The Gabelli Equity Trust Inc.

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 97.1%
		Food and Beverage — 12.8%
	3,000	Ajinomoto Co. Inc.	$	56,094
	101,800	Brown-Forman Corp., Cl. A		5,230,484
	49,300	Brown-Forman Corp., Cl. B		2,736,643
	53,800	Campbell Soup Co.		2,483,408
	65,000	Chr. Hansen Holding A/S		4,885,731
	15,000	Coca-Cola European Partners plc		562,950
	260,000	Conagra Brands Inc.		7,628,400
	29,000	Constellation Brands Inc., Cl. A		4,157,440
	18,000	Crimson Wine Group Ltd.†		105,210
	191,500	Danone SA		12,385,089
	1,277,600	Davide Campari-Milano SpA.		9,229,381
	118,000	Diageo plc, ADR		15,000,160
	80,000	Flowers Foods Inc.		1,641,600
	77,800	Fomento Economico Mexicano SAB de CV, ADR		4,707,678
	35,000	General Mills Inc.		1,846,950
	1,848,400	Grupo Bimbo SAB de CV, Cl. A		2,710,753
	41,300	Heineken NV.		3,469,072
	10,500	Ingredion Inc.		792,750
	105,000	ITO EN Ltd.		5,585,678
	20,000	Kellogg Co.		1,199,800
	61,500	Kerry Group plc, Cl. A		7,101,632
	13,000	Keurig Dr Pepper Inc.		315,510
	9,700	LVMH Moet Hennessy Louis Vuitton SE		3,620,784
	20,000	Maple Leaf Foods Inc.		362,680
	60,000	Molson Coors Beverage Co., Cl. B		2,340,600
	303,000	Mondelëz International Inc., Cl. A		15,174,240
	14,000	Morinaga Milk Industry Co. Ltd.		544,246
	41,000	Nestlé SA		4,236,312
	143,000	PepsiCo Inc.		17,174,300
	39,200	Pernod Ricard SA		5,596,603
	31,000	Post Holdings Inc.†		2,572,070
	41,500	Remy Cointreau SA		4,561,018
	79,600	The Coca-Cola Co.		3,522,300
	75,000	The Hain Celestial Group Inc.†		1,947,750
	20,000	The J.M. Smucker Co.		2,220,000
	15,000	The Kraft Heinz Co.		371,100
	141,110	Tootsie Roll Industries Inc.		5,074,316
	48,000	Tyson Foods Inc., Cl. A		2,777,760
	335,000	Yakult Honsha Co. Ltd.		19,908,393
				185,836,885
		Financial Services — 10.7%
	330,000	American Express Co.(a)		28,251,300
	25,000	American International Group Inc.		606,250
	28,000	Apollo Global Management Inc.		938,000
	16,000	Argo Group International Holdings Ltd.		592,960
	72,585	Banco Santander SA, ADR		170,575
	90,000	Bank of America Corp.		1,910,700
	111	Berkshire Hathaway Inc., Cl. A†		30,192,000
	10,000	Calamos Asset Management Inc., Escrow†(b)		0

