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
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31, 2004
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Date of reporting period: September 30, 2004
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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 of Investments is attached herewith.
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 93.2%
FINANCIAL SERVICES -- 8.1%
7,000 Allianz AG ...................$ 704,999
50,000 Allstate Corp. ............... 2,399,500
550,000 American Express Co. ......... 28,303,000
34,000 Argonaut Group Inc.+ ......... 634,780
95,000 Aviva plc .................... 941,198
90,000 Banco Santander Central Hispano
SA, ADR .................... 880,200
110,000 Bank of Ireland .............. 1,482,333
77,000 Bank of New York Co. Inc. .... 2,246,090
275,000 Bankgesellschaft Berlin AG+ .. 686,518
260 Berkshire Hathaway Inc.,
Cl. A+ ..................... 22,529,000
185,000 Commerzbank AG, ADR+ ......... 3,423,592
157,000 Deutsche Bank AG, ADR ........ 11,294,580
20,000 Dun and Bradstreet Corp.+ .... 1,174,000
5,000 H&R Block Inc. ............... 247,100
25,000 Hibernia Corp., Cl. A ........ 660,250
90,000 Irish Life & Permanent plc ... 1,453,145
140,000 Janus Capital Group Inc. ..... 1,905,400
45,000 JPMorgan Chase & Co. ......... 1,787,850
155,000 Kinnevik Investment AB, Cl. B 1,250,824
58,000 Leucadia National Corp. ...... 3,285,700
95,000 Lloyds TSB Group plc ......... 741,784
40,000 Manulife Financial Corp. ..... 1,751,600
100,000 Mellon Financial Corp. ....... 2,769,000
190,000 Midland Co. .................. 5,196,500
65,000 Mitsubishi Securities Co. Ltd. 626,321
30,000 Moody's Corp. ................ 2,197,500
257,500 Nikko Cordial Corp. .......... 1,044,345
150,000 Phoenix Companies Inc. ....... 1,563,000
2,500 Prudential Financial Inc. .... 117,600
46,002 RAS SpA ...................... 883,874
60,000 Riggs National Corp. ......... 1,332,000
45,000 Schwab (Charles) Corp. ....... 413,550
80,000 State Street Corp. ........... 3,416,800
20,000 SunTrust Banks Inc. .......... 1,408,200
80,000 T. Rowe Price Group Inc. ..... 4,075,200
20,000 UBS AG ....................... 1,407,864
60,000 Unitrin Inc. ................. 2,494,200
60,000 Waddell & Reed Financial
Inc., Cl. A ................ 1,320,000
--------------
120,049,397
--------------
FOOD AND BEVERAGE -- 7.7%
53,000 Ajinomoto Co. Inc. ........... 605,907
30,000 Cadbury Schweppes plc, ADR ... 927,300
90,000 Campbell Soup Co. ............ 2,366,100
40,000 Coca-Cola Co. ................ 1,602,000
5,000 Coca-Cola Enterprises Inc. ... 94,500
40,000 Coca-Cola Hellenic
Bottling Co. SA ............ 861,454
75,000 Corn Products
International Inc. ......... 3,457,500
MARKET
SHARES VALUE*
------ ------
73,592 Del Monte Foods Co.+ .........$ 771,980
10,108 Denny's Corp.+ ............... 27,292
100,000 Diageo plc ................... 1,248,597
224,000 Diageo plc, ADR .............. 11,296,320
120,000 Dreyer's Grand Ice Cream Holdings
Inc., Cl. A ................ 9,596,520
60,000 Flowers Foods Inc. ........... 1,551,000
30,000 Fomento Economico Mexicano
SA de CV, ADR .............. 1,325,400
90,000 General Mills Inc. ........... 4,041,000
40,000 Groupe Danone ................ 3,144,756
500,000 Grupo Bimbo SA de CV, Cl. A .. 1,094,935
20,000 Hain Celestial Group Inc.+ ... 353,600
130,000 Heinz (H.J.) Co. ............. 4,682,600
35,000 Hershey Foods Corp. .......... 1,634,850
245,000 Kellogg Co. .................. 10,451,700
75,000 Kerry Group plc, Cl. A ....... 1,650,618
12,100 LVMH Moet Hennessy Louis
Vuitton SA ................. 807,769
42,000 Mondavi (Robert) Corp., Cl. A+ 1,645,140
2,500 Nestle SA .................... 572,596
