
				27,499,039		32,357,411
		Cable and Satellite — 1.4%
	81,480	Comcast Corp., Cl. A		3,037,205		2,000,334
	99,500	EchoStar Corp., Cl. A†		7,463,967		10,099,250
	155,000	Liberty Latin America Ltd., Cl. A†		1,005,459		1,215,200
	442,000	Rogers Communications Inc., Cl. B		13,097,496		14,365,000
				24,604,127		27,679,784

Shares			Cost		Market Value
		Metals and Mining — 1.2%
	30,000	Agnico Eagle Mines Ltd.	$	1,155,294	$	4,653,900
	200	Alliance Resource Partners LP		0		4,796
	35,000	Barrick Mining Corp.		1,024,800		1,285,550
	28,000	Cleveland-Cliffs Inc.†		282,779		262,920
	83,000	Freeport-McMoRan Inc.		3,201,758		5,219,870
	2,000	Materion Corp.		45,360		594,780
	60,000	Metallus Inc.†		799,507		1,121,400
	50,000	New Hope Corp. Ltd.		67,580		184,857
	114,500	Newmont Corp.		5,014,896		10,694,300
	10,000	Vale SA, ADR		81,899		150,400
				11,673,873		24,172,773
		Transportation — 1.1%
	15,500	Ferrari Group plc		139,079		126,629
	120,200	GATX Corp.		4,593,702		21,298,238
	500	Union Pacific Corp.		116,608		136,000
				4,849,389		21,560,867
		Specialty Chemicals — 1.1%
	8,000	AdvanSix Inc.		96,571		159,040
	3,000	DSM-Firmenich AG		426,963		284,507
	9,667	DuPont de Nemours Inc.		773,180		1,311,187
	27,000	FMC Corp.		558,447		310,500
	15,000	H.B. Fuller Co.		626,362		874,350
	28,000	International Flavors & Fragrances Inc.		2,671,339		2,218,160
	2,800	Johnson Matthey plc		100,870		70,270
	11,100	Rogers Corp.†		802,914		1,817,403
	103,000	Sensient Technologies Corp.		6,020,919		12,698,870
	13,000	SGL Carbon SE†		60,439		66,025
	5,000	Shin-Etsu Chemical Co. Ltd.		214,267		215,505
	16,000	Solstice Advanced Materials Inc.		716,128		1,417,600
	15,000	Treatt plc		61,522		60,586
				13,129,921		21,504,003
		Automotive — 1.0%
	19,600	Daimler Truck Holding AG		651,846		945,067
	7,500	Daimler Truck Holding AG, ADR		140,250		179,925
	3,250	Ferrari NV		1,194,268		1,209,943
	9,000	General Motors Co.		416,442		693,720
	12,250	Mercedes-Benz Group AG		722,340		614,742
	103,000	PACCAR Inc.		1,422,884		12,372,360
	90,000	Piaggio & C SpA		264,129		165,151
	50,000	Stellantis NV†		408,209		287,000
	580	Tesla Inc.†		257,419		243,948
	5,955	Toyota Motor Corp., ADR		1,081,209		1,002,941
	52,000	Traton SE		1,008,706		1,971,396
				7,567,702		19,686,193

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Semiconductors — 0.9%
	8,217	Advanced Micro Devices Inc.†	$	1,110,268	$	4,773,337
	10,600	Ambarella Inc.†		696,474		909,480
	1,000	Applied Materials Inc.		87,496		723,000
	415	ASML Holding NV		259,359		825,618
	5,420	Broadcom Inc.		1,354,852		2,047,405
	161	Cadence Design Systems Inc.†		58,903		60,426
	2,000	GLOBALFOUNDRIES Inc.		76,300		164,820
	400	Hensoldt AG		38,862		30,969
	500	KLA Corp.		97,752		150,855
	2,300	Lam Research Corp.		185,053		996,659
	3,000	nLight Inc.†		34,710		208,860
	11,940	NVIDIA Corp.		1,275,554		2,389,075
	2,700	NXP Semiconductors NV		494,390		758,781
	12,500	Qnity Electronics Inc.		997,135		2,041,375
	130	Samsung Life Insurance Co. Ltd.		36,632		33,647
	40	SK hynix Inc.		67,551		68,418
	130	SK Inc.		60,251		69,980
	50	SK Square Co. Ltd.		61,005		54,767
	3,000	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		593,285		1,432,710
	2,200	Tekscend Photomask Corp.		52,797		58,587
	2,000	Towa Corp.		34,749		41,084
				7,673,378		17,839,853
		Wireless Communications — 0.7%
	18,000	Anterix Inc.†		396,363		1,852,920
	104,700	Array Digital Infrastructure Inc.		4,002,379		3,796,422
	67,000	Millicom International Cellular SA		1,426,875		6,080,920
	105,000	Operadora De Sites Mexicanos SAB de CV		125,620		103,574
	18,500	T-Mobile US Inc.		2,979,182		3,103,005
				8,930,419		14,936,841
		Hotels and Gaming — 0.7%
	14,500	Accor SA		501,021		842,302
	60,500	Caesars Entertainment Inc.†		1,187,929		1,825,890
	6,000	Churchill Downs Inc.		525,707		537,840
	201,500	Entain plc		2,503,699		1,494,093
	5,800	Flutter Entertainment plc†		1,309,551		592,586
	3,000	Flutter Entertainment plc†		457,354		301,794
	56,000	Gambling.com Group Ltd.†		389,410		106,400
	20,000	Genius Sports Ltd.†		80,415		121,200
	200	Hilton Worldwide Holdings Inc.		63,405		66,092
	6,500	Hyatt Hotels Corp., Cl. A		213,897		1,259,960

