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                        EXHIBIT INDEX
EXHIBIT A:
  Attachment to item 77C: Submission of matters to a vote of
  Security holders.

EXHIBIT B:
  Attachment to item 77I:  Terms of new or amended securities

EXHIBIT C:
  Attachment to item 77Q1: Amendment to the bylaws of
  The Gabelli Equity Trust Inc.

EXHIBIT D:
  Attachment to item 77Q1: Articles supplementary
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EXHIBIT A:
THE GABELLI EQUITY TRUST INC.
EXHIBIT TO ITEM 77C

	The Annual Meeting of Shareholders of The Gabelli Equity
Trust Inc. (the "Equity Trust") was held on May 14, 2001.  The
following proposals were submitted for a vote of the
shareholders:

1.  TO ELECT THREE DIRECTORS OF THE EQUITY TRUST:

	With respect to the proposal relating to the election of
three directors of the Equity Trust, two to be elected by the
holders of the Equity Trust's Common Stock and holders of its
7.25% Cumulative Preferred Stock ("Preferred Stock"), voting
together as a single class, and one to be elected by the holders
of the Equity Trust's Preferred Stock, voting as a separate
class, the following votes and percentages were recorded:

                                                   PERCENT REPRESENTED
                                                        AT THE MEETING
                             FOR          WITHHOLDING        VOTING IN
                                            AUTHORITY            FAVOR

Thomas E. Bratter      119,550,864.90      938,926.99           99.22%
Mario J. Gabelli       119,609,233.46      880,558.43           99.27%
Felix J. Christiana      4,914,531          40,448              99.18%

	The remaining Directors in office are: Anthony J. Colavita,
James P. Conn, Frank J. Fahrenkopf, Jr., Karl Otto P"hl, Anthony
R. Pustorino and Salvatore J. Zizza.



EXHIBIT B:
EXHIBIT 77(i)

TERMS OF NEW OR AMENDED SECURITIES
THE GABELLI EQUITY TRUST INC.

(1)	Rights Offering - On January 10, 2001, The Gabelli
Equity Trust (the "Trust"), a Maryland corporation,
distributed one transferable right for each of the
108,688,408 outstanding common shares of the Trust to
shareholders of record on that date.  Six rights were
required to purchase one additional common share of the
Trust at a per share purchase price of $7.00.  The
subscription period expired on February 13, 2001. The rights
offering was fully subscribed resulting in the issuance of
18,114,735 additional shares of common stock and proceeds of
$126,803,145 to the Trust, prior to the deduction of
estimated expenses of $500,000.  The net asset value per
share of the Trust common shareholders was reduced by
approximately $0.62 as a result of the issuance.

(2)	Preferred Stock Offering - On June 20, 2001, the
Fund successfully completed its offering of 7.20% Tax
Advantaged Series B Cumulative Preferred Stock (the "Series
B Preferred") which was rated "Aaa" by Moody's Investors
Services, Inc.  The Fund issued 6,600,000 Series B Preferred
shares, par value $.001 per share, at $25 per share with an
annual dividend rate of $1.80 per share quarterly starting
in September 2001.  The Series B Preferred shares are listed
and traded on the New York Stock Exchange under the symbol
"GAB PrB".

The Fund is currently authorized to issue 200,000,000
shares of capital stock, of which 184,000,000 shares are
currently designated as common stock.  Each share of common
stock has equal voting, dividend, distribution and
liquidation rights.  The Fund's capital stock is subject to
reclassification from time to time by the Board of
Directors.  At a meeting of the Fund's Board of Directors
duly convened and held on May 16, 2001, the Board adopted a
resolution authorizing management of the Fund to reclassify
10,250,000 authorized but unissued shares of common stock,
par value $.001 per share, as preferred stock, par value
$.001 per share.

The Fund is currently authorized to issue 16,000,000
shares of preferred stock, of which 5,750,000 shares are
currently designated as 7.25% Tax Advantaged Cumulative
Preferred Stock (the "Series A Preferred").  As of June
30, 2001, the Fund had outstanding 5,367,900 shares of
Series A Preferred, par value $.001 per share, which
together with the Series B Preferred offering, are senior
securities of the Fund.  The Series A Preferred is the same
class as the Series B Preferred and is ranked on a parity
with the Series B Preferred as to dividend and liquidation
preference.



EXHIBIT C:
EXHIBIT 77(Q)(1)

AMENDMENT TO THE BYLAWS OF
THE GABELLI EQUITY TRUST INC.


BY-LAWS
OF
THE GABELLI EQUITY TRUST INC.