Shares			Market Value
	11,000	CIT Group Inc.	$	189,860
	108,000	Citigroup Inc.		4,548,960
	5,000	Cullen/Frost Bankers Inc.		278,950
	30,000	Deutsche Bank AG		192,600
	30,000	E*TRADE Financial Corp.		1,029,600
	30,000	Fidelity National Financial Inc.		746,400
	36,000	GAM Holding AG†		68,297
	55,000	H&R Block Inc.		774,400
	12,500	Hannon Armstrong Sustainable Infrastructure Capital Inc., REIT		255,125
	5,000	I3 Verticals Inc., Cl. A†		95,450
	40,000	Interactive Brokers Group Inc., Cl. A		1,726,800
	70,000	Janus Henderson Group plc		1,072,400
	88,000	Jefferies Financial Group Inc.		1,202,960
	62,400	JPMorgan Chase & Co.		5,617,872
	5,000	Julius Baer Group Ltd.		171,584
	29,800	Kinnevik AB, Cl. A		497,041
	40,000	Legg Mason Inc.		1,954,000
	14,000	Loews Corp.		487,620
	90,000	Marsh & McLennan Companies Inc.		7,781,400
	9,000	Moody’s Corp.		1,903,500
	40,000	New York Community Bancorp Inc.		375,600
	25,000	PayPal Holdings Inc.†		2,393,500
	3,000	Prosus NV†		208,945
	58,000	S&P Global Inc.		14,212,900
	4,000	Sculptor Capital Management Inc.		54,160
	161,100	State Street Corp.		8,581,797
	112,400	T. Rowe Price Group Inc.		10,975,860
	212,500	The Bank of New York Mellon Corp.		7,157,000
	30,000	The Blackstone Group Inc., Cl. A		1,367,100
	55,000	The Charles Schwab Corp.		1,849,100
	12,000	The Goldman Sachs Group Inc.		1,855,080
	17,000	The PNC Financial Services Group Inc.		1,627,240
	3,000	TransUnion		198,540
	19,425	Truist Financial Corp.		599,067
	15,500	W. R. Berkley Corp.		808,635
	200,000	Waddell & Reed Financial Inc., Cl. A		2,276,000
	257,000	Wells Fargo & Co.		7,375,900
				155,173,028
		Equipment and Supplies — 6.5%
	377,000	AMETEK Inc.		27,151,540
	7,000	Amphenol Corp., Cl. A		510,160
	4,000	Ardagh Group SA		47,440
	88,000	CIRCOR International Inc.†		1,023,440
	305,000	Donaldson Co. Inc.		11,782,150
	230,000	Flowserve Corp.		5,494,700
	37,400	Franklin Electric Co. Inc.		1,762,662
	15,000	Hubbell Inc.		1,721,100
	186,500	IDEX Corp.		25,757,515
	100,000	Mueller Industries Inc.		2,394,000
	272,900	Mueller Water Products Inc., Cl. A		2,185,929

1

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	13,000	Sealed Air Corp.	$	321,230
	30,000	Tenaris SA, ADR		361,500
	80,000	The Timken Co.		2,587,200
	59,600	The Weir Group plc		533,749
	121,000	Watts Water Technologies Inc., Cl. A		10,242,650
				93,876,965
		Health Care — 5.7%
	3,100	ABIOMED Inc.†		449,996
	500	ACADIA Pharmaceuticals Inc.†		21,125
	10,411	Acorda Therapeutics Inc.†		9,709
	2,000	Aerie Pharmaceuticals Inc.†		27,000
	20,000	Akorn Inc.†		11,224
	16,200	Alcon Inc.†		823,284
	4,000	Alimera Sciences Inc.†		15,360
	2,000	Alkermes plc†		28,840
	8,000	Allergan plc		1,416,800
	8,000	AmerisourceBergen Corp.		708,000
	25,000	Amgen Inc.		5,068,250
	1,000	AngioDynamics Inc.†		10,430
	15,901	Aptinyx Inc.†		34,346
	1,500	Arena Pharmaceuticals Inc.†		63,000
	44,992	Axogen Inc.†		467,917
	2,596	Axovant Gene Therapies Ltd.†		6,334
	13,000	Baxter International Inc.		1,055,470
	7,000	Biogen Inc.†		2,214,660
	10,595	BioTelemetry Inc.†		408,013
	500	Bluebird Bio Inc.†.		22,980
	183,000	Boston Scientific Corp.†		5,971,290
	151,000	Bristol-Myers Squibb Co.		8,416,740
	13,000	Cigna Corp.		2,303,340
	30,400	Clovis Oncology Inc.†		193,344
	167,823	ConforMIS Inc.†		105,729
	1,000	Cortexyme Inc.†		45,610
	65,300	Covetrus Inc.†		531,542
	500	CRISPR Therapeutics AG†		21,205
	17,900	Cutera Inc.†		233,774
	6,000	CytomX Therapeutics Inc.†.		46,020
	244,000	Demant A/S†		5,428,550
	1,500	Editas Medicine Inc.†		29,745
	2,000	ElectroCore Inc.†		1,900
	7,667	Electromed Inc.†.		86,177
	17,200	Endo International plc†		63,640
	3,000	Evolus Inc.†		12,450
	3,500	Exact Sciences Corp.†		203,000
	2,000	G1 Therapeutics Inc.†.		22,040
	10,370	GenMark Diagnostics Inc.†.		42,724
	500	Globus Medical Inc., Cl. A†.		21,265
	6,000	Gritstone Oncology Inc.†		34,920
	61,000	Henry Schein Inc.†		3,081,720
	4,796	ICU Medical Inc.†		967,689

