# EDGAR Filing Document

**Accession Number:** 0000794685
**File Stem:** 0001829126-26-001809
**Filing Date:** 2026-3
**Character Count:** 222444
**Document Hash:** 73fc170eed4e7f2ff6dd9ea6a702909a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-001809.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001829126-26-001809

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 29

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**EFFECTIVENESS DATE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GABELLI EQUITY TRUST INC
- **CENTRAL INDEX KEY:** 0000794685

**ORGANIZATION NAME:**
- **EIN:** 222736509
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-276314
- **FILM NUMBER:** 26709258

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORP CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 9149215070

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580-1434

?xml version='1.0' encoding='ASCII'?

**As filed with the Securities and Exchange Commission on March 2, 2026**

**Securities Act File No. 333-276314**

**Investment Company Act File No. 811-04700**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

**(Check Appropriate Box or Boxes)**

☒ **Registration Statement under the Securities Act of 1933**

☐ **Pre-Effective Amendment No.**

☒ **Post-Effective Amendment No. 2**

**and/or**

☒ **Registration Statement under the Investment Company Act of 1940**

☒ **Amendment No. 70**

**THE GABELLI EQUITY TRUST INC.**

**(Exact Name of Registrant as Specified in Charter)**

**One Corporate Center, Rye, New York 10580-1422**

**(Address of Principal Executive Offices)**

**Registrant's Telephone Number, Including Area Code: (800) 422-3554**

**John C. Ball**

**The Gabelli Equity Trust Inc.**

**One Corporate Center**

**Rye, New York 10580-1422**

**(914) 921-5100**

**(Name and Address of Agent for Service)**

***Copies to:***

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| | |
|:---|:---|
| **Peter Goldstein, Esq.**<br> **The Gabelli Equity Trust Inc.**<br> **One Corporate Center**<br> **Rye, New York 10580-1422**<br> **(914) 921-5100** | **P. Jay Spinola, Esq.**<br> **Willkie Farr & Gallagher LLP**<br> **787 Seventh Avenue**<br> **New York, New York 10019-6099**<br> **(212) 728-8000** |

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**Approximate Date of Proposed Public Offering**: As soon as practicable after the effective date of this Registration Statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following box ☐

If any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan, check the following box. ☒

If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following box ☒

If this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box ☒

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box ☐

It is proposed that this filing will become effective (check appropriate box):

☐ when declared effective pursuant to Section 8(c) of the Securities Act

If appropriate, check the following box:

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☒ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-276314.

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (the "Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act.

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☒ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☒ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934).

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 2 to the Registration Statement on Form N-2 (File Nos. 333-276314 and 811-04700) of The Gabelli Equity Trust Inc. (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 2 consists only of a facing sheet, this explanatory note and Part C of the Registration Statement setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 2 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 2 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

**PART C — OTHER INFORMATION**

**Item 25.** **Financial Statements and Exhibits** 

1. Financial Statements

Included in Part A:

[Annual Report for the fiscal year ended December 31, 2022](https://www.sec.gov/Archives/edgar/data/794685/000138713123003229/gab-ncsr_123122.htm)

[Semi-Annual Report for the fiscal period ended June 30, 2023](https://www.sec.gov/Archives/edgar/data/794685/000182912623005964/gab_ncsrs.htm)

Included in Part B:

[Audited financial statements and financial highlights for the fiscal year ended December 31, 2022 and related Report of Independent Registered Public Accounting Firm are incorporated herein by reference to the 2022 Annual Report.](https://www.sec.gov/Archives/edgar/data/794685/000138713123003229/gab-ncsr_123122.htm)

[Audited financial statements and financial highlights for the fiscal period ended June 30, 2023 and related Report of Independent Registered Public Accounting Firm are incorporated herein by reference to the 2023 Semi-Annual Report.](https://www.sec.gov/Archives/edgar/data/794685/000182912623005964/gab_ncsrs.htm)

2. Exhibits

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|:---|:---|
| (a)(i) | [Articles of Incorporation are incorporated by reference to Exhibit (a)(1) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-45951 and 811-04700) as filed with the Securities and Exchange Commission on April 7, 1998.](https://www.sec.gov/Archives/edgar/data/794685/0000950123-98-003497.txt) |

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|:---|:---|
| (a)(ii)(a) | [Articles Supplementary for the 7.25% Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(2) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-45951 and 811-04700) as filed with the Securities and Exchange Commission on April 7, 1998.](https://www.sec.gov/Archives/edgar/data/794685/0000950123-98-003497.txt) |

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|:---|:---|
| (a)(ii)(b) | [Articles Supplementary for the 7.20% Tax Advantaged Series B Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(3) to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-47012 and 811-4700) as filed with the Securities and Exchange Commission on June 11, 2001.](https://www.sec.gov/Archives/edgar/data/794685/000095017201500365/gabelli.txt) |

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|:---|:---|
| (a)(ii)(c) | [Articles of Amendment dated June 15, 2001 to the Articles Supplementary for the 7.20% Tax Advantaged Series B Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(2)(B) to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-47012 and 811-4700) as filed with the Securities and Exchange Commission on June 11, 2001.](https://www.sec.gov/Archives/edgar/data/794685/000095017201500365/gabelli.txt) |

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|:---|:---|
| (a)(ii)(d) | [Articles Supplementary for the Series C Auction Rate Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(2)(A) to Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-86554 and 811-04700) as filed with the Securities and Exchange Commission on June 25, 2002.](https://www.sec.gov/Archives/edgar/data/794685/000095017202001397/s649149.txt) |

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|:---|:---|
| (a)(iii) | [Articles Supplementary for the 5.875% Series D Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(iv) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-106081 and 811-04700) as filed with the Securities and Exchange Commission on October 1, 2003.](https://www.sec.gov/Archives/edgar/data/794685/000095017203002928/s473948_3.txt) |

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|:---|:---|
| (a)(iv) | [Articles Supplementary for the Series E Auction Rate Preferred Stock are incorporated by reference to Exhibit (a)(v) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-106081 and 811-04700) as filed with the Securities and Exchange Commission on October 1, 2003.](https://www.sec.gov/Archives/edgar/data/794685/000095017203002928/s473986_2.txt) |

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|:---|:---|
| (a)(v) | [Articles Supplementary for the 6.20% Series F Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(vi) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-137298 and 811-04700) as filed with the Securities and Exchange Commission on November 6, 2006.](https://www.sec.gov/Archives/edgar/data/794685/000095012306013535/y26698a2exv99w2wawvi.htm) |

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|:---|:---|
| (a)(vi) | [Articles Supplementary for election to be subject to Section 3-804(c) of the Maryland General Corporation Law are incorporated by reference to Exhibit (3)(i) the Registrant's filing on Form 8-K (File No. 811-04700) as filed with the Securities and Exchange Commission on December 9, 2010.](https://www.sec.gov/Archives/edgar/data/794685/000095012310112512/y88235aexv3wi.htm) |

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|:---|:---|
| (a)(vii) | [Articles of Amendment dated May 12, 2004 to the Articles of Incorporation are incorporated by reference to Exhibit (f) to the Registrant's Registration Statement on Form N-14 (File No. 333-126111) as filed with the Securities and Exchange Commission on June 24, 2005.](https://www.sec.gov/Archives/edgar/data/794685/000095012305007742/y10046exv99w1wf.txt) |

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|:---|:---|
| (a)(viii) | [Articles of Amendment dated September 12, 2005 to the Articles of Incorporation are incorporated by reference to Exhibit (a)(v) to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-127724 and 811-04700) as filed with the Securities and Exchange Commission on September 15, 2005.](https://www.sec.gov/Archives/edgar/data/794685/000095013305004157/y11686a1exv99w2wawv.htm) |

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|:---|:---|
| (a)(ix) | [Articles of Amendment dated May 29, 2009 to the Articles Supplementary for the Series C Auction Rate Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(ix) to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on June 22, 2011.](https://www.sec.gov/Archives/edgar/data/794685/000095012311060856/y91816exv99wawix.htm) |

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|:---|:---|
| (a)(x) | [Articles of Amendment dated May 29, 2009 to the Articles Supplementary for the 5.875% Series D Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(x) to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on June 22, 2011.](https://www.sec.gov/Archives/edgar/data/794685/000095012311060856/y91816exv99wawx.htm) |

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|:---|:---|
| (a)(xi) | [Articles of Amendment dated May 29, 2009 to the Articles Supplementary for the Series E Auction Rate Preferred Stock are incorporated by reference to Exhibit (a)(xi) to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on June 22, 2011.](https://www.sec.gov/Archives/edgar/data/794685/000095012311060856/y91816exv99wawxi.htm) |

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|:---|:---|
| (a)(xii) | [Articles of Amendment dated May 29, 2009 to the Articles Supplementary for the 6.20% Series F Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(xii) to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on June 22, 2011.](https://www.sec.gov/Archives/edgar/data/794685/000095012311060856/y91816exv99wawxii.htm) |

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|:---|:---|
| (a)(xiii) | [Articles Supplementary for the Series G Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(xiii) to Post-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on June 21, 2012.](https://www.sec.gov/Archives/edgar/data/794685/000119312512278761/d370637dex99axiii.htm) |

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|:---|:---|
| (a)(xiv) | [Articles Supplementary for the 5.00% Series H Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(xiv) to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on September 26, 2012.](https://www.sec.gov/Archives/edgar/data/794685/000119312512404976/d415316dex99axiv.htm) |

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|:---|:---|
| (a)(xv) | [Articles of Amendment dated November 15, 2012 to the Articles Supplementary for the Series C Auction Rate Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(xv) to Post-Effective Amendment No. 5 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on March 25, 2013.](https://www.sec.gov/Archives/edgar/data/794685/000119312513124461/d496290dex99axv.htm) |

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|:---|:---|
| (a)(xvi) | [Articles of Amendment dated November 15, 2012 to the Articles Supplementary for the 5.875% Series D Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(xvi) to Post-Effective Amendment No. 5 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on March 25, 2013.](https://www.sec.gov/Archives/edgar/data/794685/000119312513124461/d496290dex99axvi.htm) |

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|:---|:---|
| (a)(xvii) | [Articles of Amendment dated November 15, 2012 to the Articles Supplementary for the Series E Auction Rate Preferred Stock are incorporated by reference to Exhibit (a)(xvii) to Post-Effective Amendment No. 5 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on March 25, 2013.](https://www.sec.gov/Archives/edgar/data/794685/000119312513124461/d496290dex99axvii.htm) |

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|:---|:---|
| (a)(xviii) | [Articles of Amendment dated January 23, 2014 to the Articles Supplementary for the Series C Auction Rate Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(xviii) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-195247 and 811-04700) as filed with the Securities and Exchange Commission on April 14, 2014.](https://www.sec.gov/Archives/edgar/data/794685/000119312514142064/d710663dex99axviii.htm) |

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|:---|:---|
| (a)(xix) | [Articles of Amendment dated January 23, 2014 to the Articles Supplementary for the Series E Auction Rate Preferred Stock are incorporated by reference to Exhibit (a)(xix) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-195247 and 811-04700) as filed with the Securities and Exchange Commission on April 14, 2014.](https://www.sec.gov/Archives/edgar/data/794685/000119312514142064/d710663dex99axix.htm) |

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| (a)(xx) | [Articles of Amendment dated January 23, 2014 to the Articles Supplementary for the 5.00% Series H Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(xx) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-195247 and 811-04700) as filed with the Securities and Exchange Commission on April 14, 2014.](https://www.sec.gov/Archives/edgar/data/794685/000119312514142064/d710663dex99axx.htm) |

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|:---|:---|
| (a)(xxi) | [Articles Supplementary for the 5.45% Series J Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(xxi) to Post-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-195247 and 811-04700) as filed with the Securities and Exchange Commission on March 29, 2016.](https://www.sec.gov/Archives/edgar/data/794685/000119312516521615/d137835dex99axxi.htm) |

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|:---|:---|
| (a)(xxii) | [Articles of Amendment dated October 17, 2017 to the Articles of Incorporation are incorporated by reference to Exhibit (a)(xxii) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-220232 and 811-04700) as filed with the Securities and Exchange Commission on October 20, 2017.](https://www.sec.gov/Archives/edgar/data/794685/000119312517315509/d479439dex99axxii.htm) |

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|:---|:---|
| (a)(xxiii) | [Articles Supplementary for the 5.00% Series K Cumulative Preferred stock are incorporated by reference to Exhibit (a)(xxii) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-220232 and 811-04700) as filed with the Securities and Exchange Commission on December 11, 2019.](https://www.sec.gov/Archives/edgar/data/794685/000119312519311459/d768302dex99axxiii.htm) |

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| (a)(xxiv) | [Articles Supplementary Creating and Fixing the Rights of 4.25% Series M Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(xxiv) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-276314 and 811-04700) as filed with the Securities and Exchange Commission on December 29, 2023.](https://www.sec.gov/Archives/edgar/data/794685/000182912623008312/gabelliequitytrust_ex99axxiv.htm) |

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| (a)(xxv) | [Articles Supplementary Creating and Fixing the Rights of 5.25% Series N Cumulative Preferred Stock are incorporated by reference to Exhibit (a)(xxv) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-276314 and 811-04700) as filed with the Securities and Exchange Commission on December 29, 2023.](https://www.sec.gov/Archives/edgar/data/794685/000182912623008312/gabelliequitytrust_ex99axxv.htm) |

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| (a)(xxvi) | [Articles Supplementary Creating and Fixing the Rights of 5.20% Series Q Cumulative Preferred Stock are filed herewith.](gabelliequity_ex99axxvi.htm) |

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(a)(xxvii) [Articles of Amendment dated March 2, 2026 to the Articles of Incorporation are filed herewith.](gabelliequity_ex99axxvii.htm)

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|:---|:---|
| (b)(i) | [Amended and Restated By-Laws of Registrant are incorporated by reference to Exhibit (3)(ii) to the Registrant's filing on Form 8-K (File No. 811-04700) as filed with the Securities and Exchange Commission on December 9, 2010.](https://www.sec.gov/Archives/edgar/data/794685/000095012310112512/y88235aexv3wii.htm) |

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| (b)(ii) | [Amendment No. 1 to Amended and Restated By-Laws of Registrant is incorporated by reference by reference to Exhibit (b)(ii) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-276314 and 811-04700) as filed with the Securities and Exchange Commission on December 29, 2023.](https://www.sec.gov/Archives/edgar/data/794685/000182912623008312/gabelliequitytrust_ex99bii.htm) |

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| (b)(iii) | [Amendment No. 2 to Amended and Restated By-Laws of Registrant is incorporated by reference to Exhibit (b)(iii) to the Registrant's Registration Statement on Form N-2 (File Nos. 333- 276314 and 811-04700) as filed with the Securities and Exchange Commission on November 15, 2024.](https://www.sec.gov/Archives/edgar/data/794685/000182912624007579/gabelliequitytrust_ex99biii.htm) |

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(c) Not applicable

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|:---|:---|
| (d)(i) | [Form of certificate for Common Stock, par value $.001 per share is incorporated by reference to the Exhibit (d)(1) to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 033-62323 and 811-04700) as filed with the Securities and Exchange Commission on October 13, 1995.](https://www.sec.gov/Archives/edgar/data/794685/0000950123-95-002892.txt) |

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| (d)(ii) | [Form of certificate for Series C Auction Rate Cumulative Preferred Stock is incorporated by reference to Exhibit (d) to Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-86554 and 811-04700) as filed with the Securities and Exchange Commission on June 25, 2002.](https://www.sec.gov/Archives/edgar/data/794685/000095017202001397/certificate.txt) |

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| (d)(iii) | [Form of certificate of 5.875% Series D Cumulative Preferred Stock is incorporated by reference to Exhibit (d)(i)(C) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-106081 and 811-04700) as filed with the Securities and Exchange Commission on October 1, 2003.](https://www.sec.gov/Archives/edgar/data/794685/000095017203002928/s476039.txt) |

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| (d)(iv) | [Form of certificate Series E Auction Rate Preferred Stock is incorporated by reference to Exhibit (d)(1)(D) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-106081 and 811-04700) as filed with the Securities and Exchange Commission on October 1, 2003.](https://www.sec.gov/Archives/edgar/data/794685/000095017203002928/s452072a.txt) |

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(d)(v) [Form of Subscription Certificate is filed herewith.](gabelliequity_ex99dv.htm) <br>(d)(vi) [Form of Notice of Guaranteed Delivery is filed herewith.](gabelliequity_ex99dvi.htm)

(e) [Automatic Dividend Reinvestment and Voluntary Cash Purchase Plan of The Gabelli Equity Trust Inc. are incorporated by reference to Exhibit (e) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-45951 and 811-04700) as filed with the Securities and Exchange Commission on April 7, 1998.](https://www.sec.gov/Archives/edgar/data/794685/0000950123-98-003497.txt)

(f) Not applicable

(g) [Investment Advisory Agreement between Registrant and Gabelli Funds, LLC (the "Investment Adviser") is incorporated by reference to the Exhibit (g) to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 033-62323 and 811-04700) as filed with the Securities and Exchange Commission on October 13, 1995.](https://www.sec.gov/Archives/edgar/data/794685/0000950123-95-002892.txt)

(h) Not applicable.

