<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>get77q13.txt
<TEXT>
				The Gabelli Equity Trust Inc.
				   Exhibit to Item 77Q1(a)

				THE GABELLI EQUITY TRUST INC.
				ARTICLES OF AMENDMENT TO THE
				    ARTICLES SUPPLEMENTARY
				CREATING AND FIXING THE RIGHTS OF
			  6.20% SERIES F CUMULATIVE PREFERRED STOCK

     	The Gabelli Equity Trust Inc., a Maryland corporation
(hereinafter called the "Corporation"), hereby certifies to the
State Department of Assessments and Taxation of the State of
Maryland that:

     	FIRST: Article I of the Articles Supplementary
Creating and Fixing the Rights of 6.20% Series F Cumulative
Preferred Stock ("Articles Supplementary") is hereby amended by
inserting the definition of "Bank Loans":

		"Bank Loans" means direct purchases of, assignments
of, participations in and other interests in (a) any bank loan
or (b) any loan made by an investment bank, investment fund or
other financial institution, provided that such loan under this
clause (b) is similar to those typically made, syndicated,
purchased or participated by a commercial bank or institutional
loan investor in the ordinary course of business.

	SECOND: Article I of the Articles Supplementary is hereby
amended by inserting the definition of "Business Development
Company"

		"Business Development Company" (BDCs) means a type of
closed-end fund regulated under the 1940 Act whose shares are
typically listed for trading on a U.S. securities exchange. BDCs
are publicly-traded funds that typically invest in and lend to
small and medium-sized private and certain public companies that
may not have access to public equity markets for capital
raising. BDCs invest in such diverse industries as healthcare,
chemical and manufacturing, technology and service companies.

	THIRD: Article I of the Articles Supplementary is hereby
amended by inserting the definition of "Discount Factor":

		"Discount Factor" means (a) so long as Moody's is
rating the Series F Preferred Stock at the Corporation's
request, the Moody's Discount Factor, or (b) any applicable
discount factor established by any Other Rating Agency,
whichever is applicable.

	FOURTH: Article I of the Articles Supplementary is hereby
amended by inserting the definition of "Fitch":

		"Fitch" means Fitch Ratings.

	FIFTH: Article I of the Articles Supplementary is hereby
amended by inserting the definition of "Foreign Currency
Transactions":
		"Foreign Currency Transactions" means any technique
used by the Corporation to hedge its exposure to foreign
currencies, including forward foreign currency exchange
contracts.

	SIXTH: Article I of the Articles Supplementary is hereby
amended by inserting the definition of "Foreign Sovereign Debt":

		"Foreign Sovereign Debt" means debt issued by a
national government other than the United States.

	SEVENTH: Article I of the Articles Supplementary is hereby
amended by deleting the definition of "Market Value" in its
entirety and inserting in lieu thereof the following:

		"Market Value" means the market value of an asset of
the Corporation as computed as follows:  (i) Equity securities
listed or traded on a nationally recognized securities exchange
or traded in the U.S. over-the-counter market where trades are
reported contemporaneously and for which market quotations are
readily available, are valued at the last quoted sale or a
market's official closing price at the close of the exchange's
or other market's regular trading hours, as of or prior to the
time and day as of which such value is being determined.
Portfolio securities traded on more than one national securities
exchange or market are valued according to the broadest and most
representative market as determined by the Adviser. If there has
been no sale on the day the valuation is made, the securities
are valued at the closing bid price on the principal market for
such security on such day.  If no asked prices are quoted on
such day, then the security is valued at the closing bid price
on the principal market for such security on such day.  If no
bid or asked prices are quoted on such day, the security is
valued at the most recently available price.  (ii) Debt
instruments are valued based upon (a) the basis of prices
provided by a pricing service or (b) the lower of the value set
forth in bids from two independent dealers in securities, one of
which bids will be in writing.

	EIGHTH: Article I of the Articles Supplementary is hereby
amended by inserting the definition of "Master Limited
Partnership Securities":

            "Master Limited Partnership Securities" means the
following securities, restricted or unrestricted, issued by a
Master Limited Partnership (MLP) or an affiliate of an MLP: (1)
common units, (2) convertible subordinated units, (3) I-Shares,
(4) I-units and (5) debt securities.

	NINTH: Article I of the Articles Supplementary is hereby
amended by inserting the definition of "Moody's Derivatives
Transactions":

            "Moody's Derivatives Transactions" means, for so long
as any Series F Preferred Stock is rated by Moody's, the
Corporation may, notwithstanding the limitations in paragraph 7
of Article II, buy or sell financial futures contracts, write,
purchase or sell call options on financial futures contracts or
purchase put options on financial futures contracts or write
call options on portfolio securities, swaps and securities
lending unless it receives written confirmation from Moody's
that engaging in such transactions would impair the ratings then
assigned to the  preferred stock by Moody's, subject to the
following limitations:

            (a)	Futures and call options:  For purposes of the
Basic Maintenance Amount, futures held by the Corporation and
call options sold by the Corporation shall not be included as
Moody's Eligible Assets.  However, such assets shall be valued
at Market Value by subtracting the good faith margin and the
maximum daily trading variance as of a Valuation Date.  For call
options purchased by the Corporation, the Market Value of the
call option will be included as Moody's Eligible Assets subject
to a Moody's Discount Factor mutually agreed to between the
Corporation and Moody's based on the characteristics of the
option contract such as its maturity and the underlying security
of the contract.

