Prospectus excerpt:  The Gabelli Equity Trust Inc. is offering 4,200,000 shares of 5.00% Series H Cumulative Preferred Stock. The Series H Preferred Shares will constitute a separate series of the Fund?s preferred shares. Investors in Series H Preferred Shares will be entitled to receive cumulative cash dividends at a rate of 5.00% per annum. Dividends and distributions on Series H Preferred Shares will be payable quarterly on March 26, June 26, September 26 and December 26 in each year commencing on December 26, 2012.

The Series H Preferred Shares are redeemable at our option on or after September 28, 2017, and are subject to mandatory redemption by us in certain circumstances. The Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the Ù1940 Actˆ). 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. Income is a secondary investment objective. The Fund?s investment adviser is Gabelli Funds, LLC (the ÙInvestment Adviserˆ). Shares of our common stock are listed on the New York Stock Exchange (ÙNYSEˆ) under the symbol ÙGAB.ˆ On September 24, 2012, the last reported net asset value per share of our common stock was $5.64 and the last reported sales price per share of our common stock on the NYSE was $5.78. Shares of our 5.875% Series D Cumulative Preferred Stock (the ÙSeries D Preferred Sharesˆ), our 6.20% Series F Cumulative Preferred Stock (the ÙSeries F Preferred Sharesˆ), and our Series G Cumulative Preferred Stock (the ÙSeries G Preferred Sharesˆ) are traded on the NYSE under the symbol ÙGAB PrD,ˆ ÙGAB PrF,ˆ and ÙGAB PrG,ˆ respectively. On September 24, 2012, the last reported sales prices per share of Series D Preferred Shares, Series F Preferred Shares, and Series G Preferred Shares on the NYSE were $25.92, $25.50, and $26.40, respectively. Our Series C Auction Rate Cumulative Preferred Stock (the ÙSeries C Preferred Sharesˆ) and our Series E Auction Rate Cumulative Preferred Stock (the ÙSeries E Preferred Sharesˆ) are not traded on a stock exchange.

Application has been made to list the Series H Preferred Shares on the NYSE. The Series H Preferred Shares are expected to commence trading on the NYSE within thirty days of the date of issuance.

An investment in the Fund is not appropriate for all investors. We cannot assure you that the Fund?s investment objectives will be achieved. You should read this Prospectus Supplement and the accompanying Prospectus before deciding whether to invest in Series H Preferred Shares and retain it for future reference. The Prospectus Supplement and the accompanying Prospectus contain important information about us. Material that has been incorporated by reference and other information about us can be obtained from us by calling 800-GABELLI (422-3554) or from the Securities and Exchange Commission?s (ÙSECˆ) website (http://www.sec.gov).