550,000 PepsiAmericas Inc. ........... 10,505,000
385,000 PepsiCo Inc. ................. 18,730,250
6,750 Pernod-Ricard ................ 896,199
60,000 Ralcorp Holdings Inc.+ ....... 2,166,000
70,000 Sara Lee Corp. ............... 1,600,200
2,000 Smucker (J.M.) Co. ........... 88,820
109,000 Tootsie Roll Industries Inc. . 3,184,980
180,000 Wrigley (Wm.) Jr. Co. ........ 11,395,800
--------------
114,378,683
--------------
WIRELESS COMMUNICATIONS -- 6.8%
86,000 America Movil SA de CV,
Cl. L, ADR ................. 3,356,580
2,332,800 AT&T Wireless Services Inc.+ . 34,478,784
1,760,000 mm02 plc+ .................... 3,129,093
100,000 mm02 plc, ADR+ ............... 1,775,000
80,000 Nextel Communications
Inc., Cl. A+ ............... 1,907,200
1,500 NTT DoCoMo Inc. .............. 2,545,026
177,000 Rogers Wireless Communications Inc.,
Cl. B+ ..................... 5,559,570
32,166 Tele Celular Sul Participacoes
SA, ADR .................... 459,007
55,666 Tele Centro Oeste Celular
Participacoes SA, ADR ...... 567,793
3,340 Tele Leste Celular Participacoes
SA, ADR+ ................... 51,102
3,340 Tele Norte Celular Participacoes
SA, ADR .................... 31,863
1,400,000 Telecom Italia Mobile SpA .... 7,546,420
90,000 Telefonica Moviles SA ........ 936,720
8,350 Telemig Celular Participacoes
SA, ADR .................... 237,808
4
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
WIRELESS COMMUNICATIONS (CONTINUED)
405,000 Telephone & Data Systems Inc. $ 34,088,850
66,800 Telesp Celular Participacoes
SA, ADR+ ................... 412,824
30,000 United States Cellular Corp.+ 1,294,500
553,888 Vodafone Group plc ........... 1,325,534
100,000 Vodafone Group plc, ADR ...... 2,411,000
--------------
102,114,674
--------------
TELECOMMUNICATIONS -- 6.7%
5,000 Aliant Inc. .................. 101,260
25,000 ALLTEL Corp. ................. 1,372,750
300,000 AT&T Corp. ................... 4,296,000
90,540 ATX Communications Inc.+ ..... 6,338
290,000 BCE Inc. ..................... 6,278,500
33,400 Brasil Telecom Participacoes
SA, ADR .................... 1,082,160
1,760,000 BT Group plc ................. 5,724,727
4,440,836 Cable & Wireless Jamaica Ltd. 123,196
100,000 CenturyTel Inc. .............. 3,424,000
950,000 Cincinnati Bell Inc.+ ........ 3,315,500
100,000 Citizens Communications Co. .. 1,339,000
254,800 Commonwealth Telephone
Enterprises Inc.+ .......... 11,096,540
110,000 Compania de Telecomunicaciones
de Chile SA, ADR ........... 1,219,900
170,000 Deutsche Telekom AG, ADR+ .... 3,172,200
15,000 Embratel Participacoes SA, ADR 170,700
5,000 France Telecom SA, ADR ....... 125,000
233 KDDI Corp. ................... 1,131,017
100,000 KPN NV ....................... 748,929
5,000 Manitoba Telecom Services Inc. 167,674
1,000,000 Qwest Communications
International Inc.+ ........ 3,330,000
110,345 Rogers Communications Inc.,
Cl. B, New York ............ 2,230,072
9,655 Rogers Communications Inc.,
Cl. B, Toronto ............. 195,229
210,000 SBC Communications Inc. ...... 5,449,500
500,000 Sprint Corp. ................. 10,065,000
186,554 Tele Norte Leste Participacoes
SA, ADR .................... 2,468,109
50,000 Telecom Argentina SA,
Cl. B, ADR+ ................ 546,000
1,320,480 Telecom Italia SpA ........... 4,075,505
495,130 Telecom Italia SpA, RNC ...... 1,134,590
266,000 Telefonica SA, ADR ........... 11,967,340
17,595 Telefonica SA, BDR ........... 262,171
35,000 Telefonos de Mexico SA de CV,
Cl. L, ADR ................. 1,129,450
12,750 TELUS Corp. .................. 263,956
52,500 TELUS Corp., ADR ............. 1,086,879
4,250 TELUS Corp., Non-Voting ...... 82,276
MARKET
SHARES VALUE*
------ ------
20,750 TELUS Corp., Non-Voting, ADR .$ 401,703
