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The Gabelli Equity Trust Inc.

Schedule of Investments — September 30, 2020 (Unaudited)


Shares			Market Value

		COMMON STOCKS — 98.1%
		Food and Beverage — 11.7%
	3,000	Ajinomoto Co. Inc.	$	61,414
	98,300	Brown-Forman Corp., Cl. A		6,751,244
	49,300	Brown-Forman Corp., Cl. B		3,713,276
	36,800	Campbell Soup Co.		1,780,016
	65,000	Chr. Hansen Holding A/S		7,224,838
	15,000	Coca-Cola European Partners plc		582,150
	260,000	Conagra Brands Inc.		9,284,600
	28,000	Constellation Brands Inc., Cl. A		5,306,280
	25,000	Crimson Wine Group Ltd.†		123,750
	187,500	Danone SA		12,139,323
	940,000	Davide Campari-Milano NV		10,270,556
	118,000	Diageo plc, ADR		16,243,880
	42,383	Farmer Brothers Co.†		187,333
	80,000	Flowers Foods Inc.		1,946,400
	77,800	Fomento Economico Mexicano SAB de CV, ADR		4,371,582
	35,000	General Mills Inc.		2,158,800
	1,848,400	Grupo Bimbo SAB de CV, Cl. A		3,439,078
	41,300	Heineken NV		3,674,296
	10,500	Ingredion Inc.		794,640
	105,000	ITO EN Ltd.		7,476,888
	20,000	Kellogg Co.		1,291,800
	61,500	Kerry Group plc, Cl. A		7,895,616
	10,000	Keurig Dr Pepper Inc.		276,000
	9,700	LVMH Moet Hennessy Louis Vuitton SE		4,542,308
	20,000	Maple Leaf Foods Inc.		407,795
	60,000	Molson Coors Beverage Co., Cl. B		2,013,600
	240,000	Mondelēz International Inc., Cl. A		13,788,000
	14,000	Morinaga Milk Industry Co. Ltd.		735,410
	41,000	Nestlé SA		4,867,206
	138,000	PepsiCo Inc.		19,126,800
	39,200	Pernod Ricard SA		6,257,495
	31,000	Post Holdings Inc.†		2,666,000
	41,500	Remy Cointreau SA		7,580,753
	79,600	The Coca-Cola Co.		3,929,852
	67,500	The Hain Celestial Group Inc.†		2,315,250
	22,000	The J.M. Smucker Co.		2,541,440
	20,000	The Kraft Heinz Co.		599,000
	141,110	Tootsie Roll Industries Inc.		4,360,299
	48,000	Tyson Foods Inc., Cl. A		2,855,040
	335,000	Yakult Honsha Co. Ltd.		18,581,994

				204,162,002


		Financial Services — 10.3%
	330,000	American Express Co.(a)		33,082,500
	28,000	Apollo Global Management Inc.		1,253,000
	16,000	Argo Group International Holdings Ltd.		550,880
	72,585	Banco Santander SA, ADR†		134,282
	90,000	Bank of America Corp.		2,168,100
	111	Berkshire Hathaway Inc., Cl. A†		35,520,111
	10,000	Calamos Asset Management Inc., Escrow†(b)		0


Shares			Market Value

	11,000	CIT Group Inc.	$	194,810
	120,000	Citigroup Inc.		5,173,200
	5,000	Cullen/Frost Bankers Inc.		319,750
	30,000	Deutsche Bank AG†		252,000
	30,000	E*TRADE Financial Corp.		1,501,500
	36,000	GAM Holding AG†		69,573
	12,000	H&R Block Inc.		195,480
	12,500	Hannon Armstrong Sustainable Infrastructure Capital Inc., REIT		528,375
	37,000	Interactive Brokers Group Inc., Cl. A		1,788,210
	70,000	Janus Henderson Group plc		1,520,400
	88,000	Jefferies Financial Group Inc.		1,584,000
	46,400	JPMorgan Chase & Co.		4,466,928
	5,000	Julius Baer Group Ltd.		213,181
	29,800	Kinnevik AB, Cl. A		1,204,531
	14,000	Loews Corp.		486,500
	80,000	Marsh & McLennan Companies Inc.		9,176,000
	9,000	Moody’s Corp.		2,608,650
	40,000	New York Community Bancorp Inc.		330,800
	24,000	PayPal Holdings Inc.†		4,728,720
	20,000	Pershing Square Tontine Holdings Ltd., Cl. A†		453,800
	7,500	Prosus NV†		692,043
	57,200	S&P Global Inc.		20,626,320
	4,000	Sculptor Capital Management Inc.		46,960
	151,100	State Street Corp.		8,964,763
	103,400	T. Rowe Price Group Inc.		13,257,948
	202,500	The Bank of New York Mellon Corp.		6,953,850
	35,000	The Blackstone Group Inc., Cl. A		1,827,000
	77,000	The Charles Schwab Corp.		2,789,710
	13,500	The Goldman Sachs Group Inc.		2,713,095
	17,000	The PNC Financial Services Group Inc.		1,868,470
	3,000	TransUnion		252,390
	19,425	Truist Financial Corp.		739,121
	15,500	W. R. Berkley Corp.		947,825
	220,000	Waddell & Reed Financial Inc., Cl. A		3,267,000
	222,000	Wells Fargo & Co.		5,219,220

