<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>gequity77.txt
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                       EXHIBIT INDEX

EXHIBIT A:
  Attachment to item 77B:
  Accountant's report on internal control.

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

EXHIBIT C:
  Attachment to item 77Q1:
  Exhibits
 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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, 2003, 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, that we consider to be material
weaknesses as defined above as of December 31, 2003.

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 20, 2004


EXHIBIT B:
77(i)

The Articles Supplementary creating and fixing the rights
and preferences of the 5.875% Series D Cumulative Preferred
Stock and the Articles Supplementary creating and fixing
the rights and preferences of Series E Auction Rate
Preferred Stock of the Fund are attached herewith as
Exhibit 77(Q1).



EXHIBIT C:
77Q1a

THE FUND'S ARTICLES SUPPLEMENTARY CREATING AND FIXING THE
RIGHTS OF 5.875% SERIES D CUMULATIVE PREFERRED STOCK, dated
October 3, 2003, are incorporated by reference as Exhibit
A(4) to the Fund's Post Effective Amendment No. 2 to the
Fund's Registration Statement on form N-2 as filed with the
Securities and Exchange Commission, via EDGAR, on October
1, 2003 pursuant to Rule 462(d) of the Securities Act of
1933 (Accession No. 0000950172-03-002928).


THE FUND'S ARTICLES SUPPLEMENTARY CREATING AND FIXING THE
RIGHTS OF SERIES E AUCTION RATE PREFERRED STOCK, dated
October 3, 2003, are incorporated by reference as Exhibit
A(5) to the Fund's Post Effective Amendment No. 2 to the
Fund's Registration Statement on form N-2 as filed with the
Securities and Exchange Commission, via EDGAR, on October
1, 2003 pursuant to Rule 462(d) of the Securities Act of
1933 (Accession No. 0000950172-03-002928).



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