<SEC-DOCUMENT>0000950123-06-013168.txt : 20120822
<SEC-HEADER>0000950123-06-013168.hdr.sgml : 20120822
<ACCEPTANCE-DATETIME>20061030110344
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-06-013168
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20061030

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>LETTER TO THE S.E.C.</TITLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Willkie Farr &#038; Gallagher LLP Letterhead
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;30, 2006
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>VIA EDGAR</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, DC 20549

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    <TD width="1%" nowrap align="left">Re:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Gabelli Equity Trust Inc. (the &#147;Fund&#148;) Registration Statement on Form N-2
(Securities Act File No.&nbsp;333-137298, Investment Company Act File No.&nbsp;811-04700)<BR>
<U>Supplemental Response to Comments</U></TD>
</TR>

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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Ms.&nbsp;Hatch:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of the Fund, I hereby transmit for filing under the Securities Act of 1933, as amended,
and the Investment Company Act of 1940, as amended, a supplement to the correspondence filed on
October&nbsp;23, 2006 (the &#147;Response Letter&#148;). The Response Letter addressed comments provided by Laura
Hatch of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) on
October&nbsp;10, 2006 regarding the Fund&#146;s Registration Statement on Form N-2 (the &#147;Registration
Statement&#148;), filed with the Commission on September&nbsp;13, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purpose of this correspondence is to supplement the Response Letter pursuant to a telephone
conversation with Ms.&nbsp;Hatch on October&nbsp;26, 2006. This information will be included in
Pre-Effective Amendment No.&nbsp;1 (&#147;Amendment No.&nbsp;1&#148;) to the Registration Statement which we intend to
file the week of October&nbsp;30, 2006. We are filing this correspondence prior to filing Amendment No.
1 in an effort to expedite the Staff&#146;s review and facilitate the contemplated offering. For the
convenience of the Staff, the substance of the original comment to which this correspondence
relates has been set forth below. The Fund&#146;s response is set out immediately under the restated
comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is filing this letter as correspondence prior to the filing of Amendment No.&nbsp;1 and may
file additional correspondence should any further material changes be made to this N-2 between the
time this letter is filed as correspondence and the time of the filing of Amendment No.&nbsp;1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Use of Proceeds</U>
</DIV>


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    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Question</B>: On page 9, it states that &#147;the Fund intends to use the net proceeds to redeem
&#091;all&#093; shares of Series&nbsp;B Preferred of which there are 4,950,000 shares outstanding with a
liquidation rate of $25 per share, which were redeemable beginning on June&nbsp;20, 2006.&#148;
</TD>
</TR>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Aaron D. Wasserman, Esq.<BR>
October&nbsp;30, 2006

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    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please state the time limit (i.e. how long it will take to redeem all shares of Series&nbsp;B
Preferred).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response</B>: Please see the revised disclosure clarifying the intended use of proceeds.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any questions or comments regarding this letter should be directed to the undersigned at (212)
728-8622.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Aaron D. Wasserman
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enclosure
</DIV>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">cc:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Laura Hatch, Division of Investment Management, SEC<br>
Rose F. DiMartino, Esq., Willkie Farr &#038; Gallagher LLP<br>
Bruce N. Alpert, The Gabelli Equity Trust Inc.<br>
James E. McKee, Esq., The Gabelli Equity Trust Inc.
</TD>
</TR>
</TABLE>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Aaron D. Wasserman, Esq.<BR>
October&nbsp;30, 2006

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net proceeds of the offering are estimated at approximately $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, after deduction of the
estimated underwriting discounts and estimated offering expenses payable by the Fund. Based on the
current interest rate environment and market conditions, the Fund currently intends to use the net
proceeds to redeem all remaining shares of Series&nbsp;B Preferred of which there are 4,950,000 shares
outstanding with a liquidation preference of $25 per share, which were redeemable beginning on June
20, 2006. The Investment Adviser currently anticipates that the Fund will redeem those shares
within six months of the completion of the offering. The timing of the redemption will depend on
the Investment Adviser&#146;s judgment as to current market conditions, including, in particular,
factors effecting interest rates and the securities in which the Fund invests. If the interest
rate environment or market conditions change substantially during this six month period, the Board
of Directors of the Fund may decide that it is in the best interest of the Fund&#146;s common
shareholders not to redeem some or all of the outstanding Series&nbsp;B Preferred, but rather to invest
the proceeds in accordance with the Fund&#146;s objectives and policies.
</DIV>


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</DIV>

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