Shares			Market Value
	6,500	Incyte Corp.†	$	475,995
	46,800	Indivior plc†		26,478
	5,900	Inogen Inc.†		304,794
	2,000	Intellia Therapeutics Inc.†		24,460
	2,000	Intersect ENT Inc.†		23,700
	15,000	IRIDEX Corp.†		24,150
	35,000	Johnson & Johnson		4,589,550
	7,000	Jounce Therapeutics Inc.†		33,250
	10,000	La Jolla Pharmaceutical Co.†		42,000
	12,569	Lannett Co. Inc.†		87,355
	500	LivaNova plc†		22,625
	10,500	Mallinckrodt plc†		20,790
	27,000	Marinus Pharmaceuticals Inc.†		54,810
	105,200	Merck & Co. Inc.		8,094,088
	10,500	Meridian Bioscience Inc.†		88,200
	6,000	Mylan NV†		89,460
	5,500	Myriad Genetics Inc.†		78,705
	17,559	Nabriva Therapeutics plc†		10,096
	6,000	Nektar Therapeutics†		107,100
	19,500	Neuronetics Inc.†		36,855
	83,000	Novartis AG, ADR		6,843,350
	2,500	NuVasive Inc.†		126,650
	332,000	Option Care Health Inc.†		3,144,040
	5,000	Orthofix Medical Inc.†		140,050
	8,859	Patterson Cos. Inc.		135,454
	8,500	Puma Biotechnology Inc.†		71,740
	5	Replimune Group Inc.†		50
	2,000	Retrophin Inc.†		29,180
	27,064	ReWalk Robotics Ltd.†		11,692
	26,121	Rockwell Medical Inc.†.		53,548
	3,000	Sangamo Therapeutics Inc.†		19,110
	956	SeaSpine Holdings Corp.†		7,811
	55,701	SmileDirectClub Inc.†		260,124
	1,000	Smith & Nephew plc, ADR		35,870
	71	Sol-Gel Technologies Ltd.†		501
	762	Soliton Inc.†		6,172
	13,000	T2 Biosystems Inc.†		8,444
	8,000	Teva Pharmaceutical Industries Ltd., ADR†		71,840
	500	Ultragenyx Pharmaceutical Inc.†		22,215
	3,000	United Therapeutics Corp.†		284,475
	47,000	UnitedHealth Group Inc.		11,720,860
	11,996	Valeritas Holdings Inc.†		600
	8,000	Vericel Corp.†		73,360
	4,000	Waters Corp.†		728,200
	22,000	Zafgen Inc.†		16,940
	11,000	Zimmer Biomet Holdings Inc.		1,111,880
	31,200	Zoetis Inc.		3,671,928
	8,688	Zomedica Pharmaceuticals Corp.†		1,648
	21,297	Zosano Pharma Corp.†		11,969
				83,571,314

