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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000940400-03-000254.txt : 20030527
<SEC-HEADER>0000940400-03-000254.hdr.sgml : 20030526
<ACCEPTANCE-DATETIME>20030527115424
ACCESSION NUMBER:		0000940400-03-000254
CONFORMED SUBMISSION TYPE:	NSAR-B/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030527
EFFECTIVENESS DATE:		20030527

FILER:

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

	FILING VALUES:
		FORM TYPE:		NSAR-B/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04700
		FILM NUMBER:		03719381

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070
</SEC-HEADER>
<DOCUMENT>
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<FILENAME>get1231.fil
<TEXT>
<PAGE>      PAGE  1
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000 C000000 0000794685
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000 F000000 Y
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000 I000000 6.1
000 J000000 A
001 A000000 THE GABELLI EQUITY TRUST INC.
001 B000000 811-4700
001 C000000 9149215100
002 A000000 ONE CORPORATE CENTER
002 B000000 RYE
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002 D010000 10580
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008 D020001 NY
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010 C010001 RYE
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010 C030001 10580
010 C040001 1422
010 A000002 PFPC INC.
010 C010002 WILMINGTON
010 C020002 DE
010 C030002 19809
012 A000001 EQUISERVE
012 B000001 84-5601
<PAGE>      PAGE  2
012 C010001 CANTON
012 C020001 MA
012 C030001 02021
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
013 B040001 2798
014 A000001 GABELLI & COMPANY, INC.
014 B000001 8-21373
014 A000002 GABELLI DIRECT INC.
014 B000002 8-37104
015 A000001 BOSTON SAFE DEPOSIT AND TRUST COMPANY
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020 C000002     32
020 A000003 COLLINS & STEWART
020 B000003 N/A
020 C000003     20
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000004 13-2629351
020 C000004     11
020 A000005 ALLEN & CO., INC.
020 B000005 13-6176976
020 C000005     10
020 A000006 JARDINE FLEMING
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020 A000007 FOX-PITT KELTON INC.
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020 C000007      7
020 A000008 CANTOR FITZGERALD & CO.
020 B000008 13-3680184
020 C000008      7
020 A000009 TIR SECURITIES
020 B000009 13-3606065
020 C000009      6
020 A000010 INVESTEC ERNEST
020 B000010 N/A
<PAGE>      PAGE  3
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022 A000001 ABN AMRO INC.
022 B000001 13-3227945
022 C000001  12500000
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022 A000002 STATE STREET BANK & TRUST CO.
022 B000002 04-1867445
022 C000002  18097214
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022 A000003 HSBC SECURITIES INC.
022 B000003 13-2650272
022 C000003    515352
022 D000003     74773
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022 B000004 54-0796506
022 C000004    280000
022 D000004         0
022 A000005 CANTOR FITZGERALD & CO.
022 B000005 13-3680184
022 C000005    164502
022 D000005     33499
022 A000006 CLARKE (G.X.) & CO.
022 B000006 13-2969143
022 C000006     18996
022 D000006    109876
022 A000007 MORGAN STANLEY
022 B000007 13-2655998
022 C000007     10643
022 D000007         0
022 A000008 SALOMON SMITH BARNEY INC.
022 B000008 13-1912900
022 C000008      7077
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022 A000009 GOLDMAN SACHS & CO.
022 B000009 13-5108880
022 C000009      5165
022 D000009        78
022 A000010 BEAR STERNS & CO., INC.
022 B000010 13-3299429
022 C000010      3000
022 D000010       443
023 C000000   31609877
023 D000000     219424
024  000000 Y
025 A000001 STATE STREET BANK & TRUST CO.
025 B000001 04-1867445
025 C000001 E
025 D000001    3120
025 A000002 MORGAN (J.P.) SECURITIES INC.
025 B000002 13-3224016
<PAGE>      PAGE  4
025 C000002 E
025 D000002    1200
025 A000003 COMMERZBANK CAPITAL MARKETS CORP.
025 B000003 13-3439358
025 C000003 E
025 D000003    1499
025 A000004 MELLON FINANCIAL CORP.
025 B000004 N/A
025 C000004 E
025 D000004    2611
025 A000005 PRUDENTIAL FINANCIAL CORP.
025 B000005 22-2347336
025 C000005 E
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087 B010000 7.25% CUMULATIVE PREFERRED STOCK
087 B020000 362397309
<PAGE>      PAGE  10
087 B030000 GABPR
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087 C020000 362397408
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088 A000000 N
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SIGNATURE   GUS COUTSOUROS
TITLE       PFO


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>get1231.txt
<TEXT>

                        EXHIBIT INDEX

EXHIBIT A:
  Attachment to item 77B:
  Accountants report on internal control

EXHIBIT B:
  Attachment to item 77O:
  Transactions effected pursuant to Rule 10f-3

 Attachment to item 77Q3:
 NSAR certification - filed as:  EX-99.77Q3 CERT

- ------------------------------------------------------------------

EXHIBIT A:
Report of Independent Accountants

To the Board of Directors and Shareholders of
The Gabelli Equity Trust Inc.:

In planning and performing our audit of the financial statements
of The Gabelli Equity Trust Inc. (the "Trust") for the year
ended December 31, 2002, we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on
internal control.

