Gabelli Equity Trust Inc.

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

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For the quarter ended March 31, 2017, the net asset value (“NAV”) total return of The Gabelli Equity Trust Inc. (the “Fund”) was 6.7%, compared with total returns of 6.1% and 5.0% for the Standard & Poor’s (“S&P”) 500 Index and the Dow Jones Industrial Average, respectively. The total return for the Fund’s publicly traded shares was 10.9%. The Fund’s NAV per share was $6.08, while the price of the publicly traded shares closed at $5.97 on the New York Stock Exchange (“NYSE”). See below for additional performance information.


	Average Annual Returns through March 31, 2017 (a) (Unaudited)
		Quarter		1 Year		5 Year		10 Year		15 Year		20 Year		25 Year		Since Inception (08/21/86)
Gabelli Equity Trust
NAV Total Return (b)			6.67%		17.26%		12.27%		7.29%		9.10%		9.82%		10.29%		10.77%
Investment Total Return (c)			10.88		22.06		11.95		6.84		7.42		9.76		10.11		10.47
S&P 500 Index			6.07		17.17		13.30		7.51		7.09		7.86		9.62		10.05(d)
Dow Jones Industrial Average			4.98		19.56		12.04		8.03		7.31		8.34		10.27		10.95(d)
Nasdaq Composite Index			10.13		22.93		15.38		10.60		9.23		9.16		9.55		9.70(e)

(a)

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The Dow Jones Industrial Average is an unmanaged index of 30 large capitalization stocks. The S&P 500 and the Nasdaq Composite Indices are unmanaged indicators of stock market performance. Dividends are considered reinvested except for the Nasdaq Composite Index. You cannot invest directly in an index.

(b)

Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, adjustments for rights offerings, spin-offs, and taxes paid on undistributed long term capital gains and are net of expenses. Since inception return is based on an initial NAV of $9.34.

(c)

Total returns and average annual returns reflect changes in closing market values on the NYSE, reinvestment of distributions, and adjustments for rights offerings, spin-offs, and taxes paid on undistributed long term capital gains. Since inception return is based on an initial offering price of $10.00.

(d)

From August 31, 1986, the date closest to the Fund’s inception for which data is available.

(e)

From September 30, 1986, the date closest to the Fund’s inception for which data is available.


	Shares		Ownership at March 31, 2017
NET PURCHASES
Common Stocks
Advance Auto Parts Inc.		5,000		10,000
Akorn Inc.		21,483		71,098
Armstrong Flooring Inc.		120,000		162,500
Ascena Retail Group Inc.		130,000		130,000
BioScrip Inc.		95,278		2,936,551
Bioverativ Inc.(a)		3,500		3,500
Blackhawk Network Holdings Inc.		16,300		32,600
Bristol-Myers Squibb Co.		20,000		96,300
Builders FirstSource Inc.		25,000		25,000
Comcast Corp., Cl. A(b)		80,000		160,000
Contax Participacoes SA		354		2,004
Daseke Inc.		15,000		15,000
Donnelley Financial Solutions, Inc.		10,000		10,000
Edgewell Personal Care Co.		5,000		196,000
Enbridge Inc.		98,400		98,400
Endo International plc		784		55,784
Fiesta Restaurant Group Inc.		25,000		25,000
Freeport-McMoRan Inc.		30,000		80,000
Griffon Corp.(c)		39,105		65,478
H&R Block Inc.		2,000		68,000
Hertz Global Holdings Inc.		20,000		320,000
Hewlett Packard Enterprise Co.		13,000		35,000
Incyte Corp.		3,000		3,000
Inventure Foods Inc.		180,492		363,839
J.C. Penney Co. Inc.		50,000		100,000
Jason Industries Inc.		122,500		365,385
Live Nation Entertainment Inc.		10,000		10,000
Loral Space & Communications Inc.		1,000		22,000
Macquarie Infrastructure Corp.		2,000		25,300
MGM Resorts International		58,425		133,425
Marathon Petroleum Corp.		5,000		22,000
Mondelēz International Inc., Cl. A		7,000		330,000
Mueller Industries Inc.		159,900		200,000
Mueller Water Products Inc., Cl. A		6,000		6,000
Newell Brands Inc.		21,500		21,500
Nexstar Media Group Inc.(d)		17,376		17,376
Och-Ziff Capital Management Group LLC, Cl. A		110,000		160,000
Pandora Media Inc.		16,000		36,000
Roper Technologies Inc.		2,250		2,250
Stericycle Inc.		3,000		7,000
The Central Europe, Russia, and Turkey Fund Inc.(e)		1,333		90,302
The Madison Square Garden Co., Cl. A		999		103,200
The New Germany Fund Inc.(f)		7,784		143,158
Tootsie Roll Industries Inc.(g)		3,868		132,809
Twitter Inc.		5,000		55,000
Waddell & Reed Financial Inc., Cl. A		10,000		130,000
Welbilt Inc.		4,000		4,000
Zayo Group Holdings Inc.		4,000		19,000