A Maryland Corporation

ARTICLE I

STOCKHOLDERS

Annual Meetings
 .  The annual meeting of the stockholders of The Gabelli Equity
Trust Inc. (the "Corporation") shall be held on a date fixed from
time to time by the Board of Directors within the thirty-one (31)
day period ending four (4) months after the end of the
Corporation's fiscal year.  An annual meeting may be held at any
place in or out of the State of Maryland as may be determined by
the Board of Directors as shall be designated in the notice of
the meeting and at the time specified by the Board of Directors.
Any business of the Corporation may be transacted at an annual
meeting without being specifically designated in the notice
unless otherwise provided by statute, the Corporation's Charter
or these By-Laws.

Special Meetings
 .  Special meetings of the stockholders for any purpose or
purposes, unless otherwise prescribed by statute or by the Corpo-
ration's Charter, may be held at any place within the United
States, and may be called at any time by the Board of Directors
or by the President, and shall be called by the President or
Secretary at the request in writing of a majority of the Board of
Directors or at the request in writing of stockholders entitled
to cast at least twenty-five (25) percent of the votes entitled
to be cast at the meeting upon payment by such stockholders to
the Corporation of the reasonably estimated cost of preparing and
mailing a notice of the meeting (which estimated cost shall be
provided to such stockholders by the Secretary of the
Corporation).  Notwithstanding the foregoing, unless requested by
stockholders entitled to cast a majority of the votes entitled to
be cast at the meeting, a special meeting of the stockholders
need not be called at the request of stockholders to consider any
matter that is substantially the same as a matter voted on at any
special meeting of the stockholders held during the preceding
twelve (12) months.  A written request shall state the purpose or
purposes of the proposed meeting.

Notice of Meetings
 .  Written or printed notice of the purpose or purposes and of
the time and place of every meeting of the stockholders shall be
given by the Secretary of the Corporation to each stockholder of
record entitled to vote at the meeting, by placing the notice in
the mail at least ten (10) days, but not more than ninety (90)
days, prior to the date designated for the meeting addressed to
each stockholder at his address appearing on the books of the
Corporation or supplied by the stockholder to the Corporation for
the purposes of notice.  The notice of any meeting of
stockholders may be accompanied by a form of proxy approved by
the Board of Directors in favor of the actions or persons as the
Board of Directors may select.  Notice of any meeting of
stockholders shall be deemed waived by any stockholder who
attends the meeting in person or by proxy, or who before or after
the meeting submits a signed waiver of notice that is filed with
the records of the meeting.

Quorum
 .  Except as otherwise provided by statute or by the
Corporation's Charter, the presence in person or by proxy of
stockholders of the Corporation entitled to cast at least a
majority of the votes entitled to be cast shall constitute a
quorum at each meeting of the stockholders and all questions
shall be decided by majority vote of the shares so represented in
person or by proxy at the meeting and entitled to vote.  In the
absence of a quorum, the stockholders present in person or by
proxy at the meeting, by majority vote and without notice other
than by announcement at the meeting, may adjourn the meeting from
time to time as provided in Section 5 of this Article I until a
quorum shall attend.  The stockholders present at any duly
organized meeting may continue to do business until adjournment,
notwithstanding the withdrawal of enough stockholders to leave
less than a quorum.  The absence from any meeting in person or by
proxy of holders of the number of shares of stock of the
Corporation in excess of a majority that may be required by the
laws of the State of Maryland, the Investment Company Act of
1940, or other applicable statute, the Corporation's Articles of
Incorporation or these By-Laws, for action upon any given matter
or matters that may properly come before the meeting, so long as
there are present, in person or by proxy, holders of the number
of shares of stock of the Corporation required for action upon
the other matter or matters.

Adjournment
 .  Any meeting of the stockholders may be adjourned from time to
time, without notice other than by announcement at the meeting at
which the adjournment is taken.  At any adjourned meeting at
which a quorum shall be present any action may be taken that
could have been taken at the meeting originally called.  A
meeting of the stockholders may not be adjourned to a date more
than one-hundred-twenty (120) days after the original record
date.

Organization
 .  At every meeting of the stockholders, the Chairman of the
Board, or in his absence or inability to act, the President, or
in his absence or inability to act, a Vice President, or in the
absence or inability to act of the Chairman of the Board, the
President and all the Vice Presidents, a chairman chosen by the
stockholders, shall act as chairman of the meeting.  The
Secretary, or in his absence or inability to act, a person
appointed by the chairman of the meeting, shall act as secretary
of the meeting and keep the minutes of the meeting.

Order of Business
 .  The order of business at all meetings of the stockholders
shall be as determined by the chairman of the meeting.