				179,670,996


		Equipment and Supplies — 7.0%
	372,000	AMETEK Inc.		36,976,800
	7,000	Amphenol Corp., Cl. A		757,890
	4,000	Ardagh Group SA		56,200
	90,000	CIRCOR International Inc.†		2,461,500
	303,800	Donaldson Co. Inc.		14,102,396
	220,000	Flowserve Corp.		6,003,800
	37,400	Franklin Electric Co. Inc.		2,200,242
	15,000	Hubbell Inc.		2,052,600
	183,000	IDEX Corp.		33,381,030
	100,000	Mueller Industries Inc.		2,706,000
	272,900	Mueller Water Products Inc., Cl. A		2,835,431
	8,000	Sealed Air Corp.		310,480
	24,000	Tenaris SA, ADR		236,400

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)


Shares			Market Value
Shares			Market Value

		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	270,000	The L.S. Starrett Co., Cl. A†	$	796,500
	80,000	The Timken Co.		4,337,600
	59,600	The Weir Group plc		963,238
	121,000	Watts Water Technologies Inc., Cl. A		12,118,150

				122,296,257


		Consumer Products — 5.9%
	14,100	Christian Dior SE		5,779,461
	27,000	Church & Dwight Co. Inc.		2,530,170
	247,000	Edgewell Personal Care Co.†		6,886,360
	190,000	Energizer Holdings Inc.		7,436,600
	27,600	Essity AB, Cl. B†		933,164
	2,100	Givaudan SA		9,051,626
	85,000	Hanesbrands Inc.		1,338,750
	23,800	Harley-Davidson Inc.		584,052
	1,270	Hermes International		1,096,216
	33,000	Mattel Inc.†		386,100
	10,500	National Presto Industries Inc.		859,530
	24,100	Newell Brands Inc.		413,556
	10,000	Oil-Dri Corp. of America		357,700
	46,800	Reckitt Benckiser Group plc		4,565,382
	2,205	Spectrum Brands Holdings Inc.		126,038
	27,600	Svenska Cellulosa AB SCA, Cl. B†		379,214
	738,900	Swedish Match AB		60,459,467

				103,183,386


		Consumer Services — 5.9%
	15,000	eBay Inc.		781,500
	53,000	GCI Liberty Inc., Cl. A†		4,343,880
	43,000	IAC/InterActiveCorp.†		5,150,540
	12,000	Liberty TripAdvisor Holdings Inc., Cl. A†		20,760
	50,000	Matthews International Corp., Cl. A		1,118,000
	343,000	Qurate Retail Inc., Cl. A		2,462,740
	1,625,000	Rollins Inc.		88,058,750
	4,000	WW International Inc.†		75,480

				102,011,650


		Health Care — 5.4%
	2,100	ABIOMED Inc.†		581,826
	500	ACADIA Pharmaceuticals Inc.†		20,625
	10,411	Acorda Therapeutics Inc.†		5,362
	2,000	Aerie Pharmaceuticals Inc.†		23,540
	16,200	Alcon Inc.†		922,590
	4,000	Alimera Sciences Inc.†		19,440
	2,000	Alkermes plc†		33,140
	7,000	AmerisourceBergen Corp.		678,440
	25,000	Amgen Inc.		6,354,000
	1,000	AngioDynamics Inc.†		12,060
	1,800	Anika Therapeutics Inc.†		63,702
	10,901	Aptinyx Inc.†		36,845
	44,992	Axogen Inc.†		523,257