            (b)	Securities lending:  To increase income, the
Corporation may lend its portfolio securities to securities
broker-dealers or financial institutions if (i) the loan is
collateralized in accordance with applicable regulatory
requirements and (ii) no loan will cause the value of all loaned
securities to exceed 20% of the value of its total assets.  For
purposes of calculating the Basic Maintenance Amount, such
securities lent shall be included as Moody's Eligible Assets
with the appropriate Moody's Discount Factor applied to such
lent security.  The obligation to return such collateral shall
not be included as an obligation/liability for purposes of
calculating the Basic Maintenance Amount.  However, the
Corporation may reinvest cash collateral for securities lent in
conformity with its investment objectives and policies and the
provisions of these Articles Supplementary.  In such event, the
Corporation may reinvest cash collateral to the extent that
securities lending collateral received is invested by the
Corporation in assets that otherwise would be Moody's Eligible
Assets and the value of such assets exceeds the amount of the
Corporation's Moody's Eligible Assets by applying the applicable
Moody's Discount Factor to this amount and adding the product to
total Moody's Eligible Assets.  Conversely, if the value of
assets in which securities lending collateral has been invested
is less then the amount of the Corporation's obligation to
return the collateral on a Valuation Date, such difference shall
be included as an obligation/liability of the Corporation for
purposes of calculating the Basic Maintenance Amount.
Collateral received by the Corporation in a securities lending
transaction and maintained by the Corporation in the form
received shall not be included as a Moody's Eligible Asset for
purposes of calculating the Basic Maintenance Amount.

            (c)	Interest rate swaps:  Only the cumulative
unsettled profit and loss from an interest rate swap transaction
will be calculated when determining the Basic Maintenance
Amount.  If the Corporation has an outstanding gain from an
interest rate swap transaction on a Valuation Date, the gain
will be included as a Moody's Eligible Asset subject to the
Moody's Discount Factor on the counterparty to the interest rate
swap transaction.  If the Corporation has an outstanding
liability from an interest rate swap transaction on a Valuation
Date, the Corporation will subtract the outstanding liability
from the total Moody's Eligible Assets in calculating the Basic
Maintenance Amount.

            If not otherwise provided for in (a)-(c) above,
derivative instruments will be included as Moody's Eligible
Assets subject to a Moody's Discount Factor as mutually agreed
to between the Corporation and Moody's.

	TENTH: Article I of the Articles Supplementary is hereby
amended by deleting the definition of "Moody's Discount Factor"
in its entirety and inserting in lieu thereof the following:

            "Moody's Discount Factor" means, with respect to a
Moody's Eligible Asset specified below, the following applicable
number:

            (a)	Corporate debt securities:  The percentage
determined by reference to the rating on such asset with
reference to the remaining term to maturity of such asset, in
accordance with the table set forth below (non convertibles).

                         Moody's Rating Category
Term to Maturity of
Corporate Debt

Security(1)       Aaa      Aa      A     Baa     Ba      B     Unrated(2)
1 year or less   109%   112%     115%    118%   137%    150%    250%
1 - 2 years     115     118     122     125     146     160     250
2 - 3 years     120     123     127     131     153     168     250
3 - 4 years     126     129     133     138     161     176     250
4 - 5 years    132     135     139     144     168     185     250
5 - 7 years    139     143     147     152     179     197     250
7 - 10 years   145     150     155     160     189     208     250
10 - 15 years   150     155     160     165     196     216     250
15 - 20 years  150     155     160     165     196     228     250
20 - 30 years  150     155     160     165     196     229     250
Greater than
  30 years     165     173     181     189     205     240     250

(1)	The Moody's Discount Factors above for corporate debt
securities shall also be applied to any interest rate swap
or cap, in which case the rating of the counterparty shall
determine the appropriate rating category.

(2)	Unless conclusions regarding liquidity risk as well as
estimates of both the probability and severity of default
for the Corporation's assets can be derived from other
sources, securities rated below B by Moody's and unrated
securities, which are securities rated by neither Moody's,
S&P nor Fitch, are limited to 10% of Moody's Eligible
Assets.  If a corporate debt security is unrated by
Moody's, S&P or Fitch, the Corporation will use the
percentage set forth under "Unrated" in this table.
Ratings assigned by S&P or Fitch are generally accepted by
Moody's at face value.  However, adjustments to face value
may be made to particular categories of credits for which
the S&P and/or Fitch rating does not seem to approximate a
Moody's rating equivalent.  Split rated securities assigned
by S&P and Fitch will be accepted at the lower of the two
ratings.

For corporate debt securities that do not pay interest in U.S.
dollars, the fund sponsor will contact Moody's to obtain the
applicable currency conversion rates.

