1

The

Gabelli

Equity

Trust

Inc.

Schedule

of

Investments

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

97.1%

Financial

Services

 —

12.1%

75,000‌

Aegon

NV

......................

$

398,416‌

5,650‌

Ally

Financial

Inc.

.................

245,662‌

285,500‌

American

Express

Co.(a)

............

53,388,500‌

28,000‌

Apollo

Global

Management

Inc.

.......

1,735,720‌

16,000‌

Argo

Group

International

Holdings

Ltd.

..

660,480‌

5,600‌

Axis

Capital

Holdings

Ltd.

...........

338,632‌

26,000‌

Banco

Bilbao

Vizcaya

Argentaria

SA

....

149,853‌

75,740‌

Banco

Santander

SA,

ADR

...........

256,001‌

50,500‌

Bank

of

America

Corp.

..............

2,081,610‌

101,000‌

Barclays

plc

.....................

196,762‌

107‌

Berkshire

Hathaway

Inc.,

Cl. A†

.......

56,594,547‌

210‌

BlackRock

Inc.

...................

160,476‌

40,000‌

Blackstone

Inc.

...................

5,077,600‌

980‌

Block

Inc.†

......................

132,888‌

40,000‌

Blue

Owl

Capital

Inc.

...............

507,200‌

40,000‌

Brewin

Dolphin

Holdings

plc

.........

269,036‌

1,950‌

Capital

One

Financial

Corp.

...........

256,015‌

230,239‌

Cipher

Mining

Inc.†

................

838,070‌

124,650‌

Citigroup

Inc.

....................

6,656,310‌

39,074‌

Commerzbank

AG†

................

299,424‌

10,000‌

Compass

Diversified

Holdings

........

237,700‌

20,345‌

Credit

Agricole

SA

.................

245,007‌

13,000‌

Credit

Suisse

Group

AG,

ADR

.........

102,050‌

5,000‌

Cullen/Frost

Bankers

Inc.

............

692,050‌

134,200‌

Dah

Sing

Banking

Group

Ltd.

.........

119,239‌

102,300‌

Dah

Sing

Financial

Holdings

Ltd.

......

333,021‌

46,800‌

Daiwa

Securities

Group

Inc.

..........

266,292‌

30,000‌

Deutsche

Bank

AG†

................

379,500‌

900‌

Deutsche

Boerse

AG

...............

162,287‌

528‌

E-L

Financial

Corp.

Ltd.

.............

372,934‌

2,000‌

EXOR

NV

.......................

153,769‌

446‌

First

Citizens

BancShares

Inc.,

Cl. A

....

296,858‌

31,820‌

Franklin

Resources

Inc.

.............

888,414‌

50,000‌

GAM

Holding

AG†

.................

61,847‌

10,000‌

H&R

Block

Inc.

...................

260,400‌

10,000‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc.,

REIT

......

474,300‌

5,000‌

Icahn

Enterprises

LP

...............

259,650‌

24,000‌

ING

Groep

NV

....................

252,517‌

45,000‌

Interactive

Brokers

Group

Inc.,

Cl. A

....

2,965,950‌

108,100‌

Janus

Henderson

Group

plc

..........

3,785,662‌

12,500‌

Japan

Post

Bank

Co.

Ltd.

............

101,138‌

100,200‌

Jefferies

Financial

Group

Inc.

.........

3,291,570‌

36,400‌

JPMorgan

Chase

&

Co.

.............

4,962,048‌

5,000‌

Julius

Baer

Group

Ltd.

..............

291,543‌

29,800‌

Kinnevik

AB,

Cl. A†

................

805,028‌

14,000‌

Loews

Corp.

.....................

907,480‌

69,500‌

Marsh

&

McLennan

Companies

Inc.

....

11,844,190‌

9,500‌

Moody's

Corp.

...................

3,205,395‌

37,648‌

Morgan

Stanley

..................

3,290,435‌

Shares

Market

Value

240‌

MSCI

Inc.

.......................

$

120,691‌

90,500‌

NatWest

Group

plc

................

256,673‌

125,000‌

New

York

Community

Bancorp

Inc.

.....

1,340,000‌

6,900‌

NN

Group

NV

....................

350,055‌

19,331‌

PayPal

Holdings

Inc.†

..............

2,235,630‌

5,500‌

Plus500

Ltd.

.....................

102,054‌

22,000‌

Polar

Capital

Holdings

plc

...........

179,471‌

75,000‌

Post

Holdings

Partnering

Corp.†

.......

755,625‌

525,000‌

Post

Holdings

Partnering

Corp.,

Cl. A†

..

5,134,500‌

6,500‌

Prosus

NV

......................

349,285‌

14,250‌

Pzena

Investment

Management

Inc.,

Cl. A

114,285‌

65,520‌

S&P

Global

Inc.

..................

26,874,994‌

4,000‌

Sculptor

Capital

Management

Inc.

......

55,720‌

9,250‌

Shinhan

Financial

Group

Co.

Ltd.,

ADR†

.

309,227‌

9,700‌

Shinsei

Bank

Ltd.†

................

178,240‌

4,000‌

Societe

Generale

SA

...............

108,235‌

48,500‌

Standard

Chartered

plc

.............

325,059‌

115,800‌

State

Street

Corp.

.................

10,088,496‌

86,700‌

T.

Rowe

Price

Group

Inc.

............

13,108,173‌

140,600‌

The

Bank

of

New

York

Mellon

Corp.

....

6,977,978‌

52,000‌

The

Charles

Schwab

Corp.

...........

4,384,120‌

13,600‌

The

Goldman

Sachs

Group

Inc.

.......

4,489,360‌

17,000‌

Truist

Financial

Corp.

...............

963,900‌

6,300‌

TrustCo

Bank

Corp.

NY

.............

201,159‌

52,500‌

W.

R.

Berkley

Corp.

................

3,495,975‌

5,900‌

Webster

Financial

Corp.

.............

331,108‌

200,500‌

Wells

Fargo

&

Co.

.................

9,716,230‌

18,378‌

Westwood

Holdings

Group

Inc.

.......

281,551‌

264,079,270‌

Food

and

Beverage

 —

10.0%

3,000‌

Ajinomoto

Co.

Inc.

................

85,633‌

2,100‌

Anheuser-Busch

InBev

SA/NV

........

126,053‌

30,427‌

BellRing

Brands

Inc.†

..............

702,255‌

95,800‌

Brown-Forman

Corp.,

Cl. A

..........

6,010,492‌

49,300‌

Brown-Forman

Corp.,

Cl. B

..........

3,304,086‌

41,000‌

Campbell

Soup

Co.

................

1,827,370‌

65,000‌

Chr.

Hansen

Holding

A/S

............

4,801,460‌

15,000‌

Coca-Cola

Europacific

Partners

plc

.....

729,150‌

205,000‌

Conagra

Brands

Inc.

...............

6,881,850‌

28,000‌

Constellation

Brands

Inc.,

Cl. A

........

6,448,960‌

25,000‌

Crimson

Wine

Group

Ltd.†

...........

202,250‌

189,500‌

Danone

SA

......................

10,488,008‌

860,000‌

Davide

Campari-Milano

NV

..........

10,041,763‌

3,700‌

Diageo

plc

......................

187,786‌

125,000‌

Diageo

plc,

ADR

..................

25,392,500‌

48,083‌

Farmer

Brothers

Co.†

..............

342,351‌

90,000‌

Flowers

Foods

Inc.

................

2,313,900‌

81,000‌

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

.........................

6,710,850‌

15,000‌

General

Mills

Inc.

.................

1,015,800‌

17,500‌

Glanbia

plc

......................

203,080‌

2

The

Gabelli

Equity

Trust

Inc.

