<SEC-DOCUMENT>0000950123-06-015351.txt : 20120821
<SEC-HEADER>0000950123-06-015351.hdr.sgml : 20120821
<ACCEPTANCE-DATETIME>20061219130230
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-06-015351
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20061219

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>
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<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>RESPONSE LETTER</TITLE>
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<TD align="left" valign="top"><IMG src="y28144y2814400.gif" alt="(Willkie Farr &#38; Gallagher LLP Letterhead)"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">787 Seventh Avenue<BR>
New York, NY 10019-6099<BR>
<BR>
212 728 8000<BR>
Fax: 212 728 8111</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">December&nbsp;19, 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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re:
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" nowrap><DIV style="border-bottom: 0px solid #000000">The Gabelli Equity Trust Inc. Proposed Prospectus/Proxy Statement on Form&nbsp;N-14<BR>

(Securities Act File No.&nbsp;333-137298, Investment Company Act File No.&nbsp;811-04700) <BR>

<U>Response to Staff Questions &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></DIV></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of The Gabelli Equity Trust Inc. (the &#147;Equity Trust&#148;), please find responses to questions
provided by Laura E. Hatch of the Staff in a telephone conversation with Rose F. DiMartino of our
firm on November&nbsp;13, 2006 regarding the filing of a proposed prospectus/proxy statement on Form
N-14 (the &#147;Prospectus/Proxy Statement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the convenience of the Staff of the Securities and Exchange Commission, questions are described
below and have been summarized to the best of our understanding. We have discussed the Staff&#146;s
questions with representatives of the Equity Trust. The Equity Trust&#146;s responses to the Staff&#146;s
questions are set out immediately under the restated question.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>(1)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Question: </B>Confirm that (a)&nbsp;the Equity Trust will contribute seed capital in accordance with
Section 14(a) of the Investment Company Act of 1940, as amended, to the proposed new fund
(&#147;New Fund&#148;), a fund that is intended to be organized as a non-diversified, closed-end
investment company, and (b)&nbsp;the New Fund will be a wholly-owned subsidiary of the Equity Trust
prior to the contemplated transaction of exchanging between $60&nbsp;million and $100&nbsp;million in
assets of the Equity Trust for shares of the New Fund and distributing to common shareholders
of the Equity Trust, in the form of a dividend, shares of the New Fund (the &#147;Transaction&#148;).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>The Equity Trust confirms that (a)&nbsp;it will contribute seed capital in the amount
of $100,000 to the New Fund and (b)&nbsp;the New Fund will be a wholly-owned subsidiary of the
Equity Trust prior to the Transaction. It is expected that the Equity Trust will purchase
10,000 shares of common stock, par value $.001 per share, of the New Fund at a price of $10
per share a few days prior to the effectiveness of the Prospectus/Proxy Statement on Form
N-14. The shares acquired from the New Fund by the Equity Trust will ultimately be among
the shares to be distributed to common shareholders of the Equity Trust. Prior to the
distribution and in order to facilitate the</TD>
</TR>

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<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">December&nbsp;19, 2006
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>spin-off, the number of shares purchased by the Equity Trust from the New Fund and the price
per share of the New Fund may be adjusted in order to conform the net asset value of the New
Fund with the net asset value of the Equity Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>(2)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Question: </B>State the period of time that the New Fund will be a
wholly-owned subsidiary of the Equity Trust prior to
the consummation of the Transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>The Equity Trust anticipates that the New Fund will be
a wholly-owned subsidiary of the Equity Trust for not
more than three months from the date the seed capital
is contributed to the closing date of the Transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>(3)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Question: </B>Confirm that the Equity Trust will receive additional shares of the New Fund issued in connection with the
Transaction. If new shares are being issued to common
shareholders of the Equity Trust in connection with the
Transaction, also confirm whether these will be issued
directly to shareholders of the Equity Trust or to the
Equity Trust itself.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>As noted above, the Equity Trust initially will receive
10,000 shares from the New Fund in exchange for
providing seed capital. Aside from providing seed
capital, the Equity Trust will subsequently contribute
a certain amount of its assets to the New Fund
(expected to be between $60 and $100&nbsp;million) in
exchange for additional shares of the New Fund. The
Equity Trust will then distribute the shares received
from the New Fund as a dividend to the Equity Trust&#146;s
common shareholders immediately thereafter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>(4)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Question: </B>The Equity Trust previously received no-action relief
with respect to a similar transaction in 1994 (the
&#147;1994 No-Action Letter&#148;). In the 1994 No-Action
Letter, the Equity Trust represented that it would be
the sole shareholder of the new fund for a &#147;moment in
time&#148; to accomplish the proposed distribution. In
connection with the Transaction, state the duration of
the &#147;moment of time&#148; the Equity Trust will hold the
additional shares of the New Fund before distributing
them to Equity Trust common shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>We have confirmed with the Equity Trust that the time
between the Equity Trust receiving the additional shares from the New Fund following its subsequent
capital contribution of a certain amount of its assets
to the New Fund and the time when the dividend is
distributed through the DST system for registered
shareholders and DTC for beneficial owners will be less
than 24 hours.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>(5)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Question: </B>In footnote 4 to the 1994 No-Action Letter, the Equity
Trust represented that the new fund would undertake to
present to its public shareholders its investment
management agreement with the adviser within six months
of completing the spin-off transaction. Clarify
whether the New Fund will also seek public shareholder
approval of its investment management agreement within
six months of completing the Transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>Public shareholder approval of the investment advisory
agreement of the New Fund will not be obtained. As is
the case with other investment companies, the
investment advisory agreement will be subject to
approval by a majority of the non-interested Trustees
prior to the commencement of the New Fund&#146;s operations.
The</TD>
</TR>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">December&nbsp;19, 2006
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<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>Prospectus/Proxy Statement will fully describe the advisory fees and advisory agreement for
the New Fund and the description of the deliberations and considerations of the New Fund&#146;s
Trustees will be set forth in the Prospectus/Proxy Statement. The approval of the
Prospectus/Proxy Statement by Equity Trust shareholders will have the effect of the
shareholders approving the Transaction and related arrangements, including the investment
advisory agreement.</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 Rose F. DiMartino at (212)
728-8000 or the undersigned at (202)&nbsp;303-2000.
</DIV>


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

</DIV>

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

</DIV>

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

</DIV>
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Laura E. Hatch, Division of Investment Management, SEC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rose F. DiMartino, Esq., Willkie Farr &#038; Gallagher LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mary C. Carty, Esq., Willkie Farr &#038; Gallagher LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bruce N. Alpert, The Gabelli Equity Trust Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James E. McKee, Esq., The Gabelli Equity Trust Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Carter W. Austin, The Gabelli Equity Trust Inc.</TD>
</TR>
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<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