Shares			Cost		Market Value
	54,000	Inspired Entertainment Inc.†	$	483,065	$	445,500
	1,000	Las Vegas Sands Corp.		43,310		46,190
	3,500	Marriott International Inc., Cl. A		783,043		1,297,065
	70,000	MGM China Holdings Ltd.		137,917		90,503
	66,500	MGM Resorts International†		1,795,019		3,179,365
	17,200	Penn Entertainment Inc.†		269,327		367,392
	20,000	Super Group SGHC Ltd.		64,020		271,000
	200,000	The Hongkong & Shanghai Hotels Ltd.†		155,450		134,135
	4,000	Wyndham Hotels & Resorts Inc.		152,872		336,840
	4,200	Wynn Resorts Ltd.		379,005		407,778
				11,495,416		13,723,925
		Manufactured Housing and Recreational Vehicles — 0.5%
	1,250	Cavco Industries Inc.†		539,087		767,975
	44,200	Champion Homes Inc.†		881,400		3,894,904
	13,544	Legacy Housing Corp.†		230,407		355,801
	5,000	Martin Marietta Materials Inc.		106,125		2,883,500
	54,223	Nobility Homes Inc.		1,021,321		1,609,067
				2,778,340		9,511,247
		Agriculture — 0.4%
	100,000	Archer-Daniels-Midland Co.		5,279,922		7,640,000
	63,000	Limoneira Co.		1,094,916		827,190
	6,500	The Mosaic Co.		341,264		137,735
				6,716,102		8,604,925
		Publishing — 0.3%
	1,400	Graham Holdings Co., Cl. B		698,214		1,597,988
	272,000	Louis Hachette Group		404,256		542,945
	90,000	News Corp., Cl. A		1,397,124		2,234,700
	82,000	News Corp., Cl. B		1,146,792		2,300,920
	50,000	The E.W. Scripps Co., Cl. A†		285,010		138,500
				3,931,396		6,815,053
		Industrials — 0.0%
	4,500	Cie de Saint-Gobain SA		447,977		407,017
	4,500	Clarkson plc		199,403		248,669
				647,380		655,686
		Consumer Finance — 0.0%
	15,600	Old Republic International Corp.		603,721		638,352

		Computer Hardware — 0.0%
	500	Dell Technologies Inc., Cl. C		36,953		215,730
	5,500	HP Inc.		153,885		120,670

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Computer Hardware (Continued)
	3,000	NETGEAR Inc.†	$	59,115	$	70,050
				249,953		406,450
		TOTAL COMMON STOCKS		1,053,307,951		2,242,406,675

		CLOSED-END FUNDS — 0.6%
	245,000	Altaba Inc., Escrow†		0		318,500
	3,885	Royce Global Trust Inc.		33,799		55,283
	35,000	Royce Small-Cap Trust Inc.		441,284		646,450
	596,168	SuRo Capital Corp.		2,844,453		7,475,947
	77,000	The Central Europe, Russia, and Turkey Fund Inc.		1,993,267		1,582,350
	156,000	The New Germany Fund Inc.		2,109,793		1,787,760
				7,422,596		11,866,290
		TOTAL CLOSED-END FUNDS		7,422,596		11,866,290

		PREFERRED STOCKS — 0.0%
		Cable and Satellite — 0.0%
	15,500	Liberty Latin America Ltd., Ser. A, 9.000%		418,372		336,195

		Semiconductors — 0.0%
	640	Samsung Electronics Co. Ltd.		84,659		87,575

		Retail — 0.0%
	2,857	QVC Group Inc., 8.000%, 03/15/31		67,418		14,714

		TOTAL PREFERRED STOCKS		570,449		438,484

		MANDATORY CONVERTIBLE SECURITIES(b) — 0.0%
		Computer Software and Services — 0.0%
	1,500	Hewlett Packard Enterprise Co., 7.625%, 09/01/27		90,285		173,490

		RIGHTS — 0.0%
		Retail — 0.0%
	70,000	Walgreens Boots Alliance Inc., CVR†		0		35,000

		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	2,504	Occidental Petroleum Corp., expire 08/03/27†		12,395		66,681

Shares			Cost		Market Value
		Equipment and Supplies — 0.0%
	5,000	Xerox Holdings Corp., expire 02/14/28†	$	2,741	$	1,377

		TOTAL WARRANTS		15,136		68,058

Principal Amount
		CONVERTIBLE CORPORATE BONDS — 0.0%
		Cable and Satellite — 0.0%
$	200,000	AMC Global Media Inc., 4.250%, 02/15/29		198,432		213,750

		U.S. GOVERNMENT OBLIGATIONS — 5.8%
	119,485,000	U.S. Treasury Bills, 3.599% to 3.916%††, 07/23/26 to 12/24/26		118,719,180		118,713,019

Shares
		INVESTMENT COMPANIES — 0.6%
	264,363	Gabelli Financial Services Opportunities ETF(c)		12,235,445		11,635,779

TOTAL INVESTMENTS — 117.0%			$	1,192,559,474		2,385,550,545

Other Assets and Liabilities (Net) — 0.4%						8,018,809

PREFERRED STOCK — (17.4)% (14,513,481 preferred shares outstanding)						(353,953,195	)