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Food

and

Beverage

(Continued)

1,848,400‌

Grupo

Bimbo

SAB

de

CV,

Cl. A

........

$

5,575,867‌

41,300‌

Heineken

NV

....................

3,955,678‌

10,000‌

Ingredion

Inc.

....................

871,500‌

105,000‌

ITO

EN

Ltd.

.....................

5,183,588‌

58,700‌

Kerry

Group

plc,

Cl. A

..............

6,578,105‌

1,800‌

Laurent-Perrier

...................

190,762‌

9,700‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..

6,968,468‌

30,000‌

Maple

Leaf

Foods

Inc.

..............

719,914‌

33,000‌

Molson

Coors

Beverage

Co.,

Cl. B

......

1,761,540‌

232,000‌

Mondelēz

International

Inc.,

Cl. A

......

14,564,960‌

14,000‌

Morinaga

Milk

Industry

Co.

Ltd.

.......

601,446‌

41,000‌

Nestlé

SA

.......................

5,333,261‌

15,000‌

Nomad

Foods

Ltd.†

................

338,700‌

132,500‌

PepsiCo

Inc.

.....................

22,177,850‌

39,200‌

Pernod

Ricard

SA

.................

8,642,644‌

35,000‌

Post

Holdings

Inc.†

................

2,424,100‌

41,000‌

Remy

Cointreau

SA

................

8,481,619‌

6,000‌

Sanderson

Farms

Inc.

..............

1,124,940‌

70,000‌

The

Coca-Cola

Co.

................

4,340,000‌

57,500‌

The

Hain

Celestial

Group

Inc.†

........

1,978,000‌

24,000‌

The

J.M.

Smucker

Co.

..............

3,249,840‌

24,000‌

The

Kraft

Heinz

Co.

................

945,360‌

41,200‌

Tootsie

Roll

Industries

Inc.

...........

1,440,352‌

14,000‌

TreeHouse

Foods

Inc.†

.............

451,640‌

45,000‌

Tyson

Foods

Inc.,

Cl. A

.............

4,033,350‌

334,000‌

Yakult

Honsha

Co.

Ltd.

.............

17,887,958‌

217,637,039‌

Equipment

and

Supplies

 —

6.3%

343,000‌

AMETEK

Inc.

....................

45,680,740‌

14,000‌

Amphenol

Corp.,

Cl. A

..............

1,054,900‌

25,000‌

Ardagh

Group

SA

.................

508,125‌

158,000‌

Ardagh

Metal

Packaging

SA†

.........

1,284,540‌

86,000‌

CIRCOR

International

Inc.†

..........

2,289,320‌

3,500‌

Crown

Holdings

Inc.

...............

437,815‌

1,360‌

Danaher

Corp.

...................

398,929‌

294,000‌

Donaldson

Co.

Inc.

................

15,267,420‌

22,000‌

DS

Smith

plc

....................

93,088‌

191,800‌

Flowserve

Corp.

..................

6,885,620‌

37,000‌

Franklin

Electric

Co.

Inc.

............

3,072,480‌

15,000‌

Hubbell

Inc.

.....................

2,756,550‌

134,000‌

IDEX

Corp.

......................

25,691,820‌

55,000‌

Ilika

plc†

.......................

103,680‌

11,057‌

Kimball

Electronics

Inc.†

............

221,029‌

102,000‌

Mueller

Industries

Inc.

..............

5,525,340‌

159,000‌

Mueller

Water

Products

Inc.,

Cl. A

.....

2,054,280‌

8,000‌

Sealed

Air

Corp.

..................

535,680‌

20,000‌

Tenaris

SA,

ADR

..................

601,400‌

270,000‌

The

L.S.

Starrett

Co.,

Cl. A†

..........

2,076,300‌

80,000‌

The

Timken

Co.

...................

4,856,000‌

Shares

Market

Value

59,600‌

The

Weir

Group

plc

................

$

1,284,797‌

104,500‌

Watts

Water

Technologies

Inc.,

Cl. A

....

14,587,155‌

137,267,008‌

Health

Care

 —

5.5%

10,767‌

2seventy

bio

Inc.†

.................

183,685‌

500‌

Abbott

Laboratories

...............

59,180‌

6,200‌

AbbVie

Inc.

.....................

1,005,082‌

5,000‌

ACADIA

Pharmaceuticals

Inc.†

........

121,100‌

1,736‌

Acorda

Therapeutics

Inc.†

...........

2,795‌

2,000‌

Aerie

Pharmaceuticals

Inc.†

..........

18,200‌

16,200‌

Alcon

Inc.

......................

1,285,146‌

4,000‌

Alimera

Sciences

Inc.†

.............

22,400‌

2,000‌

Alkermes

plc†

...................

52,620‌

7,000‌

AmerisourceBergen

Corp.

...........

1,082,970‌

25,000‌

Amgen

Inc.

.....................

6,045,500‌

2,764‌

Anika

Therapeutics

Inc.†

............

69,404‌

300‌

Anthem

Inc.

.....................

147,366‌

10,901‌

Aptinyx

Inc.†

....................

24,745‌

2,000‌

AstraZeneca

plc

..................

266,198‌

1,000‌

Avantor

Inc.†

....................

33,820‌

76,309‌

Axogen

Inc.†

....................

605,893‌

14,000‌

Baxter

International

Inc.

.............

1,085,560‌

1,000‌

Becton,

Dickinson

and

Co.

...........

266,000‌

1,200‌

Berkeley

Lights

Inc.†

...............

8,532‌

7,000‌

Biogen

Inc.†

.....................

1,474,200‌

13,600‌

BioMarin

Pharmaceutical

Inc.†

........

1,048,560‌

400‌

Bio-Rad

Laboratories

Inc.,

Cl. A†

......

225,292‌

38,500‌

Bluebird

Bio

Inc.†

.................

186,725‌

135,000‌

Boston

Scientific

Corp.†

............

5,979,150‌

4,000‌

Bridgebio

Pharma

Inc.†

.............

40,600‌

104,600‌

Bristol-Myers

Squibb

Co.

............

7,638,938‌

12,150‌

Calithera

Biosciences

Inc.†

..........

4,909‌

11,000‌

Cardiovascular

Systems

Inc.†

........

248,600‌

3,300‌

Cigna

Corp.

.....................

790,713‌

30,400‌

Clovis

Oncology

Inc.†

..............

61,408‌

178,325‌

ConforMIS

Inc.†

..................

111,239‌

1,500‌

Cortexyme

Inc.†

..................

9,285‌

33,068‌

Covetrus

Inc.†

...................

555,212‌

1,500‌

Cutera

Inc.†

.....................

103,500‌

6,000‌

CVS

Group

plc

...................

141,244‌

8,000‌

CytomX

Therapeutics

Inc.†

..........

21,360‌

800‌

Dechra

Pharmaceuticals

plc

..........

42,625‌

242,000‌

Demant

A/S†

....................

11,012,924‌

28,737‌

Eargo

Inc.†

.....................

152,019‌

2,080‌

Edwards

Lifesciences

Corp.†

.........

244,858‌

2,500‌

eHealth

Inc.†

....................

31,025‌

62,000‌

ElectroCore

Inc.†

.................

36,270‌

21,103‌

Electromed

Inc.†

..................

262,521‌

17,200‌

Endo

International

plc†

.............

39,732‌

800‌

Eurofins

Scientific

SE

..............

79,570‌

3,000‌

Evolus

Inc.†

.....................

33,660‌

3

The

Gabelli

Equity

Trust

Inc.

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Health

Care

(Continued)

6,840‌

Exact

Sciences

Corp.†

..............