            (b)	Preferred stock:  The Moody's Discount Factor for
taxable preferred stock shall be:

			Aaa				150%
			Aa				155%
			A				160%
			Baa				165%
			Ba				196%
			B				216%
			<B or Not Rated		250%

			Middle Market Bank
			Non-cumulative
			perpetual preferreds	476%

       Investment Grade DRD	165%
       Preferred Stock
       Non-Investment Grade	216%
       DRD Preferred Stock

For non-cumulative preferred stock, the Discount Factor should
be amplified by 110%.
            (c)	Common stock:

Common Stocks(1)			Large Cap		Mid Cap	Small Cap
7 week exposure period		   200%		  205%	   220%

(1)  Market cap for large-cap stocks are $10 billion and up,
mid-cap stocks range between $2 billion and $10 billion, and
small-cap stocks are $2 billion and below.

            (d)	Convertible securities (including convertible
preferreds):

                                                        Non-
                                    Investment          Investment
Delta            Grade              Grade               Unrated
.00 - .40     Use Corporate Debt    Securities Table     250%
.41 - .80       192%                226%                 250%
.81 - 1.00       195%               229%                 250%

With respect to "structured synthetic convertible" securities,
the discount factors above should be grossed up by an
additional 20% of the base discount percentage.

            (e)	Common stock, preferred stock and corporate debt
securities of REITs:

      a.	For common stock and preferred stock of real
estate investment trusts ("REITs"), the Moody's
Discount Factor shall be the percentage specified in
the table set forth below:

Moody's Discount Factor
common stock of REITs					   154%
preferred stock of REITs
with a Moody's, S&P or Fitch rating
(including a Senior Implied Rating):		   154%
without a Moody's, S&P or Fitch rating
(including a Senior Implied Rating):		   208%

      b.	Notwithstanding the above, a Moody's
Discount Factor of 250% will be applied:  (a) to those
assets in a single NAREIT industry category/sector
which exceed 30% of Moody's Eligible Assets but are
not greater than 35% of Moody's Eligible Assets;
(b) if dividends on such securities have not been paid
consistently (either quarterly or annually) over the
previous three years, or for such shorter time period
that such securities have been outstanding; or (c) if
the market capitalization (including common stock and
preferred stock) of an issuer is below $500 million.

      c.	For corporate debt securities of REITs,
apply the Moody's Discount Factors listed above under
Corporate debt securities.

            (f)	Short-Term Instruments:  The Moody's Discount
Factor applied to short-term portfolio securities, including
without limitation corporate debt securities and Short-Term
Money Market Instruments will be (1) 100%, so long as such
portfolio securities mature or have a demand feature at par
exercisable within the Moody's Exposure Period and are rated Aaa
or at least Prime-1, V-Mig1, or equivalent, or be a rated money-
market fund; and (2) 115%, so long as such portfolio securities
do not mature within the Moody's Exposure Period or have a
demand feature at par not exercisable within the Moody's
Exposure Period.  A Moody's Discount Factor of 100% will be
applied to cash.

            (g)	U.S. Government Obligations and U.S. Treasury Strips:

       U.S.
          Government 		U.S. Treasury
         Obligations 		Strips Discount
Remaining Term to Maturity 	 Discount Factor		    Factor
1 year or less				107%			    107%
1 - 2 years					113 			    115
2 - 3 years					118			    121
3 - 4 years					123			    128
4 - 5 years					128			    135
5 - 7 years					135			    147
7 - 10 years				141			    163
10 - 15 years				146			    191
15 - 20 years				154			    218
20 - 30 years				154			    244

            (h)	Foreign Sovereign Debt:

             a.	Debt denominated in US$:

       Moody's Sovereign Debt Rating
                                                                     Below
                                                                      B &
Term to Maturity(2)     Aaa      Aa      A     Baa      Ba      B    Unrated
1 year or less          109%     112%   115%   118%    137%     150%   250%
2 years or less (but
longer than 1 year)     115     118     122     125     146     160     250
3 years or less (but
longer than 2 years)     120     123     127     131     153     168     250
4 years or less (but
longer than 3 years)     126     129    133     138     161     176     250
5 years or less (but
longer than 4 years)     132     135    139     144     168     185     250
7 years or less (but
longer than 5 years)     139     143    147     152     179     197     250
10 years or less (but
longer than 7 years)     145     150    155     160     189     208     250
15 years or less (but
longer than 10 years)     150     155    160     165     196     216     250
20 years or less (but
longer than 15 years)     150     155   160     165     196     228     250
30 years or less (but
longer than 20 years)     150     155   160     165     196     229     250
Greater than 30 years     165     173   181     189     205     240     250

             b.     For sovereign debt denominated in non-U.S.
       currency apply additional Currency Discount Factor:

Foreign Currency                    Currency Discount Factor
CAD Canadian Dollar                         107%
EUR Euro                                   111%
GBP British Pound                              115%
JPY Japanese Yen                              116%
AUD Australian Dollar                         113%
HKD Hong Kong Dollar                         140%
NZD New Zealand Dollar                         114%
NOK Norway Kroner                              111%
SEK Sweden Kronor                              113%
THB Thailand Baht                              295%
KRW South Korea Won                         295%
TWD Taiwan New Dollars                         135%
SGD Singapore Dollars                         135%
IDR Indonesia Rupiahs                         315%
INR India Rupees                              170%
MYR Malaysia Ringgits                         170%
CZK Czech Republic Koruny                    200%
PHP Philippines Pesos                         200%
HUF Hungary Forint                         200%
PLN Poland Zlotych                          200%
SKK Slovakia Koruny                         200%
TRY Turkey New Lira                         200%
RUB Russia Rubles                              200%
ZAR South Africa Rand                         200%
CLP Chile Pesos                              200%
MXN Mexico Pesos                              200%
COP Columbia Pesos                         200%
BRL Brazil Reais                              200%

(1)     If the Corporation invests in a security denominated in a
currency other than that found in the above table, contact
Moody's to obtain the applicable Currency Discount Factor
for such security.