(i) Not applicable

(j) [Custodian Contract between Registrant and The Bank of New York Mellon is incorporated by reference to Exhibit (j) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on April 29, 2011.](https://www.sec.gov/Archives/edgar/data/794685/000095012311042138/y91065exv99wj.htm)

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| (k)(i) | [Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on April 29, 2011.](https://www.sec.gov/Archives/edgar/data/794685/000095012311042138/y91065exv99wkwi.htm) |

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|:---|:---|
| (k)(i)(a) | [Amendment No. 1 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(a) to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on September 26, 2012.](https://www.sec.gov/Archives/edgar/data/794685/000119312512404976/d415316dex99kia.htm) |

---

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| | |
|:---|:---|
| (k)(i)(b) | [Amendment No. 2 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc.is incorporated by reference to Exhibit (k)(i)(b) to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on September 26, 2012.](https://www.sec.gov/Archives/edgar/data/794685/000119312512404976/d415316dex99kib.htm) |

---

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| | |
|:---|:---|
| (k)(i)(c) | [Amendment No. 3 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(c) to Post-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-195247 and 811-04700) as filed with the Securities and Exchange Commission on March 18, 2016.](https://www.sec.gov/Archives/edgar/data/794685/000119312516510238/d23122dex99kic.htm) |

---

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| | |
|:---|:---|
| (k)(i)(d) | [Amendment No. 4 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(d) to Post-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-195247 and 811-04700) as filed with the Securities and Exchange Commission on March 18, 2016.](https://www.sec.gov/Archives/edgar/data/794685/000119312516510238/d23122dex99kid.htm) |

---

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| | |
|:---|:---|
| (k)(i)(e) | [Amendment No. 5 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(e) to Post-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-195247 and 811-04700) as filed with the Securities and Exchange Commission on March 18, 2016.](https://www.sec.gov/Archives/edgar/data/794685/000119312516510238/d23122dex99kie.htm) |

---

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| | |
|:---|:---|
| (k)(i)(f) | [Amendment No. 6 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(f) to Post-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-195247 and 811-04700) as filed with the Securities and Exchange Commission on March 29, 2016.](https://www.sec.gov/Archives/edgar/data/794685/000119312516521615/d137835dex99kif.htm) |

---

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| | |
|:---|:---|
| (k)(i)(g) | [Amendment No. 7 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(g) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-220232 and 811-04700) as filed with the Securities and Exchange Commission on August 29, 2017.](https://www.sec.gov/Archives/edgar/data/794685/000119312517272059/d449457dex99kig.htm) |

---

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| | |
|:---|:---|
| (k)(i)(h) | [Amendment No. 8 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(h) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-220232 and 811-04700) as filed with the Securities and Exchange Commission on August 29, 2017.](https://www.sec.gov/Archives/edgar/data/794685/000119312517272059/d449457dex99kih.htm) |

---

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| | |
|:---|:---|
| (k)(i)(i) | [Amendment No. 9 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(i) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-220232 and 811-04700) as filed with the Securities and Exchange Commission on August 29, 2017.](https://www.sec.gov/Archives/edgar/data/794685/000119312517272059/d449457dex99kii.htm) |

---

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| | |
|:---|:---|
| (k)(i)(j) | [Amendment No. 10 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(j) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-220232 and 811-04700) as filed with the Securities and Exchange Commission on October 20, 2017.](https://www.sec.gov/Archives/edgar/data/794685/000119312517315509/d479439dex99kij.htm) |

---

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| | |
|:---|:---|
| (k)(i)(k) | [Amendment No. 11 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(k) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-220232 and 811-04700) as filed with the Securities and Exchange Commission on October 20, 2017.](https://www.sec.gov/Archives/edgar/data/794685/000119312517315509/d479439dex99kik.htm) |

---

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| | |
|:---|:---|
| (k)(i)(l) | [Amendment No. 12 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(l) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-220232 and 811-04700) as filed with the Securities and Exchange Commission on September 24, 2019.](https://www.sec.gov/Archives/edgar/data/794685/000119312519253625/d776080dex99kil.htm) |

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| | |
|:---|:---|
| (k)(i)(m) | [Amendment No. 13 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(m) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-220232 and 811-04700) as filed with the Securities and Exchange Commission on September 24, 2019.](https://www.sec.gov/Archives/edgar/data/794685/000119312519253625/d776080dex99kim.htm) |

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| | |
|:---|:---|
| (k)(i)(n) | [Amendment No. 14 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(1)(xiv) to the Registration Statement on Form N-2 of Gabelli Utility Trust (File Nos. 333-236449 and 811-09243), as filed with the Securities and Exchange Commission on February 14, 2020.](https://www.sec.gov/Archives/edgar/data/1080720/000119312520037901/d833869dex99k1xiv.htm) |

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| | |
|:---|:---|
| (k)(i)(o) | [Amendment No. 15 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(n) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-220232 and 811-04700) as filed with the Securities and Exchange Commission on December 11, 2019.](https://www.sec.gov/Archives/edgar/data/794685/000119312519311459/d768302dex99kin.htm) |

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| | |
|:---|:---|
| (k)(i)(p) | [Amendment No. 16 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(1)(xvi) to the Registration Statement on Form N-2 of Gabelli Utility Trust (File Nos. 333-236449 and 811-09243), as filed with the Securities and Exchange Commission on February 14, 2020.](https://www.sec.gov/Archives/edgar/data/1080720/000119312520037901/d833869dex99k1xvi.htm) |

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| | |
|:---|:---|
| (k)(i)(q) | [Amendment No. 17 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (d)(5)(xviii) to The Gabelli Dividend & Income Trust's Tender Offer Statement on Schedule TO (File No. 005-84324), filed on March 17, 2021.](https://www.sec.gov/Archives/edgar/data/1260729/000119312521084266/d34126dex99d5xviii.htm) |

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| | |
|:---|:---|
| (k)(i)(r) | [Amendment No. 18 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(r) to Post-Effective Amendment No. 1 to The Gabelli Dividend & Income Trust's Registration Statement on Form N-2, File Nos. 333-259726 and 811-21423, as filed with the Securities and Exchange Commission on October 5, 2021.](https://www.sec.gov/Archives/edgar/data/1260729/000119312521292253/d230519dex99kir.htm) |

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| | |
|:---|:---|
| (k)(i)(s) | [Amendment No. 19 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(i)(s) to Post-Effective Amendment No. 1 to The Gabelli Dividend & Income Trust's Registration Statement on Form N-2, File Nos. 333-259726 and 811-21423, as filed with the Securities and Exchange Commission on October 5, 2021.](https://www.sec.gov/Archives/edgar/data/1260729/000119312521292253/d230519dex99kis.htm) |

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| | |
|:---|:---|
| (k)(i)(t) | [Amendment No. 20 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (d)(5)(xxi) to The Gabelli Utility Trust's Tender Offer Statement on Schedule TO (File No. 005-84324), filed on September 6, 2023.](https://www.sec.gov/Archives/edgar/data/1080720/000182912623005956/gut_exd5xxi.htm) |

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| | |
|:---|:---|
| (k)(i)(u) | [Amendment No. 21 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (d)(5)(xxii) to The Gabelli Utility Trust's Tender Offer Statement on Schedule TO (File No. 005-84324), filed on September 6, 2023.](https://www.sec.gov/Archives/edgar/data/1080720/000182912623005956/gut_exd5xxii.htm) |

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| | |
|:---|:---|
| (k)(i)(v) | [Amendment No. 22 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (d)(5)(xxiii) to The Gabelli Utility Trust's Tender Offer Statement on Schedule TO (File No. 005-84324), filed on September 6, 2023.](https://www.sec.gov/Archives/edgar/data/1080720/000182912623005956/gut_exd5xxiii.htm) |

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| | |
|:---|:---|
| (k)(i)(w) | [Amendment No. 23 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (d)(5)(xxiv) to The Gabelli Utility Trust's Tender Offer Statement on Schedule TO (File No. 005-84324), filed on September 6, 2023.](https://www.sec.gov/Archives/edgar/data/1080720/000182912623005956/gut_exd5xxiv.htm) |

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| | |
|:---|:---|
| (k)(i)(x) | [Amendment No. 24 to Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (d)(5)(xxv) to The Gabelli Utility Trust's Tender Offer Statement on Schedule TO (File No. 005-84324), filed on September 6, 2023.](https://www.sec.gov/Archives/edgar/data/1080720/000182912623005956/gut_exd5xxv.htm) |

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| | |
|:---|:---|
| (k)(ii) | [Fee and Service Schedule for Stock Transfer Services among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to Exhibit (k)(ii) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-173819 and 811-04700) as filed with the Securities and Exchange Commission on April 29, 2011.](https://www.sec.gov/Archives/edgar/data/794685/000095012311042138/y91065exv99wkwii.htm) |

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| | |
|:---|:---|
| (k)(iii) | [Form of Auction Agency Agreement for the Series C Auction Rate Cumulative Preferred Stock is incorporated by reference to Exhibit (k)(3) to Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-86554 and 811-04700) as filed with the Securities and Exchange Commission on June 25, 2002.](https://www.sec.gov/Archives/edgar/data/794685/000095017202001397/s392862.txt) |

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| | |
|:---|:---|
| (k)(iv) | [Form of Auction Agency Agreement for the Series E Auction Rate Preferred Stock is incorporated by reference to Exhibit (k)(ii) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-106081 and 811-04700) as filed with the Securities and Exchange Commission on October 1, 2003.](https://www.sec.gov/Archives/edgar/data/794685/000095017203002928/s476041.txt) |

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| | |
|:---|:---|
| (k)(v) | [Form of Broker-Dealer Agreement for the Series C Auction Rate Cumulative Preferred Stock is incorporated by reference to Exhibit (k)(4) to Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-86554 and 811-04700) as filed with the Securities and Exchange Commission on June 25, 2002.](https://www.sec.gov/Archives/edgar/data/794685/000095017202001397/s393240a.txt) |

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| | |
|:---|:---|
| (k)(vi) | [Form of Broker-Dealer Agreement for the Series E Auction Rate Preferred Stock is incorporated by reference to Exhibit (k)(iii) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-106081 and 811-04700) as filed with the Securities and Exchange Commission on October 1, 2003.](https://www.sec.gov/Archives/edgar/data/794685/000095017203002928/s476049.txt) |

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| | |
|:---|:---|
| (k)(vii) | [Form of Subscription Agent Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. is filed herewith.](gabelliequity_ex99kvii.htm) |
| (k)(viii) | [Form of Master Engagement Agreement between Registrant and Sodali & Co. is incorporated by reference to Exhibit (k)(7) to Post-Effective Amendment No. 1 to the Registration Statement of Gabelli Utility Trust on Form N-2 (File Nos. 333-275448 and 811-09243) as filed with the Securities and Exchange Commissin on September 9, 2024.](https://www.sec.gov/Archives/edgar/data/1080720/000182912624006186/gut_ex99-k7.htm) |

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| | |
|:---|:---|
| (l)(i) | [Opinion and Consent of Venable LLP is incorporated by reference to Exhibit (l)(i) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-276314 and 811-04700) as filed with the Securities and Exchange Commission on December 29, 2023.](https://www.sec.gov/Archives/edgar/data/794685/000182912623008312/gabelliequitytrust_ex99li.htm) |
| (l)(ii) | [Opinion and Consent of Venable LLP with respect to legality of the Common Stock and the Rights is filed herewith.](gabelliequity_ex99lii.htm) |

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(m) Not applicable

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| | |
|:---|:---|
| (n)(i) | [Consent of Independent Registered Public Accounting Firm is incorporated by reference to Exhibit (n)(i) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-276314 and 811-04700) as filed with the Securities and Exchange Commission on December 29, 2023.](https://www.sec.gov/Archives/edgar/data/794685/000182912623008312/gabelliequitytrust_ex99ni.htm) |

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| | |
|:---|:---|
| (n)(ii) | [Power of Attorney is incorporated by reference to Exhibit (n)(ii) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-276314 and 811-04700) as filed with the Securities and Exchange Commission on December 29, 2023.](https://www.sec.gov/Archives/edgar/data/794685/000182912623008312/gabelliequitytrust_ex99nii.htm) |
| (n)(iii) | [Power of Attorney of Anthonie C. Van Ekris is filed herewith.](gabelliequity_ex99niii.htm) |

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(o) Not applicable

(p) Not applicable

(q) Not applicable

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| | |
|:---|:---|
| (r)(i) | [Code of Ethics of the Investment Adviser and of the Registrant is incorporated by reference to Exhibit (r)(1) to The Gabelli Utility Trust's Registration Statement on Form N-2 (File Nos. 333-275448 and 811-09243) as filed with the Securities and Exchange Commission on November 9, 2023.](https://www.sec.gov/Archives/edgar/data/1080720/000182912623007248/gut_exr1.htm) |

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|:---|:---|
| (r)(ii) | [Joint Code of Ethics of the Investment Adviser and of the Registrant for Chief Executive and Senior Financial Officers of the Gabelli Funds is incorporated by reference to Exhibit (r)(2) to The Gabelli Utility Trust's Registration Statement on Form N-2 (File Nos. 333-275448 and 811-09243) as filed with the Securities and Exchange Commission on November 9, 2023.](https://www.sec.gov/Archives/edgar/data/1080720/000182912623007248/gut_exr2.htm) |

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|:---|:---|
| (s)(i) | [Calculation of Filing Fee Tables (Deferral of Payment of Registration Fees) is incorporated by reference to Exhibit (s) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-276314 and 811-04700) as filed with the Securities and Exchange Commission on December 29, 2023.](https://www.sec.gov/Archives/edgar/data/794685/000182912623008312/gabelliequitytrust_ex99s.htm) |
| (s)(ii) | [Calculation of Filing Fee Tables (Final Prospectus Dated March 2, 2026) is filed herewith.](gabelliequity_ex99sii.htm) |

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**Item 26.** **Marketing Arrangements** 

The information contained under the heading "Plan of Distribution" beginning on page 53 of the Prospectus is incorporated by reference.

**Item 27.** **Other Expenses of Issuance and Distribution**

The following table sets forth the estimated expenses to be incurred in connection with the offering described in this Registration Statement:

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| | |
|:---|:---|
| Accounting fees | $80000 |
| Legal fees | $440000 |
| NYSE listing fees | $49323 |
| Printing expenses | $650000 |
| Rating agency fees | $100000 |
| SEC registration fees | $73800 |
| Miscellaneous | $476877 |
| Total | $1870000 |

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**Item 28.** **Persons Controlled by or Under Common Control with Registrant**

None.

**Item 29.** **Number of Holders of Securities as of February 26, 2026:**

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| | | |
|:---|:---|:---|
| **Class of Stock** | **Number of<br> Record Holders** | **Number of<br> Record Holders** |
| Common Stock |  | 3601 |
| Series G Preferred |  | 2 |
| Series H Preferred |  | 2 |
| Series K Preferred |  | 1 |
| Series M Preferred |  | 11 |
| Series Q Preferred |  | 26 |

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**Item 30.** **Indemnification** 

Article VI of the Registrant's Amended and Restated Bylaws provides as follows:

**ARTICLE VI INDEMNIFICATION, ADVANCE OF EXPENSES AND INSURANCE**

SECTION 1. Indemnification of Directors and Officers. Any person who was or is a party or is threatened to be made a party in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is a current or former director or officer of the Corporation, or is or was serving while a director or officer of the Corporation at the request of the Corporation as a director, officer, partner, trustee, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, enterprise or employee benefit plan, shall be indemnified by the Corporation against judgments, penalties, fines, excise taxes, settlements and reasonable expenses (including attorneys' fees) actually incurred by such person in connection with such action, suit or proceeding to the full extent permissible under the MGCL, the Securities Act of 1933, as amended, and the Investment Company Act, as those statutes are now or hereafter in force, except that such indemnity shall not protect any such person against any liability to the Corporation or any stockholder thereof to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office ("disabling conduct").

SECTION 2. Advances. Any current or former director or officer of the Corporation claiming indemnification within the scope of this Article VI shall be entitled to advances from the Corporation for payment of the reasonable expenses incurred by him or her in connection with proceedings to which he or she is a party in the manner and to the full extent permissible under the MGCL, the Securities Act of 1933, as amended, and the Investment Company Act, as those statutes are now or hereafter in force; provided, however, that the person seeking indemnification shall provide to the Corporation a written affirmation of his good faith belief that the standard of conduct necessary for indemnification by the Corporation has been met and a written undertaking to repay any such advance, if it should ultimately be determined that the standard of conduct has not been met, and provided further that at least one of the following additional conditions is met: (a) the person seeking indemnification shall provide a security in form and amount acceptable to the Corporation for his undertaking; (b) the Corporation is insured against losses arising by reason of the advance; or (c) a majority of a quorum of directors of the Corporation who are neither "interested persons" as defined in Section 2(a)(19) of the Investment Company Act, nor parties to the proceeding ("disinterested non-party directors"), or independent legal counsel, in a written opinion, shall determine, based on a review of facts readily available to the Corporation at the time the advance is proposed to be made, that there is reason to believe that the person seeking indemnification will ultimately be found to be entitled to indemnification.

SECTION 3. Procedure. At the request of any current or former director or officer, or any employee or agent whom the Corporation proposes to indemnify, the Board of Directors shall determine, or cause to be determined, in a manner consistent with the MGCL, the Securities Act of 1933, as amended, and the Investment Company Act, as those statutes are now or hereafter in force, whether the standards required by this Article V have been met; provided, however, that indemnification shall be made only following: (a) a final decision on the merits by a court or other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of disabling conduct or (b) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the person to be indemnified was not liable by reason of disabling conduct, by (i) the vote of a majority of a quorum of disinterested non-party directors or (ii) an independent legal counsel in a written opinion.

SECTION 4. Indemnification of Employees and Agents. Employees and agents who are not officers or directors of the Corporation may be indemnified, and reasonable expenses may be advanced to such employees or agents, in accordance with the procedures set forth in this Article V to the extent permissible under the MGCL, the Securities Act of 1933, as amended, and the Investment Company Act, as those statutes are now or hereafter in force, and to such further extent, consistent with the foregoing, as may be provided by action of the Board of Directors or by contract.

SECTION 5. General; Other Rights. The rights to indemnification and advance of expenses provided by the Charter and these Bylaws shall vest immediately upon election of a director or officer. Neither the amendment nor repeal of this Article, nor the adoption or amendment of any other provision of the Charter or these Bylaws inconsistent with this Article, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. The indemnification provided by this Article VI shall not be deemed exclusive of any other right, with respect to indemnification or otherwise, to which those seeking such indemnification may be entitled under any insurance or other agreement, vote of stockholders or disinterested directors or otherwise, both as to action by a director or officer of the Corporation in his official capacity and as to action by such person in another capacity while holding such office or position, and shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person.

SECTION 6. Insurance. The Corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or who, while a director, officer, employee or agent of the Corporation, is or was serving at the request of the Corporation as a director, officer, partner, trustee, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, enterprise or employee benefit plan, against any liability asserted against and incurred by him or her in any such capacity, or arising out of his or her status as such, and reasonable expenses incurred by him or her in connection with proceedings to which he or she is made a party, provided that no insurance may be obtained by the Corporation for liabilities against which the Corporation is specifically prohibited from indemnifying him or her under this Article VI or applicable law.

*Section 5 of the Registrant's Investment Advisory Agreement provides as follows:* 

5. Standard of Care

The Advisor shall exercise its best judgment in rendering the services described in paragraphs 2 and 3 above. The Advisor shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters of which this Agreement relates, provided that nothing in this paragraph shall be deemed to protect or purport to protect the Advisor against any liability to the Fund or to its shareholders to which the Advisor would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the Advisor's reckless disregard of its obligations and duties under this Agreement.

**Item 31.** **Business and Other Connections of Investment Adviser** 

The Investment Adviser, a limited liability company organized under the laws of the State of New York, acts as investment adviser to the Registrant. The Registrant is fulfilling the requirement of this Item 31 to provide a list of the officers and directors of the Investment Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the Investment Adviser or those officers and directors during the past two years, by incorporating by reference the information contained in the Form ADV of the Investment Adviser filed with the SEC pursuant to the Investment Advisers Act of 1940 (Commission File No. 801-37706).

