XML 22 R1.htm IDEA: XBRL DOCUMENT
v3.23.2

N-2 | 6 Months Ended
--- | ---
Jun. 30, 2023 shares
Cover [Abstract] |
Entity Central Index Key | 0000794685
Amendment Flag | false
Document Type | N-CSRS
Entity Registrant Name | The Gabelli Equity Trust Inc.
Document Period End Date | Jun. 30, 2023
General Description of Registrant [Abstract] |
Investment Objectives and Practices [Text Block] | Investment Objective and Strategy (Unaudited) The Fund’s primary investment objective is to achieve long term growth of capital by investing primarily in a portfolio of equity securities consisting of common stock, preferred stock, convertible or exchangeable securities, and warrants and rights to purchase such securities selected by the Investment Adviser. Income is a secondary investment objective. Under normal market conditions, the Fund will invest at least 80% of the value of its total assets in equity securities.
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
Capital Stock [Table Text Block] | 6. Capital. The Fund’s Articles of Incorporation, as amended, permit the Fund to issue 337,024,900 shares of common stock (par value $0.001) and authorizes the Board to increase its authorized shares from time to time. The Board has authorized the repurchase of its shares on the open market when the shares are trading on the NYSE at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2023 and the year ended December 31, 2022, the Fund did not repurchase any shares of its common stock in the open market. Transactions in shares of common stock were as follows:
|  | Six Months Ended June 30, 2023 |  |  | Year Ended December 31, |
|  | (Unaudited) |  |  | 2022 |
|  | Shares |  |  | Amount |  |  | Shares |  |  | Amount |
Net increase in net assets from common shares issued upon reinvestment of distributions |  |  | 2,806,480 |  |  | $ | 15,086,804 |  |  |  | 4,612,791 |  |  | $ | 26,642,626 |
The Fund has an effective shelf registration authorizing the offering of additional common or preferred stock. The Fund’s Articles of Incorporation, as amended, authorize the issuance of up to 18,000,000 shares of $0.001 par value Preferred Stock. The Preferred Stock is senior to the common stock and results in the financial leveraging of the common stock. Such leveraging tends to magnify both the risks and opportunities to common stockholders. Dividends on shares of the Preferred Stock are cumulative. The Fund is required by the 1940 Act and by the Fund’s Articles Supplementary to meet certain asset coverage tests with respect to the Preferred Stock. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series C, Series E, Series G, Series H, Series K, and Series M Preferred Stock at redemption prices of $25,000, $25,000, $25, $25, $25, and $100, respectively, per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common stockholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common stockholders. On December 17, 2021, January 31, 2022, and March 28, 2022, the Fund issued 678,500 shares, 5,000 shares, and 2,000 shares, respectively, of 4.25% Series M Cumulative Preferred Shares, receiving combined net proceeds of $67,745,574, after the deduction of combined offering expenses of $804,426. The Series M Preferred Shares have a liquidation value of $100 per share, and are callable at the Fund’s option at any time on or after March 26, 2027. On January 31, 2022, the Fund redeemed and retired all Series J Preferred at the redemption price of $25.132465 per Series J Preferred, which was equal to the liquidation preference of $25.00 per share plus $0.132465 per share representing accumulated and unpaid dividends to the Redemption Date. For Series C and Series E Preferred Stock, the dividend rates, as set by the auction process that is generally held every seven days, are expected to vary with short term interest rates. Since February 2008, the number of shares of Series C and Series E Preferred Stock subject to bid orders by potential holders has been less than the number of shares of Series C and Series