The Gabelli Equity Trust Inc.

The Gabelli Equity Trust Inc. (the “Fund,” “we,” “us” or “our”) is offering 3,200,000 shares of 5.45% Series J Cumulative Preferred Stock, par value $0.001 per share (the “Series J Preferred Shares”). The Series J Preferred Shares will constitute a separate series of the Fund’s preferred stock. Investors in Series J Preferred Shares will be entitled to receive cumulative cash dividends at a rate of 5.45% per annum. Dividends and distributions on Series J Preferred Shares will be payable quarterly on March 26, June 26, September 26 and December 26 in each year commencing on June 26, 2016.

The Series J Preferred Shares are redeemable at our option on or after March 31, 2021 and are subject to mandatory redemption by us in certain circumstances. See “Special Characteristics and Risks of the Series J Preferred Shares — Redemption.”

The Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). 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 objective. The Fund’s investment adviser is Gabelli Funds, LLC (the “Investment Adviser”).

The Fund’s common shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “GAB.” Currently, the Fund’s 5.875% Series D Cumulative Preferred Stock (“Series D Preferred”), Series G Cumulative Preferred Stock (“Series G Preferred”) and 5.00% Series H Cumulative Preferred Stock (“Series H Preferred”) are listed on the NYSE under the symbol “GAB PrD,” “GAB PrG” and “GAB PrH,” respectively. Any future series of fixed rate preferred stock would also likely be listed on a stock exchange. On March 28, 2016, the last reported NYSE sale price of shares of our common stock was $5.35 per share. The net asset value of shares of the Fund’s common stock at the close of business on March 28, 2016 was $5.66 per share.

Application has been made to list the Series J Preferred Shares on the NYSE. If the application is approved, the Series J 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 J 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 (“SEC”) website (http://www.sec.gov).

Investing in Series J Preferred Shares involves certain risks that are described in the “Special Characteristics and Risks of the Series J Preferred Shares” section of this Prospectus Supplement and the “Risk Factors and Special Considerations” section beginning on page 32 of the accompanying Prospectus.

NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

The Underwriters are expected to deliver the Series J Preferred Shares in book-entry form through The Depository Trust Company on or about March 31, 2016.

You should rely only on the information contained or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. Neither the Fund nor the underwriters have authorized anyone to provide you with different information. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this Prospectus Supplement and the accompanying Prospectus is accurate as of any date other than the date of this Prospectus Supplement and the accompanying Prospectus, respectively. Our business, financial condition, results of operations and prospects may have changed since those dates. In this Prospectus Supplement and in the accompanying Prospectus, unless otherwise indicated, “Fund,” “us,” “our” and “we” refer to The Gabelli Equity Trust Inc., a Maryland corporation. This Prospectus Supplement also includes trademarks owned by other persons.

This Prospectus Supplement, the accompanying Prospectus and the Statement of Additional Information contain “forward-looking statements.” Forward-looking statements can be identified by the words “may,” “will,” “intend,” “expect,” “estimate,” “continue,” “plan,” “anticipate,” and similar terms and the negative of such terms. Such forward-looking statements may be contained in this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities we hold, the price at which our shares (including the Series J Preferred Shares) will trade in the public markets and other factors discussed in our periodic filings with the SEC.

Although we believe that the expectations expressed in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the “Risk Factors and Special Considerations” section of the accompanying Prospectus and “Special Characteristics and Risks of the Series J Preferred Shares” in this Prospectus Supplement. All forward-looking statements contained or incorporated by reference in this Prospectus Supplement or the accompanying Prospectus are made as of the date of this Prospectus Supplement or the accompanying Prospectus, as the case may be. Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement. The forward-looking statements contained in this Prospectus Supplement, the accompanying Prospectus and the Statement of Additional Information are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the “Securities Act”).

Currently known risk factors that could cause actual results to differ materially from our expectations include, but are not limited to, the factors described in the “Risk Factors and Special Considerations” section of the accompanying Prospectus as well as in the “Special Characteristics and Risks of the Series J Preferred Shares” section of this Prospectus Supplement. We urge you to review carefully those sections for a more detailed discussion of the risks of an investment in the Series J Preferred Shares.

The following is a brief description of the terms of the Series J Preferred Shares. This is not a complete description and is subject to and entirely qualified by reference to the Fund’s Articles Supplementary creating and fixing the rights of the Series J Preferred Shares (the “Articles”). The Articles are attached as an exhibit to post-effective amendment number 3 to the Fund’s registration statement. Copies may be obtained as described under “Additional Information” in the accompanying Prospectus. Any capitalized terms in this section and the “Special Characteristics and Risks of the Series J Preferred Shares” section of this Prospectus Supplement that are not defined have the meaning assigned to them in the Articles.

The Fund’s charter (the “Charter”) authorizes its Board of Directors to reclassify any authorized but unissued shares of the Fund’s capital stock, $0.001 par value per share, without the approval of common stockholders. The Articles authorize the issuance of up to 4,500,000 Series J Preferred Shares. All Series J Preferred Shares will have a liquidation preference of $25.00 per share. Holders of Series J Preferred Shares shall be entitled to receive cumulative cash dividends and distributions at the rate of 5.45% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months) of the $25.00 per-share liquidation preference on the Series J Preferred Shares. Dividends and distributions on Series J Preferred Shares will accumulate from the date of their original issue, which is March 31, 2016.

The Series J Preferred Shares, when issued by the Fund and paid for pursuant to the terms of this Prospectus Supplement and the accompanying Prospectus, will be fully paid and non-assessable and will have no preemptive, exchange or conversion rights. Any Series J Preferred Shares purchased or redeemed by the Fund will be reclassified as authorized and unissued shares of preferred stock of the Fund without further designation as to class or series. The Board of Directors may by resolution classify or reclassify any authorized and unissued Series J Preferred Shares from time to time by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends and distributions, qualifications or terms or conditions of redemption of such shares. The affirmative vote of the holders of a majority, as defined in the 1940 Act, of the outstanding Series J Preferred Shares (or shares of any other series of the Fund’s preferred stock), voting separately from the holders of any other series of the Fund’s preferred stock (to the extent its rights are affected differently), shall be required with respect to any matter that materially and adversely affects the rights, preferences or powers of that series in a manner different from that of other series or classes of the Fund’s capital stock. The affirmative vote of the holders of a majority, as defined in the 1940 Act, of the outstanding shares of the Fund’s preferred stock, voting separately as one class (including the Series J Preferred Shares), shall be required to amend, alter or repeal the provisions of the Fund’s Charter or bylaws, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would affect adversely the rights, preferences or powers expressly set forth in any articles supplementary of the Fund’s preferred stock, including the Articles, unless, in each case, the Fund obtains written confirmation from any rating agency then rating the Series J Preferred Shares at the Fund’s request that such amendment, alteration or repeal would not impair the rating then assigned by such rating agency to the Series J Preferred Shares, in which case the vote or consent of the holders of the Series J Preferred Shares is not required. No matter shall be deemed to adversely affect any rights, preferences or powers of the Series J Preferred Shares unless such matter (i) adversely alters or abolishes any preferential right of such series; (ii) creates, adversely alters or abolishes any right in respect of redemption of such series; or (iii) creates or adversely alters (other than to abolish) any restriction on transfer applicable to such series. An increase in the number of authorized shares of preferred stock of the Fund pursuant to the Charter or the issuance of additional shares of any series of preferred stock of the Fund (including the Series J Preferred Shares) pursuant to the Charter shall not in and of itself be considered to adversely affect the rights, preferences or powers of the Series J Preferred Shares.

The disclosure set forth in this Description of the Series J Preferred Shares and under the heading “Special Characteristics and Risks of the Series J Preferred Shares” is intended to be a summary of the material provisions of the Series J Preferred Shares. Since this Description of the Series J Preferred Shares is only a summary, you should refer to the Articles for a complete description of the obligations of the Fund and your

rights. The disclosure set forth in this Description of the Series J Preferred Shares and under the heading “Special Characteristics and Risks of the Series J Preferred Shares” supplements the description of the preferred stock set forth under the caption “Description of the Capital Stock – Preferred Stock” in the accompanying Prospectus, and in the event that any provision described in the disclosure set forth in this Description of the Series J Preferred Shares and under the heading “Special Characteristics and Risks of the Series J Preferred Shares” is inconsistent with any description contained in the accompanying Prospectus, the disclosure set forth in this Description of the Series J Preferred Shares and under the heading “Special Characteristics and Risks of the Series J Preferred Shares” will apply and supersede the description in the accompanying Prospectus.

The Fund estimates the total net proceeds of the offering to be $77,155,000 based on the public offering price of $25.00 per Series J Preferred Share and after deduction of the underwriting discounts and commissions and estimated offering expenses payable by the Fund.

The Investment Adviser anticipates that the investment of the proceeds will be made in accordance with the Fund’s investment objectives and policies as appropriate investment opportunities are identified, which is expected to be substantially completed within approximately three months of the issue date; however, the identification of appropriate investment opportunities pursuant to the Fund’s investment style or changes in market conditions may cause the investment period to extend as long as six months from the issue date. The proceeds may also be used to call shares of existing series of the Fund’s preferred stock. Pending such investment and/or redemption, the proceeds of the offering of the Series J Preferred Shares will be held in high quality short term debt securities and similar instruments.

The following table sets forth (i) the audited capitalization of the Fund as of December 31, 2015 and (ii) the unaudited adjusted capitalization of the Fund assuming the acceptance for record of the Articles with the State Department of Assessments and Taxation of Maryland (“SDAT”) and the issuance of the Series J Preferred Shares offered in this Prospectus Supplement and the use of proceeds thereof.

For financial reporting purposes, the Fund will deduct the liquidation preference of its outstanding preferred shares from “net assets,” so long as the senior securities have redemption features that are not solely within the control of the Fund. For all regulatory purposes, shares of the Fund’s preferred stock will be treated as equity (rather than debt).

The following table shows (i) the classes of capital stock authorized, (ii) the number of shares outstanding in each class, and (iii) the number of shares authorized in each class as of the date hereof.

Pursuant to the 1940 Act, the Fund generally will not be permitted to declare any dividend, or declare any other distribution, upon any outstanding shares of common stock, or purchase any such common stock, unless, in every such case, all shares of preferred stock issued by the Fund have at the time of declaration of any such dividend or distribution or at the time of any such purchase an asset coverage of at least 200% (“1940 Act Asset Coverage Requirement”) after deducting the amount of such dividend, distribution, or purchase price, as the case may be. As of the date of this Prospectus Supplement, all of the Fund’s outstanding shares of preferred stock are expected to have asset coverage on the date of issuance of the Series J Preferred Shares of approximately 402%.

In addition to the 1940 Act Asset Coverage Requirement, the Fund is subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which have issued ratings for certain of the preferred shares and may issue a rating for the Series J Preferred Shares. See “Special Characteristics and Risks of the Series J Preferred Shares — Risks — Credit Rating Risk” in this Prospectus Supplement.

Holders of Series J Preferred Shares shall be entitled to receive cumulative cash dividends and distributions at the rate of 5.45% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months) of the $25.00 per-share liquidation preference on the Series J Preferred Shares. Dividends and distributions on Series J Preferred Shares will accumulate from the date of their original issue, which is March 31, 2016.