**Item 32.** **Location of Accounts and Records** 

Omitted pursuant to the Instruction of Item 32 of Form N-2.

**Item 33.** **Management Services** 

Not applicable.

**Item 34.** **Undertakings** 

1. Not applicable.

2. Not applicable.

3. Registrant undertakes:

(a) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if (i) it determines to conduct one or more offerings of the Fund's common shares (including rights to purchase its common shares) at a price below its net asset value per common share at the date the offering is commenced, and (ii) such offering or offerings will result in greater than a 15% dilution to the Fund's net asset value per common share.

(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; and

(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is relying on Rule 430C: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. Registrant undertakes:

(a) that, for the purpose of determining any liability under the Securities Act the information omitted from the form of prospectus filed as part of the Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act will be deemed to be a part of the Registration Statement as of the time it was declared effective.

(b) that, for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus will be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of the securities at that time will be deemed to be the initial bona fide offering thereof.

5. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

6. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

7. Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information constituting Part B of this Registration Statement.

**SIGNATURES**

As required by the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rye, State of New York, on the 2<sup>nd</sup> day of March, 2026.

---

| | |
|:---|:---|
| THE GABELLI EQUITY TRUST INC. | THE GABELLI EQUITY TRUST INC. |
| By: | /s/ John C. Ball |
|  | John C. Ball |
|  | President and Principal Executive Officer |

---

As required by the Securities Act of 1933, as amended, this Form N-2 has been signed below by the following persons in the capacities set forth below on the 2<sup>nd</sup> day of March, 2026.

---

| | |
|:---|:---|
| **NAME** | **TITLE** |
| \* | Director |
| Mario J. Gabelli |  |
| \* | Director |
| Elizabeth C. Bogan |  |
| \* | Director |
| James P. Conn |  |
| \* | Director |
| Frank J. Fahrenkopf, Jr. |  |
| \* | Director |
| Michael J. Ferrantino |  |
| \* | Director |
| Leslie F. Foley |  |
| \* | Director |
| William F. Heitmann |  |
| \* | Director |
| Laura Linehan |  |
| \* | Director |
| Agnes Mullady |  |
| \* | Director |
| Eileen Cheigh Nakamura |  |
| \* | Director |
| Anthonie C. van Ekris |  |
| \* | Director |
| Salvatore J. Zizza |  |
| /s/ John C. Ball | President, Treasurer and Principal Financial and Accounting Officer |
| John C. Ball |  |
| /s/ John C. Ball | Attorney-in-Fact |
| John C. Ball |  |

---

\* Pursuant to a Power of Attorney

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| (a)(xxvi) | [Articles Supplementary Series Q Cumulative Preferred Stock](gabelliequity_ex99axxvi.htm) |
| (a)(xxvii) | [Articles of Amendment](gabelliequity_ex99axxvii.htm) |
| (d)(v) | [Form of Subscription Certificate](gabelliequity_ex99dv.htm) |
| (d)(vi) | [Form of Notice of Guaranteed Delivery](gabelliequity_ex99dvi.htm) |
| (k)(vii) | [Form of Subscription Agent Agreement](gabelliequity_ex99kvii.htm) |
| (l)(ii) | [Opinion and Consent of Venable LLP with respect to the legality of the Common Stock and the Rights](gabelliequity_ex99lii.htm) |
| (n)(iii) | [Power of Attorney](gabelliequity_ex99niii.htm) |
| (s)(ii) | [Calculation of Filing Fee Tables](gabelliequity_ex99sii.htm) |

---

## Ex-99.(A)(Xxvi)

**Exhibit (a)(xxvi)**

**THE GABELLI EQUITY TRUST INC.**

**ARTICLES SUPPLEMENTARY**

**CREATING AND FIXING THE RIGHTS OF**

**5.20% SERIES Q CUMULATIVE PREFERRED STOCK**

The Gabelli Equity Trust Inc., a Maryland corporation, having its principal office in Baltimore City, Maryland (hereinafter called the "<u>Corporation</u>"), hereby certifies to the State Department of Assessments and Taxation of Maryland (the "<u>SDAT</u>") that:

FIRST: The Board of Directors, and a duly authorized committee thereof, pursuant to authority expressly vested in it by Article V of the Charter of the Corporation, adopted resolutions classifying 8,000,000 authorized and unissued shares of preferred stock of the Corporation, par value $0.001 per share, without further designation as to class or series, as shares of 5.20% Series Q Cumulative Preferred Stock having the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption set forth herein.

SECOND: The preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of the Corporation's 5.20% Series Q Cumulative Preferred Stock, par value $0.001 per share, as fixed by the Board of Directors, and a duly authorized committee thereof, are as follows:

**DESIGNATION**

5.20% Series Q Cumulative Preferred Stock: A series of 8,000,000 shares of preferred stock, par value $0.001 per share, is hereby designated "5.20% Series Q Cumulative Preferred Stock" (the "<u>Series Q Preferred Stock</u>"). The Series Q Preferred Stock shall constitute a separate series of Preferred Stock.

**ARTICLE I**

**DEFINITIONS**

Unless the context or use indicates another or different meaning or intent, each of the following terms when used in these Articles Supplementary shall have the meaning ascribed to it below, whether such term is used in the singular or plural and regardless of tense or gender:

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended, or any successor statute.

"<u>Administrator</u>" means the other party to the Administration Agreement with the Corporation, which shall initially be Gabelli Funds, LLC, a New York limited liability company, and will include, as appropriate, any sub-administrator appointed by the Administrator.

"<u>Adviser</u>" means Gabelli Funds, LLC, a New York limited liability company, or such other person as shall be serving as the investment adviser of the Corporation.

"<u>Asset Coverage</u>" means 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 Corporation which are stock, including all Outstanding shares of Series Q Preferred Stock (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), determined on the basis of values calculated as of a time within 48 hours (not including Saturdays, Sundays or holidays) next preceding the time of such determination.

"<u>Board of Directors</u>" means the Board of Directors of the Corporation or any duly authorized committee thereof as permitted by applicable law.

"<u>Business Day</u>" means a day on which the New York Stock Exchange is open for trading and that is neither a Saturday, Sunday nor any other day on which banks in the city of New York, New York are authorized or obligated by law to close.

"<u>By-Laws</u>" means the By-Laws of the Corporation, as amended from time to time.

"<u>Charter</u>" means the Articles of Incorporation of the Corporation, as amended and supplemented (including by these Articles Supplementary), as accepted for record by the SDAT.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Common Stock</u>" means the Common Stock, par value $0.001 per share, of the Corporation.

"<u>Corporation</u>" means The Gabelli Equity Trust Inc., a Maryland corporation.

"<u>Cure Date</u>" shall have the meaning set forth in paragraph 4(a)(ii) of Article II hereof.

"<u>Date of Original Issue</u>" means, with respect to the Series Q Preferred Stock, the date on which any shares of the Series Q Preferred Stock are first issued, and for the purposes of these Articles Supplementary shall mean with respect to any other class or series of Preferred Stock the date upon which shares of such class or series are first issued.

"<u>Deposit Assets</u>" means cash, Short-Term Money Market Instruments and U.S. Government Obligations. Each Deposit Asset shall be deemed to have a value equal to its principal or face amount payable at maturity plus any interest payable thereon after delivery of such Deposit Asset but only if payable on or prior to the applicable payment date in advance of which the relevant deposit is made.

"<u>Dividend-Disbursing Agent</u>" means, with respect to the Series Q Preferred Stock, Computershare Trust Company, N.A. and its successors or any other dividend-disbursing agent appointed by the Corporation and, with respect to any other class or series of Preferred Stock, the Person appointed by the Corporation as dividend-disbursing or paying agent with respect to such class or series.

"<u>Dividend Payment Date</u>" means with respect to the Series Q Preferred Stock, any date on which dividends and distributions declared by the Company and authorized by, or under authority granted by, the Board of Directors thereon are payable pursuant to the provisions of paragraph 2(a) of Article II of these Articles Supplementary and shall for the purposes of these Articles Supplementary have a correlative meaning with respect to any other class or series of Preferred Stock.

"<u>Dividend Period</u>" shall have the meaning set forth in paragraph 2(a) of Article II hereof, and for the purposes of these Articles Supplementary shall have a correlative meaning with respect to any other class or series of Preferred Stock.

"<u>Fitch</u>" means Fitch Ratings.

"<u>Governing Documents</u>" means the Charter and the By-Laws.

"<u>Liquidation Preference</u>" shall, with respect to the Series Q Preferred Stock, have the meaning set forth in paragraph 3(a) of Article II hereof, and for the purposes of these Articles Supplementary shall have a correlative meaning with respect to any other class or series of Preferred Stock.

"<u>Mandatory Redemption Date</u>" means December 26, 2028.

"<u>Moody's</u>" means Moody's Investors Service, Inc. and its successors at law.

"<u>Notice of Redemption</u>" shall have the meaning set forth in paragraph 4(d)(i) of Article II hereof.

"<u>Outstanding</u>" means, as of any date, Preferred Stock theretofore issued by the Corporation except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any such share of Preferred Stock theretofore redeemed, repurchased, cancelled or otherwise reacquired by the Corporation or delivered to the Corporation for redemption, repurchase, cancellation or other acquisition by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any such share of Preferred Stock, other than auction rate Preferred Stock, as to which a notice of redemption shall have been given and for whose payment at the redemption thereof Deposit Assets in the necessary amount are held by the Corporation in trust for, or have been irrevocably deposited with the relevant disbursing agent for payment to, the holder of such share pursuant to these Articles Supplementary with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of auction rate Preferred Stock, any such shares theretofore delivered to the applicable auction agent for redemption, repurchase, cancellation or other acquisition by the Corporation or with respect to which the Corporation has given notice of redemption and irrevocably deposited with the paying agent sufficient funds to redeem such shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such share in exchange for or in lieu of which other shares have been issued and delivered.

Notwithstanding the foregoing, (i) for purposes of voting rights (including the determination of the number of shares required to constitute a quorum), any shares of Preferred Stock as to which any subsidiary of the Corporation is the holder will be disregarded and deemed not Outstanding, and (ii) in connection with any auction of shares of auction rate Preferred Stock as to which the Corporation or any Person known to the auction agent to be a subsidiary of the Corporation is the holder will be disregarded and not deemed Outstanding.

"<u>Person</u>" means and includes an individual, a partnership, the Corporation, a trust, a corporation, a limited liability company, an unincorporated association, a joint venture or other entity or a government or any agency or political subdivision thereof.

"<u>Preferred Stock</u>" means the preferred stock, par value $0.001 per share, of the Corporation, and includes the Series Q Preferred Stock.

"<u>Redemption Price</u>" has the meaning set forth in paragraph 4(a)(ii) of Article II hereof, and for the purposes of these Articles Supplementary shall have a correlative meaning with respect to any other class or series of Preferred Stock.

"<u>S&P</u>" means S&P Global Ratings, or its successors at law.

"<u>Series Q Preferred Stock</u>" means the 5.20% Series Q Cumulative Preferred Stock, par value $0.001 per share, of the Corporation.

"<u>Series Q Asset Coverage Cure Date</u>" means, with respect to the failure by the Corporation to maintain Asset Coverage (as required by paragraph 6(a) of Article II hereof) as of the last Business Day of each March, June, September and December of each year, 60 days following such Business Day.

"<u>Short-Term Money Market Instruments</u>" means the following types of instruments if, on the date of purchase or other acquisition thereof by the Corporation, the remaining term to maturity thereof is not in excess of 360 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commercial paper rated either F-1 by Fitch or A-1 by S&P
if such commercial paper matures in 30 days or P-1 by Moody's and either F-1+ by Fitch or A-1+ by S&P if such commercial paper
matures in over 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand or time deposits in, and banker's acceptances and
certificates of deposit of, (A) a depository institution or trust company incorporated under the laws of the United States of America
or any state thereof or the District of Columbia or (B) a United States branch office or agency of a foreign depository institution (provided
that such branch office or agency is subject to banking regulation under the laws of the United States, any state thereof or the District
of Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) overnight funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) U.S. Government Obligations and U.S. Government Securities;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Eurodollar demand or time deposits in, or certificates of deposit
of, the head office or the London branch office of a depository institution or trust company if the certificates of deposit, if any,
and the long-term unsecured debt obligations (other than such obligations the ratings of which are based on the credit of a person or
entity other than such depository institution or trust company) of such depository institution or trust company that have (1) credit
ratings on each Valuation Date of at least P-1 from Moody's and either F-1+ from Fitch or A-1+ from S&P, in the case of commercial
paper or certificates of deposit, and (2) credit ratings on each Valuation Date of at least Aa3 from Moody's and either AA from
Fitch or AA- from S&P, in the case of long-term unsecured debt obligations; provided, however, that in the case of any such investment
that matures in no more than one Business Day from the date of purchase or other acquisition by the Corporation, all of the foregoing
requirements shall be applicable except that the required long-term unsecured debt credit rating of such depository institution or trust
company from Moody's, Fitch and S&P shall be at least A2, A-2 and A, respectively; and provided further, however, that the
foregoing credit rating requirements shall be deemed to be met with respect to a depository institution or trust company if (1) such
depository institution or trust company is the principal depository institution in a holding company system, (2) the certificates of
deposit, if any, of such depository institution or trust company are not rated on any Valuation Date below P-1 by Moody's, F-1+
by Fitch or A-1+ by S&P and there is no long-term rating, and (3) the holding company shall meet all of the foregoing credit rating
requirements (including the preceding proviso in the case of investments that mature in no more than one Business Day from the date of
purchase or other acquisition by the Corporation); and provided further, that the interest receivable by the Corporation shall not be
subject to any withholding or similar taxes.

"<u>U.S. Government Obligations</u>" means direct obligations of the United States or by its agencies or instrumentalities that are entitled to the full faith and credit of the United States and that, other than United States Treasury Bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for redemption.

"<u>U.S. Government Securities</u>" mean securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States, the obligations of which are backed by the full faith and credit of the United States and in the form of conventional bills, bonds and notes.

"<u>Valuation Date</u>" means the last Business Day of each month.

"<u>Voting Period</u>" shall have the meaning set forth in paragraph 5(b) of Article II hereof.

**ARTICLE II**

**5.20% SERIES Q CUMULATIVE PREFERRED STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Number of Shares; Ranking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial number of authorized shares constituting the Series Q Preferred Stock to be issued is 8,000,000. No fractional shares of Series Q Preferred Stock shall be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares of Series Q Preferred Stock which at any time have been redeemed or purchased by the Corporation shall, after such redemption or purchase, have the status of authorized but unissued shares of Series Q Preferred Stock without further designation as to class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Series Q Preferred Stock shall rank on a parity with any other series of Preferred Stock as to the payment of dividends, distributions and liquidation preference to which such stock is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No holder of Series Q Preferred Stock shall have, solely by reason of being such a holder, any preemptive or other right to acquire, purchase or subscribe for any shares of any Preferred Stock or Common Stock or other securities of the Corporation which it may hereafter issue or sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Dividends and Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holders of shares of Series Q Preferred Stock shall be entitled to receive, when, as and if authorized by, or under authority granted by, the Board of Directors and declared by the Corporation, out of funds legally available therefor, cumulative cash dividends and distributions at the rate of 5.20% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months) of the Liquidation Preference on the Series Q Preferred Stock and no more, which shall become due and be payable semiannually on June 26 and December 26 in each year (each a "<u>Dividend Payment Date</u>") commencing on June 26, 2026 (or, if any such day is not a Business Day, then on the next succeeding Business Day). Dividends and distributions will be payable to holders of record of Series Q Preferred Stock as they appear on the stock register of the Corporation at the close of business on the fifth Business Day prior to the Dividend Payment Date in preference to dividends and distributions on shares of Common Stock and any other capital stock of the Corporation ranking junior to the Series Q Preferred Stock in payment of dividends and distributions. Dividends and distributions on shares of Series Q Preferred Stock shall accumulate from, and including, the Date of Original Issue or, if any shares of Series Q Preferred Stock are issued on or after June 26, 2026, from, and including, the first day of the most recent Dividend Period with respect to which full, cumulative cash dividends have been neither (i) paid in full nor (ii) declared in full and the record date for determining stockholders entitled to payment of thereof has passed. Each period beginning on and including a Dividend Payment Date (or the Date of Original Issue, in the case of the first dividend period) and ending on but excluding the next succeeding Dividend Payment Date is referred to herein as a "<u>Dividend Period</u>." Dividends and distributions on account of arrears for any past Dividend Period or in connection with the redemption of Series Q Preferred Stock may be declared and paid at any time, without reference to any Dividend Payment Date, to holders of record on such date not exceeding 30 days preceding the payment date thereof as shall be fixed by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No dividends or distributions shall be declared or paid on shares of Series Q Preferred Stock for any Dividend Period or part thereof unless all accumulated and unpaid dividends and distributions on all Outstanding shares of all series of Preferred Stock ranking on a parity with the Series Q Preferred Stock as to the payment of dividends and distributions for all applicable past Dividend Periods (whether or not earned or declared by the Corporation) shall have been or contemporaneously are declared and paid for and Deposit Assets for the payment of such dividends and distributions shall have been deposited with the Dividend-Disbursing Agent as set forth in paragraph 2(c) of Article II hereof, provided, however, that the foregoing shall not prevent the purchase or acquisition of Outstanding shares of Preferred Stock pursuant to the successful completion of an otherwise lawful purchase or exchange offer made on the same terms to holders of all Outstanding shares of Series Q Preferred Stock. If full cumulative dividends and distributions due have not been paid on all Outstanding shares of such Preferred Stock, any dividends and distributions being declared and paid on such shares of Preferred Stock (including the Series Q Preferred Stock) 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. No holders of shares of Series Q Preferred Stock shall be entitled to any dividends or distributions, whether payable in cash, property or stock, in excess of full cumulative dividends and distributions as provided in this paragraph 2(b)(i) on shares of Series Q Preferred Stock. No interest or sum of money in lieu of interest shall be payable in respect of any dividend payments on any shares of Series Q Preferred Stock that may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For so long as shares of Series Q Preferred Stock are Outstanding, the Corporation shall not pay any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Stock or other stock, if any, ranking junior to the Series Q Preferred Stock as to payment of dividends and the distribution of assets upon liquidation) in respect of the Common Stock or any other stock of the Corporation ranking junior to the Series Q Preferred Stock as to payment of dividends and the distribution of assets upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any shares of Common Stock or any other stock of the Corporation ranking junior to the Series Q Preferred Stock as to payment of dividends and the distribution of assets upon liquidation (except by conversion into or exchange for stock of the Corporation ranking junior to the Series Q Preferred Stock as to payment of dividends and the distribution of assets upon liquidation), unless, in each case, (A) immediately thereafter, the Corporation shall have Asset Coverage, (B) all cumulative dividends and distributions on all shares of Series Q Preferred Stock due on or prior to the date of the transaction have been declared and paid (or shall have been declared and sufficient funds for the payment thereof deposited with the applicable Dividend-Disbursing Agent) and (C) the Corporation has redeemed the full number of shares of Series Q Preferred Stock to be redeemed mandatorily pursuant to any provision contained herein for mandatory redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any dividend payment made on the shares of Series Q Preferred Stock shall first be credited against the dividends and distributions accumulated with respect to the earliest Dividend Period for which dividends and distributions have not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not later than the Business Day immediately preceding each Dividend Payment Date, the Corporation shall deposit with the Dividend-Disbursing Agent Deposit Assets having an initial combined value sufficient to pay the dividends and distributions that are payable on such Dividend Payment Date, which Deposit Assets shall mature (if such assets constitute debt securities) on or prior to such Dividend Payment Date. The Corporation may direct the Dividend-Disbursing Agent with respect to the investment of any such Deposit Assets, provided that such investment consists exclusively of Deposit Assets and provided further that the proceeds of any such investment will be available at the opening of business on such Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Liquidation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, the holders of shares of Series Q Preferred Stock shall be entitled to receive out of the assets of the Corporation available for distribution to stockholders, after satisfying claims of creditors but before any distribution or payment shall be made in respect of the Common Stock or any other stock of the Corporation ranking junior to the Series Q Preferred Stock as to liquidation payments, a liquidation distribution in the amount of $10.00 per share (the "<u>Liquidation Preference</u>"), 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 Corporation, 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 Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, upon any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, the assets of the Corporation available for distribution among the holders of all Outstanding shares of Series Q Preferred Stock, and any other Outstanding shares of a class or series of Preferred Stock ranking on a parity with the Series Q Preferred Stock as to payment upon liquidation, shall be insufficient to permit the payment in full to such holders of Series Q Preferred Stock of the Liquidation Preference plus all accumulated and unpaid dividends and distributions and the amounts due upon liquidation with respect to such other series of Preferred Stock, then such available assets shall be distributed among the holders of shares of Series Q Preferred Stock and such other series of Preferred Stock 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 shares of Series Q Preferred Stock, no dividends or distributions will be made to holders of the Common Stock or any other stock of the Corporation ranking junior to the Series Q Preferred Stock as to liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Redemption and Puts.

