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<SEC-DOCUMENT>0000940400-03-000251.txt : 20030527
<SEC-HEADER>0000940400-03-000251.hdr.sgml : 20030526
<ACCEPTANCE-DATETIME>20030527115317
ACCESSION NUMBER:		0000940400-03-000251
CONFORMED SUBMISSION TYPE:	NSAR-A/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20020630
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-A/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04700
		FILM NUMBER:		03719378

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A/A
<SEQUENCE>1
<FILENAME>get630.fil
<TEXT>
<PAGE>      PAGE  1
000 A000000 06/30/2002
000 C000000 0000794685
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
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
002 C000000 NY
002 D010000 10580
002 D020000 1422
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
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007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 GABELLI FUNDS, LLC
008 B000001 A
008 C000001 801-37706
008 D010001 RYE
008 D020001 NY
008 D030001 10580
008 D040001 1422
010 A000001 GABELLI FUNDS, LLC
010 B000001 801-37706
010 C010001 RYE
010 C020001 NY
010 C030001 10580
010 C040001 1422
010 A000002 PFPC INC.
010 B000002 8-32480
010 C010002 WILMINGTON
010 C020002 DE
010 C030002 19809
<PAGE>      PAGE  2
012 A000001 EQUISERVE
012 B000001 84-5601
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
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02106
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   23
019 C000000 GABELLIGRP
020 A000001 GABELLI & COMPANY, INC.
020 B000001 13-2885006
020 C000001    227
020 A000002 AUTRANET INC.
020 B000002 13-2961507
020 C000002     16
020 A000003 COLLINS & STEWART
020 B000003 N/A
020 C000003     11
020 A000004 ALLEN & CO., INC.
020 B000004 13-6176976
020 C000004     10
020 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000005 13-2629351
020 C000005     10
020 A000006 FOX-PITT KELTON INC.
020 B000006 N/A
020 C000006      7
020 A000007 BURNHAM SECURITIES, INC.
020 B000007 13-3435435
020 C000007      4
020 A000008 JARDINE FLEMING
020 B000008 N/A
020 C000008      4
020 A000009 INVESTEC ERNEST
020 B000009 N/A
020 C000009      4
<PAGE>      PAGE  3
020 A000010 SHIELDS & CO.
020 B000010 13-3125594
020 C000010      3
021  000000      323
022 A000001 STATE STREET BANK & TRUST CO.
022 B000001 04-1867445
022 C000001  11797861
022 D000001         0
022 A000002 HSBC SECURITIES INC.
022 B000002 13-2650272
022 C000002    234634
022 D000002     74773
022 A000003 WARBURG DILLON READ LLC
022 B000003 54-0796506
022 C000003    140000
022 D000003         0
022 A000004 CLARKE (G.X.) & CO.
022 B000004 13-2969143
022 C000004         0
022 D000004    109876
022 A000005 SALOMON SMITH BARNEY INC.
022 B000005 13-1912900
022 C000005      6987
022 D000005         0
022 A000006 GOLDMAN SACHS & CO.
022 B000006 13-5108880
022 C000006      5086
022 D000006         0
022 A000007 BEAR STERNS & CO., INC.
022 B000007 13-3299429
022 C000007      3000
022 D000007       443
022 A000008 KNIGHT SECURITIES
022 B000008 N/A
022 C000008      1601
022 D000008       634
022 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000009 13-5674086
022 C000009      1411
022 D000009         0
022 A000010 CANTOR FITZGERALD & CO.
022 B000010 13-3680184
022 C000010      1135
022 D000010        83
023 C000000   12194498
023 D000000     222840
024  000000 Y
025 A000001 STATE STREET BANK & TRUST CO.
025 B000001 04-1867445
025 C000001 E
025 D000001    3576
<PAGE>      PAGE  4
025 A000002 MORGAN (J.P.) SECURITIES INC.
025 B000002 13-3224016
025 C000002 E
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074 X000000    80278
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075 A000000        0
075 B000000  1447994
076  000000    10.03
077 A000000 Y
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086 F010000      0
086 F020000      0
087 A010000 COMMON STOCK
087 A020000 362397101
087 A030000 GAB
087 B010000 7.25% CUMULATIVE PREFERRED STOCK
087 B020000 362397309
087 B030000 GABPR
087 C010000 7.20% TAX ADVANTAGED SERIES B
087 C020000 362397408
087 C030000 GABPRB
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   BRUCE N. ALPERT
TITLE       EXECUTIVE OFFICER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>get630.txt
<TEXT>
                        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 77O:
  Transactions effected pursuant to Rule 10f-3

EXHIBIT D
  Attachment to item 77Q1:
  Exhibits

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

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 20, 2002.  The
following proposals were submitted for a vote of the
shareholders:

	1.	To Elect Four Directors of the Equity Trust:

	With respect to the proposal relating to the election of
four directors of the Equity Trust, three to be elected by the
holders of the Equity Trust's Common Stock and holders of the
Equity Trust's 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
                                            Withholding   at the Meeting
                                For          Authority    Voting in Favor

Anthony J. Colavita       11,564,422           72,412          99.37%
Frank J. Fahrenkopf, Jr. 120,975,558.7386   1,106,598.7871     99.09%
Arthur V. Ferrara        121,055,966.2409   1,026,191.2848     99.16%
Salvatore J. Zizza       121,276,291.7845     805,865.7412     99.34%

	The remaining Directors in office are: Thomas E. Bratter,
James P. Conn, Mario J. Gabelli, Karl Otto Pohl and Anthony R.
Pustorino.