	Shares		Ownership at March 31, 2017
Rights
Media General Inc., expire 12/31/17(d)		139,123		139,123
Warrants
Daseke Inc., expire 09/11/20		15,000		15,000
NET SALES
Common Stocks
Adient plc		(1)		31,349
Alere Inc.		(25,000)		40,000
Allergan plc		(4,500)		10,000
AMC Networks Inc., Cl. A		(4,000)		253,600
AMETEK Inc.		(2,000)		418,000
Apple Inc.		(1,000)		10,000
Ascent Capital Group Inc., Cl. A		(3,000)		7,000
Blucora Inc.		(32,500)		32,500
Cable One Inc.		(300)		1,300
Calamos Asset Management Inc., Cl. A		(10,000)		-
Canadian Solar Inc.		(40,000)		30,000
CBS Corp.,Cl. A		(4,199)		243,300
CLARCOR Inc.		(96,900)		-
Contax Participacoes SA		(354)		-
CST Brands Inc.		(10,000)		50,500
DigitalGlobe Inc.		(4,000)		16,000
Dr Pepper Snapple Group Inc.		(3,000)		82,400
EchoStar Corp., Cl. A		(19,848)		50,200
Energizer Holdings Inc.		(22,000)		146,000
Ferro Corp.		(15,000)		442,000
General Motors Co.		(4,000)		91,746
Gogo Inc.		(55,000)		135,000
Grupo Televisa SAB		(5,000)		533,000
H.B. Fuller Co.		(4,000)		35,000
Hennessy Capital Acquisition Corp. II		(20,000)		-
Honeywell International Inc.		(3,000)		326,000
Internap Corp.		(437,500)		562,500
Liberty Expedia Holdings Inc., Cl. A		(2,000)		24,642
Liberty Media Corp.-Liberty SiriusXM, Cl. A		(2,000)		75,000
Marriott International, Inc., Cl. A		(8,200)		15,000
Media General Inc.(d)		(139,123)		-
Meredith Corp.		(14,000)		82,300
Methanex Corp.		(15,000)		5,000
NCR Corp.		(11,000)		21,000
Penske Automotive Group Inc.		(3,000)		12,000
Quinpario Acquisition Corp. 2		(4,547)		10,453
Rolls-Royce Holdings plc, Cl. C		(55,614,000)		-
Spectra Energy Corp.		(100,000)		-
The Boeing Co.		(12,500)		42,500
The Interpublic Group of Companies Inc.		(4,000)		290,000
Time Warner Inc.		(4,000)		200,800
Vivendi SA		(25,000)		245,000
Xylem Inc.		(4,000)		270,000


Shares			Market Value
		COMMON STOCKS — 98.2%
		Food and Beverage — 11.8%
	3,000	Ajinomoto Co. Inc.	$	59,189
	106,200	Brown-Forman Corp., Cl. A		4,998,834
	35,950	Brown-Forman Corp., Cl. B		1,660,171
	63,800	Campbell Soup Co.		3,651,912
	65,000	Chr. Hansen Holding A/S		4,172,020
	15,000	Coca-Cola European Partners plc		565,350
	135,000	Conagra Brands Inc.		5,445,900
	30,000	Constellation Brands Inc., Cl. A		4,862,100
	18,000	Crimson Wine Group Ltd.†		180,000
	201,500	Danone SA		13,705,904
	652,800	Davide Campari-Milano SpA		7,569,967
	171,000	Diageo plc, ADR		19,764,180
	82,400	Dr Pepper Snapple Group Inc.		8,068,608
	80,000	Flowers Foods Inc.		1,552,800
	76,200	Fomento Economico Mexicano SAB de CV, ADR		6,745,224
	55,000	General Mills Inc.		3,245,550
	1,848,400	Grupo Bimbo SAB de CV, Cl. A		4,595,763
	41,300	Heineken NV		3,515,906
	11,000	Ingredion Inc.		1,324,730
	363,839	Inventure Foods Inc.†		1,608,168
	105,000	ITO EN Ltd.		3,833,872
	27,800	Kellogg Co.		2,018,558
	64,000	Kerry Group plc, Cl. A		5,064,670
	86,666	Lamb Weston Holdings Inc.		3,645,172
	9,700	LVMH Moet Hennessy Louis Vuitton SE		2,130,134
	45,000	Maple Leaf Foods Inc.		1,092,304
	330,000	Mondelēz International Inc., Cl. A		14,216,400
	70,000	Morinaga Milk Industry Co. Ltd.		519,357
	41,000	Nestlé SA		3,145,660
	190,000	PepsiCo Inc.		21,253,400
	39,200	Pernod Ricard SA		4,637,692
	26,000	Post Holdings Inc.†		2,275,520
	40,000	Remy Cointreau SA		3,916,021
	55,000	The Kraft Heinz Co.		4,994,550
	104,600	The Coca-Cola Co.		4,439,224
	32,000	The Hain Celestial Group Inc.†		1,190,400
	3,000	The J.M. Smucker Co.		393,240
	57,000	The WhiteWave Foods Co.†		3,200,550
	132,809	Tootsie Roll Industries Inc.		4,960,425
	50,000	Tyson Foods Inc., Cl. A		3,085,500
	341,000	Yakult Honsha Co. Ltd.		18,929,130

				206,234,055

		Financial Services — 9.6%
	417,000	American Express Co.(a)		32,988,870
	25,000	American International Group Inc.		1,560,750
	14,520	Argo Group International Holdings Ltd.		984,456
	72,000	Banco Santander SA, ADR		437,040
	116	Berkshire Hathaway Inc., Cl. A†		28,982,600
	32,600	Blackhawk Network Holdings Inc.†		1,323,560