Shares of the Series Q Preferred Stock shall be redeemed by the Corporation as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mandatory Redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation is required to redeem all Outstanding shares of Series Q Preferred Stock on the Mandatory Redemption Date at the Redemption Price per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Corporation is required to redeem any shares of Preferred Stock (which may include shares of Series Q Preferred Stock) prior to the Mandatory Redemption Date pursuant to paragraph 6(b) of Article II hereof or pursuant to any other provision of the Charter, then the Corporation shall, to the extent permitted by the 1940 Act and Maryland law, by the close of business on such Series Q Asset Coverage Cure Date (a "<u>Cure Date</u>"), as the case may be, fix a redemption date and proceed to redeem shares as set forth in paragraph 4(d) hereof. On such redemption date, the Corporation shall redeem, out of funds legally available therefor, the number of shares of Preferred Stock, which, to the extent permitted by the 1940 Act and Maryland law, at the option of the Corporation may include any proportion of Series Q Preferred Stock or any other series of Preferred Stock, 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 Corporation having Asset Coverage immediately prior to the opening of business on such Cure Date or, if Asset Coverage cannot be so restored, all of the Outstanding shares of Series Q Preferred Stock, at a price per share equal to the Liquidation Preference per share plus all accumulated but unpaid dividends and distributions (whether or not earned or declared by the Corporation) per share through and including the date of redemption (the "<u>Redemption Price</u>"). In the event that, prior to the Mandatory Redemption Date, shares of Preferred Stock are redeemed pursuant to paragraph 6(b) of Article II hereof, the Corporation may, but is not required to, redeem a sufficient number of shares of Series Q Preferred Stock pursuant to this paragraph 4(a)(ii) which, when aggregated with other shares of Preferred Stock redeemed by the Corporation, permits the Corporation to have with respect to the shares of Preferred Stock (including the Series Q Preferred Stock) remaining Outstanding after such redemption Asset Coverage of as much as 210%. In the event that all of the shares of Series Q Preferred Stock then Outstanding are required to be redeemed pursuant to paragraph 6 of Article II hereof prior to the Mandatory Redemption Date, the Corporation shall redeem such shares at the Redemption Price per share and proceed to do so as set forth in paragraph 4(d) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Optional Redemptions.

The Corporation may redeem all or any part of the shares of Series Q Preferred Stock, upon 30 days' prior written notice, at the Redemption Price per share, at any time commencing on December 26, 2026 and thereafter, to the extent permitted by the 1940 Act and Maryland law. The Series Q Preferred Stock is not otherwise subject to optional redemption by the Corporation unless such redemption is necessary, in the judgment of the Board of Directors, to maintain the Corporation's status as a regulated investment company under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Puts.

The Corporation will accept for redemption all or any part of the outstanding shares of Series Q Preferred Stock that holders have properly submitted for redemption during the 60-day period prior to each of June 26, 2026, December 26, 2026, June 26, 2027, December 26, 2027 and June 26, 2028 at the Redemption Price per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Procedures for Redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Corporation shall determine or be required to redeem shares of Series Q Preferred Stock pursuant to this paragraph 4, it shall mail a written notice of redemption ("<u>Notice of Redemption</u>") with respect to such redemption by first class mail, postage prepaid, to each holder of the shares to be redeemed at such holder's address as the same appears on the stock books of the Corporation on the close of business on such date as the Board of Directors or its delegatee may determine, which date shall not be earlier than the second Business Day prior to the date upon which such Notice of Redemption is mailed to the holders of Series Q Preferred Stock. Each such Notice of Redemption shall state: (A) the redemption date as established by the Board of Directors or its delegatee (which, in the case of a redemption pursuant to paragraph 4(a)(i) hereof, shall be the Mandatory Redemption Date); (B) the number or percentage or other proportion of the Outstanding shares of Series Q Preferred Stock to be redeemed; (C) the CUSIP number(s) of such shares; (D) the Redemption Price (specifying the amount of accumulated dividends to be included therein); (E) the place or places where the certificate(s) for such shares (properly endorsed or assigned for transfer, if the Board of Directors or its delegatee shall so require and the Notice of Redemption shall so state), if any, are to be surrendered for payment in respect of such redemption; (F) that dividends and distributions on the shares to be redeemed will cease to accrue on such redemption date; (G) the provisions of this paragraph 4 under which such redemption is made; and (H) in the case of a redemption pursuant to paragraph 4(b), any conditions precedent to such redemption. If fewer than all shares of Series Q Preferred Stock held by any holder are to be redeemed, the Notice of Redemption mailed to such holder also shall specify the number or percentage of shares to be redeemed from such holder. No defect in the Notice of Redemption or the mailing thereof shall affect the validity of the redemption proceedings, except as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Corporation shall give a Notice of Redemption, then not later than the redemption date, the Corporation shall (A) deposit with the Dividend-Disbursing Agent Deposit Assets that shall mature (if such assets constitute debt securities) on or prior to such redemption date having an initial combined value sufficient to effect the redemption of the shares of Series Q Preferred Stock to be redeemed and (B) give the Dividend-Disbursing Agent irrevocable instructions and authority to pay the Redemption Price to the holders of the shares of Series Q Preferred Stock called for redemption on the redemption date. The Corporation may direct the Dividend-Disbursing Agent with respect to the investment of any Deposit Assets so deposited provided that the proceeds of any such investment will be available at the opening of business on such redemption date. Upon the date of such deposit (unless the Corporation shall default in making payment of the Redemption Price), all rights of the holders of the shares of Series Q Preferred Stock so called for redemption shall cease and terminate except the right of the holders thereof to receive the Redemption Price thereof and such shares shall no longer be deemed Outstanding for any purpose. The Corporation shall be entitled to receive, promptly after the date fixed for redemption, any cash in excess of the aggregate Redemption Price of the shares of Series Q Preferred Stock called for redemption on such date and any remaining Deposit Assets. Any assets so deposited that are unclaimed at the end of two years from such redemption date shall, to the extent permitted by law, be repaid to the Corporation, after which the holders of the shares of Series Q Preferred Stock so called for redemption shall look only to the Corporation for payment of the Redemption Price thereof. The Corporation shall be entitled to receive, from time to time after the date fixed for redemption, any interest on the Deposit Assets so deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On or after the redemption date, each holder of shares of Series Q Preferred Stock that are subject to redemption shall surrender such shares to the Corporation as instructed in the Notice of Redemption and shall then be entitled to receive the cash Redemption Price, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the case of any redemption of less than all of the then-Outstanding shares of Series Q Preferred Stock pursuant to these Articles Supplementary, such redemption shall be made pro rata from each holder of shares of Series Q Preferred Stock in accordance with the respective number of shares held by each such holder on the redemption date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding the other provisions of this paragraph 4, the Corporation shall not redeem shares of Series Q Preferred Stock unless all accumulated and unpaid dividends and distributions on all Outstanding shares of Series Q Preferred Stock and other Preferred Stock ranking on a parity with the Series Q Preferred Stock with respect to dividends and distributions for all applicable past Dividend Periods (whether or not earned or declared by the Corporation) shall have been or are contemporaneously paid or declared and Deposit Assets for the payment of such dividends and distributions shall have been deposited with the Dividend-Disbursing Agent as set forth in paragraph 2(c) of Article II hereof, provided, however, that the foregoing shall not prevent the purchase or acquisition of Outstanding shares of Preferred Stock pursuant to the successful completion of an otherwise lawful purchase or exchange offer made on the same terms to holders of all Outstanding shares of Series Q Preferred Stock.

If the Corporation shall not have funds legally available for the redemption of, or is otherwise unable to redeem, all the then-Outstanding shares of the Series Q Preferred Stock or other Preferred Stock designated to be redeemed on any redemption date, the Corporation shall redeem on such redemption date the number of shares of Series Q Preferred Stock and other Preferred Stock so designated as it shall have legally available funds, or is otherwise able, to redeem ratably on the basis of the Redemption Price from each holder whose shares are to be redeemed, and the remainder of the shares of the Series Q Preferred Stock and other Preferred Stock designated to be redeemed shall be redeemed on the earliest practicable date on which the Corporation shall have funds legally available for the redemption of, or is otherwise able to redeem, such shares upon the applicable Notice of Redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Voting Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General.

Except as otherwise provided by law or as specified in the Governing Documents or a resolution of the Board of Directors, each holder of shares of Series Q Preferred Stock and any other Preferred Stock shall be entitled to one vote for each share held on each matter submitted to a vote of stockholders of the Corporation, and the holders of Outstanding shares of Preferred Stock, including Series Q Preferred Stock, and of Outstanding shares of Common Stock shall vote together as a single class; provided, however, that at any meeting of the stockholders of the Corporation held for the election of directors, the holders of Outstanding shares of Preferred Stock, including Series Q Preferred Stock, shall be entitled, as a single class, to the exclusion of the holders of all other securities and classes of capital stock of the Corporation, to elect a number of the Corporation's directors, such that following the election of directors at the meeting of the stockholders, the Corporation's Board of Directors shall contain two directors elected exclusively by the holders of the Outstanding shares of Preferred Stock, including the Series Q Preferred Stock. Subject to paragraph 5(b) of Article II hereof, the holders of outstanding shares of capital stock of the Corporation, including the holders of Outstanding shares of Preferred Stock, including the Series Q Preferred Stock, voting together as a single class, shall elect the balance of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Right to Elect Majority of Board of Directors.

During any period in which any one or more of the conditions described below shall exist (such period being referred to herein as a "<u>Voting Period</u>"), the number of directors constituting the Board of Directors shall be automatically increased by the smallest number that, when added to the two directors elected exclusively by the holders of shares of Preferred Stock pursuant to paragraph 5(a) above, would constitute a majority of the Board of Directors as so increased by such smallest number; and the holders of shares of Preferred Stock shall be entitled, voting together as a single class (to the exclusion of the holders of all other securities and classes of capital stock of the Corporation), to elect such smallest number of additional directors, together with the two directors that such holders are in any event entitled to elect pursuant to paragraph 5(a) above. The Corporation and the Board of Directors shall take all necessary action, including amending the By-Laws, to effect an increase in the number of directors as described in the preceding sentence. A Voting Period shall commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if at any time accumulated dividends and distributions (whether or not earned or declared, and whether or not funds are then legally available in an amount sufficient therefor) on the Outstanding shares of Series Q Preferred Stock 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 the Dividend-Disbursing Agent for the payment of such accumulated dividends and distributions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any time holders of any other shares of Preferred Stock are entitled to elect a majority of the Directors of the Corporation under the 1940 Act or Articles Supplementary creating such shares.

Upon the termination of a Voting Period, the voting rights described in this paragraph 5(b) shall cease, subject always, however, to the reverting of such voting rights in the holders of Preferred Stock upon the further occurrence of any of the events described in this paragraph 5(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Voting Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As soon as practicable after the accrual of any right of the holders of shares of Preferred Stock to elect additional directors as described in paragraph 5(b) above, the Corporation shall call a special meeting of such holders and shall mail a notice of such special meeting to such holders, such meeting to be held not less than 10 nor more than 20 days after the date of mailing of such notice. If the Corporation fails to send such notice or if the Corporation does not call such a special meeting, it may be called by any such holder on like notice. The record date for determining the holders entitled to notice of and to vote at such special meeting shall be the close of business on the day on which such notice is mailed or such other date as the Board of Directors shall determine. At any such special meeting and at each meeting held during a Voting Period, such holders of Preferred Stock, voting together as a single class (to the exclusion of the holders of all other securities and classes of capital stock of the Corporation), shall be entitled to elect the number of directors prescribed in paragraph 5(b) above on a one-vote-per-share basis. At any such meeting or adjournment thereof in the absence of a quorum, a majority of such holders present in person or by proxy shall have the power to adjourn the meeting without notice, other than by an announcement at the meeting, to a date not more than 120 days after the original record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The terms of office of all persons who are directors of the Corporation at the time of a special meeting of holders of Preferred Stock, including Series Q Preferred Stock, to elect directors, shall continue following such meeting, notwithstanding the election at such meeting by such holders of the number of directors that they are entitled to elect, and the persons so elected by such holders, together with the two incumbent directors elected by the holders of Preferred Stock, including Series Q Preferred Stock, and the remaining incumbent directors elected by the holders of the Common Stock and Preferred Stock, shall constitute the duly elected directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Upon the expiration of a Voting Period, the terms of office of the additional directors elected by the holders of Preferred Stock pursuant to paragraph 5(b) above shall expire at the earliest time permitted by law and the remaining directors shall constitute the directors of the Corporation and the voting rights of such holders of Preferred Stock, including Series Q Preferred Stock, to elect additional directors pursuant to paragraph 5(b) above shall cease, subject to the provisions of the last sentence of paragraph 5(b). Upon the expiration of the terms of the directors elected by the holders of Preferred Stock pursuant to paragraph 5(b) above, the number of directors shall be automatically reduced to eliminate the directorships of the additional directors elected by the holders of Preferred Stock pursuant to paragraph 5(b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exclusive Remedy.

Unless otherwise required by law, the holders of shares of Series Q Preferred Stock shall not have any rights or preferences other than those specifically set forth herein. The holders of shares of Series Q Preferred Stock shall have no preemptive rights or rights to cumulative voting. In the event that the Corporation fails to pay any dividends and distributions on the shares of Series Q Preferred Stock, the exclusive remedy of the holders shall be the right to vote for directors pursuant to the provisions of this paragraph 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Asset Coverage Test.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Determination of Compliance.

For so long as any shares of Series Q Preferred Stock are Outstanding, the Corporation shall have Asset Coverage as of the last Business Day of each March, June, September and December of each year in which any share of Series Q Preferred Stock is Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure to Meet Asset Coverage.

If the Corporation fails to have Asset Coverage as provided in paragraph 6(a) hereof and such failure is not cured as of the Series Q Asset Coverage Cure Date, (i) the Corporation shall give a Notice of Redemption as described in paragraph 4 of Article II hereof with respect to the redemption of a sufficient number of shares of Preferred Stock, which at the Corporation's determination (to the extent permitted by the 1940 Act and Maryland law) may include any proportion of shares of Series Q Preferred Stock, to enable it to meet the requirements of paragraph 6(a) above, and, at the Corporation's discretion, such additional number of shares of Series Q Preferred Stock or other Preferred Stock in order that the Corporation shall have Asset Coverage with respect to the shares of Series Q Preferred Stock and any other Preferred Stock remaining Outstanding after such redemption as great as 210%, and (ii) deposit with the Dividend-Disbursing Agent Deposit Assets having an initial combined value sufficient to effect the redemption of the shares of Series Q Preferred Stock or other Preferred Stock to be redeemed, as contemplated by paragraph 4(a)(ii) of Article II hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Status of Shares Called for Redemption.

For purposes of determining whether the requirements of paragraph 6(a) hereof are satisfied, (i) no share of the Series Q Preferred Stock shall be deemed to be Outstanding for purposes of any computation if, prior to or concurrently with such determination, sufficient Deposit Assets to pay the full Redemption Price for such share shall have been deposited in trust with the Dividend-Disbursing Agent (or applicable paying agent) and the requisite Notice of Redemption shall have been given, and (ii) such Deposit Assets deposited with the Dividend-Disbursing Agent (or paying agent) shall not be included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Limitation on Incurrence of Additional Indebtedness and Issuance of Additional Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as any shares of Series Q Preferred Stock are Outstanding and the Corporation is permitted to issue indebtedness under its fundamental investment restrictions, the Corporation may issue and sell one or more series of a class of senior securities of the Corporation representing indebtedness under Section 18 of the 1940 Act and/or otherwise create or incur indebtedness, provided that, immediately after giving effect to the incurrence of such indebtedness and to its receipt and application of the proceeds thereof, the Corporation shall have an "asset coverage" for all senior securities representing indebtedness, as defined in Section 18(h) of the 1940 Act, of at least 300% of the amount of all indebtedness of the Corporation then Outstanding and no such additional indebtedness shall have any preference or priority over any other indebtedness of the Corporation upon the distribution of the assets of the Corporation or in respect of the payment of interest. Any possible liability resulting from lending and/or borrowing portfolio securities, entering into reverse repurchase agreements, entering into futures contracts and writing options or the use of any other financial instrument that may have the effect of creating leverage, to the extent such transactions are made in accordance with the investment restrictions of the Corporation then in effect, shall not be considered to be indebtedness limited by this paragraph 7(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) So long as any shares of Series Q Preferred Stock are Outstanding, the Corporation may issue and sell shares of one or more other series of Preferred Stock constituting a series of a class of senior securities of the Corporation representing stock under Section 18 of the 1940 Act in addition to the shares of Series Q Preferred Stock or shares of other Preferred Stock Outstanding, provided that (i) the Corporation shall, immediately after giving effect to the issuance of such additional Preferred Stock and to its receipt and application of the proceeds thereof, including, without limitation, to the redemption of Preferred Stock for which a Redemption Notice has been mailed prior to such issuance, have an "asset coverage" for all senior securities which are stock, as defined in Section 18(h) of the 1940 Act, of at least 200% of the sum of the Liquidation Preference of the shares of Series Q Preferred Stock and all other Preferred Stock then Outstanding, and (ii) no such additional Preferred Stock shall have any preference or priority over any other Preferred Stock upon the distribution of the assets of the Corporation or in respect of the payment of dividends.