Dividends and distributions will be payable quarterly on March 26, June 26, September 26 and December 26 in each year (each a “Dividend Payment Date”) commencing on June 26, 2016 (or, if any such day is not a business day, then on the next succeeding business day) to holders of record of Series J Preferred Shares as they appear on the stock register of the Fund at the close of business on the fifth preceding business day. Dividends and distributions on Series J Preferred Shares shall accumulate from the date on which the Series J Preferred Shares are originally issued. Each period beginning on and including a Dividend Payment Date (or the date of original issue, in the case of the first dividend period after the first issuance of the Series J Preferred Shares) and ending on but excluding the next succeeding Dividend Payment Date is referred to herein as a “Dividend Period.” Dividends and distributions on account of arrears for any past Dividend Period or in connection with the redemption of Series J Preferred Shares may be declared and paid at any time, without reference to any Dividend Payment Date, to holders of record on such date as shall be fixed by the Board of Directors that is not more than 30 days before the Dividend Payment Date.

No full dividends or distributions will be declared or paid on Series J Preferred Shares for any Dividend Period or part thereof unless full cumulative dividends and distributions due through the most recent Dividend Payment Dates therefor on all outstanding shares of any series of preferred stock of the Fund ranking on a parity with the Series J Preferred Shares as to the payment of dividends and distributions have been or contemporaneously are declared and paid through the most recent Dividend Payment Dates therefor. If full cumulative dividends and distributions due have not been paid on all outstanding shares of the Fund’s preferred stock, any dividends and distributions being paid on such shares of preferred stock (including the Series J Preferred Shares) will be paid as nearly pro rata as possible in proportion to the respective amounts of dividends and distributions accumulated but unpaid on each such series of preferred stock on the relevant Dividend Payment Date.

Under the 1940 Act, the Fund is not permitted to issue preferred stock (such as the Series J Preferred Shares) unless immediately after such issuance the Fund will have an asset coverage of at least 200% (or such

other percentage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities representing stock of a closed-end investment company as a condition of declaring distributions, purchases or redemptions of its stock). In general, the term “asset coverage” for this purpose means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund plus the aggregate of the involuntary liquidation preference of the preferred stock. The involuntary liquidation preference refers to the amount to which the preferred stock would be entitled on the involuntary liquidation of the Fund in preference to a security junior to them. The Fund also is not permitted to declare any cash dividend or other distribution on its common stock or purchase its common stock unless, at the time of such declaration or purchase, the Fund satisfies this 200% asset coverage requirement after deducting the amount of the distribution or purchase price, as applicable.

In addition, the Fund may be limited in its ability to declare any cash distribution on its capital stock (including the Series J Preferred Shares) or purchase its capital stock (including the Series J Preferred Shares) unless, at the time of such declaration or purchase, the Fund has an asset coverage on its indebtedness, if any, of at least 300% after deducting the amount of such distribution or purchase price, as applicable. The 1940 Act contains an exception, however, that permits dividends to be declared upon any preferred stock issued by the Fund (including the Series J Preferred Shares) if the Fund’s indebtedness has an asset coverage of at least 200% at the time of declaration after deducting the amount of the dividend. In general, the term “asset coverage” for this purpose means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund.

The term “senior security” does not include any promissory note or other evidence of indebtedness in any case where such a loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the Fund at the time when the loan is made. A loan is presumed under the 1940 Act to be for temporary purposes if it is repaid within 60 days and is not extended or renewed; otherwise it is presumed not to be for temporary purposes. For purposes of determining whether the 200% and 300% asset coverage requirements described above apply in connection with dividends or distributions on or purchases or redemptions of Series J Preferred Shares, the asset coverages may be calculated on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next preceding the time of the applicable determination.

Except as otherwise provided in the Fund’s governing documents (including the Articles) or a resolution of the Board of Directors, or as required by applicable law, holders of Series J Preferred Shares shall have no power to vote on any matter except matters submitted to a vote of the Fund’s common stock. In any matter submitted to a vote of the holders of the common stock, each holder of Series J Preferred Shares shall be entitled to one vote for each Series J Preferred Share held and the holders of all outstanding shares of preferred stock, including Series J Preferred Shares, and the shares of common stock shall vote together as a single class; provided, however, that at any meeting of the stockholders of the Fund held for the election of Directors, the holders of the outstanding shares of preferred stock, including Series J Preferred Shares, shall be entitled, as a class, to the exclusion of the holders of all other classes of capital stock of the Fund, to elect a number of the Fund’s directors, such that, following the election of directors at the meeting of the stockholders, the Fund’s Board of Directors shall contain two directors elected by the holders of the outstanding shares of preferred stock, including the Series J Preferred Shares.

During any period in which any one or more of the conditions described below shall exist (such period being referred to herein as a “Voting Period”), the number of directors constituting the Fund’s Board of Directors shall be increased by the smallest number of additional directors that, when added to the two directors elected exclusively by the holders of outstanding shares of preferred stock, would constitute a simple majority of the Fund’s Board of Directors as so increased by such smallest number, and the holders of outstanding shares of

preferred stock, including the Series J Preferred Shares, voting separately as one class (to the exclusion of the holders of all other classes of capital stock of the Fund) shall be entitled to elect such smallest number of additional directors and the two directors the holders of shares of preferred stock, including the Series J Preferred Shares, are otherwise entitled to elect. The Fund and the Fund’s Board of Directors shall take all necessary actions, including amending the Fund’s bylaws, to effect an increase in the number of directors as described in the preceding sentence. A Voting Period shall commence:

(i) if at any time accumulated dividends and distributions on the outstanding Series J Preferred Shares equal to at least two full years’ dividends and distributions shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with Computershare Trust Company, N.A., and its successors or any other dividend-disbursing agent appointed by the Fund, for the payment of such accumulated dividends and distributions; or

(ii) if at any time holders of any other shares of preferred stock are entitled to elect a majority of the Directors of the Fund under the 1940 Act or articles supplementary creating such shares.

Mandatory Redemption. Under certain circumstances, the Series J Preferred Shares will be subject to mandatory redemption by the Fund out of funds legally available therefor in accordance with the Articles and applicable law.

If the Fund fails to have asset coverage, as determined in accordance with Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the Fund which are stock, including all outstanding Series J Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends on its common stock), and such failure is not cured as of the cure date specified in the Articles, (i) the Fund shall give a notice of redemption with respect to the redemption of a sufficient number of shares of its preferred stock, which at the Fund’s determination (to the extent permitted by the 1940 Act and Maryland law) may include any proportion of Series J Preferred Shares, to enable it to meet the asset coverage requirements, and, at the Fund’s discretion, such additional number of Series J Preferred Shares or shares of any other series of preferred stock of the Fund in order for the Fund to have asset coverage with respect to the Series J Preferred Shares and any other series of preferred stock of the Fund remaining outstanding after such redemption as great as 210%, and (ii) deposit an amount with Computershare Trust Company, N.A., and its successors or any other dividend-disbursing agent appointed by the Fund, having an initial combined value sufficient to effect the redemption of the Series J Preferred Shares or other series of preferred stock of the Fund to be redeemed.

On such cure date, the Fund shall redeem, out of funds legally available therefor, the number of shares of its preferred stock, which, to the extent permitted by the 1940 Act and Maryland law, at the option of the Fund may include any proportion of Series J Preferred Shares or shares of any other series of preferred stock of the Fund, is equal to the minimum number of shares the redemption of which, if such redemption had occurred immediately prior to the opening of business on such cure date, would have resulted in the Fund having asset coverage immediately prior to the opening of business on such cure date in compliance with the 1940 Act or, if asset coverage cannot be so restored, all of the outstanding Series J Preferred Shares, at a price equal to $25.00 per share plus accumulated but unpaid dividends and distributions (whether or not earned or declared by the Fund) through and including the date of redemption. See “Description of the Capital Stock — Preferred Stock — Redemption” in the Prospectus for a discussion of the consequences that would arise if the Fund fails to maintain the asset coverage requirements as calculated in accordance with the applicable rating agency guidelines set forth in the Articles as of any monthly valuation date.

Optional Redemption. Prior to March 31, 2021, the Series J Preferred Shares are not subject to optional redemption by the Fund unless the redemption is necessary, in the judgment of the Board of Directors, to maintain the Fund’s status as a regulated investment company under Subchapter M of the Code. Commencing March 31, 2021, and thereafter, to the extent permitted by the 1940 Act and Maryland law, the Fund may at any time upon notice in the manner provided in the Articles redeem the Series J Preferred Shares in whole or in part at a price equal to the liquidation preference per share plus accumulated but unpaid dividends through and including the date of redemption.

In the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the holders of Series J Preferred Shares shall be entitled to receive out of the assets of the Fund available for distribution to stockholders, after satisfying claims of creditors but before any distribution or payment shall be made in respect of the Fund’s common stock or any other stock of the Fund ranking junior to the Series J Preferred Shares as to liquidation payments, a liquidation distribution in the amount of $25.00 per share (the “Liquidation Preference”), plus an amount equal to all unpaid dividends and distributions accumulated to and including the date fixed for such distribution or payment (whether or not earned or declared by the Fund, but excluding interest thereon), and such holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up of the Fund.

If, upon any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of the Fund available for distribution among the holders of all outstanding Series J Preferred Shares and all outstanding shares of any other series of the Fund’s preferred stock ranking on a parity with the Series J Preferred Shares as to payment upon liquidation shall be insufficient to permit the payment in full to such holders of Series J Preferred Shares of the Liquidation Preference plus accumulated and unpaid dividends and distributions and the amounts due upon liquidation with respect to all outstanding shares of such other series of preferred stock of the Fund, then such available assets shall be distributed among the holders of Series J Preferred Shares and such other series of preferred stock of the Fund ratably in proportion to the respective preferential liquidation amounts to which they are entitled. Unless and until the Liquidation Preference plus accumulated and unpaid dividends and distributions has been paid in full to the holders of Series J Preferred Shares, no dividends or distributions will be made to holders of the Fund’s common stock or any other stock of the Fund ranking junior to the Series J Preferred Shares as to liquidation.

Risk is inherent in all investing. Therefore, before investing in the Series J Preferred Shares you should consider the risks carefully. See “Risk Factors and Special Considerations” in the Prospectus. Primary risks associated with an investment in the Series J Preferred Shares include:

Market Price Risk. The market price for the Series J Preferred Shares will be influenced by changes in interest rates, the perceived credit quality of the Series J Preferred Shares and other factors, and may be higher or lower than the liquidation preference of the Series J Preferred Shares. There is currently no market for the Series J Preferred Shares.

Liquidity Risk. Currently, there is no public market for the Series J Preferred Shares. As noted above, an application has been made to list the Series J Preferred Shares on the NYSE. However, during an initial period

which is not expected to exceed thirty days after the date of its issuance, the Series J Preferred Shares will not be listed on any securities exchange. Before the Series J Preferred Shares are listed on the NYSE, the underwriters may, but are not obligated to, make a market in the Series J Preferred Shares. No assurances can be provided that listing on any securities exchange or market making by the underwriters will result in the market for Series J Preferred Shares being liquid at any time.

Redemption Risk. The Fund may at any time redeem Series J Preferred Shares to the extent necessary to meet regulatory asset coverage requirements or requirements imposed by credit rating agencies. For example, if the value of the Fund’s investment portfolio declines, thereby reducing the asset coverage for the Series J Preferred Shares, the Fund may be obligated under the terms of the Series J Preferred Shares to redeem some or all of the Series J Preferred Shares. In addition, commencing March 31, 2021, the Fund will be able to call the Series J Preferred Shares at the option of the Fund. Investors may not be able to reinvest the proceeds of any redemption in an investment providing the same or a higher dividend rate than that of the Series J Preferred Shares.