Shares			Market Value
Shares			Market Value

	2,596	Axovant Gene Therapies Ltd.†	$	11,994
	13,000	Baxter International Inc.		1,045,460
	1,000	Becton, Dickinson and Co.		232,680
	7,000	Biogen Inc.†		1,985,760
	1,000	BioMarin Pharmaceutical Inc.†		76,080
	14,595	BioTelemetry Inc.†		665,240
	170,000	Boston Scientific Corp.†		6,495,700
	147,000	Bristol Myers Squibb Co.		8,862,630
	2,000	Cantel Medical Corp.		87,880
	13,000	Cigna Corp.		2,202,330
	30,400	Clovis Oncology Inc.†		177,232
	167,823	ConforMIS Inc.†		140,552
	2,500	Cortexyme Inc.†		125,000
	34,800	Covetrus Inc.†		849,120
	17,900	Cutera Inc.†		339,563
	6,000	CytomX Therapeutics Inc.†		39,900
	244,000	Demant A/S†		7,665,948
	1,500	Editas Medicine Inc.†		42,090
	2,000	ElectroCore Inc.†		3,460
	3,308	Electromed Inc.†		34,436
	17,200	Endo International plc†		56,760
	3,000	Evolus Inc.†		11,730
	4,000	Exact Sciences Corp.†		407,800
	2,000	G1 Therapeutics Inc.†		23,100
	1,399	GenMark Diagnostics Inc.†		19,866
	1,000	Glaukos Corp.†		49,520
	4,000	Globus Medical Inc., Cl. A†		198,080
	6,000	Gritstone Oncology Inc.†		15,900
	61,000	Henry Schein Inc.†		3,585,580
	4,796	ICU Medical Inc.†		876,517
	6,000	Incyte Corp.†		538,440
	46,800	Indivior plc†		70,655
	8,900	Inogen Inc.†		258,100
	2,000	Intellia Therapeutics Inc.†		39,760
	8,000	Intersect ENT Inc.†		130,480
	15,000	IRIDEX Corp.†		29,400
	35,000	Johnson & Johnson		5,210,800
	7,000	Jounce Therapeutics Inc.†		57,120
	10,000	La Jolla Pharmaceutical Co.†		40,300
	12,569	Lannett Co. Inc.†		76,797
	1,833	Larimar Therapeutics Inc.†		27,807
	500	LivaNova plc†		22,605
	10,500	Mallinckrodt plc†		10,220
	6,750	Marinus Pharmaceuticals Inc.†		86,738
	95,200	Merck & Co. Inc.		7,896,840
	4,500	Meridian Bioscience Inc.†		76,410
	6,000	Mylan NV†		88,980
	5,500	Myriad Genetics Inc.†		71,720
	17,559	Nabriva Therapeutics plc†		9,359
	6,000	Nektar Therapeutics†		99,540
	55,845	Neuronetics Inc.†		271,407
	83,000	Novartis AG, ADR		7,217,680

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)


Shares			Market Value

		COMMON STOCKS (Continued)
		Health Care (Continued)
	6,900	NuVasive Inc.†	$	335,133
	4,000	Odonate Therapeutics Inc.†		53,720
	224,544	Option Care Health Inc.†		3,002,153
	5,000	Orthofix Medical Inc.†		155,700
	5,000	Owens & Minor Inc.		125,550
	8,500	Puma Biotechnology Inc.†		85,765
	1,000	Quidel Corp.†		219,380
	1,432	Retrophin Inc.†		26,435
	27,064	ReWalk Robotics Ltd.†		29,229
	26,121	Rockwell Medical Inc.†		27,949
	3,000	Sangamo Therapeutics Inc.†		28,350
	956	SeaSpine Holdings Corp.†		13,671
	55,701	SmileDirectClub Inc.†		650,588
	1,000	Smith & Nephew plc, ADR		39,100
	5,615	Tactile Systems Technology Inc.†		205,453
	8,000	Teva Pharmaceutical Industries Ltd., ADR†		72,080
	1,000	United Therapeutics Corp.†		101,000
	45,000	UnitedHealth Group Inc.		14,029,650
	11,996	Valeritas Holdings Inc.†(b)		240
	16,842	Vericel Corp.†		312,082
	4,000	Waters Corp.†		782,720
	11,500	Zimmer Biomet Holdings Inc.		1,565,610
	29,000	Zoetis Inc.		4,795,730
	8,688	Zomedica Pharmaceuticals Corp.†		957
	21,297	Zosano Pharma Corp.†		34,501