Voting
 .  Except as otherwise provided by statute or the Corporation's
Charter, each holder of record of shares of stock of the
Corporation having voting power shall be entitled at each meeting
of the stockholders to one (1) vote for every share of stock
standing in his name on the records of the Corporation as of the
record date determined pursuant to Section 9 of this Article I.

Each stockholder entitled to vote at any meeting of stockholders
may authorize another person or persons to act for him by a proxy
signed by the stockholder or his attorney-in-fact.  No proxy
shall be valid after the expiration of eleven (11) months from
the date thereof, unless otherwise provided in the proxy.  Every
proxy shall be revocable at the pleasure of the stockholder
executing it, except in those cases in which the proxy states
that it is irrevocable and in which an irrevocable proxy is
permitted by law.

Fixing of Record Date for Determining Stockholders Entitled to
Vote at Meeting
 .  The Board of Directors may set a record date for the purpose
of determining stockholders entitled to vote at any meeting of
the stockholders.  The record date for a particular meeting shall
be not more than ninety (90) nor fewer than ten (10) days before
the date of the meeting.  All persons who were holders of record
of shares as of the record date of a meeting, and no others,
shall be entitled to vote at such meeting and any adjournment
thereof.

Inspectors
 .  The Board of Directors may, in advance of any meeting of
stockholders, appoint one (1) or more inspectors to act at the
meeting or at any adjournment of the meeting.  If the inspectors
shall not be so appointed or if any of them shall fail to appear
or act, the chairman of the meeting may appoint inspectors.  Each
inspector, before entertaining upon the discharge of his duties,
shall,  if required by the chairman of the meeting, take and sign
an oath to execute faithfully the duties of inspector at the
meeting with strict impartiality according to the best of his
ability.  The inspectors shall determine the number of shares
outstanding and the voting power of each share, the number of
shares represented at the meeting, the existence of a quorum and
the validity and the effect of proxies, and shall receive votes,
ballots or consents, hear and determine all challenges and
questions arising in connection with the right to vote, count and
tabulate all votes, ballots or consents, determine the result,
and do those acts as are proper to conduct the election or vote
with fairness to all stockholders.  On request of the chairman of
the meeting or any stockholder entitled to vote at the meeting,
the inspectors shall make a report in writing of any challenge,
request or matter determined by them and shall execute a
certificate of any fact found by them.  No director or candidate
for the office of director shall act as inspector of an election
of directors.  Inspectors need not be stockholders of the
Corporation.

Consent of Stockholders in Lieu of Meeting
 .  Except as otherwise provided by statute or the Corporation's
Charter, any action required to be taken at any annual or special
meeting of stockholders, or any action that may be taken at any
annual or special meeting of the stockholders, may be taken
without a meeting, without prior notice and without a vote, if
the following are filed with the records of stockholders'
meetings:  (a) a unanimous written consent that sets forth the
action and is signed by each stockholder entitled to vote on the
matter and (b) a written waiver of any right to dissent signed by
each stockholder entitled to notice of the meeting but not
entitled to vote at the meeting.

ARTICLE II

BOARD OF DIRECTORS

General Powers
 .  Except as otherwise provided in the Corporation's Charter, the
business and affairs of the Corporation shall be managed under
the direction of the Board of Directors.  All powers of the
Corporation may be exercised by or under authority of the Board
of Directors except as conferred on or reserved to the
stockholders by law, by the Corporation's Charter or by these By-
Laws.

Number, Election and Term of Directors
 .  The number of directors shall be fixed from time to time by
resolution of the Board of Directors adopted by a majority of the
directors then in office.  The number of directors shall in no
event be fewer than three (3) nor more than nine (9) unless such
number must be increased pursuant to the terms of any class or
series of stock.  The Board of Directors shall be divided into
three classes.  Within the limits above specified, the number of
directors in each class shall be determined by resolution of the
Board of Directors or by the stockholders at an annual meeting
(or special meeting called to elect additional directors in
accordance with terms of any class or series of stock).  The term
of office of the first class shall expire on the date of the
first annual meeting of stockholders.  The term of office of the
second class shall expire one year thereafter.  The term of
office of the third class shall expire two years thereafter.
Upon expiration of the term of office of each class as set forth
above, the number of directors in such class, as determined by
the Board of Directors, shall be elected for a term of three
years to succeed the directors whose terms of office expire.  The
directors shall be elected at the annual meeting of the
stockholders, except as provided in Section 5 of this Article,
and each director elected shall hold office until his successor
shall have been elected and shall have qualified, or until his
death, or until he shall have resigned or have been removed as
provided in these By-Laws, or as otherwise provided by statute or
the Corporation's Charter.  Any vacancy created by an increase in
directors may be filled in accordance with Section 5 of this
Article II.  No reduction in the number of directors shall have
the effect of removing any director from office prior to the
expiration of his term unless the director is specifically
removed pursuant to Section 4 of this Article II at the time of
the decrease.  A director need not be a stockholder of the
Corporation, a citizen of the United States or a resident of the
State of Maryland.