The Series J Preferred Shares are not a debt obligation of the Fund. The Series J Preferred Shares are junior in respect of distributions and liquidation preference to any indebtedness incurred by the Fund, and have the same priority with respect to payment of distributions and liquidation preference as the Series C Preferred, Series D Preferred, Series E Preferred, Series G Preferred and Series H Preferred. Although unlikely, precipitous declines in the value of the Fund’s assets could result in the Fund having insufficient assets to redeem all of the Series J Preferred Shares for the full redemption price.

Credit Rating Risk. The Fund is seeking a credit rating on the Series J Preferred Shares. Any credit rating that is issued on the Series J Preferred Shares could be reduced or withdrawn while an investor holds Series J Preferred Shares. A reduction or withdrawal of the credit rating would likely have an adverse effect on the market value of the Series J Preferred Shares. In addition, a credit rating does not eliminate or mitigate the risks of investing in the Series J Preferred Shares.

Distribution Risk. The Fund may not meet the asset coverage requirements or earn sufficient income from its investments to make distributions on the Series J Preferred Shares.

Interest Rate Risk. The Series J Preferred Shares pay dividends at a fixed rate. Prices of fixed income investments tend to vary inversely with changes in market yields. The market yields on securities comparable to the Series J Preferred Shares may increase, which would likely result in a decline in the value of the Series J Preferred Shares. Additionally, if interest rates rise, securities comparable to the Series J Preferred Shares may pay higher dividend rates and holders of the Series J Preferred Shares may not be able to sell the Series J Preferred Shares at their liquidation preference and reinvest the proceeds at market rates.

Preferred Stock Distributions. In accordance with the Fund’s Charter, and as required by the 1940 Act, all preferred stock of the Fund must have the same seniority with respect to distributions. Accordingly, no full distribution will be declared or paid on any series of preferred stock of the Fund for any dividend period, or part thereof, unless full cumulative dividends and distributions due through the most recent dividend payment dates for all series of outstanding preferred stock of the Fund are declared and paid. If full cumulative distributions due have not been declared and made on all outstanding preferred stock of the Fund, any distributions on such preferred stock will be made as nearly pro rata as possible in proportion to the respective amounts of distributions accumulated but unmade on each such series of preferred stock on the relevant dividend payment date.

In the event that for any calendar year the total distributions on shares of the Fund’s preferred stock exceed the Fund’s current and accumulated earnings and profits allocable to such shares, the excess distributions will generally be treated as a tax-free return of capital (to the extent of the stockholder’s tax basis in the shares). The amount treated as a tax-free return of capital will reduce a stockholder’s adjusted tax basis in the preferred stock, thereby increasing the stockholder’s potential taxable gain or reducing the potential taxable loss on the sale or redemption of the stock. The Fund did not make return of capital distributions to its preferred stockholders during the year ended December 31, 2015.

The Fund expects that distributions made on the Series J Preferred Shares will consist of (i) long term capital gain (gain from the sale of a capital asset held longer than one year), (ii) qualified dividend income (dividend income from certain domestic and foreign corporations, provided certain holding period and other requirements are met by both the Fund and the stockholder), and (iii) investment company taxable income (other than qualified dividend income, including interest income, short term capital gain and income from certain hedging and interest rate transactions). Distributions paid to investors by the Fund from its investment company taxable income which includes the excess of net short term capital gains over net long term capital losses (together referred to hereinafter as “ordinary income dividends”) are generally taxable to investors as ordinary income to the extent of the earnings and profits of the Fund. Such distributions (if reported by the Fund) may, however, qualify (provided holding periods and other requirements are met) (i) for the dividends received deduction in the case of corporate stockholders to the extent that the income of the Fund consists of dividend income from U.S. corporations, and (ii) as qualified dividend income generally eligible for the reduced maximum federal tax rate to individuals applicable to net long term capital gains. Distributions made to investors from an excess of net long term capital gains over net short term capital losses (“capital gain dividends”), including capital gain dividends credited to investors but retained by the Fund, are taxable to investors as long term capital gains if they have been properly designated by the Fund, regardless of the length of time investors have owned shares of the Fund’s stock. The maximum federal income tax rate on net long term capital gain of individuals is generally either 15% or 20% depending on whether an individual’s income exceeds certain threshold amounts. In addition, certain U.S. stockholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their net investment income. We cannot assure you, however, as to what percentage of future distributions made on the Series J Preferred Shares will consist of long term capital gain and qualified dividend income.

Please refer to the “Taxation” sections in the accompanying Prospectus and in the Statement of Additional Information for a description of additional consequences of investing in shares of the preferred stock of the Fund.

The following is a summary of certain considerations associated with the purchase of the Series J Preferred Shares by employee benefit plans that are subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), plans, individual retirement accounts (“IRAs”) and other arrangements that are subject to Section 4975 of the Code, and entities whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement (each, a “Benefit Plan”).

ERISA and the Code impose certain duties on persons who are fiduciaries of a Benefit Plan and prohibit certain transactions involving the assets of a Benefit Plan and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of such a Benefit Plan or the management or disposition of the assets of such a Benefit Plan, or who renders investment advice for a fee or other compensation to such a Benefit Plan, is generally considered to be a fiduciary of the Benefit Plan.

In considering an investment in the Series J Preferred Shares of a portion of the assets of any Benefit Plan, a fiduciary should determine whether the investment is in accordance with the documents and instruments governing the Benefit Plan and the applicable provisions of ERISA and Section 4975 of the Code relating to a fiduciary’s duties to the Benefit Plan including, without limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA and the Code. The purchase of Series J Preferred Shares by a fiduciary for a Benefit Plan should be considered in light of such fiduciary requirements.

In addition, Section 406 of ERISA and Section 4975 of the Code prohibit certain transactions involving the assets of a Benefit Plan and certain persons (referred to as “parties in interest” for purposes of ERISA and “disqualified persons” for purposes of the Code) having certain relationships to such Benefit Plans, unless a statutory or administrative exemption is applicable to the transaction. A party in interest or disqualified person who engages in a nonexempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code (or with respect to certain Benefit Plans, such as IRAs, a prohibited transaction may cause the Benefit Plan to lose its tax-exempt status). In this regard, the U.S. Department of Labor has issued prohibited transaction class exemptions (“PTCEs”) that may apply to the purchase of the Series J Preferred Shares. These class exemptions include, without limitation, PTCE 84-14 respecting transactions determined by independent qualified professional asset managers, PTCE 90-1 respecting insurance company pooled separate accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company general accounts and PTCE 96-23 respecting transactions determined by in-house asset managers, PTCE 84-24 governing purchases of shares in investment companies) and PTCE 75-1 respecting sales of securities. In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code each provides a limited exemption, commonly referred to as the “service provider exemption,” from the prohibited transaction provisions of ERISA and Section 4975 of the Code for certain transactions between a Benefit Plan and a person that is a party in interest and/or a disqualified person (other than a fiduciary or an affiliate that, directly or indirectly, has or exercises any discretionary authority or control or renders any investment advice with respect to the assets of any Benefit Plan involved in the transaction) solely by reason of providing services to the Benefit Plan or by relationship to a service provider, provided that the Benefit Plan receives no less, nor pays no more, than adequate consideration. There can be no assurance that all of the conditions of any such exemptions or any other exemption will be satisfied at the time that the Series J Preferred Shares are acquired, or thereafter while the Series J Preferred Shares are held, if the facts relied upon for utilizing a prohibited transaction exemption change.

The foregoing discussion is general in nature and is not intended to be all inclusive. Due to the complexity of these rules and the penalties that may be imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries, or other persons considering purchasing the Series J Preferred Shares on behalf of, or with the assets of, any Benefit Plan, consult with their counsel regarding the potential applicability of ERISA and Section 4975 of the Code to such investment and whether an exemption would be applicable to the purchase of the Series J Preferred Shares.

UBS Securities LLC and Wells Fargo Securities, LLC are acting as representatives of each of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among the Fund, the Investment Adviser and the underwriters, the Fund has agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from the Fund, the number of Series J Preferred Shares set forth opposite its name below.

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the Series J Preferred Shares sold pursuant to the underwriting agreement if any of the Series J Preferred Shares are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the nondefaulting underwriters may be increased or the underwriting agreement may be terminated.

The Fund and the Investment Adviser have each agreed to indemnify the underwriters and their controlling persons against certain liabilities in connection with this offering, including liabilities under the Securities Act of 1933, as amended, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the Series J Preferred Shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the Series J Preferred Shares, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer’s certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

The representatives have advised us that the underwriters propose initially to offer the Series J Preferred Shares to the public at the public offering price set forth on the cover page of this Prospectus Supplement and to certain dealers at such price less a concession not in excess of $0.50 per share. Any underwriter may allow, and such dealers may reallow, a concession not in excess of $0.45 per share to other underwriters or to certain dealers. After the initial offering, the public offering price, concession or any other term of the offering may be changed.

The expenses of the offering, not including the underwriting discount, are estimated at $325,000 and are payable by the Fund.

Application has been made to list the Series J Preferred Shares on the NYSE. Prior to the offering, there has been no public market for the Series J Preferred Shares. If the application is approved, the Series J Preferred Shares are expected to commence trading on the NYSE within thirty days of the date of issuance. Before the Series J Preferred Shares are listed on the NYSE, the underwriters may, but are not obligated to, make a market in the Series J Preferred Shares. Consequently, it is anticipated that, prior to the commencement of trading on the NYSE, an investment in Series J Preferred Shares will be illiquid.

If a secondary trading market develops prior to the commencement of trading on the NYSE, holders of the Series J Preferred Shares may be able to sell such shares, however, such shares may trade at discounts from the liquidation preference of the Series J Preferred Shares.

The Fund and the Investment Adviser have agreed that the Fund will not, for a period of 90 days from the date of this Prospectus Supplement, without the prior written consent of UBS Securities LLC and Wells Fargo Securities, LLC, directly or indirectly, issue, sell, offer to contract or grant any option to sell, pledge, transfer or otherwise dispose of, any of its shares of preferred stock or securities exchangeable for or convertible into its shares of preferred stock, except for the Series J Preferred Shares sold to the underwriters pursuant to the underwriting agreement.

In connection with the offering, the underwriters may purchase and sell Series J Preferred Shares in the open market. These transactions may include short sales and purchases on the open market to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater number of Series J Preferred Shares than they are required to purchase in the offering. The underwriters must close out any short position by purchasing Series J Preferred Shares in the open market. A short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the Series J Preferred Shares in the open market after pricing that could adversely affect investors who purchase in the offering.

The underwriters may impose a penalty bid. Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when a representative repurchases Series J Preferred Shares originally sold by that syndicate member in order to cover syndicate short positions or make stabilizing purchases.

Similar to other purchase transactions, the underwriters’ purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of the Series J Preferred Shares or preventing or retarding a decline in the market price of the Series J Preferred Shares. As a result, the price of the Series J Preferred Shares may be higher than the price that might otherwise exist in the open market.

None of the Fund, the Investment Adviser or any of the underwriters makes any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the Series J Preferred Shares. In addition, none of the Fund, the Investment Adviser or any of the underwriters makes any representation that a representative will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with the Fund, the Investment Adviser or their respective affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of the Fund, the Investment Adviser or their respective affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

The Fund anticipates that, from time to time, certain underwriters may act as brokers or dealers in connection with the execution of the Fund’s portfolio transactions after they have ceased to be underwriters and, subject to certain restrictions, may act as brokers while they are underwriters.

G.research, LLC is a wholly owned subsidiary of Gabelli Securities, Inc., which is a majority-owned subsidiary of Associated Capital Group, Inc., an affiliate of the Investment Adviser, which is, in turn, indirectly majority-owned by Mario J. Gabelli. As a result of these relationships, Mr. Gabelli is a “controlling person” of G.research, LLC.