2

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Consumer Services — 5.4%
	20,000	eBay Inc.	$	601,200
	57,500	GCI Liberty Inc., Cl. A†		3,275,775
	75,000	Groupon Inc.†		73,515
	39,000	IAC/InterActiveCorp.†		6,989,970
	21,000	Liberty TripAdvisor Holdings Inc., Cl. A†		37,800
	17,000	Matthews International Corp., Cl. A		411,230
	285,000	Qurate Retail Inc., Cl. A†		1,739,925
	1,813,000	Rollins Inc.		65,521,820
				78,651,235
		Consumer Products — 5.3%
	14,100	Christian Dior SE		5,075,813
	27,000	Church & Dwight Co. Inc.		1,732,860
	251,000	Edgewell Personal Care Co.†		6,044,080
	192,000	Energizer Holdings Inc.		5,808,000
	27,600	Essity AB, Cl. B		853,733
	2,100	Givaudan SA		6,534,545
	85,000	Hanesbrands Inc.		668,950
	23,800	Harley-Davidson Inc.		450,534
	1,270	Hermes International.		880,750
	30,000	Mattel Inc.†.		264,300
	10,500	National Presto Industries Inc.		743,505
	34,100	Newell Brands Inc.		452,848
	10,000	Oil-Dri Corp. of America.		334,400
	46,800	Reckitt Benckiser Group plc		3,575,004
	2,205	Spectrum Brands Holdings Inc.		80,196
	27,600	Svenska Cellulosa AB SCA, Cl. B†		280,253
	756,900	Swedish Match AB		43,458,886
				77,238,657
		Diversified Industrial — 4.9%
	185,000	Ampco-Pittsburgh Corp.†		462,500
	20,000	AZZ Inc.		562,400
	50,000	Colfax Corp.†		990,000
	165,100	Crane Co.		8,119,618
	7,000	EnPro Industries Inc.		277,060
	160,000	General Electric Co.		1,270,400
	15,000	Graf Industrial Corp.†		156,750
	127,000	Greif Inc., Cl. A		3,948,430
	12,000	Greif Inc., Cl. B		480,720
	68,000	Griffon Corp.		860,200
	239,000	Honeywell International Inc.		31,975,810
	37,943	Ingersoll Rand Inc.†		940,986
	3,500	IntriCon Corp.†		41,195
	93,000	ITT Inc.		4,218,480
	11,000	Jardine Strategic Holdings Ltd.		244,200
	39,000	Kennametal Inc.		726,180
	50,000	Myers Industries Inc.		537,500
	30,000	nVent Electric plc		506,100
	85,000	Park-Ohio Holdings Corp.		1,609,900
	10,000	Rayonier Advanced Materials Inc.		10,600

Shares			Market Value
	30,000	Rexnord Corp.	$	680,100
	500	Roper Technologies Inc.		155,905
	50,000	Schultze Special Purpose Acquisition Corp.†		530,000
	91,700	ServiceMaster Global Holdings Inc.†		2,475,900
	11,000	Sulzer AG		698,286
	104,000	Textron Inc.		2,773,680
	100,000	Toray Industries Inc.		436,178
	43,000	Trane Technologies plc		3,551,370
	12,000	Tredegar Corp.		187,560
	85,000	Trinity Industries Inc.		1,365,950
				70,793,958
		Entertainment — 4.8%
	20,658	Charter Communications Inc., Cl. A†		9,013,292
	41,600	Discovery Inc., Cl. A†		808,704
	310,800	Discovery Inc., Cl. C†		5,451,432
	418,000	Dover Motorsports Inc.		522,500
	90,000	Genting Singapore Ltd.		43,691
	606,000	Grupo Televisa SAB, ADR		3,514,800
	21,500	Liberty Media Corp.-
		Liberty Braves, Cl. A†		419,250
	100,758	Liberty Media Corp.-
		Liberty Braves, Cl. C†		1,920,448
	40,545	Lions Gate Entertainment Corp., Cl. B†		226,241
	10,000	Live Nation Entertainment Inc.†		454,600
	8,000	Reading International Inc., Cl. A†		31,120
	8,000	Take-Two Interactive Software Inc.†		948,880
	95,867	The Madison Square Garden Co., Cl. A†		20,267,243
	102,000	The Walt Disney Co.		9,853,200
	40,000	Tokyo Broadcasting System Holdings Inc.		559,498
	65,000	Universal Entertainment Corp.		986,561
	463,486	ViacomCBS Inc., Cl. A		8,263,955
	60,000	ViacomCBS Inc., Cl. B		840,600
	240,000	Vivendi SA		5,168,192
				69,294,207
		Business Services — 4.1%
	11,000	Allegion plc		1,012,220
	400,035	Clear Channel Outdoor Holdings Inc.†		256,022
	240,000	Diebold Nixdorf Inc.†		844,800
	3,000	Edenred		126,028
	160,000	G4S plc		183,433
	16,000	Jardine Matheson Holdings Ltd.		800,000
	186,602	Macquarie Infrastructure Corp.		4,711,702
	177,000	Mastercard Inc., Cl. A		42,756,120
	239,573	Resideo Technologies Inc.†		1,159,533
	244,000	The Interpublic Group of Companies Inc.		3,950,360
	6,000	United Parcel Service Inc., Cl. B		560,520
	10,000	Vectrus Inc.†		414,100
	12,800	Visa Inc., Cl. A		2,062,336
	8,000	WW International Inc.†		135,280
				58,972,454

