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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04700

The Gabelli Equity Trust Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

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

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

Item 1. Reports to Stockholders.

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

|  | The Report to Shareholders is attached herewith.

The Gabelli Equity Trust Inc.

Semiannual Report — June 30, 2025

To Our Stockholders,

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

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

Investment Objective and Strategy (Unaudited)

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

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

Performance Discussion (Unaudited)

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

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

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

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

Thank you for your investment in The Gabelli Equity Trust.

We appreciate your confidence and trust.

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

2

Comparative Results

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

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

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

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

3

Summary of Portfolio Holdings (Unaudited)

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

The Gabelli Equity Trust Inc.

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

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

| * | Amount represents less than 0.05%.

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

Proxy Voting

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

4

The Gabelli Equity Trust Inc.

Schedule of Investments — June 30, 2025 (Unaudited)

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

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

See accompanying notes to financial statements.

5

The Gabelli Equity Trust Inc.

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

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

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

See accompanying notes to financial statements.

6

The Gabelli Equity Trust Inc.

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

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

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

See accompanying notes to financial statements.

7

The Gabelli Equity Trust Inc.

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

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

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

See accompanying notes to financial statements.

8

The Gabelli Equity Trust Inc.

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

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

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

See accompanying notes to financial statements.

9

The Gabelli Equity Trust Inc.

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

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

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

See accompanying notes to financial statements.

10

The Gabelli Equity Trust Inc.

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

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

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

See accompanying notes to financial statements.

11

The Gabelli Equity Trust Inc.

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

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

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

See accompanying notes to financial statements.

12

The Gabelli Equity Trust Inc.

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

|  |  |  |  |  |  |  | Market |
Shares |  |  |  |  | Cost |  |  | Value |
|  |  |  | COMMON STOCKS (Continued) |  |  |  |  |  |  |  |
|  |  |  | Publishing — 0.4% |  |  |  |  |  |  |  |
| 1,400 |  |  | Graham Holdings Co., Cl. B |  | $ | 698,214 |  |  | $ | 1,324,638 |
| 324,000 |  |  | Louis Hachette Group |  |  | 481,539 |  |  |  | 663,509 |
| 90,000 |  |  | News Corp., Cl. A |  |  | 1,406,124 |  |  |  | 2,674,800 |
| 82,000 |  |  | News Corp., Cl. B |  |  | 1,154,992 |  |  |  | 2,813,420 |
| 53,000 |  |  | The E.W. Scripps Co., Cl. A† |  |  | 469,542 |  |  |  | 155,820 |
|  |  |  |  |  |  | 4,210,411 |  |  |  | 7,632,187 |
|  |  |  | Manufactured Housing and Recreational Vehicles — 0.3% |  |  |  |  |  |  |  |
| 540 |  |  | Cavco Industries Inc.† |  |  | 100,307 |  |  |  | 234,592 |
| 38,500 |  |  | Champion Homes Inc.† |  |  | 493,634 |  |  |  | 2,410,485 |
| 11,344 |  |  | Legacy Housing Corp.† |  |  | 184,810 |  |  |  | 257,055 |
| 5,000 |  |  | Martin Marietta Materials Inc. |  |  | 106,125 |  |  |  | 2,744,800 |
| 48,123 |  |  | Nobility Homes Inc. |  |  | 853,655 |  |  |  | 1,359,475 |
|  |  |  |  |  |  | 1,738,531 |  |  |  | 7,006,407 |
|  |  |  | Agriculture — 0.3% |  |  |  |  |  |  |  |
| 100,000 |  |  | Archer-Daniels-Midland Co. |  |  | 5,279,922 |  |  |  | 5,278,000 |
| 49,000 |  |  | Limoneira Co. |  |  | 876,988 |  |  |  | 766,850 |
| 6,500 |  |  | The Mosaic Co. |  |  | 341,264 |  |  |  | 237,120 |
|  |  |  |  |  |  | 6,498,174 |  |  |  | 6,281,970 |
|  |  |  | Semiconductors — 0.3% |  |  |  |  |  |  |  |
| 8,000 |  |  | Advanced Micro Devices Inc.† |  |  | 993,274 |  |  |  | 1,135,200 |
| 3,000 |  |  | Applied Materials Inc. |  |  | 412,237 |  |  |  | 549,210 |
| 415 |  |  | ASML Holding NV |  |  | 259,359 |  |  |  | 332,577 |
| 1,200 |  |  | Axcelis Technologies Inc.† |  |  | 75,109 |  |  |  | 83,628 |
| 6,650 |  |  | Broadcom Inc. |  |  | 877,432 |  |  |  | 1,833,073 |
| 2,000 |  |  | GLOBALFOUNDRIES Inc.† |  |  | 76,300 |  |  |  | 76,400 |
| 200 |  |  | Hensoldt AG |  |  | 21,775 |  |  |  | 22,946 |
| 2,000 |  |  | Lam Research Corp. |  |  | 93,001 |  |  |  | 194,680 |
| 3,000 |  |  | nLight Inc.† |  |  | 34,710 |  |  |  | 59,040 |
| 2,700 |  |  | NXP Semiconductors NV |  |  | 494,390 |  |  |  | 589,923 |
| 23,758 |  |  | SkyWater Technology Inc.† |  |  | 176,884 |  |  |  | 233,779 |
| 3,000 |  |  | Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 421,995 |  |  |  | 679,470 |
|  |  |  |  |  |  | 3,936,466 |  |  |  | 5,789,926 |
|  |  |  | Computer Hardware — 0.1% |  |  |  |  |  |  |  |
| 11,000 |  |  | Dell Technologies Inc., Cl. C |  |  | 812,958 |  |  |  | 1,348,600 |
| 5,500 |  |  | HP Inc. |  |  | 153,885 |  |  |  | 134,530 |
| 3,000 |  |  | NETGEAR Inc.† |  |  | 59,115 |  |  |  | 87,210 |
|  |  |  |  |  |  | 1,025,958 |  |  |  | 1,570,340 |
|  |  |  | Industrials — 0.0% |  |  |  |  |  |  |  |
| 4,500 |  |  | Clarkson plc |  |  | 199,403 |  |  |  | 201,677 |
|  |  |  | TOTAL COMMON STOCKS |  |  | 1,021,337,269 |  |  |  | 1,989,866,963 |