E Preferred Stock subject to sell orders. Holders that have submitted sell orders have not been able to sell any or all of the Series C and Series E Preferred Stock for which they have submitted sell orders. Therefore, the weekly auctions have failed, and the dividend rate has been the maximum rate. For Series C and Series E Preferred Stock, the maximum auction rate is 175% of the “AA” Financial Composite Commercial Paper Rate. Existing Series C and Series E stockholders may submit an order to hold, bid, or sell such shares on each auction date, or trade their shares in the secondary market. The Fund may redeem at any time, in whole or in part, the Series C, Series E, Series G, and Series H Preferred Stock and may redeem the Series K Preferred and Series M Preferred at any time after December 10, 2024 and March 26, 2027, respectively, at their respective liquidation prices plus any accrued and unpaid dividends. In addition, the Board has authorized the repurchase of the Series G, Series H, and Series K Preferred Stock in the open market at a price less than the $25 liquidation value per share. During the six months ended June 30, 2023 and the year ended December 31, 2022, the Fund repurchased 16,532 and 177,227 Series G Preferred, and 11,399 and 45,060 Series H Preferred, at discounts of 10.8% and 5.5%, and 10.1% and 10.9%, respectively, from their liquidation preferences of $25 per share. During the year ended December 31, 2022, the Fund repurchased 63,289 Series K Preferred at a discount of 12.9% from its liquidation preference of $25 per share. The Fund has the authority to purchase its auction rate Series C and Series E Preferred Stock through negotiated private transactions. The Fund is not obligated to purchase any dollar amount or number of auction rate Preferred Stock, and the timing and amount of any auction rate Preferred Stock purchased will depend on market conditions, share price, capital availability, and other factors. The Fund is neither soliciting holders to sell these shares nor recommending that holders offer them to the Fund. Any offers can be accepted or rejected, at the Fund’s discretion. The following table summarizes Cumulative Preferred Stock information:
Series |  | Issue Date |  | Authorized |  |  | Number of Shares Outstanding at 6/30/2023 |  |  | Net Proceeds |  |  | 2023 Dividend Rate Range |  | Dividend Rate at 6/30/2023 |  |  | Accrued Dividends at 6/30/2023 |
C Auction Rate |  | June 27, 2002 |  |  | 5,200 |  |  |  | 2,492 |  |  | $ | 128,246,557 |  |  | 7.514% to 8.881% |  |  | 8.881 | % |  | $ | 45,389 |
E Auction Rate |  | October 7, 2003 |  |  | 2,000 |  |  |  | 1,108 |  |  |  | 49,350,009 |  |  | 7.566% to 8.951% |  |  | 8.951 | % |  |  | 6,727 |
G 5.000% |  | August 1, 2012 |  |  | 12,000,000 |  |  |  | 2,585,862 |  |  |  | 69,407,417 |  |  | Fixed Rate |  |  | 5.000 | % |  |  | 44,893 |
H 5.000% |  | September 28, 2012 |  |  | 8,000,000 |  |  |  | 4,116,414 |  |  |  | 100,865,695 |  |  | Fixed Rate |  |  | 5.000 | % |  |  | 71,465 |
K 5.000% |  | December 16, 2019 |  |  | 4,000,000 |  |  |  | 3,929,711 |  |  |  | 96,525,000 |  |  | Fixed Rate |  |  | 5.000 | % |  |  | 68,224 |
M 4.250% |  | Various |  |  | — |  |  |  | 685,500 |  |  |  | 67,745,574 |  |  | Fixed Rate |  |  | 4.250 | % |  |  | 40,464 |
The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Directors and, under certain circumstances, are entitled to elect a majority of the Board of Directors. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.
Common Stocks [Member] |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
Outstanding Security, Authorized [Shares] | 337,024,900
Outstanding Security, Not Held [Shares] | 299,215,307
Cumulative Preferred Stocks [Member] |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
Security Voting Rights [Text Block] | The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Directors and, under certain circumstances, are entitled to elect a majority of the Board of Directors. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.