				94,626,639


		Entertainment — 4.8%
	20,658	Charter Communications Inc., Cl. A†		12,897,616
	41,600	Discovery Inc., Cl. A†		905,632
	295,800	Discovery Inc., Cl. C†		5,797,680
	422,000	Dover Motorsports Inc.		595,020
	90,000	Genting Singapore Ltd.		44,174
	558,000	Grupo Televisa SAB, ADR†		3,448,440
	21,500	Liberty Media Corp.- Liberty Braves, Cl. A†		448,920
	90,708	Liberty Media Corp.- Liberty Braves, Cl. C†		1,905,775
	28,545	Lions Gate Entertainment Corp., Cl. B†		248,912
	3,000	Live Nation Entertainment Inc.†		161,640
	98,367	Madison Square Garden Entertainment Corp.†		6,737,156
	92,867	Madison Square Garden Sports Corp.†		13,974,626
	8,000	Take-Two Interactive Software Inc.†		1,321,760
	40,000	TBS Holdings Inc.		684,967
	100,000	The Walt Disney Co.		12,408,000
	60,000	Universal Entertainment Corp.†		1,092,874
	438,081	ViacomCBS Inc., Cl. A		13,269,473
	30,000	ViacomCBS Inc., Cl. B		840,300
	240,000	Vivendi SA		6,697,072

				83,480,037


Shares			Market Value

		Diversified Industrial — 4.7%
	254,906	Ampco-Pittsburgh Corp.†	$	889,621
	37,306	AZZ Inc.		1,272,881
	50,000	Colfax Corp.†		1,568,000
	150,100	Crane Co.		7,524,513
	220,000	General Electric Co.		1,370,600
	127,000	Greif Inc., Cl. A		4,598,670
	12,000	Greif Inc., Cl. B		473,760
	68,000	Griffon Corp.		1,328,720
	197,000	Honeywell International Inc.		32,428,170
	29,119	Ingersoll Rand Inc.†		1,036,636
	3,500	IntriCon Corp.†		42,630
	90,000	ITT Inc.		5,314,500
	11,000	Jardine Strategic Holdings Ltd.		217,910
	35,000	Kennametal Inc.		1,012,900
	50,000	Myers Industries Inc.		661,500
	30,000	nVent Electric plc		530,700
	85,000	Park-Ohio Holdings Corp.		1,365,950
	30,000	Rexnord Corp.		895,200
	500	Roper Technologies Inc.		197,555
	96,700	ServiceMaster Global Holdings Inc.†		3,856,396
	515,000	Steel Partners Holdings LP†		3,179,559
	12,000	Sulzer AG		964,768
	87,600	Textron Inc.		3,161,484
	100,000	Toray Industries Inc.		454,464
	43,000	Trane Technologies plc		5,213,750
	12,000	Tredegar Corp.		178,440
	90,000	Trinity Industries Inc.		1,755,000

				81,494,277


		Business Services — 4.6%
	11,000	Allegion plc		1,088,010
	500,035	Clear Channel Outdoor Holdings Inc.†		500,035
	200,000	Diebold Nixdorf Inc.†		1,528,000
	3,000	Edenred		135,067
	160,000	G4S plc†		413,533
	16,000	Jardine Matheson Holdings Ltd.		634,880
	55,000	KAR Auction Services Inc.		792,000
	192,102	Macquarie Infrastructure Corp.		5,165,623
	171,500	Mastercard Inc., Cl. A		57,996,155
	185,000	Resideo Technologies Inc.†		2,035,000
	1,337,900	Steel Connect Inc.†		725,677
	220,000	The Interpublic Group of Companies Inc.		3,667,400
	10,000	United Parcel Service Inc., Cl. B		1,666,300
	10,000	Vectrus Inc.†		380,000
	12,800	Visa Inc., Cl. A		2,559,616

				79,287,296


		Automotive: Parts and Accessories — 3.4%
	15,000	Aptiv plc		1,375,200
	89,600	BorgWarner Inc.		3,471,104
	274,900	Dana Inc.		3,386,768
	26,000	Garrett Motion Inc.†		89,700

