UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-04700
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The Gabelli Equity Trust Inc.
-----------------------------------------
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
-----------------------------------------
(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
-----------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
----------------
Date of fiscal year end: December 31
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Date of reporting period: September 30, 2005
------------------
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 94.1%
ENERGY AND UTILITIES -- 8.6%
70,000 AES Corp.+ .....................$ 1,150,100
10,000 AGL Resources Inc. ............. 371,100
120,000 Allegheny Energy Inc.+ ......... 3,686,400
70,000 Apache Corp. ................... 5,265,400
247,000 BP plc, ADR .................... 17,499,950
275,000 Burlington Resources Inc. ...... 22,363,000
115,000 CH Energy Group Inc. ........... 5,460,200
40,000 Cinergy Corp. .................. 1,776,400
91,200 CMS Energy Corp.+ .............. 1,500,240
204,000 ConocoPhillips ................. 14,261,640
8,000 Constellation Energy Group ..... 492,800
30,000 DPL Inc. ....................... 834,000
14,000 DTE Energy Co. ................. 642,040
250,000 Duke Energy Corp. .............. 7,292,500
110,000 Duquesne Light Holdings Inc. ... 1,893,100
210,000 El Paso Corp. .................. 2,919,000
370,000 El Paso Electric Co.+ .......... 7,714,500
50,000 Energy East Corp. .............. 1,259,500
80,000 Eni SpA ........................ 2,375,819
80,000 Exxon Mobil Corp. .............. 5,083,200
20,000 FPL Group Inc. ................. 952,000
70,000 Halliburton Co. ................ 4,796,400
19,999 Kerr-McGee Corp. ............... 1,942,103
10,000 Marathon Oil Corp. ............. 689,300
140,000 Mirant Corp.+ .................. 199,500
10,000 NiSource Inc. .................. 242,500
300,000 Northeast Utilities ............ 5,985,000
1,000 PetroChina Co. Ltd., ADR ....... 83,370
23,000 Petroleo Brasileiro SA, ADR .... 1,644,270
100,000 Progress Energy Inc., CVO+ ..... 9,000
30,000 Saipem SpA ..................... 505,859
30,000 SJW Corp. ...................... 1,448,400
20,000 Southwest Gas Corp. ............ 547,800
75,000 Spinnaker Exploration Co.+ ..... 4,851,750
8,657 Total SA ....................... 2,362,844
54,000 TXU Corp. ...................... 6,095,520
200 Vectren Corp. .................. 5,670
255,000 Westar Energy Inc. ............. 6,153,150
--------------
142,355,325
--------------
FOOD AND BEVERAGE -- 8.2%
85,000 Ajinomoto Co. Inc. ............. 894,027
8,000 Anheuser-Busch Companies Inc. .. 344,320
83,000 Cadbury Schweppes plc .......... 837,378
40,000 Cadbury Schweppes plc, ADR ..... 1,629,200
90,000 Campbell Soup Co. .............. 2,677,500
60,000 Coca-Cola Co. .................. 2,591,400
5,000 Coca-Cola Enterprises Inc. ..... 97,500
40,000 Coca-Cola Hellenic
Bottling Co. SA .............. 1,159,546
100,000 Corn Products
International Inc. ........... 2,017,000
MARKET
SHARES VALUE*
------ ------
60,000 Del Monte Foods Co.+ ...........$ 643,800
10,108 Denny's Corp.+ ................. 41,948
100,000 Diageo plc ..................... 1,437,490
224,000 Diageo plc, ADR ................ 12,994,240
250,000 Dreyer's Grand Ice Cream
Holdings Inc., Cl. A ......... 20,522,500
90,000 Flowers Foods Inc. ............. 2,455,200
35,641 Fomento Economico
Mexicano SA de CV, ADR ....... 2,492,019
175,000 General Mills Inc. ............. 8,435,000
40,000 Groupe Danone .................. 4,309,837
500,000 Grupo Bimbo SA de CV, Cl. A .... 1,627,312
20,000 Hain Celestial Group Inc.+ ..... 388,000
130,000 Heinz (H.J.) Co. ............... 4,750,200
25,000 Hershey Co. .................... 1,407,750
160,000 Kellogg Co. .................... 7,380,800
75,000 Kerry Group plc, Cl. A ......... 1,744,448
12,100 LVMH Moet Hennessy
