The Gabelli Equity Trust Inc.

Schedule of Investments — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 97.8%
		Food and Beverage — 11.9%
	3,000	Ajinomoto Co. Inc.	$	47,884
	105,200	Brown-Forman Corp., Cl. A		5,383,084
	49,300	Brown-Forman Corp., Cl. B		2,602,054
	63,800	Campbell Soup Co.		2,432,694
	65,000	Chr. Hansen Holding A/S		6,588,484
	15,000	Coca-Cola European Partners plc		776,100
	265,000	Conagra Brands Inc.		7,351,100
	30,000	Constellation Brands Inc., Cl. A		5,259,900
	18,000	Crimson Wine Group Ltd.†		148,140
	196,500	Danone SA		15,140,988
	1,277,600	Davide Campari-Milano SpA		12,540,103
	127,000	Diageo plc, ADR		20,778,470
	80,000	Flowers Foods Inc.		1,705,600
	77,800	Fomento Economico Mexicano SAB de CV, ADR		7,179,384
	40,000	General Mills Inc.		2,070,000
	1,848,400	Grupo Bimbo SAB de CV, Cl. A		3,855,783
	41,300	Heineken NV		4,358,585
	11,000	Ingredion Inc.		1,041,590
	105,000	ITO EN Ltd.		5,447,532
	27,000	Kellogg Co.		1,549,260
	63,500	Kerry Group plc, Cl. A		7,051,915
	92,400	Keurig Dr Pepper Inc.		2,584,428
	50,000	Lamb Weston Holdings Inc.		3,747,000
	9,700	LVMH Moet Hennessy Louis Vuitton SE		3,567,889
	20,000	Maple Leaf Foods Inc.		462,603
	60,000	Molson Coors Brewing Co., Cl. B		3,579,000
	340,000	Mondele¯z International Inc., Cl. A		16,972,800
	14,000	Morinaga Milk Industry Co. Ltd.		474,330
	41,000	Nestlé SA		3,907,507
	160,000	PepsiCo Inc.		19,608,000
	39,200	Pernod Ricard SA		7,035,649
	31,000	Post Holdings Inc.†		3,391,400
	41,500	Remy Cointreau SA		5,535,133
	89,600	The Coca-Cola Co.		4,198,656
	77,426	The Hain Celestial Group Inc.†		1,790,089
	18,500	The J.M. Smucker Co.		2,155,250
	85,000	The Kraft Heinz Co.		2,775,250
	138,500	Tootsie Roll Industries Inc.		5,157,740
	48,000	Tyson Foods Inc., Cl. A		3,332,640
	341,000	Yakult Honsha Co. Ltd.		23,814,310
				227,398,324
		Financial Services — 9.6%
	350,000	American Express Co.(a)		38,255,000
	25,000	American International Group Inc.		1,076,500
	16,698	Argo Group International Holdings Ltd.		1,179,881
	72,585	Banco Santander SA, ADR		336,069
	90,000	Bank of America Corp.		2,483,100
	113	Berkshire Hathaway Inc., Cl. A†		34,037,295
	11,000	CIT Group Inc.		527,670