Shares			Market Value
	12,800	CIT Group Inc.	$	549,504
	88,000	Citigroup Inc.		5,264,160
	9,000	Cullen/Frost Bankers Inc.		800,730
	16,000	Deutsche Bank AG†		274,560
	8,000	Financial Engines Inc.		348,400
	50,000	Fortress Investment Group LLC, Cl. A		397,500
	68,000	H&R Block Inc.		1,581,000
	40,000	Interactive Brokers Group Inc., Cl. A		1,388,800
	340,100	Janus Capital Group Inc.		4,489,320
	61,400	JPMorgan Chase & Co.		5,393,376
	29,800	Kinnevik AB, Cl. A		888,614
	125,000	Legg Mason Inc.		4,513,750
	88,000	Leucadia National Corp.		2,288,000
	14,000	Loews Corp.		654,780
	125,000	Marsh & McLennan Companies Inc.		9,236,250
	9,000	Moody’s Corp.		1,008,360
	160,000	Och-Ziff Capital Management Group LLC, Cl. A		361,600
	20,000	PayPal Holdings Inc.†		860,400
	10,453	Quinpario Acquisition Corp. 2†		109,391
	105,300	S&P Global Inc.		13,766,922
	124,100	State Street Corp.		9,879,601
	17,000	SunTrust Banks Inc.		940,100
	103,400	T. Rowe Price Group Inc.		7,046,710
	210,500	The Bank of New York Mellon Corp.		9,941,915
	20,000	The Charles Schwab Corp.		816,200
	12,300	The Dun & Bradstreet Corp.		1,327,662
	10,000	The PNC Financial Services Group Inc.		1,202,400
	13,000	W. R. Berkley Corp.		918,190
	130,000	Waddell & Reed Financial Inc., Cl. A		2,210,000
	235,000	Wells Fargo & Co.		13,080,100

				167,815,571

		Entertainment — 7.3%
	30,812	Charter Communications Inc., Cl. A†		10,085,384
	41,600	Discovery Communications Inc., Cl. A†		1,210,144
	235,800	Discovery Communications Inc., Cl. C†		6,675,498
	533,000	Grupo Televisa SAB, ADR		13,826,020
	10,700	Liberty Media Corp.- Liberty Braves, Cl. A†		256,158
	73,758	Liberty Media Corp.- Liberty Braves, Cl. C†		1,744,377
	48,641	Lions Gate Entertainment Corp., Cl. B†		1,185,867
	10,000	Live Nation Entertainment Inc.†		303,700
	24,000	Pinnacle Entertainment Inc.†		468,480
	103,200	The Madison Square Garden Co, Cl. A†		20,610,072
	200,800	Time Warner Inc.		19,620,168
	40,000	Tokyo Broadcasting System Holdings Inc.		714,273
	560,200	Twenty-First Century Fox Inc., Cl. A		18,144,878
	370,000	Twenty-First Century Fox Inc., Cl. B		11,758,600
	70,000	Universal Entertainment Corp.		2,238,390
	279,521	Viacom Inc., Cl. A		13,626,649


Shares			Market Value
		COMMON STOCKS (Continued)
		Entertainment (Continued)
	245,000	Vivendi SA	$	4,763,410

				127,232,068

		Equipment and Supplies — 5.7%
	418,000	AMETEK Inc.		22,605,440
	7,000	Amphenol Corp., Cl. A		498,190
	94,000	CIRCOR International Inc.		5,587,360
	337,800	Donaldson Co. Inc.		15,376,656
	207,000	Flowserve Corp.		10,022,940
	37,400	Franklin Electric Co. Inc.		1,610,070
	240,000	IDEX Corp.		22,442,400
	43,000	Ingersoll-Rand plc		3,496,760
	40,100	Mueller Industries Inc.		1,372,623
	6,000	Mueller Water Products Inc., Cl. A		70,920
	13,000	Sealed Air Corp.		566,540
	45,000	Tenaris SA, ADR		1,536,300
	10,000	The Greenbrier Companies Inc.		431,000
	4,000	The Manitowoc Co. Inc.†		22,800
	80,000	The Timken Co.		3,616,000
	59,600	The Weir Group plc		1,431,475
	125,000	Watts Water Technologies Inc., Cl. A		7,793,750
	4,000	Welbilt Inc.†		78,520

				98,559,744

		Diversified Industrial — 4.9%
	500	Acuity Brands Inc.		102,000
	160,000	Ampco-Pittsburgh Corp.		2,248,000
	173,100	Crane Co.		12,953,073
	153,000	General Electric Co.		4,559,400
	132,000	Greif Inc., Cl. A		7,271,880
	10,000	Greif Inc., Cl. B		653,000
	65,478	Griffon Corp.		1,614,033
	326,000	Honeywell International Inc.		40,707,620
	117,000	ITT Inc.		4,799,340
	11,000	Jardine Strategic Holdings Ltd.		462,000
	40,000	Kennametal Inc.		1,569,200
	50,000	Myers Industries Inc.		792,500
	85,000	Park-Ohio Holdings Corp.		3,055,750
	9,666	Rayonier Advanced Materials Inc.		130,008
	30,000	Rexnord Corp.†		692,400
	15,000	ServiceMaster Global Holdings Inc.†		626,250
	15,000	Sulzer AG		1,569,410
	100,000	Toray Industries Inc.		886,553
	12,000	Tredegar Corp.		210,600
	46,000	Trinity Industries Inc.		1,221,300