Resignation
 .  A director of the Corporation may resign at any time by giving
written notice of his resignation to the Board of Directors or
the Chairman of the Board or to the President or the Secretary of
the Corporation.  Any resignation shall take effect at the time
specified in it or, should the time when it is to become
effective not be specified in it, immediately upon its receipt.
Acceptance of a resignation shall not be necessary to make it
effective unless the resignation states otherwise.

Removal of Directors
 .  Any director of the Corporation may be removed by the
stockholders with or without cause by a vote of a majority of the
votes entitled to be cast for the election of directors.

Vacancies
 .  Subject to the provisions of the Investment Company Act of
1940 and the terms of any class or series of stock, any vacancies
in the Board of Directors, whether arising from death,
resignation, removal or any other cause except an increase in the
number of directors, shall be filled by a vote of the majority of
the Board of Directors then in office even though that majority
is less than a quorum, provided that no vacancy or vacancies
shall be filled by action of the remaining directors if, after
the filling of the vacancy or vacancies, fewer than two-thirds of
the directors then holding office shall have been elected by the
stockholders of the Corporation.  A majority of the entire Board
may fill a vacancy that results from an increase in the number of
directors other than vacancies that holders of any class or
series of the Corporation's stock are entitled to fill pursuant
to the terms of any class or series of stock.  If the
stockholders of any class or series are entitled to separately
elect one or more directors, a majority of the remaining
directors elected by that class or series or the sole remaining
director elected by that class or series may fill any vacancy
among the number of directors elected by that class or series.
In the event that at any time a vacancy exists in any office of a
director that may not be filled by the remaining directors (and
except as may otherwise be provided by the terms of any class or
series of stock), a special meeting of the stockholders shall be
held as promptly as possible and in any event within sixty (60)
days, for the purpose of filling the vacancy or vacancies.  Any
director appointed by the Board of Directors to fill a vacancy
shall hold office only until the next annual meeting of
stockholders of the Corporation and until a successor has been
elected and qualifies or until his earlier resignation or
removal.  Except as may otherwise be provided by the terms of any
class or series of stock, any director elected by the stockholder
to fill a vacancy shall hold office for the balance of the term
of the directors whose death, resignation or removal occasioned
the vacancy and until a successor has been elected and qualifies
or until his earlier resignation or removal.

Place of Meetings
 .  Meetings of the Board may be held at any place that the Board
of Directors may from time to time determine or that is specified
in the notice of the meeting.

Regular Meetings
 .  Regular meetings of the Board of Directors may be held without
notice at the time and place determined by the Board of
Directors.

Special Meetings
 .  Special meetings of the Board of Directors may be called by
two (2) or more directors of the Corporation or by the Chairman
of the Board or the President.

Annual Meeting
 .  The annual meeting of the newly elected and other directors
shall be held as soon as practicable after the meeting of
stockholders at which the newly elected directors were elected.
No notice of such annual meeting shall be necessary if held
immediately after the adjournment, and at the site, of the
meeting of stockholders.  If not so held, notice shall be given
as hereinafter provided for special meetings of the Board of
Directors.

Notice of Special Meetings
 .  Notice of each special meeting of the Board of Directors shall
be given by the Secretary as hereinafter provided.  Each notice
shall state the time and place of the meeting and shall be
delivered to each director, either personally or by telephone or
other standard form of telecommunication, at least twenty-four
(24) hours before the time at which the meeting is to be held, or
by first-class mail, postage prepaid, addressed to the director
at his residence or usual place of business, and mailed at least
three (3) days before the day on which the meeting is to be held.

Waiver of Notice of Meetings
 .  Notice of any special meeting need not be given to any
director who shall, either before or after the meeting, sign a
written waiver of notice that is filed with the records of the
meeting or who shall attend the meeting.

Quorum and Voting
 .  One-third, but not fewer than two (2) of the members of the
entire Board of Directors shall be present in person at any
meeting of the Board so as to constitute a quorum for the
transaction of business at the meeting, and except as otherwise
expressly required by statute, the Corporation's Charter, these
By-Laws, the Investment Company Act of 1940, or any other
applicable statute, the act of a majority of the directors
present at any meeting at which a quorum is present shall be the
act of the Board.  In the absence of a quorum at any meeting of
the Board, a majority of the directors present may adjourn the
meeting to another time and place until a quorum shall be
present.  Notice of the time and place of any adjourned meeting
shall be given to the directors who were not present at the time
of the adjournment and, unless the time and place were announced
at the meeting at which the adjournment was taken, to the other
directors.  At any adjourned meeting at which a quorum is
present, any business may be transacted that might have been
transacted at the meeting as originally called.