|  |  |  |  |  |  |  | Market |
Shares |  |  |  |  | Cost |  |  | Value |
|  |  |  | CLOSED-END FUNDS — 0.5% |  |  |  |  |  |  |  |
| 245,000 |  |  | Altaba Inc., Escrow† |  | $ | 0 |  |  | $ | 330,750 |
| 4,285 |  |  | Royce Global Trust Inc. |  |  | 37,279 |  |  |  | 51,549 |
| 45,900 |  |  | Royce Small-Cap Trust Inc. |  |  | 610,121 |  |  |  | 690,795 |
| 700,000 |  |  | SuRo Capital Corp.† |  |  | 3,152,398 |  |  |  | 5,747,000 |
| 77,500 |  |  | The Central Europe, Russia, and Turkey Fund Inc. |  |  | 2,013,362 |  |  |  | 1,202,800 |
| 156,000 |  |  | The New Germany Fund Inc. |  |  | 2,109,793 |  |  |  | 1,862,640 |
|  |  |  |  |  |  | 7,922,953 |  |  |  | 9,885,534 |
|  |  |  | TOTAL CLOSED-END FUNDS |  |  | 7,922,953 |  |  |  | 9,885,534 |
|  |  |  | PREFERRED STOCKS — 0.0% |  |  |  |  |  |  |  |
|  |  |  | Retail — 0.0% |  |  |  |  |  |  |  |
| 48,000 |  |  | QVC Group Inc., 8.000%, 03/15/31 |  |  | 1,863,280 |  |  |  | 329,760 |
|  |  |  | WARRANTS — 0.0% |  |  |  |  |  |  |  |
|  |  |  | Energy and Utilities — 0.0% |  |  |  |  |  |  |  |
| 2,504 |  |  | Occidental Petroleum Corp., expire 08/03/27† |  |  | 12,395 |  |  |  | 51,858 |
|  |  |  | Diversified Industrial — 0.0% |  |  |  |  |  |  |  |
| 379,000 |  |  | Ampco-Pittsburgh Corp., expire 08/01/25† |  |  | 258,897 |  |  |  | 7,201 |
|  |  |  | TOTAL WARRANTS |  |  | 271,292 |  |  |  | 59,059 |
Principal |  |  |  |  |  |  |  |  |
Amount |  |  |  |  |  |  |  |  |
|  |  |  | CONVERTIBLE CORPORATE BONDS — 0.0% |  |  |  |  |  |  |  |
|  |  |  | Cable and Satellite — 0.0% |  |  |  |  |  |  |  |
$ | 200,000 |  |  | AMC Networks Inc., 4.250%, 02/15/29 |  |  | 197,887 |  |  |  | 169,000 |

See accompanying notes to financial statements.

13

The Gabelli Equity Trust Inc.

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

Principal Amount |  |  |  |  | Cost |  |  | Market Value |
|  |  |  | U.S. GOVERNMENT OBLIGATIONS — 0.8% |  |  |  |  |  |  |  |
$ | 16,140,000 |  |  | U.S. Treasury Bills, 4.211% to 4.330%††, 08/07/25 to 09/25/25 |  | $ | 16,008,193 |  |  | $ | 16,007,613 |
TOTAL INVESTMENTS — 100.0% |  | $ | 1,047,600,874 |  |  |  | 2,016,317,929 |
Other Assets and Liabilities (Net) |  |  |  |  |  |  | 3,172,295 |
PREFERRED STOCK (10,809,974 preferred shares outstanding) |  |  |  |  |  |  | (345,624,350 | )
NET ASSETS — COMMON STOCK (309,217,495 common shares outstanding) |  |  |  |  |  | $ | 1,673,865,874 |
NET ASSET VALUE PER COMMON SHARE ($1,673,865,874 ÷ 309,217,495 shares outstanding) |  |  |  |  |  | $ | 5.41 |

(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
† | Non-income producing security.
†† | Represents annualized yields at dates of purchase.
ADR | American Depositary Receipt
REIT | Real Estate Investment Trust

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

See accompanying notes to financial statements.

14

The Gabelli Equity Trust Inc.

Statement of Assets and Liabilities

June 30, 2025 (Unaudited)

Assets: |  |  |  |
Investments, at value (cost $1,047,600,874) |  | $ | 2,016,317,929 |
Cash |  |  | 32,041 |
Receivable for investments sold |  |  | 1,444,126 |
Dividends and interest receivable |  |  | 3,684,807 |
Deferred offering expense |  |  | 413,473 |
Prepaid expenses |  |  | 8,062 |
Total Assets |  |  | 2,021,900,438 |
Liabilities: |  |  |  |
Foreign currency overdraft, at value (cost $3,751) |  |  | 3,745 |
Distributions payable |  |  | 289,928 |
Payable for investments purchased |  |  | 271,173 |
Payable for investment advisory fees |  |  | 1,644,231 |
Payable for payroll expenses |  |  | 93,341 |
Payable for accounting fees |  |  | 7,500 |
Series M Cumulative Preferred Stock, callable and mandatory redemption 03/26/27 (See Notes 2 and 7) |  |  | 68,550,000 |
Series N Cumulative Preferred Stock, callable and mandatory redemption 12/26/25 (See Notes 2 and 7) |  |  | 31,950,000 |
Other accrued expenses |  |  | 100,296 |
Total Liabilities |  |  | 102,910,214 |
Cumulative Preferred Stock, $0.001 par value: |  |  |  |
Series G (5.000%, $25 liquidation value per share, 12,000,000 shares authorized with 2,392,242 shares issued and outstanding) |  |  | 59,806,050 |
Series H (5.000%, $25 liquidation value per share, 8,000,000 shares authorized with 3,781,297 shares issued and outstanding) |  |  | 94,532,425 |
Series K (5.000%, $25 liquidation value per share, 4,000,000 shares authorized with 3,631,435 shares issued and outstanding) |  |  | 90,785,875 |
Total Preferred Stock |  |  | 245,124,350 |
Net Assets Attributable to Common Stockholders |  | $ | 1,673,865,874 |
Net Assets Attributable to Common Stockholders Consist of: |  |  |  |
Paid-in capital |  | $ | 722,314,031 |
Total distributable earnings |  |  | 951,551,843 |
Net Assets |  | $ | 1,673,865,874 |
Net Asset Value per Common Share: |  |  |  |
($1,673,865,874 ÷ 309,217,495 shares outstanding at $0.001 par value;) |  | $ | 5.41 |