EXHIBIT B:
EXHIBIT 77(i)

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

Preferred Stock Offering  On June 27, 2002, the Gabelli
Equity Trust Inc. (the "Trust"), a Maryland Corporation,
successfully completed its offering of Series C Auction Rate
Cumulative Preferred Stock (the "Series C Preferred")
which was rated "Aaa" by Moody's Investors Services, Inc.
and "AAA" by Standard & Poor's Rating Services. The Trust
issued 5,200 Series C Preferred shares, par value $.001 per
share, at $25,000 per share ($130 million) with an initial
annualized dividend rate of $1.85 per share payable on July
3, 2002.  The dividend rate, as set by the auction process,
which is generally held every 7 days, is expected to vary
with short-term interest rates.  The Series C Preferred are
redeemable at the option of the Trust, in whole or in part,
following any dividend payment date with not less than 15
days and not more than 40 days notice at $25,000 per share
plus any accumulated or unpaid dividends.  The Series C
Preferred shares do not trade on an exchange.

The Series C Preferred has a liquidation preference of
$25,000 per share. Upon a liquidation, each holder of Series
C Preferred will be entitled to receive an amount per share
equal to the liquidation preference plus any accumulated but
unpaid dividends (whether or not earned or declared) to the
date of distribution. The Series C Preferred is ranked on a
parity with shares of any other series of preferred stock of
the Trust as to the payment of dividends and the
distribution of assets upon liquidation. The Series C
Preferred carries one vote per share on all matters on which
such shares are entitled to vote. The Series C Preferred are
fully paid and nonassessable and have no preemptive,
exchange or conversion rights. Any Series C Preferred
repurchased or redeemed by the Trust will be classified as
authorized but unissued preferred stock. The Board of
Directors may by resolution classify or reclassify any
authorized but unissued capital stock of the Trust from time
to time by setting or changing the preferences, conversion
or other rights, voting powers, restrictions, limitations as
to dividends or terms or conditions of redemption. The Trust
will not issue any class of stock senior to the Series C
Preferred.

The Trust 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 Trust's capital stock is subject to
reclassification from time to time by the Board of
Directors.  The shares of common stock outstanding are fully
paid and nonassessable.  Shares of the common stock are not
redeemable and have no preemptive, conversion or cumulative
voting rights.

The Trust 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 ("Series A Preferred"), 6,600,000 are currently
designated as 7.20% Tax Advantaged Series B Cumulative
Preferred Stock ("Series B Preferred"), and 5,200 are
designated as Series C Preferred.  As of June 30, 2002, the
Trust had outstanding 5,367,900 shares of Series A
Preferred, 600,000 shares of Series B Preferred and 5,200
shares of Series C Preferred.



EXHIBIT C:
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: 5/3/02
ISSUE: Lin TV Corp.
SHARES: 5,000
PRICE: $22
AMOUNT: $110,000
SPREAD AMOUNT: 1.375
SPREAD %:  6.25%
FUND'S % OF ISSUE: 0.034%
% OF ISSUE FOR ALL GABELLI FUNDS: 0.756%
BROKER: Deutsche Bank
ISSUES WITHIN 90 DAYS: 3
REASON:  (1),(2)

TRADE DATE: 5/9/02
ISSUE: Ferro Corp.
SHARES: 70,000
PRICE: $27.75
AMOUNT: $1,942,500
SPREAD AMOUNT: 1.318
SPREAD %:  4.75%
FUND'S % OF ISSUE: 1.750%
% OF ISSUE FOR ALL GABELLI FUNDS: 3%
BROKER: Salomon Smith Barney
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 LIN TV CORP.:
Deutsche Bank Securities Inc.
Bear, Stearns & Co. Inc.
J.P. Morgan Securities Inc.
Credit Suisse First Boston Corporation
Morgan Stanley & Co. Incorporated
A.G. Edwards & Sons, Inc.
Allen & Company Incorporated
Goldman, Sachs & Co.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Robertson Stephens, Inc.
E*Trade Securities, Incorporated
First Southwest Company
Gabelli & Company, Inc.
Sanders Morris Harris Inc.

UNDERWRITERS FOR FERRO CORP.:
Salomon Smith Barney Inc.
Credit Suisse First Boston Corporation
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
McDonald Investments Inc
First Analysis Securities Corporation
Gabelli & Company, Inc




EXHIBIT D:
The Gabelli Equity Trust Inc. (the "Trust")

Exhibit 77Q1a

The Trust's Articles Supplementary Creating and Fixing the
Rights of Series C Auction Rate Cumulative Preferred Stock,
dated June 26, 2002, are incorporated by reference to the Trust's
Post Effective Amendment No. 1
to the Trust's Registration Statement on form N-2 as filed
with the Securities and Exchange Commission, via EDGAR, on
June 27, 2002 pursuant to Rule 462(d) of the Securities Act
of 1933 (Accession No. 0000950172-02-001424).


</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



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