            (i)     Foreign non-sovereign debt:  The Moody's Discount
Factor applied to non-sovereign debt obligations will be (A) in
the case of a non-sovereign debt obligation denominated in U.S.
dollars, 250%, and (B) in the case of a non-U.S. sovereign debt
obligation denominated in a foreign currency, 250% multiplied by
the Currency Discount Factor for such foreign currency.

            (j)     Rule 144A securities: The Moody's Discount Factor
applied to Rule 144A Securities for Rule 144A Securities whose
terms include rights to registration under the 1933 Act within
one year and Rule 144A Securities which do not have registration
rights within one year will be 120% and 130%, respectively, of
the Moody's Discount Factor which would apply were the
securities registered under the 1933 Act.

            (k)     Catastrophe bonds: The Moody's Discount Factor
applied to catastrophe bonds will be 475%.

            (l)     Bank loans:  The Moody's Discount Factor applied
to senior bank loans ("Senior Loans") shall be the percentage
specified in accordance with the table set forth below (or such
lower percentage as Moody's may approve in writing from time to
time):

Moody's Rating Category

   Caa and below
         (including
  distressed
       and
Type of Loan       Aaa-A          Baa and Ba(1)     B(1)       unrated)(1)
Senior Loans
greater than
$250 MM            118%             136%          149%            250%
non-Senior Loans
greater than
$250 MM            128%             146%          159%            250%
loans less than
$250 MM            138%             156%          169%            270%
Second Lien Bank
Loans               168%             185%          200%           270%
Third & Fourth
Lien Bank Loans     218%             240%          260%           351%

(1)     If a Senior Loan is not rated by any of Moody's, S&P or
Fitch, the Corporation will use the applicable percentage
set forth under the column entitled "Caa and below
(including distressed and unrated)" in the table above.
Ratings assigned the S&P and/or Fitch are generally
accepted by Moody's at face value.  However, adjustments to
face value may be made to particular categories of
securities for which the ratings by S&P and/or Fitch do not
seem to approximate a Moody's rating equivalent.  Split
rated securities assigned by S&P and Fitch (i.e., these
rating agencies assign different rating categories to the
security) will be accepted at the lower of the two ratings.

            (m)     Master Limited Partnerships (MLP) - The Moody's
Discount Factor applied to master limited partnerships shall be
applied in accordance with the table set forth below:

MLP Sector (1)                         Discount Factor
Large-cap MLPs                              170%

Mid and Small-cap MLPs
Natural Resources (Oil, Gas, Energy)          292%
Coal and Minerals                              301%
Mortgage Real Estate                         291%
Income Real Estate                         302%
Miscellaneous                              342%
(1)     Restricted MLPs will be increased by 120%.

The Moody's Discount Factor for any Moody's Eligible Asset other
than the securities set forth above will be the percentage
provided in writing by Moody's.

     ELEVENTH: Article I of the Articles Supplementary is hereby
amended by inserting the definition of "Moody's Diversification
Limitations":

            "Moody's Diversification Limitations"  means, with
respect to qualifying for inclusion in Moody's Eligible Assets,
the following diversification and issue size requirements:

               MAXIMUM           MAXIMUM           MINIMUM
               SINGLE           SINGLE           ISSUE SIZE
RATINGS(1)    ISSUER(2),(3)    INDUSTRY(3),(4)   ($ IN MILLIONS)(5)

Aaa               100%          100%               $100
Aa               20               60                100
A                10               40                100
CS(6), Baa        6               20                100
Ba               4               12                50(7)
B1-B2(8)          3               8                50(7)
B3 or below(8)   2               5                50(7)
(1)     Refers to the securities of the portfolio holding.
(2)     Companies subject to common ownership of 25% or more are
considered as one issuer.
(3)     Percentages represent a portion of the aggregate Market
Value of portfolio.
(4)     Industries are determined according to Moody's Industry
Classifications, as defined herein.
(5)     Except for preferred stock, which has a minimum issue size
of $50 million, and mortgage pass throughs issued by
Federal National Mortgage Association, Federal Home Loan
Mortgage Corporation or Government National Mortgage
Association, which has no minimum issue size.
(6)     CS refers to common stock, which is diversified
independently from its ratings level.
(7)     Portfolio holdings from issues ranging from $50 million to
$100 million are limited to 20% of the Corporation's total
assets.
(8)     Securities of the portfolio holdings rated B or below by
Moody's or the equivalent by another nationally recognized
statistical rating organization ("NRSRO") or not rated
shall be considered to be Moody's Eligible Assets only to
the extent the Market Value of such securities does not
exceed 10% of the portfolio Market Value; provided,
however, that if the Market Value of such securities
exceeds 10% of the portfolio Market Value, a portion of
such securities (selected by the Corporation) shall not be
considered Moody's Eligible Assets, so that the Market
Value of such securities (excluding such portion) does not
exceed 10% of the portfolio Market Value.