Statement of Operations

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

Investment Income: |  |  |  |
Dividends (net of foreign withholding taxes of $530,668) |  | $ | 16,161,717 |
Interest |  |  | 719,122 |
Total Investment Income |  |  | 16,880,839 |
Expenses: |  |  |  |
Investment advisory fees |  |  | 9,757,620 |
Interest expense on preferred stock |  |  | 2,300,488 |
Stockholder communications expenses |  |  | 255,933 |
Custodian fees |  |  | 119,097 |
Directors’ fees |  |  | 117,167 |
Payroll expenses |  |  | 86,344 |
Legal and audit fees |  |  | 76,714 |
Shareholder services fees |  |  | 62,952 |
Accounting fees |  |  | 22,500 |
Shelf offering expense |  |  | 11,615 |
Interest expense |  |  | 3,781 |
Miscellaneous expenses |  |  | 260,849 |
Total Expenses |  |  | 13,075,060 |
Less: |  |  |  |
Advisory fee reduction on unsupervised assets (See Note 3) |  |  | (1,422 | )
Expenses paid indirectly by broker (See Note 5) |  |  | (11,297 | )
Custodian fee credits |  |  | (2,083 | )
Total Reductions and Credits |  |  | (14,802 | )
Net Expenses |  |  | 13,060,258 |
Net Investment Income |  |  | 3,820,581 |
Net Realized and Unrealized Gain on Investments and Foreign Currency: |  |  |  |
Net realized gain on investments |  |  | 36,336,307 |
Net realized gain on foreign currency transactions |  |  | 22,833 |
Net realized gain on investments and foreign currency transactions |  |  | 36,359,140 |
Net change in unrealized appreciation/depreciation: |  |  |  |
on investments |  |  | 110,494,815 |
on foreign currency translations |  |  | 189,938 |
Net change in unrealized appreciation/depreciation on investments and foreign currency translations |  |  | 110,684,753 |
Net Realized and Unrealized Gain on Investments and Foreign Currency |  |  | 147,043,893 |
Net Increase in Net Assets Resulting from Operations |  |  | 150,864,474 |
Total Distributions to Preferred Stockholders |  |  | (6,187,086 | )
Net Increase in Net Assets Attributable to Common Stockholders Resulting from Operations |  | $ | 144,677,388 |

See accompanying notes to financial statements.

15

The Gabelli Equity Trust Inc.

Statement of Changes in Net Assets Attributable to Common Stockholders

|  | Six Months Ended June 30, 2025 (Unaudited) |  |  | Year Ended December 31, 2024 |
Operations: |  |  |  |  |  |  |  |
Net investment income |  | $ | 3,820,581 |  |  | $ | 6,600,066 |
Net realized gain on investments and foreign currency transactions |  |  | 36,359,140 |  |  |  | 115,385,536 |
Net change in unrealized appreciation/depreciation on investments and foreign currency translations |  |  | 110,684,753 |  |  |  | 79,277,311 |
Net Increase in Net Assets Resulting from Operations |  |  | 150,864,474 |  |  |  | 201,262,913 |
Distributions to Preferred Stockholders from Accumulated Earnings |  |  | (6,187,086 | )* |  |  | (13,375,339 | )
Net Increase in Net Assets Attributable to Common Stockholders Resulting from Operations |  |  | 144,677,388 |  |  |  | 187,887,574 |
Distributions to Common Stockholders: |  |  |  |  |  |  |  |
Accumulated earnings |  |  | (25,846,923 | )* |  |  | (114,913,640 | )
Return of capital |  |  | (66,463,517 | )* |  |  | (67,494,603 | )
Total Distributions to Common Stockholders |  |  | (92,310,440 | ) |  |  | (182,408,243 | )
Fund Share Transactions: |  |  |  |  |  |  |  |
Net increase in net assets from common shares issued upon reinvestment of distributions |  |  | 10,714,215 |  |  |  | 27,706,723 |
Net increase in net assets from repurchase of preferred shares |  |  | 760,080 |  |  |  | 9,362,826 |
Offering costs for preferred shares charged to paid-in capital |  |  | — |  |  |  | (231,735 | )
Net Increase in Net Assets from Fund Share Transactions |  |  | 11,474,295 |  |  |  | 36,837,814 |
Net Increase in Net Assets Attributable to Common Stockholders |  |  | 63,841,243 |  |  |  | 42,317,145 |
Net Assets Attributable to Common Stockholders: |  |  |  |  |  |  |  |
Beginning of year |  |  | 1,610,024,631 |  |  |  | 1,567,707,486 |
End of period |  | $ | 1,673,865,874 |  |  | $ | 1,610,024,631 |

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

See accompanying notes to financial statements.

16

The Gabelli Equity Trust Inc.

