GAB-PRG

The Gabelli Equity Trust Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's primary objective is to achieve 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 Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund. The Fund invests in a portfolio of sectors, including food and beverage, financial services, entertainment, cable and satellite, equipment and supplies, aerospace and defense, computer software and services, communications equipment, hotels and gaming, environmental services, metals and mining, building and construction, wireless communications, energy and utilities, consumer services, transportation and agriculture. The Fund's investment advisor is Gabelli Funds, LLC.