     TWELFTH: Article I of the Articles Supplementary is hereby
amended by deleting the definition of "Moody's Eligible Assets"
in its entirety and inserting in lieu thereof the following:

            "Moody's Eligible Assets" means:

      (a)     Cash (including interest and dividends due on assets
rated (A) Baa3 or higher by Moody's or the equivalent by another
NRSRO if the payment date is within five (5) Business Days of
the Valuation Date, (B) A2 or higher by Moody's or the
equivalent by another NRSRO if the payment date is within thirty
days of the Valuation Date, and (C) A1 or higher by Moody's or
the equivalent by another NRSRO if the payment date is within
the Moody's Exposure Period) and receivables for Moody's
Eligible Assets sold if the receivable is due within five (5)
Business Days of the Valuation Date, and if the trades which
generated such receivables are (A) settled through clearinghouse
firms with respect to which the Corporation has received prior
written authorization from Moody's or (B) (1) with
counterparties having a Moody's long-term debt rating of at
least Baa3 or the equivalent by another NRSRO or (2) with
counterparties having a Moody's Short Term Money Market
Instrument rating of at least P-1 or the equivalent by another
NRSRO;

      (b)     Short Term Money Market Instruments, so long as (A)
such securities are rated at least P-1 or the equivalent by
another NRSRO, (B) in the case of demand deposits, time deposits
and overnight funds, the supporting entity is rated at least A2
or the equivalent by another NRSRO, or (C) in all other cases,
the supporting entity (1) is rated A2 or the equivalent by
another NRSRO and the security matures within one month, (2) is
rated A1 or the equivalent by another NRSRO and the security
matures within three months or (3) is rated at least Aa3 or the
equivalent by another NRSRO and the security matures within six
months; provided, however, that for purposes of this definition,
such instruments (other than commercial paper rated by S&P and
not rated by Moody's) need not meet any otherwise applicable S&P
rating criteria;

      (c)	U.S. Government Obligations (including U.S. Treasury
Strips);

      (d)	Rule 144A securities;

      (e)	Common stocks (A) (1) which are traded on a nationally
recognized stock exchange or in the over-the-counter market, (2)
if cash dividend paying, pay cash dividends in U.S. dollars and
(3) which may be sold without restriction by the Corporation;
provided, however, that (y) common stock which, while a Moody's
Eligible Asset owned by the Corporation, ceases paying any
regular cash dividend will no longer be considered a Moody's
Eligible Asset until 71 days after the date of the announcement
of such cessation, unless the issuer of the common stock has
senior debt securities rated at least A3 by Moody's and (z) the
aggregate Market Value of the Corporation's holdings of the
common stock of any issuer in excess of 4% in the case of
utility common stock and 6% in the case of non-utility common
stock of the aggregate Market Value of the Corporation's
holdings shall not be Moody's Eligible Assets, (B) which are
securities denominated in any currency other than the U.S.
dollar or securities of issuers formed under the laws of
jurisdictions other than the United States, its states and the
District of Columbia for which there are ADRs or their
equivalents which are traded in the United States on exchanges
or over-the-counter and are issued by banks formed under the
laws of the United States, its states or the District of
Columbia or (C) which are securities of issuers formed under the
laws of jurisdictions other than the United States (and in
existence for at least five years) for which no ADRs are traded;
provided, however, that the aggregate Market Value of the
Corporation's holdings of securities denominated in currencies
other than the U.S. dollar and ADRs in excess of (1) 6% of the
aggregate Market Value of the outstanding shares of common stock
of such issuer thereof or (2) in excess of 10% of the Market
Value of the Corporation's Moody's Eligible Assets with respect
to issuers formed under the laws of any single such non-U.S.
jurisdiction other than Australia, Belgium, Canada, Denmark,
Finland, France, Germany, Ireland, Italy, Japan, the
Netherlands, New Zealand, Norway, Spain, Sweden, Switzerland and
the United Kingdom, shall not be a Moody's Eligible Asset;

      (f)	Loans;

      (g)	Corporate debt securities (including foreign non-
sovereign debt and catastrophe bonds) if (A) such securities are
rated by Moody's or another NRSRO; (B) such securities provide
for the periodic payment of interest in cash in U.S. dollars,
euros or other currencies in which the Corporation is permitted
to invest; (C) such securities have been registered under the
1933 Act or are restricted as to resale under federal securities
laws but are eligible for resale pursuant to Rule 144A under the
1933 Act as determined by the Corporation's investment manager
or portfolio manager acting pursuant to procedures approved by
the Board of Directors, except that such securities that are not
subject to U.S. federal securities laws shall be considered
Moody's Eligible Assets if they are publicly traded; and (D)
such securities are not subject to extended settlement.