Organization
 .  The Board of Directors may designate a Chairman of the Board,
who shall preside at each meeting of the Board.  In the absence
or inability of the Chairman of the Board to act, the President,
or, in his absence or inability to act, another director chosen
by a majority of the directors present, shall act as chairman of
the meeting and preside at the meeting.  The Secretary (or, in
his absence or inability to act, any person appointed by the
chairman) shall act as secretary of the meeting and keep the
minutes of the meeting.

Committees
 .  The Board of Directors may designate one (1) or more
committees of the Board of Directors, each consisting of two (2)
or more directors.  To the extent provided in the resolution, and
permitted by law, the committee or committees shall have and may
exercise the powers of the Board of Directors in the management
of the business and affairs of the Corporation.  Any committee or
committees shall have the name or names determined from time to
time by resolution adopted by the Board of Directors.  Each
committee shall keep regular minutes of its meetings and provide
those minutes to the Board of Directors when required.  The
members of a committee present at any meeting, whether or not
they constitute a quorum, may appoint a director to act in the
place of an absent member.

Written Consent of Directors in Lieu of a Meeting
 .  Subject to the provisions of the Investment Company Act of
1940, any action required or permitted to be taken at any meeting
of the Board of Directors or of any committee of the Board may be
taken without a meeting if all members of the Board or committee,
as the case may be, consent thereto in writing, and the writing
or writings are filed with the minutes of the proceedings of the
Board or committee.

Telephone Conference
 .  Members of the Board of Directors or any committee of the
Board may participate in any Board or committee meeting by means
of a conference telephone or similar communications equipment by
means of which all persons participating in the meeting can hear
each other at the same time.  Participation by such means shall
constitute presence in person at the meeting.

Compensation
 .  Each director shall be entitled to receive compensation, if
any, as may from time to time be fixed by the Board of Directors,
including a fee for each meeting of the Board or any committee
thereof, regular or special, he attends.  Directors may also be
reimbursed by the Corporation for all reasonable expenses
incurred in traveling to and from the place of a Board or
committee meeting.

Qualification
 .  Pursuant to the authority granted by Section 2-403 of the
Maryland General Corporation Law, in order for a person who has
been elected as a director to qualify for service as a director,
other than the directors elected by the holders of the
Corporation's Preferred Stock, such person, upon the occurrence
of an event which, pursuant to the terms of the Corporation's
charter, permits a class of preferred stockholders of the
Corporation to elect a certain number of directors that would
otherwise be prohibited by the limitations of Article VI of the
Corporation's charter, shall resign.

Acceptance of Resignations
 .  With respect to the resignations of directors required by
Section 18, such resignations shall be accepted by the
Corporation in the following manner:  (a) the Corporation shall
accept the resignations of the least number of directors required
in order to permit such preferred stockholders to elect the
appropriate number of directors as determined by the relevant
provision of the Corporation's charter; and (b) the resignations
shall be accepted in the order that they were submitted to the
Corporation (i.e., the resignation that was submitted to the
Corporation first in time shall be accepted first by the
Corporation, and so on).  In the event that two or more
resignations were submitted at the same time, the acceptance of
one or the other resignation shall be at the discretion of the
Corporation.

Restrictions on Amendment of Certain Provisions
 .  Provisions of Sections 18 and 19 may not be amended by the
directors of the Corporation, only by a vote of holders of a
majority of the shares of stock of the Corporation.

ARTICLE III

OFFICERS, AGENTS AND EMPLOYEES

Number and Qualifications
 .  The officers of the Corporation shall be a President, a
Secretary and a Controller, each of whom shall be elected by the
Board of Directors.  The Board of Directors may elect or appoint
one (1) or more Vice Presidents and may also appoint any other
officers, agents and employees it deems necessary or proper.  Any
two (2) or more offices may be held by the same person,  except
the office of  President, but no officer shall execute,
acknowledge or verify in more than one (1) capacity any
instrument required by law to be executed, acknowledged or
verified in more than one capacity.  Officers shall be elected by
the Board of Directors each year at its first meeting held after
the annual meeting of stockholders, each to hold office until the
meeting of the Board following the next annual meeting of the
stockholders and until his successor shall have been duly elected
and shall have qualified, or until his death, or until he shall
have resigned or have been removed, as provided in these By-Laws.
The Board of Directors may from time to time elect such officers
(including one or more Assistant Vice Presidents, one or more
Assistant Controllers and one or more Assistant Secretaries) and
may appoint, or delegate to the President the power to appoint,
such agents as may be necessary or desirable for the business of
the Corporation.  Such other officers and agents shall have such
duties and shall hold their offices for such terms as may be
prescribed by the Board or by the appointing authority.