3

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Cable and Satellite — 3.1%
	246,433	AMC Networks Inc., Cl. A†	$	5,990,786
	200	Cable One Inc.		328,802
	215,000	Comcast Corp., Cl. A		7,391,700
	123,642	DISH Network Corp., Cl. A†		2,471,604
	50,433	EchoStar Corp., Cl. A†		1,612,343
	145,605	Liberty Global plc, Cl. A†		2,403,939
	259,064	Liberty Global plc, Cl. C†		4,069,895
	21,712	Liberty Latin America Ltd., Cl. A†		228,410
	82,918	Liberty Latin America Ltd., Cl. C†		850,739
	4,000	Naspers Ltd., Cl. N		571,124
	397,000	Rogers Communications Inc., Cl. B		16,487,410
	160,000	Shaw Communications Inc., Cl. B		2,592,000
				44,998,752
		Energy and Utilities — 3.0%
	45,000	Apache Corp.		188,100
	10,000	Avangrid Inc.		437,800
	60,000	Baker Hughes Co.		630,000
	80,000	BP plc, ADR		1,951,200
	16,000	CMS Energy Corp.		940,000
	172,000	ConocoPhillips		5,297,600
	140,000	El Paso Electric Co.		9,514,400
	98,400	Enbridge Inc.		2,862,456
	55,000	Energy Transfer LP.		253,000
	20,000	Evergy Inc.		1,101,000
	22,000	Eversource Energy		1,720,620
	46,000	Exxon Mobil Corp.		1,746,620
	222,000	Halliburton Co.		1,520,700
	77,984	KLX Energy Services Holdings Inc.†		54,589
	4,000	Marathon Oil Corp.		13,160
	8,000	Marathon Petroleum Corp.		188,960
	43,000	National Fuel Gas Co.		1,603,470
	12,000	NextEra Energy Inc.		2,887,440
	63,500	NextEra Energy Partners LP		2,730,500
	1,000	Niko Resources Ltd., OTC†		1
	3,000	Niko Resources Ltd., Toronto†(b)		2
	10,968	Occidental Petroleum Corp.		127,009
	32,400	Oceaneering International Inc.†		95,256
	47,500	Patterson-UTI Energy Inc.		111,625
	49,000	Phillips 66		2,628,850
	32,680	RPC Inc.		67,321
	60,000	Schlumberger Ltd.		809,400
	15,000	Southwest Gas Holdings Inc.		1,043,400
	130,000	Tallgrass Energy LP, Cl. A		2,139,800
	111,500	The AES Corp.		1,516,400
	40,000	Valaris plc		18,004
				44,198,683
		Automotive: Parts and Accessories — 2.8%
	15,000	Aptiv plc		738,600
	93,600	BorgWarner Inc.		2,281,032