The principal business address of UBS Securities LLC is 1285 Avenue of the Americas, New York, New York 10019. The principal business address of Wells Fargo Securities, LLC is 550 South Tryon Street, Charlotte, North Carolina 28202. The principal business address of G.research, LLC is One Corporate Center, Rye, New York 10580.

Certain legal matters will be passed on by Willkie Farr & Gallagher LLP, counsel to the Fund in connection with the offering of the Series J Preferred Shares. Certain legal matters in connection with this offering will be passed upon for the underwriters by Dechert LLP. Willkie Farr & Gallagher LLP and Dechert LLP may rely as to certain matters of Maryland law on the opinion of Venable LLP.

The audited financial statements of the Fund are incorporated by reference into this Prospectus Supplement, the accompanying Prospectus and the Statement of Additional Information

For the year ended December 31, 2015, the net asset value (“NAV”) total return of The Gabelli Equity Trust Inc. (the “Fund”) was (6.9)%, compared with total returns of 1.4% and 0.2% 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 (8.5)%. The Fund’s NAV per share was $5.70, while the price of the publicly traded shares closed at $5.31 on the New York Stock Exchange (“NYSE”). See below for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2015.

Average Annual Returns through December 31, 2015 (a) (Unaudited)



	1 Year			5 Year			10 Year			15 Year			20 Year			25 Year			Since Inception (08/21/86)
Gabelli Equity Trust
NAV Total Return (b)		(6.85	)%		10.21	%		8.26	%		7.76	%		9.30	%		10.31	%		10.53	%
Investment Total Return (c)		(8.54	)		9.63			7.67			6.70			9.11			9.88			10.00
S&P 500 Index		1.38			12.57			7.31			5.00			8.19			9.33			9.86	(d)
Dow Jones Industrial Average		0.22			11.24			7.72			5.79			8.77			10.47			10.69	(d)
Nasdaq Composite Index		7.13			15.00			9.78			5.86			8.99			10.93			9.51	(e)

(a)

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. 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. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The Dow Jones Industrial Average is an unmanaged index of 30 large capitalization stocks. The S&P 500 and the Nasdaq Composite Indices are unmanaged indicators of stock market performance. Dividends are considered reinvested except for the Nasdaq Composite Index. 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.

(e)

From September 30, 1986, the date closest to the Fund’s inception for which data is available.

The following table presents portfolio holdings as a percent of total investments as of December 31, 2015:


Electronics	1.4	%
Publishing	1.3	%
Environmental Services	1.3	%
U.S. Government Obligations	1.1	%
Telecommunication Services	0.8	%
Computer Software and Services	0.7	%
Agriculture	0.6	%
Automotive	0.6	%
Communications Equipment	0.5	%
Real Estate	0.5	%
Metals and Mining	0.4	%
Transportation	0.4	%
Building and Construction	0.3	%
Closed-End Funds	0.2	%
Manufactured Housing and Recreational Vehicles	0.1	%
Real Estate Investment Trusts	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-Q. 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-Q 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.

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 the 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.


				Ownership at
				December 31,
	Shares			2015
NET PURCHASES
Common Stocks
Advance Auto Parts Inc.		5,000			5,000
Alere Inc.		80,000			117,450
Alphabet Inc., Cl. C		1,002			1,002
Ascent Capital Group Inc., Cl. A		2,550			18,550
Avon Products Inc.		50,000			150,000
Barnes & Noble Inc.		175,000			175,000
BBA Aviation plc(a)		739,938			1,356,553
Bel Fuse Inc., Cl. A		1,510			20,610
Cempra Inc.		15,409			33,509
Chemtura Corp.		7,500			70,000
Comcast Corp., Cl. A		90,000			90,000
Corning Inc.		20,000			450,000
CST Brands Inc.		10,000			98,500
DigitalGlobe Inc.		8,000			32,000
EchoStar Corp., Cl. A		10,860			50,300
Edgewell Personal Care Co.		29,500			177,500
Energizer Holdings Inc.		10,000			153,000
Fortinet Inc.		25,000			25,000
Gogo Inc.		70,000			70,000
Hertz Global Holdings Inc.		110,000			185,000
Kellogg Co.		10,000			22,800
Kennametal Inc.		12,000			20,000
Methanex Corp.		65,000			85,000
MSG Networks Inc., Cl. A(b)		297,400			297,400
National Fuel Gas Co.		1,000			19,000
Navistar International Corp.		20,000			242,874
Patterson Companies Inc.		20,000			20,000
Rolls-Royce Holdings plc(c)		48,000			1,209,000
Rolls-Royce Holdings plc, Cl. C(c)		107,624,700			107,624,700
Telefonica SA, ADR		17,021			595,736
Telesites SAB		105,000			105,000
The Madison Square Garden Co, Cl. A(b)		101,133			101,133
The PNC Financial Services Group Inc.		10,000			10,000
TimkenSteel Corp.		9,000			60,000
United Natural Foods Inc.		45,000			55,000

NET SALES
Common Stocks
AMC Networks Inc., Cl. A		(6,500	)		258,600
American International Group Inc.		(11,500	)		38,500
AMETEK Inc.		(5,000	)		445,000
AT&T Inc.		(102,340	)		379,114
Becton, Dickinson and Co.		(2,500	)		10,000
Biogen Inc.		(6,785	)		12,415
Blyth Inc.		(199,000	)		—
Cablevision Systems Corp., Cl. A		(35,000	)		1,065,000
Canadian Solar Inc.		(20,000	)		—
Check Point Software Technologies Ltd.		(1,000	)		6,000
Church & Dwight Co. Inc.		(1,000	)		19,000
CMS Energy Corp.		(2,000	)		16,000
Comcast Corp., Cl. A, Special		(91,400	)		—
CONSOL Energy Inc.		(10,000	)		40,000
Constellation Brands Inc., Cl. A		(600	)		30,000
Costco Wholesale Corp.		(1,000	)		39,000
Crane Co.		(20,000	)		175,100
Deere & Co.		(12,000	)		283,000
Diageo plc, ADR		(9,000	)		188,000
Discovery Communications Inc., Cl. A		(25,000	)		91,600
DISH Network Corp., Cl. A		(29,000	)		49,900


				Ownership at
				December 31,
	Shares			2015
Donaldson Co. Inc.		(9,000	)		358,800
El Paso Electric Co.		(10,000	)		207,500
Electronic Arts Inc.		(2,000	)		—
Endo International plc		(11,500	)		—
Eversource Energy		(5,000	)		25,000
Flowserve Corp.		(19,319	)		243,181
Fortune Brands Home & Security Inc.		(6,000	)		80,000
Freeport-McMoRan Inc.		(4,000	)		36,000
Genuine Parts Co.		(1,600	)		243,400
Google Inc., Cl. C		(1,002	)		—
Graham Holdings Co., Cl. B		(300	)		1,500
Grupo Televisa SAB, ADR		(4,000	)		588,500
H&R Block Inc.		(13,000	)		27,400
Hanesbrands Inc.		(5,000	)		95,000
Henry Schein Inc.		(800	)		28,000
Honeywell International Inc.		(15,000	)		338,000
IDEX Corp.		(9,000	)		259,000
Ingredion Inc.		(4,000	)		12,000
Integrated Device Technology Inc.		(19,500	)		55,500
Intel Corp.		(6,000	)		54,000
Jarden Corp.		(9,000	)		—
Ladbrokes plc		(100,000	)		679,400
Macy’s Inc.		(5,000	)		336,000
MasterCard Inc., Cl. A		(4,000	)		318,000
Medtronic plc		(4,200	)		27,800
Modine Manufacturing Co.		(8,000	)		180,000
NextEra Energy Inc.		(2,000	)		16,000
O’Reilly Automotive Inc.		(5,500	)		83,500
PepsiCo Inc.		(15,000	)		198,000
Post Holdings Inc.		(2,500	)		38,500
Precision Castparts Corp.		(70,000	)		8,000
Rockwell Automation Inc.		(1,000	)		20,900
Rogers Communications Inc., New York, Cl. B		(10,000	)		471,890
Rollins Inc.		(57,500	)		1,738,000
Sensient Technologies Corp.		(2,800	)		189,800
T. Rowe Price Group Inc.		(7,500	)		120,900
TE Connectivity Ltd.		(1,600	)		41,000
Texas Instruments Inc.		(5,000	)		240,000
The ADT Corp.		(15,000	)		110,000
The Boeing Co.		(23,000	)		70,000
The Chemours Co.		(2,000	)		2,000
The Madison Square Garden Co., Cl. A(b)		(303,400	)		—
Time Warner Cable Inc.		(2,000	)		63,000
Twenty-First Century Fox Inc., Cl. A		(10,000	)		571,200
Vivendi SA		(21,666	)		325,000
Wells Fargo & Co.		(35,000	)		235,000
Xylem Inc.		(25,000	)		286,000

(a)

Rights Issuance - 6 shares of BBA Aviation plc, rights (BYNFF26) for every 5 shares of BBA Aviation plc (B1FP891) held. 739,938 shares of BBA Aviation plc, rights (BYNFF26) were exercised after rights issuance. 1 new share of BBA Aviation plc (B1FP891) was fully paid for every 1 share of BBA Aviation plc, rights (BYNFF26) exercised.

(b)

Spin off and name change - 1 share of The Madison Square Garden Co., Cl. A (55825T103) for every 3 shares of The Madison Square Garden Co., Cl. A (55826P100) held. The Madison Square Garden Co., Cl. A (55826P100) changed its name to MSG Networks Inc., Cl. A (553573106). 6,000 shares of MSG Networks Inc., Cl. A were sold after name change.

(c)	Stock dividend - 92.7 shares of Rolls-Royce Holdings plc, Cl. C for every 1 share of Rolls-Royce Holdings plc held. 48,000 shares of Rolls-Royce Holdings plc were purchased after stock dividend.