            Notwithstanding the foregoing limitations, corporate
debt securities and loans rated by neither Moody's, S&P nor
Fitch shall be considered to be Moody's Eligible Assets to the
extent such securities are issued by entities which (i) have not
filed for bankruptcy within the past three years, (ii) are
current on all principal and interest in their fixed income
obligations, (iii) are current on all preferred stock dividends,
and (iv) possess a current, unqualified auditor's report without
qualified, explanatory language;

      (h)	Foreign Sovereign Debt so long as the issuing country
has a Currency Discount Factor as set out in the definition of
Moody's Discount Factor in these Articles Supplementary.
Foreign Sovereign Debt issued by a country without a Currency
Discount Factor as set out in the definition of Moody's Discount
Factor in these Articles Supplementary can only be approved as a
Moody's Eligible Asset after review and confirmation by Moody's;

      (i)	Asset-backed securities: If (A) such securities are
rated at least Baa by Moody's or at least BBB by S&P or Fitch,
(B) the securities are part of an issue that is $250 million or
greater, or the issuer of such securities has a total of $500
million or greater of asset-backed securities outstanding at the
time of purchase of the securities by the Corporation and (C)
the expected average life of the securities is not greater than
4 years;

      (j)	Collateralized debt obligations;

      (k)	Preferred stocks if (A) dividends on such preferred
stock are cumulative, (B) such securities provide for the
periodic payment of dividends thereon in cash in U.S. dollars or
euros and do not provide for conversion or exchange into, or
have warrants attached entitling the holder to receive, equity
capital at any time over the respective lives of such
securities, (C) the issuer of such a preferred stock has common
stock listed on either the New York Stock Exchange or NYSE Amex
Equities, (D) the issuer of such a preferred stock has a senior
debt rating from Moody's of Baa1 or higher or a preferred stock
rating from Moody's of Baa3 or higher and (E) such preferred
stock has paid consistent cash dividends in U.S. dollars or
euros over the last three years or has a minimum rating of A1
(if the issuer of such preferred stock has other preferred
issues outstanding that have been paying dividends consistently
for the last three years, then a preferred stock without such a
dividend history would also be eligible).  In addition, the
preferred stocks must have the following diversification
requirements: (X) the preferred stock issue must be greater than
$50 million and (Y) the minimum holding by the Corporation of
each issue of preferred stock is $500,000 and the maximum
holding of preferred stock of each issue is $5 million.  In
addition, preferred stocks issued by transportation companies
will not be considered Moody's Eligible Assets;

      (l)	Convertible securities (including convertible
preferred stock), provided that (A) the issuer of common stock
must have a Moody's senior unsecured debt of Caa or better, or a
rating of CCC or better by S&P or Fitch, (B) the common stocks
must be traded on the New York Stock Exchange, NYSE Amex
Equities, or the NASDAQ, (C) dividends must be paid in U.S.
dollars, (D) the portfolio of convertible bonds must be
diversified as set forth in the table set forth below and (E)
the company shall not hold shares exceeding the average weekly
trading volume during the preceding month;

      (m)	Common stock, preferred stock or any debt security of
REITs or real estate companies;

      (n)	Pooled investment vehicles including Business
Development Companies, Master Limited Partnerships Securities,
Private Investment Companies and Registered Investment
Companies;

      (o)	Foreign Currency Transactions;

      (p)	Moody's Derivatives Transactions; and

      (q)	Financial contracts, as such term is defined in
Section 3(c)(2)(B)(ii) of the 1940 Act  and other securities or
assets not otherwise provided for in this definition, but only
upon receipt by the Corporation of a letter from Moody's
specifying any conditions on including such financial contract
or other securities or assets in Moody's Eligible Assets and
assuring the Corporation that including such financial contract
or other securities or assets in the manner so specified would
not affect the credit rating assigned by Moody's to the Series F
Preferred Stock.

	THIRTEENTH: Article I of the Articles Supplementary is
hereby amended by inserting the definition of "Moody's Exposure
Period":

		"Moody's Exposure Period" means the period commencing
on a given Valuation Date and ending 49 days thereafter.

	FOURTEENTH: Article I of the Articles Supplementary is
hereby amended by deleting the definition of "Moody's Industry
Classifications" in its entirety and inserting in lieu thereof
the following:

            "Moody's Industry Classifications" means, for the
purposes of determining Moody's Eligible Assets, each of the
following industry classifications (or such other
classifications as Moody's may from time to time approve for
application to the Series F Preferred Stock):

1.	Aerospace and Defense: Major Contractor, Subsystems,
Research, Aircraft Manufacturing, Arms, and Ammunition

2.	Automobile: Automobile Equipment, Auto-Manufacturing, Auto
Parts Manufacturing, Personal Use Trailers, Motor Homes,
Dealers

3.	Banking: Bank Holding, Savings and Loans, Consumer Credit,
Small Loan, Agency, Factoring, Receivables

4.	Beverage, Food and Tobacco: Beer and Ale, Distillers, Wines
and Liquors, Distributors, Soft Drink Syrup, Bottlers,
Bakery, Mill Sugar, Canned Foods, Corn Refiners, Dairy
Products, Meat Products, Poultry Products, Snacks, Packaged
Foods, Candy, Gum, Seafood, Frozen Food, Cigarettes,
Cigars, Leaf/Snuff, Vegetable Oil

5.	Buildings and Real Estate: Brick, Cement, Climate Controls,
Contracting, Engineering, Construction, Hardware, Forest
Products (building-related only), Plumbing, Roofing,
Wallboard, Real Estate, Real Estate Development, REITs,
Land Development

