<DOCUMENT>
<TYPE>EX-99.77I NEW SECUR
<SEQUENCE>2
<FILENAME>get77i.txt
<TEXT>

THE GABELLI EQUITY TRUST INC.
 (the "Fund")
EXHIBIT TO ITEM 77I


On March 31, 2016, The Gabelli Equity Trust Inc., a corporation
organized under the laws of the State of Maryland (the "Fund"),
completed an offering of 3.2 million shares of 5.45% Series J
Cumulative Preferred Stock ("Series J Preferred Shares") valued
at $80 million.  The Series J Preferred is perpetual, non-
callable for five years, and was issued at $25 per share.

Holders of Series J Preferred Shares shall be entitled to
receive cumulative cash dividends and distributions at the rate
of 5.45% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months) of the $25.00 per-share
liquidation preference on the Series J Preferred Shares.
Dividends and distributions on Series J Preferred Shares will
accumulate from the date of their original issue, which is March
31, 2016.

The Series J Preferred Shares are fully paid and non-assessable
and have no preemptive, exchange or conversion rights. Any
Series J Preferred Shares purchased or redeemed by the Fund will
be reclassified as authorized and unissued shares of preferred
stock of the Fund without further designation as to class or
series. The Board of Directors may by resolution classify or
reclassify any authorized and unissued Series J Preferred Shares
from time to time by setting or changing the preferences,
conversion or other rights, voting powers, restrictions,
limitations as to dividends and distributions, qualifications or
terms or conditions of redemption of such shares. The
affirmative vote of the holders of a majority, as defined in the
1940 Act, of the outstanding Series J Preferred Shares (or
shares of any other series of the Fund's preferred stock),
voting separately from the holders of any other series of the
Fund's preferred stock (to the extent its rights are affected
differently), shall be required with respect to any matter that
materially and adversely affects the rights, preferences or
powers of that series in a manner different from that of other
series or classes of the Fund's capital stock. The affirmative
vote of the holders of a majority, as defined in the 1940 Act,
of the outstanding shares of the Fund's preferred stock, voting
separately as one class (including the Series J Preferred
Shares), shall be required to amend, alter or repeal the
provisions of the Fund's Charter or bylaws, whether by merger,
consolidation or otherwise, if such amendment, alteration or
repeal would affect adversely the rights, preferences or powers
expressly set forth in any articles supplementary of the Fund's
preferred stock, including the Articles, unless, in each case,
the Fund obtains written confirmation from any rating agency
then rating the Series J Preferred Shares at the Fund's request
that such amendment, alteration or repeal would not impair the
rating then assigned by such rating agency to the Series J
Preferred Shares, in which case the vote or consent of the
holders of the Series J Preferred Shares is not required. No
matter shall be deemed to adversely affect any rights,
preferences or powers of the Series J Preferred Shares unless
such matter (i) adversely alters or abolishes any preferential
right of such series; (ii) creates, adversely alters or
abolishes any right in respect of redemption of such series; or
(iii) creates or adversely alters (other than to abolish) any
restriction on transfer applicable to such series. An increase
in the number of authorized shares of preferred stock of the
Fund pursuant to the Charter or the issuance of additional
shares of any series of preferred stock of the Fund (including
the Series J Preferred Shares) pursuant to the Charter shall not
in and of itself be considered to adversely affect the rights,
preferences or powers of the Series J Preferred Shares.  The
holders of shares of preferred stock will have no preemptive
rights or rights to cumulative voting.

Holders of Series J Preferred Shares shall be entitled to
receive cumulative cash dividends and distributions at the rate
of 5.45% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months) of the $25.00 per-share
liquidation preference on the Series J Preferred Shares.
Dividends and distributions on Series J Preferred Shares will
accumulate from the date of their original issue, which is March
31, 2016.