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)


Shares			Market Value

		COMMON STOCKS (Continued)
		Automotive: Parts and Accessories (Continued)
	230,500	Genuine Parts Co.	$	21,936,685
	285,000	Modine Manufacturing Co.†		1,781,250
	47,000	O’Reilly Automotive Inc.†		21,670,760
	105,000	Standard Motor Products Inc.		4,688,250
	132,000	Superior Industries International Inc.†		165,000

				58,564,717


		Machinery — 3.3%
	25,000	Astec Industries Inc.		1,356,250
	12,800	Caterpillar Inc.		1,909,120
	285,010	CNH Industrial NV†		2,228,778
	158,000	Deere & Co.(a)		35,017,540
	208,000	Xylem Inc.		17,496,960

				58,008,648


		Cable and Satellite — 2.9%
	60,000	Altice USA Inc., Cl. A†		1,560,000
	205,900	AMC Networks Inc., Cl. A†		5,087,789
	200	Cable One Inc.		377,086
	219,000	Comcast Corp., Cl. A		10,130,940
	127,642	DISH Network Corp., Cl. A†		3,705,447
	52,933	EchoStar Corp., Cl. A†		1,317,502
	145,605	Liberty Global plc, Cl. A†		3,059,161
	259,064	Liberty Global plc, Cl. C†		5,319,879
	21,712	Liberty Latin America Ltd., Cl. A†		179,124
	51,662	Liberty Latin America Ltd., Cl. C†		420,529
	4,000	Naspers Ltd., Cl. N		706,866
	384,800	Rogers Communications Inc., Cl. B		15,257,320
	160,000	Shaw Communications Inc., Cl. B		2,920,000

				50,041,643


		Electronics — 2.4%
	41,591	Bel Fuse Inc., Cl. A		463,740
	4,000	Hitachi Ltd., ADR		271,280
	50,000	Intel Corp.		2,589,000
	33,000	Koninklijke Philips NV†		1,555,950
	2,400	Mettler-Toledo International Inc.†		2,317,800
	25,000	Sony Corp., ADR		1,918,750
	40,000	TE Connectivity Ltd.		3,909,600
	205,000	Texas Instruments Inc.		29,271,950

				42,298,070


		Energy and Utilities — 2.3%
	33,000	Apache Corp.		312,510
	71,000	Avangrid Inc.		3,582,660
	60,000	Baker Hughes Co.		797,400
	42,000	BP plc, ADR		733,320
	16,000	CMS Energy Corp.		982,560
	172,000	ConocoPhillips		5,648,480
	98,400	Enbridge Inc.		2,873,280
	55,000	Energy Transfer LP		298,100
	20,000	Evergy Inc.		1,016,400


Shares			Market Value

	22,000	Eversource Energy	$	1,838,100
	46,000	Exxon Mobil Corp.		1,579,180
	320,000	Halliburton Co.		3,856,000
	4,000	Marathon Oil Corp.		16,360
	8,000	Marathon Petroleum Corp.		234,720
	52,000	National Fuel Gas Co.		2,110,680
	12,000	NextEra Energy Inc.		3,330,720
	61,000	NextEra Energy Partners LP		3,657,560
	1,000	Niko Resources Ltd., OTC†		1
	3,000	Niko Resources Ltd., Toronto†(b)		3
	20,034	Occidental Petroleum Corp.		200,540
	30,000	Oceaneering International Inc.†		105,600
	95,000	PG&E Corp.†		892,050
	40,000	Phillips 66		2,073,600
	7,500	PNM Resources Inc.		309,975
	75,180	RPC Inc.†		198,475
	60,000	Schlumberger NV		933,600
	20,000	Southwest Gas Holdings Inc.		1,262,000
	110,000	The AES Corp.		1,992,100

				40,835,974


		Environmental Services — 2.3%
	10,000	GFL Environmental Inc.		212,600
	30,000	Pentair plc		1,373,100
	233,000	Republic Services Inc.		21,750,550
	140,600	Waste Management Inc.		15,911,702