NET ASSETS — COMMON STOCK — 100% (343,379,420 common shares outstanding)					$	2,039,616,159

NET ASSET VALUE PER COMMON SHARE ($2,039,616,159 ÷ 343,379,420 shares outstanding)					$	5.94

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(b)	Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.
(c)	Investment in an affiliated fund that is registered under the Investment Company Act of 1940, as amended, and is advised by Gabelli Funds, LLC.
†	Non-income producing security.
††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt
CVR	Contingent Value Right
REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — June 30, 2026 (Unaudited)

Geographic Diversification	% of Total Investments			Market Value
North America		85.3	%	$	2,036,859,577
Europe		11.5			273,423,365
Latin America		2.0			47,665,874
Japan		1.0			23,082,951
Asia/Pacific		0.2			4,518,778
Total Investments		100.0	%	$	2,385,550,545

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Assets:
Investments, at value (cost $1,180,324,029)	$	2,373,914,766
Investments in affiliates, at value (cost $12,235,445)		11,635,779
Cash		200,265
Foreign currency, at value (cost $8)		8
Receivable for investments sold		6,743,218
Dividends and interest receivable		3,394,598
Deferred offering expense		905,588
Prepaid expenses		18,227
Total Assets		2,396,812,449
Liabilities:
Distributions payable		171,744
Payable for investments purchased		669,437
Payable for investment advisory fees		1,945,096
Payable for payroll expenses		38,637
Payable for accounting fees		3,750
Series M Cumulative Preferred Stock, callable and mandatory redemption 03/26/27 (See Notes 2 and 7)		68,550,000
Series Q Cumulative Preferred Stock, callable and mandatory redemption 12/26/28 (See Notes 2 and 7)		40,539,220
Other accrued expenses		414,431
Total Liabilities		112,332,315
Cumulative Preferred Stock, $0.001 par value:
Series G (5.000%, $25 liquidation value per share, 2,894,317 shares authorized with 2,392,242 shares issued and outstanding)		59,806,050
Series H (5.000%, $25 liquidation value per share, 3,806,104 shares authorized with 3,780,097 shares issued and outstanding)		94,502,425
Series K (5.000%, $25 liquidation value per share, 3,623,320 shares authorized with 3,622,220 shares issued and outstanding)		90,555,500
Total Preferred Stock		244,863,975
Net Assets Attributable to Common Stockholders	$	2,039,616,159

Net Assets Attributable to Common Stockholders Consist of:
Paid-in capital	$	860,928,613
Total distributable earnings		1,178,687,546
Net Assets	$	2,039,616,159

Net Asset Value per Common Share:
($2,039,616,159 ÷ 343,379,420 shares outstanding at $0.001 par value;)	$	5.94

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $697,956)	$	21,078,096
Interest		1,978,465
Total Investment Income		23,056,561
Expenses:
Investment advisory fees		11,125,528
Interest expense on preferred stock		2,413,643
Stockholder communications expenses		244,125
Custodian fees		133,383
Directors’ fees		131,875
Payroll expenses		87,864
Shareholder services fees		73,133
Legal and audit fees		73,108
Accounting fees		22,500
Shelf offering expense		11,615
Interest expense		422
Miscellaneous expenses		544,428
Total Expenses		14,861,624
Less:
Advisory fee reduction on unsupervised assets (See Note 3)		(17,692	)
Custodian fee credits		(6,034	)
Total Reductions and Credits		(23,726	)
Net Expenses		14,837,898
Net Investment Income		8,218,663

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		39,124,665
Net realized loss on foreign currency transactions		(15,039	)
Net realized gain on investments and foreign currency transactions		39,109,626
Net change in unrealized appreciation/(depreciation):
on investments - unaffiliated		196,711,218
on investments - affiliated		(599,666	)
on foreign currency translations		(48,393	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		196,063,159
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		235,172,785
Net Increase in Net Assets Resulting from Operations		243,391,448
Total Distributions to Preferred Stockholders		(6,030,245	)
Net Increase in Net Assets Attributable to Common Stockholders Resulting from Operations	$	237,361,203

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, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	8,218,663		$	8,886,652
Net realized gain on investments and foreign currency transactions		39,109,626			155,513,992
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		196,063,159			138,784,243
Net Increase in Net Assets Resulting from Operations		243,391,448			303,184,887

Distributions to Preferred Stockholders from Accumulated Earnings		(6,030,245	)*		(12,262,219	)

Net Increase in Net Assets Attributable to Common Stockholders Resulting from Operations		237,361,203			290,922,668

Distributions to Common Stockholders:
Accumulated earnings		(32,074,230	)*		(152,345,189	)
Return of capital		(66,112,188	)*		(32,880,129	)
Total Distributions to Common Stockholders		(98,186,418	)		(185,225,318	)

Fund Share Transactions:
Net increase in net assets from common shares issued upon reinvestment of distributions		5,888,532			22,437,587
Net increase in net assets from repurchase of preferred shares		—			794,924
Net increase in net assets from common shares issued in rights offering		155,598,350			—
Net Increase in Net Assets from Fund Share Transactions		161,486,882			23,232,511

Net Increase in Net Assets Attributable to Common Stockholders		300,661,667			128,929,861

Net Assets Attributable to Common Stockholders:
Beginning of year		1,738,954,492			1,610,024,631
End of period	$	2,039,616,159		$	1,738,954,492