260,000 Verizon Communications Inc. .. 10,238,800
--------------
99,821,971
--------------
ENERGY AND UTILITIES -- 6.6%
70,000 AES Corp.+ ................... 699,300
45,000 AGL Resources Inc. ........... 1,384,650
120,000 Allegheny Energy Inc.+ ....... 1,915,200
70,000 Apache Corp. ................. 3,507,700
247,000 BP plc, ADR .................. 14,209,910
280,000 Burlington Resources Inc. .... 11,424,000
115,000 CH Energy Group Inc. ......... 5,267,000
20,000 Cinergy Corp. ................ 792,000
100,000 CMS Energy Corp.+ ............ 952,000
100,000 ConocoPhillips ............... 8,285,000
10,000 Constellation Energy
Group Inc. ................. 398,400
26,000 DPL Inc. ..................... 535,080
15,000 DTE Energy Co. ............... 632,850
335,000 Duke Energy Corp. ............ 7,668,150
110,000 Duquesne Light Holdings Inc. . 1,975,600
195,000 El Paso Corp. ................ 1,792,050
400,000 El Paso Electric Co.+ ........ 6,428,000
50,000 Energy East Corp. ............ 1,259,000
80,000 Eni SpA ...................... 1,792,461
80,000 Exxon Mobil Corp. ............ 3,866,400
10,000 FPL Group Inc. ............... 683,200
70,000 Halliburton Co. .............. 2,358,300
35,000 Kerr-McGee Corp. ............. 2,003,750
150,000 Mirant Corp.+ ................ 61,500
100,000 NiSource Inc. (SAILS)+ ....... 255,000
300,000 Northeast Utilities .......... 5,817,000
100,000 Progress Energy Inc., CVO+ ... 16,000
30,000 SJW Corp. .................... 990,600
20,000 Southwest Gas Corp. .......... 479,000
8,657 Total SA ..................... 1,763,334
90,000 TXU Corp. .................... 4,312,800
255,000 Westar Energy Inc. ........... 5,151,000
--------------
98,676,235
--------------
ENTERTAINMENT -- 6.4%
160,000 Canal Plus, ADR .............. 220,176
110,000 EMI Group plc ................ 439,407
80,000 EMI Group plc, ADR ........... 639,136
120,000 Fox Entertainment Group
Inc., Cl. A+ ............... 3,328,800
50,000 GC Companies Inc.+ ........... 43,000
400,000 Gemstar-TV Guide
International Inc.+ ........ 2,260,000
185,100 Grupo Televisa SA, ADR ....... 9,760,323
2,216,352 Liberty Media Corp., Cl. A+ .. 19,326,589
82,788 Metro-Goldwyn-Mayer Inc.+ .... 957,857
160,000 Publishing & Broadcasting Ltd. 1,587,773
15,000 Regal Entertainment
Group, Cl. A ............... 286,500
5
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENTERTAINMENT (CONTINUED)
200,000 Six Flags Inc.+ ..............$ 1,088,000
260,000 The Walt Disney Co. .......... 5,863,000
750,000 Time Warner Inc.+ ............ 12,105,000
840,000 Viacom Inc., Cl. A ........... 28,560,000
43,900 Vivendi Universal SA+ ........ 1,124,830
330,000 Vivendi Universal SA, ADR+ ... 8,490,900
--------------
96,081,291
--------------
DIVERSIFIED INDUSTRIAL -- 5.2%
180,000 Acuity Brands Inc. ........... 4,278,600
195,000 Ampco-Pittsburgh Corp. ....... 2,585,700
25,000 Bouygues SA .................. 937,713
150,000 Cooper Industries Ltd., Cl. A 8,850,000
250,000 Crane Co. .................... 7,230,000
100,500 CRH plc ...................... 2,402,813
110,000 GATX Corp. ................... 2,932,600
245,000 Greif Inc., Cl. A ............ 10,326,750
3,400 Greif Inc., Cl. B ............ 142,800
415,000 Honeywell International Inc. . 14,881,900
118,000 ITT Industries Inc. .......... 9,438,820
398,000 Lamson & Sessions Co.+ ....... 3,621,800
110,000 Park-Ohio Holdings Corp.+ .... 1,969,000
10,000 Smiths Group plc ............. 134,269
4,000 Sulzer AG .................... 1,198,046
7,500 Technip SA ................... 1,210,955
100,000 Thomas Industries Inc. ....... 3,140,000
50,000 Trinity Industries Inc. ...... 1,558,500
--------------
76,840,266
--------------
PUBLISHING -- 4.8%
20,000 Dow Jones & Co. Inc. ......... 812,200