				39,247,952


		Retail — 2.2%
	60,000	AutoNation Inc.†		3,175,800
	5,000	Casey’s General Stores Inc.		888,250
	37,400	Costco Wholesale Corp.		13,277,000
	91,488	CVS Health Corp.		5,342,899
	9,000	Hertz Global Holdings Inc.†		9,990
	35,000	Lowe’s Companies Inc.		5,805,100
	148,000	Macy’s Inc.		843,600
	16,000	Movado Group Inc.		159,040
	33,508	PetIQ Inc.†		1,103,083
	1,279	PetMed Express Inc.		40,442
	30,600	Sally Beauty Holdings Inc.†		265,914
	18,300	Shake Shack Inc., Cl. A†		1,179,984
	10,000	The Cheesecake Factory Inc.		277,400
	5,000	Vroom Inc.†		258,900
	54,000	Walgreens Boots Alliance Inc.		1,939,680
	30,000	Walmart Inc.		4,197,300

				38,764,382


		Broadcasting — 2.1%
	2,000	Cogeco Inc.		132,252
	24,000	Corus Entertainment Inc., OTC, Cl. B		52,320
	90,000	Entercom Communications Corp., Cl. A		144,900
	159,400	Fox Corp., Cl. A		4,436,102
	102,333	Fox Corp., Cl. B		2,862,254

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)


Shares			Market Value

		COMMON STOCKS (Continued)
		Broadcasting (Continued)
	16,000	Gray Television Inc.†	$	220,320
	19,250	Liberty Broadband Corp., Cl. A†		2,729,843
	62,192	Liberty Broadband Corp., Cl. C†		8,885,371
	62,651	Liberty Media Corp.- Liberty Formula One, Cl. A†		2,099,435
	48,250	Liberty Media Corp.- Liberty Formula One, Cl. C†		1,750,028
	75,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		2,487,750
	188,604	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		6,239,020
	267,600	MSG Networks Inc., Cl. A†		2,560,932
	19,000	Nexstar Media Group Inc., Cl. A		1,708,670
	10,000	Sinclair Broadcast Group Inc., Cl. A		192,300
	60,000	TEGNA Inc.		705,000
	80,000	Television Broadcasts Ltd.		69,574

				37,276,071


		Specialty Chemicals — 2.1%
	11,000	AdvanSix Inc.†		141,680
	4,000	Air Products and Chemicals Inc.		1,191,440
	8,000	Ashland Global Holdings Inc.		567,360
	190,000	DuPont de Nemours Inc.		10,541,200
	458,500	Ferro Corp.†		5,685,400
	10,000	FMC Corp.		1,059,100
	116,000	GCP Applied Technologies Inc.†		2,430,200
	15,000	H.B. Fuller Co.		686,700
	54,000	International Flavors & Fragrances Inc.		6,612,300
	134,900	Sensient Technologies Corp.		7,789,126
	13,000	SGL Carbon SE†		48,012
	2,000	The Chemours Co.		41,820

				36,794,338


		Telecommunications — 2.0%
	64,000	AT&T Inc.		1,824,640
	55,400	BCE Inc.		2,297,438
	914,200	BT Group plc, Cl. A		1,160,533
	7,040,836	Cable & Wireless Jamaica Ltd.†(b)		57,649
	37,000	Cincinnati Bell Inc.†		555,000
	21,000	Deutsche Telekom AG		351,843
	125,000	Deutsche Telekom AG, ADR		2,106,250
	36,000	Hellenic Telecommunications Organization SA		519,586
	15,000	Hellenic Telecommunications Organization SA, ADR		109,494
	264,732	Koninklijke KPN NV		622,946
	76,000	Loral Space & Communications Inc.		1,390,800
	1,100,000	NII Holdings Inc., Escrow†		2,387,000
	16,000	Oi SA, ADR†		6,160
	4,267	Oi SA, Cl. C, ADR†		6,187
	21,000	Telecom Argentina SA, ADR		137,340
	535,000	Telecom Italia SpA		214,524


Shares			Market Value

	70,000	Telefonica Brasil SA, ADR	$	536,900
	560,739	Telefonica SA, ADR		1,928,942
	530,000	Telephone and Data Systems Inc.		9,773,200
	105,000	Telesites SAB de CV†		94,878
	50,000	TELUS Corp.		879,802
	129,000	Verizon Communications Inc.		7,674,210
	24,000	Vodafone Group plc, ADR		322,080