Louis Vuitton SA ............. 997,608
2,500 Nestle SA ...................... 731,915
480,000 PepsiAmericas Inc. ............. 10,910,400
350,000 PepsiCo Inc. ................... 19,848,500
6,750 Pernod-Ricard SA ............... 1,191,725
68,200 Ralcorp Holdings Inc. .......... 2,858,944
90,000 Sara Lee Corp. ................. 1,705,500
2,000 Smucker (J.M.) Co. ............. 97,080
112,270 Tootsie Roll Industries Inc. ... 3,564,573
170,000 Wrigley (Wm.) Jr. Co. .......... 12,219,600
--------------
137,004,260
--------------
FINANCIAL SERVICES -- 7.9%
7,000 Allianz AG ..................... 945,111
5,000 Allstate Corp. ................. 276,450
550,000 American Express Co. ........... 31,592,000
32,000 Argonaut Group Inc.+ ........... 864,320
95,000 Aviva plc ...................... 1,043,063
90,000 Banco Santander Central
Hispano SA, ADR .............. 1,185,300
100,000 Bank of Ireland ................ 1,580,434
75,000 Bank of New York Co. Inc. ...... 2,205,750
275,000 Bankgesellschaft Berlin AG+ .... 988,222
260 Berkshire Hathaway Inc.,
Cl. A+ ....................... 21,320,000
7,500 Calamos Asset Management
Inc., Cl. A .................. 185,100
45,000 Citigroup Inc. ................. 2,048,400
185,000 Commerzbank AG, ADR ............ 5,080,951
19,000 Credit Suisse Group ............ 840,987
152,000 Deutsche Bank AG, ADR .......... 14,215,040
20,000 Dun and Bradstreet Corp.+ ...... 1,317,400
20,000 H&R Block Inc. ................. 479,600
75,000 Irish Life & Permanent plc ..... 1,365,603
200,000 Janus Capital Group Inc. ....... 2,890,000
4
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
55,000 JPMorgan Chase & Co. ...........$ 1,866,150
78,000 Leucadia National Corp. ........ 3,361,800
100,000 MBNA Corp. ..................... 2,464,000
100,000 Mellon Financial Corp. ......... 3,197,000
189,000 Midland Co. .................... 6,809,670
60,000 Moody's Corp. .................. 3,064,800
128,750 Nikko Cordial Corp. ............ 1,489,154
145,000 Phoenix Companies Inc. ......... 1,769,000
2,500 Prudential Financial Inc. ...... 168,900
45,000 Schwab (Charles) Corp. ......... 649,350
3,000 St. Paul Travelers
Companies Inc. ............... 134,610
50,000 Standard Chartered plc ......... 1,078,559
80,000 State Street Corp. ............. 3,913,600
20,000 SunTrust Banks Inc. ............ 1,389,000
78,500 T. Rowe Price Group Inc. ....... 5,126,050
20,000 UBS AG ......................... 1,699,432
70,000 Waddell & Reed Financial
Inc., Cl. A .................. 1,355,200
53,000 Westpac Banking Corp. .......... 852,818
--------------
130,812,824
--------------
TELECOMMUNICATIONS -- 7.4%
5,000 ALLTEL Corp. ................... 325,550
585,000 AT&T Corp. ..................... 11,583,000
90,540 ATX Communications Inc.+ ....... 1,032
265,000 BCE Inc. ....................... 7,271,600
30,000 Brasil Telecom Participacoes
SA, ADR ...................... 1,275,900
1,760,000 BT Group plc ................... 6,899,249
4,440,836 Cable & Wireless Jamaica Ltd.+ . 92,332
930,000 Cincinnati Bell Inc.+ .......... 4,101,300
80,000 Citizens Communications Co. .... 1,084,000
170,000 Commonwealth Telephone
Enterprises Inc. ............. 6,409,000
110,000 Compania de
Telecomunicaciones de
Chile SA, ADR ................ 1,193,500
170,000 Deutsche Telekom AG, ADR ....... 3,100,800
15,000 Embratel Participacoes
SA, ADR+ ..................... 174,750
5,000 France Telecom SA, ADR ......... 143,750
233 KDDI Corp. ..................... 1,313,601
100,000 KPN NV ......................... 896,581
1,000,000 Qwest Communications
International Inc.+ .......... 4,100,000
130,000 SBC Communications Inc. ........ 3,116,100
532,387 Sprint Nextel Corp. ............ 12,660,163
186,554 Tele Norte Leste
Participacoes SA, ADR ........ 3,083,738
50,000 Telecom Argentina SA,
Cl. B, ADR+ .................. 645,500
1,788,075 Telecom Italia SpA ............. 5,813,043