Statement of Cash Flows

June 30, 2025

Net increase in net assets attributable to common stockholders resulting from operations |  | $ | 144,677,388 |
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities: |  |  |  |
Purchase of long term investment securities |  |  | (70,759,997 | )
Proceeds from sales of long term investment securities |  |  | 143,044,228 |
Net sales of short term investment securities |  |  | 15,075,810 |
Net realized gain on investments |  |  | (36,336,307 | )
Net change in unrealized appreciation on investments |  |  | (110,494,815 | )
Net amortization of discount |  |  | (714,032 | )
Increase in receivable for investments sold |  |  | (493,863 | )
Decrease in dividends and interest receivable |  |  | 383,297 |
Increase in deferred offering expense |  |  | (6,170 | )
Decrease in prepaid expenses |  |  | 26,747 |
Decrease in payable for investments purchased |  |  | (608,485 | )
Decrease in payable for investment advisory fees |  |  | (80,826 | )
Decrease in payable for payroll expenses |  |  | (11,623 | )
Increase in payable for accounting fees |  |  | 3,750 |
Decrease in other accrued expenses |  |  | (304,192 | )
Net cash provided by operating activities |  |  | 83,400,910 |
Net decrease in net assets resulting from financing activities: |  |  |  |
Redemption of Series G 5.000% Cumulative Preferred Stock |  |  | (939,425 | )
Redemption of Series H 5.000% Cumulative Preferred Stock |  |  | (1,517,025 | )
Redemption of Series K 5.000% Cumulative Preferred Shares |  |  | (2,155,875 | )
Issuance of Series N 5.250% Cumulative Preferred Stock |  |  | 2,500,000 |
Distributions to common stockholders |  |  | (92,310,166 | )
Repurchase of preferred shares |  |  | 760,080 |
Decrease in payable to bank |  |  | (424,351 | )
Net increase in net assets from common shares issued upon reinvestment of distributions |  |  | 10,714,215 |
Net cash used in financing activities |  |  | (83,372,547 | )
Net increase in cash |  |  | 28,363 |
Cash (including foreign currency): |  |  |  |
Beginning of year |  |  | (67 | )
End of period |  | $ | 28,296 |

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

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

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

See accompanying notes to financial statements

17

The Gabelli Equity Trust Inc.

Financial Highlights

Selected data for a common share outstanding throughout each period:

|  | Six Months Ended June 30, 2025 |  |  | Year Ended December 31, |
|  | (Unaudited) |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Operating Performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of year |  | $ | 5.24 |  |  | $ | 5.19 |  |  | $ | 5.08 |  |  | $ | 6.41 |  |  | $ | 5.86 |  |  | $ | 5.88 |
Net investment income |  |  | 0.01 |  |  |  | 0.02 |  |  |  | 0.04 |  |  |  | 0.03 |  |  |  | 0.04 |  |  |  | 0.04 |
Net realized and unrealized gain/(loss) on investments in securities, futures contracts, and foreign currency transactions |  |  | 0.48 |  |  |  | 0.64 |  |  |  | 0.74 |  |  |  | (0.71 | ) |  |  | 1.31 |  |  |  | 0.60 |
Total from investment operations |  |  | 0.49 |  |  |  | 0.66 |  |  |  | 0.78 |  |  |  | (0.68 | ) |  |  | 1.35 |  |  |  | 0.64 |
Distributions to Preferred Stockholders: (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.00 | )*(b) |  |  | (0.01 | ) |  |  | (0.01 | ) |  |  | (0.00 | )(b) |  |  | (0.01 | ) |  |  | (0.01 | )
Net realized gain |  |  | (0.02 | )* |  |  | (0.03 | ) |  |  | (0.06 | ) |  |  | (0.06 | ) |  |  | (0.06 | ) |  |  | (0.06 | )
Total distributions to preferred stockholders |  |  | (0.02 | ) |  |  | (0.04 | ) |  |  | (0.07 | ) |  |  | (0.06 | ) |  |  | (0.07 | ) |  |  | (0.07 | )
Net Increase/(Decrease) in Net Assets Attributable to Common Stockholders Resulting from Operations |  |  | 0.47 |  |  |  | 0.62 |  |  |  | 0.71 |  |  |  | (0.74 | ) |  |  | 1.28 |  |  |  | 0.57 |
Distributions to Common Stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.01 | )* |  |  | (0.05 | ) |  |  | (0.03 | ) |  |  | (0.02 | ) |  |  | (0.03 | ) |  |  | (0.04 | )
Net realized gain |  |  | (0.07 | )* |  |  | (0.33 | ) |  |  | (0.29 | ) |  |  | (0.27 | ) |  |  | (0.42 | ) |  |  | (0.29 | )
Return of capital |  |  | (0.22 | )* |  |  | (0.22 | ) |  |  | (0.28 | ) |  |  | (0.31 | ) |  |  | (0.18 | ) |  |  | (0.27 | )
Total distributions to common stockholders |  |  | (0.30 | ) |  |  | (0.60 | ) |  |  | (0.60 | ) |  |  | (0.60 | ) |  |  | (0.63 | ) |  |  | (0.60 | )
Fund Share Transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase/(decrease) in net asset value from common share transactions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.10 | ) |  |  | 0.00 | (b)
Increase/decrease in net asset value from common shares issued upon reinvestment of distributions |  |  | 0.00 | (b) |  |  | (0.00 | )(b) |  |  | 0.00 | (b) |  |  | 0.01 |  |  |  | 0.00 | (b) |  |  | — |
Increase in net asset value from repurchase of preferred shares |  |  | 0.00 | (b) |  |  | 0.03 |  |  |  | 0.00 | (b) |  |  | 0.00 | (b) |  |  | — |  |  |  | 0.01 |
Offering costs and adjustment to offering costs for preferred shares charged to paid-in capital |  |  | — |  |  |  | (0.00 | )(b) |  |  | — |  |  |  | — |  |  |  | (0.00 | )(b) |  |  | — |
Offering costs and adjustment to offering costs for common shares charged to paid-in capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.00 | )(b) |  |  | — |  |  |  | — |
Total Fund share transactions |  |  | 0.00 | (b) |  |  | 0.03 |  |  |  | 0.00 | (b) |  |  | 0.01 |  |  |  | (0.10 | ) |  |  | 0.01 |
Net Asset Value, End of Period |  | $ | 5.41 |  |  | $ | 5.24 |  |  | $ | 5.19 |  |  | $ | 5.08 |  |  | $ | 6.41 |  |  | $ | 5.86 |
NAV total return † |  |  | 9.27 | % |  |  | 12.80 | % |  |  | 14.83 | % |  |  | (11.17 | )% |  |  | 22.31 | % |  |  | 13.25 | %
Market value, end of period |  | $ | 5.82 |  |  | $ | 5.38 |  |  | $ | 5.08 |  |  | $ | 5.48 |  |  | $ | 7.19 |  |  | $ | 6.27 |
Investment total return †† |  |  | 14.24 | % |  |  | 18.32 | % |  |  | 3.78 | % |  |  | (15.60 | )% |  |  | 28.83 | % |  |  | 16.59 | %
Ratios to Average Net Assets and Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets including liquidation value of preferred shares, end of period (in 000’s) |  | $ | 2,019,490 |  |  | $ | 1,957,761 |  |  | $ | 2,001,400 |  |  | $ | 1,931,241 |  |  | $ | 2,382,135 |  |  | $ | 1,977,843 |
Net assets attributable to common shares, end of period (in 000’s) |  | $ | 1,673,866 |  |  | $ | 1,610,025 |  |  | $ | 1,567,707 |  |  | $ | 1,506,193 |  |  | $ | 1,870,648 |  |  | $ | 1,534,206 |
Ratio of net investment income to average net assets attributable to common shares before preferred distributions |  |  | 0.48 | %(c) |  |  | 0.40 | % |  |  | 0.61 | % |  |  | 0.46 | % |  |  | 0.57 | % |  |  | 0.81 | %