Shares			Market Value
	99,000	Citigroup Inc.	$	6,159,780
	5,000	Cullen/Frost Bankers Inc.		485,350
	30,000	Deutsche Bank AG		243,600
	30,000	Fidelity National Financial Inc.		1,096,500
	16,000	GAM Holding AG		49,972
	58,000	H&R Block Inc.		1,388,520
	5,000	I3 Verticals Inc., Cl. A†		120,100
	40,000	Interactive Brokers Group Inc., Cl. A		2,075,200
	98,000	Janus Henderson Group plc		2,448,040
	88,000	Jefferies Financial Group Inc.		1,653,520
	61,400	JPMorgan Chase & Co.		6,215,522
	29,800	Kinnevik AB, Cl. A		786,884
	145,000	Legg Mason Inc.		3,968,650
	14,000	Loews Corp.		671,020
	100,000	Marsh & McLennan Companies Inc.		9,390,000
	9,000	Moody’s Corp.		1,629,810
	4,500	Och-Ziff Capital Management Group LLC, Cl. A		73,845
	20,000	PayPal Holdings Inc.†		2,076,800
	62,000	S&P Global Inc.		13,054,100
	161,100	State Street Corp.		10,601,991
	15,000	SunTrust Banks Inc.		888,750
	112,400	T. Rowe Price Group Inc.		11,253,488
	212,500	The Bank of New York Mellon Corp.		10,716,375
	25,000	The Blackstone Group LP		874,250
	20,000	The Charles Schwab Corp.		855,200
	15,000	The PNC Financial Services Group Inc.		1,839,900
	3,000	TransUnion		200,520
	13,000	W. R. Berkley Corp.		1,101,360
	170,000	Waddell & Reed Financial Inc., Cl. A		2,939,300
	230,000	Wells Fargo & Co.		11,113,600
				183,867,462
		Equipment and Supplies — 6.7%
	398,000	AMETEK Inc.		33,022,060
	7,000	Amphenol Corp., Cl. A		661,080
	139,000	CIRCOR International Inc.†		4,531,400
	325,800	Donaldson Co. Inc.		16,309,548
	252,000	Flowserve Corp.		11,375,280
	37,400	Franklin Electric Co. Inc.		1,910,766
	209,000	IDEX Corp.		31,713,660
	43,000	Ingersoll-Rand plc		4,641,850
	100,000	Mueller Industries Inc.		3,134,000
	280,000	Mueller Water Products Inc., Cl. A		2,811,200
	13,000	Sealed Air Corp.		598,780
	45,000	Tenaris SA, ADR		1,271,250
	80,000	The Timken Co.		3,489,600
	59,600	The Weir Group plc		1,209,419
	131,000	Watts Water Technologies Inc., Cl. A		10,587,420
	4,000	Welbilt Inc.†		65,520
				127,332,833
		Consumer Services — 5.2%
	20,000	eBay Inc.		742,800

1

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Consumer Services (Continued)
	80,935	GCI Liberty Inc., Cl. A†	$	4,500,795
	350,000	Groupon Inc.†		1,242,500
	39,000	IAC/InterActiveCorp.†		8,194,290
	18,642	Liberty Expedia Holdings Inc., Cl. A†		797,878
	21,000	Liberty TripAdvisor Holdings Inc., Cl. A†		297,990
	2,000	Marriott Vacations Worldwide Corp.		187,000
	12,000	Matthews International Corp., Cl. A		443,400
	253,265	Qurate Retail Inc.†		4,047,175
	1,885,000	Rollins Inc.		78,453,700
				98,907,528
		Diversified Industrial — 5.1%
	8,000	Acuity Brands Inc.		960,080
	160,000	Ampco-Pittsburgh Corp.†		528,000
	25,000	Colfax Corp.†		742,000
	170,100	Crane Co.		14,393,862
	230,000	General Electric Co.		2,297,700
	15,000	Graf Industrial Corp.†		151,800
	127,000	Greif Inc., Cl. A		5,238,750
	12,000	Greif Inc., Cl. B		586,680
	75,000	Griffon Corp.		1,386,000
	298,000	Honeywell International Inc.		47,358,160
	5,000	IntriCon Corp.†		125,400
	97,000	ITT Inc.		5,626,000
	11,000	Jardine Strategic Holdings Ltd.		411,730
	40,000	Kennametal Inc.		1,470,000
	50,000	Myers Industries Inc.		855,500
	35,000	nVent Electric plc		944,300
	85,000	Park-Ohio Holdings Corp.		2,752,300
	5,000	Rayonier Advanced Materials Inc.		67,800
	30,000	Rexnord Corp.†		754,200
	50,000	Schultze Special Purpose Acquisition Corp.†		503,250
	31,000	ServiceMaster Global Holdings Inc.†		1,447,700
	11,500	Sulzer AG		1,121,416
	83,400	Textron Inc.		4,225,044
	100,000	Toray Industries Inc.		637,824
	12,000	Tredegar Corp.		193,680
	85,000	Trinity Industries Inc.		1,847,050
				96,626,226
		Health Care — 5.1%
	6,500	ACADIA Pharmaceuticals Inc.†		174,525
	175,000	Achaogen Inc.†		79,853
	8,911	Acorda Therapeutics Inc.†		118,427
	1,000	Aerie Pharmaceuticals Inc.†		47,500
	25,000	Akorn Inc.†		88,000
	19,500	Allergan plc		2,854,995
	500	Alnylam Pharmaceuticals Inc.†		46,725
	21,000	AmerisourceBergen Corp.		1,669,920
	32,000	Amgen Inc.		6,079,360
	1,000	AngioDynamics Inc.†		22,860