254,800 Telefonica SA, ADR ............. 12,566,736
18,298 Telefonica SA, BDR ............. 299,470
MARKET
SHARES VALUE*
------ ------
64,000 Telefonos de Mexico SA
de CV, Cl. L, ADR ............$ 1,361,280
310,000 Telephone & Data Systems Inc. .. 12,090,000
390,000 Telephone & Data Systems Inc.,
Special ...................... 14,644,500
2,500 TELUS Corp. .................... 104,323
47,500 TELUS Corp., ADR ............... 1,985,374
140,060 Verizon Communications Inc. .... 4,578,561
--------------
122,914,733
--------------
ENTERTAINMENT -- 6.7%
160,000 Canal Plus, ADR+ ............... 296,000
220,000 Discovery Holding Co., Cl. A+ .. 3,176,800
1,600 DreamWorks Animation SKG Inc.,
Cl. A+ ....................... 44,256
110,000 EMI Group plc .................. 470,491
80,000 EMI Group plc, ADR ............. 686,408
50,000 GC Companies Inc.+ (a) ......... 43,000
650,000 Gemstar-TV Guide
International Inc.+ .......... 1,924,000
173,000 Grupo Televisa SA, ADR ......... 12,405,830
2,200,000 Liberty Media Corp., Cl. A+ .... 17,710,000
17,500 Oriental Land Co. Ltd. ......... 1,000,484
160,000 Publishing & Broadcasting Ltd. . 2,010,829
1,629,500 Rank Group plc ................. 8,579,186
12,000 Regal Entertainment Group,
Cl. A ........................ 240,480
153,500 Six Flags Inc.+ ................ 1,103,665
260,000 The Walt Disney Co. ............ 6,273,800
810,000 Time Warner Inc. ............... 14,669,100
842,000 Viacom Inc., Cl. A ............. 27,971,240
43,900 Vivendi Universal SA ........... 1,432,996
330,000 Vivendi Universal SA, ADR ...... 10,800,900
--------------
110,839,465
--------------
DIVERSIFIED INDUSTRIAL -- 5.7%
170,000 Acuity Brands Inc. ............. 5,043,900
195,000 Ampco-Pittsburgh Corp. ......... 3,022,500
25,000 Bouygues SA .................... 1,161,889
160,000 Cooper Industries Ltd., Cl. A .. 11,062,400
250,000 Crane Co. ...................... 7,435,000
100,500 CRH plc ........................ 2,723,725
110,000 GATX Corp. ..................... 4,350,500
233,000 Greif Inc., Cl. A .............. 14,003,300
5,000 Greif Inc., Cl. B .............. 287,850
415,500 Honeywell International Inc. ... 15,581,250
130,000 ITT Industries Inc. ............ 14,768,000
390,000 Lamson & Sessions Co.+ ......... 7,144,800
98,000 Park-Ohio Holdings Corp.+ ...... 1,720,880
4,000 Sulzer AG ...................... 2,026,959
30,000 Technip SA ..................... 1,775,374
50,000 Trinity Industries Inc. ........ 2,024,500
--------------
94,132,827
--------------
5
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
PUBLISHING -- 5.5%
18,000 Dow Jones & Co. Inc. ...........$ 687,420
348,266 Independent News & Media plc ... 1,017,110
20,000 Knight-Ridder Inc. ............. 1,173,600
5,000 McClatchy Co., Cl. A ........... 326,150
200,000 McGraw-Hill Companies Inc. ..... 9,608,000
330,000 Media General Inc., Cl. A ...... 19,143,300
124,000 Meredith Corp. ................. 6,186,360
80,000 New York Times Co., Cl. A ...... 2,380,000
1,744,800 News Corp., Cl. A .............. 27,201,432
20,000 News Corp., Cl. B .............. 330,000
200,000 Penton Media Inc.+ ............. 100,000
400,000 PRIMEDIA Inc.+ ................. 1,636,000
175,000 Reader's Digest
Association Inc. ............. 2,794,750
261,319 SCMP Group Ltd. ................ 97,691
150,000 Scripps (E.W.) Co., Cl. A ...... 7,495,500
66,585 Seat Pagine Gialle SpA+ ........ 32,810
80,000 Thomas Nelson Inc. ............. 1,500,800
300,800 Tribune Co. .................... 10,194,112
4,000 VNU NV ......................... 125,714
--------------
92,030,749
--------------
CABLE AND SATELLITE -- 5.3%
1,500,000 Cablevision Systems Corp.,
Cl. A+ ....................... 46,005,000
330,000 Comcast Corp., Cl. A+ .......... 9,695,400
85,000 Comcast Corp., Cl. A, Special+ . 2,446,300
153,444 DIRECTV Group Inc.+ ............ 2,298,591
55,000 EchoStar Communications
Corp., Cl. A ................. 1,626,350
156,770 Liberty Global Inc., Cl. A+ .... 4,245,332