$

478,253‌

10,000‌

Fluidigm

Corp.†

..................

35,900‌

3,100‌

Fresenius

SE

&

Co.

KGaA

............

114,353‌

2,000‌

G1

Therapeutics

Inc.†

..............

15,200‌

5,000‌

Galapagos

NV,

ADR†

...............

310,100‌

1,390‌

Gerresheimer

AG

.................

101,949‌

7,750‌

Gilead

Sciences

Inc.

...............

460,738‌

16,183‌

Ginkgo

Bioworks

Holdings

Inc.†

.......

65,217‌

5,201‌

Glaukos

Corp.†

...................

300,722‌

20,919‌

GoodRx

Holdings

Inc.,

Cl. A†

.........

404,364‌

2,000‌

Gritstone

bio

Inc.†

................

8,240‌

2,500‌

Guardant

Health

Inc.†

..............

165,600‌

3,000‌

Haemonetics

Corp.†

...............

189,660‌

2,050‌

HCA

Healthcare

Inc.

...............

513,771‌

65,000‌

Henry

Schein

Inc.†

................

5,667,350‌

1,400‌

Hologic

Inc.†

....................

107,548‌

20,000‌

ICU

Medical

Inc.†

.................

4,452,800‌

3,400‌

Idorsia

Ltd.†

.....................

67,812‌

200‌

Illumina

Inc.†

....................

69,880‌

8,400‌

Incyte

Corp.†

....................

667,128‌

46,800‌

Indivior

plc†

.....................

172,264‌

1,374‌

Inogen

Inc.†

.....................

44,545‌

500‌

Intellia

Therapeutics

Inc.†

...........

36,335‌

14,000‌

Intercept

Pharmaceuticals

Inc.†

.......

227,780‌

555‌

Intuitive

Surgical

Inc.†

..............

167,432‌

23,000‌

Invitae

Corp.†

....................

183,310‌

2,200‌

iRhythm

Technologies

Inc.†

..........

346,434‌

31,200‌

Johnson

&

Johnson

...............

5,529,576‌

7,000‌

Jounce

Therapeutics

Inc.†

...........

47,530‌

1,000‌

Koninklijke

DSM

NV

...............

179,766‌

400‌

Laboratory

Corp.

of

America

Holdings†

..

105,464‌

12,569‌

Lannett

Co.

Inc.†

.................

9,903‌

1,833‌

Larimar

Therapeutics

Inc.†

..........

7,424‌

2,000‌

LeMaitre

Vascular

Inc.

..............

92,940‌

10,500‌

Mallinckrodt

plc†

.................

1,154‌

6,750‌

Marinus

Pharmaceuticals

Inc.†

........

63,112‌

500‌

Masimo

Corp.†

...................

72,770‌

12,000‌

Medmix

AG†(b)

..................

419,718‌

700‌

Medpace

Holdings

Inc.†

............

114,513‌

700‌

Medtronic

plc

....................

77,665‌

106,300‌

Merck

&

Co.

Inc.

..................

8,721,915‌

2,000‌

Meridian

Bioscience

Inc.†

...........

51,920‌

200‌

Moderna

Inc.†

...................

34,452‌

2,000‌

NanoString

Technologies

Inc.†

........

69,500‌

1,000‌

Natera

Inc.†

.....................

40,680‌

6,000‌

Nektar

Therapeutics†

..............

32,340‌

4,000‌

NeoGenomics

Inc.†

................

48,600‌

121,203‌

Neuronetics

Inc.†

.................

367,245‌

4,000‌

Nevro

Corp.†

....................

289,320‌

1,275‌

Novartis

AG

.....................

112,108‌

Shares

Market

Value

80,000‌

Novartis

AG,

ADR

.................

$

7,020,000‌

8,900‌

NuVasive

Inc.†

...................

504,630‌

4,000‌

Odonate

Therapeutics

Inc.†

..........

5,280‌

89,225‌

Option

Care

Health

Inc.†

............

2,548,266‌

25,000‌

OraSure

Technologies

Inc.†

..........

169,500‌

20,160‌

Organogenesis

Holdings

Inc.†

........

153,619‌

10,150‌

Organon

&

Co.

...................

354,539‌

5,000‌

Orthofix

Medical

Inc.†

..............

163,500‌

100,000‌

Pacific

Biosciences

of

California

Inc.†

...

910,000‌

500‌

PerkinElmer

Inc.

..................

87,230‌

44,000‌

Perrigo

Co.

plc

...................

1,690,920‌

2,200‌

Personalis

Inc.†

..................

18,018‌

2,000‌

Pfizer

Inc.

......................

103,540‌

8,500‌

Puma

Biotechnology

Inc.†

...........

24,480‌

1,500‌

QIAGEN

NV†

....................

73,500‌

500‌

Quest

Diagnostics

Inc.

..............

68,430‌

2,200‌

Quidel

Corp.†

....................

247,412‌

300‌

Repligen

Corp.†

..................

56,427‌

390‌

Replimune

Group

Inc.†

.............

6,622‌

27,064‌

ReWalk

Robotics

Ltd.†

.............

31,394‌

650‌

Roche

Holding

AG,

Genusschein

.......

257,770‌

26,121‌

Rockwell

Medical

Inc.†

.............

12,311‌

3,000‌

Sangamo

Therapeutics

Inc.†

.........

17,430‌

2,100‌

Sanofi

.........................

214,912‌

2,000‌

Sarepta

Therapeutics

Inc.†

...........

156,240‌

17,500‌

Sema4

Holdings

Corp.†

.............

53,725‌

1,000‌

Siemens

Healthineers

AG(b)

..........

62,215‌

2,596‌

Sio

Gene

Therapies

Inc.†

............

1,739‌

164,001‌

SmileDirectClub

Inc.†

..............

424,763‌

10,115‌

Tactile

Systems

Technology

Inc.†

......

203,918‌

3,000‌

Takeda

Pharmaceutical

Co.

Ltd.

.......

86,200‌

6,000‌

Teladoc

Health

Inc.†

...............

432,780‌

11,000‌

Teva

Pharmaceutical

Industries

Ltd.,

ADR†

103,290‌

15,700‌

Tristel

plc

.......................

65,998‌

40,480‌

UnitedHealth

Group

Inc.

............

20,643,586‌

11,996‌

Valeritas

Holdings

Inc.†(c)

...........

240‌

5,000‌

Vapotherm

Inc.†

..................

69,500‌

2,000‌

Vericel

Corp.†

....................

76,440‌

1,050‌

Vertex

Pharmaceuticals

Inc.†

.........

274,019‌

6,000‌

Viatris

Inc.

......................

65,280‌

4,000‌

Waters

Corp.†

...................

1,241,560‌

16,600‌

Zimmer

Biomet

Holdings

Inc.

.........

2,123,140‌

1,660‌

Zimvie

Inc.†

.....................

37,914‌

25,320‌

Zoetis

Inc.

......................

4,775,099‌

21,297‌

Zosano

Pharma

Corp.†

.............

4,792‌

120,468,803‌

Diversified

Industrial

 —

5.3%

400‌

Agilent

Technologies

Inc.

............

52,932‌

214,844‌

Ampco-Pittsburgh

Corp.†

...........

1,355,666‌

42,006‌

AZZ

Inc.

........................

2,026,369‌

15,000‌

Colfax

Corp.†

....................

596,850‌

4

The

Gabelli

Equity

Trust

Inc.

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Diversified

Industrial

(Continued)

159,100‌

Crane

Co.

.......................

$

17,227,348‌

28,875‌

General

Electric

Co.

................

2,642,062‌

126,000‌

Greif

Inc.,

Cl. A

...................

8,197,560‌

12,000‌

Greif

Inc.,

Cl. B

...................

