<SEC-DOCUMENT>0001193125-15-206076.txt : 20150708
<SEC-HEADER>0001193125-15-206076.hdr.sgml : 20150708
<ACCEPTANCE-DATETIME>20150529124459
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-206076
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150529

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
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<TITLE>GABELLI EQUITY TRUST INC</TITLE>
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<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">787 Seventh Avenue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10019-6099</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: 212 728 8000</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: 212 728 8111</P></TD></TR>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;29, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA
EDGAR </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Laura&nbsp;E. Hatch </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Re:</TD>
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<TD VALIGN="bottom">The Gabelli Equity Trust Inc. (Investment Company Act File No. 811-04700)</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Response to Staff Comments</P></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Hatch: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf
of The Gabelli Equity Trust Inc. (the &#147;Fund&#148;), please find responses to the telephonic comments provided by you on behalf of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (&#147;SEC&#148;) on May&nbsp;1, 2015
to the undersigned of our firm regarding the Fund&#146;s Shareholder Report on Form N-CSR filed with the SEC on March&nbsp;9, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the convenience
of the Staff, the comments are set out below. We have discussed the Staff&#146;s comments with representatives of the Fund and the Fund&#146;s investment adviser. The Fund&#146;s responses to the Staff&#146;s comments are set out immediately under
the comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(1) <U>Comment</U>: </B>Please indicate the expense, if any, that corresponds to the line item for &#147;Payable for Auction Agent
Fees&#148; in the Statement of Assets and Liabilities.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U>:</B> The Fund does not have an expense for the fiscal
year ended December&nbsp;31, 2014 that corresponds to the line item for &#147;Payable for Auction Agent Fees&#148; in the Statement of Assets and Liabilities. The amount in the line item for &#147;Payable for Auction Agent Fees&#148; represents
auction agent fees accrued for certain years prior to the 2014 fiscal year. Future shareholder reports will clarify that the line item for &#147;Payable for Auction Agent Fees&#148; represents auction agent fees accrued for those earlier fiscal
periods and not for the period covered by the shareholder report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(2) <U>Comment</U>:</B> To the extent that there are payables to the Fund&#146;s
directors at the end of the fiscal year, please disclose this amount separately in the Statement of Assets and Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U>:</B> There are no payables to the Fund&#146;s directors at the end of the fiscal year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>EW</SMALL>
Y<SMALL>ORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>W<SMALL>ASHINGTON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>H<SMALL>OUSTON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>P<SMALL>ARIS&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>L<SMALL>ONDON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>F<SMALL>RANKFURT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>B<SMALL>RUSSELS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</SMALL>M<SMALL>ILAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>R<SMALL>OME</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">in alliance with Dickson Minto W.S., London
and Edinburgh </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(3) <U>Comment</U>: </B>The disclosure under &#147;Futures Contracts&#148; in Note 2 to the Financial
Statements states that the &#147;effect of equity futures contracts can be found in the Statement of Operations&#148; and refers to various line items in the Statement of Operations.&nbsp;ASC 815-10-50 requires the notes to the financial statements
to provide the effect of derivatives trading broken out by dollar amount and type of contract, in addition to the location of such amounts in the financial statements. Please revise this disclosure to set forth the effect of each type of derivative
contract.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U>:</B> The requested change will be made in future shareholder reports. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any questions or comments regarding this letter should be directed to the undersigned at
(212)&nbsp;728-8865. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ryan P. Brizek</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ryan P. Brizek</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">cc:</TD>
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<TD VALIGN="bottom">Bruce N. Alpert, The Gabelli Equity Trust Inc.</TD></TR>
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<TD VALIGN="bottom">Agnes Mullady, The Gabelli Equity Trust Inc.</TD></TR>
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<TD VALIGN="bottom">Andrea Mango, Esq., The Gabelli Equity Trust Inc.</TD></TR>
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<TD VALIGN="bottom">Rose F. DiMartino, Esq., The Gabelli Equity Trust Inc.</TD></TR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