Shares			Market Value
	2,664	Anika Therapeutics Inc.†	$	80,559
	10,901	Aptinyx Inc.†		44,149
	1,500	Arena Pharmaceuticals Inc.†		67,245
	2,200	AtriCure Inc.†		58,938
	9,600	Axogen Inc.†		202,176
	20,771	Axovant Gene Therapies Ltd.†		27,625
	1,000	Bausch Health Cos. Inc.†		24,700
	13,000	Baxter International Inc.		1,057,030
	7,000	Biogen Inc.†		1,654,660
	1,500	BioMarin Pharmaceutical Inc.†		133,245
	2,831,451	BioScrip Inc.†		5,662,902
	220,000	Boston Scientific Corp.†		8,443,600
	149,000	Bristol-Myers Squibb Co.		7,108,790
	1,000	Cardiovascular Systems Inc.†		38,660
	1,500	Celgene Corp.†		141,510
	4,868	Cigna Corp.		782,872
	19,900	Clovis Oncology Inc.†		493,918
	104,056	ConforMIS Inc.†		299,681
	49,900	Covetrus Inc.†		1,589,315
	1,000	CRISPR Therapeutics AG†		35,720
	17,900	Cutera Inc.†		316,114
	2,500	CytomX Therapeutics Inc.†		26,875
	250,000	Demant A/S†		7,392,493
	6,000	Dermira Inc.†		81,300
	1,000	Editas Medicine Inc.†		24,450
	2,000	ElectroCore Inc.†		14,000
	25,267	Electromed Inc.†		130,125
	17,200	Endo International plc†		138,116
	1,000	Evolus Inc.†		22,570
	2,000	G1 Therapeutics Inc.†		33,200
	10,370	GenMark Diagnostics Inc.†		73,523
	63,000	Henry Schein Inc.†		3,786,930
	500	ICU Medical Inc.†		119,665
	7,900	Incyte Corp.†		679,479
	46,800	Indivior plc†		58,553
	1,800	Inogen Inc.†		171,666
	2,000	Intellia Therapeutics Inc.†		34,160
	10,000	IRIDEX Corp.†		45,600
	37,000	Johnson & Johnson		5,172,230
	7,000	Jounce Therapeutics Inc.†		43,400
	28,323	Lannett Co. Inc.†		222,902
	600	LeMaitre Vascular Inc.		18,600
	9,500	Mallinckrodt plc†		206,530
	27,000	Marinus Pharmaceuticals Inc.†		112,860
	1,000	McKesson Corp.		117,060
	105,200	Merck & Co. Inc.		8,749,484
	4,000	Meridian Bioscience Inc.		70,440
	1,000	Myriad Genetics Inc.†		33,200
	17,559	Nabriva Therapeutics plc†		42,844
	1,000	Natus Medical Inc.†		25,380
	5,000	Nektar Therapeutics†		168,000
	2,102	NeoGenomics Inc.†		43,007