**ARTICLE III**

**ABILITY OF BOARD OF DIRECTORS TO MODIFY THESE<br> ARTICLES SUPPLEMENTARY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The affirmative vote of the holders of a majority, as defined in the 1940 Act, of shares of Series Q Preferred Stock (or of any other series of Preferred Stock), voting separately from any other series of 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 Corporation's capital stock. For purposes of the foregoing, no matter shall be deemed to adversely affect any rights, preferences or powers 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 pursuant to the Charter or the issuance of additional shares of any series of Preferred Stock (including the Series Q Preferred Stock) pursuant to the Charter shall not in and of itself be considered to adversely affect the contract rights of the holders of Preferred Stock. The vote of holders of any series described in this paragraph 1(a) of Article III will in each case be in addition to a separate vote of the requisite percentage of Common Stock and Preferred Stock, if any, necessary to authorize the action in question. The holders of the Series Q Preferred Stock shall not be entitled to vote as a separate series on any matter that affects the rights or interests of only one or more series of Preferred Stock other than the Series Q Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of Article III, to the extent permitted by law, the Board of Directors, without the vote of the holders of the Series Q Preferred Stock or any other capital stock of the Corporation, may amend the provisions of these Articles Supplementary to resolve any inconsistency or ambiguity or to remedy any formal defect so long as the amendment does not in the aggregate adversely affect the rights and preferences of the Series Q Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a higher percentage is required under the Governing Documents or applicable provisions of Maryland law or the 1940 Act, the affirmative vote of the holders of a majority, as defined in the 1940 Act, of the shares of Outstanding Preferred Stock, including the Series Q Preferred Stock, voting together as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Stock or any action requiring a vote of security holders under Section 13(a) of the 1940 Act. The vote of holders of any series described in this paragraph 1(c) of Article III will in each case be in addition to a separate vote of the requisite percentage of Common Stock and Preferred Stock, if any, necessary to authorize the action in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of this Article III, the phrase "vote of the Holders of a majority of the Outstanding shares of Preferred Stock" (or any like phrase) shall mean, in accordance with Section 2(a)(42) of the 1940 Act, the affirmative vote, at the annual or a special meeting of the stockholders of the Corporation duly called, of the Holders (A) of 67 percent or more of the shares of Preferred Stock present at such meeting, if the Holders of more than 50 percent of the Outstanding shares of Preferred Stock are present or represented by proxy at such meeting; or (B) of more than 50 percent of the Outstanding shares of Preferred Stock, whichever is less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Modification of Existing Preferred Stock.

Nothing contained in these Articles Supplementary creating the Series Q Preferred Stock shall be understood to modify the rights, obligations or privileges of any other series of the Corporation's Preferred Stock Outstanding. To the extent permitted by law, the Board of Directors, without the vote of the holders of the Series Q Preferred Stock or any other capital stock of the Corporation, may amend the provisions of these Articles Supplementary to resolve any inconsistency or ambiguity or to remedy any formal defect so as to negate the effect of any such modification of the rights, obligations or privileges of any other series of the Corporation's Preferred Stock Outstanding.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be signed in its name and on its behalf by its duly authorized President, and attested by its Secretary, and the undersigned President of the Corporation further acknowledges said instrument to be the corporate act of the Corporation, and states that, to the best of such officer's knowledge, information and belief under penalty of perjury, the matters and facts set forth herein required to be verified under oath are true in all material respects, as of November 28, 2025.

---

| | |
|:---|:---|
| THE GABELLI EQUITY TRUST INC. | THE GABELLI EQUITY TRUST INC. |
| By: | /s/ John C. Ball |
| Name: | John C. Ball |
| Title: | President |
| Attest: | Attest: |
| By: | /s/ Peter D. Goldstein |
| Name: | Peter D. Goldstein |
| Title: | Secretary |

---

[Signature Page to Articles Supplementary for Series Q Preferred Stock of The Gabelli Equity Trust Inc.]

## Ex-99.(A)(Xxvii)

**Exhibit (a)(xxvii)**

**THE GABELLI EQUITY TRUST INC.**

**ARTICLES OF AMENDMENT**

The Gabelli Equity Trust Inc., a Maryland corporation (the "Corporation"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

FIRST: Article V (1) of the charter of the Corporation, as previously amended and supplemented (the "Charter"), is hereby further amended by deleting it in its entirety and inserting in lieu thereof the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The
total number of shares of stock that the Corporation shall have authority to issue is Four Hundred Seventy Million (470,000,000) shares,
with a par value of $.001 per share for each class of stock, and with an aggregate par value of Four Hundred Seventy Thousand Dollars
($470,000) of which Four Hundred Thirty-Seven Million Twenty-Four Thousand Nine Hundred (437,024,900) shares are designated as common
stock of the Corporation, Two Thousand Three Hundred Twenty (2,320) shares are designated as "Series C Auction Rate Cumulative
Preferred Stock" of the Corporation, Six Hundred Thirty-Six Thousand One Hundred Forty (636,140) shares are designated as "5.875%
Series D Cumulative Preferred Stock" of the Corporation, Eight Hundred Eighty (880) shares are designated as "Series E Auction
Rate Preferred Stock" of the Corporation, Two Million Eight Hundred Ninety-Four Thousand Three Hundred Seventeen (2,894,317) shares
are designated as "Series G Cumulative Preferred Stock" of the Corporation, Three Million Eight Hundred Six Thousand One
Hundred Four (3,806,104) shares are designated as "5.00% Series H Cumulative Preferred Stock" of the Corporation, One Million
Three Hundred Thousand (1,300,000) shares are designated as "5.45% Series J Cumulative Preferred Stock" of the Corporation,
and Three Million Six Hundred Twenty-Three Thousand Three Hundred Twenty (3,623,320) shares are designated as "5.00% Series K Cumulative
Preferred Stock" of the Corporation, One Million (1,000,000) shares are designated as "4.25% Series M Cumulative Preferred
Stock" of the Corporation, Three Hundred Twenty-Five Thousand (325,000) shares are designated as "5.25% Series N Cumulative
Preferred Stock" of the Corporation, Eight Million (8,000,000) shares are designated as "5.20% Series Q Cumulative Preferred
Stock" of the Corporation and Eleven Million, Three Hundred Eighty-Seven Thousand Nineteen (11,387,019) shares
are designated as preferred stock of the Corporation without further designation.

SECOND: The foregoing amendment to the Charter was approved by at least a majority of the entire Board of Directors pursuant to Article V (7) of the Charter. The amendment is limited to a change expressly authorized by Section 2-105(a)(13) of the Maryland General Corporation Law to be made without action by the stockholders.

THIRD: (a) The total number of shares of stock of all classes of the Corporation heretofore authorized was 370,000,000 shares, with a par value of $.001 per share for each class of stock and with an aggregate par value of $370,000, of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 337,024,900
 shares were classified as common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 2,320
 shares were classified as "Series C Auction Rate Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 636,140
 shares were classified as "5.875% Series D Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 880
 shares were classified as "Series E Auction Rate Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 2,894,317
 shares were classified as "Series G Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 3,806,104
 shares were classified as "5.00% Series H Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) 1,300,000
 shares were classified as "5.45% Series J Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) 3,623,320
 shares were classified as "5.00% Series K Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) 1,000,000
 shares were classified as "4.25% Series M Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) 325,000
 shares were classified as "5.25% Series N Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) 8,000,000
 shares were classified as "5.20% Series Q Cumulative Preferred Stock", and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) 11,387,019
 shares were classified as preferred stock without further designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The total number of shares of stock of all classes of the Corporation as hereby increased is 470,000,000 shares, with a par value of $.001 per share for each class of stock and with aggregate par value of $470,000, of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 437,024,900
 shares are classified as common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 2,320
 shares are classified as "Series C Auction Rate Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 636,140
 shares are classified as "5.875% Series D Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 880
 shares are classified as "Series E Auction Rate Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 2,894,317
 shares are classified as "Series G Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 3,806,104
 shares are classified as "5.00% Series H Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) 1,300,000
 shares are classified as "5.45% Series J Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) 3,623,320
 shares are classified as "5.00% Series K Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) 1,000,000
 shares are classified as "4.25% Series M Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) 325,000
 shares are classified as "5.25% Series N Cumulative Preferred Stock",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) 8,000,000
 shares are classified as "5.20% Series Q Cumulative Preferred Stock", and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) 11,387,019
 shares are classified as preferred stock without further designation.

FOURTH: The preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of the classes of shares of stock referred to in these Articles of Amendment were not changed by these Articles of Amendment.

FIFTH: The undersigned officer of the Corporation hereby acknowledges, in the name and on behalf of the Corporation, that these Articles of Amendment are the corporate act of the Corporation and states further, under the penalties of perjury, that to the best of such officer's knowledge, information and belief, the matters and facts set forth herein with respect to authorization and approval are true in all material respects.

*- Signature Page Follows -*

IN WITNESS WHEREOF, The Gabelli Equity Trust Inc. has caused these Articles of Amendment to be signed in its name and on its behalf by its President and witnessed by its Secretary as of this 2<sup>nd</sup> day of March, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| WITNESS: | WITNESS: | WITNESS: | THE GABELLI EQUITY TRUST INC. | THE GABELLI EQUITY TRUST INC. | THE GABELLI EQUITY TRUST INC. |
| By: | /s/ Peter Goldstein | /s/ Peter Goldstein | By: | /s/ John C. Ball | /s/ John C. Ball |
|  | Name: | Peter Goldstein |  | Name: | John C. Ball |
|  | Title: | Secretary |  | Title: | President |

---

## Ex-99.(D)(V)

**Exhibit (d)(v)**

![](ex99dv_001.jpg)

**OFFER EXPIRES AT 5:00 P.M., EASTERN TIME, ON APRIL 14, 2026**

**IN ORDER TO EXERCISE YOUR RIGHTS, YOU MUST COMPLETE BOTH SIDES OF THE CARD.**

As the registered owner of this Subscription Certificate, you or your assignee are entitled to subscribe for a number of shares of common stock, par value $0.001 (the "Common Shares"), of The Gabelli Equity Trust Inc. (the "Fund") pursuant to the primary subscription privilege (the "Primary Subscription Right") and upon the terms and conditions and at the Subscription Price for each Common Share specified in the prospectus supplement relating thereto (the "Prospectus Supplement"). The Rights represented hereby include the Over-Subscription Privilege for Rights holders described in the Prospectus Supplement. Under the Over-Subscription Privilege, additional Common Shares may be purchased by a Rights holder if such Common Shares are available and the holder's Primary Subscription Rights have been exercised to the fullest extent possible. The Board of Directors has the right, in its absolute discretion, to eliminate the Over-Subscription Privilege with respect to the Common Shares available for purchase pursuant to the Over-Subscription Privilege (the "Over-Subscription Shares") if it considers doing so to be in the best interest of the Fund. The Board of Directors may make that determination at any time, without prior notice to Rights holders or others, up to and including the fifth day following the Expiration Date. The Board of Directors also has the right, in its absolute discretion, to terminate the offering of the Rights, and cancel the Rights, at any time prior to the delivery of the Common Shares.

Registered owners of the Fund's Common Shares will receive Common Shares purchased pursuant to the Primary Subscription Right and the Over-Subscription Privilege via an uncertificated share credit to their existing accounts. Confirmation statements for Common Shares purchased pursuant to the Primary Subscription Right and the Over-Subscription Privilege reflecting uncertificated share credits will be delivered as soon as practicable after the Expiration Date and after all over-subscription allocations have been effected.

**THE SUBSCRIPTION RIGHT IS TRANSFERABLE**

Payment must be made (a) in United States dollars, whereby only personal checks drawn on a bank located in the continental United States and made payable to The Gabelli Equity Trust Inc. will be accepted. Please reference your rights card control number on your personal check.

The registered owner of this Subscription Certificate named above, or assigns, is entitled to the number of Rights shown below to subscribe for Common Shares of The Gabelli Equity Trust Inc., in the ratio of one Common Share for each ten Rights, pursuant to the Primary Subscription Right and upon the terms and conditions and at the price for each Common Share specified in the Prospectus Supplement. The Rights represented hereby include the Over-Subscription Privilege for Record Date Common Shareholders only, as described in the Prospectus Supplement. Under the Over-Subscription Privilege, additional Common Shares may be purchased by a Record Date Common Shareholder if such Common Shares are available, the owner's Primary Subscription Rights have been exercised to the fullest extent possible, and the pro rata allocation requirements have been satisfied. Registered owners of the Fund's Common Shares will receive Common Shares purchased pursuant to the Primary Subscription Right and the Over-Subscription Privilege via an uncertificated share credit to their existing accounts. Any refund in connection with an over-subscription will be delivered as soon as practicable after the Expiration Date and after all over-subscription allocations, if any, have been effected. This Subscription Certificate may be transferred in the same manner and with the same effect as in the case of a negotiable instrument payable to specific persons, by duly completing and signing the assignment on the reverse side hereof. Capitalized terms used but not defined in this Subscription Certificate shall have the meanings assigned to them in the Prospectus Supplement and Prospectus relating to the Rights. This Subscription Certificate shall be governed by and construed in accordance with the laws of the State of Maryland.

![](ex99dv_002.jpg)

![](ex99dv_003.jpg)

To subscribe pursuant to the Primary Subscription Right, ten Rights and the Subscription Price are required for each Common Share. To subscribe for additional Common Shares pursuant to the Over-Subscription Privilege, the Subscription Price is required for each Common Share, subject to the terms of the Over-Subscription Privilege as described in the Prospectus Supplement. Payment of $5.50 per Common Share must accompany the Subscription Certificate.

**ADDITIONAL INFORMATION**

**For a more complete description of the terms and conditions of this Rights Offering, please refer to the Fund's Prospectus Supplement. Additional copies of the Prospectus Supplement are available upon request from The Gabelli Equity Trust Inc., at (800) GABELLI (422-3554). You are encouraged to contact The Gabelli Equity Trust Inc. if you have any questions concerning this Rights Offering.**

**To subscribe for Common Shares you must present to Computershare Trust Company, N.A. (the "Subscription Agent" or "Computershare"), prior to 5:00 p.m., Eastern time, on the Expiration Date of April 14, 2026 (unless extended):** (a) a properly completed and executed Subscription Certificate or a notice of guaranteed delivery (the "Notice of Guaranteed Delivery") guaranteeing delivery of a properly completed and executed Subscription Certificate and (b) payment as described herein for the number of Common Shares subscribed for under the Primary Subscription Right (and, if you are a Record Date Common Shareholder electing to exercise the Over-Subscription Privilege, pursuant to the terms of the Over-Subscription Privilege). You will have no right to rescind a purchase after the Subscription Agent has received a properly completed and executed Subscription Certificate and payment by means of a personal check.

To subscribe for your primary Common Shares, please complete line "A" on the card below. If you are not subscribing for your full Primary Subscription Right, check box "D" below, and we will attempt to sell any remaining unexercised Rights. There can be no assurance that unexercised Rights will be sold, or regarding the costs or proceeds that will result from any completed sales.

To subscribe for any Over-Subscription Shares, please complete line "B" below.

**Please Note:** Only Record Date Common Shareholders who have exercised their Primary Subscription Right to the fullest extent possible may apply for Common Shares pursuant to the Over-Subscription Privilege.

**Payment for Shares:** Full payment for Common Shares purchased pursuant to both the Primary Subscription Right and the Over-Subscription Privilege must accompany this Subscription Certificate or Notice of Guaranteed Delivery. Please reference your rights card control number on your personal check or Notice of Guaranteed Delivery.

If the aggregate Subscription Price paid by a Record Date Common Shareholder is insufficient to purchase the number of Common Shares that the holder indicates are being subscribed for, or if a Record Date Common Shareholder does not specify the number of Common Shares to be purchased, then the Record Date Common Shareholder will be deemed to have exercised first the Primary Subscription Right (if not already fully exercised), and second the Over-Subscription Privilege to the full extent of the payment rendered. If the aggregate Subscription Price paid by a Record Date Common Shareholder exceeds the amount necessary to purchase the number of Common Shares for which the Record Date Common Shareholder has indicted an intention to subscribe, then the Record Date Common Shareholder will be refunded any such excess amount.

**FOR A MORE COMPLETE DESCRIPTION OF THE TERMS AND CONDITIONS OF THIS RIGHTS OFFERING, PLEASE REFER TO THE FUND'S PROSPECTUS SUPPLEMENT, WHICH IS INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS SUPPLEMENT ARE AVAILABLE UPON REQUEST FROM THE GABELLI EQUITY TRUST INC., BY CALLING TOLL-FREE AT (800) GABELLI (422-3554).**

Expiration Date: April 14, 2026 (unless extended)

---

| | |
|:---|:---|
| ![](ex99dv_004.jpg) | ![](ex99dv_003.jpg) |

---

![](ex99dv_006.jpg)

![](ex99dv_005.jpg)

![](ex99dv_003.jpg)

**PLEASE FILL IN ALL APPLICABLE INFORMATION.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **A.** | **Exercise of Primary Subscription Rights** |  | x | **$5.50 per share** | = $|  |
|  | **(10 Rights = 1 share)** | (No. of Shares) |  | (Subscription Price) |  | (payable in<br> United States Dollars) |
| **B.** | **Exercise Over-Subscription Privilege\*** |  | x | **$5.50 per share** | = $|  |
|  |  | (No. of Common Shares) |  | (Subscription Price) |  | (payable in<br> United States Dollars) |

---

\* The Over-Subscription Privilege may only be exercised if the Primary Subscription Right is exercised to the fullest extent possible, and may only be exercised by Record Date Common Shareholders as described in the Prospectus Supplement. Over-subscriptions may not be accepted by the Fund and are subject to pro rata reductions.