Preferred Stock Restrictions, Other [Text Block] | For Series C and Series E Preferred Stock, the dividend rates, as set by the auction process that is generally held every seven days, are expected to vary with short term interest rates. Since February 2008, the number of shares of Series C and Series E Preferred Stock subject to bid orders by potential holders has been less than the number of shares of Series C and Series E Preferred Stock subject to sell orders. Holders that have submitted sell orders have not been able to sell any or all of the Series C and Series E Preferred Stock for which they have submitted sell orders. Therefore, the weekly auctions have failed, and the dividend rate has been the maximum rate. For Series C and Series E Preferred Stock, the maximum auction rate is 175% of the “AA” Financial Composite Commercial Paper Rate. Existing Series C and Series E stockholders may submit an order to hold, bid, or sell such shares on each auction date, or trade their shares in the secondary market. The Fund may redeem at any time, in whole or in part, the Series C, Series E, Series G, and Series H Preferred Stock and may redeem the Series K Preferred and Series M Preferred at any time after December 10, 2024 and March 26, 2027, respectively, at their respective liquidation prices plus any accrued and unpaid dividends. In addition, the Board has authorized the repurchase of the Series G, Series H, and Series K Preferred Stock in the open market at a price less than the $25 liquidation value per share. During the six months ended June 30, 2023 and the year ended December 31, 2022, the Fund repurchased 16,532 and 177,227 Series G Preferred, and 11,399 and 45,060 Series H Preferred, at discounts of 10.8% and 5.5%, and 10.1% and 10.9%, respectively, from their liquidation preferences of $25 per share. During the year ended December 31, 2022, the Fund repurchased 63,289 Series K Preferred at a discount of 12.9% from its liquidation preference of $25 per share. The Fund has the authority to purchase its auction rate Series C and Series E Preferred Stock through negotiated private transactions. The Fund is not obligated to purchase any dollar amount or number of auction rate Preferred Stock, and the timing and amount of any auction rate Preferred Stock purchased will depend on market conditions, share price, capital availability, and other factors. The Fund is neither soliciting holders to sell these shares nor recommending that holders offer them to the Fund. Any offers can be accepted or rejected, at the Fund’s discretion.
Outstanding Securities [Table Text Block] | The following table summarizes Cumulative Preferred Stock information:
Series |  | Issue Date |  | Authorized |  |  | Number of Shares Outstanding at 6/30/2023 |  |  | Net Proceeds |  |  | 2023 Dividend Rate Range |  | Dividend Rate at 6/30/2023 |  |  | Accrued Dividends at 6/30/2023 |
C Auction Rate |  | June 27, 2002 |  |  | 5,200 |  |  |  | 2,492 |  |  | $ | 128,246,557 |  |  | 7.514% to 8.881% |  |  | 8.881 | % |  | $ | 45,389 |
E Auction Rate |  | October 7, 2003 |  |  | 2,000 |  |  |  | 1,108 |  |  |  | 49,350,009 |  |  | 7.566% to 8.951% |  |  | 8.951 | % |  |  | 6,727 |
G 5.000% |  | August 1, 2012 |  |  | 12,000,000 |  |  |  | 2,585,862 |  |  |  | 69,407,417 |  |  | Fixed Rate |  |  | 5.000 | % |  |  | 44,893 |
H 5.000% |  | September 28, 2012 |  |  | 8,000,000 |  |  |  | 4,116,414 |  |  |  | 100,865,695 |  |  | Fixed Rate |  |  | 5.000 | % |  |  | 71,465 |
K 5.000% |  | December 16, 2019 |  |  | 4,000,000 |  |  |  | 3,929,711 |  |  |  | 96,525,000 |  |  | Fixed Rate |  |  | 5.000 | % |  |  | 68,224 |
M 4.250% |  | Various |  |  | — |  |  |  | 685,500 |  |  |  | 67,745,574 |  |  | Fixed Rate |  |  | 4.250 | % |  |  | 40,464 |
Outstanding Security, Authorized [Shares] | 18,000,000
Series C Cumulative Preferred Stock [Member] |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
Outstanding Security, Title [Text Block] | C Auction Rate
Outstanding Security, Authorized [Shares] | 5,200
Outstanding Security, Held [Shares] | 2,492
Series E Cumulative Preferred Stock [Member] |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
Outstanding Security, Title [Text Block] | E Auction Rate
Outstanding Security, Authorized [Shares] | 2,000
Outstanding Security, Held [Shares] | 1,108
Series G Cumulative Preferred Stock [Member] |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
Outstanding Security, Title [Text Block] | G 5.000%