				34,957,402


		Aerospace and Defense — 1.8%
	286,800	Aerojet Rocketdyne Holdings Inc.†		11,440,452
	14,000	Howmet Aerospace Inc.		234,080
	30,800	Kaman Corp.		1,200,276
	1,000	Kratos Defense & Security Solutions Inc.†		19,280
	13,000	L3Harris Technologies Inc.		2,207,920
	17,500	Northrop Grumman Corp.		5,521,075
	12,000	Raytheon Technologies Corp.		690,480
	1,099,000	Rolls-Royce Holdings plc		1,843,531
	50,000	The Boeing Co.		8,263,000

				31,420,094


		Building and Construction — 1.7%
	27,000	Arcosa Inc.		1,190,430
	18,000	Assa Abloy AB, Cl. B		422,271
	73,000	Fortune Brands Home & Security Inc.		6,315,960
	193,123	Herc Holdings Inc.†		7,649,602
	267,528	Johnson Controls International plc		10,928,519
	20,000	PGT Innovations Inc.†		350,400
	12,000	Sika AG		2,948,374

				29,805,556


		Computer Software and Services — 1.5%
	6,350	Alphabet Inc., Cl. C†		9,331,960
	5,400	Check Point Software Technologies Ltd.†		649,836
	11,000	Facebook Inc., Cl. A†		2,880,900
	12,120	Fiserv Inc.†		1,248,966
	55,000	GTY Technology Holdings Inc.†		145,750
	200,000	Hewlett Packard Enterprise Co.		1,874,000
	40,000	Match Group Inc.†		4,426,000
	19,000	Rockwell Automation Inc.		4,192,920
	35,000	SVMK Inc.†		773,850

				25,524,182

		Hotels and Gaming — 1.3%
	16,000	Accor SA†		450,223
	41,557	GVC Holdings plc†		522,291
	8,000	Hyatt Hotels Corp., Cl. A		426,960
	18,000	Las Vegas Sands Corp.		839,880
	4,458,500	Mandarin Oriental International Ltd.†		8,025,300
	13,500	Marriott International Inc., Cl. A		1,249,830
	70,000	MGM China Holdings Ltd.		86,799
	56,900	MGM Growth Properties LLC, Cl. A, REIT		1,592,062

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)


Shares			Market Value

		COMMON STOCKS (Continued)
		Hotels and Gaming (Continued)
	89,000	MGM Resorts International	$	1,935,750
	7,560	Penn National Gaming Inc.†		549,612
	127,800	Ryman Hospitality Properties Inc., REIT		4,703,040
	200,000	The Hongkong & Shanghai Hotels Ltd.		155,354
	450,000	William Hill plc		1,614,235
	4,000	Wyndham Destinations Inc.		123,040
	4,000	Wyndham Hotels & Resorts Inc.		202,000
	6,000	Wynn Resorts Ltd.		430,860

				22,907,236


		Aviation: Parts and Services — 1.2%
	194,000	Curtiss-Wright Corp.		18,092,440
	997,242	Signature Aviation plc		3,074,158

				21,166,598


		Automotive — 1.0%
	20,000	Fiat Chrysler Automobiles NV†		244,400
	64,000	General Motors Co.		1,893,760
	216,500	Navistar International Corp.†		9,426,410
	70,000	PACCAR Inc.		5,969,600
	8,000	The Shyft Group Inc.		151,040

				17,685,210


		Metals and Mining — 0.9%
	37,400	Agnico Eagle Mines Ltd.		2,977,414
	50,000	Barrick Gold Corp.		1,405,500
	30,000	Cleveland-Cliffs Inc.		192,600
	95,000	Freeport-McMoRan Inc.		1,485,800
	20,053	Livent Corp.†		179,875
	4,300	Materion Corp.		223,729
	50,000	New Hope Corp. Ltd.		46,019
	143,600	Newmont Corp.		9,111,420
	120,000	TimkenSteel Corp.†		426,000
	100,000	Turquoise Hill Resources Ltd.†		84,340
	10,000	Vale SA, ADR		105,800

				16,238,497


		Wireless Communications — 0.7%
	105,000	America Movil SAB de CV, Cl. L, ADR		1,311,450
	77,000	Millicom International Cellular SA, SDR		2,343,742
	75,000	NTT DOCOMO Inc.		2,762,765
	46,075	TIM Participacoes SA, ADR		531,245
	24,507	T-Mobile US Inc.†		2,802,621
	104,600	United States Cellular Corp.†		3,088,838