156,770 Liberty Global Inc., Cl. C+ .... 4,036,827
50,000 Loral Space &
Communications Ltd.+ ......... 3,500
407,845 Rogers Communications
Inc., Cl. B, New York ........ 16,089,485
9,655 Rogers Communications
Inc., Cl. B, Toronto ........ 380,054
80,000 Shaw Communications
Inc., Cl. B, New York ........ 1,677,600
20,000 Shaw Communications
Inc., Cl. B, Toronto ......... 418,065
--------------
88,922,504
--------------
CONSUMER PRODUCTS -- 4.3%
60,000 Altadis SA ..................... 2,687,579
50,000 Avon Products Inc. ............. 1,350,000
43,000 Christian Dior SA .............. 3,547,804
15,000 Church & Dwight Co. Inc. ....... 554,100
33,000 Clorox Co. ..................... 1,832,820
10,000 Colgate-Palmolive Co. .......... 527,900
MARKET
SHARES VALUE*
------ ------
90,000 Compagnie Financiere
Richemont AG, Cl. A ..........$ 3,563,014
50,000 Department 56 Inc.+ ............ 625,000
30,000 Energizer Holdings Inc.+ ....... 1,701,000
30,000 Fortune Brands Inc. ............ 2,439,900
30,000 Gallaher Group plc ............. 465,641
234,000 Gallaher Group plc, ADR ........ 14,529,060
110,000 Gillette Co. ................... 6,402,000
2,000 Givaudan SA .................... 1,280,754
42,000 Harley-Davidson Inc. ........... 2,034,480
15,000 Matsushita Electric
Industrial Co. Ltd., ADR ..... 256,650
60,000 Mattel Inc. .................... 1,000,800
75,000 Maytag Corp. ................... 1,369,500
35,000 National Presto
Industries Inc. .............. 1,498,350
180,000 Procter & Gamble Co. ........... 10,702,800
50,000 Reckitt Benckiser plc .......... 1,523,034
10,000 Swatch Group AG, Cl. B ......... 1,377,313
890,000 Swedish Match AB ............... 10,616,895
--------------
71,886,394
--------------
HEALTH CARE -- 3.6%
10,000 Abbott Laboratories ............ 424,000
52,000 Amgen Inc.+ .................... 4,142,840
19,146 AstraZeneca plc ................ 891,356
27,000 Biogen Idec Inc.+ .............. 1,065,960
135,000 Bristol-Myers Squibb Co. ....... 3,248,100
65,036 GlaxoSmithKline plc ............ 1,654,118
4,000 GlaxoSmithKline plc, ADR ....... 205,120
30,000 Henry Schein Inc.+ ............. 1,278,600
10,000 Hospira Inc.+ .................. 409,700
15,000 INAMED Corp.+ .................. 1,135,200
40,000 Invitrogen Corp.+ .............. 3,009,200
10,000 IVAX Corp.+ .................... 263,600
100,000 Merck & Co. Inc. ............... 2,721,000
2,000 Nobel Biocare Holding AG ....... 471,206
41,000 Novartis AG .................... 2,079,217
105,000 Novartis AG, ADR ............... 5,355,000
283,000 Pfizer Inc. .................... 7,066,510
35,000 Renal Care Group Inc.+ ......... 1,656,200
18,100 Roche Holding AG ............... 2,513,908
26,808 Sanofi-Aventis ................. 2,215,071
100,000 Schering-Plough Corp. .......... 2,105,000
80,000 Smith & Nephew plc ............. 671,652
4,250 Straumann Holding AG ........... 1,138,378
60,000 Sybron Dental
Specialties Inc.+ ............ 2,494,800
10,000 Synthes Inc. ................... 1,169,518
23,000 Takeda Pharmaceutical Co. Ltd. . 1,369,627
82,000 William Demant Holding A/S+ .... 3,842,976
100,000 Wyeth .......................... 4,627,000
--------------
59,224,857
--------------
6
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
HOTELS AND GAMING -- 3.2%
115,000 Aztar Corp.+ ...................$ 3,543,150
200,000 Gaylord Entertainment Co.+ ..... 9,530,000
55,000 Greek Organization of
Football Prognostics SA ...... 1,708,070
16,000 GTECH Holdings Corp. ........... 512,960
8,000 Harrah's Entertainment Inc. .... 521,520
2,875,000 Hilton Group plc ............... 15,947,987
600,000 Hilton Hotels Corp. ............ 13,392,000
10,200 Kerzner International Ltd.+ .... 566,610
5,000 Las Vegas Sands Corp.+ ......... 164,550
118,000 MGM Mirage+ .................... 5,164,860
38,000 Starwood Hotels & Resorts
Worldwide Inc. ............... 2,172,460
--------------
53,224,167