Shares			Market Value
	240,900	Dana Inc.	$	1,881,429
	24,200	Garrett Motion Inc.†		69,212
	240,500	Genuine Parts Co.		16,192,865
	180,000	Modine Manufacturing Co.†		585,000
	50,500	O’Reilly Automotive Inc.†		15,203,025
	105,000	Standard Motor Products Inc.		4,364,850
	106,440	Superior Industries International Inc.		127,728
				41,443,741
		Machinery — 2.8%
	25,000	Astec Industries Inc.		874,250
	12,800	Caterpillar Inc.		1,485,312
	255,010	CNH Industrial NV		1,430,606
	165,000	Deere & Co.(a)		22,796,400
	210,000	Xylem Inc.		13,677,300
				40,263,868
		Electronics — 2.6%
	34,000	Bel Fuse Inc., Cl. A		238,000
	4,000	Hitachi Ltd., ADR		229,800
	50,000	Intel Corp.		2,706,000
	267,528	Johnson Controls International plc		7,212,555
	33,000	Koninklijke Philips NV.		1,325,280
	2,400	Mettler-Toledo International Inc.†		1,657,224
	25,000	Sony Corp., ADR		1,479,500
	40,000	TE Connectivity Ltd.		2,519,200
	209,000	Texas Instruments Inc.		20,885,370
				38,252,929
		Telecommunications — 2.3%
	67,000	AT&T Inc.		1,953,050
	55,400	BCE Inc.		2,263,644
	914,200	BT Group plc, Cl. A		1,338,784
	7,040,836	Cable & Wireless Jamaica Ltd.†(b)		75,438
	41,500	Cincinnati Bell Inc.†		607,560
	100,000	Deutsche Telekom AG, ADR†		1,294,000
	161,561	Gogo Inc.†		342,509
	36,000	Hellenic Telecommunications Organization SA		435,955
	15,000	Hellenic Telecommunications Organization SA, ADR		94,800
	264,732	Koninklijke KPN NV		635,333
	61,500	Loral Space & Communications Inc.†		999,375
	1,100,000	NII Holdings Inc., Escrow†		2,387,000
	16,000	Oi SA, ADR†		2,715
	4,267	Oi SA, Cl. C, ADR†		1,873
	40,053	Sprint Corp.†		345,257
	21,000	Telecom Argentina SA, ADR		193,620
	535,000	Telecom Italia SpA†		219,735
	70,000	Telefonica Brasil SA, ADR		667,100
	560,739	Telefonica SA, ADR		2,562,577
	533,700	Telephone & Data Systems Inc.		8,944,812
	105,000	Telesites SAB de CV†		68,739
	50,000	TELUS Corp.		790,521

4

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Telecommunications (Continued)
	119,000	Verizon Communications Inc.	$	6,393,870
	70,000	Vodafone Group plc, ADR		963,900
				33,582,167
		Retail — 2.3%
	60,000	AutoNation Inc.†.		1,683,600
	5,000	Casey’s General Stores Inc.		662,450
	38,500	Costco Wholesale Corp.		10,977,505
	84,000	CVS Health Corp.		4,983,720
	30,000	GNC Holdings Inc., Cl. A†		14,043
	350,000	Hertz Global Holdings Inc.†		2,163,000
	45,000	Lowe’s Companies Inc.		3,872,250
	235,000	Macy’s Inc.		1,153,850
	38,508	PetIQ Inc.†		894,541
	1,279	PetMed Express Inc.		36,810
	30,600	Sally Beauty Holdings Inc.†		247,248
	16,000	The Cheesecake Factory Inc.		273,280
	63,000	Walgreens Boots Alliance Inc.		2,882,250
	30,000	Walmart Inc.		3,408,600
				33,253,147
		Aerospace and Defense — 2.2%
	272,000	Aerojet Rocketdyne Holdings Inc.†		11,377,760
	35,800	Kaman Corp.		1,377,226
	13,000	L3Harris Technologies Inc.		2,341,560
	17,500	Northrop Grumman Corp.		5,294,625
	1,209,000	Rolls-Royce Holdings plc		5,114,775
	43,000	The Boeing Co.		6,413,020
	1,745	United Technologies Corp.		164,606
				32,083,572
		Broadcasting — 2.2%
	2,000	Cogeco Inc.		123,471
	24,000	Corus Entertainment Inc., OTC, Cl. B		42,000
	500,000	Entercom Communications Corp., Cl. A		855,000
	161,733	Fox Corp., Cl. A		3,821,751
	102,333	Fox Corp., Cl. B		2,341,379
	16,000	Gray Television Inc.†		171,840
	19,250	Liberty Broadband Corp., Cl. A†		2,059,750
	62,192	Liberty Broadband Corp., Cl. C†		6,885,898
	76,331	Liberty Media Corp.- Liberty Formula One, Cl. A†		1,970,866
	48,250	Liberty Media Corp.- Liberty Formula One, Cl. C†		1,313,848
	75,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		2,376,750
	165,000	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		5,217,300
	267,600	MSG Networks Inc., Cl. A†		2,729,520
	14,000	Nexstar Media Group Inc., Cl. A		808,220
	4,500	Sinclair Broadcast Group Inc., Cl. A		72,360

