<SEC-DOCUMENT>0000950123-07-002720.txt : 20120821
<SEC-HEADER>0000950123-07-002720.hdr.sgml : 20120821
<ACCEPTANCE-DATETIME>20070226143958
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-07-002720
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070226

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
<TEXT>
<HTML>
<HEAD>
<TITLE>RESPONSE LETTER</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y31007cry3100700.gif" alt="(WILLKIE FARR &#038; GALLAGHER LOGO)">
</DIV>

<DIV align="left" style="font-size: 9pt; margin-left: 75%; margin-top: 6pt">787 Seventh Avenue<BR>
New York, NY 10019-6099
</DIV>

<DIV align="left" style="font-size: 9pt; margin-left: 75%; margin-top: 6pt">212 728 8000<BR>
Fax: 212 728 8111
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;26, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Equity Trust Inc. Proposed Prospectus/Proxy Statement on Form&nbsp;N-14&nbsp;</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">(Investment Company Act File No.&nbsp;811-04700)&nbsp;</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">Supplemental Response to Staff Questions</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">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
supplemental questions provided by Laura E. Hatch of the Staff in a telephone conversation with the
undersigned of our firm on December&nbsp;27, 2006 regarding written responses provided to the SEC staff
on December&nbsp;19, 2006 in connection with the filing of a proposed prospectus/proxy statement on Form
N-14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the convenience of the Staff, supplemental 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 supplemental responses to the Staff&#146;s
questions are set out immediately under the restated question. Note that the proposed structure
and timing of the spin-off transaction described below is substantially similar to the structure
and timing of a spin-off transaction involving The Gabelli Utility Trust that occurred in 1999 (the
&#147;Utility Spin-off&#148;). Shareholders of the Equity Trust also voted on the Utility Spin-off pursuant
to a prospectus/proxy statement reviewed and declared effective by the Staff in 1999.
</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="3%" nowrap align="left"><B>(1)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Question: </B>When will the proposed new fund (&#147;New Fund&#148;), a fund that
is intended to be organized as a non-diversified,
closed-end investment company, become registered in
relation to (a)&nbsp;the Equity Trust contribution of seed
capital and (b)&nbsp;the Equity Trust&#146;s exchanging between $60
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>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>It is intended that the New Fund will become a registered
investment company approximately one month prior to the
contribution by the Equity Trust of seed capital to the
New Fund and approximately three months prior to the
approval of the Transaction by Equity Trust shareholders
and the subsequent closing of the Transaction.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;26, 2007
</DIV>


<DIV style="margin-top: 12pt">
<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="3%" nowrap align="left"><B>(2)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Question: </B>Why is there a three-month lag between the time seed
capital is contributed and the time of the closing of the
Transaction? Explain why both cannot be done at the same
time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>There is approximately a two to three month lag between
the time the seed capital is contributed by the Equity
Trust to the New Fund and the time of the closing of the
Transaction because the New Fund should be appropriately
seeded prior to providing the Proxy Statement/Prospectus
to current shareholders of the Equity Trust and
prospective shareholders of the New Fund. It is
anticipated that the seed capital will be contributed by
the Equity Trust to the New Fund shortly prior to (i.e, a
day or two) the effective date of the Prospectus/Proxy
Statement. After the effective date of the
Prospectus/Proxy Statement, the Equity Trust anticipates
approximately a two to three month period to allow the
printing and dissemination of the Prospectus/Proxy
Statement and the solicitation of Equity Trust
shareholders. In addition, there will be approximately a
one week period between the time of the shareholder
approval of the Transaction and the closing of the
Transaction.</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: 12pt">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>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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">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>
<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>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