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 3.1%
60,000 BorgWarner Inc. ................ 3,387,600
200,000 CLARCOR Inc. ................... 5,744,000
390,000 Dana Corp. ..................... 3,669,900
300,000 Genuine Parts Co. .............. 12,870,000
120,000 Johnson Controls Inc. .......... 7,446,000
116,000 Midas Inc.+ .................... 2,306,080
330,000 Modine Manufacturing Co. ....... 12,104,400
182,774 Proliance International Inc.+ .. 1,001,602
80,500 Scheib (Earl) Inc.+ ............ 301,875
160,000 Standard Motor Products Inc. ... 1,297,600
30,000 Superior Industries
International Inc. ........... 645,600
27,000 TI Automotive Ltd.+ (a) ........ 0
30,000 TRW Automotive Holdings Corp.+ . 880,200
--------------
51,654,857
--------------
EQUIPMENT AND SUPPLIES -- 2.9%
205,000 AMETEK Inc. .................... 8,808,850
2,000 Amphenol Corp., Cl. A .......... 80,680
94,000 CIRCOR International Inc. ...... 2,580,300
213,000 Donaldson Co. Inc. ............. 6,502,890
70,000 Fedders Corp. .................. 149,800
115,000 Flowserve Corp.+ ............... 4,180,250
24,000 Franklin Electric Co. Inc. ..... 993,360
100,000 Gerber Scientific Inc.+ ........ 784,000
70,000 GrafTech International Ltd.+ ... 380,100
250,000 IDEX Corp. ..................... 10,637,500
40,000 Ingersoll-Rand Co. Ltd., Cl. A . 1,529,200
107,000 Lufkin Industries Inc. ......... 4,659,850
1,000 Manitowoc Co. Inc. ............. 50,250
11,000 Mueller Industries Inc. ........ 305,470
1,000 Sealed Air Corp.+ .............. 47,460
230,000 Watts Water Technologies
Inc., Cl. A .................. 6,635,500
100,000 Weir Group plc ................. 675,532
--------------
49,000,992
--------------
MARKET
SHARES VALUE*
------ ------
RETAIL -- 2.9%
260,000 Albertson's Inc. ...............$ 6,669,000
230,000 AutoNation Inc.+ ............... 4,593,100
40,000 Coldwater Creek Inc.+ .......... 1,008,800
20,000 Costco Wholesale Corp. ......... 861,800
38,000 Matsumotokiyoshi Co. Ltd. ...... 1,235,201
320,000 Neiman Marcus Group Inc.,
Cl. B ........................ 31,945,600
30,000 Next plc ....................... 736,559
44,800 Seven & I Holdings Co. Ltd.+ ... 1,483,862
--------------
48,533,922
--------------
AVIATION: PARTS AND SERVICES -- 2.1%
200,000 Curtiss-Wright Corp. ........... 12,342,000
129,600 Fairchild Corp., Cl. A+ ........ 300,672
220,000 GenCorp Inc.+ .................. 4,103,000
180,000 Precision Castparts Corp. ...... 9,558,000
84,000 Sequa Corp., Cl. A+ ............ 4,956,000
74,600 Sequa Corp., Cl. B+ ............ 4,485,698
--------------
35,745,370
--------------
WIRELESS COMMUNICATIONS -- 1.7%
234,000 America Movil SA de CV,
Cl. L, ADR ................... 6,158,880
1,500 NTT DoCoMo Inc. ................ 2,669,133
2,760,000 O2 plc ......................... 7,679,374
24,787 Tele Centro Oeste Celular
Participacoes SA, ADR ........ 224,570
1,920 Tele Leste Celular
Participacoes SA, ADR+ ....... 12,749
3,340 Tele Norte Celular
Participacoes SA, ADR+ ....... 25,217
90,000 Telefonica Moviles SA .......... 998,378
8,350 Telemig Celular Participacoes
SA, ADR ...................... 282,230
270 Telesp Celular
Participacoes SA+ ............ 943
90,217 Telesp Celular Participacoes
SA, ADR ...................... 352,748
5,845 Telesp Celular Participacoes
SA, Pfd.+ .................... 23,247
32,165 Tim Participacoes SA, ADR ...... 597,626
100,000 United States Cellular Corp.+ .. 5,342,000
553,888 Vodafone Group plc ............. 1,440,991
90,000 Vodafone Group plc, ADR ........ 2,337,300
--------------
28,145,386
--------------
COMMUNICATIONS EQUIPMENT -- 1.6%
50,000 Agere Systems Inc.+ ............ 520,500
45,000 Andrew Corp.+ .................. 501,750
515,000 Corning Inc.+ .................. 9,954,950
180,000 Lucent Technologies Inc.+ ...... 585,000
110,000 Motorola Inc. .................. 2,429,900
150,000 Nortel Networks Corp.+ ......... 489,000
44,000 Scientific-Atlanta Inc. ........ 1,650,440
