Moody’s Investors Service has issued revised ratings for preferred shares of our closed-end funds. Closed-end funds are regulated under the Investment Company Act of 1940, as amended (the “1940 Act”), and subject to oversight by the United States Securities and Exchange Commission. The Gabelli Closed-End Funds meet the requirements of the 1940 Act, which require “asset coverage” (as defined in the 1940 Act) of at least 200% of the amount of any preferred shares outstanding at the time of issuance, at the time dividends or distributions are declared on common stock or at the time common stock is purchased (with certain exceptions). As a reminder, The Gabelli Equity Trust Inc. (the “Fund”) is currently conducting a transferrable rights offering to the Fund’s existing 6.20% Series F Cumulative Preferred Stock (the “Series F Preferred”) shareholders. The rights offering allows Series F Preferred shareholders to acquire Series G Cumulative Preferred Stock (the “Series G Preferred”) in accordance with the terms of the offer. The rights offering is only made by means of a prospectus, and this document does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Fund’s securities. GAMCO Investors, Inc. (NYSE:GBL), through its subsidiaries, manages assets of private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.) and is known for its Private Market Value with a Catalyst™ style of investment. As of March 31, 2012, GAMCO Investors, Inc. had $36.7 billion in assets under management. 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 contains this and additional information about the rights offering and Series G Preferred, and should be read carefully before investing.