				86,124,317

		Health Care — 4.9%
	6,000	Agilent Technologies Inc.		317,220
	71,098	Akorn Inc.†		1,712,040
	40,000	Alere Inc.†		1,589,200


Shares			Market Value
	10,000	Allergan plc	$	2,389,200
	34,000	Amgen Inc.		5,578,380
	17,000	Baxter International Inc.		881,620
	10,000	Becton, Dickinson and Co.		1,834,400
	9,200	Biogen Inc.†		2,515,464
	2,936,551	BioScrip Inc.†		4,992,137
	3,500	Bioverativ Inc.†		190,610
	270,000	Boston Scientific Corp.†		6,714,900
	96,300	Bristol-Myers Squibb Co.		5,236,794
	15,000	DaVita Inc.†		1,019,550
	55,784	Endo International plc†		622,549
	20,000	Express Scripts Holding Co.†		1,318,200
	17,500	Globus Medical Inc., Cl. A†		518,350
	28,000	Henry Schein Inc.†		4,759,160
	3,000	Incyte Corp.†		401,010
	46,800	Indivior plc		188,865
	37,000	Johnson & Johnson		4,608,350
	25,000	Mead Johnson Nutrition Co.		2,227,000
	10,000	Medtronic plc		805,600
	95,200	Merck & Co. Inc.		6,049,008
	84,000	Novartis AG, ADR		6,238,680
	1,500	Shire plc, ADR		261,345
	15,000	Teva Pharmaceutical Industries Ltd., ADR		481,350
	74,000	UnitedHealth Group Inc.		12,136,740
	4,000	Waters Corp.†		625,240
	268,000	William Demant Holding A/S†		5,599,346
	8,600	Zimmer Biomet Holdings Inc.		1,050,146
	35,000	Zoetis Inc.		1,867,950

				84,730,404

		Consumer Services — 4.1%
	20,000	eBay Inc.†		671,400
	43,000	IAC/InterActiveCorp.†		3,169,960
	24,642	Liberty Expedia Holdings Inc., Cl. A†		1,120,718
	225,200	Liberty Interactive Corp. QVC Group, Cl. A†		4,508,504
	21,000	Liberty TripAdvisor Holdings Inc., Cl. A†		296,100
	45,398	Liberty Ventures, Cl. A†		2,019,303
	1,605,000	Rollins Inc.		59,593,650
	5,500	TripAdvisor Inc.†		237,380

				71,617,015

		Consumer Products — 4.1%
	125,000	Avon Products Inc.†		550,000
	14,100	Christian Dior SE		3,276,131
	28,000	Church & Dwight Co. Inc.		1,396,360
	65,600	Coty Inc., Cl. A		1,189,328
	196,000	Edgewell Personal Care Co.†		14,335,440
	146,000	Energizer Holdings Inc.		8,139,500
	2,100	Givaudan SA		3,782,159
	90,000	Hanesbrands Inc.		1,868,400
	23,800	Harley-Davidson Inc.		1,439,900
	1,270	Hermes International		601,684
	5,000	Mattel Inc.		128,050


Shares			Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	11,000	National Presto Industries Inc.	$	1,124,200
	21,500	Newell Brands Inc.		1,014,155
	10,000	Oil-Dri Corp. of America		372,700
	46,800	Reckitt Benckiser Group plc		4,272,189
	27,600	Svenska Cellulosa AB, Cl. B		890,159
	816,900	Swedish Match AB		26,574,674

				70,955,029

		Energy and Utilities — 4.0%
	11,000	ABB Ltd., ADR		257,400
	39,000	Anadarko Petroleum Corp.		2,418,000
	59,000	Apache Corp.		3,032,010
	80,000	BP plc, ADR		2,761,600
	30,000	Canadian Solar Inc.†		368,100
	16,000	CMS Energy Corp.		715,840
	185,100	ConocoPhillips		9,230,937
	204,000	El Paso Electric Co.		10,302,000
	98,400	Enbridge Inc.		4,117,056
	24,000	Eversource Energy		1,410,720
	57,600	Exxon Mobil Corp.		4,723,776
	140,000	GenOn Energy Inc., Escrow†		0
	196,400	Halliburton Co.		9,664,844
	4,000	Marathon Oil Corp.		63,200
	22,000	Marathon Petroleum Corp.		1,111,880
	20,000	Murphy USA Inc.†		1,468,400
	25,000	National Fuel Gas Co.		1,490,500
	13,500	NextEra Energy Inc.		1,732,995
	1,000	Niko Resources Ltd., OTC†		67
	3,000	Niko Resources Ltd., Toronto†		203
	32,400	Oceaneering International Inc.		877,392
	15,100	Phillips 66		1,196,222
	120,000	Rowan Companies plc, Cl. A†		1,869,600
	20,000	RPC Inc.		366,200
	15,000	Southwest Gas Holdings Inc.		1,243,650
	101,000	The AES Corp.		1,129,180
	35,000	Weatherford International plc†		232,750
	162,000	Westar Energy Inc.		8,791,740