2

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	5,000	Neuronetics Inc.†	$	76,250
	13,500	Nevro Corp.†		843,885
	84,000	Novartis AG, ADR		8,075,760
	7,500	NuVasive Inc.†		425,925
	1,000	Orthofix Medical Inc.†		56,410
	9,859	Patterson Cos. Inc.		215,419
	1,000	Perrigo Co. plc		48,160
	5,000	Puma Biotechnology Inc.†		193,950
	1,037	Ra Pharmaceuticals Inc.†		23,229
	500	Regeneron Pharmaceuticals Inc.†		205,310
	3,000	Sangamo Therapeutics Inc.†		28,620
	5,500	Sol-Gel Technologies Ltd.†		37,620
	8,000	T2 Biosystems Inc.†		21,040
	2,135	Tandem Diabetes Care Inc.†		135,573
	8,000	Teva Pharmaceutical Industries Ltd., ADR†		125,440
	1,600	United Therapeutics Corp.†		187,792
	48,000	UnitedHealth Group Inc.		11,868,480
	500	USANA Health Sciences Inc.†		41,935
	69,934	Valeritas Holdings Inc.†		22,798
	4,000	Waters Corp.†		1,006,840
	5,000	Zafgen Inc.†		13,700
	15,500	Zimmer Biomet Holdings Inc.		1,979,350
	35,000	Zoetis Inc.		3,523,450
	21,297	Zosano Pharma Corp.†		101,587
				96,562,739
		Entertainment — 4.8%
	27,358	Charter Communications Inc., Cl. A†		9,490,764
	41,600	Discovery Inc., Cl. A†		1,124,032
	309,800	Discovery Inc., Cl. C†		7,875,116
	50,000	Entertainment One Ltd.		290,969
	90,000	Genting Singapore Ltd.		69,065
	576,000	Grupo Televisa SAB, ADR		6,370,560
	21,500	Liberty Media Corp.- Liberty Braves, Cl. A†		600,710
	95,758	Liberty Media Corp.- Liberty Braves, Cl. C†		2,659,200
	46,545	Lions Gate Entertainment Corp., Cl. B		702,829
	10,000	Live Nation Entertainment Inc.†		635,400
	14,000	Reading International Inc., Cl. A†		223,440
	8,000	Take-Two Interactive Software Inc.†		754,960
	103,867	The Madison Square Garden Co., Cl. A†		30,446,534
	94,028	The Walt Disney Co.		10,439,929
	40,000	Tokyo Broadcasting System Holdings Inc.		731,210
	65,000	Universal Entertainment Corp.		1,958,856
	313,615	Viacom Inc., Cl. A		10,176,807
	240,000	Vivendi SA		6,953,986
				91,504,367
		Business Services — 4.3%
	14,334	Allegion plc		1,300,237

Shares			Market Value
	180,035	Clear Channel Outdoor Holdings Inc., Cl. A†	$	963,187
	248,000	Diebold Nixdorf Inc.†		2,745,360
	3,000	Edenred		136,529
	27,000	Emerald Expositions Events Inc.		342,900
	60,000	First Data Corp., Cl. A†		1,576,200
	160,000	G4S plc		382,401
	16,000	Jardine Matheson Holdings Ltd.		997,760
	100,000	Macquarie Infrastructure Corp.		4,122,000
	250,000	Mastercard Inc., Cl. A		58,862,500
	105,334	Resideo Technologies Inc.†		2,031,893
	3,000	Stericycle Inc.†		163,260
	270,000	The Interpublic Group of Companies Inc.		5,672,700
	10,000	Vectrus Inc.†		265,900
	12,800	Visa Inc., Cl. A		1,999,232
				81,562,059
		Consumer Products — 4.2%
	160,000	Avon Products Inc.†		470,400
	14,100	Christian Dior SE		6,717,374
	27,000	Church & Dwight Co. Inc.		1,923,210
	45,600	Coty Inc., Cl. A		524,400
	172,000	Edgewell Personal Care Co.†		7,549,080
	139,000	Energizer Holdings Inc.		6,245,270
	27,600	Essity AB, Cl. B		795,883
	2,100	Givaudan SA		5,365,202
	85,000	Hanesbrands Inc.		1,519,800
	23,800	Harley-Davidson Inc.		848,708
	1,270	Hermes International		837,967
	17,000	Mattel Inc.†		221,000
	11,000	National Presto Industries Inc.		1,194,050
	6,000	Nilfisk Holding A/S†		237,101
	10,000	Oil-Dri Corp. of America		311,400
	46,800	Reckitt Benckiser Group plc		3,890,146
	27,600	Svenska Cellulosa AB, Cl. B		239,269
	814,900	Swedish Match AB		41,536,910
	16,000	Weight Watchers International Inc.†		322,400
				80,749,570
		Energy and Utilities — 3.9%
	11,000	ABB Ltd., ADR		207,570
	39,000	Anadarko Petroleum Corp.		1,773,720
	50,000	Apache Corp.		1,733,000
	80,000	Baker Hughes, a GE Company		2,217,600
	80,000	BP plc, ADR		3,497,600
	16,000	CMS Energy Corp.		888,640
	172,000	ConocoPhillips		11,479,280
	204,000	El Paso Electric Co.		11,999,280
	98,400	Enbridge Inc.		3,567,984
	62,000	Energy Transfer LP		952,940
	34,000	Evergy Inc.		1,973,700
	24,000	Eversource Energy		1,702,800
	51,600	Exxon Mobil Corp.		4,169,280
	226,700	Halliburton Co.		6,642,310

3

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities (Continued)
	50,615	KLX Energy Services Holdings Inc.†	$	1,272,461
	4,000	Marathon Oil Corp.		66,840
	22,000	Marathon Petroleum Corp.		1,316,700
	20,000	Murphy USA Inc.†		1,712,400
	43,000	National Fuel Gas Co.		2,621,280
	12,000	NextEra Energy Inc.		2,319,840
	8,000	NextEra Energy Partners LP		373,120
	1,000	Niko Resources Ltd., OTC†		5
	3,000	Niko Resources Ltd., Toronto†		34
	32,400	Oceaneering International Inc.†		510,948
	135,000	Patterson-UTI Energy Inc.		1,892,700
	39,100	Phillips 66		3,721,147
	115,000	Rowan Companies plc, Cl. A†		1,240,850
	32,680	RPC Inc.		372,879
	15,000	Southwest Gas Holdings Inc.		1,233,900
	111,500	The AES Corp.		2,015,920
	637,300	Weatherford International plc†		444,835
				73,921,563
		Automotive: Parts and Accessories — 3.7%
	15,162	Adient plc		196,499
	9,500	Aptiv plc		755,155
	97,600	BorgWarner Inc.		3,748,816
	231,900	Dana Inc.		4,113,906
	24,200	Garrett Motion Inc.†		356,466
	248,200	Genuine Parts Co.		27,805,846
	180,000	Modine Manufacturing Co.†		2,496,600
	63,500	O’Reilly Automotive Inc.†		24,657,050
	105,000	Standard Motor Products Inc.		5,155,500
	73,000	Superior Industries International Inc.		347,480
	12,000	Visteon Corp.†		808,200
				70,441,518
		Cable and Satellite — 3.6%
	245,600	AMC Networks Inc., Cl. A†		13,940,256
	200	Cable One Inc.		196,276
	193,000	Comcast Corp., Cl. A		7,716,140
	105,400	DISH Network Corp., Cl. A†		3,340,126
	45,933	EchoStar Corp., Cl. A†		1,674,258
	145,605	Liberty Global plc, Cl. A†		3,628,477
	334,893	Liberty Global plc, Cl. C†		8,107,760
	21,712	Liberty Latin America Ltd., Cl. A†		419,910
	42,918	Liberty Latin America Ltd., Cl. C†		834,755
	3,000	Naspers Ltd., Cl. N		692,813
	447,200	Rogers Communications Inc., New York, Cl. B		24,068,304
	160,000	Shaw Communications Inc., New York, Cl. B		3,334,400
				67,953,475
		Broadcasting — 3.0%
	251,000	CBS Corp., Cl. A, Voting		11,950,110
	20,000	CBS Corp., Cl. B, Non-Voting		950,600

Shares			Market Value
	2,000	Cogeco Inc.	$	117,694
	24,000	Corus Entertainment Inc., OTC, Cl. B		106,210
	500,000	Entercom Communications Corp., Cl. A		2,625,000
	161,733	Fox Corp., Cl. A†		5,937,218
	134,999	Fox Corp., Cl. B†		4,843,764
	16,000	Gray Television Inc.†		341,760
	19,250	Liberty Broadband Corp., Cl. A†		1,764,070
	62,192	Liberty Broadband Corp., Cl. C†		5,705,494
	89,250	Liberty Media Corp.- Liberty Formula One, Cl. A†		3,038,070
	52,250	Liberty Media Corp.- Liberty Formula One, Cl. C†		1,831,363
	75,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		2,863,500
	158,000	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		6,041,920
	282,600	MSG Networks Inc., Cl. A†		6,146,550
	15,000	Nexstar Media Group Inc., Cl. A		1,625,550
	4,500	Sinclair Broadcast Group Inc., Cl. A		173,160
	85,200	Television Broadcasts Ltd.		165,191
	10,000	Tribune Media Co., Cl. A		461,400
				56,688,624
		Telecommunications — 2.9%
	153,452	AT&T Inc.		4,812,255
	55,400	BCE Inc.		2,459,206
	914,200	BT Group plc, Cl. A		2,654,678
	7,040,836	Cable & Wireless Jamaica Ltd.†(b)		80,964
	50,000	CenturyLink Inc.		599,500
	85,000	Cincinnati Bell Inc.†		810,900
	100,000	Deutsche Telekom AG, ADR		1,658,500
	382,557	Gogo Inc.†		1,717,681
	29,001	Harris Corp.		4,631,750
	36,000	Hellenic Telecommunications Organization SA		482,175
	15,000	Hellenic Telecommunications Organization SA, ADR		99,900
	27,000	Intelsat SA†		422,820
	264,732	Koninklijke KPN NV		839,222
	45,000	Loral Space & Communications Inc.†		1,622,250
	16,000	Oi SA, ADR		6,240
	4,267	Oi SA, Cl. C, ADR		8,022
	40,053	Sprint Corp.†		226,299
	21,000	Telecom Argentina SA, ADR		306,600
	535,000	Telecom Italia SpA†		332,717
	70,000	Telefonica Brasil SA, ADR		844,900
	560,739	Telefonica SA, ADR		4,687,778
	553,700	Telephone & Data Systems Inc.		17,015,201
	105,000	Telesites SAB de CV†		67,835
	25,000	TELUS Corp.		925,282
	119,000	Verizon Communications Inc.		7,036,470
	46,000	Vodafone Group plc, ADR		836,280

4

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Telecommunications (Continued)
	35,000	Zayo Group Holdings Inc.†	$	994,700
				56,180,125
		Machinery — 2.7%
	18,000	Astec Industries Inc.		679,680
	12,800	Caterpillar Inc.		1,734,272
	255,010	CNH Industrial NV		2,601,102
	180,000	Deere & Co.(a)		28,771,200
	232,000	Xylem Inc.		18,337,280
				52,123,534
		Aerospace and Defense — 2.5%
	275,000	Aerojet Rocketdyne Holdings Inc.†		9,770,750
	1,246,553	BBA Aviation plc		4,042,717
	35,800	Kaman Corp.		2,092,152
	17,500	Northrop Grumman Corp.		4,718,000
	1,209,000	Rolls-Royce Holdings plc		14,222,418
	35,000	The Boeing Co.		13,349,700
	1,745	United Technologies Corp.		224,913
				48,420,650
		Electronics — 2.4%
	19,500	Bel Fuse Inc., Cl. A		417,885
	4,000	Hitachi Ltd., ADR		259,460
	50,000	Intel Corp.		2,685,000
	328,342	Johnson Controls International plc		12,128,953
	34,170	Koninklijke Philips NV		1,396,186
	2,400	Mettler-Toledo International Inc.†		1,735,200
	40,000	TE Connectivity Ltd.		3,230,000
	233,000	Texas Instruments Inc.		24,714,310
				46,566,994
		Retail — 2.3%
	80,300	AutoNation Inc.†		2,868,316
	5,000	Casey’s General Stores Inc.		643,850
	41,000	Costco Wholesale Corp.		9,927,740
	85,000	CVS Health Corp.		4,584,050
	30,000	GNC Holdings Inc., Cl. A†		81,900
	210,000	Hertz Global Holdings Inc.†		3,647,700
	80,000	J.C. Penney Co. Inc.†		119,200
	34,000	Lowe’s Companies Inc.		3,721,980
	302,000	Macy’s Inc.		7,257,060
	10,000	Penske Automotive Group Inc.		446,500
	45,000	PetIQ Inc.†		1,413,450
	13,800	PetMed Express Inc.		314,364
	50,000	Rite Aid Corp.†		31,750
	30,600	Sally Beauty Holdings Inc.†		563,346
	16,000	The Cheesecake Factory Inc.		782,720
	2,500	Tiffany & Co.		263,875
	10,000	Vitamin Shoppe, Inc.†		70,400
	62,000	Walgreens Boots Alliance Inc.		3,922,740

Shares			Market Value
	32,000	Walmart Inc.	$	3,120,960
				43,781,901
		Specialty Chemicals — 2.1%
	11,000	AdvanSix Inc.†		314,270
	12,000	Air Products & Chemicals Inc.		2,291,520
	11,000	Ashland Global Holdings Inc.		859,430
	22,000	Axalta Coating Systems Ltd.†		554,620
	115,000	DowDuPont Inc.		6,130,650
	390,000	Ferro Corp.†		7,382,700
	10,000	FMC Corp.		768,200
	19,739	GCP Applied Technologies Inc.†		584,274
	24,000	H.B. Fuller Co.		1,167,360
	55,000	International Flavors & Fragrances Inc.		7,083,450
	250,000	OMNOVA Solutions Inc.†		1,755,000
	159,800	Sensient Technologies Corp.		10,832,842
	17,000	SGL Carbon SE†		150,175
	2,000	The Chemours Co.		74,320
	20,000	Valvoline Inc.		371,200
				40,320,011
		Environmental Services — 1.9%
	35,000	Pentair plc		1,557,850
	237,100	Republic Services Inc.		19,058,098
	153,600	Waste Management Inc.		15,960,576
				36,576,524
		Hotels and Gaming — 1.9%
	16,000	Accor SA		648,105
	49,000	Belmond Ltd., Cl. A†		1,221,570
	41,557	GVC Holdings plc		302,565
	8,000	Hyatt Hotels Corp., Cl. A		580,560
	34,000	Las Vegas Sands Corp.		2,072,640
	4,458,500	Mandarin Oriental International Ltd.		8,694,075
	15,000	Marriott International, Inc., Cl. A		1,876,350
	70,000	MGM China Holdings Ltd.		146,421
	214,000	MGM Resorts International		5,491,240
	7,560	Penn National Gaming Inc.†		151,956
	168,800	Ryman Hospitality Properties Inc., REIT		13,882,112
	200,000	The Hongkong & Shanghai Hotels Ltd.		287,900
	4,000	Wyndham Destinations Inc.		161,960
	4,000	Wyndham Hotels & Resorts Inc.		199,960
	6,000	Wynn Resorts Ltd.		715,920
				36,433,334
		Aviation: Parts and Services — 1.4%
	41,666	Arconic Inc.		796,237
	224,800	Curtiss-Wright Corp.		25,478,832
				26,275,069
		Wireless Communications — 0.9%
	105,000	America Movil SAB de CV, Cl. L, ADR		1,499,400
	99,000	Millicom International Cellular SA, SDR		6,010,939
	150,000	NTT DoCoMo Inc.		3,317,919

5

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Wireless Communications (Continued)
	46,075	Tim Participacoes SA, ADR	$	694,811
	25,000	T-Mobile US Inc.†		1,727,500
	104,600	United States Cellular Corp.†		4,802,186
				18,052,755
		Building and Construction — 0.9%
	28,333	Arcosa Inc.		865,573
	73,000	Armstrong Flooring Inc.†		992,800
	18,000	Assa Abloy AB, Cl. B		388,564
	80,000	Fortune Brands Home & Security Inc.		3,808,800
	214,559	Herc Holdings Inc.†		8,363,510
	17,500	Lennar Corp., Cl. A		859,075
	40,000	PGT Innovations Inc.†		554,000
	12,000	Sika AG		1,676,324
				17,508,646
		Computer Software and Services — 0.9%
	3,500	Alphabet Inc., Cl. C†		4,106,585
	13,000	Blucora Inc.†		433,940
	6,000	Check Point Software Technologies Ltd.†		758,940
	3,000	Facebook Inc., Cl. A†		500,070
	250,000	Hewlett Packard Enterprise Co.		3,857,500
	470,750	Internap Corp.†		2,334,920
	23,000	InterXion Holding NV†		1,534,790
	2,000	Liq Participacoes SA†		501
	20,900	Rockwell Automation Inc.		3,667,114
				17,194,360
		Automotive — 0.7%
	80,000	General Motors Co.		2,968,000
	180,000	Navistar International Corp.†		5,814,000
	70,000	PACCAR Inc.		4,769,800
				13,551,800
		Metals and Mining — 0.6%
	37,400	Agnico Eagle Mines Ltd.		1,626,900
	50,000	Barrick Gold Corp.		685,500
	30,000	Cleveland-Cliffs Inc.		299,700
	80,000	Freeport-McMoRan Inc.		1,031,200
	9,353	Livent Corp.†		114,855
	4,300	Materion Corp.		245,358
	50,000	New Hope Corp. Ltd.		106,863
	143,600	Newmont Mining Corp.		5,136,572
	215,000	TimkenSteel Corp.†		2,334,900
	140,000	Turquoise Hill Resources Ltd.†		232,400
	15,000	Vale SA, ADR		195,900
				12,010,148
		Communications Equipment — 0.5%
	4,000	Apple Inc.		759,800