Resignations
 .  Any officer of the Corporation may resign at any time by
giving written notice of his resignation to the Board of Direc-
tors, the Chairman of the Board, the President or the Secretary.
Any resignation shall take effect at the time specified therein
or, if the time when it shall become effective is not specified
therein, immediately upon its receipt.  The acceptance of a
resignation shall not be necessary to make it effective unless
otherwise stated in the resignation.

Removal of Officer, Agent or Employee
 .  Any officer, agent or employee of the Corporation may be
removed by the Board of Directors with or without cause at any
time, and the Board may delegate the power of removal as to
agents and employees not elected or appointed by the Board of
Directors.  Removal shall be without prejudice to the person's
contract rights, if any, but the appointment of any person as an
officer, agent or employee of the Corporation shall not of itself
create contract rights.

Vacancies
 .  A vacancy in any office, whether arising from death,
resignation, removal or any other cause, may be filled for the
unexpired portion of the term of the office that shall be vacant,
in the manner prescribed in these By-Laws for the regular
election or appointment to the office.

Compensation
 .  The compensation of the officers of the Corporation shall be
fixed by the Board of Directors, but this power may be delegated
to any officer with respect to other officers under his control.

Bonds or Other Security
 .  If required by the Board, any officer, agent or employee of
the Corporation shall give a bond or other security for the
faithful performance of his duties, in an amount and with any
surety or sureties as the Board may require.

President
 .   The President shall be the chief executive officer of the
Corporation.  In the absence or inability of the Chairman of the
Board (or if there is none) to act, the President shall preside
at all meetings of the stockholders and of the Board of
Directors.  The President shall have, subject to the control of
the Board of Directors, general charge of the business and
affairs of the Corporation, and may employ and discharge
employees and agents of the Corporation, except those elected or
appointed by the Board, and he may delegate these powers.

Vice President
 .  Each Vice President shall have the powers and perform the
duties that the Board of Directors or the President may from time
to time prescribe.

Controller
 .   Subject to the provisions of any contract that may be entered
into with any custodian pursuant to authority granted by the
Board of Directors, the Controller shall have charge of all
receipts and disbursements of the Corporation and shall have or
provide for the custody of the Corporation's funds and
securities; he shall have full authority to receive and give
receipts for all money due and payable to the Corporation, and to
endorse checks, drafts, and warrants, in its name and on its
behalf and to give full discharge for the same; he shall deposit
all funds of the Corporation, except those that may be required
for current use, in such banks or other places of deposit as the
Board of  Directors may from time to time designate; and, in
general, he shall perform all duties incident to the office of
Controller and such other duties as may from time to time be
assigned to him by the Board of Directors or the President.

Secretary
 .  The Secretary shall:

keep or cause to be kept in one or more books provided for the
purpose, the minutes of all meetings of the Board of Directors,
the committees of the Board and the stockholders;

see that all notices are duly given in accordance with the provi-
sions of these By-laws and as required by law;

be custodian of the records and the seal of the Corporation and
affix and attest the seal to all stock certificates of the
Corporation (unless the seal of the Corporation on such
certificates shall be a facsimile, as hereinafter provided) and
affix and attest the seal to all other documents to be executed
on behalf of the Corporation under its seal;

see that the books, reports, statements, certificates and other
documents and records required by law to be kept and filed are
properly kept and filed; and in general, perform all the duties
incident to the office of Secretary and such other duties as from
time to time may be assigned to him by the Board of Directors or
the President.

Delegation of Duties
 .  In case of the absence of any officer of the Corporation, or
for any other reason that the Board of Directors may deem
sufficient, the Board may confer for the time being the powers or
duties, or any of them, of such officer upon any other officer or
upon any director.

ARTICLE IV

STOCK

Stock Certificates
 .  Unless otherwise provided by the Board of Directors and
permitted by law, each holder of stock of the Corporation shall
be entitled upon specific written request to such person as may
be designated by the Corporation to have a certificate or
certificates, in a form approved by the Board, representing the
number of shares of stock of the Corporation owned by him;
provided, however, that certificates for fractional shares will
not be delivered in any case.  The certificates representing
shares of stock shall be signed by or in the name of the
Corporation by the Chairman of the Board, the President or a Vice
President and by the Secretary or an Assistant Secretary or the
Controller or an Assistant Controller and sealed with the seal of
the Corporation.   Any or all of the signatures or the seal on
the certificate may be facsimiles.  In case any officer, transfer
agent or registrar who has signed or whose facsimile signature
has been placed upon a certificate shall have ceased to be such
officer, transfer agent or registrar before the certificate is
issued, it may be issued by the Corporation with the same effect
as if the officer, transfer agent or registrar was still in
office at the date of issue.