				70,576,262

		Automotive: Parts and Accessories — 3.8%
	31,349	Adient plc		2,278,132
	107,600	BorgWarner Inc.		4,496,604
	240,900	Dana Inc.		4,651,779
	12,500	Delphi Automotive plc		1,006,125
	241,400	Genuine Parts Co.		22,307,774
	365,385	Jason Industries Inc.†		540,770
	185,000	Modine Manufacturing Co.†		2,257,000
	73,000	O’Reilly Automotive Inc.†		19,698,320
	111,000	Standard Motor Products Inc.		5,454,540
	73,000	Superior Industries International Inc.		1,850,550


Shares			Market Value
	14,000	Visteon Corp.†	$	1,371,300

				65,912,894

		Cable and Satellite — 3.5%
	253,600	AMC Networks Inc., Cl. A†		14,881,248
	1,300	Cable One Inc.		811,811
	160,000	Comcast Corp., Cl. A		6,014,400
	60,400	DISH Network Corp., Cl. A†		3,834,796
	50,200	EchoStar Corp., Cl. A†		2,858,890
	21,712	Liberty Global plc LiLAC, Cl. A†		482,875
	42,918	Liberty Global plc LiLAC, Cl. C†		988,831
	427,890	Rogers Communications Inc., New York, Cl. B		18,921,296
	19,310	Rogers Communications Inc., Toronto, Cl. B		853,801
	108,800	Scripps Networks Interactive Inc., Cl. A		8,526,656
	120,000	Shaw Communications Inc., New York, Cl. B		2,486,400
	40,000	Shaw Communications Inc., Toronto, Cl. B		829,266

				61,490,270

		Telecommunications — 3.2%
	133,000	AT&T Inc.		5,526,150
	55,400	BCE Inc.		2,452,558
	914,200	BT Group plc, Cl. A		3,644,659
	135,000	Cincinnati Bell Inc.†		2,389,500
	100,000	Deutsche Telekom AG, ADR		1,755,000
	135,000	Gogo Inc.†		1,485,000
	32,001	Harris Corp.		3,560,751
	36,000	Hellenic Telecommunications Organization SA		337,963
	15,000	Hellenic Telecommunications Organization SA, ADR		69,525
	264,732	Koninklijke KPN NV		797,263
	7,040,836	LIME†		68,686
	22,000	Loral Space & Communications Inc.†		866,800
	22,000	Oi SA, ADR†		27,720
	31,053	Sprint Corp.†		269,540
	21,000	Telecom Argentina SA, ADR		465,990
	570,000	Telecom Italia SpA†		512,610
	70,000	Telefonica Brasil SA, ADR		1,039,500
	595,739	Telefonica SA, ADR		6,666,319
	563,700	Telephone & Data Systems Inc.		14,943,687
	105,000	Telesites SAB de CV†		68,141
	25,000	TELUS Corp.		811,558
	125,000	Verizon Communications Inc.		6,093,750
	48,027	Vodafone Group plc, ADR		1,269,354
	19,000	Zayo Group Holdings Inc.†		625,100

				55,747,124

		Business Services — 3.2%
	14,334	Allegion plc		1,085,084
	7,500	Aramark		276,525
	7,000	Ascent Capital Group Inc., Cl. A†		98,910
	157,000	Clear Channel Outdoor Holdings Inc., Cl. A		949,850
	2,004	Contax Participacoes SA†		4,174
	90,000	Diebold Nixdorf Inc.		2,763,000


Shares			Market Value
		COMMON STOCKS (Continued)
		Business Services (Continued)
	16,000	DigitalGlobe Inc.†	$	524,000
	10,000	Donnelley Financial Solutions, Inc.†		192,900
	3,000	Edenred		70,889
	160,000	G4S plc		610,011
	16,000	Jardine Matheson Holdings Ltd.		1,028,000
	88,000	Landauer Inc.		4,290,000
	25,300	Macquarie Infrastructure Corp.		2,038,674
	289,000	MasterCard Inc., Cl. A		32,503,830
	7,000	Stericycle Inc.†		580,230
	290,000	The Interpublic Group of Companies Inc.		7,125,300
	10,000	Vectrus Inc.†		223,500
	12,800	Visa Inc., Cl. A		1,137,536

				55,502,413

		Retail — 3.0%
	10,000	Advance Auto Parts Inc.		1,482,600
	130,000	Ascena Retail Group Inc.†		553,800
	95,300	AutoNation Inc.†		4,030,237
	38,000	Costco Wholesale Corp.		6,372,220
	50,500	CST Brands Inc.		2,428,545
	118,900	CVS Health Corp.		9,333,650
	4,000	Denny’s Corp.†		49,480
	25,000	Fiesta Restaurant Group Inc.†		605,000
	320,000	Hertz Global Holdings Inc.†		5,612,800
	22,100	HSN Inc.		819,910
	100,000	J.C. Penney Co. Inc.†		616,000
	326,000	Macy’s Inc.		9,662,640
	12,000	Penske Automotive Group Inc.		561,720
	33,300	Sally Beauty Holdings Inc.†		680,652
	17,000	The Cheesecake Factory Inc.		1,077,120
	3,000	Tiffany & Co.		285,900
	17,000	United Natural Foods Inc.†		734,910
	52,000	Walgreens Boots Alliance Inc.		4,318,600
	32,000	Wal-Mart Stores Inc.		2,306,560
	55,000	Whole Foods Market Inc.		1,634,600