765,120‌

68,000‌

Griffon

Corp.

....................

1,362,040‌

149,500‌

Honeywell

International

Inc.

..........

29,089,710‌

29,119‌

Ingersoll

Rand

Inc.

................

1,466,142‌

7,300‌

IntriCon

Corp.†

...................

174,178‌

88,925‌

ITT

Inc.

........................

6,688,049‌

35,000‌

Kennametal

Inc.

..................

1,001,350‌

50,000‌

Myers

Industries

Inc.

..............

1,080,000‌

30,000‌

nVent

Electric

plc

.................

1,043,400‌

100,000‌

Park-Ohio

Holdings

Corp.

...........

1,407,000‌

5,800‌

Proto

Labs

Inc.†

..................

306,820‌

1,600‌

Rheinmetall

AG

...................

340,017‌

500‌

Roper

Technologies

Inc.

............

236,115‌

1,850‌

Siemens

AG

.....................

257,171‌

515,799‌

Steel

Partners

Holdings

LP†

..........

21,436,606‌

11,000‌

Sulzer

AG

.......................

915,427‌

46,600‌

Textron

Inc.

.....................

3,466,108‌

2,500‌

The

Eastern

Co.

..................

58,225‌

100,000‌

Toray

Industries

Inc.

...............

524,725‌

43,000‌

Trane

Technologies

plc

.............

6,566,100‌

24,000‌

Tredegar

Corp.

...................

287,760‌

90,000‌

Trinity

Industries

Inc.

...............

3,092,400‌

4,400‌

Valmont

Industries

Inc.

.............

1,049,840‌

14,000‌

Vantage

Towers

AG

................

496,994‌

115,210,084‌

Entertainment

 —

5.0%

30,300‌

Activision

Blizzard

Inc.

..............

2,427,333‌

21,158‌

Charter

Communications

Inc.,

Cl. A†

....

11,542,112‌

34,000‌

Discovery

Inc.,

Cl. A†

..............

847,280‌

235,800‌

Discovery

Inc.,

Cl. C†

..............

5,887,926‌

2,000‌

Electronic

Arts

Inc.

................

253,020‌

90,000‌

Genting

Singapore

Ltd.

.............

54,119‌

825,000‌

Grupo

Televisa

SAB,

ADR

............

9,652,500‌

77,000‌

IMAX

Corp.†

....................

1,457,610‌

120,000‌

Liberty

Media

Acquisition

Corp.†

......

1,203,600‌

90,708‌

Liberty

Media

Corp.

-

Liberty

Braves,

Cl. C†

2,531,660‌

78,000‌

Liberty

Media

Corp.-

Liberty

Braves,

Cl. A†

2,244,840‌

15,000‌

Lions

Gate

Entertainment

Corp.,

Cl. B†

..

225,450‌

142,394‌

Madison

Square

Garden

Entertainment

Corp.†

.......................

11,862,844‌

96,767‌

Madison

Square

Garden

Sports

Corp.†

..

17,356,129‌

5,170‌

Netflix

Inc.†

.....................

1,936,630‌

372,000‌

Paramount

Global,

Cl. A

.............

15,032,520‌

46,000‌

Paramount

Global,

Cl. B

.............

1,739,260‌

15,000‌

Rovio

Entertainment

Oyj(b)

..........

126,030‌

12,000‌

Take-Two

Interactive

Software

Inc.†

....

1,844,880‌

Shares

Market

Value

40,000‌

TBS

Holdings

Inc.

.................

$

587,153‌

88,550‌

The

Walt

Disney

Co.†

..............

12,145,518‌

6,700‌

Ubisoft

Entertainment

SA†

...........

296,105‌

60,000‌

Universal

Entertainment

Corp.†

.......

1,349,433‌

28,000‌

Universal

Music

Group

NV

...........

749,440‌

444,000‌

Vivendi

SE

......................

5,815,512‌

1,700‌

Xilam

Animation

SA†

...............

68,267‌

109,237,171‌

Consumer

Products

 —

4.6%

37,900‌

American

Outdoor

Brands

Inc.†

.......

497,627‌

13,100‌

Christian

Dior

SE

.................

8,963,225‌

27,000‌

Church

&

Dwight

Co.

Inc.

...........

2,683,260‌

204,100‌

Edgewell

Personal

Care

Co.

..........

7,484,347‌

142,000‌

Energizer

Holdings

Inc.

.............

4,367,920‌

35,500‌

Essity

AB,

Cl. B

...................

838,945‌

2,100‌

Givaudan

SA

....................

8,697,257‌

80,000‌

Hanesbrands

Inc.

.................

1,191,200‌

23,800‌

Harley-Davidson

Inc.

...............

937,720‌

1,270‌

Hermes

International

...............

1,814,477‌

700‌

Hunter

Douglas

NV†

...............

133,657‌

1,600‌

Johnson

Outdoors

Inc.,

Cl. A

.........

124,368‌

7,959‌

Kimball

International

Inc.,

Cl. B

........

67,253‌

25,000‌

Mattel

Inc.†

.....................

555,250‌

10,000‌

National

Presto

Industries

Inc.

........

769,500‌

12,100‌

Oil-Dri

Corp.

of

America

.............

346,665‌

49,900‌

Reckitt

Benckiser

Group

plc

..........

3,822,942‌

4,000‌

Spectrum

Brands

Holdings

Inc.

.......

354,880‌

27,600‌

Svenska

Cellulosa

AB

SCA,

Cl. B

.......

538,503‌

7,279,000‌

Swedish

Match

AB

................

54,872,747‌

2,150‌

The

Estee

Lauder

Companies

Inc.,

Cl. A

..

585,488‌

5,000‌

The

Honest

Co.

Inc.†

...............

26,050‌

4,280‌

Unilever

plc

.....................

194,255‌

5,600‌

Zalando

SE†(b)

...................

284,970‌

100,152,506‌

Business

Services

 —

3.8%

11,000‌

Allegion

plc

.....................

1,207,580‌

9,100‌

Applus

Services

SA

................

75,351‌

425,000‌

Clear

Channel

Outdoor

Holdings

Inc.†

...

1,470,500‌

200,000‌

Diebold

Nixdorf

Inc.†

..............

1,346,000‌

3,000‌

Edenred

........................

149,078‌

2,000‌

ICF

International

Inc.

...............

188,280‌

16,000‌

Jardine

Matheson

Holdings

Ltd.

.......

880,000‌

11,000‌

Lamar

Advertising

Co.,

Cl. A,

REIT

.....

1,277,980‌

62,000‌

Macquarie

Infrastructure

Holdings

LLC

..

231,260‌

160,430‌

Mastercard

Inc.,

Cl. A

..............

57,334,473‌

104,000‌

Network

International

Holdings

plc†(b)

..

382,535‌

180,000‌

Paysafe

Ltd.†

....................

610,200‌

155,500‌

Resideo

Technologies

Inc.†

..........

3,705,565‌

1,220,000‌

Steel

Connect

Inc.†

................

1,573,800‌

209,000‌

The

Interpublic

Group

of

Companies

Inc.

.

7,409,050‌

10,000‌

United

Parcel

Service

Inc.,

Cl. B

.......

2,144,600‌

5

The

Gabelli

Equity

Trust

Inc.

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Business

Services

(Continued)

3,000‌

Viad

Corp.†

.....................

$

106,920‌

12,500‌

Visa

Inc.,

Cl. A

...................

2,772,125‌

10,000‌

Willdan

Group

Inc.†

...............

306,900‌

2,000‌

Worldline

SA†(b)

.................

87,361‌

83,259,558‌

Machinery

 —

3.8%

25,000‌

Astec

Industries

Inc.