6.	Chemicals, Plastics and Rubber: Chemicals (non-
agricultural), Industrial Gases, Sulfur, Plastics, Plastic
Products, Abrasives, Coatings, Paints, Varnish, Fabricating

7.	Containers, Packaging and Glass: Glass, Fiberglass,
Containers made of: Glass, Metal, Paper, Plastic, Wood or
Fiberglass

8.	Personal and Non-Durable Consumer Products (Manufacturing
Only): Soaps, Perfumes, Cosmetics, Toiletries, Cleaning
Supplies, School Supplies

9.	Diversified/Conglomerate Manufacturing

10.	Diversified/Conglomerate Service

11.	Diversified Natural Resources, Precious Metals and
Minerals: Fabricating, Distribution

12.	Ecological: Pollution Control, Waste Removal, Waste
Treatment and Waste Disposal

13.	Electronics: Computer Hardware, Electric Equipment,
Components, Controllers, Motors, Household Appliances,
Information Service Communicating Systems, Radios, TVs,
Tape Machines, Speakers, Printers, Drivers, Technology

14.	Finance: Investment Brokerage, Leasing, Syndication,
Securities

15.	Farming and Agriculture: Livestock, Grains, Produce,
Agriculture Chemicals, Agricultural Equipment, Fertilizers

16.	Grocery: Grocery Stores, Convenience Food Stores

17.	Healthcare, Education and Childcare: Ethical Drugs,
Proprietary Drugs, Research, Health Care Centers, Nursing
Homes, HMOs, Hospitals, Hospital Supplies, Medical
Equipment

18.	Home and Office Furnishings, House wares, and Durable
Consumer Products: Carpets, Floor Coverings, Furniture,
Cooking, Ranges

19.	Hotels, Motels, Inns and Gaming

20.	Insurance: Life, Property and Casualty, Broker, Agent,
Surety

21.	Leisure, Amusement, Motion Pictures, Entertainment:
Boating, Bowling, Billiards, Musical Instruments, Fishing,
Photo Equipment, Records, Tapes, Sports, Outdoor Equipment
(Camping), Tourism, Resorts, Games, Toy Manufacturing,
Motion Picture Production Theaters, Motion Picture
Distribution

22.	Machinery (Non-Agricultural, Non-Construction, Non-
Electronic): Industrial, Machine Tools, and Steam
Generators

23.	Mining, Steel, Iron and Non-Precious Metals: Coal,
Copper, Lead, Uranium, Zinc, Aluminum, Stainless Steel,
Integrated Steel, Ore Production, Refractories, Steel Mill
Machinery, Mini-Mills, Fabricating, Distribution and Sales
of the foregoing

24.	Oil and Gas: Crude Producer, Retailer, Well Supply,
Service and Drilling

25.	Printing, Publishing, and Broadcasting: Graphic Arts,
Paper, Paper Products, Business Forms, Magazines, Books,
Periodicals, Newspapers, Textbooks, Radio, T.V., Cable
Broadcasting Equipment

26.	Cargo Transport: Rail, Shipping, Railroads, Rail-car
Builders, Ship Builders, Containers, Container Builders,
Parts, Overnight Mail, Trucking, Truck Manufacturing,
Trailer Manufacturing, Air Cargo, Transport

27.	Retail Stores: Apparel, Toy, Variety, Drugs,
Department, Mail Order Catalog, Showroom

28.	Telecommunications: Local, Long Distance, Independent,
Telephone, Telegraph, Satellite, Equipment, Research,
Cellular

29.	Textiles and Leather: Producer, Synthetic Fiber,
Apparel Manufacturer, Leather Shoes
30.	Personal Transportation: Air, Bus, Rail, Car Rental

31.	Utilities: Electric, Water, Hydro Power, Gas

32.	Diversified Sovereigns: Semi-sovereigns, Canadian
Provinces, Supra-national Agencies

		The Corporation will use SIC codes in determining which
industry classification is applicable to a particular investment
in consultation with the Independent Accountant and Moody's, to
the extent the Corporation considers necessary.

		FIFTEENTH: Article I of the Articles Supplementary is
hereby amended by inserting the definition of "Private
Investment Companies":
		"Private Investment Companies" means investment
companies that are structured to be exempt under the 1940 Act.

	SIXTEENTH: Article I of the Articles Supplementary is
hereby amended by inserting the definition of "Rating Agency":

		"Rating Agency" means Moody's as long as such rating
agency is then rating the Series F Preferred Stock at the
Corporation's request or any other rating agency then rating the
Series F Preferred Stock at the Corporation's request.

	SEVENTEENTH: Article I of the Articles Supplementary is
hereby amended by inserting the definition of "Registered
Investment Company":

		"Registered Investment Company" means an investment
company, such as an open-end or closed-end mutual fund, which
files a registration statement with the Commission and meets all
requirements of the 1940 Act.

