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<SEC-DOCUMENT>0000927405-97-000196.txt : 19970610
<SEC-HEADER>0000927405-97-000196.hdr.sgml : 19970610
ACCESSION NUMBER:		0000927405-97-000196
CONFORMED SUBMISSION TYPE:	N-30B-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19970331
FILED AS OF DATE:		19970609
SROS:			NYSE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI EQUITY TRUST INC
		CENTRAL INDEX KEY:			0000794685
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				222736509
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-30B-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04700
		FILM NUMBER:		97621042

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30B-2
<SEQUENCE>1
<TEXT>









June 6, 1997


VIA EDGAR

Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549

Attention:	Office of Filings, Information & Consumer Services

RE:		The Gabelli Equity Trust (the "Company")
		File No. 811-4700/CIK No. 0000794685	


Dear Sir/Madam:

Pursuant to Rule 30b2-1 under the Investment Company Act of 1940, 
as amended, enclosed for filing on behalf of the above-referenced 
Fund please find one (1) copy of its First Quarter Report for the 
period ended March 31, 1997.

Please send an electronic transmittal via Compuserve Mailbox 
74313, 402 as evidence of receipt of this filing.  Should you have 
any questions in regard to the foregoing, please do not hesitate 
to contact me at (617) 573-1550.

Very truly yours,

AMY S. BATTIS

Amy S. Battis
Legal Product Manager


Enclosures

cc:	B Alpert, Gabelli Funds, Inc.
	M. Diagonale, Gabelli Funds, Inc.
	D. Schloendorn, Esq.
	J. Tedesco, Esq.
	C. Dinneen, Esq.



</TEXT>
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