See accompanying notes to financial statements.

18

The Gabelli Equity Trust Inc.

Financial Highlights (Continued)

Selected data for a common share outstanding throughout each period:

|  | Six Months Ended June 30, 2025 |  |  | Year Ended December 31, |
|  | (Unaudited) |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Ratio of operating expenses to average net assets attributable to common shares: before fee reductions (d)(e) |  |  | 1.63 | %(c) |  |  | 1.59 | % |  |  | 1.62 | % |  |  | 1.58 | % |  |  | 1.37 | % |  |  | 1.48 | %
Ratio of operating expenses to average net assets attributable to common shares: net of fee reductions, if any (d)(f) |  |  | 1.62 | %(c) |  |  | 1.59 | % |  |  | 1.62 | % |  |  | 1.52 | % |  |  | 1.37 | % |  |  | 1.48 | %
Portfolio turnover rate |  |  | 4 | % |  |  | 8 | % |  |  | 9 | % |  |  | 9 | % |  |  | 12 | % |  |  | 13 | %
Cumulative Preferred Stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auction Rate Series C Preferred (g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of period (in 000’s) |  |  | — |  |  |  | — |  |  | $ | 62,300 |  |  | $ | 62,300 |  |  | $ | 62,300 |  |  | $ | 62,300 |
Total shares outstanding (in 000’s) |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Liquidation preference per share |  |  | — |  |  |  | — |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |
Liquidation value (h) |  |  | — |  |  |  | — |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |
Asset coverage per share (i) |  |  | — |  |  |  | — |  |  | $ | 115,370 |  |  | $ | 113,590 |  |  | $ | 116,432 |  |  | $ | 111,456 |
Auction Rate Series E Preferred (j) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of period (in 000’s) |  |  | — |  |  |  | — |  |  | $ | 27,700 |  |  | $ | 27,700 |  |  | $ | 27,700 |  |  | $ | 27,700 |
Total shares outstanding (in 000’s) |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Liquidation preference per share |  |  | — |  |  |  | — |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |
Liquidation value (h) |  |  | — |  |  |  | — |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 25,000 |
Asset coverage per share (i) |  |  | — |  |  |  | — |  |  | $ | 115,370 |  |  | $ | 113,590 |  |  | $ | 116,432 |  |  | $ | 111,456 |
5.000% Series G Preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of period (in 000’s) |  | $ | 59,806 |  |  | $ | 60,745 |  |  | $ | 63,016 |  |  | $ | 65,060 |  |  | $ | 69,491 |  |  | $ | 69,491 |
Total shares outstanding (in 000’s) |  |  | 2,392 |  |  |  | 2,430 |  |  |  | 2,521 |  |  |  | 2,602 |  |  |  | 2,780 |  |  |  | 2,780 |
Liquidation preference per share |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |
Average market value (k) |  | $ | 21.13 |  |  | $ | 22.07 |  |  | $ | 22.11 |  |  | $ | 23.59 |  |  | $ | 25.66 |  |  | $ | 25.25 |
Asset coverage per share (i) |  | $ | 146.08 |  |  | $ | 140.75 |  |  | $ | 115.37 |  |  | $ | 113.59 |  |  | $ | 116.43 |  |  | $ | 111.46 |
5.000% Series H Preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of period (in 000’s) |  | $ | 94,532 |  |  | $ | 96,049 |  |  | $ | 102,079 |  |  | $ | 103,195 |  |  | $ | 104,322 |  |  | $ | 104,322 |
Total shares outstanding (in 000’s) |  |  | 3,781 |  |  |  | 3,842 |  |  |  | 4,083 |  |  |  | 4,128 |  |  |  | 4,173 |  |  |  | 4,173 |
Liquidation preference per share |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |
Average market value (k) |  | $ | 21.17 |  |  | $ | 22.10 |  |  | $ | 22.15 |  |  | $ | 23.58 |  |  | $ | 25.55 |  |  | $ | 25.30 |
Asset coverage per share (i) |  | $ | 146.08 |  |  | $ | 140.75 |  |  | $ | 115.37 |  |  | $ | 113.59 |  |  | $ | 116.43 |  |  | $ | 111.46 |

See accompanying notes to financial statements.