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

For the Six Months Ended June 30, 2026 (Unaudited)

Net increase in net assets attributable to common stockholders resulting from operations	$	237,361,203

Adjustments to Reconcile Net Decrease in Net Assets Resulting from Operations to Net Cash from Operating Activities:
Purchase of long term investment securities		(138,997,930	)
Proceeds from sales of long term investment securities		128,355,164
Net purchases of short term investment securities		(53,343,189	)
Net realized gain on investments		(39,124,665	)
Net change in unrealized appreciation on investments		(196,111,552	)
Net accretion of discount		(1,975,584	)
Increase in receivable for investments sold		(6,348,375	)
Decrease in dividends and interest receivable		84,776
Increase in deferred offering expense		(486,301	)
Decrease in prepaid expenses		17,513
Increase in payable for investments purchased		418,455
Increase in payable for investment advisory fees		163,018
Decrease in payable for payroll expenses		(20,897	)
Decrease in other accrued expenses		(66,683	)
Net cash used in operating activities		(70,075,047	)

Net increase in net assets resulting from financing activities:
Issuance of Series Q 5.200% Cumulative Preferred Stock		6,499,220
Distributions to common stockholders		(98,264,209	)
Net increase in net assets from common shares issued upon reinvestment of distributions		5,888,532
Net increase in net assets from common shares issued in rights offering		155,598,350
Net cash provided by financing activities		69,721,893
Net decrease in cash		(353,154	)
Cash (including foreign currency):
Beginning of year		553,427
End of period	$	200,273

Supplemental disclosure of cash flow information:
Interest paid on preferred stock	$	2,413,643
Interest paid on bank overdrafts		422
Increase in net assets from common shares issued upon reinvestment of distributions		5,888,532

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, 2026:

Cash	$	200,265
Foreign currency, at value		8
	$	200,273

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, 2026			Year Ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
Operating Performance:
Net asset value, beginning of year	$	5.59		$	5.24		$	5.19		$	5.08		$	6.41		$	5.86
Net investment income		0.03			0.03			0.02			0.04			0.03			0.04
Net realized and unrealized gain/(loss) on investments in securities, futures contracts, and foreign currency transactions		0.71			0.96			0.64			0.74			(0.71	)		1.31
Total from investment operations		0.74			0.99			0.66			0.78			(0.68	)		1.35

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

Net Increase/(Decrease) in Net Assets Attributable to Common Stockholders Resulting from Operations		0.72			0.95			0.62			0.71			(0.74	)		1.28

Distributions to Common Stockholders:
Net investment income		(0.03	)*		(0.05	)		(0.05	)		(0.03	)		(0.02	)		(0.03	)
Net realized gain		(0.07	)*		(0.44	)		(0.33	)		(0.29	)		(0.27	)		(0.42	)
Return of capital		(0.20	)*		(0.11	)		(0.22	)		(0.28	)		(0.31	)		(0.18	)
Total distributions to common stockholders		(0.30	)		(0.60	)		(0.60	)		(0.60	)		(0.60	)		(0.63	)

Fund Share Transactions:
Decrease in net asset value from common shares issued in rights offering		(0.07	)		—			—			—			—			(0.10	)
Increase/decrease in net asset value from common shares issued upon reinvestment of distributions		(0.00	)(b)		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)		—
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		(0.07	)		0.00	(b)		0.03			0.00	(b)		0.01			(0.10	)

Net Asset Value Attributable to Common Stockholders, End of Period	$	5.94		$	5.59		$	5.24		$	5.19		$	5.08		$	6.41
NAV total return †		13.49	%		19.05	%		12.80	%		14.83	%		(11.17	)%		22.31	%
Market value, end of period	$	5.66		$	6.17		$	5.38		$	5.08		$	5.48		$	7.19
Investment total return ††		(1.70	)%		27.32	%		18.32	%		3.78	%		(15.60	)%		28.83	%

Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of period (in 000’s)	$	2,393,569		$	2,086,408		$	1,957,761		$	2,001,400		$	1,931,241		$	2,382,135
Net assets attributable to common shares, end of period (in 000’s)	$	2,039,616		$	1,738,954		$	1,610,025		$	1,567,707		$	1,506,193		$	1,870,648

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, 2026			Year Ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
Ratio of net investment income to average net assets attributable to common shares before preferred distributions		0.88	%(c)		0.53	%		0.40	%		0.61	%		0.46	%		0.57	%
Ratio of operating expenses to average net assets attributable to common shares: before fee reductions (d)(e)		1.58	%(c)(f)		1.61	%(f)		1.59	%		1.62	%		1.58	%		1.37	%
Ratio of operating expenses to average net assets attributable to common shares: net of fee reductions, if any (e)(g)		1.58	%(c)(f)		1.61	%(f)		1.59	%		1.62	%		1.52	%		1.37	%
Portfolio turnover rate		5	%		11	%		8	%		9	%		9	%		12	%

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

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

5.000% Series G Preferred
Liquidation value, end of period (in 000’s)	$	59,806		$	59,806		$	60,745		$	63,016		$	65,060		$	69,491
Total shares outstanding (in 000’s)		2,392			2,392			2,430			2,521			2,602			2,780
Liquidation preference per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Average market value (l)	$	20.50		$	21.06		$	22.07		$	22.11		$	23.59		$	25.66
Asset coverage per share (j)	$	169.06		$	150.12		$	140.75		$	115.37		$	113.59		$	116.43