Stock Leger
 .  There shall be maintained a stock leger containing the name
and address of each stockholder and the number of shares of stock
of each class the shareholder holds.   The stock leger may be in
written form or any other form which can be converted within a
reasonable time into written form for visual inspection.  The
original or a duplicate of the stock leger shall be kept at the
principal office of the Corporation or at any office or agency
specified by the Board of Directors.

Transfer of Shares
 .  Transfers of shares of stock of the Corporation shall be made
on the stock records of the Corporation only by the registered
holder of the shares, or by his attorney thereunto authorized by
power of attorney duly executed and filed with the Secretary or
with a transfer agent or transfer clerk, and on surrender of the
certificate or certificates, if issued, for the shares properly
endorsed or accompanied by a duly executed stock transfer power
and the payment of all taxes thereon.  Except as otherwise
provided by law, the Corporation shall be entitled to recognize
the exclusive right of a person in whose name any share or shares
stand on the record of stockholders as the owner of the share or
shares for all purposes, including, without limitation, the
rights to receive dividends or other distributions and to vote as
the owner, and the Corporation shall not be bound to recognize
any equitable or legal claim to or interest in any such share or
shares on the part of any other person.

Regulations
 .  The Board of Directors may authorize the issuance of
uncertificated securities if permitted by law.  If stock
certificates are issued, the Board of Directors may make any
additional rules and regulations, not inconsistent with these By-
Laws, as it may deem expedient concerning the issue, transfer and
registration of certificates for shares of stock of the
Corporation.  The Board may appoint, or authorize any officer or
officers to appoint, one or more transfer agents or one or more
transfer clerks and one or more registrars and may require all
certificates for shares of stock to bear the signature or
signatures of any of them.

Lost, Destroyed or Mutilated Certificates
 .  The holder of any certificate representing the shares of stock
of  the Corporation shall immediately notify the Corporation of
its loss, destruction or mutilation and the Corporation may issue
a new certificate of stock in the place of any certificate issued
by it that has been alleged to have been lost or destroyed or
that shall have been mutilated.  The Board may, in its
discretion, require the owner (or his legal representative) of a
lost, destroyed or mutilated certificate:  to give to the
Corporation a bond in a sum, limited or unlimited, and in a form
and with any surety or sureties, as the Board in its absolute
discretion shall determine, to indemnify the Corporation against
any claim that may be made against it on account of the alleged
loss or destruction of any such certificate, or issuance of a new
certificate.  Anything herein to the contrary notwithstanding,
the Board of Directors, in its absolute discretion, may refuse to
issue any such new certificate, except pursuant to legal
proceedings under the laws of the State of Maryland.

Fixing of Record Date for Dividends, Distributions, etc
 .  The Board may fix, in advance, a date not more than ninety
(90) days preceding the date fixed for the payment of any
dividend or the making of any distribution or the allotment of
rights to subscribe for securities of the Corporation, or for the
delivery of evidence of rights or evidences of interests arising
out of any change, conversion or exchange of common stock or
other securities, as the record date for the determination of the
stockholders entitled to receive any such dividend, distribution,
allotment, rights or interests, and in such case only the
stockholders or record at the time so fixed shall be entitled to
receive such dividend, distribution, allotment, rights or
interests.

Information to Stockholders and Others
 .  Any stockholder of the Corporation or his agent may inspect
and copy during the Corporation's usual business hours the
Corporation's By-Laws, minutes of the proceedings of its
stockholders, annual statements of its affairs and voting trust
agreements on file at its principal office.

ARTICLE V

INDEMNIFICATION AND INSURANCE

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 or 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 Maryland General Corporation
Law, the Securities Act of 1933, as amended, and the Investment
Company Act of 1940, as those statues 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").

Advances
 .  Any current or former director of officer of the Corporation
claiming indemnification within the scope of this Article V shall
be entitled to advances from the Corporation for payment of the
reasonable expenses incurred by him in connection with
proceedings to which he is a party in the manner and to the full
extent permissible under the Maryland General Corporation Law,
the Securities Act of 1933, as amended, and the Investment
Company Act of 1940, 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 of 1940 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.
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 Maryland General
Corporation Law, the Securities Act of 1933, as amended, and the
Investment Company Act of 1940, 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.