Shares			Market Value
	90,000	TEGNA Inc.	$	977,400
	85,200	Television Broadcasts Ltd.		106,050
				31,873,403
		Environmental Services — 2.2%
	30,000	Pentair plc		892,800
	233,000	Republic Services Inc.		17,488,980
	141,600	Waste Management Inc.		13,106,496
				31,488,276
		Specialty Chemicals — 2.0%
	11,000	AdvanSix Inc.†		104,940
	9,000	Air Products & Chemicals Inc.		1,796,490
	11,000	Ashland Global Holdings Inc.		550,770
	19,000	Axalta Coating Systems Ltd.†		328,130
	165,000	DuPont de Nemours Inc.		5,626,500
	453,500	Ferro Corp.†		4,244,760
	10,000	FMC Corp.		816,900
	75,000	GCP Applied Technologies Inc.†		1,335,000
	15,000	H.B. Fuller Co.		418,950
	55,500	International Flavors & Fragrances Inc.		5,665,440
	130,392	OMNOVA Solutions Inc.†		1,322,175
	134,900	Sensient Technologies Corp.		5,869,499
	17,000	SGL Carbon SE†		46,573
	2,000	The Chemours Co.		17,740
	20,000	Valvoline Inc.		261,800
				28,405,667
		Aviation: Parts and Services — 1.4%
	14,000	Arconic Inc.		224,840
	202,300	Curtiss-Wright Corp.		18,694,543
	997,242	Signature Aviation plc		2,043,808
				20,963,191
		Hotels and Gaming — 1.3%
	16,000	Accor SA		441,160
	41,557	GVC Holdings plc		289,576
	8,000	Hyatt Hotels Corp., Cl. A		383,200
	22,000	Las Vegas Sands Corp.		934,340
	4,458,500	Mandarin Oriental International Ltd.		5,706,880
	15,000	Marriott International Inc., Cl. A		1,122,150
	70,000	MGM China Holdings Ltd.		71,600
	49,400	MGM Growth Properties LLC, Cl. A, REIT		1,169,298
	230,000	MGM Resorts International		2,714,000
	7,560	Penn National Gaming Inc.†		95,634
	144,800	Ryman Hospitality Properties Inc., REIT		5,191,080
	200,000	The Hongkong & Shanghai Hotels Ltd.		159,427
	450,000	William Hill plc		380,864
	4,000	Wyndham Destinations Inc.		86,800
	4,000	Wyndham Hotels & Resorts Inc.		126,040
	6,000	Wynn Resorts Ltd.		361,140
				19,233,189

5

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Computer Software and Services — 1.2%
	7,450	Alphabet Inc., Cl. C†	$	8,662,936
	66	ATMA Participacoes SA†		62
	5,400	Check Point Software Technologies Ltd.†		542,916
	7,000	Facebook Inc., Cl. A†		1,167,600
	12,120	Fiserv Inc.†		1,151,279
	55,000	GTY Technology Holdings Inc.†		248,600
	240,000	Hewlett Packard Enterprise Co.		2,330,400
	297,512	Internap Corp.†		9,223
	20,900	Rockwell Automation Inc.		3,154,019
	30,000	SVMK Inc.†		405,300
				17,672,335
		Wireless Communications — 0.9%
	105,000	America Movil SAB de CV, Cl. L, ADR		1,236,900
	88,000	Millicom International Cellular SA, SDR		2,487,205
	150,000	NTT DOCOMO Inc.		4,710,997
	46,075	TIM Participacoes SA, ADR		560,272
	20,400	T-Mobile US Inc.†		1,711,560
	104,600	United States Cellular Corp.†		3,063,734
				13,770,668
		Building and Construction — 0.7%
	27,000	Arcosa Inc.		1,072,980
	18,000	Assa Abloy AB, Cl. B		341,530
	75,000	Fortune Brands Home & Security Inc.		3,243,750
	189,803	Herc Holdings Inc.†		3,883,369
	40,000	PGT Innovations Inc.†		335,600
	12,000	Sika AG.		1,994,182
				10,871,411
		Metals and Mining — 0.7%
	37,400	Agnico Eagle Mines Ltd.		1,488,146
	50,000	Barrick Gold Corp.		916,000
	30,000	Cleveland-Cliffs Inc.		118,500
	80,000	Freeport-McMoRan Inc.		540,000
	14,053	Livent Corp.†		73,778
	4,300	Materion Corp.		150,543
	50,000	New Hope Corp. Ltd.		42,750
	143,600	Newmont Corp.		6,502,208
	180,000	TimkenSteel Corp.†		581,400
	100,000	Turquoise Hill Resources Ltd.†		38,180
	15,000	Vale SA, ADR		124,350
				10,575,855
		Automotive — 0.6%
	60,000	General Motors Co.		1,246,800
	199,000	Navistar International Corp.†		3,281,510
	70,000	PACCAR Inc.		4,279,100
				8,807,410
		Real Estate — 0.6%
	10,000	Gaming and Leisure Properties Inc., REIT		277,100