				53,166,944

		Broadcasting — 2.6%
	243,300	CBS Corp., Cl. A, Voting		17,125,887
	2,000	Cogeco Inc.		89,574
	17,334	Corus Entertainment Inc., OTC, Cl. B		169,873
	6,666	Corus Entertainment Inc., Toronto, Cl. B		65,465
	16,000	Gray Television Inc.†		232,000
	19,250	Liberty Broadband Corp., Cl. A†		1,637,983
	66,192	Liberty Broadband Corp., Cl. C†		5,718,989
	19,250	Liberty Media Corp.- Liberty Formula One, Cl. A†		629,475
	52,250	Liberty Media Corp.- Liberty Formula One, Cl. C†		1,784,337
	75,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		2,919,000


Shares			Market Value
	158,000	Liberty Media Corp.- Liberty SiriusXM, Cl. C†	$	6,127,240
	292,400	MSG Networks Inc., Cl. A†		6,827,540
	17,376	Nexstar Media Group Inc.		1,218,926
	36,000	Pandora Media Inc.†		425,160
	85,200	Television Broadcasts Ltd.		344,242

				45,315,691

		Electronics — 2.4%
	20,000	Bel Fuse Inc., Cl. A		442,800
	4,000	Emerson Electric Co.		239,440
	4,000	Hitachi Ltd., ADR		217,300
	32,500	Integrated Device Technology Inc.†		769,275
	54,000	Intel Corp.		1,947,780
	345,490	Johnson Controls International plc		14,552,039
	34,170	Koninklijke Philips NV		1,097,199
	2,400	Mettler-Toledo International Inc.†		1,149,384
	40,000	TE Connectivity Ltd.		2,982,000
	240,000	Texas Instruments Inc.		19,334,400

				42,731,617

		Machinery — 2.3%
	12,800	Caterpillar Inc.		1,187,328
	60,092	CNH Industrial NV		579,287
	225,000	Deere & Co.(a)		24,493,500
	2,250	Roper Technologies Inc.		464,603
	270,000	Xylem Inc.		13,559,400

				40,284,118

		Specialty Chemicals — 2.3%
	12,320	AdvanSix Inc.†		336,582
	10,000	Ashland Global Holdings Inc.		1,238,100
	30,000	Chemtura Corp.†		1,002,000
	20,000	E. I. du Pont de Nemours and Co.		1,606,600
	442,000	Ferro Corp.†		6,713,980
	8,000	FMC Corp.		556,720
	35,000	H.B. Fuller Co.		1,804,600
	73,000	International Flavors & Fragrances Inc.		9,674,690
	5,000	Methanex Corp.		234,500
	250,000	OMNOVA Solutions Inc.†		2,475,000
	177,800	Sensient Technologies Corp.		14,092,428
	18,000	SGL Carbon SE†		183,191
	2,000	The Chemours Co.		77,000

				39,995,391

		Aerospace and Defense — 2.0%
	275,000	Aerojet Rocketdyne Holdings Inc.†		5,967,500
	1,246,553	BBA Aviation plc		4,755,690
	35,800	Kaman Corp.		1,723,054
	17,500	Northrop Grumman Corp.		4,162,200
	1,209,000	Rolls-Royce Holdings plc		11,421,237
	42,500	The Boeing Co.		7,516,550

				35,546,231


Shares			Market Value
		COMMON STOCKS (Continued)
		Hotels and Gaming — 1.7%
	16,000	Accor SA	$	666,539
	45,000	Belmond Ltd., Cl. A†		544,500
	90,000	Genting Singapore plc		65,625
	8,000	Hyatt Hotels Corp., Cl. A†		431,840
	20,000	ILG Inc.		419,200
	9,095	International Game Technology plc		215,551
	579,400	Ladbrokes Coral Group plc		937,900
	34,000	Las Vegas Sands Corp.		1,940,380
	4,569,500	Mandarin Oriental International Ltd.		5,940,350
	15,000	Marriott International, Inc., Cl. A		1,412,700
	70,000	MGM China Holdings Ltd.		145,918
	133,425	MGM Resorts International		3,655,845
	188,800	Ryman Hospitality Properties Inc.		11,673,504
	200,000	The Hongkong & Shanghai Hotels Ltd.		234,704
	4,000	Wyndham Worldwide Corp.		337,160
	6,000	Wynn Resorts Ltd.		687,660

				29,309,376

		Environmental Services — 1.6%
	35,000	Pentair plc		2,197,300
	230,800	Republic Services Inc.		14,496,548
	157,400	Waste Management Inc.		11,477,608

				28,171,456

		Aviation:Parts and Services — 1.5%
	41,666	Arconic Inc.		1,097,482
	15,000	B/E Aerospace Inc.		961,650
	256,300	Curtiss-Wright Corp.		23,389,938
	25,500	KLX Inc.†		1,139,850

				26,588,920

		Computer Software and Services — 1.1%
	4,000	Alphabet Inc., Cl. C†		3,318,240
	32,500	Blucora Inc.†		562,250
	6,000	Check Point Software Technologies Ltd.†		615,960
	4,733	CommerceHub Inc., Cl. A†		73,267
	13,466	CommerceHub Inc., Cl. C†		209,127
	35,000	Hewlett Packard Enterprise Co.		829,500
	562,500	Internap Corp.†		2,092,500
	23,000	InterXion Holding NV†		909,880
	21,000	NCR Corp.†		959,280
	20,900	Rockwell Automation Inc.		3,254,339
	55,000	Twitter Inc.†		822,250
	15,000	VeriFone Systems Inc.†		280,950
	130,000	Yahoo! Inc.†		6,033,300