...............

1,075,000‌

12,800‌

Caterpillar

Inc.

...................

2,852,096‌

328,610‌

CNH

Industrial

NV

.................

5,211,754‌

139,000‌

Deere

&

Co.(a)

...................

57,748,940‌

6,688‌

Regal

Rexnord

Corp.

...............

995,041‌

179,000‌

Xylem

Inc.

......................

15,261,540‌

83,144,371‌

Energy

and

Utilities

 —

3.7%

45,000‌

APA

Corp.

......................

1,859,850‌

58,000‌

Avangrid

Inc.

....................

2,710,920‌

20,000‌

BP

plc,

ADR

.....................

588,000‌

16,000‌

CMS

Energy

Corp.

................

1,119,040‌

181,100‌

ConocoPhillips

...................

18,110,000‌

9,700‌

Electricite

de

France

SA

.............

91,575‌

98,400‌

Enbridge

Inc.

....................

4,535,256‌

51,000‌

Energy

Transfer

LP

................

570,690‌

73,700‌

Enterprise

Products

Partners

LP

.......

1,902,197‌

1,500‌

Eos

Energy

Enterprises

Inc.†

.........

6,270‌

48,000‌

Evergy

Inc.

......................

3,280,320‌

40,000‌

Eversource

Energy

................

3,527,600‌

45,400‌

Exxon

Mobil

Corp.

................

3,749,586‌

254,000‌

Halliburton

Co.

...................

9,618,980‌

57,500‌

Kinder

Morgan

Inc.

................

1,087,325‌

4,000‌

Marathon

Oil

Corp.

................

100,440‌

8,000‌

Marathon

Petroleum

Corp.

...........

684,000‌

45,000‌

National

Fuel

Gas

Co.

..............

3,091,500‌

46,500‌

NextEra

Energy

Inc.

................

3,939,015‌

58,000‌

NextEra

Energy

Partners

LP

..........

4,834,880‌

4,000‌

Niko

Resources

Ltd.,

Toronto†

........

13‌

145,000‌

Oceaneering

International

Inc.†

.......

2,198,200‌

90,000‌

PG&E

Corp.†

....................

1,074,600‌

21,000‌

Phillips

66

......................

1,814,190‌

24,000‌

Portland

General

Electric

Co.

.........

1,323,600‌

70,000‌

RPC

Inc.†

......................

746,900‌

47,000‌

Schlumberger

NV

.................

1,941,570‌

26,270‌

Southwest

Gas

Holdings

Inc.

.........

2,056,678‌

100,000‌

The

AES

Corp.

...................

2,573,000‌

2,280‌

TotalEnergies

SE

..................

116,099‌

34,000‌

UGI

Corp.

.......................

1,231,480‌

80,483,774‌

Automotive:

Parts

and

Accessories

 —

3.5%

7,120‌

Aptiv

plc†

......................

852,335‌

Shares

Market

Value

89,600‌

BorgWarner

Inc.

..................

$

3,485,440‌

350,900‌

Dana

Inc.

.......................

6,165,313‌

26,000‌

Garrett

Motion

Inc.†

...............

186,940‌

216,700‌

Genuine

Parts

Co.

.................

27,308,534‌

300,000‌

Modine

Manufacturing

Co.†

..........

2,703,000‌

43,500‌

O'Reilly

Automotive

Inc.†

............

29,795,760‌

105,000‌

Standard

Motor

Products

Inc.

........

4,529,700‌

23,000‌

Strattec

Security

Corp.†

.............

857,210‌

110,000‌

Superior

Industries

International

Inc.†

...

512,600‌

15,000‌

Tenneco

Inc.,

Cl. A†

...............

274,800‌

76,671,632‌

Consumer

Services

 —

2.9%

535‌

Amazon.com

Inc.†

................

1,744,073‌

383,500‌

Bollore

SE

......................

2,016,870‌

2,000‌

Deutsche

Post

AG

.................

96,354‌

11,000‌

eBay

Inc.

.......................

629,860‌

7,000‌

HomeServe

plc

...................

77,519‌

46,500‌

IAC/InterActiveCorp.†

..............

4,663,020‌

107,000‌

Liberty

TripAdvisor

Holdings

Inc.,

Cl. A†

.

219,350‌

50,000‌

Matthews

International

Corp.,

Cl. A

.....

1,618,000‌

50,000‌

Rentokil

Initial

plc

.................

345,490‌

1,340,000‌

Rollins

Inc.

......................

46,967,000‌

88,500‌

Terminix

Global

Holdings

Inc.†

........

4,038,255‌

4,000‌

Travel

+

Leisure

Co.

................

231,760‌

505,746‌

Vroom

Inc.†

.....................

1,345,284‌

63,992,835‌

Retail

 —

2.8%

5,500‌

ASOS

plc†

......................

116,360‌

60,000‌

AutoNation

Inc.†

..................

5,974,800‌

5,000‌

BARK

Inc.†

.....................

18,500‌

5,000‌

Casey's

General

Stores

Inc.

..........

990,850‌

200,000‌

Conn's

Inc.†

.....................

3,082,000‌

3,500‌

Copart

Inc.†

.....................

439,145‌

35,200‌

Costco

Wholesale

Corp.

.............

20,269,920‌

93,400‌

CVS

Health

Corp.

.................

9,453,014‌

17,000‌

Lowe's

Companies

Inc.

.............

3,437,230‌

125,000‌

Macy's

Inc.

.....................

3,045,000‌

1,570‌

NIKE

Inc.,

Cl. B

...................

211,259‌

64,228‌

PetIQ

Inc.†

......................

1,567,163‌

10,000‌

Pets

at

Home

Group

plc

.............

47,476‌

225,000‌

Qurate

Retail

Inc.,

Cl. A

.............

1,071,000‌

35,000‌

Sally

Beauty

Holdings

Inc.†

..........

547,050‌

14,900‌

Shake

Shack

Inc.,

Cl. A†

............

1,011,710‌

125,000‌

The

Wendy's

Co.

..................

2,746,250‌

60,000‌

Walgreens

Boots

Alliance

Inc.

........

2,686,200‌

30,000‌

Walmart

Inc.

....................

4,467,600‌

61,182,527‌

Cable

and

Satellite

 —

2.7%

102,500‌

Altice

USA

Inc.,

Cl. A†

..............

1,279,200‌

54,000‌

AMC

Networks

Inc.,

Cl. A†

...........

2,194,020‌

6

The

Gabelli

Equity

Trust

Inc.

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Cable

and

Satellite

(Continued)

200‌

Cable

One

Inc.

...................

$

292,848‌

213,980‌

Comcast

Corp.,

Cl. A

...............

10,018,544‌

78,642‌

DISH

Network

Corp.,

Cl. A†

..........

2,489,019‌

111,933‌

EchoStar

Corp.,

Cl. A†

..............

2,724,449‌

145,605‌

Liberty

Global

plc,

Cl. A†

............

3,714,384‌

349,064‌

Liberty

Global

plc,

Cl. C†

............

9,044,248‌

57,987‌

Liberty

Latin

America

Ltd.,

Cl. A†

......

562,474‌

11,664‌

Liberty

Latin

America

Ltd.,

Cl. C†

......

111,858‌

377,500‌

Rogers

Communications

Inc.,

Cl. B

.....

21,423,125‌

158,000‌

Shaw

Communications

Inc.,

Cl. B

......

4,904,320‌

58,758,489‌

Electronics

 —

2.6%

6,400‌

ams-OSRAM

AG†

.................

98,800‌

41,591‌

Bel

Fuse

Inc.,

Cl. A

................

873,411‌

59,991‌

Bel

Fuse

Inc.,

Cl. B

................