Shares			Market Value
	56,000	Griffin Industrial Realty Inc.	$	1,831,200
	29,000	Rayonier Inc., REIT		682,950
	325,803	The St. Joe Co.†		5,466,974
	15,000	Weyerhaeuser Co., REIT		254,250
				8,512,474
		Transportation — 0.6%
	131,200	GATX Corp.		8,207,872
		Agriculture — 0.5%
	200,000	Archer-Daniels-Midland Co.		7,036,000
	10,000	The Mosaic Co.		108,200
				7,144,200
		Communications Equipment — 0.4%
	3,000	Apple Inc.		762,870
	240,000	Corning Inc.		4,929,600
				5,692,470
		Publishing — 0.3%
	1,100	Graham Holdings Co., Cl. B		375,287
	117,700	Meredith Corp.		1,438,294
	125,000	News Corp., Cl. A		1,121,875
	100,600	News Corp., Cl. B		904,394
	70,000	The E.W. Scripps Co., Cl. A		527,800
				4,367,650
		Manufactured Housing and Recreational Vehicles — 0.2%
	5,000	Martin Marietta Materials Inc.		946,150
	30,000	Nobility Homes Inc.		663,000
	42,000	Skyline Champion Corp.†		658,560
				2,267,710
		TOTAL COMMON STOCKS		1,411,339,343
		CLOSED-END FUNDS — 0.4%
	95,000	Altaba Inc., Escrow†		1,971,250
	4,285	Royce Global Value Trust Inc.		34,451
	45,000	Royce Value Trust Inc.		435,150
	96,964	The Central Europe, Russia, and Turkey Fund Inc.		1,700,778
	156,044	The New Germany Fund Inc.		1,811,671
		TOTAL CLOSED-END FUNDS		5,953,300
		CONVERTIBLE PREFERRED STOCKS — 0.1%
		Telecommunications — 0.1%
	21,000	Cincinnati Bell Inc., 6.750%, Ser. B		925,050

6

The Gabelli Equity Trust Inc.

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		RIGHTS — 0.0%
		Entertainment — 0.0%
	139,123	Media General Inc., CVR†(b)	$	0
		Health Care — 0.0%
	1,500	Bristol-Myers Squibb Co., CVR†		5,700
		TOTAL RIGHTS		5,700
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 2.4%
$	34,465,000	U.S. Treasury Bills,
		0.020% to 1.546%††,
		04/09/20 to 09/24/20		34,459,552
		TOTAL INVESTMENTS — 100.0%
		(Cost $1,267,666,074)	$	1,452,682,945

(a) Securities, or a portion thereof, with a value of $36,464,400 were pledged as collateral for futures contracts.

(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

CVR Contingent Value Right

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

Geographic Diversification	% of Total Investments			Market Value
North America		82.6	%		$	1,200,074,920
Europe		13.5				195,908,097
Japan		2.4				34,496,945
Latin America		1.0				14,528,861
Asia/Pacific		0.5				7,102,998
South Africa		0.0	*			571,124
Total Investments		100.0	%		$	1,452,682,945

* Amount represents less than 0.05%.

7