				19,960,843

		Telecommunication Services — 1.1%
	151,505	Liberty Global plc, Cl. A†		5,434,484
	382,893	Liberty Global plc, Cl. C†		13,416,571

				18,851,055


Shares			Market Value
		Wireless Communications — 1.0%
	105,000	America Movil SAB de CV, Cl. L, ADR	$	1,487,850
	93,000	Millicom International Cellular SA, SDR		5,186,242
	150,000	NTT DoCoMo Inc.		3,492,994
	46,075	Tim Participacoes SA, ADR		736,279
	35,000	T-Mobile US Inc.†		2,260,650
	104,600	United States Cellular Corp.†		3,904,718

				17,068,733

		Agriculture — 0.7%
	200,000	Archer Daniels Midland Co.		9,208,000
	16,000	Monsanto Co.		1,811,200
	12,800	Syngenta AG, ADR		1,132,800
	10,000	The Mosaic Co.		291,800

				12,443,800

		Metals and Mining — 0.7%
	37,400	Agnico Eagle Mines Ltd.		1,587,256
	13,888	Alcoa Corp.		477,747
	54,000	Barrick Gold Corp.		1,025,460
	30,000	Cliffs Natural Resources Inc.†		246,300
	80,000	Freeport-McMoRan Inc.†		1,068,800
	4,800	Materion Corp.		161,040
	50,000	New Hope Corp. Ltd.		67,996
	143,600	Newmont Mining Corp.		4,733,056
	130,000	TimkenSteel Corp.†		2,458,300
	140,000	Turquoise Hill Resources Ltd.†		429,800
	15,000	Vale SA, ADR		142,500

				12,398,255

		Communications Equipment — 0.7%
	10,000	Apple Inc.		1,436,600
	390,000	Corning Inc.		10,530,000

				11,966,600

		Automotive — 0.7%
	91,746	General Motors Co.		3,244,138
	158,000	Navistar International Corp.†		3,889,960
	69,000	PACCAR Inc.		4,636,800

				11,770,898

		Building and Construction — 0.7%
	162,500	Armstrong Flooring Inc.†		2,993,250
	18,000	Assa Abloy AB, Cl. B		370,219
	25,000	Builders FirstSource Inc.†		372,500
	80,000	Fortune Brands Home & Security Inc.		4,868,000
	53,000	Herc Holdings Inc.†		2,591,170
	45,000	Layne Christensen Co.†		397,800

				11,592,939

		Publishing — 0.6%
	1,100	Graham Holdings Co., Cl. B		659,505
	82,300	Meredith Corp.		5,316,580
	125,000	News Corp., Cl. A		1,625,000


Shares			Market Value
		COMMON STOCKS (Continued)
		Publishing (Continued)
	146,600	News Corp., Cl. B	$	1,979,100
	40,000	The E.W. Scripps Co., Cl. A†		937,600

				10,517,785

		Transportation — 0.5%
	15,000	Daseke Inc.†		151,800
	131,200	GATX Corp.		7,997,952

				8,149,752

		Real Estate — 0.4%
	40,000	Forest City Realty Trust Inc., Cl. A		871,200
	56,000	Griffin Industrial Realty Inc.		1,733,200
	265,000	The St. Joe Co.†		4,518,250

				7,122,650

		Closed-End Funds — 0.3%
	4,285	Royce Global Value Trust Inc.		37,665
	30,000	Royce Value Trust Inc.		420,000
	90,302	The Central Europe, Russia, and Turkey Fund Inc.		1,890,021
	143,158	The New Germany Fund Inc.		2,114,444

				4,462,130

		Manufactured Housing and Recreational Vehicles — 0.1%
	5,000	Martin Marietta Materials Inc.		1,091,250
	30,000	Nobility Homes Inc.		474,750
	42,000	Skyline Corp.†		395,640

				1,961,640

		Real Estate Investment Trusts — 0.1%
	15,000	Gaming and Leisure Properties Inc.		501,300
	29,000	Rayonier Inc.		821,860

				1,323,160

		TOTAL COMMON STOCKS		1,713,197,150


		CONVERTIBLE PREFERRED STOCKS — 0.1%
		Telecommunications — 0.1%
	21,000	Cincinnati Bell Inc., 6.750%, Ser. B		1,039,920

		RIGHTS — 0.0%
		Entertainment — 0.0%
	139,123	Media General Inc., expire 12/31/17†		237,900

		Financial Services — 0.0%
	16,000	Deutsche Bank AG, expire 04/06/17†		37,760

		TOTAL RIGHTS		275,660


		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	115,800	Kinder Morgan Inc., expire 05/25/17†		278


Shares			Market Value
		Transportation — 0.0%
	15,000	Daseke Inc., expire 09/11/20†	$	16,800

		TOTAL WARRANTS		17,078


Principal Amount
		CORPORATE BONDS — 0.0%
		Equipment and Supplies — 0.0%
$	200,000	Mueller Industries Inc., 6.000%, 03/01/27	$	199,500


		U.S. GOVERNMENT OBLIGATIONS — 1.7%
	29,434,000	U.S. Treasury Bills, 0.526% to 0.909%††, 04/20/17 to 09/28/17		29,358,058

		TOTAL INVESTMENTS — 100.0% (Cost $1,035,568,483)	$	1,744,087,366


		Aggregate tax cost	$	1,047,164,831

		Gross unrealized appreciation	$	750,208,206
		Gross unrealized depreciation		(53,285,671	)

		Net unrealized appreciation/depreciation	$	696,922,535

Number of

Contracts

Expiration
Date

Unrealized
Appreciation

FUTURES CONTRACTS — SHORT POSITION

(235)

S&P 500 E-Mini Futures(b)

06/16/17

34,893

(a)	Securities, or a portion thereof, with a value of $29,480,200 were pledged as collateral for futures contracts.