1,070,239‌

100,000‌

Flex

Ltd.†

.......................

1,855,000‌

4,000‌

Hitachi

Ltd.,

ADR

.................

400,520‌

57,500‌

Intel

Corp.

......................

2,849,700‌

33,000‌

Koninklijke

Philips

NV

..............

1,007,490‌

1,400‌

Mettler-Toledo

International

Inc.†

......

1,922,466‌

200,000‌

Mirion

Technologies

Inc.†

...........

1,614,000‌

31,616‌

Plug

Power

Inc.†

.................

904,534‌

18,750‌

Sony

Group

Corp.,

ADR

.............

1,925,813‌

40,000‌

TE

Connectivity

Ltd.

...............

5,239,200‌

189,200‌

Texas

Instruments

Inc.

.............

34,714,416‌

900‌

Thermo

Fisher

Scientific

Inc.

.........

531,585‌

500‌

Universal

Display

Corp.

.............

83,475‌

6,000‌

Vishay

Precision

Group

Inc.†

.........

192,900‌

55,283,549‌

Environmental

Services

 —

2.3%

12,000‌

Biffa

plc(b)

......................

50,444‌

30,000‌

Pentair

plc

......................

1,626,300‌

220,000‌

Republic

Services

Inc.

..............

29,150,000‌

15,620‌

Veolia

Environnement

SA

............

502,664‌

110,600‌

Waste

Management

Inc.

............

17,530,100‌

29,500‌

Zurn

Water

Solutions

Corp.

..........

1,044,300‌

49,903,808‌

Specialty

Chemicals

 —

2.2%

11,000‌

AdvanSix

Inc.

....................

561,990‌

1,600‌

Covestro

AG(b)

...................

81,137‌

137,000‌

DuPont

de

Nemours

Inc.

............

10,080,460‌

399,500‌

Ferro

Corp.†

.....................

8,685,130‌

29,000‌

FMC

Corp.

......................

3,815,530‌

140,000‌

GCP

Applied

Technologies

Inc.†

.......

4,398,800‌

15,000‌

H.B.

Fuller

Co.

...................

991,050‌

60,000‌

International

Flavors

&

Fragrances

Inc.

..

7,879,800‌

2,800‌

Johnson

Matthey

plc

...............

69,095‌

450‌

Linde

plc

.......................

143,743‌

Shares

Market

Value

122,900‌

Sensient

Technologies

Corp.

.........

$

10,317,455‌

13,000‌

SGL

Carbon

SE†

..................

81,542‌

2,000‌

The

Chemours

Co.

................

62,960‌

780‌

The

Sherwin-Williams

Co.

...........

194,704‌

47,363,396‌

Computer

Software

and

Services

 —

2.0%

4,000‌

3D

Systems

Corp.†

................

66,720‌

550‌

Adobe

Inc.†

.....................

250,591‌

1,000‌

Alibaba

Group

Holding

Ltd.,

ADR†

.....

108,800‌

400‌

Alphabet

Inc.,

Cl. A†

...............

1,112,540‌

6,068‌

Alphabet

Inc.,

Cl. C†

...............

16,947,863‌

2,200‌

Atos

SE

........................

60,284‌

7,500‌

Check

Point

Software

Technologies

Ltd.†

.

1,036,950‌

1,750‌

Cloudflare

Inc.,

Cl. A†

..............

209,475‌

870‌

CrowdStrike

Holdings

Inc.,

Cl. A†

......

197,560‌

16,000‌

Digital

Turbine

Inc.†

...............

700,960‌

1,100‌

Fidelity

National

Information

Services

Inc.

110,462‌

17,020‌

Fiserv

Inc.†

.....................

1,725,828‌

70,000‌

GTY

Technology

Holdings

Inc.†

.......

226,100‌

90,000‌

Hewlett

Packard

Enterprise

Co.

........

1,503,900‌

44,000‌

I3

Verticals

Inc.,

Cl. A†

.............

1,225,840‌

31,000‌

Kyndryl

Holdings

Inc.†

.............

406,720‌

11,000‌

Mandiant

Inc.†

...................

245,410‌

19,610‌

Meta

Platforms

Inc.,

Cl. A†

..........

4,360,480‌

4,000‌

Micron

Technology

Inc.

.............

311,560‌

4,870‌

Microsoft

Corp.

..................

1,501,470‌

2,000‌

MKS

Instruments

Inc.

..............

300,000‌

34,900‌

N-able

Inc.†

.....................

317,590‌

5,000‌

NCR

Corp.†

.....................

200,950‌

5,000‌

NortonLifeLock

Inc.

................

132,600‌

1,290‌

NVIDIA

Corp.

....................

351,989‌

5,000‌

Oracle

Corp.

.....................

413,650‌

140,000‌

Oxford

Metrics

plc

................

177,474‌

20,000‌

PAR

Technology

Corp.†

.............

806,800‌

10,000‌

Playtech

plc†

....................

77,768‌

4,700‌

PSI

Software

AG

..................

201,736‌

200‌

Qualtrics

International

Inc.,

Cl. A†

......

5,710‌

18,500‌

Rockwell

Automation

Inc.

...........

5,180,555‌

700‌

salesforce.com

Inc.†

...............

148,624‌

1,800‌

SAP

SE,

ADR

....................

199,728‌

455‌

ServiceNow

Inc.†

.................

253,385‌

615‌

Snowflake

Inc.,

Cl. A†

..............

140,915‌

23,500‌

SolarWinds

Corp.

.................

312,785‌

400‌

Splunk

Inc.†

.....................

59,444‌

4,900‌

Tailwind

Acquisition

Corp.,

Cl. A†

......

48,485‌

1,300‌

Temenos

AG

.....................

125,210‌

2,000‌

Unity

Software

Inc.†

...............

198,420‌

400‌

Veeva

Systems

Inc.,

Cl. A†

...........

84,984‌

67,200‌

Vimeo

Inc.†

.....................

798,336‌

6,306‌

VMware

Inc.,

Cl. A

................

718,064‌

7

The

Gabelli

Equity

Trust

Inc.

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Computer

Software

and

Services

(Continued)

4,700‌

ZoomInfo

Technologies

Inc.†

.........

$

280,778‌

43,845,493‌

Broadcasting

 —

2.0%

2,000‌

Cogeco

Inc.

.....................

123,313‌

24,000‌

Corus

Entertainment

Inc.,

OTC,

Cl. B

.....................

94,800‌

131,400‌

Fox

Corp.,

Cl. A

...................

5,183,730‌

61,000‌

Fox

Corp.,

Cl. B

...................

2,213,080‌

16,000‌

Gray

Television

Inc.

................

353,120‌

19,250‌

Liberty

Broadband

Corp.,

Cl. A†

.......

2,522,905‌

79,172‌

Liberty

Broadband

Corp.,

Cl. C†

.......

10,713,555‌

35,333‌

Liberty

Media

Corp.-

Liberty

Formula

One,

Cl. A†

........................

2,230,572‌

34,750‌

Liberty

Media

Corp.-

Liberty

Formula

One,

Cl. C†

........................

2,426,940‌

55,000‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. A†

........................

2,514,050‌

183,449‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. C†

........................

8,389,123‌

19,000‌

Nexstar

Media

Group

Inc.,

Cl. A

.......

3,581,120‌

80,000‌

Sinclair

Broadcast

Group

Inc.,

Cl. A

.....

2,241,600‌

10,000‌

TEGNA

Inc.

.....................

224,000‌

80,000‌

Television

Broadcasts

Ltd.†

..........

45,958‌

42,857,866‌

Building

and

Construction

 —

1.7%

27,000‌

Arcosa

Inc.

......................