300,000 Thomas & Betts Corp.+ .......... 10,323,000
--------------
26,454,540
--------------
7
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
AGRICULTURE -- 1.5%
1,000,000 Archer-Daniels-Midland Co. .....$ 24,660,000
5,000 Delta & Pine Land Co. .......... 132,050
10,000 Mosaic Co.+ .................... 160,200
--------------
24,952,250
--------------
CONSUMER SERVICES -- 1.5%
110,000 Expedia Inc.+ .................. 2,179,100
230,000 IAC/InterActiveCorp+ ........... 5,830,500
840,000 Rollins Inc. ................... 16,396,800
--------------
24,406,400
--------------
MACHINERY -- 1.2%
20,000 Caterpillar Inc. ............... 1,175,000
320,000 Deere & Co. .................... 19,584,000
--------------
20,759,000
--------------
AEROSPACE -- 1.2%
110,000 Boeing Co. ..................... 7,474,500
30,000 Lockheed Martin Corp. .......... 1,831,200
180,000 Northrop Grumman Corp. ......... 9,783,000
80,000 Rolls-Royce Group plc+ ......... 527,021
--------------
19,615,721
--------------
BROADCASTING -- 1.1%
2,000 Cogeco Inc. .................... 46,882
16,666 Corus Entertainment Inc.,
Cl. B ........................ 482,275
120,000 Gray Television Inc. ........... 1,270,800
27,500 Gray Television Inc., Cl. A .... 272,250
199,000 Liberty Corp. .................. 9,331,110
50,000 Lin TV Corp., Cl. A+ ........... 697,500
165,000 Mediaset SpA ................... 1,952,316
30,000 Modern Times Group, Cl. B+ ..... 1,129,718
7,800 Nippon Television
Network Corp. ................ 1,200,370
110,000 Paxson Communications Corp.+ ... 49,500
100,000 Television Broadcasts Ltd. ..... 611,678
130,000 Young Broadcasting Inc.,
Cl. A+ ....................... 453,700
--------------
17,498,099
--------------
REAL ESTATE -- 1.0%
70,000 Cheung Kong (Holdings) Ltd. .... 790,476
98,000 Florida East Coast
Industries Inc. .............. 4,438,420
55,000 Griffin Land & Nurseries Inc.+ . 1,347,500
167,000 St. Joe Co. .................... 10,429,150
--------------
17,005,546
--------------
ENVIRONMENTAL SERVICES -- 1.0%
65,000 Republic Services Inc. ......... 2,293,850
500,000 Waste Management Inc. .......... 14,305,000
--------------
16,598,850
--------------
MARKET
SHARES VALUE*
------ ------
SPECIALTY CHEMICALS -- 1.0%
5,400 Ciba Specialty Chemicals
AG, ADR ......................$ 158,220
20,000 E.I. du Pont de Nemours
and Co. ...................... 783,400
325,000 Ferro Corp. .................... 5,954,000
39,000 Fuller (H.B.) Co. .............. 1,212,120
120,000 Hercules Inc.+ ................. 1,466,400
232,300 Omnova Solutions Inc.+ ......... 1,015,151
300,000 Sensient Technologies Corp. .... 5,685,000
10,000 Syngenta AG, ADR ............... 210,000
--------------
16,484,291
--------------
ELECTRONICS -- 0.8%
10,000 Advanced Micro Devices Inc.+ ... 252,000
3,000 Hitachi Ltd., ADR .............. 190,170
5,200 Keyence Corp. .................. 1,307,329
20,000 Molex Inc., Cl. A .............. 514,200
7,500 NEC Corp., ADR ................. 40,650
9,500 Rohm Co. Ltd. .................. 824,304
38,000 Royal Philips Electronics
NV, ADR ...................... 1,013,840
265,000 Texas Instruments Inc. ......... 8,983,500
17,000 Tokyo Electron Ltd. ............ 903,013
--------------
14,029,006
--------------
AUTOMOTIVE -- 0.8%
335,000 Navistar International Corp.+ .. 10,864,050
43,000 PACCAR Inc. .................... 2,919,270
--------------
13,783,320
--------------
METALS AND MINING -- 0.6%
72,500 Harmony Gold Mining Co. Ltd.+ .. 814,735
35,000 Harmony Gold Mining
Co. Ltd., ADR+ ............... 382,900
55,000 Ivanhoe Mines Ltd.+ ............ 459,800
125,000 Newmont Mining Corp. ........... 5,896,250
40,000 Novelis Inc. ................... 857,600
50,000 Placer Dome Inc. ............... 857,500
45,000 Xstrata plc .................... 1,165,955
--------------
10,434,740
--------------
BUSINESS SERVICES -- 0.6%
7,050 Acco Brands Corp.+ ............. 198,951