(b)	At March 31, 2017, all of the futures contracts sold were held at UBS Securities LLC.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

SDR	Swedish Depositary Receipt

As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (“GAAP”) that may require the use of management estimates and assumptions in the preparation of its schedule of investments. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its schedule of investments.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. 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 Gabelli Funds, LLC (the “Adviser”).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Such debt obligations are valued through prices provided by a Pricing Service approved by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models,

current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at March 31, 2017, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Swap Agreements. The Fund may enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an equity contract for difference swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short term interest rates and the returns on the Fund’s portfolio securities at the time an equity contract for difference swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction. At March 31, 2017, the Fund held no investments in equity contract for difference swap agreements.

Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are included in unrealized appreciation/depreciation on futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. Open positions in futures contracts at March 31, 2017 are presented in the Schedule of Investments.

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (“CFTC”). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (“CEA”), the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund as of January 1, 2013. These trading restrictions permit the Fund to engage in commodity interest transactions that include (i) “bona fide hedging” transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the Fund’s commodity interest transactions would not exceed 100% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures, and financial futures contracts). As a result, in the future, the Fund will be more limited in its ability to use these instruments than in the past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund’s performance.

Investments in other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. At March 31, 2017, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than 1 basis point.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes

in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 10% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2017, the Fund held no restricted securities.

Tax Information. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School.

Kevin V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the consumer sector. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School.

Robert D. Leininger, CFA, joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently, he was a partner and portfolio manager at Rorer Asset Management before rejoining GAMCO in 2010 where he currently serves as a portfolio manager of Gabelli Funds, LLC. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA degree from the Wharton School at the University of Pennsylvania.

Daniel M. Miller has been the portfolio manager of The Gabelli Focus Five Fund since inception of the investment strategy on January 1, 2012. He is also a Managing Director of GAMCO Investors, Inc. Mr. Miller joined the Firm in 2002 and graduated magna cum laude with a degree in finance from the University of Miami in Coral Gables, Florida.

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “General Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “General Equity Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

THE GABELLI EQUITY TRUST INC.

One Corporate Center

Rye, NY 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM


DIRECTORS Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group, Inc. Anthony J. Colavita President, Anthony J. Colavita, P.C. James P. Conn Former Managing Director & Chief Investment Officer, Financial Security Assurance Holdings Ltd. Frank J. Fahrenkopf, Jr. Former President & Chief Executive Officer, American Gaming Association Arthur V. Ferrara Former Chairman & Chief Executive Officer, Guardian Life Insurance Company of America Michael J. Ferrantino Chief Executive Officer, InterEx, Inc. William F. Heitmann Former Senior Vice President of Finance, Verizon Communications, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.		OFFICERS Bruce N. Alpert President Andrea R. Mango Secretary & Vice President Agnes Mullady Treasurer Richard J. Walz Chief Compliance Officer Carter W. Austin Vice President Molly A.F. Marion Vice President & Ombudsman David I. Schachter Vice President INVESTMENT ADVISER Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422 CUSTODIAN The Bank of New York Mellon COUNSEL Willkie Farr & Gallagher LLP TRANSFER AGENT AND REGISTRAR Computershare Trust Company, N.A.






































GAB Q1/2017

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Geographic Diversification	% of Total Investments		Market Value

North America		82.7%		$	1,442,213,827
Europe		13.3			232,022,469
Latin America		2.2			38,313,070
Japan		1.8			30,891,058
Asia/Pacific		0.0			646,942

Total Investments		100.0%		$	1,744,087,366


	Shares		Ownership at March 31, 2017
Convertible Corporate Bonds
Griffon Corp.		(2,000,000)		-


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Energy and Utilities	$	70,576,195	$	67	$	0	$	70,576,262
Manufactured Housing and Recreational Vehicles		1,486,890		474,750		—		1,961,640
Other Industries (a)		1,640,659,248		—		—		1,640,659,248
Total Common Stocks		1,712,722,333		474,817		0		1,713,197,150
Convertible Preferred Stocks (a)		1,039,920		—		—		1,039,920
Corporate Bonds (a)		—		199,500		—		199,500
Rights (a)		37,760		—		237,900		275,660
Warrants (a)		17,078		—		—		17,078
U.S. Government Obligations		—		29,358,058		—		29,358,058
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,713,817,091	$	30,032,375	$	237,900	$	1,744,087,366

OTHER FINANCIAL INSTRUMENTS:*
ASSETS (Net Unrealized Appreciation):
EQUITY CONTRACTS
Index Futures Contracts - Short Position	$	34,893		—		—	$	34,893



By (Signature and Title)*		/s/ Bruce N. Alpert
		Bruce N. Alpert, Principal Executive Officer



By (Signature and Title)*		/s/ Agnes Mullady
		Agnes Mullady, Principal Financial Officer and Treasurer