1,545,750‌

18,000‌

Assa

Abloy

AB,

Cl. B

...............

487,982‌

19,500‌

Canfor

Corp.†

....................

401,808‌

4,000‌

Cie

de

Saint-Gobain

................

240,144‌

55,000‌

Fortune

Brands

Home

&

Security

Inc.

...

4,085,400‌

23,000‌

Gencor

Industries

Inc.†

.............

236,440‌

61,448‌

Herc

Holdings

Inc.

................

10,267,346‌

35,200‌

Ibstock

plc(b)

....................

81,106‌

215,814‌

Johnson

Controls

International

plc

.....

14,150,924‌

20,000‌

KBR

Inc.

.......................

1,094,600‌

20,000‌

PGT

Innovations

Inc.†

..............

359,600‌

12,000‌

Sika

AG

........................

3,991,992‌

3,000‌

Vulcan

Materials

Co.

...............

551,100‌

37,494,192‌

Hotels

and

Gaming

 —

1.6%

89,500‌

888

Holdings

plc

..................

216,920‌

16,000‌

Accor

SA†

......................

517,371‌

49,711‌

Bally's

Corp.†

....................

1,528,116‌

11,000‌

Better

Collective

A/S†

..............

198,183‌

69,500‌

Entain

plc†

......................

1,500,494‌

1,500‌

Flutter

Entertainment

plc†

...........

174,978‌

2,000‌

Frontier

Developments

plc†

..........

32,789‌

15,000‌

Gambling.com

Group

Ltd.†

..........

133,050‌

Shares

Market

Value

47,700‌

GAN

Ltd.†

......................

$

229,914‌

190,000‌

Genius

Sports

Ltd.†

...............

874,000‌

7,000‌

Hyatt

Hotels

Corp.,

Cl. A†

...........

668,150‌

15,000‌

Las

Vegas

Sands

Corp.†

............

583,050‌

104,000‌

LeoVegas

AB(b)

..................

419,212‌

4,238,500‌

Mandarin

Oriental

International

Ltd.†

...

8,477,000‌

11,000‌

Marriott

International

Inc.,

Cl. A†

......

1,933,250‌

70,000‌

MGM

China

Holdings

Ltd.†

..........

44,592‌

54,400‌

MGM

Growth

Properties

LLC,

Cl. A,

REIT

2,105,280‌

76,000‌

MGM

Resorts

International

..........

3,187,440‌

6,000‌

Penn

National

Gaming

Inc.†

..........

254,520‌

25,000‌

PlayAGS

Inc.†

...................

166,750‌

114,800‌

Ryman

Hospitality

Properties

Inc.,

REIT†

.

10,649,996‌

200,000‌

The

Hongkong

&

Shanghai

Hotels

Ltd.†

.

213,192‌

35,000‌

The

Marcus

Corp.†

................

619,500‌

4,000‌

Wyndham

Hotels

&

Resorts

Inc.

.......

338,760‌

6,000‌

Wynn

Resorts

Ltd.†

...............

478,440‌

35,544,947‌

Aerospace

and

Defense

 —

1.6%

159,000‌

Aerojet

Rocketdyne

Holdings

Inc.†

.....

6,256,650‌

1,400‌

Airbus

SE†

......................

170,920‌

15,000‌

Avio

SpA

.......................

176,557‌

22,000‌

BAE

Systems

plc

..................

207,331‌

14,000‌

Howmet

Aerospace

Inc.

.............

503,160‌

500‌

IQVIA

Holdings

Inc.†

...............

115,605‌

43,700‌

Kaman

Corp.

....................

1,900,076‌

5,000‌

Kratos

Defense

&

Security

Solutions

Inc.†

102,400‌

13,000‌

L3Harris

Technologies

Inc.

...........

3,230,110‌

17,500‌

Northrop

Grumman

Corp.

...........

7,826,350‌

3,915,666‌

Rolls-Royce

Holdings

plc†

...........

5,200,397‌

1,500‌

Thales

SA

......................

189,086‌

43,000‌

The

Boeing

Co.†

..................

8,234,500‌

34,113,142‌

Telecommunications

 —

1.5%

55,000‌

AT&T

Inc.

.......................

1,299,650‌

55,400‌

BCE

Inc.

........................

3,072,484‌

874,200‌

BT

Group

plc,

Cl. A

................

2,092,372‌

7,040,836‌

Cable

&

Wireless

Jamaica

Ltd.†(c)

.....

53,204‌

10,000‌

Comtech

Telecommunications

Corp.

....

156,900‌

29,180‌

Deutsche

Telekom

AG

..............

546,571‌

125,000‌

Deutsche

Telekom

AG,

ADR

..........

2,327,500‌

36,000‌

Hellenic

Telecommunications

Organization

SA

..........................

653,130‌

15,000‌

Hellenic

Telecommunications

Organization

SA,

ADR

......................

133,950‌

264,732‌

Koninklijke

KPN

NV

................

920,458‌

1,100,000‌

NII

Holdings

Inc.,

Escrow†

...........

330,000‌

16,000‌

Oi

SA,

ADR†

.....................

3,620‌

4,267‌

Oi

SA,

Cl.

C,

ADR†

................

3,825‌

10,500‌

SoftBank

Group

Corp.

..............

479,460‌

21,000‌

Telecom

Argentina

SA,

ADR

..........

126,210‌

8

The

Gabelli

Equity

Trust

Inc.

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Telecommunications

(Continued)

535,000‌

Telecom

Italia

SpA

................

$

197,380‌

70,000‌

Telefonica

Brasil

SA,

ADR

...........

787,500‌

355,000‌

Telefonica

SA,

ADR

................

1,704,000‌

521,000‌

Telephone

and

Data

Systems

Inc.

......

9,836,480‌

50,000‌

TELUS

Corp.

....................

1,306,243‌

46,075‌

TIM

SA,

ADR

....................

668,088‌

76,000‌

VEON

Ltd.,

ADR†

.................

51,893‌

98,000‌

Verizon

Communications

Inc.

.........

4,992,120‌

174,000‌

Vodafone

Group

plc

...............

285,353‌

85,800‌

Vodafone

Group

plc,

ADR

...........

1,425,996‌

33,454,387‌

Real

Estate

 —

1.2%

8,000‌

Bresler

&

Reiner

Inc.†

..............

249‌

10,267‌

Gaming

and

Leisure

Properties

Inc.,

REIT

481,830‌

57,000‌

Indus

Realty

Trust

Inc.,

REIT

.........

4,166,130‌

17,000‌

Rayonier

Inc.,

REIT

................

699,040‌

2,000‌

Simon

Property

Group

Inc.,

REIT

......

263,120‌

320,000‌

The

St.

Joe

Co.

...................

18,956,800‌

10,000‌

Weyerhaeuser

Co.,

REIT

............

379,000‌

24,946,169‌

Aviation:

Parts

and

Services

 —

1.1%

15,000‌

Astronics

Corp.†

..................

193,950‌

153,300‌

Curtiss-Wright

Corp.

...............

23,019,528‌

23,213,478‌

Metals

and

Mining

 —

1.1%

37,400‌

Agnico

Eagle

Mines

Ltd.

............

2,290,376‌

200‌

Alliance

Resource

Partners

LP

........

3,086‌

50,000‌

Barrick

Gold

Corp.

................

1,226,500‌

30,000‌

Cleveland-Cliffs

Inc.†

...............

966,300‌

99,750‌

Freeport-McMoRan

Inc.

.............

4,961,565‌

25,239‌

Livent

Corp.†

....................

657,981‌

4,300‌

Materion

Corp.

...................

368,682‌

50,000‌

New

Hope

Corp.

Ltd.

...............