60,000 ANC Rental Corp.+ .............. 303
140,000 Cendant Corp. .................. 2,889,600
1,000 CheckFree Corp.+ ............... 37,820
186,554 Contax Participacoes SA, ADR+ .. 115,887
212,500 Group 4 Securicor plc .......... 566,894
95,000 Landauer Inc. .................. 4,655,000
72,500 Nashua Corp.+ .................. 449,500
25,000 Secom Co. Ltd. ................. 1,202,431
--------------
10,116,386
--------------
8
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
CLOSED-END FUNDS -- 0.3%
75,000 Central Europe and
Russia Fund Inc. .............$ 3,682,500
70,000 New Germany Fund Inc. .......... 732,900
31,500 Royce Value Trust Inc. ......... 626,220
--------------
5,041,620
--------------
MANUFACTURED HOUSING AND
RECREATIONAL VEHICLES -- 0.3%
70,000 Champion Enterprises Inc.+ ..... 1,034,600
50,000 Fleetwood Enterprises Inc.+ .... 615,000
32,222 Huttig Building Products Inc.+ . 291,609
13,000 Martin Marietta Materials Inc. . 1,019,980
10,000 Nobility Homes Inc. ............ 261,000
80,000 Sekisui House Ltd. ............. 980,268
20,000 Skyline Corp. .................. 812,800
1,000 Southern Energy Homes Inc.+ .... 7,050
--------------
5,022,307
--------------
COMPUTER SOFTWARE AND SERVICES -- 0.2%
10,000 Check Point Software
Technologies Ltd.+ ........... 243,200
146 Computer Associates
International Inc. ........... 4,060
25,256 Telecom Italia Media SpA+ ...... 16,543
80,000 Yahoo! Inc.+ ................... 2,707,200
--------------
2,971,003
--------------
PAPER AND FOREST PRODUCTS -- 0.1%
120,000 Pactiv Corp.+ .................. 2,102,400
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.1%
1,500 Amli Residential
Properties Trust ............. 48,105
6,000 Camden Property Trust .......... 334,500
2,000 Equity Residential ............. 75,700
16,656 Rayonier Inc. .................. 959,719
--------------
1,418,024
--------------
TRANSPORTATION -- 0.1%
100,000 AMR Corp.+ ..................... 1,118,000
15,000 Grupo TMM SA, Cl. A, ADR+ ...... 61,500
--------------
1,179,500
--------------
TOTAL COMMON STOCKS ............ 1,566,301,635
--------------
CONVERTIBLE PREFERRED STOCKS -- 0.3%
AEROSPACE -- 0.1%
13,500 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B ...... 1,633,500
--------------
TELECOMMUNICATIONS -- 0.1%
26,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B ...... 1,136,200
--------------
MARKET
SHARES VALUE*
------ ------
BROADCASTING -- 0.1%
90 Gray Television Inc.,
8.000% Cv. Pfd.,
Ser. C (a)(c)(d) .............$ 909,000
--------------
AVIATION: PARTS AND SERVICES -- 0.0%
3,200 Sequa Corp.,
$5.00 Cv. Pfd. ............... 312,000
--------------
TOTAL CONVERTIBLE
PREFERRED STOCKS ............. 3,990,700
--------------
PRINCIPAL
AMOUNT
--------
CONVERTIBLE CORPORATE BONDS -- 0.1%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.1%
$ 500,000 Pep Boys - Manny,
Moe & Jack, Cv.,
4.250%, 06/01/07 ............. 487,500
1,000,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 ............. 890,000
--------------
1,377,500
--------------
AEROSPACE -- 0.0%
736,000 Kaman Corp., Sub. Deb. Cv.,
6.000%, 03/15/12 ............. 704,720
--------------
CABLE AND SATELLITE -- 0.0%
500,000 Charter Communications Inc., Cv.,
4.750%, 06/01/06 ............. 493,750
--------------
TOTAL CONVERTIBLE
CORPORATE BONDS .............. 2,575,970
--------------
U.S. GOVERNMENT &
AGENCY OBLIGATIONS -- 0.1%
FEDERAL HOME LOAN BANK -- 0.0%
500,000 3.060%, 04/13/06 ............. 496,923
--------------
U.S. TREASURY NOTES -- 0.1%
1,000,000 5.750%, 11/15/05 ............. 1,009,914
500,000 5.625%, 02/15/06 ............. 503,301
300,000 4.625%, 05/15/06 ............. 301,137
300,000 3.500%, 11/15/06 ............. 298,020
--------------
2,112,372
--------------
TOTAL U.S. GOVERNMENT &
AGENCY OBLIGATIONS ........... 2,609,295
--------------
9
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE*
--------- ------
SHORT-TERM OBLIGATIONS -- 5.4%
REPURCHASE AGREEMENTS -- 5.1%