Dividends and distributions will be payable quarterly on March
26, June 26, September 26 and December 26 in each year (each a
"Dividend Payment Date") commencing on June 26, 2016 (or, if any
such day is not a business day, then on the next succeeding
business day) to holders of record of Series J Preferred Shares
as they appear on the stock register of the Fund at the close of
business on the fifth preceding business day. Dividends and
distributions on Series J Preferred Shares shall accumulate from
the date on which the Series J Preferred Shares are originally
issued. Each period beginning on and including a Dividend
Payment Date (or the date of original issue, in the case of the
first dividend period after the first issuance of the Series J
Preferred Shares) and ending on but excluding the next
succeeding Dividend Payment Date is referred to herein as a
"Dividend Period." Dividends and distributions on account of
arrears for any past Dividend Period or in connection with the
redemption of Series J Preferred Shares may be declared and paid
at any time, without reference to any Dividend Payment Date, to
holders of record on such date as shall be fixed by the Board of
Directors that is not more than 30 days before the Dividend
Payment Date.

No full dividends or distributions will be declared or paid on
Series J Preferred Shares for any Dividend Period or part
thereof unless full cumulative dividends and distributions due
through the most recent Dividend Payment Dates therefor on all
outstanding shares of any series of preferred stock of the Fund
ranking on a parity with the Series J Preferred Shares as to the
payment of dividends and distributions have been or
contemporaneously are declared and paid through the most recent
Dividend Payment Dates therefor. If full cumulative dividends
and distributions due have not been paid on all outstanding
shares of the Fund's preferred stock, any dividends and
distributions being paid on such shares of preferred stock
(including the Series J Preferred Shares) will be paid as nearly
pro rata as possible in proportion to the respective amounts of
dividends and distributions accumulated but unpaid on each such
series of preferred stock on the relevant Dividend Payment Date.

Under the 1940 Act, the Fund is not permitted to issue preferred
stock (such as the Series J Preferred Shares) unless immediately
after such issuance the Fund will have an asset coverage of at
least 200% (or such other percentage as may in the future be
specified in or under the 1940 Act as the minimum asset coverage
for senior securities representing stock of a closed-end
investment company as a condition of declaring distributions,
purchases or redemptions of its stock). In general, the term
"asset coverage" for this purpose means the ratio which the
value of the total assets of the Fund, less all liabilities and
indebtedness not represented by senior securities, bears to the
aggregate amount of senior securities representing indebtedness
of the Fund plus the aggregate of the involuntary liquidation
preference of the preferred stock. The involuntary liquidation
preference refers to the amount to which the preferred stock
would be entitled on the involuntary liquidation of the Fund in
preference to a security junior to them. The Fund also is not
permitted to declare any cash dividend or other distribution on
its common stock or purchase its common stock unless, at the
time of such declaration or purchase, the Fund satisfies this
200% asset coverage requirement after deducting the amount of
the distribution or purchase price, as applicable.

In addition, the Fund may be limited in its ability to declare
any cash distribution on its capital stock (including the Series
J Preferred Shares) or purchase its capital stock (including the
Series J Preferred Shares) unless, at the time of such
declaration or purchase, the Fund has an asset coverage on its
indebtedness, if any, of at least 300% after deducting the
amount of such distribution or purchase price, as applicable.
The 1940 Act contains an exception, however, that permits
dividends to be declared upon any preferred stock issued by the
Fund (including the Series J Preferred Shares) if the Fund's
indebtedness has an asset coverage of at least 200% at the time
of declaration after deducting the amount of the dividend. In
general, the term "asset coverage" for this purpose means the
ratio which the value of the total assets of the Fund, less all
liabilities and indebtedness not represented by senior
securities, bears to the aggregate amount of senior securities
representing indebtedness of the Fund.