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 Maryland General Corporation Law, the Securities Act of
1933, as amended, and the Investment Company Act of 1940 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.

Other Rights
 .  The indemnification provided by this Article V shall not be
deemed exclusive of any other right, with respect to indemnifi-
cation 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.
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, 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 in any such capacity, or arising out of his
status as such, provided that no insurance may be obtained by the
Corporation for liabilities against which it would not have the
power to indemnify him under this Article V or applicable law.

ARTICLE VI

SEAL

The seal of the Corporation shall be circular in form and shall
bear the name of the Corporation, the year of its incorporation,
the words "Corporate Seal" and "Maryland" and any emblem or
device approved by the Board of Directors.  The seal may be used
by causing it or a facsimile to be impressed or affixed or in any
other manner reproduced, or by placing the word "(seal)" adjacent
to the signature of the authorized officer of the Corporation.

ARTICLE VII

FISCAL YEAR

Fiscal Year
 .  The Corporation's fiscal year shall be fixed by the Board of
Directors.

Accountant
 .  The Corporation shall employ an independent public accountant
or a firm of independent public accountants of national
reputation as its Accountant to examine the accountants of the
Corporation and to sign and certify the financial statements
filed by the Corporation.  The Accountant's certificates and
reports shall be addressed both to the Board of  Directors and to
the stockholders.  The employment of the Accountant shall be
conditioned upon the right of the Corporation to terminate the
employment forthwith without any penalty by vote of a majority of
the outstanding voting securities at any stockholders' meeting
called for that purpose.

A majority of the members of the Board of Directors who are not
"interested persons" (as such term is defined in the Investment
Company Act of 1940, as amended) of the Corporation shall select
the Accountant at any meeting held within 30 days before or after
the beginning of the fiscal year of the Corporation or before the
annual stockholders' meeting in that year.  Such selection shall
be submitted for ratification or rejection at the next succeeding
annual stockholders' meeting.  If such meeting shall reject such
selection, the Accountant shall be selected by majority vote of
the Corporation's outstanding voting securities, either at the
meeting at which the rejection occurred or at a subsequent
meeting of stockholders called for that purpose.

Any vacancy occurring between annual meetings, due to the
resignation of the Accountant, may be filled by the vote of a
majority of the members of the Board of Directors who are not
"interested persons" of the Corporation, as that term is defined
in the Investment Company Act of 1940, at a meeting called for
the purpose of voting such action.

ARTICLE VIII

CUSTODY OF SECURITIES

Employment of a Custodian
 .  The Corporation shall place and at all times maintain in the
custody of a Custodian (including any sub-custodian for the
Custodian) all funds, securities and similar investments owned by
the Corporation.  The Custodian (and any sub-custodian) shall be
an institution conforming to the requirements of Section 17(f) of
the Investment Company Act of 1940 and the rules of the
Securities and Exchange Commission thereunder.  The Custodian
shall be appointed from time to time by the Board of Directors,
which shall fix its remuneration.

Termination of Custodian Agreement
 .  Upon termination of the Custodian Agreement or inability of
the Custodian to continue to serve, the Board of Directors shall
promptly appoint a successor Custodian, but in the event that no
successor Custodian can be found who has the required
qualifications and is willing to serve, the Board of Directors
shall call as promptly as possible a special meeting of the
stockholders to determine whether the Corporation shall function
without a Custodian or shall be liquidated.  If so directed by
vote of the holders of a majority of the outstanding shares of
stock entitled to vote of the Corporation, the Custodian shall
deliver and pay over all property of the Corporation held by it
as specified in such vote.

ARTICLE IX

AMENDMENTS

These By-Laws may be amended or repealed by the affirmative vote
of a majority of the Board of Directors at any regular or special
meeting of the Board of Directors, subject to the requirements of
the Investment Company Act of 1940.

As adopted, June 6, 1986
and as amended, March 19, 1998,
and May 16, 2001.


EXHIBIT D:
EXHIBIT 77(Q)(1)

ARTICLES SUPPLEMENTARY CREATING AND FIXING THE RIGHTS OF 7.20%
TAX ADVANTAGED SERIES B CUMULATIVE PREFERRED STOCK OF
THE GABELLI EQUITY TRUST INC. (the "Fund")

The Fund's Articles Supplementary is incorporated by reference to
the Fund's Registration Statement on Form N-2 (Registration Nos.
333-59874 and 811-4700) under the Securities Act of 1933, as
amended, and the Investment Company Act of 1940, as amended, as
filed with the SEC via EDGAR on May 1, 2000, as amended by Pre-
Effective Amendment No. 1, Pre-Effective Amendment No. 2 and Pre-
Effective Amendment No. 3.



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