---

| | | |
|:---|:---|:---|
| **C.** | **Total Amount Enclosed:** | = $|
|  | (Cost for Total Subscription Shares payable in United States Dollars) | (Cost for Total Subscription Shares payable in United States Dollars) |

---

**<u>SECTION 1. TO SUBSCRIBE</u>:** I acknowledge that I have received the Prospectus Supplement for the Rights Offering and I hereby irrevocably subscribe for the number of Common Shares indicated as the total of A and B hereon upon the terms and conditions specified in the Prospectus Supplement and incorporated by reference herein, receipt of which is acknowledged.

I hereby agree that if I fail to pay in full for the Common Shares for which I have subscribed, the Fund may exercise any of the remedies provided for herein or in the Prospectus Supplement.

**TO SELL:** If I have checked the box on line D, I authorize the sale of Rights by the Subscription Agent according to the procedures described in the **Prospectus Supplement.**

---

| | |
|:---|:---|
| Print full name of Assignee and Social Security Number | Print full name of Assignee and Social Security Number |
| Address for delivery of certificate representing Unexercised Rights | Address for delivery of certificate representing Unexercised Rights |
| If permanent change of address, check here: ☐ | If permanent change of address, check here: ☐ |
| Daytime telephone number: | (________) __________________________ |
| Evening telephone number: | (________) __________________________ |
| E-mail address: | |

---

---

| | | | |
|:---|:---|:---|:---|
| **D.** | **Sell any Unexercised Remaining Rights** | ☐ | **(Please sign form on back)** |
|  | **In order to sell your Rights this card must be received by April 7, 2026 prior to 5:00pm Eastern Time.** | **In order to sell your Rights this card must be received by April 7, 2026 prior to 5:00pm Eastern Time.** | **In order to sell your Rights this card must be received by April 7, 2026 prior to 5:00pm Eastern Time.** |

---

---

| | |
|:---|:---|
| **E.** | **Deliver a certificate representing** |
|  | **Unexercised Rights to the Assignee at the address in Section 1** |

---

---

| | |
|:---|:---|
| **F.** | **Transfer** |
|  | **Rights to the Transferee designated in Section 2** |

---

**<u>SECTION 2. TO TRANSFER RIGHTS</u>:** (Per Line F): For value received, ___________ of the Rights represented by this Form of Exercise, Sale or Transfer are assigned to:

---

| |
|:---|
| (Print Full Name of Assignee and Social Security Number) |
| (Print Full Address) |
| Signature(s) of Assignor(s) |

---

---

| | |
|:---|:---|
| ![](ex99dv_004.jpg) | ![](ex99dv_003.jpg) |

---

The signature(s) on this Form of Exercise, Sale or Transfer must correspond with the name(s) of the registered holder(s) exactly as it appears on the face of the Subscription Rights Certificate without any alteration or change whatsoever. In the case of joint registered holders, each person must sign this Form of Exercise, Sale or Transfer in accordance with the foregoing. If you sign this Form of Exercise, Sale or Transfer in your capacity as a trustee, executor, administrator, guardian, attorney-in-fact, agent, officer of a corporation or other fiduciary or representative, you must indicate the capacity in which you are signing when you sign and, if requested by the Subscription Agent in its sole and absolute discretion, you must present to the Subscription Agent satisfactory evidence of your authority to sign in that capacity.

If you wish to transfer your Rights, then your signature must be guaranteed by an Eligible Guarantor Institution, as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended, which may include: (a) a commercial bank or trust company; (b) a member firm of a domestic stock exchange; or (c) a savings bank or credit union.

Signature (name of bank or firm):   <br>Guaranteed by (signature/title):  

Return Subscription Certificate by first class mail or overnight courier to: Computershare.

---

| | | |
|:---|:---|:---|
| *By First Class Mail:* | | *By Express Mail or Overnight Courier:* |
| Computershare |  | Computershare |
| C/O Voluntary Corporate Actions; COY: GAB |  | C/O Voluntary Corporate Actions; COY: GAB |
| P.O. Box 43011 |  | 150 Royall Street Suite V |
| Providence, RI 02940-3011 |  | Canton, MA 02021 |

---

**DELIVERY OF THIS FORM OF EXERCISE, SALE OR TRANSFER TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE DOES NOT CONSTITUTE A VALID DELIVERY.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Holder ID** | **COY** | **Class** | **Rights Qty Issued** | **Rights Cert #** |
| 123456789 | GAB | Subscription Rights | XXX.XXXXXX | 12345678 |

---

Signature of Owner and<br> U.S. Person for Tax Certification Signature of Co-Owner<br> (if more than one registered holder listed) Date (mm/dd/yyyy) <br>

---

| | |
|:---|:---|
| ![](ex99dv_004.jpg) | ![](ex99dv_003.jpg) |

---

## Ex-99.(D)(Vi)

**Exhibit (d)(vi)**

**Notice of Guaranteed Delivery<br> For Shares of Common Stock of**

**Gabelli Equity Trust Inc.**

**Subscribed for Via Primary Subscription<br> and the Over-Subscription Privilege**

As set forth in the Prospectus Supplement, dated March 2, 2026, and the accompanying Prospectus, dated December 29, 2023 (collectively, the "Prospectus"), for this offering, this form or one substantially equivalent hereto may be used as a means of effecting subscription and payment for all of the Fund's shares of common stock, par value $0.001 per share (the "<u>Common Shares</u>"), subscribed for via the primary subscription and the over-subscription privilege. Payment must be made in United States dollars, whereby only checks drawn on a bank located in the continental United States and made payable to The Gabelli Equity Trust Inc. will be accepted. Such form may be delivered by email, first class mail, express mail or overnight courier to the Subscription Agent and must be received prior to 5:00 p.m., Eastern Time, on April 14, 2026, as such date may be extended from time to time (the "Expiration Date"). The terms and conditions of the offering set forth in the Prospectus are incorporated by reference herein. Capitalized terms used and not otherwise defined herein have the meaning attributed to them in the Prospectus.

---

| | | |
|:---|:---|:---|
| **THE SUBSCRIPTION AGENT IS:** | **THE SUBSCRIPTION AGENT IS:** | **THE SUBSCRIPTION AGENT IS:** |
| COMPUTERSHARE TRUST COMPANY, N.A. | COMPUTERSHARE TRUST COMPANY, N.A. | COMPUTERSHARE TRUST COMPANY, N.A. |
| **BY FIRST CLASS MAIL:** | **BY EXPRESS MAIL OR<br> OVERNIGHT COURIER:** | **VIA email:** |
| The Gabelli Equity Trust Inc. <br>c/o Computershare <br>Attn: Voluntary Corporate Actions: COY GAB <br>P.O. Box 43011 <br>Providence, RI 02940-3011 | The Gabelli Equity Trust Inc. <br>c/o Computershare <br>Attn: Voluntary Corporate Actions: COY GAB <br>150 Royall Street, Suite V <br>Canton, MA 02021 | canoticeofguarantee<br> @computershare.com<br>\*This email address can only be used for delivery of this Notice of Guaranteed Delivery.\* |

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DELIVERY OF THIS INSTRUMENT TO AN ADDRESS, OTHER THAN AS SET FORTH ABOVE, DOES NOT CONSTITUTE A VALID DELIVERY.

The New York Stock Exchange member firm or bank or trust company that completes this form must communicate this guarantee and the number of Common Shares subscribed for in connection with this guarantee (separately disclosed as to the primary subscription and the over-subscription privilege) to the Subscription Agent and must deliver this Notice of Guaranteed Delivery, to the Subscription Agent, prior to 5:00 p.m. Eastern Time, on the Expiration Date, guaranteeing delivery of a properly completed and signed Subscription Certificate (which certificate must then be delivered to the Subscription Agent no later than the close of business of the first Business Day after the Expiration Date). Failure to do so will result in a forfeiture of the Rights. Payment of the full Subscription Price for the Common Shares subscribed for must accompany this Notice of Guaranteed Delivery.

GUARANTEE

The undersigned, a member firm of the New York Stock Exchange or a bank or trust company having an office or correspondent in the United States, guarantees delivery to the Subscription Agent by no later than 5:00 p.m., Eastern Time, on the first Business Day after the Expiration Date of a properly completed and executed Subscription Certificate, as subscription for such Common Shares as indicated herein or in the Subscription Certificate. Participants should notify the Depositary prior to covering through the submission of a physical security directly to the Depositary based on a guaranteed delivery that was submitted via DTC's PTOP platform.

BROKER ASSIGNED CONTROL # _______________________________________

The Gabelli EQUITY TRUST INC.

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| | | | | |
|:---|:---|:---|:---|:---|
| 1. | Primary Subscription | Number of Rights to be exercised | Number of primary Common Shares requested for which you are guaranteeing delivery of Rights | Payment to be made in connection with primary Common Shares |
|  |  | Rights __________ | Common Shares __________ | $________________ |
| 2. | Over-Subscription | Not applicable | Number of over-subscription Common Shares requested pursuant to the over-subscription privilege | Payment to be made in connection with over-subscription Common Shares |
|  |  |  | Common Shares __________ | $________________ |
| 3. | Totals | Total Number of Rights Exercised | Total number of Common Shares subscribed for and/or requested |  |
|  |  | Rights __________ | Common Shares __________ | $________________<br>Total Payment |

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Method of delivery (circle one):

A. Through DTC

B. Direct to Computershare Trust Company, N.A., as Subscription Agent.

Please reference below the registration of the Rights to be delivered.

PLEASE ASSIGN A UNIQUE CONTROL NUMBER FOR EACH GUARANTEE SUBMITTED. This number needs to be referenced on any direct delivery of Rights or any delivery through DTC.

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| | |
|:---|:---|
| Name of Firm | Authorized Signature |
| DTC Participant Number | Title |
| Address | Name (Please Type or Print) |
| Zip Code | Phone Number |
| Contact Name | Date |

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**BENEFICIAL OWNER LISTING CERTIFICATION<br> The Gabelli Equity Trust Inc. Rights Offering**

The undersigned, a bank, broker or other nominee holder of Rights ("Rights") to purchase shares of common stock, par value $0.001 per share (the "Common Shares"), of The Gabelli Equity Trust Inc. (the "Fund") pursuant to the subscription rights offering (the "Offer") described and provided for in the Fund's Prospectus Supplement, dated March 2, 2026, and the accompanying Prospectus, dated December 29, 2023 (collectively, the "Prospectus"), hereby certifies to the Fund and to Computershare Trust Company, N.A., as Subscription Agent for such Offer, that for each numbered line filled in below, the undersigned has exercised, on behalf of the beneficial owner thereof (which may be the undersigned), the number of Rights specified on such line pursuant to the primary subscription (as specified in the Prospectus) and such beneficial owner wishes to subscribe for the purchase of additional Common Shares pursuant to the over-subscription privilege (as specified in the Prospectus), in the amount set forth in the third column of such line.

---

| | | |
|:---|:---|:---|
| **Number of Record Date <br> Common Shares Owned** | **NUMBER OF RIGHTS <br> exercised pursuant to the <br> Primary Subscription** | **NUMBER OF COMMON SHARES**<br> **requested pursuant to the** <br> **Over-Subscription Privilege** |
| 1. |  |  |
| 2. |  |  |
| 3. |  |  |
| 4. |  |  |
| 5. |  |  |
| 6. |  |  |
| 7. |  |  |
| 8. |  |  |
| 9. |  |  |
| 10. |  |  |

---

Name of Nominee Holder

---

| | |
|:---|:---|
| By: |  |
| Name: |  |
| Title: |  |
| Dated: | , 2026 |

---

Provide the following information, if applicable:

---

| | |
|:---|:---|
| Depository Trust Corporation ("<u>DTC</u>") Participant Number | Name of Broker |
| DTC Primary Subscription Confirmation Number(s) | Address |

---

## Ex-99.(K)(Vii)

**Exhibit (k)(vii)**

![](ex99kvii_001.jpg)

**Subscription Agent Agreement**

**Between**

**The Gabelli Equity Trust**

**and**

**Computershare Trust Company, N.A., Computershare Inc.**

GAB Subscription Agent Agreement 02112026

**THIS SUBSCRIPTION AGENT AGREEMENT** (the "**Agreement**") is entered into as of this 17<sup>th</sup> day of February 2026 (the "**Effective Date**") by and among The Gabelli Equity Trust, Inc., a company organized and existing under the laws of the State of Maryland (the "**Company**"), Computershare Inc. ("Computershare") a Delaware corporation and its fully owned subsidiary Computershare Trust Company, N.A., a national banking association (the "Trust Company" and together with Computershare, the "Agent").

**SUBSCRIPTION AGENT SERVICES**

**1. <u>Appointment</u>**

1.1 Company is making an offer (the "**Subscription Offer**") to issue to holders of record of its outstanding shares of common stock, par value $0.001 per share (the "**Common Stock**"), at the close of business on March 2, 2026 (the "**Record Date**"), the right to subscribe for and purchase (each such right, a "**Right**", and collectively, the "**Rights**") shares of common stock (the "**Additional Common Stock**") at a purchase price of $5.50 per share of the Additional Common Stock (the "**Subscription Price**"), payable as described on the Subscription Form (as defined below) or any web site established for purposes of effectuating the Offer. Agent agrees to establish the offer web site, which shall be a dedicated event website for eligible Stockholders to securely sign in, review transactional / Offer materials, make elections, or enter instructions (collectively, "Electronic Instructions") in connection with the Subscription Offer (an "**Offer Web Site**"), which together, as they may be amended from time to time, constitute the Subscription Offer, sent to eligible shareholders, upon the terms and conditions set forth therein. The term "**Subscribed**" shall mean submitted for purchase from Company by a stockholder in accordance with the terms of the Subscription Offer, and the term "**Subscription(s)**" shall mean any such submission. Company hereby appoints Agent to act as subscription agent in connection with the Subscription Offer and Agent hereby accepts such appointment in accordance with and subject to the terms and conditions of this Agreement.

1.2 The Subscription Offer will expire at 5:00pm, Eastern Time, on April 14, 2026(the "**Expiration Time**"), unless Company shall have extended the period of time for which the Subscription Offer is open, in which event the term "**Expiration Time**" shall mean the latest time and date at which the Subscription Offer, as so extended by Company from time to time, shall expire.

1.3 Company filed a registration statement relating to the Additional Common Stock with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "**1933 Act**"), on December 29, 2023, and such registration statement was declared effective on December 29, 2023. The terms of the Additional Common Stock are more fully described in the prospectus forming a part of the registration statement as it was declared effective. All terms used and not defined herein shall have the same meaning(s) as in the prospectus.

1.4 Promptly after the Record Date, Company will furnish Agent with, or will instruct Agent, in its capacity as transfer agent for Company, to prepare, a certified list in a format acceptable to Agent of holders of record of the Common Stock at the Record Date, including each such holder's name, address, taxpayer identification number ("**TIN**"), share amount with applicable tax lot detail, any certificate detail and information regarding any applicable account stops or blocks (the "**Record Stockholders List**").

1.5 Client will promptly review and approve the Offer Web Site in order to launch concurrently with the Record Date.

1.6 No later than the earlier of (i) forty-five (45) days after the Record Date or (ii) January 15 of the year following the year in which the Record Date occurs, Company shall deliver to Agent written direction on the adjustment of cost basis for covered by IRS cost basis reporting requirements securities that arise from or are affected by the Subscription Offer in accordance with current Internal Revenue Service regulations (see the Tax Instruction/Cost Basis Information Letter attached hereto as Exhibit A for additional information).

GAB Subscription Agent Agreement 02112026 Page 2

**2. <u>Subscription of Rights</u>**

2.1 The Rights entitle the holders to subscribe, upon payment of the Subscription Price, for shares of the Additional Common Stock at the rate of $5.50share(s) for each Right (the "**Basic Subscription Privilege**"). No fractional Rights will be issued, but the Subscription Offer includes a step-up privilege entitling the holder of fewer than 10Rights to subscribe for and pay the Subscription Price for one full share of the Common Stock.

2.2 If subscribing shareholders who exercise their Rights in full are entitled to exercise an oversubscription right, then Company shall provide Agent with instructions regarding the allocation to such shareholders of the Additional Common Stock after the initial allocation thereof.

2.3 Except as otherwise indicated to Agent by Company in writing, all of the Additional Common Stock delivered hereunder upon the exercise of the Rights will be delivered free of restrictive legends. Company shall, if applicable, inform Agent as soon as possible in advance as to whether any Additional Common Stock issued hereunder is to be issued with restrictive legend(s) and, if so, Company shall provide the appropriate legend(s) and a list identifying the affected shareholders, certificate numbers (if applicable) and share amounts for such affected shareholders.

**3. <u>Duties of Subscription Agent</u>**

3.1 Agent shall issue the Rights in accordance with this Agreement in the names of the holders of the Common Stock of record on the Record Date, keep such records as are necessary for the purpose of recording such issuance(s), and furnish a copy of such records to Company.

3.2 Promptly after Agent receives the Record Stockholders List, Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver or cause to be delivered, either by email or by first class mail, as the company shall instruct, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if by first class mail, then to each holder of the Common Stock of record on the Record Date whose address of record is within the United States of America and Canada with no valid email address on file, (A) a subscription form with respect to the Rights to which such stockholder is entitled under the Subscription Offer (the "**Subscription Form** "), (B) a copy of the prospectus and (C) a return envelope addressed to Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If by email, as directed by Company, then to each holder of record of the Outstanding Stock on the Record Date with a valid email address, access information and the dedicated web URL of the Offer Website allowing such holders to submit instructions to participate in the Subscription Offer as well as download and review a subscription form with respect to the Rights to which such stockholder is entitled under the Subscription Offer (the "**Subscription Form**") a copy of the information statement or prospectus and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the direction of Company, deliver or cause to be delivered, or send via first class mail or email, as the Company shall instruct, to each holder of record of the Common Stock on the Record Date whose address of record is outside the United States of America and Canada, or is an A.P.O. or a F.P.O. address, a copy of the prospectus. Agent shall refrain from delivering the Subscription Form to any holder of record of the Common Stock on the Record Date whose address of record is outside the United States of America and Canada, or is an A.P.O. or a F.P.O. address, and hold such Subscription Form for the account of such stockholder subject to such stockholder making satisfactory arrangements with Agent for the exercise or other disposition of the Rights described therein, and effect the exercise, sale or delivery of such Rights in accordance with the terms of this Agreement if notice of such arrangements is received at or before 11:00 a.m., Eastern Time, on April 07, 2026. In the event that a request to exercise the Rights is received from such a holder, Agent will consult with Company for instructions as to the number of shares of the Additional Common Stock, if any, Agent is authorized to issue.