	EIGHTEENTH: Article I of the Articles Supplementary is
hereby amended by deleting the definition of "Short-Term Money
Market Instruments" in its entirety and inserting in lieu
thereof the following:

            "Short-Term Money Market Instruments" means the
following types of instruments if, on the date of purchase or
other acquisition thereof by the Corporation, the remaining term
to maturity thereof is not in excess of 180 days (or 270 days
for instruments rated at least Aaa for purposes of determining
Moody's Eligible Assets):

       (i)	commercial paper rated either F-1 by Fitch or A-1
by S&P if such commercial paper matures in 30
days or P-1 by Moody's and either F-1+ by Fitch
or A-1+ by S&P if such commercial paper matures
in over 30 days;

       (ii)	demand or time deposits in, and banker's
acceptances and certificates of deposit of, (A) a
depository institution or trust company
incorporated under the laws of the United States
of America or any state thereof or the District
of Columbia or (B) a United States branch office
or agency of a foreign depository institution
(provided that such branch office or agency is
subject to banking regulation under the laws of
the United States, any state thereof or the
District of Columbia);

       (iii)	overnight funds;

       (iv)	U.S. Government Obligations and Government
Securities; and

       (v)	Eurodollar demand or time deposits in, or
certificates of deposit of, the head office or
the London branch office of a depository
institution or trust company if the certificates
of deposit, if any, and the long-term unsecured
debt obligations (other than such obligations the
ratings of which are based on the credit of a
person or entity other than such depository
institution or trust company) of such depository
institution or trust company that have (1) credit
ratings on each Valuation Date of at least P-1
from Moody's and either F-1+ from Fitch or A-1+
from S&P, in the case of commercial paper or
certificates of deposit, and (2) credit ratings
on each Valuation Date of at least Aa3 from
Moody's and either AA from Fitch or AA- from S&P,
in the case of long-term unsecured debt
obligations; provided, however, that in the case
of any such investment that matures in no more
than one Business Day from the date of purchase
or other acquisition by the Corporation, all of
the foregoing requirements shall be applicable
except that the required long-term unsecured debt
credit rating of such depository institution or
trust company from Moody's, Fitch and S&P shall
be at least A2, A-2 and A, respectively; and
provided further, however, that the foregoing
credit rating requirements shall be deemed to be
met with respect to a depository institution or
trust company if (1) such depository institution
or trust company is the principal depository
institution in a holding company system, (2) the
certificates of deposit, if any, of such
depository institution or trust company are not
rated on any Valuation Date below P-1 by Moody's,
F-1+ by Fitch or A-1+ by S&P and there is no
long-term rating, and (3) the holding company
shall meet all of the foregoing credit rating
requirements (including the preceding proviso in
the case of investments that mature in no more
than one Business Day from the date of purchase
or other acquisition by the Corporation); and
provided further, that the interest receivable by
the Corporation shall not be subject to any
withholding or similar taxes.

	NINETEENTH: Article I of the Articles Supplementary is
hereby amended by inserting the definition of "U.S. Government
Securities":

		"U.S. Government Securities"  mean securities that are
direct obligations of, and obligations the timely payment of
principal and interest on which is fully guaranteed by, the
United States or any agency or instrumentality of the United
States, the obligations of which are backed by the full faith
and credit of the United States and in the form of conventional
bills, bonds and notes.

	TWENTIETH: Article I of the Articles Supplementary is
hereby amended by deleting the definition of "Valuation Date" in
its entirety and inserting in lieu thereof the following:

	"Valuation Date" means the last Business Day of each month,
or for purposes of determining whether the Corporation is
maintaining the Basic Maintenance Amount, each business day
commencing with the Date of Original Issue.

	TWENTY-FIRST: Article II.6(a)(ii)(C) of the Articles
Supplementary is hereby amended by deleting it in its entirety
and inserting in lieu thereof the following:

                  (C)	As soon as practicable after the last
Valuation Date of each fiscal year of the Corporation on
which a Basic Maintenance Report is required to be
delivered, the Corporation will deliver to Moody's an
Accountant's Confirmation regarding the accuracy of the
calculations made by the Corporation in such Basic
Maintenance Report.

    	TWENTY-SECOND: The amendments set forth in these Articles
of Amendment were duly approved by the Board of Directors of the
Corporation in accordance with Article III of the Articles
Supplementary and the Maryland General Corporation Law.  No
stock entitled to be voted on the matter was outstanding or
subscribed for at the time of the approval of the amendments set
forth in these Articles of Amendment.

	TWENTY-THIRD: The amendments contemplated by these Articles
of Amendment do not increase the authorized stock of the
Corporation or the aggregate par value thereof.
[Remainder of page intentionally left blank]

	The undersigned President of The Gabelli Equity Trust Inc.,
who executed these Articles of Amendment on behalf of the
Corporation, hereby acknowledges, in the name and on behalf of
the Corporation, that these Articles of Amendment are the
corporate act of the Corporation and states further, under the
penalties of perjury, that to the best of his knowledge,
information and belief, the matters and facts set forth herein
with respect to authorization and approval are true in all
material respects.
     	IN WITNESS WHEREOF, The Gabelli Equity Trust Inc. has
caused these Articles of Amendment to be signed in its name and
on its behalf by its President and witnessed by its Secretary as
of this 27th day of May, 2009.

WITNESS:					THE GABELLI EQUITY TRUST INC.

By:  /s/ Agnes Mullady			By:  /s/ Bruce N. Alpert
Name:  Agnes Mullady			Name:  Bruce N. Alpert
Title:  Secretary				Title:  President

</TEXT>
</DOCUMENT>