				12,840,661


		Real Estate — 0.7%
	8,000	Bresler & Reiner Inc.†		188
	10,160	Gaming and Leisure Properties Inc., REIT		375,209
	56,000	Griffin Industrial Realty Inc.		2,993,200
	29,000	Rayonier Inc., REIT		766,760
	325,803	The St. Joe Co.†		6,721,316


Shares			Market Value

	15,000	Weyerhaeuser Co., REIT	$	427,800

				11,284,473


		Agriculture — 0.5%
	196,000	Archer-Daniels-Midland Co.		9,112,040
	10,000	The Mosaic Co.		182,700

				9,294,740


		Communications Equipment — 0.5%
	7,000	Apple Inc.		810,670
	240,000	Corning Inc.		7,778,400

				8,589,070


		Transportation — 0.5%
	131,200	GATX Corp.		8,364,000


		Publishing — 0.3%
	1,300	Graham Holdings Co., Cl. B		525,343
	102,000	Meredith Corp.		1,338,240
	105,000	News Corp., Cl. A		1,472,100
	90,600	News Corp., Cl. B		1,266,588
	70,000	The E.W. Scripps Co., Cl. A		800,800

				5,403,071


		Manufactured Housing and Recreational Vehicles — 0.2%
	5,000	Martin Marietta Materials Inc.		1,176,800
	31,000	Nobility Homes Inc.		713,000
	42,000	Skyline Champion Corp.†		1,124,340

				3,014,140

		TOTAL COMMON STOCKS		1,710,539,265


		CLOSED-END FUNDS — 0.6%
	245,000	Altaba Inc., Escrow†		5,549,250
	4,285	Royce Global Value Trust Inc.		52,620
	45,000	Royce Value Trust Inc.		568,800
	96,964	The Central Europe, Russia, and Turkey Fund Inc.		1,904,373
	159,600	The New Germany Fund Inc.		2,694,048

		TOTAL CLOSED-END FUNDS		10,769,091


		PREFERRED STOCKS — 0.1%
		Consumer Services — 0.1%
	16,790	Qurate Retail Inc., 8.000%, 03/15/31		1,653,815

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)


Shares			Market Value

		CONVERTIBLE PREFERRED STOCKS — 0.1%
		Telecommunications — 0.1%
	21,000	Cincinnati Bell Inc., 6.750%, Ser. B	$	1,018,500


		RIGHTS — 0.0%
		Entertainment — 0.0%
	139,123	Media General Inc., CVR†(b)		0


		Health Care — 0.0%
	1,500	Bristol Myers Squibb Co., CVR†		3,375

		TOTAL RIGHTS		3,375


		WARRANTS — 0.0%
		Diversified Industrial — 0.0%
	179,000	Ampco-Pittsburgh Corp., expire 08/01/25†		66,230


		Energy and Utilities — 0.0%
	2,504	Occidental Petroleum Corp., expire 08/03/27†		7,512


		Financial Services — 0.0%
	2,222	Pershing Square Tontine Holdings Ltd., expire 07/24/21†		15,932


		TOTAL WARRANTS		89,674


Principal Amount			Market Value

		U.S. GOVERNMENT OBLIGATIONS — 1.1%
	$19,870,000	U.S. Treasury Bills, 0.080% to 0.185%††, 10/01/20 to 04/01/21	$	19,865,699


		TOTAL INVESTMENTS — 100.0% (Cost $1,185,237,045)	$	1,743,939,419


(a)		Securities, or a portion thereof, with a value of $51,078,200 were pledged as collateral for futures contracts.
(b)		Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
†		Non-income producing security.
††		Represents annualized yields at dates of purchase.
ADR		American Depositary Receipt
CVR		Contingent Value Right
REIT		Real Estate Investment Trust
SDR		Swedish Depositary Receipt


Geographic Diversification	% of Total Investments	Market Value

North America	82.8%	$	1,444,102,706
Europe	13.8		241,211,442
Japan	2.0		34,040,805
Latin America	0.8		14,684,389
Asia/Pacific	0.5		9,193,211
South Africa	0.1		706,866

Total Investments	100.0%	$	1,743,939,419

As of September 30, 2020, futures contracts outstanding were as follows:


Description	Long/Short	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation
S&P 500 Futures (E-Mini)	Short		130		12/18/20	$	21,788,000	$	884,000	$	884,000

TOTAL FUTURES										$	884,000