GAB Subscription Agent Agreement 02112026 Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon request by Company, Agent shall deliver a copy of the prospectus, either by first class mail or by email, as the company shall instruct (i) to each assignee or transferee of the Rights upon receiving appropriate documentation satisfactory to Agent to register the assignment or transfer thereof and (ii) with shares of the Additional Common Stock when such are issued to persons other than the registered holder of the Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Agent shall accept Subscriptions upon the due exercise of the Rights (including payment of the Subscription Price) in physical form or via the dedicated Offer Website, on or prior to the Expiration Time in accordance with the Subscription Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to Subscriptions for shares of Additional Common Stock, Agent shall accept Subscriptions from persons who were registered holders of Common Stock on the Record Date, without further authorization or direction from Company, without procuring supporting legal papers or other proof of authority to sign (including without limitation proof of appointment of a fiduciary or other person acting in a representative capacity), and without signatures of co-fiduciaries, co-representatives or any other person; provided that Agent may accept Subscriptions in accordance with instructions from any Rights holder that elects to subscribe for shares of Additional Common Stock to the extent such holder is deemed ineligible to subscribe for shares of Additional Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Right is registered in the name of a fiduciary and the Subscription Form is executed by such fiduciary, provided, that the Additional Common Stock is to be issued in the name of such fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Right is registered in the name of joint tenants and the Subscription Form is executed by one of the joint tenants, provided, that the Additional Common Stock is to be issued in the names of such joint tenants; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Right is registered in the name of a corporation and the Subscription Form is executed by a person in a manner which appears or purports to be done in the capacity of an officer or agent thereof, provided, that the Additional Common Stock is to be issued in the name of such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each document or Electronic Instruction, received by Agent relating to its duties hereunder shall be dated and time stamped when received at the applicable electronic or physical address(es) as outlined in the offering documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Agent shall, absent specific and mutually agreed upon instructions between Agent and Company, follow its normal and customary procedures with respect to the acceptance or rejection of all Subscriptions received after the Expiration Time. Subscriptions not authorized to be accepted pursuant to this Section 3 and Subscriptions otherwise failing to comply with the terms and conditions of the Subscription Form will be rejected and returned to the applicable shareholder.

GAB Subscription Agent Agreement 02112026 Page 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Company shall provide an opinion of counsel prior to the Expiration Time to set up a reserve of the Additional Common Stock. The opinion shall state that all of the Additional Common Stock, or the transactions in which they are being issued, as applicable, are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Registered, or subject to a valid exemption from registration, under the 1933 Act, and all appropriate state securities law filings have been made with respect to the Additional Common Stock, or alternatively, that the shares of the Additional Common Stock are "covered securities" under Section 18 of the 1933 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Validly issued, fully paid and non-assessable.

**4. <u>Acceptance of Subscriptions</u>**

4.1 Following Agent's first receipt of Subscriptions, on each business day, or more frequently if reasonably requested as to major tally figures, forward a report by email to John Ball (jball@gabelli.com) (the "**Company Representative**") as to the following information, based upon a preliminary review (and at all times subject to a final determination by Company) as of the close of business on the preceding business day or the most recent practicable time prior to such request, as the case may be: (i) the total number of shares of the Additional Common Stock Subscribed for; (ii) the total number of the Rights sold; (iii) the total number of the Rights partially Subscribed for; (iv) the amount of funds received; and (v) the cumulative totals in categories (i) through (iv), above.

4.2 As promptly as possible following the Expiration Time, advise the Company Representative by email of (i) the number of shares of the Additional Common Stock Subscribed for and (ii) the number of shares of the Additional Common Stock unsubscribed for.

**5. <u>Deposit of Funds</u>**

5.1 Upon acceptance of a Subscription, all funds accompanying a Subscription and received by Computershare under this Agreement which are to be held by Computershare in the performance of services hereunder (the "**Funds**") shall be held by Computershare as agent for Company at commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P Global Inc. ("S&P") (LT Local Issuer Credit Rating), Moody's Investors Service, Inc. ("Moody's") (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Until paid pursuant to this Agreement, Computershare may hold or invest the Funds through such accounts, upon Company's written instruction, in (A) short-term obligations of the United States with maturities of no more than thirty (30) days or guaranteed by the United States and backed by the full faith and credit of the United States, (B) commercial paper obligations of issuers organized under the Law of a state of the United States, rated A-1 or P-1 or better by Moody's or S&P, respectively or (C) certificates of deposit, bank repurchase agreements or banker's acceptances of commercial banks with capital exceeding $1 billion; provided that in the case of each of clauses A through C, no such investment shall have a maturity of more than thirty (30) days. Agent shall furnish, upon Company's reasonable request, reports to Company showing the current balances of such accounts. The Funds shall not be used for any purpose that is not expressly provided for in this Agreement.

5.2 Computershare will only draw upon the Funds in such account(s) as required from time to time in order to make payment to the Company and any applicable tax withholding payments. Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare in accordance with this Section 5, including any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to Company, any holder or any other party.

5.3 Computershare is acting as Agent hereunder and is not a debtor of Company in respect of the Funds.

GAB Subscription Agent Agreement 02112026 Page 5

**6. <u>Completion of Subscription Offer</u>**

6.1 Upon completion of the Subscription Offer, Agent shall request the transfer agent for the Common Stock to issue the appropriate number of shares of the Additional Common Stock as required in order to effectuate the Subscriptions.

6.2 The Rights shall be issued in registered, book-entry form only. Agent shall keep books and records of the registration, transfer and exchange of the Rights (the "**Rights Register**").

6.3 All of the Rights issued upon any registration of transfer or exchange of the Rights shall be the valid obligations of Company, evidencing the same obligations and entitled to the same benefits under this Agreement as the Rights surrendered for such registration of transfer or exchange; provided, that until such transfer or exchange is registered in the Rights Register, Company and Agent may treat the registered holder thereof as the owner for all purposes.

6.4 For so long as this Agreement shall be in effect, Company will reserve for issuance and keep available for issuance after the Expiration Time free from preemptive rights a sufficient number of shares of the Additional Common Stock to permit the exercise in full of all of the Rights issued pursuant to the Subscription Offer.

6.6 Company shall, from time to time, take all action necessary or appropriate to obtain and keep effective all registrations, permits, consents and approvals of the Securities and Exchange Commission and any other governmental agency or authority and make such filings under federal and state laws, which may be necessary or appropriate in connection with the issuance, sale, transfer and delivery of the Rights or the Additional Common Stock issued upon the exercise of the Rights in accordance herewith.

**7. <u>Procedure for Discrepancies</u>** Agent shall follow its regular procedures to attempt to reconcile any discrepancies between the number of shares of Additional Common Stock that any Subscription Form may indicate are to be issued to a stockholder upon the exercise of the Rights and the number that the Record Stockholders List indicates may be issued to such stockholder. In any instance where Agent cannot reconcile such discrepancies by following such procedures, Agent will consult with Company for instructions as to the number of shares of Additional Common Stock, if any, Agent is authorized to issue. In the absence of such instructions, Agent is authorized not to issue any shares of Additional Common Stock to such stockholder and will return to the subscribing stockholder (at Agent's option by either first class mail under a blanket surety bond or insurance protecting Agent and Company from losses or liabilities arising out of the non-receipt or non-delivery of the Subscription Form or by registered mail insured separately for the value of the applicable Rights) to such stockholder's address as set forth in the Subscription Form, any Subscription Form delivered to Agent, any other documents delivered therewith and a letter explaining the reason for the return of such documents.

GAB Subscription Agent Agreement 02112026 Page 6

**8. <u>Procedure for Deficient Items</u>**

8.1 Agent shall examine the Subscription Form(s) received by it as agent to ascertain whether they appear to have been completed and executed in accordance with the Subscription Offer. In the event that Agent determines that any Subscription Form does not appear to have been properly completed or executed, or to be in proper form, or any other deficiency in connection with the Subscription Form appears to exist, Agent shall follow, where possible, its regular procedures to attempt to cause such irregularity to be corrected. Agent is not authorized to waive any deficiency in connection with the Subscription, unless Company provides written authorization to waive such deficiency.

8.2 If a Subscription Form specifies that shares of the Additional Common Stock are to be issued to a person other than the person in whose name a surrendered Right is registered, Agent will not issue such shares until such Subscription Form has been properly endorsed with the signature guaranteed in a manner acceptable to Agent (or otherwise put in proper form for transfer).

8.3 If any such deficiency is neither corrected nor waived, Agent will return to the subscribing stockholder (at Agent's option by either first class mail under a blanket surety bond or insurance protecting Agent and Company from losses or liabilities arising out of the non-receipt or non-delivery of the Subscription Form or by registered mail insured separately for the value of the applicable Rights) to such stockholder's address as set forth in the Subscription Form, any Subscription Form delivered to Agent, any other documents delivered therewith and a letter explaining the reason for the return of such documents.

**9. <u>Tax Reporting</u>**

9.1 Agent shall prepare and file with the appropriate governmental agency and mail to each stockholder, as applicable, all appropriate tax information forms, including, but not limited to, Forms 1099-B, covering payments or any other distributions made by Agent pursuant to this Agreement during each calendar year, or any portion thereof, during which Agent performs services hereunder, as described in the attached Exhibit A. Any cost basis or tax adjustments required after the Effective Time will incur additional fees.

9.2 With respect to any surrendering stockholder whose TIN has not been certified as correct, Agent shall deduct and withhold the appropriate backup withholding tax from any payment made to such stockholder pursuant to the Internal Revenue Code.

9.3 Should any issue arise regarding federal income tax reporting or withholding, Agent shall take such reasonable action as Company may reasonably request in writing. Such action may be subject to additional fees.

**10. <u>Unresponsive Payees; Unclaimed Property</u>**

10.1 After the eight month anniversary of the Effective Time, Computershare may cause the performance of a more in-depth search for the purpose of locating unresponsive payees of checks representing any uncashed payments resulting from this Subscription Offer and locating and/or contacting holders who have not yet cashed their checks representing overpayment of subscription application funds, which checks are older than 180 days and who have already received the required unresponsive payee notification under Rule 17Ad-17, in each case using the services of a locating service provider selected by Computershare ("Service Provider"), which Service Provider may be an affiliate of Computershare. Such Service Provider may compensate Computershare for processing and other services Computershare provides in connection with such services, including providing Computershare a portion of its fees. Such Service Provider shall inform any such located and/or contacted stockholders that they may choose (I) to contact Computershare directly to receive a check for payment at no charge other than any applicable fees contemplated by this Agreement or (II) to utilize the services of such Service Provider for a fee, which may not exceed approximately 10% of the total value of such stockholder's uncashed payment or the maximum statutory fee permitted by the applicable state jurisdiction; provided that such processing fee shall not include or limit applicable fees to replace lost certificates. If the Company selects a locating and/or asset reunification service provider other than one selected by Computershare, then Computershare shall not be responsible for the terms of any agreement with such provider and additional fees may apply.

GAB Subscription Agent Agreement 02112026 Page 7

Pursuant to Section 11.9 of this Agreement, the Company hereby authorizes and instructs Computershare to provide to Service Provider on behalf of Computershare or Company pursuant to this Article I, Section 10:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) aggregate data of stockholders who have not cashed their checks representing return of funds related to the Offer and Company information, including number of accounts, value Uncashed checks, effective date and type of transaction, second mailing date (if applicable), and information concerning this Section 10, in order for the Service Provider to determine the feasibility of providing locating and/or asset reunification services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon determination by the Service Provider that a stockholder locating and/or asset reunification program will be implemented and after notification of implementation to Company by Computershare (including by e-mail):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a complete file of stockholders including those with outstanding payments, who have not yet cashed their checks representing payment of any subscription refund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) preliminary escheatment files of of stockholders with uncashed checks (used to block accounts that may not be serviced under the program based on state unclaimed property laws); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) view only access to stockholder data (during the time a program is in place) for the limited purposes of verifying account information and reconciliation for program eligible accounts and to Company information related to the transaction such as the expiration date.

10.2 Agent shall report unclaimed property to each state in compliance with state laws. Agent will charge Purchaser its standard fees plus expenses (including the cost of due diligence mailings) for such services.

**11. <u>Authorizations and Protections</u>**

As agent for Company hereunder, Agent:

11.1 Shall have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by Agent and Company;

11.2 Shall have no obligation to deliver the Additional Common Stock unless Company shall have provided a sufficient number of shares of the Additional Common Stock to satisfy the exercise of the Rights by holders as set forth hereunder;

GAB Subscription Agent Agreement 02112026 Page 8

11.3 Shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness of any certificates, if applicable, or the Rights represented thereby surrendered hereunder or the Additional Common Stock issued in exchange therefor, and will not be required to or be responsible for and will make no representations as to, the validity, sufficiency, value or genuineness of the Subscription Offer;

11.4 Shall not be obligated to take any legal action hereunder; if, however, Agent determines to take any legal action hereunder, and where the taking of such action might, in Agent's judgment, subject or expose it to any expense or liability, Agent shall not be required to act unless it shall have been furnished with an indemnity satisfactory to it;

11.5 May rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter, telegram, telex, facsimile transmission or other document or security delivered to Agent and believed by Agent to be genuine and to have been signed by the proper party or parties;

11.6 Shall not be liable or responsible for any recital or statement contained in the Subscription Offer or any other documents relating thereto;

11.7 Shall not be liable or responsible for any failure of the Company or any other party to comply with any of its covenants and obligations relating to the Subscription Offer, including without limitation obligations under applicable securities laws;

11.8 Shall not be liable to any holder of the Rights for any Additional Common Stock or dividends thereon or, if applicable, and any related unclaimed property that has been delivered to a public official pursuant to applicable abandoned property law;

11.9 May, from time to time, rely on instructions provided by Company concerning the services provided hereunder. Further, Agent may apply to any officer or other authorized person of Company for instruction and may consult with legal counsel for Agent or Company with respect to any matter arising in connection with the services provided hereunder. Agent and its agents and subcontractors shall not be liable and shall be indemnified by Company under Section 13.2 of this Agreement for any action taken or omitted by Agent in reliance upon any Company instructions or upon the advice or opinion of such counsel. Agent shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from Company;

11.10 May rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an eligible guarantor institution that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable signature guarantee program or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed;

11.11 Either in connection with, or independent of the instruction term in Section 10.9, above, Agent may consult counsel satisfactory to Agent (including internal counsel), and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by Agent hereunder in good faith and in reliance upon the advice of such counsel;

11.12 May perform any of its duties hereunder either directly or by or through agents or attorneys and Agent shall not be liable or responsible for any misconduct or negligence on the part of any agent or attorney appointed with reasonable care hereunder; and

11.13 Is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person.

GAB Subscription Agent Agreement 02112026 Page 9

**12. <u>Representations, Warranties and Covenants</u>**

12.1 <u>Agent</u>. Agent represents and warrants to Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governance</u>. Trust Company is a federally chartered trust company duly organized, validly existing, and in good standing under the laws of the United States and Computershare is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and each has full power, authority and legal right to execute, deliver and perform this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Laws</u>. The execution, delivery and performance of this Agreement by Agent has been duly authorized by all necessary action, constitutes the legal, valid and binding obligation of Agent enforceable against Agent in accordance with its terms, will not require the consent of any third party that has not been given, and will not violate, conflict with or result in the breach of any material term, condition or provision of (A) any existing law, ordinance, or governmental rule or regulation to which Agent is subject, (B) any judgment, order, writ, injunction, decree or award of any court, arbitrator or governmental or regulatory official, body or authority applicable to Agent, (C) Agent's incorporation documents or by-laws, or (D) any material agreement to which Agent is a party.

12.2 <u>Company</u>. Company represents and warrants to Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governance</u>. It is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland, and it has full power, authority and legal right to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Laws</u>. The execution, delivery and performance of this Agreement by Company has been duly authorized by all necessary action, constitutes the legal, valid and binding obligation of Company enforceable against Company in accordance with its terms, will not require the consent of any third party that has not been given, and will not violate, conflict with or result in the breach of any material term, condition or provision of (A) any existing law, ordinance, or governmental rule or regulation to which Company is subject, (B) any judgment, order, writ, injunction, decree or award of any court, arbitrator or governmental or regulatory official, body or authority applicable to Company, (C) Company's incorporation documents or by-laws, (D) any material agreement to which Company is a party, or (E) any applicable stock exchange rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Securities Laws</u>. Registration statements under the 1933 Act and the Securities Exchange Act of 1934 (the "**1934 Act**") have been filed and are currently effective, or will be effective prior to the sale of any Additional Common Stock, and will remain so effective, and all appropriate state securities law filings have been made with respect to all of the Additional Common Stock being offered for sale, except for any shares of Additional Common Stock which are offered in a transaction or series of transactions which are exempt from the registration requirements of the 1933 Act, 1934 Act and state securities laws; Company will immediately notify Agent of any information to the contrary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Shares</u>. The Additional Common Stock issued and outstanding on the date hereof have been duly authorized, validly issued and are fully paid and are non-assessable; and any Additional Common Stock to be issued hereafter, when issued, shall have been duly authorized, validly issued and fully paid and will be non-assessable.

GAB Subscription Agent Agreement 02112026 Page 10

**13. <u>Indemnification and Limitation of Liability</u>**

13.1 <u>Liability</u>. Agent shall only be liable for any loss or damage determined by a court of competent jurisdiction to be a result of Agent's gross negligence or willful misconduct; provided that any liability of Agent will be limited in the aggregate to the amounts paid hereunder by Company to Agent as fees and charges, but not including reimbursable expenses.

13.2 <u>Indemnity</u>. Company shall indemnify and hold Agent harmless from and against, and Agent shall not be responsible for, any and all losses, claims, damages, costs, charges, penalties and related interest, counsel fees and expenses, payments, expenses and liability (collectively, "**Losses**") arising out of or attributable to Agent's duties under this Agreement or this appointment, including the reasonable costs and expenses of defending itself against any Loss or enforcing this Agreement, except for any liability of Agent as set forth in Section 13.1, above.

**14 <u>Damages</u>** Notwithstanding anything in this Agreement to the contrary, neither party shall be liable to the other for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by a breach of any provision of this Agreement even if apprised of the possibility of such damages.