Shares			Cost		Market Value
		COMMON STOCKS — 98.6%
		Food and Beverage — 11.9%
	3,000	Ajinomoto Co. Inc.	$	52,866	$	71,871
	50,000	Boulder Brands Inc.†		419,270		549,000
	53,541	Brown-Forman Corp., Cl. A		1,853,123		5,895,399
	17,975	Brown-Forman Corp., Cl. B		1,036,424		1,784,558
	63,800	Campbell Soup Co.		1,781,130		3,352,690
	65,000	Chr. Hansen Holding A/S		2,725,303		4,086,163
	15,000	Coca-Cola Enterprises Inc.		275,290		738,600
	100,000	ConAgra Foods Inc.		3,489,586		4,216,000
	30,000	Constellation Brands Inc., Cl. A		376,266		4,273,200
	18,000	Crimson Wine Group Ltd.†		91,848		158,400
	201,500	Danone SA		9,779,634		13,638,154
	652,800	Davide Campari-Milano SpA		3,566,380		5,675,473
	188,000	Diageo plc, ADR		11,808,561		20,505,160
	89,800	Dr Pepper Snapple Group Inc.		2,874,367		8,369,360
	80,000	Flowers Foods Inc.		263,976		1,719,200
	76,200	Fomento Economico Mexicano SAB de CV, ADR		1,680,884		7,037,070
	50,000	General Mills Inc.		1,563,162		2,883,000
	1,848,400	Grupo Bimbo SAB de CV, Cl. A†		2,624,248		4,908,832
	41,300	Heineken NV		1,962,995		3,535,435
	12,000	Ingredion Inc.		177,840		1,150,080
	105,000	ITO EN Ltd.		2,422,898		2,725,571
	22,800	Kellogg Co.		1,142,751		1,647,756
	64,000	Kerry Group plc, Cl. A		735,609		5,344,404
	10,600	LVMH Moet Hennessy Louis Vuitton SE		365,943		1,669,192
	45,000	Maple Leaf Foods Inc.		828,035		772,711
	287,000	Mondelēz International Inc., Cl. A		8,756,441		12,869,080
	70,000	Morinaga Milk Industry Co. Ltd.		299,202		321,478
	42,900	Nestlé SA		1,832,393		3,193,086
	198,000	PepsiCo Inc.		12,495,858		19,784,160
	39,200	Pernod Ricard SA		3,228,300		4,481,607
	38,500	Post Holdings Inc.†		942,372		2,375,450
	43,000	Remy Cointreau SA		2,567,361		3,084,680
	55,333	The Kraft Heinz Co.		2,028,347		4,026,029
	117,600	The Coca-Cola Co.		3,597,844		5,052,096
	32,000	The Hain Celestial Group Inc.†		214,736		1,292,480
	3,000	The J.M. Smucker Co.		149,101		370,020
	42,000	The WhiteWave Foods Co.†		696,348		1,634,220
	125,186	Tootsie Roll Industries Inc.		1,771,739		3,954,626
	50,000	Tyson Foods Inc., Cl. A		421,291		2,666,500
	341,000	Yakult Honsha Co. Ltd.		9,700,538		16,908,856

				102,600,260		188,721,647


		Financial Services — 8.7%
	416,000	American Express Co.		27,431,146		28,932,800
	38,500	American International Group Inc.		2,088,093		2,385,845
	13,200	Argo Group International Holdings Ltd.		389,834		789,888
	72,000	Banco Santander SA, ADR		545,542		350,640
	123	Berkshire Hathaway Inc., Cl. A†		560,399		24,329,400


Shares			Cost		Market Value
	10,000	Calamos Asset Management Inc., Cl. A	$	88,164	$	96,800
	18,800	CIT Group Inc.		776,644		746,360
	88,000	Citigroup Inc.		3,161,659		4,554,000
	16,000	Cullen/Frost Bankers Inc.		1,212,267		960,000
	12,777	Deutsche Bank AG		542,318		308,565
	6,000	Financial Engines Inc.		224,960		202,020
	50,000	Fortress Investment Group LLC, Cl. A		296,068		254,500
	27,400	H&R Block Inc.		580,912		912,694
	20,000	Hennessy Capital Acquisition Corp. II†		200,000		196,000
	40,000	Interactive Brokers Group Inc., Cl. A		643,310		1,744,000
	340,100	Janus Capital Group Inc.		3,838,574		4,792,009
	56,800	JPMorgan Chase & Co.		1,944,615		3,750,504
	32,400	Kinnevik Investment AB, Cl. A		531,784		1,011,366
	125,000	Legg Mason Inc.		3,312,972		4,903,750
	95,900	Leucadia National Corp.		1,340,120		1,667,701
	14,000	Loews Corp.		558,454		537,600
	125,000	Marsh & McLennan Companies Inc.		3,772,923		6,931,250
	9,000	Moody’s Corp.		312,150		903,060
	22,000	Och-Ziff Capital Management Group LLC, Cl. A		206,639		137,060
	20,000	PayPal Holdings Inc.†		651,955		724,000
	50,000	Quinpario Acquisition Corp. 2†		500,000		490,000
	124,100	State Street Corp.		4,346,707		8,235,276
	17,000	SunTrust Banks Inc.		358,050		728,280
	120,900	T. Rowe Price Group Inc.		3,871,890		8,643,141
	210,500	The Bank of New York Mellon Corp.		6,707,443		8,676,810
	20,000	The Charles Schwab Corp.		292,250		658,600
	12,300	The Dun & Bradstreet Corp.		292,691		1,278,339
	10,000	The PNC Financial Services Group Inc.		956,448		953,100
	13,000	W. R. Berkley Corp.		476,775		711,750
	57,000	Waddell & Reed Financial Inc., Cl. A		2,152,241		1,633,620
	235,000	Wells Fargo & Co.		6,995,954		12,774,600

				82,161,951		136,905,328


		Entertainment — 6.6%
	91,600	Discovery Communications Inc., Cl. A†		2,528,113		2,443,888
	244,800	Discovery Communications Inc., Cl. C†		2,766,202		6,173,856
	588,500	Grupo Televisa SAB, ADR		8,585,390		16,013,085
	143,123	Media General Inc.†		1,369,940		2,311,436
	71,700	Starz, Cl. A†		311,175		2,401,950
	101,133	The Madison Square Garden Co, Cl. A†		4,390,920		16,363,373
	186,800	Time Warner Inc.		8,054,928		12,080,356
	40,000	Tokyo Broadcasting System Holdings Inc.		796,181		642,290
	571,200	Twenty-First Century Fox Inc., Cl. A		5,964,904		15,513,792
	367,000	Twenty-First Century Fox Inc., Cl. B		7,939,416		9,993,410
	70,000	Universal Entertainment Corp.		1,103,319		1,287,075


Shares			Cost		Market Value
		COMMON STOCKS (Continued)

		Entertainment (Continued)
	275,500	Viacom Inc., Cl. A	$	13,035,317	$	12,119,245
	325,000	Vivendi SA		8,069,067		7,014,465

				64,914,872		104,358,221


		Cable and Satellite — 6.4%
	258,600	AMC Networks Inc., Cl. A†		12,184,768		19,312,248
	2,100	Cable One Inc.		681,991		910,686
	1,065,000	Cablevision Systems Corp., Cl. A		33,001,976		33,973,500
	90,000	Comcast Corp., Cl. A		1,107,950		5,078,700
	49,900	DISH Network Corp., Cl. A†		1,292,492		2,853,282
	50,300	EchoStar Corp., Cl. A†		1,840,199		1,967,233
	3,545	Liberty Global plc LiLAC, Cl. A†		31,731		146,657
	5,750	Liberty Global plc LiLAC, Cl. C†		132,109		247,250
	471,890	Rogers Communications Inc., New York, Cl. B		4,325,569		16,261,329
	19,310	Rogers Communications Inc., Toronto, Cl. B		137,424		665,949
	108,800	Scripps Networks Interactive Inc., Cl. A		3,513,944		6,006,848
	120,000	Shaw Communications Inc., New York, Cl. B		354,632		2,062,800
	40,000	Shaw Communications Inc., Toronto, Cl. B		52,983		688,010
	63,000	Time Warner Cable Inc.		7,930,400		11,692,170

				66,588,168		101,866,662


		Equipment and Supplies — 5.4%
	445,000	AMETEK Inc.		7,155,088		23,847,550
	7,000	Amphenol Corp., Cl. A		12,928		365,610
	94,000	CIRCOR International Inc.		1,246,366		3,962,100
	358,800	Donaldson Co. Inc.		3,584,382		10,283,208
	243,181	Flowserve Corp.		4,249,333		10,233,056
	37,400	Franklin Electric Co. Inc.		215,706		1,010,922
	259,000	IDEX Corp.		7,890,868		19,841,990
	49,000	Ingersoll-Rand plc		1,050,094		2,709,210
	43,300	Mueller Industries Inc.		1,014,578		1,173,430
	13,000	Sealed Air Corp.		208,280		579,800
	45,000	Tenaris SA, ADR		1,981,220		1,071,000
	10,000	The Greenbrier Companies Inc.		198,206		326,200
	4,000	The Manitowoc Co. Inc.		25,450		61,400
	81,000	The Timken Co.		3,055,909		2,315,790
	59,600	The Weir Group plc		250,790		878,628
	125,000	Watts Water Technologies Inc., Cl. A		3,970,158		6,208,750

				36,109,356		84,868,644


		Health Care — 5.1%
	6,000	Agilent Technologies Inc.		247,707		250,860
	117,450	Alere Inc.†		4,881,382		4,591,121
	8,000	Allergan plc†		1,312,353		2,500,000
	34,000	Amgen Inc.		2,201,978		5,519,220
	22,000	Baxalta Inc.		538,996		858,660
	27,000	Baxter International Inc.		774,119		1,030,050
	10,000	Becton, Dickinson and Co.		803,922		1,540,900
	12,415	Biogen Inc.†.		1,721,662		3,803,335


Shares			Cost		Market Value
	270,000	Boston Scientific Corp.†	$	1,927,086	$	4,978,800
	76,300	Bristol-Myers Squibb Co.		3,406,674		5,248,677
	33,509	Cempra Inc.†		720,707		1,043,135
	15,000	DaVita HealthCare Partners Inc.†		944,551		1,045,650
	20,000	Express Scripts Holding Co.†		1,359,191		1,748,200
	28,000	Henry Schein Inc.†		981,845		4,429,320
	46,800	Indivior plc		28,408		129,569
	37,000	Johnson & Johnson		2,400,670		3,800,640
	5,000	Laboratory Corp. of America Holdings†		600,358		618,200
	25,000	Mead Johnson Nutrition Co.		1,123,205		1,973,750
	27,800	Medtronic plc		2,085,556		2,138,376
	95,200	Merck & Co. Inc.		2,219,590		5,028,464
	11,000	Mylan NV†		739,037		594,770
	88,200	Novartis AG, ADR		3,993,309		7,588,728
	20,000	Patterson Companies Inc.		884,908		904,200
	15,000	Teva Pharmaceutical Industries Ltd., ADR		581,414		984,600
	87,000	UnitedHealth Group Inc.		4,489,729		10,234,680
	4,000	Waters Corp.†		285,470		538,320
	54,500	William Demant Holding A/S†		2,483,169		5,214,134
	8,600	Zimmer Biomet Holdings Inc.		435,897		882,274
	35,000	Zoetis Inc.		1,122,327		1,677,200

				45,295,220		80,895,833


		Diversified Industrial — 4.8%
	500	Acuity Brands Inc.		12,751		116,900
	160,000	Ampco-Pittsburgh Corp.		2,128,534		1,641,600
	175,100	Crane Co.		4,573,755		8,376,784
	149,000	General Electric Co.		3,595,665		4,641,350
	138,300	Greif Inc., Cl. A		1,499,216		4,261,023
	12,800	Greif Inc., Cl. B		637,917		547,456
	32,000	Griffon Corp.		298,790		569,600
	338,000	Honeywell International Inc.		15,956,823		35,006,660
	122,000	ITT Corp.		1,468,866		4,431,040
	11,000	Jardine Strategic Holdings Ltd.		222,951		300,630
	20,000	Kennametal Inc.		530,164		384,000
	50,000	Myers Industries Inc.		818,952		666,000
	86,000	Park-Ohio Holdings Corp.		897,680		3,163,080
	9,666	Rayonier Advanced Materials Inc.		160,768		94,630
	30,000	Rexnord Corp.†		630,867		543,600
	15,000	Sulzer AG		739,785		1,412,989
	100,000	Toray Industries Inc.		771,663		940,139
	12,000	Tredegar Corp.		171,530		163,440
	46,000	Trinity Industries Inc.		619,878		1,104,920
	217,000	Tyco International plc		5,493,446		6,920,130

				41,230,001		75,285,971


		Consumer Products — 4.5%
	150,000	Avon Products Inc.		1,536,978		607,500
	15,300	Christian Dior SE		579,339		2,606,339
	19,000	Church & Dwight Co. Inc.		63,039		1,612,720
	105,000	Coty Inc., Cl. A		1,848,810		2,691,150
	5,000	Crocs Inc.†		73,888		51,200
	177,500	Edgewell Personal Care Co.		12,416,890		13,910,675
	153,000	Energizer Holdings Inc.		3,700,591		5,211,180
	2,100	Givaudan SA		725,396		3,822,185
	95,000	Hanesbrands Inc.		834,707		2,795,850