5.000% Series H Preferred
Liquidation value, end of period (in 000’s)	$	94,502		$	94,502		$	96,049		$	102,079		$	103,195		$	104,322
Total shares outstanding (in 000’s)		3,780			3,780			3,842			4,083			4,128			4,173
Liquidation preference per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Average market value (l)	$	20.55		$	21.09		$	22.10		$	22.15		$	23.58		$	25.55
Asset coverage per share (j)	$	169.06		$	150.12		$	140.75		$	115.37		$	113.59		$	116.43

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, 2026			Year Ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
5.450% Series J Preferred(m)
Liquidation value, end of period (in 000’s)		—			—			—			—			—		$	80,000
Total shares outstanding (in 000’s)		—			—			—			—			—			3,200
Liquidation preference per share		—			—			—			—			—		$	25.00
Average market value (l)		—			—			—			—			—		$	26.03
Asset coverage per share (j)		—			—			—			—			—		$	116.43

5.000% Series K Preferred
Liquidation value, end of period (in 000’s)	$	90,556		$	90,556		$	92,942		$	95,273		$	98,243		$	99,825
Total shares outstanding (in 000’s)		3,622			3,622			3,718			3,811			3,930			3,993
Liquidation preference per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Average market value (l)	$	20.68		$	21.12		$	22.10		$	22.24		$	23.70		$	26.40
Asset coverage per share (j)	$	169.06		$	150.12		$	140.75		$	115.37		$	113.59		$	116.43

4.250% Series M Cumulative Preferred Shares
Liquidation value, end of period (in 000’s)	$	68,550		$	68,550		$	68,550		$	68,550		$	68,550		$	67,850
Total shares outstanding (in 000’s)		686			686			686			686			686			679
Liquidation preference per share	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00		$	100.00
Average market value (l)	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00		$	100.00
Asset coverage per share (j)	$	676.24		$	600.48		$	563.00		$	461.48		$	454.36		$	465.72

5.250% Series N Cumulative Preferred Shares(n)
Liquidation value, end of period (in 000’s)		—			—		$	29,450		$	14,775			—			—
Total shares outstanding (in 000’s)		—			—			295			148			—			—
Liquidation preference per share		—			—		$	100.00		$	100.00			—			—
Average market value (l)		—			—		$	100.00		$	100.00			—			—
Asset coverage per share (j)		—			—		$	563.00		$	461.48			—			—

5.200% Series Q Cumulative Preferred Shares
Liquidation value, end of period (in 000’s)	$	40,539		$	34,040			—			—			—			—
Total shares outstanding (in 000’s)		4,033			3,404			—			—			—			—
Liquidation preference per share	$	10.00		$	10.00			—			—			—			—
Average market value (l)	$	10.00		$	10.00			—			—			—			—
Asset coverage per share (j)	$	67.62		$	60.05			—			—			—			—
Asset Coverage (o)		676	%		600	%		563	%		461	%		454	%		466	%

	†	Based on net asset value per share, adjusted for rights offering and 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 rights offering and 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)	Ratio of operating expenses to average net assets including liquidation value of preferred shares before fee reductions for the six months ended June 30, 2026 and the years ended December 31, 2025, 2024, 2023, 2022, and 2021 would have been 1.33%, 1.33%, 1.32%, 1.27%, 1.24%, and 1.10%, respectively.
	(e)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended December 31, 2025, 2024, 2023, 2022, and 2021, there was minimal impact on the expense ratios. For the six months ended June 30, 2026, the Fund did not have such credits.

See accompanying notes to financial statements.

The Gabelli Equity Trust Inc.

Financial Highlights (Continued)

	(f)	The Fund had advisory fee reduction on unsupervised assets. For the six months ended June 30, 2026 and the fiscal year ended December 31, 2025 there was minimal impact on the expense ratios.
	(g)	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, 2026 and the years ended December 31, 2025, 2024, 2023, 2022, and 2021 would have been 1.33%, 1.33%, 1.31%, 1.27%, 1.20%, and 1.10%, respectively.
	(h)	The Fund redeemed and retired all of the 2,492 shares of Series C Preferred Stock on June 26, 2024.
	(i)	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.
	(j)	Asset coverage per share is calculated by combining all series of preferred stock.
	(k)	The Fund redeemed and retired all of the 1,108 shares of Series E Preferred Stock on June 28, 2024.
	(l)	Based on weekly prices.
	(m)	The Fund redeemed and retired all of the 3,200,000 shares of Series J Preferred Stock on January 31, 2022.
	(n)	The Fund redeemed and retired all of the 319,500 shares of Series N Preferred Stock on December 26, 2025.
	(o)	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. 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. The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee 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 Valuation Designee determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Valuation Designee. 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.

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

Securities and assets for which market quotations are not readily available are fair valued as determined by the Valuation Designee. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review 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, 2026 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 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Computer Software and Services	$	49,113,446	$	10		—	$	49,113,456
Energy and Utilities		91,356,100		0		—		91,356,100
Health Care		79,098,650		—	$	0		79,098,650
Real Estate		41,217,940		45,075		9		41,263,024
Telecommunications		36,968,159		—		0		36,968,159
Other Industries (b)		1,944,607,286		—		—		1,944,607,286
Total Common Stocks		2,242,361,581		45,085		9		2,242,406,675
Closed-End Funds		11,547,790		318,500		—		11,866,290
Preferred Stocks (b)		438,484		—		—		438,484
Mandatory Convertible Securities (b)		173,490		—		—		173,490
Rights (b)		—		35,000		—		35,000
Warrants (b)		68,058		—		—		68,058
Convertible Corporate Bonds (b)		—		213,750		—		213,750
U.S. Government Obligations		—		118,713,019		—		118,713,019
Investment Companies		11,635,779		—		—		11,635,779
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	2,266,225,182	$	119,325,354	$	9	$	2,385,550,545

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

(a)	The inputs for these securities are not readily available and are derived based on the judgment of the Advisers 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, 2026, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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

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Notes to Financial Statements (Unaudited) (Continued)

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 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, 2026, 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, 2026, 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

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Notes to Financial Statements (Unaudited) (Continued)

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.