19

The Gabelli Equity Trust Inc.

Financial Highlights (Continued)

Selected data for a common share outstanding throughout each period:

|  | Six Months Ended June 30, 2025 |  |  | Year Ended December 31, |
|  | (Unaudited) |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
5.450% Series J Preferred (l) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of period (in 000’s) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 80,000 |  |  | $ | 80,000 |
Total shares outstanding (in 000’s) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,200 |  |  |  | 3,200 |
Liquidation preference per share |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 25.00 |  |  | $ | 25.00 |
Average market value (k) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 26.03 |  |  | $ | 26.00 |
Asset coverage per share (i) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 116.43 |  |  | $ | 111.46 |
5.000% Series K Preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of period (in 000’s) |  | $ | 90,786 |  |  | $ | 92,942 |  |  | $ | 95,273 |  |  | $ | 98,243 |  |  | $ | 99,825 |  |  | $ | 99,825 |
Total shares outstanding (in 000’s) |  |  | 3,631 |  |  |  | 3,718 |  |  |  | 3,811 |  |  |  | 3,930 |  |  |  | 3,993 |  |  |  | 3,993 |
Liquidation preference per share |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |  |  | $ | 25.00 |
Average market value (k) |  | $ | 21.19 |  |  | $ | 22.10 |  |  | $ | 22.24 |  |  | $ | 23.70 |  |  | $ | 26.40 |  |  | $ | 25.86 |
Asset coverage per share (i) |  | $ | 146.08 |  |  | $ | 140.75 |  |  | $ | 115.37 |  |  | $ | 113.59 |  |  | $ | 116.43 |  |  | $ | 111.46 |
4.250% Series M Cumulative Preferred Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of period (in 000’s) |  | $ | 68,550 |  |  | $ | 68,550 |  |  | $ | 68,550 |  |  | $ | 68,550 |  |  | $ | 67,850 |  |  |  | — |
Total shares outstanding (in 000’s) |  |  | 686 |  |  |  | 686 |  |  |  | 686 |  |  |  | 686 |  |  |  | 679 |  |  |  | — |
Liquidation preference per share |  | $ | 100.00 |  |  | $ | 100.00 |  |  | $ | 100.00 |  |  | $ | 100.00 |  |  | $ | 100.00 |  |  |  | — |
Average market value (k) |  | $ | 100.00 |  |  | $ | 100.00 |  |  | $ | 100.00 |  |  | $ | 100.00 |  |  | $ | 100.00 |  |  |  | — |
Asset coverage per share (i) |  | $ | 584.30 |  |  | $ | 563.00 |  |  | $ | 461.48 |  |  | $ | 454.36 |  |  | $ | 465.72 |  |  |  | — |
5.250% Series N Cumulative Preferred Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquidation value, end of period (in 000’s) |  | $ | 31,950 |  |  | $ | 29,450 |  |  | $ | 14,775 |  |  |  | — |  |  |  | — |  |  |  | — |
Total shares outstanding (in 000’s) |  |  | 320 |  |  |  | 295 |  |  |  | 148 |  |  |  | — |  |  |  | — |  |  |  | — |
Liquidation preference per share |  | $ | 100.00 |  |  | $ | 100.00 |  |  | $ | 100.00 |  |  |  | — |  |  |  | — |  |  |  | — |
Average market value (k) |  | $ | 100.00 |  |  | $ | 100.00 |  |  | $ | 100.00 |  |  |  | — |  |  |  | — |  |  |  | — |
Asset coverage per share (i) |  | $ | 584.30 |  |  | $ | 563.00 |  |  | $ | 461.48 |  |  |  | — |  |  |  | — |  |  |  | — |
Asset Coverage (m) |  |  | 584 | % |  |  | 563 | % |  |  | 461 | % |  |  | 454 | % |  |  | 466 | % |  |  | 446 | %

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

See accompanying notes to financial statements.

20

The Gabelli Equity Trust Inc.

Financial Highlights (Continued)

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

See accompanying notes to financial statements.

21

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited)

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

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

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

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

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

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

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

22

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

23

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

24

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

25

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

26

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

27

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

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

|  | Cost |  |  | Gross Unrealized Appreciation |  |  | Gross Unrealized Depreciation |  |  | Net Unrealized Appreciation |
Investments |  | $ | 1,066,630,908 |  |  | $ | 1,027,185,749 |  |  | $ | (77,498,728 | ) |  | $ | 949,687,021 |

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

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

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

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

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

28

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

Transactions in shares of common stock were as follows:

|  | Six Months Ended June 30, 2025 (Unaudited) |  |  | Year Ended December 31, 2024 |
|  | Shares |  |  | Amount |  |  | Shares |  |  | Amount |
Net increase in net assets from common shares issued upon reinvestment of distributions |  |  | 1,972,827 |  |  | $ | 10,714,215 |  |  |  | 5,190,774 |  |  | $ | 27,706,723 |

The Fund’s Articles of Incorporation, as amended, authorize the issuance of up to 18,000,000 shares of $0.001 par value Preferred Stock. The Preferred Stock is senior to the common stock and results in the financial leveraging of the common stock. Such leveraging tends to magnify both the risks and opportunities to common stockholders. Dividends on shares of the Preferred Stock are cumulative. The Fund is required by the 1940 Act

29

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

and by the Fund’s Articles Supplementary to meet certain asset coverage tests with respect to the Preferred Stock. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series G, Series H, Series K, Series M, and Series N Preferred Stock at redemption prices of $25, $25, $25, $100, and $100 respectively, per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common stockholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common stockholders.