Outstanding Security, Authorized [Shares] | 12,000,000
Outstanding Security, Held [Shares] | 2,585,862
Series H Cumulative Preferred Stock [Member] |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
Outstanding Security, Title [Text Block] | H 5.000%
Outstanding Security, Authorized [Shares] | 8,000,000
Outstanding Security, Held [Shares] | 4,116,414
Series K Cumulative Preferred Stock [Member] |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
Outstanding Security, Title [Text Block] | K 5.000%
Outstanding Security, Authorized [Shares] | 4,000,000
Outstanding Security, Held [Shares] | 3,929,711
Series M Cumulative Preferred Stock [Member] |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
Outstanding Security, Title [Text Block] | M 4.250%
Outstanding Security, Authorized [Shares] |
Outstanding Security, Held [Shares] | 685,500

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 + Details
Name: | cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract
Namespace Prefix: | cef_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 1 -Paragraph a + Details
Name: | cef_CapitalStockTableTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 + Details
Name: | cef_GeneralDescriptionOfRegistrantAbstract
Namespace Prefix: | cef_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 -Subsection 2 -Paragraph b, d + Details
Name: | cef_InvestmentObjectivesAndPracticesTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 5 + Details
Name: | cef_OutstandingSecuritiesTableTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 5 -Paragraph 2 + Details
Name: | cef_OutstandingSecurityAuthorizedShares
Namespace Prefix: | cef_
Data Type: | xbrli:sharesItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 5 -Paragraph 3 + Details
Name: | cef_OutstandingSecurityHeldShares
Namespace Prefix: | cef_
Data Type: | xbrli:sharesItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 5 -Paragraph 4 + Details
Name: | cef_OutstandingSecurityNotHeldShares
Namespace Prefix: | cef_
Data Type: | xbrli:sharesItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 5 -Paragraph 1 + Details
Name: | cef_OutstandingSecurityTitleTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 1 -Paragraph b -Subparagraph 2 + Details
Name: | cef_PreferredStockRestrictionsOtherTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 1 -Paragraph a -Subparagraph 2 + Details
Name: | cef_SecurityVotingRightsTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Boolean flag that is true when the XBRL content amends previously-filed or accepted submission. + References No definition available. + Details
Name: | dei_AmendmentFlag
Namespace Prefix: | dei_
Data Type: | xbrli:booleanItemType
Balance Type: | na
Period Type: | duration

X
- Definition Cover page. + References No definition available. + Details
Name: | dei_CoverAbstract
Namespace Prefix: | dei_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD. + References No definition available. + Details
Name: | dei_DocumentPeriodEndDate
Namespace Prefix: | dei_
Data Type: | xbrli:dateItemType
Balance Type: | na
Period Type: | duration

X
- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. + References No definition available. + Details
Name: | dei_DocumentType
Namespace Prefix: | dei_
Data Type: | dei:submissionTypeItemType
Balance Type: | na
Period Type: | duration

X
- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityCentralIndexKey
Namespace Prefix: | dei_
Data Type: | dei:centralIndexKeyItemType
Balance Type: | na
Period Type: | duration

X
- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityRegistrantName
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | cef_RiskAxis=gab_CommonStocksMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | cef_RiskAxis=gab_CumulativePreferredStocksMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | cef_RiskAxis=gab_SeriesCCumulativePreferredStockMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | cef_RiskAxis=gab_SeriesECumulativePreferredStockMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | cef_RiskAxis=gab_SeriesGCumulativePreferredStockMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | cef_RiskAxis=gab_SeriesHCumulativePreferredStockMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | cef_RiskAxis=gab_SeriesKCumulativePreferredStockMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | cef_RiskAxis=gab_SeriesMCumulativePreferredStockMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |