The Gabelli Equity Trust Inc.

Schedule of Investments — September 30, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 99.3%
		Food and Beverage — 12.1%
	3,000	Ajinomoto Co. Inc.	$	56,601
	105,200	Brown-Forman Corp., Cl. A.		6,285,700
	49,300	Brown-Forman Corp., Cl. B.		3,095,054
	63,800	Campbell Soup Co.		2,993,496
	65,000	Chr. Hansen Holding A/S		5,516,975
	15,000	Coca-Cola European Partners plc		831,750
	240,000	Conagra Brands Inc.		7,363,200
	30,000	Constellation Brands Inc., Cl. A		6,218,400
	18,000	Crimson Wine Group Ltd.†		135,900
	191,500	Danone SA		16,869,249
	1,277,600	Davide Campari-Milano SpA		11,544,033
	127,000	Diageo plc, ADR		20,767,040
	80,000	Flowers Foods Inc.		1,850,400
	77,800	Fomento Economico Mexicano SAB de CV, ADR		7,124,924
	40,000	General Mills Inc.		2,204,800
	1,848,400	Grupo Bimbo SAB de CV, Cl. A		3,371,967
	41,300	Heineken NV.		4,463,697
	11,000	Ingredion Inc.		899,140
	105,000	ITO EN Ltd.		4,942,890
	27,000	Kellogg Co.		1,737,450
	62,100	Kerry Group plc, Cl. A		7,262,722
	50,000	Keurig Dr Pepper Inc.		1,366,000
	20,000	Lamb Weston Holdings Inc.		1,454,400
	9,700	LVMH Moet Hennessy Louis Vuitton SE		3,855,281
	20,000	Maple Leaf Foods Inc.		448,655
	60,000	Molson Coors Brewing Co., Cl. B		3,450,000
	316,000	Mondelēz International Inc., Cl. A		17,481,120
	14,000	Morinaga Milk Industry Co. Ltd.		533,457
	41,000	Nestlé SA		4,448,154
	158,000	PepsiCo Inc.		21,661,800
	39,200	Pernod Ricard SA		6,981,460
	31,000	Post Holdings Inc.†		3,281,040
	41,500	Remy Cointreau SA		5,509,390
	89,600	The Coca-Cola Co.		4,877,824
	75,000	The Hain Celestial Group Inc.†		1,610,625
	17,500	The J.M. Smucker Co.		1,925,350
	15,000	The Kraft Heinz Co.		419,025
	137,000	Tootsie Roll Industries Inc.		5,088,180
	48,000	Tyson Foods Inc., Cl. A.		4,134,720
	341,000	Yakult Honsha Co. Ltd.		19,048,694
				223,110,563
		Financial Services — 10.5%
	335,000	American Express Co.(a)		39,623,800
	25,000	American International Group Inc.		1,392,500
	16,000	Apollo Global Management Inc.		605,120
	16,000	Argo Group International Holdings Ltd.		1,123,840
	72,585	Banco Santander SA, ADR		291,792
	90,000	Bank of America Corp.		2,625,300
	113	Berkshire Hathaway Inc., Cl. A†		35,237,016

Shares			Market Value
	11,000	CIT Group Inc.	$	498,410
	109,000	Citigroup Inc.		7,529,720
	5,000	Cullen/Frost Bankers Inc.		442,750
	30,000	Deutsche Bank AG		225,000
	3,000	Eagle Bancorp Inc.		133,860
	30,000	Fidelity National Financial Inc.		1,332,300
	16,000	GAM Holding AG†		64,125
	55,000	H&R Block Inc.		1,299,100
	5,000	I3 Verticals Inc., Cl. A†		100,600
	40,000	Interactive Brokers Group Inc., Cl. A		2,151,200
	80,000	Janus Henderson Group plc		1,796,800
	88,000	Jefferies Financial Group Inc.		1,619,200
	62,400	JPMorgan Chase & Co.		7,343,856
	29,800	Kinnevik AB, Cl. A		818,860
	140,000	Legg Mason Inc.		5,346,600
	14,000	Loews Corp.		720,720
	100,000	Marsh & McLennan Companies Inc.		10,005,000
	9,000	Moody’s Corp.		1,843,470
	30,000	New York Community Bancorp Inc.		376,500
	20,000	PayPal Holdings Inc.†		2,071,800
	3,000	Prosus NV†		220,225
	61,000	S&P Global Inc.		14,943,780
	4,500	Sculptor Capital Management Inc.		87,660
	161,100	State Street Corp.		9,535,509
	15,000	SunTrust Banks Inc.		1,032,000
	112,400	T. Rowe Price Group Inc.		12,841,700
	30,000	The Blackstone Group Inc., Cl. A		1,465,200
	182,500	The Bank of New York Mellon Corp.		8,250,825
	20,000	The Charles Schwab Corp.		836,600
	5,000	The Goldman Sachs Group Inc.		1,036,150
	17,000	The PNC Financial Services Group Inc.		2,382,720
	3,000	TransUnion		243,330
	15,500	W. R. Berkley Corp.		1,119,565
	160,000	Waddell & Reed Financial Inc., Cl. A		2,748,800
	232,000	Wells Fargo & Co.		11,702,080
				195,065,383
		Equipment and Supplies — 7.3%
	398,000	AMETEK Inc.		36,544,360
	7,000	Amphenol Corp., Cl. A		675,500
	4,000	Ardagh Group SA		62,720
	125,591	CIRCOR International Inc.†		4,715,942
	325,800	Donaldson Co. Inc.		16,967,664
	252,000	Flowserve Corp.		11,770,920
	37,400	Franklin Electric Co. Inc.		1,788,094
	9,000	Hubbell Inc.		1,182,600
	207,000	IDEX Corp.		33,923,160
	43,000	Ingersoll-Rand plc		5,298,030
	100,000	Mueller Industries Inc.		2,868,000
	265,000	Mueller Water Products Inc., Cl. A		2,978,600
	13,000	Sealed Air Corp.		539,630
	30,000	Tenaris SA, ADR		635,400

1

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	80,000	The Timken Co.	$	3,480,800
	59,600	The Weir Group plc		1,044,618
	122,000	Watts Water Technologies Inc., Cl. A		11,435,060
				135,911,098
		Diversified Industrial — 5.3%
	8,000	Acuity Brands Inc.		1,078,320
	150,000	Ampco-Pittsburgh Corp.†		552,000
	50,000	Colfax Corp.†		1,453,000
	170,100	Crane Co.		13,715,163
	7,000	EnPro Industries Inc.		480,550
	160,000	General Electric Co.		1,430,400
	15,000	Graf Industrial Corp.†		154,500
	127,000	Greif Inc., Cl. A		4,812,030
	12,000	Greif Inc., Cl. B		546,720
	75,000	Griffon Corp.		1,572,750
	287,000	Honeywell International Inc.		48,560,400
	3,500	IntriCon Corp.†		68,040
	97,000	ITT Inc.		5,935,430
	11,000	Jardine Strategic Holdings Ltd.		328,680
	40,000	Kennametal Inc.		1,229,600
	50,000	Myers Industries Inc.		882,500
	35,000	nVent Electric plc		771,400
	85,000	Park-Ohio Holdings Corp.		2,538,100
	10,000	Rayonier Advanced Materials Inc.		43,300
	30,000	Rexnord Corp.†		811,500
	50,000	Schultze Special Purpose Acquisition Corp.†		566,750
	31,000	ServiceMaster Global Holdings Inc.†		1,732,900
	11,500	Sulzer AG.		1,130,930
	90,000	Textron Inc.		4,406,400
	100,000	Toray Industries Inc.		741,827
	12,000	Tredegar Corp.		234,240
	85,000	Trinity Industries Inc.		1,672,800
				97,450,230
		Health Care — 5.0%
	500	ABIOMED Inc.†		88,945
	1,000	ACADIA Pharmaceuticals Inc.†		35,990
	10,411	Acorda Therapeutics Inc.†		29,880
	1,500	Aerie Pharmaceuticals Inc.†		28,830
	20,000	Akorn Inc.†		76,000
	16,200	Alcon Inc.†		944,298
	500	Align Technology Inc.†		90,460
	2,000	Alkermes plc†		39,020
	8,500	Allergan plc		1,430,465
	5,500	Alnylam Pharmaceuticals Inc.†		442,310
	20,000	AmerisourceBergen Corp.		1,646,600
	28,000	Amgen Inc.		5,418,280
	1,000	AngioDynamics Inc.†		18,420
	15,901	Aptinyx Inc.†		55,494
	1,500	Arena Pharmaceuticals Inc.†		68,655

Shares			Market Value
	1,000	Avanos Medical Inc.†	$	37,460
	25,097	Axogen Inc.†		313,211
	2,596	Axovant Gene Therapies Ltd.†		16,770
	1,000	Bausch Health Cos. Inc.†		21,850
	13,000	Baxter International Inc.		1,137,110
	7,000	Biogen Inc.†		1,629,740
	1,500	BioMarin Pharmaceutical Inc.†		101,100
	10,500	BioTelemetry Inc.†		427,665
	200,000	Boston Scientific Corp.†		8,138,000
	155,000	Bristol-Myers Squibb Co.		7,860,050
	1,500	Celgene Corp.†		148,950
	30,400	Clovis Oncology Inc.†		119,472
	134,056	ConforMIS Inc.†		249,344
	85,400	Covetrus Inc.†		1,015,406
	1,000	CRISPR Therapeutics AG†		40,990
	17,900	Cutera Inc.†		523,217
	6,000	CytomX Therapeutics Inc.†		44,280
	244,000	Demant A/S†		6,249,651
	6,000	Dermira Inc.†		38,340
	1,000	Editas Medicine Inc.†		22,740
	2,000	ElectroCore Inc.†		4,380
	25,267	Electromed Inc.†		167,015
	17,200	Endo International plc†		55,212
	3,000	Evolus Inc.†		46,860
	1,500	G1 Therapeutics Inc.†		34,170
	10,370	GenMark Diagnostics Inc.†		62,842
	6,000	Gritstone Oncology Inc.†		51,810
	61,000	Henry Schein Inc.†		3,873,500
	2,500	ICU Medical Inc.†		399,000
	6,500	Incyte Corp.†		482,495
	46,800	Indivior plc†		27,920
	6,900	Inogen Inc.†		330,579
	2,000	Intellia Therapeutics Inc.†		26,700
	2,000	Intersect ENT Inc.†		34,020
	20,000	IRIDEX Corp.†		37,800
	37,000	Johnson & Johnson		4,787,060
	7,000	Jounce Therapeutics Inc.†		23,310
	17,569	Lannett Co. Inc.†		196,773
	1,000	LivaNova plc†		73,790
	10,500	Mallinckrodt plc†		25,305
	27,000	Marinus Pharmaceuticals Inc.†		41,580
	105,200	Merck & Co. Inc.		8,855,736
	5,500	Meridian Bioscience Inc.		52,195
	5,500	Merit Medical Systems Inc.†		167,530
	6,000	Mylan NV†		118,680
	4,500	Myriad Genetics Inc.†		128,835
	17,559	Nabriva Therapeutics plc†		35,118
	6,000	Nektar Therapeutics†		109,290
	9,500	Neuronetics Inc.†		78,945
	83,000	Novartis AG, ADR		7,212,700
	3,900	NuVasive Inc.†		247,182
	13,000	Nuvectra Corp.†		17,680

2

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	2,091,418	Option Care Health Inc.†	$	6,692,538
	2,000	Orthofix Medical Inc.†		106,040
	9,859	Patterson Cos. Inc.		175,687
	1,000	Perrigo Co. plc.		55,890
	8,500	Puma Biotechnology Inc.†		91,503
	1,037	Ra Pharmaceuticals Inc.†		24,525
	500	Regeneron Pharmaceuticals Inc.†		138,700
	2,000	Retrophin Inc.†		23,180
	27,064	ReWalk Robotics Ltd.†		82,816
	21,121	Rockwell Medical Inc.†		58,294
	3,000	Sangamo Therapeutics Inc.†		27,150
	5,500	Sol-Gel Technologies Ltd.†		49,445
	13,000	T2 Biosystems Inc.†		32,500
	2,135	Tandem Diabetes Care Inc.†		125,922
	8,000	Teva Pharmaceutical Industries Ltd., ADR†		55,040
	5,000	United Therapeutics Corp.†		398,750
	47,000	UnitedHealth Group Inc.		10,214,040
	3,400	USANA Health Sciences Inc.†		232,526
	11,996	Valeritas Holdings Inc.†		17,154
	4,000	Waters Corp.†		892,920
	4,000	Wright Medical Group NV†		82,520
	22,000	Zafgen Inc.†		16,258
	13,500	Zimmer Biomet Holdings Inc.		1,853,145
	32,000	Zoetis Inc.		3,986,880
	8,688	Zomedica Pharmaceuticals Corp.†		3,230
	21,297	Zosano Pharma Corp.†		33,223
				91,824,881
		Entertainment — 4.9%
	25,358	Charter Communications Inc., Cl. A†		10,450,539
	41,600	Discovery Inc., Cl. A†		1,107,808
	309,800	Discovery Inc., Cl. C†		7,627,276
	418,000	Dover Motorsports Inc.		827,640
	90,000	Genting Singapore Ltd.		57,302
	591,000	Grupo Televisa SAB, ADR		5,779,980
	21,500	Liberty Media Corp. - Liberty Braves, Cl. A†		598,345
	95,758	Liberty Media Corp. - Liberty Braves, Cl. C†		2,657,285
	46,545	Lions Gate Entertainment Corp., Cl. B		406,803
	10,000	Live Nation Entertainment Inc.†		663,400
	10,000	Reading International Inc., Cl. A†		119,600
	8,000	Take-Two Interactive Software Inc.†		1,002,720
	102,867	The Madison Square Garden Co., Cl. A†		27,107,512
	110,000	The Walt Disney Co.		14,335,200
	40,000	Tokyo Broadcasting System Holdings Inc.		646,659
	65,000	Universal Entertainment Corp.		2,098,035
	313,615	Viacom Inc., Cl. A		8,235,530
	20,000	Viacom Inc., Cl. B		480,600

Shares			Market Value
	240,000	Vivendi SA	$	6,586,809
				90,789,043
		Business Services — 4.7%
	11,000	Allegion plc		1,140,150
	200,035	Clear Channel Outdoor Holdings Inc.†		504,088
	211,500	Diebold Nixdorf Inc.†		2,368,800
	3,000	Edenred		143,972
	30,000	Emerald Expositions Events Inc.		291,900
	160,000	G4S plc.		372,207
	16,000	Jardine Matheson Holdings Ltd.		856,000
	105,000	Macquarie Infrastructure Corp.		4,144,350
	241,000	Mastercard Inc., Cl. A		65,448,370
	170,000	Resideo Technologies Inc.†		2,439,500
	3,000	Stericycle Inc.†		152,790
	245,529	The Interpublic Group of Companies Inc.		5,293,605
	10,000	Vectrus Inc.†		406,500
	12,800	Visa Inc., Cl. A		2,201,728
	9,500	WW International Inc.†		359,433
				86,123,393
		Consumer Services — 4.4%
	20,000	eBay Inc.		779,600
	591	Expedia Group Inc.		79,436
	78,185	GCI Liberty Inc., Cl. A†		4,852,943
	250,000	Groupon Inc.†		665,000
	39,000	IAC/InterActiveCorp.†		8,500,830
	21,000	Liberty TripAdvisor Holdings Inc., Cl. A†		197,610
	2,000	Marriott Vacations Worldwide Corp.		207,220
	18,000	Matthews International Corp., Cl. A		637,020
	284,000	Qurate Retail Inc., Cl. A†		2,929,460
	1,860,000	Rollins Inc.		63,370,200
				82,219,319
		Consumer Products — 4.0%
	100,000	Avon Products Inc.†		440,000
	14,100	Christian Dior SE		6,672,937
	27,000	Church & Dwight Co. Inc.		2,031,480
	216,190	Edgewell Personal Care Co.†		7,024,013
	192,000	Energizer Holdings Inc.		8,367,360
	27,600	Essity AB, Cl. B		805,510
	2,100	Givaudan SA		5,857,823
	85,000	Hanesbrands Inc.		1,302,200
	23,800	Harley-Davidson Inc.		856,086
	1,270	Hermes International		877,609
	20,000	Mattel Inc.†		227,800
	10,500	National Presto Industries Inc.		935,445
	56,700	Newell Brands Inc.		1,061,424
	10,000	Oil-Dri Corp. of America		340,600
	46,800	Reckitt Benckiser Group plc		3,650,505
	2,200	Spectrum Brands Holdings Inc.		115,984
	27,600	Svenska Cellulosa AB, Cl. B		246,111

3

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	806,900	Swedish Match AB	$	33,369,293
				74,182,180
		Energy and Utilities — 3.5%
	45,000	Apache Corp.		1,152,000
	60,000	Baker Hughes, a GE Company		1,392,000
	80,000	BP plc, ADR		3,039,200
	18,600	California Resources Corp.†		189,720
	16,000	CMS Energy Corp.		1,023,200
	172,000	ConocoPhillips		9,800,560
	194,000	El Paso Electric Co.		13,013,520
	98,400	Enbridge Inc.		3,451,872
	55,000	Energy Transfer LP		719,400
	20,000	Evergy Inc.		1,331,200
	24,000	Eversource Energy		2,051,280
	46,000	Exxon Mobil Corp.		3,248,060
	241,700	Halliburton Co.		4,556,045
	88,615	KLX Energy Services Holdings Inc.†		766,077
	4,000	Marathon Oil Corp.		49,080
	8,000	Marathon Petroleum Corp.		486,000
	15,000	Murphy USA Inc.†		1,279,500
	43,000	National Fuel Gas Co.		2,017,560
	12,000	NextEra Energy Inc.		2,795,880
	8,000	NextEra Energy Partners LP		422,720
	1,000	Niko Resources Ltd., OTC†		1
	3,000	Niko Resources Ltd., Toronto†(b)		34
	6,968	Occidental Petroleum Corp.		309,867
	32,400	Oceaneering International Inc.†		439,020
	127,500	Patterson-UTI Energy Inc.		1,090,125
	36,000	Phillips 66		3,686,400
	32,680	RPC Inc.		183,335
	60,000	Schlumberger Ltd.		2,050,200
	15,000	Southwest Gas Holdings Inc.		1,365,600
	111,500	The AES Corp.		1,821,910
	23,000	Valaris plc		110,630
				63,841,996
		Cable and Satellite — 3.4%
	245,600	AMC Networks Inc., Cl. A†		12,073,696
	200	Cable One Inc.		250,940
	195,000	Comcast Corp., Cl. A		8,790,600
	111,853	DISH Network Corp., Cl. A†		3,810,832
	60,933	EchoStar Corp., Cl. A†		2,414,165
	145,605	Liberty Global plc, Cl. A†		3,603,724
	289,064	Liberty Global plc, Cl. C†		6,876,833
	21,712	Liberty Latin America Ltd., Cl. A†		370,624
	42,918	Liberty Latin America Ltd., Cl. C†		733,683
	4,000	Naspers Ltd., Cl. N		606,154
	432,200	Rogers Communications Inc., Cl. B		21,061,106

Shares			Market Value
	160,000	Shaw Communications Inc., Cl. B	$	3,145,600
				63,737,957
		Automotive: Parts and Accessories — 3.3%
	9,500	Aptiv plc.		830,490
	93,600	BorgWarner Inc.		3,433,248
	240,900	Dana Inc.		3,478,596
	24,200	Garrett Motion Inc.†		241,032
	248,200	Genuine Parts Co.		24,718,238
	180,000	Modine Manufacturing Co.†		2,046,600
	54,500	O’Reilly Automotive Inc.†		21,718,795
	105,000	Standard Motor Products Inc.		5,097,750
	68,000	Superior Industries International Inc.		196,520
				61,761,269
		Aerospace and Defense — 3.0%
	272,500	Aerojet Rocketdyne Holdings Inc.†		13,763,975
	1,246,553	BBA Aviation plc		4,785,062
	35,800	Kaman Corp.		2,128,668
	13,001	L3Harris Technologies Inc.		2,712,529
	17,500	Northrop Grumman Corp.		6,558,825
	1,209,000	Rolls-Royce Holdings plc		11,779,169
	34,000	The Boeing Co.		12,935,980
	1,745	United Technologies Corp.		238,227
				54,902,435
		Broadcasting — 2.9%
	251,000	CBS Corp., Cl. A, Voting		10,880,850
	20,000	CBS Corp., Cl. B, Non-Voting		807,400
	2,000	Cogeco Inc.		144,077
	24,000	Corus Entertainment Inc., OTC, Cl. B		96,000
	500,000	Entercom Communications Corp., Cl. A		1,670,000
	161,733	Fox Corp., Cl. A		5,100,250
	117,333	Fox Corp., Cl. B		3,700,683
	16,000	Gray Television Inc.†		261,120
	19,250	Liberty Broadband Corp., Cl. A†		2,012,010
	62,192	Liberty Broadband Corp., Cl. C†		6,509,637
	88,050	Liberty Media Corp. - Liberty Formula One, Cl. A†		3,485,899
	52,250	Liberty Media Corp. - Liberty Formula One, Cl. C†		2,173,077
	75,000	Liberty Media Corp. - Liberty SiriusXM, Cl. A†		3,117,750
	158,000	Liberty Media Corp. - Liberty SiriusXM, Cl. C†		6,629,680
	277,600	MSG Networks Inc., Cl. A†		4,502,672
	15,000	Nexstar Media Group Inc., Cl. A		1,534,650
	4,500	Sinclair Broadcast Group Inc., Cl. A		192,330
	85,200	Television Broadcasts Ltd.		138,925
				52,957,010

4

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Machinery — 2.8%
	25,000	Astec Industries Inc.	$	777,500
	12,800	Caterpillar Inc.		1,616,768
	255,010	CNH Industrial NV		2,588,351
	175,000	Deere & Co.(a)		29,519,000
	216,000	Xylem Inc.		17,197,920
				51,699,539
		Electronics — 2.8%
	20,000	Bel Fuse Inc., Cl. A		274,200
	4,000	Hitachi Ltd., ADR		298,920
	50,000	Intel Corp.		2,576,500
	272,528	Johnson Controls International plc		11,961,254
	34,170	Koninklijke Philips NV		1,576,262
	2,400	Mettler-Toledo International Inc.†		1,690,560
	40,000	TE Connectivity Ltd.		3,727,200
	224,000	Texas Instruments Inc.		28,949,760
				51,054,656
		Telecommunications — 2.4%
	68,000	AT&T Inc.		2,573,120
	55,400	BCE Inc.		2,681,914
	914,200	BT Group plc, Cl. A		2,007,326
	7,040,836	Cable & Wireless Jamaica Ltd.†(b)		75,928
	70,000	Cincinnati Bell Inc.†		354,900
	100,000	Deutsche Telekom AG, ADR		1,671,000
	190,636	Gogo Inc.†		1,149,535
	36,000	Hellenic Telecommunications Organization SA		495,973
	15,000	Hellenic Telecommunications Organization SA, ADR		105,000
	25,000	Intelsat SA†		570,000
	264,732	Koninklijke KPN NV		825,529
	53,000	Loral Space & Communications Inc.†		2,194,200
	16,000	Oi SA, ADR†		6,183
	4,267	Oi SA, Cl. C, ADR†		4,694
	40,053	Sprint Corp.†		247,127
	21,000	Telecom Argentina SA, ADR		210,000
	535,000	Telecom Italia SpA†		305,266
	70,000	Telefonica Brasil SA, ADR		921,900
	560,739	Telefonica SA, ADR		4,261,616
	543,700	Telephone & Data Systems Inc.		14,027,460
	105,000	Telesites SAB de CV†		69,436
	25,000	TELUS Corp.		889,723
	119,000	Verizon Communications Inc.		7,182,840
	70,000	Vodafone Group plc, ADR		1,393,700
	15,000	Zayo Group Holdings Inc.†		508,500
				44,732,870
		Retail — 2.4%
	80,300	AutoNation Inc.†		4,071,210
	5,000	Casey’s General Stores Inc.		805,800
	39,000	Costco Wholesale Corp.		11,236,290

Shares			Market Value
	84,000	CVS Health Corp.	$	5,297,880
	30,000	GNC Holdings Inc., Cl. A†		64,200
	354,539	Hertz Global Holdings Inc.†		4,906,820
	26,000	J.C. Penney Co. Inc.†		23,111
	38,000	Lowe’s Companies Inc.		4,178,480
	254,000	Macy’s Inc.		3,947,160
	40,000	PetIQ Inc.†		1,090,400
	23,279	PetMed Express Inc.		419,488
	30,600	Sally Beauty Holdings Inc.†		455,634
	16,000	The Cheesecake Factory Inc.		666,880
	10,000	Vitamin Shoppe Inc.†		65,200
	64,000	Walgreens Boots Alliance Inc.		3,539,840
	32,000	Walmart Inc.		3,797,760
				44,566,153
		Specialty Chemicals — 2.1%
	11,000	AdvanSix Inc.†		282,920
	9,000	Air Products & Chemicals Inc.		1,996,740
	11,000	Ashland Global Holdings Inc.		847,550
	22,000	Axalta Coating Systems Ltd.†		663,300
	28,333	Dow Inc.		1,350,067
	85,000	DuPont de Nemours Inc.		6,061,350
	390,000	Ferro Corp.†		4,625,400
	10,000	FMC Corp.		876,800
	86,000	GCP Applied Technologies Inc.†		1,655,500
	24,000	H.B. Fuller Co.		1,117,440
	58,000	International Flavors & Fragrances Inc.		7,116,020
	226,171	OMNOVA Solutions Inc.†		2,277,542
	144,800	Sensient Technologies Corp.		9,940,520
	17,000	SGL Carbon SE†		80,713
	2,000	The Chemours Co.		29,880
	20,000	Valvoline Inc.		440,600
				39,362,342
		Environmental Services — 2.1%
	35,000	Pentair plc		1,323,000
	237,100	Republic Services Inc.		20,521,005
	141,600	Waste Management Inc.		16,284,000
				38,128,005
		Hotels and Gaming — 1.9%
	16,000	Accor SA		667,052
	41,557	GVC Holdings plc		379,849
	8,000	Hyatt Hotels Corp., Cl. A		589,360
	34,000	Las Vegas Sands Corp.		1,963,840
	4,458,500	Mandarin Oriental International Ltd.		6,955,260
	15,000	Marriott International Inc., Cl. A		1,865,550
	70,000	MGM China Holdings Ltd.		109,139
	238,000	MGM Resorts International		6,597,360
	7,560	Penn National Gaming Inc.†		140,805
	168,800	Ryman Hospitality Properties Inc., REIT		13,809,528
	200,000	The Hongkong & Shanghai Hotels Ltd.		194,700
	200,000	William Hill plc		461,448

5

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Hotels and Gaming (Continued)
	4,000	Wyndham Destinations Inc.	$	184,080
	4,000	Wyndham Hotels & Resorts Inc.		206,960
	6,000	Wynn Resorts Ltd.		652,320
				34,777,251
		Aviation: Parts and Services — 1.5%
	18,000	Arconic Inc.		468,000
	216,800	Curtiss-Wright Corp.		28,047,416
				28,515,416
		Computer Software and Services — 1.1%
	6,400	Alphabet Inc., Cl. C†		7,801,600
	13,000	Blucora Inc.†		281,320
	5,500	Check Point Software Technologies Ltd.†		602,250
	3,000	Facebook Inc., Cl. A†		534,240
	12,120	Fiserv Inc.†		1,255,511
	240,000	Hewlett Packard Enterprise Co.		3,640,800
	515,874	Internap Corp.†		1,330,955
	22,000	InterXion Holding NV†		1,792,120
	66	Liq Participacoes SA†		180
	20,900	Rockwell Automation Inc.		3,444,320
				20,683,296
		Building and Construction — 1.0%
	28,333	Arcosa Inc.		969,272
	63,210	Armstrong Flooring Inc.†		403,912
	18,000	Assa Abloy AB, Cl. B		400,628
	80,000	Fortune Brands Home & Security Inc.		4,376,000
	202,535	Herc Holdings Inc.†		9,419,903
	17,500	Lennar Corp., Cl. A.		977,375
	40,000	PGT Innovations Inc.†		690,800
	12,000	Sika AG		1,755,423
				18,993,313
		Wireless Communications — 0.9%
	105,000	America Movil SAB de CV, Cl. L, ADR		1,560,300
	103,000	Millicom International Cellular SA, SDR		4,997,211
	150,000	NTT DOCOMO Inc.		3,819,191
	46,075	TIM Participacoes SA, ADR		661,637
	25,000	T-Mobile US Inc.†.		1,969,250
	104,600	United States Cellular Corp.†		3,930,868
				16,938,457
		Automotive — 0.7%
	80,000	General Motors Co.		2,998,400
	180,000	Navistar International Corp.†		5,059,800
	70,000	PACCAR Inc.		4,900,700
				12,958,900
		Metals and Mining — 0.6%
	37,400	Agnico Eagle Mines Ltd.		2,005,014
	50,000	Barrick Gold Corp.		866,500

Shares			Market Value
	30,000	Cleveland-Cliffs Inc.	$	216,600
	80,000	Freeport-McMoRan Inc.		765,600
	9,353	Livent Corp.†		62,572
	4,300	Materion Corp.		263,848
	50,000	New Hope Corp. Ltd.		74,245
	143,600	Newmont Goldcorp Corp.		5,445,312
	200,000	TimkenSteel Corp.†		1,258,000
	100,000	Turquoise Hill Resources Ltd.†		47,520
	15,000	Vale SA, ADR†		172,500
				11,177,711
		Transportation — 0.5%
	131,200	GATX Corp.		10,171,936
		Real Estate — 0.5%
	15,000	Gaming and Leisure Properties Inc., REIT		573,600
	56,000	Griffin Industrial Realty Inc.		2,125,200
	29,000	Rayonier Inc., REIT		817,800
	325,803	The St. Joe Co.†		5,581,005
	15,000	Weyerhaeuser Co., REIT		415,500
				9,513,105
		Publishing — 0.5%
	1,100	Graham Holdings Co., Cl. B		729,795
	107,700	Meredith Corp.		3,948,282
	125,000	News Corp., Cl. A		1,740,000
	100,600	News Corp., Cl. B		1,438,077
	70,000	The E.W. Scripps Co., Cl. A		929,600
				8,785,754
		Communications Equipment — 0.5%
	4,000	Apple Inc.		895,880
	270,000	Corning Inc.		7,700,400
				8,596,280
		Agriculture — 0.5%
	200,000	Archer-Daniels-Midland Co.		8,214,000
	10,000	The Mosaic Co.		205,000
				8,419,000
		Manufactured Housing and Recreational Vehicles — 0.2%
	5,000	Martin Marietta Materials Inc.		1,370,500
	30,000	Nobility Homes Inc.		706,800
	42,000	Skyline Champion Corp.†		1,263,780
				3,341,080
		TOTAL COMMON STOCKS		1,836,291,821

6

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Shares			Market Value
		CLOSED-END FUNDS — 0.4%
	95,000	Altaba Inc.	$	1,850,600
	4,285	Royce Global Value Trust Inc.		43,364
	45,000	Royce Value Trust Inc.		619,200
	92,106	The Central Europe, Russia, and Turkey Fund Inc.		2,394,756
	154,038	The New Germany Fund Inc.		2,134,967
		TOTAL CLOSED-END FUNDS		7,042,887
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Telecommunications — 0.0%
	21,000	Cincinnati Bell Inc., 6.750%, Ser. B		682,498
		RIGHTS — 0.0%
		Entertainment — 0.0%
	139,123	Media General Inc., CVR†(b)		0
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.3%
	$4,493,000	U.S. Treasury Bills, 1.762% to 1.798%††, 12/19/19 to 12/26/19		4,475,763
		TOTAL INVESTMENTS — 100.0%
		(Cost $1,183,905,409)	$	1,848,492,969

(a)	Securities, or a portion thereof, with a value of $47,271,200 were pledged as collateral for futures contracts.
(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
†	Non-income producing security.
††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt
CVR	Contingent Value Right
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

Geographic Diversification	% of Total Investments			Market Value
North America		84.0	%		$	1,552,389,154
Europe		12.6				233,513,667
Japan		1.7				32,186,273
Latin America		1.2				21,192,609
Asia/Pacific		0.5				8,605,112
South Africa		0.0	*			606,154
Total Investments		100.0	%		$	1,848,492,969

* Amount represents less than 0.05%.

As of September 30, 2019, futures contracts outstanding were as follows:

Description	Long/Short		Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation
S&P 500 Futures (E-Mini)		Short		117		12/20/19	$	17,424,225	$	421,310	$	421,310
TOTAL FUTURES											$	421,310

7