Series M and Series Q Cumulative Preferred Stock. For financial reporting purposes only, the liquidation value of preferred stock that has a mandatory redemption 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, 2026, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than 4 basis points.

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

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Notes to Financial Statements (Unaudited) (Continued)

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, 2026, the Fund held no restricted securities.

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. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

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 5.200% Series Q Cumulative Preferred Stock (Preferred Stock) are recorded on a daily basis and are determined as described in Note 7.

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Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid during the year ended December 31, 2025 was as follows:

	Common		Preferred
Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	15,194,323	$	1,222,987
Net long term capital gains		137,150,866		11,039,232
Return of capital		32,880,129		–
Total distributions paid	$	185,225,318	$	12,262,219

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, 2026:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	1,209,314,819			$	1,252,944,355			$	(76,708,629	)		$	1,176,235,726

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, 2026, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2026, 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.

Recent Accounting Pronouncement. During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

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, 2026, the Fund’s Proxy Voting

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Notes to Financial Statements (Unaudited) (Continued)

Committee exercised control and discretion over all rights to vote or consent, and exercised dispositive control, with respect to Bel Fuse Inc. and the Adviser reduced its fee with respect to such security by $17,692.

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2026, other than short term securities, aggregated $127,384,467 and $115,775,274, respectively.

5. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2026, the Fund paid $5,118 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

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 the 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, 2026, 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, 2026, the Fund accrued $87,864 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 April 9, 2027 and may be renewed annually, of up to $200,000,000 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, 2026, there were no borrowings under the line of credit.

7. Capital. The Fund’s Articles of Incorporation, as amended, permit the Fund to issue 437,024,900 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, 2026 and the years ended December 31, 2025, the Fund did not repurchase any shares of its common stock in the open market.

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Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of common stock were as follows:

	Six Months Ended June 30, 2026 (Unaudited)				Year Ended December 31, 2025
	Shares		Amount		Shares		Amount
Increase in net assets from common shares issued in rights offering		31,119,670	$	155,598,350		—		—
Net increase in net assets from common shares issued upon reinvestment of distributions		1,063,048		5,888,532		3,952,034	$	22,437,587
Net increase		32,182,718	$	161,486,882		3,952,034	$	22,437,587

As of December 31, 2025, the Fund had an effective shelf registration statement authorizing the issuance of additional common or preferred stock. The Fund’s Articles of Incorporation, as amended, authorize the issuance of up to 32,966,659 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 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 Q Preferred Stock at redemption prices of $25, $25, $25, $100, and $10 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 March 2, 2026, the Fund distributed one transferable right for each of the 311,196,702 common shares outstanding held on that date. Ten rights were required to purchase one additional common share at the subscription price of $5.50 per share. On April 1, 2026, the Board announced an updated subscription price of $5.00 per share and an extended expiration date of April 21, 2026. On April 28, 2026, the Fund issued 31,119,670 common shares receiving net proceeds of $154,998,350, after the deduction of estimated offering expenses of $600,000. The NAV of the Fund decreased by $0.08 per share on the day the additional shares were issued due to the additional shares being issued below NAV.

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.

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

On December 28, 2023, February 29, 2024, June 26, 2024, and March 4, 2025, the Fund issued 147,750 shares, 190,500 shares, 11,750 shares, and 50,000 shares, respectively, of 5.25% Series N Preferred, receiving total net proceeds of $39,900,000 after the deduction of estimated offering expenses of $100,000. The Series N Preferred had a liquidation value of $100 per share, was puttable in the 60-day period ending June 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. On December 26, 2025, the Fund redeemed all outstanding Series N Preferred at the liquidation preference of $100 per share.

On December 26, 2025, January 7, 2026, January 23, 2026, April 20, 2026, April 28, 2026, May 18, 2026, and June 26, 2026, the Fund issued 3,404,000 shares, 230,000 shares, 19,922 shares, 240,000 shares, 20,000 shares, 200,000 shares, and 370,000 shares, respectively, of 5.20% Series Q Preferred at a liquidation preference of $10 per share. On June 26, 2026, 430,000 shares of Series Q Preferred were put back to the Fund at the liquidation preference of $10 per share. The Series Q Preferred are puttable in each 60-day period ending December 26, 2026, June 26, 2027, December 26, 2027, and June 26, 2028, and are subject to mandatory redemption on December 26, 2028.

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, and may redeem the Series Q Preferred at any time after December 26, 2026, at their liquidation prices 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 year ended December 31, 2025, the Fund repurchased 37,577 Series G Preferred, 61,881 Series H Preferred, and 95,450 Series K Preferred, at discounts of 16.9%, 16.8%, and 16.0%, respectively, from their liquidation preferences of $25 per share.