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

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

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

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

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

30

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

The following table summarizes Cumulative Preferred Stock information:

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

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

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

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

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

31

The Gabelli Equity Trust Inc.

Notes to Financial Statements (Unaudited) (Continued)

Certifications

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

Shareholder Meeting – May 12, 2025 – Final Results

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

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

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

32

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.

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THE GABELLI EQUITY TRUST INC.

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

|  | Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.
|  | Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School.
|  | Kevin V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the consumer sector. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School.
|  | Howard F. Ward, CFA, joined Gabelli Funds in 1995 and currently serves as GAMCO’s Chief Investment Officer of Growth Equities as well as a Gabelli Funds, LLC portfolio manager for several funds within the Fund Complex. Prior to joining Gabelli, Mr. Ward served as Managing Director and Lead Portfolio Manager for several Scudder mutual funds. He also was an Investment Officer in the Institutional Investment Department with Brown Brothers, Harriman & Co. Mr. Ward received his BA in Economics from Northwestern University.

|  | Robert D. Leininger, CFA, joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently, he was a partner and portfolio manager at Rorer Asset Management before rejoining GAMCO in 2010 where he currently serves as a portfolio manager of Gabelli Funds, LLC. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA degree from the Wharton School at the University of Pennsylvania.
|  | Daniel M. Miller currently serves as a portfolio manager of Gabelli Funds, LLC and is also a Managing Director of GAMCO Investors, Inc. Mr. Miller joined the Firm in 2002 and graduated magna cum laude with a degree in Finance from the University of Miami in Coral Gables, Florida.
|  | Ian Lapey joined Gabelli in October 2018 as a portfolio manager. Prior to joining Gabelli, Mr. Lapey was a research analyst and partner at Moerus Capital Management LLC. Prior to joining Moerus, he was a partner, research analyst, and a portfolio manager at Third Avenue Management. Mr. Lapey holds an MBA degree in Finance and Statistics from the Stern School of Business at New York University. He also holds a Master’s degree in Accounting from Northeastern University and a BA in Economics from Williams College.
|  | Ashish Sinha joined GAMCO UK in 2012 as a research analyst. Prior to joining the Firm, Mr. Sinha was a research analyst at Morgan Stanley in London for seven years and has covered European Technology, Mid-Caps, and Business Services. He also worked in planning and strategy at Birla Sun Life Insurance in India. Currently Mr. Sinha is a portfolio manager of Gabelli Funds, LLC and an Assistant Vice President of GAMCO Asset Management UK. Mr. Sinha has a BSBA degree from the Institute of Management Studies and an MB from IIFT.
|  | Gustavo Pifano joined the Firm in 2008 and is based in London. He serves as an assistant vice president of research and covers the industrial and consumer sectors with a focus on small-cap stocks. Gustavo is a member of the risk management group and responsible for the Firm’s UK compliance oversight and AML reporting functions. Gustavo holds a BBA in Finance from University of Miami and an MBA degree from University of Oxford Said Business School.

|  | Hendi Susanto joined Gabelli in 2007 as the lead technology research analyst. He spent his early career in supply chain management consulting and operations in the technology industry. He currently is a portfolio manager of Gabelli Funds, LLC and a Vice President of Associated Capital Group, Inc. Mr. Susanto received a BS degree summa cum laude from the University of Minnesota, an MS from Massachusetts Institute of Technology, and an MBA degree from the Wharton School of Business.
|  | Joseph Gabelli rejoined GAMCO Investors, Inc. in 2018 after serving as a data strategy consultant for Alt/S, an early stage Boston based healthcare, media, and marketing analytics firm, beginning in July 2017. From 2008 until June 2017, he served as an equity research analyst covering the global food and beverage industry for GAMCO Investors, Inc. and its affiliate, Associated Capital Group. He began his investment career at Integrity Capital Management, a Boston based equity hedge fund, where he focused on researching small and micro-cap companies in the technology, healthcare, and consumer discretionary sectors. Mr. Gabelli holds a BA from Boston College and an MBA degree from Columbia Business School, where he graduated with Dean’s Honors and Distinction.
|  | Macrae (Mac) Sykes joined the Firm in 2008 as an analyst focused on financial services. He was ranked #1 investment services analyst by the Wall Street Journal in 2010, was a runner-up in the annual StarMine analyst awards for stock picking in 2014 and 2018, and received several honorable mentions for coverage of brokers and asset managers from Institutional Investor. In 2018, Mac was a contributing author to The Warren Buffet Shareholder: Stories from inside the Berkshire Hathaway Annual Meeting edited by Lawrence Cunningham and Stephen Cuba. Mac holds a BA in Economics from Hamilton College and an MBA degree in Finance from Columbia Business School.
|  | Daniel Barasa, joined Gabelli Funds in 2022 as an analyst covering the pharmaceuticals, insurance, value-based care and life sciences (CROs) industries. Previously, he worked as an actuary at Cigna and New York Life. Mr. Barasa graduated summa cum laude from Berea College with a BA in Economics and Mathematics and holds an MBA from Harvard Business School. He is also a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.
|  | Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR, joined the Firm in 2009 as an associate in the alternative investments division and is currently an analyst covering the aerospace and defense and environmental services sectors, with a focus on suppliers to the commercial, military, and regional jet aircraft industry and waste services. He previously served in the United States Marine Corps as an F/A-18 Hornet fighter pilot. Tony graduated with distinction from the United States Naval Academy with a BS in systems engineering and holds an MBA in finance and economics from Columbia Business School.

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

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

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

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

| (b) | Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

| (b) | Not applicable.

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

| (a) | Not applicable.

| (b) | Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Nature, Extent, and Quality of Services.

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

Investment Performance of the Fund and Adviser.

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

Costs of Services and Profits Realized by the Adviser.

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

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

Extent of Economies of Scale as Fund Grows.

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

Whether Fee Levels Reflect Economies of Scale.

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

Other Relevant Considerations.

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

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

Conclusions

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

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

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

Not applicable.