The management of the Trust is responsible for establishing and
maintaining internal control.  In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls.  Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles.  Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.

Because of inherent limitations in internal control, errors or
fraud may occur and not be detected.  Also, projection of any
evaluation of internal control to future periods is subject to
the risk that controls may become inadequate because of changes
in conditions or that the effectiveness of their design and
operation may deteriorate.

Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants.  A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions.  However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, which we consider to be material
weaknesses as defined above as of December 31, 2002.

This report is intended solely for the information and use of the
Board of Directors, management and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.

PricewaterhouseCoopers LLP
New York, New York
February 13, 2003



EXHIBIT B:
The Gabelli Equity Trust Inc.
Section 10f-3 Transactions

The following securities were purchased pursuant to Rule 10f-3 and all
requirements of the Affiliated Underwriting Procedures of the
Fund.  A folder documenting such compliance for each transaction is
available for inspection by Board Members.

TRADE DATE: 10/17/02
ISSUE: Gray Television, Inc.
SHARES: 75,000
PRICE: $8.25
AMOUNT: $618,750
SPREAD AMOUNT: 0.495
SPREAD %:  6%
FUND'S % OF ISSUE: 0.25%
% OF ISSUE FOR ALL GABELLI FUNDS: 1.333%
BROKER: Merrill Lynch/Deutsche Bank
ISSUES WITHIN 90 DAYS: 3
REASON:  (1),(2)

The purchases listed above meet the following requirements of 10f-3
....Part of an issue registered under the Securities Act of 1933.
....Purchased at not more than the offering price.
....Offered pursuant to a firm commitment underwriting.
....The issuer has been in continuous operation for at least 3 years.

All other requirements are presented in the table above

Reason Key
(1) Does not exceed 125% of the mean offering spread of 3
comparable issues underwritten in the last 90 days.

(2) Does not exceed 110% of the underwriting spread of 3
comparable issues underwritten in the last 90 days.

Note: If 3 comparable issues are not available within 90 days, a
one year window is used.

UNDERWRITERS FOR GRAY TELEVISION, INC.:
Deutsche Bank Securities Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Bear, Stearns & Co. Inc.
Allen & Company LLC
Wachovia Securities, Inc.
SunTrust Capital Markets, Inc.
Gabelli & Company, Inc.
The Shemano Group



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q3 CERT
<SEQUENCE>4
<FILENAME>getq3.txt
<TEXT>
Exhibit to 77Q3

(a) (i)	The Principal Executive and Financial Officers
concluded that the Registrant's Disclosure Controls and
Procedures are effective based on their evaluation of the
Disclosure Controls and Procedures as of a date within 90
days of the filing date of this report.

(a) (ii)	 There were no significant changes in Registrant's
internal controls or in other factors that could
significantly affect those controls subsequent to the
date of their evaluation, including any corrective
actions with regard to significant deficiencies or
material weaknesses.

(a) (iii) Certifications:

                     Form N-SAR Certification

I, Bruce N. Alpert, certify that:

1. I have reviewed this report on Form N-SAR of The Gabelli Equity
Trust Inc.

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial information included in this
report, and the financial statements on which the financial information
is based, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows
(if the financial statements are required to include a statement of
cash flows) of the registrant as of, and for, the periods presented in
this report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in rule 30a-2(c) under the Investment Company Act) for the
registrant and have:

a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;

b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this report (the "Evaluation Date"); and

c) presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of
the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weaknesses in
internal controls; and

b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and

6. The registrant's other certifying officers and I have indicated in
this report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies and
material weaknesses.

Date: 5/20/03

/s/Bruce N. Alpert
Principal Executive Officer


- - - - - - -

                        Form N-SAR Certification

I, Gus Coutsouros, certify that:

1. I have reviewed this report on Form N-SAR of The Gabelli Equity
Trust Inc.

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial information included in this
report, and the financial statements on which the financial information
is based, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows
(if the financial statements are required to include a statement of
cash flows) of the registrant as of, and for, the periods presented in
this report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in rule 30a-2(c) under the Investment Company Act) for the
registrant and have:

a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;

b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this report (the "Evaluation Date"); and

c) presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of
the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weaknesses in
internal controls; and

b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and

6. The registrant's other certifying officers and I have indicated in
this report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies and
material weaknesses.

Date: 5/20/03

/s/Gus Coutsouros
Principal Financial Officer



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