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

The following table summarizes Cumulative Preferred Stock information:

Series	Issue Date	Authorized		Number of Shares Outstanding at 6/30/2026		Net Proceeds		2026 Dividend Rate Range	Dividend Rate at 6/30/2026	Accrued Dividends at 6/30/2026
G 5.000%	August 1, 2012		2,894,317		2,392,242	$	69,407,417	Fixed Rate	5.000%	$	33,226
H 5.000%	September 28, 2012		3,806,104		3,780,097		100,865,695	Fixed Rate	5.000%		52,502
K 5.000%	December 16, 2019		3,623,320		3,622,220		96,525,000	Fixed Rate	5.000%		50,307
M 4.250%	Various		1,000,000		685,500		67,745,574	Fixed Rate	4.250%		32,370
Q 5.200%	December 26, 2025		8,000,000		4,033,422		34,040,000	Fixed Rate	5.200%		3,339

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. Transactions in Securities of Affiliated Issuers. The Fund may invest in affiliated investment companies, including affiliated money market funds, affiliate mutual funds, and affiliated exchange-traded funds. A summary of the Fund’s transactions in the securities of these issuers during the six months ended June 30, 2026 is set forth below:

		Market Value at December 31, 2025				Purchases				Sales Proceeds				Realized Loss				Change In Unrealized Depreciation				Market Value at June 30, 2026				Shares at June 30, 2026				Dividend Income				Percent Owned of Shares
Gabelli Financial Services Opportunities ETF*		$	—			$	12,235,445			$	—			$	—			$	(599,666	)		$	11,635,779				264,363			$	—				—

*	Security was not held at December 31, 2025.

9. 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.

10. 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 ASC 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

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Notes to Financial Statements (Unaudited) (Continued)

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.

11. 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.

Certifications

The Fund’s Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of May 19, 2026, 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 11, 2026 – Final Results

The Fund’s Annual Meeting of Stockholders was held on May 11, 2026. At that meeting, common and preferred stockholders, voting together as a single class, re-elected Laura Linehan and Salvatore J. Zizza as Directors of the Fund, with 222,489,719 votes and 218,018,976 votes cast in favor of these Directors, and 7,177,910 votes and 11,648,653 votes withheld for these Directors, respectively, and elected Anthonie C. van Ekris as a Director of the Fund, with 221,994,206 votes cast for this Director and 7,673,423 votes withheld for this Director.

In addition, preferred stockholders, voting as a separate class, re-elected Frank J. Fahrenkopf, Jr. as a Director of the Fund, with 8,739,971 votes cast in favor of this Director and 778,956 votes withheld for this Director.

Mario J. Gabelli, Elizabeth C. Bogan, James P. Conn, Michael Ferrantino, Leslie F. Foley, William F. Heitmann, Agnes Mullady, and Eileen Cheigh Nakamura 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.

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 Tony Bancroft, United States Marine Corps Reserve, 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.

Sergey Dluzhevskiy, CFA, CPA, joined G.research, LLC in 2005 as a research analyst covering the North American telecommunications industry. Currently, he continues to specialize in the industry and also serves as a portfolio manager of Gabelli Funds, LLC and the Fund. Prior to joining Gabelli, Mr. Dluzhevskiy was a senior accountant at Deloitte. He received his undergraduate degree from Case Western Reserve University and an MBA at the Wharton School of the University of Pennsylvania.

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 11, 2026, 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 directors 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.

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 above the average of a select group of peers for the one- and ten-year periods, at the median for the five-year period and below the average for the three year period ended December 31, 2025. 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 below 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, 2025. 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 stockholders 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 stockholders. 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 stockholders 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 stockholders. 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.

Effective April 1, 2026, Sergey Dluzhevskiy, CFA, became a portfolio manager of the Fund. He joined Gabelli Funds in 2005 after receiving an M.B.A. at the Wharton School of the University of Pennsylvania. Previously, he was a senior accountant at Deloitte. Mr. Dluzhevskiy received his undergraduate degree from Case Western Reserve University.

MANAGEMENT OF OTHER ACCOUNTS

The table below shows the number of other accounts managed by Mr. Dluzhevskiy and the total assets in each of the following categories: registered investment companies, other paid investment vehicles and other accounts as of December 31, 2025. For each category, the table also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.

Name of Portfolio Manager	Type of accounts	Total # managed	Total assets	No. of Accounts where Advisory Fee is Based on Performance	Total Assets with Advisory Fee Based on Performance
Sergey Dluzhevskiy, CFA	Registered Investment Companies	3	$1.8 billion	0	$0
	Other Pooled Investment Vehicles	0	$0	0	$0
	Other accounts	9	$2.1 million	0	$0

POTENTIAL CONFLICTS OF INTEREST

As reflected above, the Portfolio Managers manage accounts in addition to the Trust. Actual or apparent conflicts of interest may arise when a Portfolio Manager also has day-to-day management responsibilities with respect to one or more other accounts. These potential conflicts include:

ALLOCATION OF LIMITED TIME AND ATTENTION. As indicated above, the Portfolio Managers manage multiple accounts. As a result, they will not be able to devote all of their time to the management of the Trust. The Portfolio Managers, therefore, may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he/she were to devote all of their attention to the management of only the Trust.