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

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

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

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

REGISTRANT PURCHASES OF EQUITY SECURITIES

Period | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Month #1 01/01/2025 through 01/31/2025 | Common – N/A Preferred Series K –8,147 Preferred Series G – 3,595 Preferred Series H – N/A Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – $21.39 Preferred Series G – $21.17 Preferred Series H – N/A Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – 8,147 Preferred Series G – 3,595 Preferred Series H – N/A Preferred Series M – N/A Preferred Series N – N/A | Common – 307,244,668 Preferred Series K – 3,716,570 - 8,147 = 3,708,423 Preferred Series G – 2,428,425 - 3,595 = 2,424,830 Preferred Series H – 3,841,978 Preferred Series M – 685,500 Preferred Series N – 344,500
Month #2 02/01/2025 through 02/28/2025 | Common – N/A Preferred Series K – N/A Preferred Series G – 2,599 Preferred Series H – 21,759 Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – $21.31 Preferred Series G – $21.18 Preferred Series H – $21.87 Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – N/A Preferred Series G – 2,599 Preferred Series H – 21,759 Preferred Series M – N/A Preferred Series N – N/A | Common – 307,244,668 Preferred Series K – 3,708,423 - 24,760 = 3,683,663 Preferred Series G – 2,424,830 - 2,599 = 2,422,231 Preferred Series H – 3,841,978 Preferred Series M – 685,500 Preferred Series N – 344,500

Month #3 03/01/2025 through 03/31/2025 | Common – N/A Preferred Series K – N/A Preferred Series G – N/A Preferred Series H – 900 Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – N/A Preferred Series G – N/A Preferred Series H – $21.86 Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – N/A Preferred Series G – N/A Preferred Series H – 900 Preferred Series M – N/A Preferred Series N – N/A | Common – 308,158,264 Preferred Series K – 3,683,663 Preferred Series G – 2,422,231 Preferred Series H – 4,061,401 - 900 = 4,060,501 Preferred Series M – 685,500 Preferred Series N – 344,500
Month #4 04/01/2025 through 04/30/2025 | Common – N/A Preferred Series K –22,661 Preferred Series G – 29,989 Preferred Series H – N/A Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – $20.85 Preferred Series G – $20.72 Preferred Series H – N/A Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K –22,661 Preferred Series G – 29,989 Preferred Series H – N/A Preferred Series M – N/A Preferred Series N – N/A | Common –308,158,264 Preferred Series K – 3,683,663 - 22,661 = 3,661,002 Preferred Series G – 2,422,231 - 29,989 = 2,392,242 Preferred Series H – 3,841,978 Preferred Series M – 685,500 Preferred Series N – 344,500
Month #5 05/01/2025 through 05/31/2025 | Common – N/A Preferred Series K – 2,400 Preferred Series G – N/A Preferred Series H – 18,132 Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – $20.80 Preferred Series G – N/A Preferred Series H – $20.96 Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – 2,400 Preferred Series G – N/A Preferred Series H – 18,132 Preferred Series M – N/A Preferred Series N – N/A | Common – 308,158,264 Preferred Series K – 3,661,002 - 2,400 = 3,658,602 Preferred Series G – 2,392,242 Preferred Series H – 3,841,978 - 18,132 = 3,823,846 Preferred Series M – 685,500 Preferred Series N – 344,500

Month #6 06/01/2025 through 06/30/2025 | Common – N/A Preferred Series K – 27,441 Preferred Series G – N/A Preferred Series H – N/A Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – $21.72 Preferred Series G – N/A Preferred Series H – $20.65 Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – 27,441 Preferred Series G – N/A Preferred Series H – N/A Preferred Series M – N/A Preferred Series N – N/A | Common – 309,217,495 Preferred Series K – 3,658,602 - 27,441 = 3,631,161 Preferred Series G – 2,392,242 Preferred Series H – 3,823,846 - 43,749 = 3,780,097 Preferred Series M – 685,500 Preferred Series N – 319,500
Total | Common – N/A Preferred Series K – 85,409 Preferred Series G – 36,183 Preferred Series H – 61,881 Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – $21.09 Preferred Series G – $20.93 Preferred Series H – $20.75 Preferred Series M – N/A Preferred Series N – N/A | Common – N/A Preferred Series K – 85,409 Preferred Series G – 36,183 Preferred Series H – 61,881 Preferred Series M – N/A Preferred Series N – N/A | N/A

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

a. | The date each plan or program was announced – The notice of the potential repurchase of common and preferred shares occurs semiannually in the Fund’s shareholder reports in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.
b. | The dollar amount (or share or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 10% or more from the net asset value of the shares. Any or all preferred shares outstanding may be repurchased when the Fund’s preferred shares are trading at a discount to their respective liquidation values.
c. | The expiration date (if any) of each plan or program – The Fund’s repurchase plans are ongoing.
d. | Each plan or program that has expired during the period covered by the table – The Fund’s repurchase plans are ongoing.
e. | Each plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans are ongoing.

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

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

Item 16. Controls and Procedures.

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

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

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

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

| (1) | Gross income from securities lending activities; $0

| (2) | All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (“revenue split”); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees; $0

| (3) | The aggregate fees/compensation disclosed pursuant to paragraph (2); $0 and

| (4) | Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)). $0

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

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1) |  | Not applicable.
(a)(2) |  | Not applicable.
(a)(3) |  | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(4) |  | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(5) |  | There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b) |  | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant) | The Gabelli Equity Trust Inc. |
By (Signature and Title)* | /s/ John C. Ball |
| John C. Ball, Principal Executive Officer |
Date | September 4, 2025 |

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

By (Signature and Title)* | /s/ John C. Ball |
| John C. Ball, Principal Executive Officer |
Date | September 4, 2025 |

By (Signature and Title)* | /s/ John C. Ball |
| John C. Ball, Principal Financial Officer and Treasurer |
Date | September 4, 2025 |

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