$84,445,000 Barclays Capital Inc., 3.200%,
dated 09/30/05, due 10/03/05,
proceeds at maturity,
$84,467,519 (b) ..............$ 84,445,000
--------------
U.S. GOVERNMENT OBLIGATIONS -- 0.3%
5,000,000 U.S. Treasury Bills, 3.498%++,
11/17/05 ..................... 4,977,675
--------------
TOTAL SHORT-TERM
OBLIGATIONS .................. 89,422,675
--------------
NUMBER OF EXPIRATION DATE/
CONTRACTS EXERCISE PRICE
--------- --------------
PUT OPTIONS PURCHASED+ -- 0.0%
1,000 SPDR Trust
Series 1 ....... Oct. 05/120 40,000
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $1,289,926,526) ....................$1,664,940,275
==============
--------------
For Federal tax purposes:
Aggregate cost ....................$1,289,926,526
==============
Gross unrealized appreciation .....$ 446,167,567
Gross unrealized depreciation ..... (71,153,818)
--------------
Net unrealized appreciation
(depreciation) .................$ 375,013,749
==============
--------------
(a) Security fair valued under procedures established by the Board of
Directors. At September 30, 2005, the market value of fair valued
securities amounted to $952,000 or 0.06% of total investments.
(b) Collateralized by U.S. Treasury Bonds, 8.125% and 6.125%, due 08/15/19
and 11/15/27, market value $85,734,060 and $399,840.
(c) Security 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.
At September 30, 2005, the market value of Rule 144A securities
amounted to $909,000 or 0.05% of total investments.
(d) At September 30, 2005, the Fund held restricted and illiquid securities
amounting to $909,000 or 0.05% of net assets, which were valued under
methods approved by the Board, as follows:
09/30/2005
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
------ ------ ---- ---- --------
90 Gray Television Inc.,
8.000% Cv. Pfd., Ser. C ..... 04/23/02 $900,000 $10,100.0000
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
BDR Brazilian Depository Receipt
CVO Contingent Value Obligation
* Portfolio securities are valued at the last quoted sale price or
closing values. If these are unavailable, then the average of the
closing bid and asked prices is used. If there is no asked price, the
security is valued at the closing bid price on that day. Debt
instruments are valued at the average of the closing bid and asked
prices. If the security matures in 60 days or less and is not
credit-impaired, it is valued at amortized cost. All securities and
assets for which market quotations are not readily available or any
security that the Board determines does not reflect its fair market
value are valued in good faith under procedures established by the
Board.
% OF
MARKET MARKET
VALUE VALUE
------ -------
GEOGRAPHIC DIVERSIFICATION
North America ................. 81.3% $1,353,172,200
Europe ........................ 14.4 240,713,065
Latin America ................. 2.8 47,010,239
Japan ......................... 1.1 18,360,274
Asia/Pacific .................. 0.3 4,446,862
South Africa .................. 0.1 1,197,635
------ --------------
Total Investments ............. 100.0% $1,664,900,275
====== ==============
10
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of
1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
effective, as of a date within 90 days of the filing date of the
report that includes the disclosure required by this paragraph,
based on their evaluation of these controls and procedures
required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)
or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940
Act (17 CFR 270.30a-3(d)) that occurred during the registrant's
last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Equity Trust Inc.
--------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date November 28, 2005
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer &
Principal Financial Officer
Date November 28, 2005
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.