The term "senior security" does not include any promissory note
or other evidence of indebtedness in any case where such a loan
is for temporary purposes only and in an amount not exceeding 5%
of the value of the total assets of the Fund at the time when
the loan is made. A loan is presumed under the 1940 Act to be
for temporary purposes if it is repaid within 60 days and is not
extended or renewed; otherwise it is presumed not to be for
temporary purposes. For purposes of determining whether the 200%
and 300% asset coverage requirements described above apply in
connection with dividends or distributions on or purchases or
redemptions of Series J Preferred Shares, the asset coverages
may be calculated on the basis of values calculated as of a time
within 48 hours (not including Sundays or holidays) next
preceding the time of the applicable determination.

Except as otherwise provided in the Fund's governing documents
(including the Articles) or a resolution of the Board of
Directors, or as required by applicable law, holders of Series J
Preferred Shares shall have no power to vote on any matter
except matters submitted to a vote of the Fund's common stock.
In any matter submitted to a vote of the holders of the common
stock, each holder of Series J Preferred Shares shall be
entitled to one vote for each Series J Preferred Share held and
the holders of all outstanding shares of preferred stock,
including Series J Preferred Shares, and the shares of common
stock shall vote together as a single class; provided, however,
that at any meeting of the stockholders of the Fund held for the
election of Directors, the holders of the outstanding shares of
preferred stock, including Series J Preferred Shares, shall be
entitled, as a class, to the exclusion of the holders of all
other classes of capital stock of the Fund, to elect a number of
the Fund's directors, such that, following the election of
directors at the meeting of the stockholders, the Fund's Board
of Directors shall contain two directors elected by the holders
of the outstanding shares of preferred stock, including the
Series J Preferred Shares.
During any period in which any one or more of the conditions
described below shall exist (such period being referred to
herein as a "Voting Period"), the number of directors
constituting the Fund's Board of Directors shall be increased by
the smallest number of additional directors that, when added to
the two directors elected exclusively by the holders of
outstanding shares of preferred stock, would constitute a simple
majority of the Fund's Board of Directors as so increased by
such smallest number, and the holders of outstanding shares of
preferred stock, including the Series J Preferred Shares, voting
separately as one class (to the exclusion of the holders of all
other classes of capital stock of the Fund) shall be entitled to
elect such smallest number of additional directors and the two
directors the holders of shares of preferred stock, including
the Series J Preferred Shares, are otherwise entitled to elect.
The Fund and the Fund's Board of Directors shall take all
necessary actions, including amending the Fund's bylaws, to
effect an increase in the number of directors as described in
the preceding sentence. A Voting Period shall commence:

(i) if at any time accumulated dividends and distributions on
the outstanding Series J Preferred Shares equal to at least two
full years' dividends and distributions shall be due and unpaid
and sufficient cash or specified securities shall not have been
deposited with Computershare Trust Company, N.A., and its
successors or any other dividend-disbursing agent appointed by
the Fund, for the payment of such accumulated dividends and
distributions; or

(ii) if at any time holders of any other shares of preferred
stock are entitled to elect a majority of the Directors of the
Fund under the 1940 Act or articles supplementary creating such
shares.

Under certain circumstances, the Series J Preferred Shares will
be subject to mandatory redemption by the Fund out of funds
legally available therefor in accordance with the Articles and
applicable law.

If the Fund fails to have asset coverage, as determined in
accordance with Section 18(h) of the 1940 Act, of at least 200%
with respect to all outstanding senior securities of the Fund
which are stock, including all outstanding Series J Preferred
Shares (or such other asset coverage as may in the future be
specified in or under the 1940 Act as the minimum asset coverage
for senior securities which are stock of a closed-end investment
company as a condition of declaring dividends on its common
stock), and such failure is not cured as of the cure date
specified in the Articles, (i) the Fund shall give a notice of
redemption with respect to the redemption of a sufficient number
of shares of its preferred stock, which at the Fund's
determination (to the extent permitted by the 1940 Act and
Maryland law) may include any proportion of Series J Preferred
Shares, to enable it to meet the asset coverage requirements,
and, at the Fund's discretion, such additional number of Series
J Preferred Shares or shares of any other series of preferred
stock of the Fund in order for the Fund to have asset coverage
with respect to the Series J Preferred Shares and any other
series of preferred stock of the Fund remaining outstanding
after such redemption as great as 210%, and (ii) deposit an
amount with Computershare Trust Company, N.A., and its
successors or any other dividend-disbursing agent appointed by
the Fund, having an initial combined value sufficient to effect
the redemption of the Series J Preferred Shares or other series
of preferred stock of the Fund to be redeemed.