Shares			Market Value
	285,000	Corning Inc.	$	9,433,500
				10,193,300
		Transportation — 0.5%
	131,200	GATX Corp.		10,019,744
	700	Lyft Inc., Cl. A†		54,803
				10,074,547
		Publishing — 0.5%
	1,100	Graham Holdings Co., Cl. B		751,498
	87,700	Meredith Corp.		4,846,302
	125,000	News Corp., Cl. A		1,555,000
	100,600	News Corp., Cl. B		1,256,494
	70,000	The E.W. Scripps Co., Cl. A		1,470,000
				9,879,294
		Real Estate — 0.5%
	15,000	Gaming and Leisure Properties Inc., REIT		578,550
	56,000	Griffin Industrial Realty Inc.		1,951,600
	29,000	Rayonier Inc., REIT		914,080
	325,000	The St. Joe Co.†		5,359,250
	15,000	Weyerhaeuser Co., REIT		395,100
				9,198,580
		Agriculture — 0.5%
	200,000	Archer-Daniels-Midland Co.		8,626,000
	10,000	The Mosaic Co.		273,100
				8,899,100
		Manufactured Housing and Recreational Vehicles — 0.1%
	5,000	Martin Marietta Materials Inc.		1,005,900
	30,000	Nobility Homes Inc.		675,000
	42,000	Skyline Champion Corp.		798,000
				2,478,900
		TOTAL COMMON STOCKS		1,869,235,860
		CLOSED-END FUNDS — 0.7%
	122,000	Altaba Inc.†		9,042,640
	4,285	Royce Global Value Trust Inc.		43,107
	45,000	Royce Value Trust Inc.		619,200
	92,106	The Central Europe, Russia, and Turkey Fund Inc.		2,215,241
	154,038	The New Germany Fund Inc.		2,151,911
		TOTAL CLOSED-END FUNDS		14,072,099
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Telecommunications — 0.0%
	21,000	Cincinnati Bell Inc., 6.750%, Ser. B		818,895
		RIGHTS — 0.0%
		Entertainment — 0.0%
	139,123	Media General Inc., CVR†(b)		0

6

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Principal Amount		Market Value
	U.S. GOVERNMENT OBLIGATIONS — 1.5%
$27,898,000	U.S. Treasury Bills, 2.355% to 2.486%††, 04/18/19 to 09/19/19	$	27,707,682
	TOTAL INVESTMENTS — 100.0% (Cost $1,234,368,303)	$	1,911,834,536

(a) Securities, or a portion thereof, with a value of $44,237,600 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		83.3	%		$	1,592,033,768
Europe		13.0				249,248,844
Japan		1.9				36,689,325
Latin America		1.2				22,437,202
Asia/Pacific		0.6				10,732,584
South Africa		0.0	*			692,813
Total Investments		100.0	%		$	1,911,834,536

* Amount represents less than 0.05%.

As of March 31, 2019, futures contracts outstanding were as follows:

Description	Long/Short	Number of Contracts		Expiration Date		Notional Amount			Value				Unrealized Depreciation
S&P 500 Futures (E-Mini)	Short		117		06/21/19		$	16,601,130		$	(160,583	)		$(160,583)
TOTAL FUTURES														$(160,583)

7