ALLOCATION OF LIMITED INVESTMENT OPPORTUNITIES. As indicated above, the Portfolio Managers manage managed accounts with investment strategies and/or policies that are similar to the Fund. In these cases, if the Portfolio Manager identifies an investment opportunity that may be suitable for multiple accounts, a fund may not be able to take full advantage of that opportunity because the opportunity may be allocated among all or many of these accounts or other accounts managed primarily by other Portfolio Managers of the Adviser, and their affiliates. In addition, in the event a Portfolio Manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions.

SELECTION OF BROKER/DEALERS. Because of Mr. Gabelli’s indirect majority ownership interest in G.research, LLC, he may have an incentive to use G.research to execute portfolio transactions for a Fund.

PURSUIT OF DIFFERING STRATEGIES. At times, the Portfolio Managers may determine that an investment opportunity may be appropriate for only some of the accounts for which he/she exercises investment responsibility, or may decide that certain of the funds or accounts should take differing positions with respect to a particular security. In these cases, the Portfolio Manager may execute differing or opposite transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more other accounts.

VARIATION IN COMPENSATION. A conflict of interest may arise where the financial or other benefits available to the Portfolio Manager differs among the accounts that he/she manages. If the structure of the Adviser’s management fee or the Portfolio Manager’s compensation differs among accounts (such as where certain accounts pay higher management fees or performance-based management fees), the Portfolio Manager may be motivated to favor certain accounts over others. The Portfolio Manager also may be motivated to favor accounts in which they have an investment interest, or in which the Adviser, or their affiliates have investment interests. Similarly, the desire to maintain assets under management or to enhance a Portfolio Manager’s performance record or to derive other rewards, financial or otherwise, could influence the Portfolio Manager in affording preferential treatment to those accounts that could most significantly benefit the Portfolio Manager. For example, as reflected above, if the Portfolio Manager manages accounts which have performance fee arrangements, certain portions of their compensation will depend on the achievement of performance milestones on those accounts. The Portfolio Manager could be incented to afford preferential treatment to those accounts and thereby be subject to a potential conflict of interest.

The Adviser, and the Funds have adopted compliance policies and procedures that are designed to address the various conflicts of interest that may arise for the Adviser and their staff members. However, there is no guarantee that such policies and procedures will be able to detect and prevent every situation in which an actual or potential conflict may arise.

COMPENSATION STRUCTURE FOR THE PORTFOLIO MANAGERS OTHER THAN MR. GABELLI

The compensation for the Portfolio Managers other than Mr. Gabelli for the Trust is structured to enable the Adviser to attract and retain highly qualified professionals in a competitive environment. The Portfolio Managers other than Mr. Gabelli receive a compensation package that includes a minimum draw or base salary, equity-based incentive compensation via awards of restricted stock, and incentive based variable compensation based on a percentage of net revenue received by the Adviser for managing the Trust to the extent that the amount exceeds a minimum level of compensation. Net revenues are determined by deducting from gross investment management fees certain of the firm’s expenses (other than the Portfolio Managers’ compensation) allocable to the Trust (the incentive-based variable compensation for managing other accounts is also based on a percentage of net revenues to the investment adviser for managing the account). This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through appreciation and net investment activity. The level of equity-based incentive and incentive-based variable compensation is based on an evaluation by the Adviser’s parent, GAMI, of quantitative and qualitative performance evaluation criteria. This evaluation takes into account, in a broad sense, the performance of the accounts managed by the Portfolio Managers, but the level of compensation is not determined with specific reference to the performance of any account against any specific benchmark. Generally, greater consideration is given to the performance of larger accounts and to longer term performance over smaller accounts and short-term performance.

OWNERSHIP OF SHARES IN THE FUND

Sergey Dluzhevskiy owned $0 of shares of the Fund as of June 30, 2026.

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
01/01/2026 through 01/31/2026

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – 311,196,702

Preferred Series K – 3,622,220

Preferred Series G – 2,392,242

Preferred Series H – 3,780,097

Preferred Series M – 685,500

Preferred Series Q – 4,113,922

Month #2
02/01/2026 through 02/28/2026

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – 311,196,702

Preferred Series K – 3,622,220

Preferred Series G – 2,392,242

Preferred Series H – 3,780,097

Preferred Series M – 685,500

Preferred Series Q – 4,113,922

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 #3
03/01/2026 through 03/31/2026

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – 312,259,750

Preferred Series K – 3,622,220

Preferred Series G – 2,392,242

Preferred Series H – 3,780,097

Preferred Series M – 685,500

Preferred Series Q – 4,113,922

Month #4
04/01/2026 through 04/30/2026

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – 343,379,420

Preferred Series K – 3,622,220

Preferred Series G – 2,392,242

Preferred Series H – 3,780,097

Preferred Series M – 685,500

Preferred Series Q – 4,113,922

Month #5
05/01/2026 through 05/31/2026

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – 343,379,420

Preferred Series K – 3,622,220

Preferred Series G – 2,392,242

Preferred Series H – 3,780,097

Preferred Series M – 685,500

Preferred Series Q – 4,113,922

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 #6
06/01/2026 through 06/30/2026

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – 343,379,420

Preferred Series K – 3,622,220

Preferred Series G – 2,392,242

Preferred Series H – 3,780,097

Preferred Series M – 685,500

Preferred Series Q – 4,113,922

Total

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – N/A

Common – N/A

Preferred Series K – N/A

Preferred Series G – N/A

Preferred Series H – N/A

Preferred Series M – N/A

Preferred Series Q – 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:

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.

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.

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

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

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 8, 2026

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 8, 2026

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

Date	September 8, 2026

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

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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