127,211‌

136,000‌

Newmont

Corp.

..................

10,805,200‌

62,000‌

TimkenSteel

Corp.†

................

1,356,560‌

10,000‌

Vale

SA,

ADR

....................

199,900‌

22,963,361‌

Transportation

 —

0.8%

47,000‌

Fortress

Transportation

and

Infrastructure

Investors

LLC

..................

1,210,250‌

130,200‌

GATX

Corp.

.....................

16,057,566‌

20,500‌

TravelCenters

of

America

Inc.†

........

880,680‌

18,148,496‌

Agriculture

 —

0.8%

192,000‌

Archer-Daniels-Midland

Co.

..........

17,329,920‌

10,000‌

The

Mosaic

Co.

...................

665,000‌

17,994,920‌

Shares

Market

Value

Automotive

 —

0.8%

13,650‌

Daimler

Truck

Holding

AG†

..........

$

380,981‌

168,500‌

General

Motors

Co.†

...............

7,370,190‌

90,722‌

Iveco

Group

NV†

.................

597,149‌

3,600‌

Mercedes-Benz

Group

AG

...........

254,123‌

70,000‌

PACCAR

Inc.

....................

6,164,900‌

20,000‌

Stellantis

NV

....................

325,400‌

8,000‌

The

Shyft

Group

Inc.

...............

288,880‌

1,850‌

Toyota

Motor

Corp.,

ADR

............

333,463‌

50,000‌

Traton

SE

.......................

933,122‌

16,648,208‌

Communications

Equipment

 —

0.6%

13,150‌

Apple

Inc.

......................

2,296,122‌

2,800‌

Arista

Networks

Inc.†

..............

389,144‌

228,000‌

Corning

Inc.

.....................

8,415,480‌

100,000‌

Limelight

Networks

Inc.†

............

522,000‌

2,500‌

Motorola

Solutions

Inc.

.............

605,500‌

2,500‌

QUALCOMM

Inc.

.................

382,050‌

12,500‌

Telefonaktiebolaget

LM

Ericsson,

Cl. B

..

114,731‌

66,000‌

Telesat

Corp.†

...................

1,089,000‌

13,814,027‌

Wireless

Communications

 —

0.5%

105,000‌

America

Movil

SAB

de

CV,

Cl. L,

ADR

...

2,220,750‌

3,000‌

Anterix

Inc.†

.....................

173,700‌

60,000‌

Millicom

International

Cellular

SA,

SDR†

.

1,525,142‌

105,000‌

Operadora

de

Sites

Mexicanos

SA

de

CV,

REIT

.........................

133,824‌

29,107‌

T-Mobile

US

Inc.†

.................

3,735,883‌

97,000‌

United

States

Cellular

Corp.†

.........

2,932,310‌

10,721,609‌

Publishing

 —

0.3%

1,400‌

Graham

Holdings

Co.,

Cl. B

..........

856,058‌

105,000‌

News

Corp.,

Cl. A

.................

2,325,750‌

90,600‌

News

Corp.,

Cl. B

.................

2,040,312‌

70,000‌

The

E.W.

Scripps

Co.,

Cl. A†

..........

1,455,300‌

6,677,420‌

Manufactured

Housing

and

Recreational

Vehicles

 —

0.3%

1,470‌

Cavco

Industries

Inc.†

..............

354,050‌

11,514‌

Legacy

Housing

Corp.†

.............

247,090‌

5,000‌

Martin

Marietta

Materials

Inc.

.........

1,924,450‌

35,122‌

Nobility

Homes

Inc.

................

1,194,148‌

40,000‌

Skyline

Champion

Corp.†

............

2,195,200‌

2,500‌

The

AZEK

Co.

Inc.†

................

62,100‌

5,977,038‌

Semiconductors

 —

0.1%

4,200‌

Advanced

Micro

Devices

Inc.†

........

459,228‌

80,000‌

Alphawave

IP

Group

plc†

............

185,172‌

1,000‌

Analog

Devices

Inc.

................

165,180‌

4,215‌

Applied

Materials

Inc.

..............

555,537‌

9

The

Gabelli

Equity

Trust

Inc.

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Semiconductors

(Continued)

425‌

ASML

Holding

NV

.................

$

283,870‌

1,200‌

Axcelis

Technologies

Inc.†

...........

90,636‌

500‌

Azenta

Inc.

......................

41,440‌

2,000‌

Lattice

Semiconductor

Corp.†

........

121,900‌

2,300‌

Marvell

Technology

Inc.

.............

164,933‌

2,000‌

NXP

Semiconductors

NV

............

370,160‌

3,000‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

.....................

312,780‌

2,750,836‌

Computer

Hardware

 —

0.0%

12,000‌

Dell

Technologies

Inc.,

Cl. C†

.........

602,280‌

5,500‌

HP

Inc.

........................

199,650‌

801,930‌

TOTAL

COMMON

STOCKS

.........

2,116,063,339‌

CLOSED-END

FUNDS

 —

0.3%

245,000‌

Altaba

Inc.,

Escrow†

...............

1,427,125‌

4,285‌

Royce

Global

Value

Trust

Inc.

.........

48,678‌

45,000‌

Royce

Value

Trust

Inc.

..............

764,550‌

100,000‌

The

Central

Europe,

Russia,

and

Turkey

Fund

Inc.

.............

1,339,000‌

159,600‌

The

New

Germany

Fund

Inc.

.........

1,824,228‌

5,403,581‌

TOTAL

CLOSED-END

FUNDS

........

5,403,581‌

PREFERRED

STOCKS

 —

0.1%

Retail

 —

0.1%

16,750‌

Qurate

Retail

Inc.,

8.000%,

03/15/31

....

1,440,667‌

CONVERTIBLE

PREFERRED

STOCKS

 —

0.0%

Automotive:

Parts

and

Accessories

 —

0.0%

37,672‌

Garrett

Motion

Inc.,

Ser.

A,

11.000%

.....................

311,924‌

RIGHTS

 —

0.0%

Energy

and

Utilities

 —

0.0%

9,700‌

Electricite

de

France

SA,

expire

04/06/22†

3,606‌

Entertainment

 —

0.0%

139,123‌

Media

General

Inc.,

CVR†(c)

.........

0‌

TOTAL

RIGHTS

................

3,606‌

WARRANTS

 —

0.0%

Diversified

Industrial

 —

0.0%

379,000‌

Ampco-Pittsburgh

Corp.,

expire

08/01/25†

308,923‌

Energy

and

Utilities

 —

0.0%

2,504‌

Occidental

Petroleum

Corp.,

expire

08/03/27†

.....................

88,216‌

Shares

Market

Value

Financial

Services

 —

0.0%

150,000‌

Post

Holdings

Partnering

Corp.,

expire

02/09/23†

.....................

$

84,390‌

TOTAL

WARRANTS

..............

481,529‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

2.5%

$

55,140,000‌

U.S.

Treasury

Bills,

0.055%

to

0.874%††,

04/07/22

to

09/22/22

......................

55,069,671‌

TOTAL

INVESTMENTS

—

100.0%

....

(Cost

$1,302,738,693)

............

$

2,178,774,317‌

(a)

At

March

31,

2022,

$78,946,000

of

the

principal

amount

was

pledged

as

collateral

for

current

or

potential

holdings.

(b)

Securities

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

(c)

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

......................

83.7‌

%

$

1,822,753,153‌

Europe

..............................

13.2‌

287,869,716‌

Japan

...............................

1.4‌

29,991,060‌

Latin

America

.......................

1.2‌

27,179,841‌

Asia/Pacific

.........................

0.5‌

10,980,547‌

Total

Investments

...................

100.0‌%

$

2,178,774,317‌