The Fund expects to mail subscription certificates evidencing the Rights and a copy of the prospectus for this Offering to record date Series F Preferred shareholders beginning on June 27, 2012. Financial Advisors will likely notify record date shareholders shortly thereafter. Morrow & Co., LLC will serve as the Information Agent for this Offering.The Offering is pursuant to the Fund’s effective shelf registration statement on file with the Securities and Exchange Commission. The information herein is not complete and is subject to change. This document is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a final prospectus. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The base prospectus contains this and additional information about the Fund and the prospectus supplement will contain this and additional information about the Series G Preferred, and should be read carefully before investing. The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with approximately $1.3 billion in net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE: GBL), which is a publicly traded NYSE listed company.