Shares			Cost		Market Value
		COMMON STOCKS (Continued)

		Consumer Products (Continued)
	23,800	Harley-Davidson Inc.	$	1,105,662	$	1,080,282
	1,270	Hermes International		444,999		430,271
	5,000	Mattel Inc.		76,720		135,850
	11,000	National Presto Industries Inc.		529,994		911,460
	10,000	Oil-Dri Corp. of America		171,255		368,300
	46,800	Reckitt Benckiser Group plc		1,391,995		4,333,448
	30,000	Svenska Cellulosa AB, Cl. B		404,760		876,034
	823,800	Swedish Match AB		9,761,453		29,296,479
	2,800	The Estee Lauder Companies Inc., Cl. A		131,792		246,568

				35,798,268		70,987,491


		Automotive: Parts and Accessories — 4.5%
	107,600	BorgWarner Inc.		4,288,790		4,651,548
	109,900	CLARCOR Inc.		1,559,283		5,459,832
	244,100	Dana Holding Corp.		2,118,851		3,368,580
	243,400	Genuine Parts Co.		10,618,755		20,905,626
	160,600	Johnson Controls Inc.		3,803,198		6,342,094
	180,000	Modine Manufacturing Co.†		3,811,513		1,629,000
	83,500	O’Reilly Automotive Inc.†		9,276,267		21,160,570
	115,000	Standard Motor Products Inc.		1,247,021		4,375,750
	73,000	Superior Industries International Inc.		1,462,789		1,344,660
	14,000	Visteon Corp.†		1,372,450		1,603,000

				39,558,917		70,840,660


		Telecommunications — 3.9%
	379,114	AT&T Inc.		12,973,281		13,045,313
	55,400	BCE Inc.		1,226,373		2,139,548
	954,200	BT Group plc, Cl. A		3,945,717		6,635,357
	750,000	Cincinnati Bell Inc.†		3,613,473		2,700,000
	100,000	Deutsche Telekom AG, ADR		1,656,300		1,788,000
	70,000	Gogo Inc.†		1,074,271		1,246,000
	25,002	Harris Corp.		1,983,730		2,172,630
	36,000	Hellenic Telecommunications Organization SA		452,922		361,498
	15,000	Hellenic Telecommunications Organization SA, ADR		91,062		71,250
	264,732	Koninklijke KPN NV		448,166		1,004,645
	7,040,836	LIME†		128,658		76,292
	22,000	Oi SA, ADR†		1,739,813		10,197
	31,053	Sprint Corp.†		176,071		112,412
	21,000	Telecom Argentina SA, ADR		127,554		337,470
	575,000	Telecom Italia SpA†		2,238,769		734,239
	70,000	Telefonica Brasil SA, ADR		726,827		632,100
	595,736	Telefonica SA, ADR		8,915,134		6,588,840
	570,300	Telephone & Data Systems Inc.		23,927,921		14,765,067
	105,000	Telesites SAB†		79,714		68,479
	25,000	TELUS Corp.		233,734		691,263
	125,000	Verizon Communications Inc.		5,239,043		5,777,500
	40,027	Vodafone Group plc, ADR		1,849,397		1,291,271

				72,847,930		62,249,371


Shares			Cost		Market Value

		Consumer Services — 3.9%
	20,000	eBay Inc.†	$	416,823	$	549,600
	43,000	IAC/InterActiveCorp.		1,098,767		2,582,150
	205,000	Liberty Interactive Corp. QVC Group, Cl. A†		3,282,467		5,600,600
	21,000	Liberty TripAdvisor Holdings Inc., Cl. A†		247,059		637,140
	58,330	Liberty Ventures, Cl. A†		962,379		2,631,266
	1,738,000	Rollins Inc.		12,297,083		45,014,200
	110,000	The ADT Corp.		4,239,209		3,627,800
	5,500	TripAdvisor Inc.†		194,460		468,875

				22,738,247		61,111,631


		Energy and Utilities — 3.8%
	11,000	ABB Ltd., ADR		171,270		195,030
	39,000	Anadarko Petroleum Corp.		2,262,604		1,894,620
	59,000	Apache Corp.		2,771,519		2,623,730
	80,000	BP plc, ADR		3,952,168		2,500,800
	30,000	Cleco Corp.		1,603,080		1,566,300
	16,000	CMS Energy Corp.		102,219		577,280
	185,100	ConocoPhillips		8,559,949		8,642,319
	40,000	CONSOL Energy Inc.		1,457,102		316,000
	207,500	El Paso Electric Co.		5,785,311		7,988,750
	25,000	Eversource Energy		587,334		1,276,750
	58,600	Exxon Mobil Corp.		2,043,648		4,567,870
	140,000	GenOn Energy Inc., Escrow†		0		0
	196,400	Halliburton Co.		3,831,496		6,685,456
	4,000	Marathon Oil Corp.		111,366		50,360
	8,000	Marathon Petroleum Corp.		142,402		414,720
	20,000	Murphy USA Inc.†		886,754		1,214,800
	19,000	National Fuel Gas Co.		1,315,725		812,250
	16,000	NextEra Energy Inc.		975,275		1,662,240
	1,000	Niko Resources Ltd., OTC†		54,403		41
	3,000	Niko Resources Ltd., Toronto†		923		141
	32,400	Oceaneering International Inc.		437,629		1,215,648
	15,100	Phillips 66		1,113,603		1,235,180
	140,000	Rowan Companies plc, Cl. A		5,221,015		2,373,000
	28,000	RPC Inc.		363,509		334,600
	5,000	SJW Corp.		68,704		148,250
	17,000	Southwest Gas Corp.		389,070		937,720
	108,900	Spectra Energy Corp.		2,721,643		2,607,066
	101,000	The AES Corp.		947,543		966,570
	35,000	Weatherford International plc†		503,432		293,650
	164,000	Westar Energy Inc.		3,002,615		6,955,240

				51,383,311		60,056,381


		Retail — 3.6%
	5,000	Advance Auto Parts Inc.		759,888		752,550
	73,300	AutoNation Inc.†		1,047,416		4,373,078
	175,000	Barnes & Noble Inc.		1,797,075		1,524,250
	10,000	Bed Bath & Beyond Inc.†		701,260		482,500
	39,000	Costco Wholesale Corp.		2,028,794		6,298,500
	98,500	CST Brands Inc.		3,318,283		3,855,290
	117,800	CVS Health Corp.		7,425,711		11,517,306
	185,000	Hertz Global Holdings Inc.†		3,192,051		2,632,550
	22,100	HSN Inc.		597,444		1,119,807


Shares			Cost		Market Value
		COMMON STOCKS (Continued)

		Retail (Continued)
	50,000	J.C. Penney Co. Inc.†	$	644,777	$	333,000
	336,000	Macy’s Inc.		6,619,761		11,753,280
	30,000	Penske Automotive Group Inc.		1,279,948		1,270,200
	33,300	Sally Beauty Holdings Inc.†		264,056		928,737
	17,000	The Cheesecake Factory Inc.		553,064		783,870
	3,000	Tiffany & Co.		171,090		228,870
	55,000	United Natural Foods Inc.†		2,278,985		2,164,800
	52,000	Walgreens Boots Alliance Inc.		1,540,167		4,428,060
	33,200	Wal-Mart Stores Inc.		1,677,713		2,035,160
	35,000	Whole Foods Market Inc.		423,349		1,172,500

				36,320,832		57,654,308


		Business Services — 3.2%
	14,334	Allegion plc		232,677		944,897
	7,500	Aramark		194,037		241,875
	18,550	Ascent Capital Group Inc., Cl. A†		823,045		310,156
	157,000	Clear Channel Outdoor Holdings Inc., Cl. A†		1,092,453		877,630
	33,000	Contax Participacoes SA		67,778		3,003
	96,000	Diebold Inc.		3,425,314		2,888,640
	32,000	DigitalGlobe Inc.†		789,949		501,120
	3,000	Edenred		38,786		56,892
	170,400	G4S plc		0		566,468
	17,300	Jardine Matheson Holdings Ltd.		565,935		843,029
	88,000	Landauer Inc.		2,472,818		2,896,960
	16,600	Macquarie Infrastructure Corp.		1,063,589		1,205,160
	318,000	MasterCard Inc., Cl. A		8,229,826		30,960,480
	309,200	The Interpublic Group of Companies Inc.		3,879,391		7,198,176
	10,000	Vectrus Inc.†		106,200		208,900
	12,800	Visa Inc., Cl. A		140,800		992,640

				23,122,598		50,696,026


		Specialty Chemicals — 2.3%
	10,000	Ashland Inc.		979,500		1,027,000
	70,000	Chemtura Corp.†		1,868,486		1,908,900
	20,000	E. I. du Pont de Nemours and Co.		854,362		1,332,000
	420,000	Ferro Corp.†		3,892,584		4,670,400
	8,000	FMC Corp.		136,430		313,040
	39,000	H.B. Fuller Co.		1,131,051		1,422,330
	11,000	Huntsman Corp.		254,859		125,070
	73,000	International Flavors & Fragrances Inc.		4,002,818		8,733,720
	85,000	Methanex Corp.		2,984,692		2,805,850
	250,000	OMNOVA Solutions Inc.†		1,510,743		1,532,500
	189,800	Sensient Technologies Corp.		4,825,924		11,923,236
	6,000	SGL Carbon SE†		141,557		84,343
	2,000	The Chemours Co.		22,594		10,720

				22,605,600		35,889,109


Shares			Cost		Market Value

		Broadcasting — 2.2%
	253,300	CBS Corp., Cl. A, Voting	$	7,617,840	$	13,201,996
	2,000	Cogeco Inc.		39,014		74,077
	17,334	Corus Entertainment Inc., OTC, Cl. B		30,215		136,765
	6,666	Corus Entertainment Inc., Toronto, Cl. B		12,406		52,029
	16,000	Gray Television Inc.†		14,422		260,800
	19,250	Liberty Broadband Corp., Cl. A†		608,060		994,263
	62,047	Liberty Broadband Corp., Cl. C†		1,953,620		3,217,757
	89,000	Liberty Media Corp., Cl. A†		1,858,571		3,493,250
	171,000	Liberty Media Corp., Cl. C†		5,210,812		6,511,680
	297,400	MSG Networks Inc., Cl. A†		1,689,946		6,185,920
	85,200	Television Broadcasts Ltd.		339,712		351,242

				19,374,618		34,479,779


		Aerospace and Defense — 2.1%
	275,000	Aerojet Rocketdyne Holdings Inc.†		2,370,094		4,306,500
	1,356,553	BBA Aviation plc		3,003,621		3,781,702
	35,800	Kaman Corp.		881,634		1,460,998
	17,500	Northrop Grumman Corp.		900,365		3,304,175
	1,209,000	Rolls-Royce Holdings plc		9,301,551		10,248,330
	107,624,700	Rolls-Royce Holdings plc, Cl. C†		165,942		158,661
	70,000	The Boeing Co.		7,980,581		10,121,300

				24,603,788		33,381,666


		Machinery — 2.1%
	12,800	Caterpillar Inc.		86,323		869,888
	53,592	CNH Industrial NV		464,629		366,569
	283,000	Deere & Co.		9,002,645		21,584,410
	286,000	Xylem Inc.		7,741,363		10,439,000

