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<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>get77b.txt
<TEXT>
Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders
of The Gabelli Equity Trust

In planning and performing our audit of the financial statements
of The Gabelli Equity Trust Inc. (the "Trust") for the year ended
December 31, 2004, 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 Public Company
Accounting Oversight Board (United States).  A material weakness,
for purposes of this report, 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, 2004.

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
February 28, 2005


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