**15. <u>Confidentiality</u>**

15.1 <u>Definition</u>. "**Confidential Information**" shall mean any and all technical or business information relating to a party, including, without limitation, financial, marketing and product development information, shareholder data (including any non-public information of such Shareholder), proprietary information, and the terms and conditions (but not the existence) of this Agreement, that is disclosed or otherwise becomes known to the other party or its affiliates, agents or representatives before or during the term of this Agreement. Confidential Information constitutes trade secrets and is of great value to the owner (or its affiliates). Confidential Information shall not include any information that is: (a) already known to the other party or its affiliates at the time of the disclosure; (b) publicly known at the time of the disclosure or becomes publicly known through no wrongful act or failure of the other party; (c) subsequently disclosed to the other party or its affiliates on a non-confidential basis by a third party not having a confidential relationship with the owner and which rightfully acquired such information; or (d) independently developed by one party without access to Confidential Information of the other.

15.2 <u>Use and Disclosure</u>. All Confidential Information of a party will be held in confidence by the other party with at least the same degree of care as such party protects its own confidential or proprietary information of like kind and import, but not less than a reasonable degree of care. Neither party will disclose in any manner Confidential Information of the other party in any form to any person or entity without the other party's prior consent. However, each party may disclose relevant aspects of the other party's Confidential Information to its officers, affiliates, agents, subcontractors and employees to the extent reasonably necessary to perform its duties and obligations under this Agreement and such disclosure is not prohibited by applicable law. Without limiting the foregoing, each party will implement physical and other security measures and controls designed to protect (a) the security and confidentiality of Confidential Information; (b) against any threats or hazards to the security and integrity of Confidential Information; and (c) against any unauthorized access to or use of Confidential Information. To the extent that a party delegates any duties and responsibilities under this Agreement to an agent or other subcontractor, the party ensures that such agent and subcontractor are contractually bound to confidentiality terms consistent with the terms of this Section 15.

GAB Subscription Agent Agreement 02112026 Page 11

15.3 <u>Required or Permitted Disclosure</u>. In the event that any requests or demands are made for the disclosure of Confidential Information, other than requests to Agent for Shareholder records pursuant to standard subpoenas from state or federal government authorities (*e.g.*, divorce and criminal actions), the party receiving such request will promptly notify the other party to secure instructions from an authorized officer of such party as to such request and to enable the other party the opportunity to obtain a protective order or other confidential treatment, unless such notification is otherwise prohibited by law or court order. Each party expressly reserves the right, however, to disclose Confidential Information to any person whenever it is advised by counsel that it may be held liable for the failure to disclose such Confidential Information or if required by law or court order.<br>

15.4 <u>Unauthorized Disclosure</u>. As may be required by law and without limiting any party's rights in respect of a breach of this Section 14, each party will promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notify the other party in writing of any unauthorized possession, use or disclosure of the other party's Confidential Information by any person or entity that may become known to such party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish to the other party full details of the unauthorized possession, use or disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Use commercially reasonable efforts to prevent a recurrence of any such unauthorized possession, use or disclosure of Confidential Information.

15.5 <u>Costs</u>. Each party will bear the costs it incurs as a result of compliance with this Section 14.

**16. <u>Compensation and Expenses</u>**

16.1 Company shall pay to Agent compensation in accordance with the fee schedule attached as Exhibit C hereto, together with reimbursement for reasonable fees and disbursements of counsel, regardless of whether any Rights are surrendered to Agent, for Agent's services hereunder.

16.2 Company shall be charged for certain expenses advanced or incurred by Agent in connection with Agent's performance of its duties hereunder. Such charges include, but are not limited to, stationery and supplies, such as checks, envelopes and paper stock, as well as any disbursements for telephone and document creation and delivery. While Agent endeavors to maintain such charges (both internal and external) at competitive rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges to cover internal processing and use of Agent's billing systems.

16.3 If any out-of-proof condition caused by Company or any of its prior agents arises during any terms of this agreement, Company will, promptly upon Agent's request, provide Agent with funds or shares sufficient to resolve the out-of-proof condition.

16.4 All amounts owed to Agent hereunder are due within thirty (30) days of the invoice date. Delinquent payments are subject to a late payment charge of one and one half percent (1.5%) per month commencing forty-five (45) days from the invoice date. Company agrees to reimburse Agent for any attorney's fees and any other costs associated with collecting delinquent payments.

16.5 Company is responsible for all taxes, levies, duties, and assessments levied on services purchased under this Agreement (collectively, "**Transaction Taxes**"). Computershare is responsible for collecting and remitting Transaction Taxes in all jurisdictions in which Computershare is registered to collect such Transaction Taxes. Computershare shall invoice Company for such Transaction Taxes that Computershare is obligated to collect upon the furnishing of services provided hereunder. Company shall pay such Transaction Taxes according to the terms in Section 16.1, above. Computershare shall timely remit to the appropriate governmental authorities all such Transaction Taxes that Computershare collects from Company. To the extent that Company provides Computershare with valid exemption certificates, direct pay permits, or other documentation that exempts Computershare from collecting Transaction Taxes from Company, invoices issued for services hereunder provided after Computershare's receipt of such certificates, permits, or other documentation will not reflect exempted Transaction Taxes. Computershare is solely responsible for the payment of all personal property taxes, franchise taxes, corporate excise or privilege taxes, property or license taxes, taxes relating to Computershare's personnel, and taxes based on Computershare's net income or gross revenues relating to services provided hereunder.

GAB Subscription Agent Agreement 02112026 Page 12

**17. <u>Termination</u>** Either party may terminate this Agreement upon thirty (30) days' prior written notice to the other party. Unless so terminated, this Agreement shall continue in effect until ninety (90) days following the Expiration Time. In the event of such early termination, Company will appoint a successor agent and inform Agent of the name and address of any successor agent so appointed, provided, that no failure by Company to appoint such a successor agent shall affect the termination of this Agreement or the discharge of Agent as agent hereunder. Upon any such termination, Agent shall be relieved and discharged of any further responsibilities with respect to its duties hereunder. Upon payment of all outstanding fees and expenses hereunder, Agent shall promptly forward to Company or its designee any Subscription Forms or other documents relating to the Subscription Offer that Agent may receive after its appointment has so terminated.

**18. <u>Assignment</u>** Neither this Agreement nor any rights or obligations hereunder may be assigned by Company or Agent without the written consent of the other; provided, however, that Agent may, without further consent of Company, assign any of its rights and obligations hereunder to any affiliated agent registered under Rule 17Ac2-1 promulgated under the 1934 Act.

**19. <u>Subcontractors and Unaffiliated Third Parties</u>**

19.1 <u>Subcontractors</u>. Agent may, without further consent of Company, subcontract with (a) any affiliates, or (b) unaffiliated subcontractors for such services as may be required from time to time (e.g., lost shareholder searches, escheatment, telephone and mailing services); provided, however, that Agent shall be as fully responsible to Company for the acts and omissions of any subcontractor as it is for its own acts and omissions.

19.2 <u>Unaffiliated Third Parties</u>. Nothing herein shall impose any duty upon Agent in connection with or make Agent liable for the actions or omissions to act of unaffiliated third parties (other than subcontractors referenced in Section 19.1, above) such as, by way of example and not limitation, airborne services, delivery services, the U.S. mails, and telecommunication companies, provided, if Agent selected such company, Agent exercised due care in selecting the same.

**20. <u>Miscellaneous</u>**

20.1 <u>Notices</u>. All notices, demands and other communications given pursuant to the terms and provisions hereof shall be in writing, shall be deemed effective on the date of receipt, and may be sent by overnight delivery services, or by certified or registered mail, return receipt requested to:

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| | |
|:---|:---|
| If to Company: | with an additional copy to: |
| **The Gabelli Equity Trust**<br> One Corporate Center<br> Rye, NY 10580<br> Attn: Peter Goldstein | John Ball (jball@gabelli.com) |

---

Invoice for fees and services (if different than above):

**The Gabelli Equity Trust**

One Corporate Center

Rye, NY 10580

Attn: John Ball

GAB Subscription Agent Agreement 02112026 Page 13

If to Agent: with an additional copy to: <br>Computershare Inc. 480 Washington Blvd., 26th Floor Jersey City, NJ 07310 Attn: Corp Actions Relationship Manager Computershare Inc. 150 Royall Street Canton, MA 02021 Attn: Legal Department

Or

Computershare Inc.

150 Royall Street

Canton, MA 02021

Attn: Corp Actions Relationship Manager

Or

Computershare Inc.

462 S. 4th Street, 7th Floor

Louisville, KY 40202

Attn: Corp Actions Relationship Manager<br>

20.2 <u>No Expenditure of Funds</u>. No provision of this Agreement shall require Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if it shall believe in good faith that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

20.3 <u>Publicity</u>. Neither party hereto shall issue a news release, public announcement, advertisement, or other form of publicity concerning the existence of this Agreement or the services to be provided hereunder without obtaining the prior written approval of the other party, which may be withheld in the other party's sole discretion; provided, that Agent may use Company's name in its customer lists or otherwise as required by law or regulation.

20.4 <u>Successors</u>. All the covenants and provisions of this Agreement by or for the benefit of Company or Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.

20.5 <u>Amendments</u>. This Agreement may be amended or modified by a written amendment executed by the parties hereto and, to the extent required, authorized by a resolution of the Board of Directors of Company.

20.6 <u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

20.7 <u>Governing Law; Jurisdiction</u>. This Agreement shall be governed by the laws of the State of New York, without regard to principles of conflicts of law. The parties hereto irrevocably (a) submit to the non-exclusive jurisdiction of any New York State court sitting in New York City or the United States District Court for the Southern District of New York in any action or proceeding arising out of or relating to this Agreement, (b) waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum, improper venue or lack of jurisdiction to the maintenance of any such action or proceeding, and (c) waive all right to trial by jury in any action, proceeding or counterclaim arising out of this Agreement or the transactions contemplated hereby. Agent shall not be required hereunder to comply with the laws or regulations of any country other than the United States of America or any political subdivision thereof. Agent may consult with foreign counsel, at Company's expense, to resolve any foreign law issues that may arise as a result of Company or any other party being subject to the laws or regulations of any foreign jurisdiction.

GAB Subscription Agent Agreement 02112026 Page 14

20.8 <u>Force Majeure</u>. Agent will not be liable for any delay or failure in performance when such delay or failure arises from circumstances beyond its reasonable control, including without limitation acts of God, acts of government in its sovereign or contractual capacity, acts of public enemy or terrorists, acts of civil or military authority, war, riots, civil strife, terrorism, blockades, sabotage, rationing, embargoes, epidemics, pandemics, outbreaks of infectious diseases or any other public health crises, earthquakes, fire, flood, other natural disaster, quarantine or any other employee restrictions, power shortages or failures, utility or communication failure or delays, labor disputes, strikes, or shortages, supply shortages, equipment failures, or software malfunctions.

20.9 <u>Third Party Beneficiaries</u>. The provisions of this Agreement are intended to benefit only Agent, Company and their respective permitted successors and assigns. No rights shall be granted to any other person by virtue of this Agreement, and there are no third party beneficiaries hereof.

20.10 <u>Survival</u>. All provisions regarding indemnification, warranty, liability and limits thereon, compensation and expenses and confidentiality and protection of proprietary rights and trade secrets shall survive the termination or expiration of this Agreement.<br>20.11 <u>Priorities</u>. In the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained in (a) this Agreement, (b) any exhibits, schedules or attachments hereto, and (c) the Subscription Offer, the terms and conditions contained in this Agreement shall take precedence.

20.12 <u>Merger of Agreement</u>. This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof, whether oral or written.

20.13 <u>No Strict Construction</u>. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

20.14 <u>Descriptive Headings</u>. Descriptive headings contained in this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

20.15 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement executed and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

*[The remainder of this page has been intentionally left blank. Signature page follows.]*

GAB Subscription Agent Agreement 02112026 Page 15

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement by their duly authorized officers as of the Effective Date hereof.

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| | |
|:---|:---|
| **The Gabelli Equity Trust** | **The Gabelli Equity Trust** |
| By: |  |
| Name: | John C. Ball |
| Title: | President |

---

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| | |
|:---|:---|
| **COMPUTERSHARE INC. and** | **COMPUTERSHARE INC. and** |
| **COMPUTERSHARE TRUST COMPANY, N.A.** | **COMPUTERSHARE TRUST COMPANY, N.A.** |
| ***For both entities*** | ***For both entities*** |
| By: |  |
| Name: | Neda Sheridan |
| Title: | Executive Vice President |

---

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| | |
|:---|:---|
| Exhibit A | Tax Instruction and Cost Basis Information Letter |
| Exhibit B | Wire Instructions |
| Exhibit C | Schedule of Fees |

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GAB Subscription Agent Agreement 02112026 Page 16

## Ex-99.(L)(Ii)

**Exhibit (l)(ii)**

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| | |
|:---|:---|
| ![](ex99lii_001.jpg) | 750 E. PRATT STREET SUITE 900 BALTIMORE, MD 21202<br> **T** 410.244.7400 **F** 410.244.7742 www.Venable.com |

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March 2, 2026

The Gabelli Equity Trust Inc.

One Corporate Center

Rye, NY 10580-1422

Re: Registration Statement on Form N-2: <br> 1933 Act File No. 333-276314 <br> <u>1940 Act File No. 811-04700</u>

Ladies and Gentlemen:

We have served as Maryland counsel to The Gabelli Equity Trust Inc., a Maryland corporation registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a closed-end management investment company (the "Company"), in connection with certain matters of Maryland law arising out of (a) the distribution, in accordance with the above-referenced Registration Statement, and all amendments thereto (the "Registration Statement"), filed by the Company with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act, of up to 311,196,702 transferable subscription rights evidenced by the Rights Certificate (as defined below) (the "Rights") to holders of record of the Company's common stock, $0.001 par value per share (the "Common Stock"), and (b) the registration of the offering and sale of up to 31,119,670 shares (the "Shares") of Common Stock upon exercise of the Rights. Each Share is issuable upon the exercise of ten Rights.

In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registration Statement, in the form filed with the Commission under the Securities Act and the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Prospectus, dated December 29, 2023 (the "Base Prospectus"), as supplemented by the Prospectus Supplement, dated March 2, 2026 (the "Prospectus Supplement" and, together with the Base Prospectus, the "Prospectus"), relating to the issuance of the Rights and the Shares, each in substantially the form in which it was transmitted to the Commission pursuant to Rule 424(b) under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The charter of the Company (the "Charter"), certified by the State Department of Assessments and Taxation of Maryland (the "SDAT");

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| |
|:---|
| ![](ex99lii_001.jpg) |
| The Gabelli Equity Trust Inc. |
| March 2, 2026 |
| Page 2 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Resolutions adopted by the Board of Directors of the Company, and a duly authorized committee thereof, relating to, among other matters, the issuance of the Rights and the Shares (the "Resolutions"), certified as of the date hereof by an officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A certificate executed by an officer of the Company, dated as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Subscription Agent Agreement, dated as of February 17, 2026 (the "Subscription Agent Agreement"), by and among the Company, Computershare Trust Company, N.A., a national banking association, and Computershare, Inc., a Delaware corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The form of Subscription Rights Certificate to subscribe for the Shares (the "Rights Certificate"), certified as of the date hereof by an officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. A certificate as of a recent date of the SDAT as to the good standing of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

In expressing the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party's obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all such Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.

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| |
|:---|
| ![](ex99lii_001.jpg) |
| The Gabelli Equity Trust Inc. |
| March 2, 2026 |
| Page 3 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company will not issue any shares of Common Stock during the period between the date hereof and the issuance of the Shares pursuant to the exercise of the Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. None of the Shares or Rights will be issued to a Principal Shareholder (as defined in the Charter).

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The issuance of the Rights has been duly authorized by all necessary corporate action on the part of the Company and, upon issuance and delivery of the Rights Certificate in accordance with the Subscription Agent Agreement, the Rights will be valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The sale and issuance of the Shares have been duly authorized and, when and if issued and paid for upon exercise of the Rights pursuant to the Resolutions and the Registration Statement and the Prospectus, the Shares will be validly issued, fully paid and nonassessable.

In addition to the assumptions and qualifications set forth above, and without limiting the generality of such assumptions and qualifications, the opinion expressed in paragraph 2 above is also subject to (a) the effect of bankruptcy, insolvency, reorganization, preference, fraudulent transfer, moratorium or other similar laws relating to or affecting the rights and remedies of creditors, (b) the effect of general principles of equity, whether considered in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), concepts of materiality, reasonableness, good faith and fair dealing, and the discretion of the court before which a proceeding is brought and (c) the invalidity under certain circumstances under law or court decisions of provisions providing for the indemnification of or contribution to a party with respect to a liability where such indemnification or contribution is contrary to public policy.

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| |
|:---|
| ![](ex99lii_001.jpg) |
| The Gabelli Equity Trust Inc. |
| March 2, 2026 |
| Page 4 |

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The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning any federal or other state law. We express no opinion as to compliance with, or the applicability of, federal or state securities laws, including the securities laws of the State of Maryland. The opinion expressed herein is subject to the effect of judicial decisions which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.

The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Securities Act.

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| |
|:---|
| Very truly yours, |
| /s/ Venable LLP |

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## Ex-99.(N)(Iii)

**Exhibit (n)(iii)**

**POWER OF ATTORNEY**

The undersigned Director does constitute and appoint each of John C. Ball and Peter D. Goldstein as his true and lawful attorney-in-fact to execute and sign Form 3, Form 4, and Form 5 under the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, for The Gabelli Equity Trust,(the "Fund"), and to file the same with the Securities and Exchange Commission, and any other regulatory authority having jurisdiction over the offer and sale of securities issued by the Fund, and to file any and all exhibits and other documents requisite in connection therewith, granting unto said attorneys and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with the foregoing as fully to all intents and purposes as the undersigned Director himself might or could do.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

(Remainder of page intentionally left blank)

IN WITNESS WHEREOF, the undersigned Director has executed this Power of Attorney as of the ____day of February, 2026.

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| | |
|:---|:---|
| /s/ Anthonie C. van Ekris | Director |
| Anthonie C. van Ekris |  |

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## Ex-99.(S)(Ii)

**Exhibit (s)(ii)**

**Calculation of Filing Fee Tables**

**FORM N-2**

(Form Type)

**THE GABELLI EQUITY TRUST INC.**

(Exact Name of Registrant as Specified in its Charter)

The maximum aggregate offering price being offered pursuant to the Prospectus Supplement dated March 2, 2026 (the "Prospectus Supplement") and the accompanying Base Prospectus dated December 29, 2023 (together with the Prospectus Supplement, the "Prospectus") is $171,158,185 (the "Offering"). The Prospectus, in the form filed with the Securities and Exchange Commission pursuant to Rule 424(b)(2) under the Securities Act of 1933, as amended, on March 2, 2026, is the final prospectus relating to the Offering.