				17,294,960		33,259,867


		Hotels and Gaming — 1.7%
	16,000	Accor SA		549,282		695,611
	45,000	Belmond Ltd., Cl. A†		621,367		427,500
	90,000	Genting Singapore plc		74,910		48,875
	8,000	Hyatt Hotels Corp., Cl. A†		263,258		376,160
	9,095	International Game Technology plc		172,350		147,157
	27,200	Interval Leisure Group Inc.		513,097		424,592
	679,400	Ladbrokes plc		3,105,535		1,198,888
	43,000	Las Vegas Sands Corp.		657,319		1,885,120
	4,569,500	Mandarin Oriental International Ltd.		8,011,198		7,082,725
	70,000	MGM China Holdings Ltd.		137,917		87,612
	50,000	MGM Resorts International†		699,287		1,136,000


Shares			Cost		Market Value
		COMMON STOCKS (Continued)

		Hotels and Gaming (Continued)
	34,000	Pinnacle Entertainment Inc.†	$	265,059	$	1,058,080
	188,800	Ryman Hospitality Properties Inc.		5,121,573		9,749,632
	29,000	Starwood Hotels & Resorts Worldwide Inc.		877,736		2,009,120
	200,000	The Hongkong & Shanghai Hotels Ltd.		155,450		222,966
	4,000	Wyndham Worldwide Corp.		282,896		290,600
	2,500	Wynn Resorts Ltd.		137,731		172,975

				21,645,965		27,013,613


		Wireless Communications — 1.4%
	105,000	America Movil SAB de CV, Cl. L, ADR		735,232		1,476,300
	9,000,000	Cable & Wireless Communications plc		6,727,260		9,858,034
	42,000	Millicom International Cellular SA, SDR		3,737,666		2,420,556
	150,000	NTT DoCoMo Inc.		2,980,751		3,099,963
	50,075	Tim Participacoes SA, ADR		371,251		424,636
	28,000	T-Mobile US Inc.†		783,008		1,095,360
	104,600	United States Cellular Corp.†		4,965,942		4,268,726

				20,301,110		22,643,575


		Aviation: Parts and Services — 1.4%
	31,000	B/E Aerospace Inc.		1,684,573		1,313,470
	270,300	Curtiss-Wright Corp.		8,489,994		18,515,550
	23,500	KLX Inc.†		981,598		723,565
	8,000	Precision Castparts Corp.		1,934,579		1,856,080

				13,090,744		22,408,665


		Electronics — 1.4%
	20,610	Bel Fuse Inc., Cl. A		568,365		300,082
	7,000	Emerson Electric Co.		402,608		334,810
	4,000	Hitachi Ltd., ADR		287,076		226,800
	55,500	Integrated Device Technology Inc.†		1,173,341		1,462,425
	54,000	Intel Corp.		1,160,428		1,860,300
	34,170	Koninklijke Philips NV		180,354		869,626
	2,400	Mettler-Toledo International Inc.†		337,271		813,912
	41,000	TE Connectivity Ltd.		1,593,428		2,649,010
	240,000	Texas Instruments Inc.		10,684,012		13,154,400

				16,386,883		21,671,365


		Publishing — 1.3%
	1,500	Graham Holdings Co., Cl. B		801,342		727,455
	6,250	Journal Media Group Inc.		12,582		75,125
	111,600	McGraw Hill Financial Inc.		4,595,648		11,001,528
	104,000	Meredith Corp.		4,447,392		4,498,000
	125,000	News Corp., Cl. A		1,939,129		1,670,000
	148,600	News Corp., Cl. B		1,640,044		2,074,456
	25,000	The E.W. Scripps Co., Cl. A		144,698		475,000

				13,580,835		20,521,564


Shares			Cost		Market Value

		Environmental Services — 1.3%
	35,000	Pentair plc	$	1,197,464	$	1,733,550
	230,800	Republic Services Inc.		5,911,660		10,152,892
	157,400	Waste Management Inc.		4,560,250		8,400,438

				11,669,374		20,286,880


		Telecommunication Services — 0.8%
	76,800	Liberty Global plc, Cl. A†		964,226		3,253,248
	220,000	Liberty Global plc, Cl. C†		4,042,349		8,969,400

				5,006,575		12,222,648


		Computer Software and Services — 0.7%
	1,002	Alphabet Inc., Cl. C†		520,271		760,398
	6,000	Check Point Software Technologies Ltd.†		101,862		488,280
	25,000	Fortinet Inc.†		792,420		779,250
	23,000	InterXion Holding NV†		338,737		693,450
	62,000	NCR Corp.†		757,681		1,516,520
	20,900	Rockwell Automation Inc.		648,748		2,144,549
	20,000	VeriFone Systems Inc.†		477,903		560,400
	130,000	Yahoo! Inc.†		2,884,194		4,323,800

				6,521,816		11,266,647


		Agriculture — 0.6%
	200,000	Archer Daniels Midland Co.		9,150,371		7,336,000
	16,000	Monsanto Co.		709,230		1,576,320
	12,800	Syngenta AG, ADR		186,484		1,007,744
	10,000	The Mosaic Co.		428,085		275,900

				10,474,170		10,195,964


		Automotive — 0.6%
	95,746	General Motors Co.		3,682,527		3,256,321
	242,874	Navistar International Corp.†		6,247,780		2,147,006
	75,000	PACCAR Inc.		327,796		3,555,000

				10,258,103		8,958,327


		Communications Equipment — 0.5%
	450,000	Corning Inc.		5,377,401		8,226,000


		Real Estate — 0.5%
	40,000	Forest City Enterprises Inc., Cl. A†		805,346		877,200
	56,000	Griffin Industrial Realty Inc.		542,694		1,461,040
	275,000	The St. Joe Co.†		5,204,866		5,090,250

				6,552,906		7,428,490


		Metals and Mining — 0.4%
	37,400	Agnico Eagle Mines Ltd.		1,530,570		982,872
	110,000	Alcoa Inc.		1,014,118		1,085,700
	54,000	Barrick Gold Corp.		1,581,120		398,520
	30,000	Cliffs Natural Resources Inc.†		296,432		47,400
	36,000	Freeport-McMoRan Inc.		1,067,330		243,720
	4,800	Materion Corp.		108,162		134,400
	50,000	New Hope Corp. Ltd.		67,580		67,222
	143,600	Newmont Mining Corp.		5,120,536		2,583,364
	60,000	TimkenSteel Corp.		1,657,120		502,800
	140,000	Turquoise Hill Resources Ltd.†		726,343		355,600
	14,000	Vale SA, ADR		236,116		46,060

				13,405,427		6,447,658


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Transportation — 0.4%
	139,800	GATX Corp.	$	4,452,896	$	5,948,490


		Building and Construction — 0.3%
	18,000	Assa Abloy AB, Cl. B		310,378		379,556
	80,000	Fortune Brands Home & Security Inc.		680,866		4,440,000
	45,000	Layne Christensen Co.†		573,982		236,700

				1,565,226		5,056,256


		Closed-End Funds — 0.2%
	4,285	Royce Global Value Trust Inc.		37,280		31,923
	30,000	Royce Value Trust Inc.		368,797		353,100
	86,343	The Central Europe, Russia, and Turkey Fund Inc.		2,526,967		1,435,884
	123,430	The New Germany Fund Inc.		1,628,914		1,814,421

				4,561,958		3,635,328


		Manufactured Housing and Recreational Vehicles — 0.1%
	5,000	Martin Marietta Materials Inc.		106,125		682,900
	30,000	Nobility Homes Inc.†		349,956		363,000
	50,000	Skyline Corp.†		478,741		179,000

				934,822		1,224,900


		Real Estate Investment Trusts — 0.0%
	29,000	Rayonier Inc.		457,601		643,800


		TOTAL COMMON STOCKS		970,792,709		1,559,308,765

		CONVERTIBLE PREFERRED STOCKS — 0.1%
		Telecommunications — 0.1%
	21,000	Cincinnati Bell Inc., 6.750%, Ser. B		515,202		1,007,160

		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	115,800	Kinder Morgan Inc., expire 05/25/17†		139,263		6,960


Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 0.2%
		Diversified Industrial — 0.2%
	$ 2,000,000	Griffon Corp., Sub. Deb., 4.000%, 01/15/17(a)	$	2,000,000	$	2,600,000

		U.S. GOVERNMENT OBLIGATIONS — 1.1%
	17,719,000	U.S. Treasury Bills, 0.000% to 0.280%††, 01/07/16 to 06/23/16		17,696,378		17,696,906


	TOTAL INVESTMENTS — 100.0%		$	991,143,552		1,580,619,791


	Other Assets and Liabilities (Net)					2,203,016
	PREFERRED STOCK
	(9,350,634 preferred shares outstanding)					(333,665,850	)


	NET ASSETS — COMMON STOCK
	(219,244,891 common shares outstanding)				$	1,249,156,957


	NET ASSET VALUE PER COMMON SHARE
	($1,249,156,957 ÷ 219,244,891 shares outstanding)				$	5.70

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2015, the market value of the Rule 144A security amounted to $2,600,000 or 0.16% of total investments.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

SDR	Swedish Depositary Receipt


Geographic Diversification	% of Total Investments			Market Value
North America		81.8	%	$1,293,304,798
Europe		13.9		219,884,613
Latin America		2.6		40,564,908
Japan		1.7		26,224,042
Asia/Pacific		0.0		641,430

Total Investments		100.0	%	$1,580,619,791


Statement of Assets and Liabilities December 31, 2015
Assets:
Investments, at value (cost $991,143,552)	$	1,580,619,791
Receivable for investments sold		23,967,347
Dividends and interest receivable		2,466,324
Deferred offering expense		101,750
Prepaid expenses		15,100

Total Assets		1,607,170,312

Liabilities:
Foreign currency, at value (cost $(40,139))		40,381
Distributions payable		139,433
Payable for investments purchased		21,652,524
Payable for investment advisory fees		1,221,883
Payable for payroll expenses		101,101
Payable for accounting fees		7,500
Payable for auction agent fees		873,578
Other accrued expenses		311,105

Total Liabilities		24,347,505

Cumulative Preferred Stock, $0.001 par value:
Series C (Auction Rate, $25,000 liquidation value, 5,200 shares authorized with 2,880 shares issued and outstanding)		72,000,000
Series D (5.875%, $25 liquidation value, 3,000,000 shares authorized with 2,363,860 shares issued and outstanding)		59,096,500
Series E (Auction Rate, $25,000 liquidation value, 2,000 shares authorized with 1,120 shares issued and outstanding)		28,000,000
Series G ($25 liquidation value, 2,816,524 shares authorized with 2,797,001 shares issued and outstanding)		69,925,025
Series H (5.000%, $25 liquidation value, 4,200,000 shares authorized with 4,185,773 shares issued and outstanding)		104,644,325

Total Preferred Stock		333,665,850

Net Assets Attributable to Common Shareholders	$	1,249,156,957

Net Assets Attributable to Common Shareholders Consist of:
Paid-in capital	$	671,488,463
Distributions in excess of net investment income		(564,288	)
Distributions in excess of net realized gain on investments, futures contracts, and foreign currency transactions		(11,235,131	)
Net unrealized appreciation on investments		589,476,239
Net unrealized depreciation on foreign currency translations		(8,326	)

Net Assets	$	1,249,156,957


Net Asset Value per Common Share:
($1,249,156,957 ÷ 219,244,891 shares outstanding at $0.001 par value; 246,000,000 shares authorized)			$5.70