On such cure date, the Fund shall redeem, out of funds legally
available therefor, the number of shares of its preferred stock,
which, to the extent permitted by the 1940 Act and Maryland law,
at the option of the Fund may include any proportion of Series J
Preferred Shares or shares of any other series of preferred
stock of the Fund, is equal to the minimum number of shares the
redemption of which, if such redemption had occurred immediately
prior to the opening of business on such cure date, would have
resulted in the Fund having asset coverage immediately prior to
the opening of business on such cure date in compliance with the
1940 Act or, if asset coverage cannot be so restored, all of the
outstanding Series J Preferred Shares, at a price equal to
$25.00 per share plus accumulated but unpaid dividends and
distributions (whether or not earned or declared by the Fund)
through and including the date of redemption. See "Description
of the Capital Stock - Preferred Stock - Redemption" in the
Prospectus for a discussion of the consequences that would arise
if the Fund fails to maintain the asset coverage requirements as
calculated in accordance with the applicable rating agency
guidelines set forth in the Articles as of any monthly valuation
date.

Prior to March 31, 2021, the Series J Preferred Shares are not
subject to optional redemption by the Fund unless the redemption
is necessary, in the judgment of the Board of Directors, to
maintain the Fund's status as a regulated investment company
under Subchapter M of the Code. Commencing March 31, 2021, and
thereafter, to the extent permitted by the 1940 Act and Maryland
law, the Fund may at any time upon notice in the manner provided
in the Articles redeem the Series J Preferred Shares in whole or
in part at a price equal to the liquidation preference per share
plus accumulated but unpaid dividends through and including the
date of redemption.

In the event of any liquidation, dissolution or winding up of
the affairs of the Fund, whether voluntary or involuntary, the
holders of Series J Preferred Shares shall be entitled to
receive out of the assets of the Fund available for distribution
to stockholders, after satisfying claims of creditors but before
any distribution or payment shall be made in respect of the
Fund's common stock or any other stock of the Fund ranking
junior to the Series J Preferred Shares as to liquidation
payments, a liquidation distribution in the amount of $25.00 per
share (the "Liquidation Preference"), plus an amount equal to
all unpaid dividends and distributions accumulated to and
including the date fixed for such distribution or payment
(whether or not earned or declared by the Fund, but excluding
interest thereon), and such holders shall be entitled to no
further participation in any distribution or payment in
connection with any such liquidation, dissolution or winding up
of the Fund.

If, upon any liquidation, dissolution or winding up of the
affairs of the Fund, whether voluntary or involuntary, the
assets of the Fund available for distribution among the holders
of all outstanding Series J Preferred Shares and all outstanding
shares of any other series of the Fund's preferred stock ranking
on a parity with the Series J Preferred Shares as to payment
upon liquidation shall be insufficient to permit the payment in
full to such holders of Series J Preferred Shares of the
Liquidation Preference plus accumulated and unpaid dividends and
distributions and the amounts due upon liquidation with respect
to all outstanding shares of such other series of preferred
stock of the Fund, then such available assets shall be
distributed among the holders of Series J Preferred Shares and
such other series of preferred stock of the Fund ratably in
proportion to the respective preferential liquidation amounts to
which they are entitled. Unless and until the Liquidation
Preference plus accumulated and unpaid dividends and
distributions has been paid in full to the holders of Series J
Preferred Shares, no dividends or distributions will be made to
holders of the Fund's common stock or any other stock of the
Fund ranking junior to the Series J Preferred Shares as to
liquidation.

</TEXT>
</DOCUMENT>