Statement of Operations For the Year Ended December 31, 2015
Investment Income:
Dividends (net of foreign withholding taxes of $1,056,984)	$	30,423,955
Interest		118,782

Total Investment Income		30,542,737

Expenses:
Investment advisory fees		17,455,225
Shareholder communications expenses		368,417
Payroll expenses		230,749
Custodian fees		218,969
Directors’ fees		178,500
Shareholder services fees		142,717
Legal and audit fees		121,968
Accounting fees		45,000
Interest expense		110
Miscellaneous expenses		508,004

Total Expenses		19,269,659

Less:
Advisory fee reduction (See Note 3)		(1,590,965	)
Advisory fee reduction on unsupervised assets (See Note 3)		(3,538	)
Expenses paid indirectly by broker (See Note 3)		(8,491	)

Total Reductions		(1,602,994	)

Net Expenses		17,666,665

Net Investment Income		12,876,072

Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, and Foreign Currency:
Net realized gain on investments		107,027,134
Net realized gain on futures contracts		1,184,326
Net realized loss on foreign currency transactions		(16,240	)

Net realized gain on investments, futures contracts, and foreign currency transactions		108,195,220

Net change in unrealized appreciation/depreciation:
on investments		(205,669,017	)
on futures contracts		(124,655	)
on foreign currency translations		4,230

Net change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency translations		(205,789,442	)

Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, and Foreign Currency		(97,594,222	)

Net Decrease in Net Assets Resulting from Operations		(84,718,150	)

Total Distributions to Preferred Shareholders		(12,305,867	)

Net Decrease in Net Assets Attributable to Common Shareholders Resulting from Operations	$	(97,024,017	)

Selected data for a share of beneficial interest outstanding throughout each period:

1. Organization. The Gabelli Equity Trust Inc. (the “Fund”) is a non-diversified closed-end management investment company organized as a Maryland corporation on May 20, 1986 and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), whose primary objective is long term growth of capital with income as a secondary objective. Investment operations commenced on August 21, 1986.

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 shareholder approval. The Fund will provide shareholders with notice at least sixty days prior to the implementation of any changes in the 80% Policy.

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. 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 of Directors (the “Board”) so determines, by such other method as the Board shall determine in goo


	Per Share		Total
Public offering price	$	25.00	$	80,000,000
Underwriting discounts and commissions	$	0.7875	$	2,520,000
Proceeds, before expenses, to the Fund⁽¹⁾	$	24.2125	$	77,480,000


	Page
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS		P-3
SUMMARY OF THE TERMS OF THE SERIES J PREFERRED SHARES		P-4
DESCRIPTION OF THE SERIES J PREFERRED SHARES		P-7
USE OF PROCEEDS		P-8
CAPITALIZATION		P-9
DESCRIPTION OF THE CAPITAL STOCK		P-10
ASSET COVERAGE RATIO		P-11
SPECIAL CHARACTERISTICS AND RISKS OF THE SERIES J PREFERRED SHARES		P-11
U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE OFFERING		P-16
EMPLOYEE BENEFIT PLAN AND IRA CONSIDERATION		P-17
UNDERWRITING		P-18
LEGAL MATTERS		P-20
FINANCIAL STATEMENTS		P-20
Prospectus
Prospectus Summary		1
Summary of Fund Expenses		14
Financial Highlights		16
Use of Proceeds		22
The Fund		22
Investment Objectives and Policies		22
Risk Factors and Special Considerations		32
How the Fund Manages Risk		42
Management of The Fund		43
Portfolio Transactions		47
Dividends and Distributions		47
Issuance of Common Stock		49
Automatic Dividend Reinvestment and Voluntary Cash Purchase Plan		49
Description of the Capital Stock		51
Anti-Takeover Provisions of the Fund’s Governing Documents		61
Closed-End Fund Structure		64
Repurchase of Common Stock		64
Rights Offerings		65
Net Asset Value		65
Limitation on Directors’ and Officers’ Liability		66
Taxation		66
Custodian, Transfer Agent and Dividend Disbursing Agent		70
Plan of Distribution		70
Legal Matters		72
Independent Registered Public Accounting Firm		72
Additional Information		72
Privacy Principles of the Fund		72
Table of Contents of Statement of Additional Information		73


	As of December 31, 2015
	Actual			As adjusted
Preferred stock, $0.001 par value per share
(The “Actual” column reflects the Fund’s outstanding capitalization as of December 31, 2015; the “As adjusted” column assumes the issuance of 3,200,000 Series J Preferred Shares at $25.00 liquidation preference per share)	$	333,665,850		$	413,665,850

Stockholders’ equity applicable to common shares:
Common stock, $0.001 par value per share
(The “Actual” and “As adjusted” columns reflect the Fund’s outstanding capitalization of 219,244,891 shares of common stock as of December 31, 2015)		219,245			219,245
Paid-in surplus*		671,269,218			668,424,218
Distributions in excess of net investment income, net realized gain on investments, futures contracts, and foreign currency transactions		(11,799,419	)		(11,799,419	)
Net unrealized appreciation on investments and foreign currency translations		589,467,913			589,467,913

Net assets applicable to common stock		1,249,156,957			1,246,311,957
Liquidation preference of preferred stock		333,665,850			413,665,850

Net assets, plus the liquidation preference of preferred stock		1,582,822,807			1,659,977,807


	Year Ended				Year Ended
	December 31, 2015				December 31, 2014
Operations:
Net investment income		$	12,876,072			$	11,351,235
Net realized gain on investments, futures contracts, and foreign currency transactions			108,195,220				107,618,196
Net change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency translations			(205,789,442	)			(36,911,307	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			(84,718,150	)			82,058,124

Distributions to Preferred Shareholders:
Net investment income			(1,288,253	)			(1,169,042	)
Net realized gain			(11,017,614	)			(11,171,723	)

Total Distributions to Preferred Shareholders			(12,305,867	)			(12,340,765	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations			(97,024,017	)			69,717,359


Distributions to Common Shareholders:
Net investment income			(11,363,839	)			(10,239,764	)
Net realized gain			(97,187,735	)			(97,854,364	)
Return of capital			(31,765,154	)			(19,611,714	)

Total Distributions to Common Shareholders			(140,316,728	)			(127,705,842	)


Fund Share Transactions:
Net increase in net assets from common shares issued in offering			—				156,969,797
Net increase in net assets from common shares issued upon reinvestment of distributions			—				9,042,602
Net increase in net assets from repurchase of preferred shares			6,683				30,852

Net Increase in Net Assets from Fund Share Transactions			6,683				166,043,251

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders			(237,334,062	)			108,054,768

Net Assets Attributable to Common Shareholders:
Beginning of year			1,486,491,019				1,378,436,251

End of year (including undistributed net investment income of $0 and $0, respectively)		$	1,249,156,957			$	1,486,491,019


	Year Ended December 31,
	2015			2014			2013			2012			2011
Operating Performance:
Net asset value, beginning of year.	$	6.78		$	7.23		$	5.60		$	5.20		$	5.85

Net investment income		0.06			0.07			0.06			0.09			0.07
Net realized and unrealized gain/(loss) on investments, futures contracts, swap contracts, and foreign currency transactions		(0.44	)		0.30			2.26			0.97			(0.08	)

Total from investment operations		(0.38	)		0.37			2.32			1.06			(0.01	)

Distributions to Preferred Shareholders: (a)
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.03	)		(0.06	)
Net realized gain		(0.05	)		(0.05	)		(0.06	)		(0.05	)		(0.01	)

Total distributions to preferred shareholders		(0.06	)		(0.06	)		(0.07	)		(0.08	)		(0.07	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations		(0.44	)		0.31			2.25			0.98			(0.08	)

Distributions to Common Shareholders:
Net investment income		(0.05	)		(0.05	)		(0.05	)		(0.06	)		(0.02	)
Net realized gain		(0.44	)		(0.49	)		(0.57	)		(0.11	)		(0.00	)(b)
Return of capital		(0.15	)		(0.10	)		—			(0.39	)		(0.55	)

Total distributions to common shareholders		(0.64	)		(0.64	)		(0.62	)		(0.56	)		(0.57	)

Fund Share Transactions:
Decrease in net asset value from common share transactions		—			(0.12	)		0.00	(b)		—			—
Increase in net asset value from repurchase of preferred shares		0.00	(b)		0.00	(b)		0.00	(b)		—			—
Offering costs and adjustment to offering costs for preferred shares charged to paid-in capital		—			—			0.00	(b)		(0.02	)		—

Total Fund share transactions		0.00	(b)		(0.12	)		0.00	(b)		(0.02	)		—

Net Asset Value Attributable to Common Shareholders, End of Year	$	5.70		$	6.78		$	7.23		$	5.60		$	5.20

NAV total return †		(6.85	)%		4.68	%		41.90	%		19.05	%		(1.17	)%

Market value, end of year	$	5.31		$	6.47		$	7.75		$	5.58		$	4.99

Investment total return ††		(8.54	)%		(6.08	)%		52.44	%		23.62	%		(2.15	)%

Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of year (in 000’s)	$	1,582,823		$	1,820,361		$	1,712,663		$	1,384,961		$	1,265,307
Net assets attributable to common shares, end of year (in 000’s)	$	1,249,157		$	1,486,491		$	1,378,436		$	1,050,451		$	959,950
Ratio of net investment income to average net assets attributable to common shares before preferred distributions		0.91	%		0.82	%		0.84	%		1.54	%		1.26	%
Ratio of operating expenses to average net assets attributable to common shares:
before fee reductions		1.36	%(c)		1.37	%		1.40	%		1.48	%		1.48	%
net of fee reductions, if any		1.25	%(c)		1.33	%		1.40	%		1.48	%		1.19	%
Ratio of operating expenses to average net assets including liquidation value of preferred shares:
before fee reductions		1.10	%(c)		1.10	%		1.10	%		1.12	%		1.15	%
net of fee reductions, if any		1.01	%(c)		1.07	%		1.10	%		1.12	%		0.92	%
Portfolio turnover rate		8.9	%		10.9	%		10.0	%		4.2	%		6.3	%


Title Of Class	Amount Outstanding		Amount Authorized
Common Stock		219,244,891		237,024,900
Series C Preferred		2,880		5,200
Series D Preferred		2,363,860		3,000,000
Series E Preferred		1,120		2,000
Series G Preferred		2,797,001		3,280,477
Series H Preferred		4,185,773		4,198,880
Series J Preferred Shares(1)		0		4,500,000
Preferred Stock(2)		0		17,988,543


Underwriter	Number of Series J Preferred Shares

UBS Securities LLC		1,440,000

Wells Fargo Securities, LLC		1,440,000

G.research, LLC		320,000

Total		3,200,000



Mario J. Gabelli, CFA Christopher J. Marangi Kevin V. Dryer Robert D. Leininger, CFA Daniel M. Miller


Food and Beverage	11.9	%
Financial Services	8.7	%
Entertainment	6.6	%
Cable and Satellite	6.4	%
Equipment and Supplies	5.4	%
Health Care	5.1	%
Diversified Industrial	5.0	%
Consumer Products	4.5	%
Automotive: Parts and Accessories	4.5	%
Telecommunications	4.0	%
Consumer Services	3.9	%
Energy and Utilities	3.8	%
Retail	3.6	%
Business Services	3.2	%
Specialty Chemicals	2.3	%
Broadcasting	2.2	%
Aerospace and Defense	2.1	%
Machinery	2.1	%
Hotels and Gaming	1.7	%
Wireless Communications	1.4	%
Aviation: Parts and Services	1.4	%


UBS Investment Bank		Wells Fargo Securities