248,266 Independent News & Media plc . 629,029
20,000 Knight-Ridder Inc. ........... 1,309,000
5,000 McClatchy Co., Cl. A ......... 354,150
100,000 McGraw-Hill Companies Inc. ... 7,969,000
339,000 Media General Inc., Cl. A .... 18,967,050
124,000 Meredith Corp. ............... 6,371,120
115,000 New York Times Co., Cl. A .... 4,496,500
120,000 News Corp. Ltd. .............. 991,779
10,000 News Corp. Ltd., ADR ......... 328,700
80,000 Pearson plc .................. 855,561
300,000 Penton Media Inc.+ ........... 49,500
400,000 PRIMEDIA Inc.+ ............... 940,000
90,000 Pulitzer Inc. ................ 4,446,000
175,000 Reader's Digest
Association Inc. ........... 2,553,250
261,319 SCMP Group Ltd. .............. 112,261
140,000 Scripps (E.W.) Co., Cl. A .... 6,689,200
66,585 Seat Pagine Gialle SpA ....... 21,584
80,000 Thomas Nelson Inc. ........... 1,564,000
280,000 Tribune Co. .................. 11,522,000
--------------
70,981,884
--------------
MARKET
SHARES VALUE*
------ ------
CONSUMER PRODUCTS -- 4.3%
60,000 Altadis SA ...................$ 2,041,856
43,000 Christian Dior SA ............ 2,560,827
15,000 Church & Dwight Co. Inc. ..... 420,900
90,000 Compagnie Financiere Richemont
AG, Cl. A .................. 2,490,190
50,000 Department 56 Inc.+ .......... 815,000
35,000 Energizer Holdings Inc.+ ..... 1,613,500
35,000 Fortune Brands Inc. .......... 2,593,150
30,000 Gallaher Group plc ........... 349,064
235,000 Gallaher Group plc, ADR ...... 10,920,450
190,000 Gillette Co. ................. 7,930,600
2,000 Givaudan SA .................. 1,215,664
50,000 Harley-Davidson Inc. ......... 2,972,000
15,000 Matsushita Electric Industrial Co.
Ltd., ADR .................. 201,300
100,000 Mattel Inc. .................. 1,813,000
60,000 Maytag Corp. ................. 1,102,200
50,000 National Presto
Industries Inc. ............ 2,091,000
10,700 Nintendo Co. Ltd. ............ 1,308,679
200,000 Procter & Gamble Co. ......... 10,824,000
10,000 Swatch Group AG, Cl. B ....... 1,349,403
905,000 Swedish Match AB ............. 9,571,852
--------------
64,184,635
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 3.8%
60,000 BorgWarner Inc. .............. 2,597,400
100,000 CLARCOR Inc. ................. 4,767,000
400,000 Dana Corp. ................... 7,076,000
20,000 Delphi Corp. ................. 185,800
300,000 Genuine Parts Co. ............ 11,514,000
180,000 Johnson Controls Inc. ........ 10,225,800
116,000 Midas Inc.+ .................. 1,879,200
331,500 Modine Manufacturing Co. ..... 9,981,465
80,500 Scheib (Earl) Inc.+ .......... 257,600
163,000 Standard Motor Products Inc. . 2,462,930
20,000 Superior Industries
International Inc. ......... 599,000
27,000 TI Automotive Ltd.+ .......... 0
105,000 TransPro Inc.+ ............... 545,475
245,000 TRW Automotive Holdings Corp.+ 4,618,250
--------------
56,709,920
--------------
CABLE AND SATELLITE -- 3.8%
1,510,000 Cablevision Systems Corp.,
Cl. A+ ..................... 30,622,800
30,000 Charter Communications Inc.,
Cl. A+ ..................... 79,800
370,000 Comcast Corp., Cl. A+ ........ 10,448,800
85,000 Comcast Corp., Cl. A, Special+ 2,373,200
153,444 DIRECTV Group Inc.+ .......... 2,699,080
5,000 EchoStar Communications Corp.,
Cl. A+ ..................... 155,600
132,980 Liberty Media International
Inc., Cl. A+ ............... 4,436,492
50,000 Loral Space &
Communications Ltd.+ ....... 2,500
20,000 Shaw Communications Inc.,
Cl. B ...................... 333,610
6
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
CABLE AND SATELLITE (CONTINUED)
80,000 Shaw Communications Inc., Cl. B,
Non-Voting .................$ 1,334,400
461,472 UnitedGlobalCom Inc., Cl. A+ . 3,447,196
--------------
55,933,478
--------------
HOTELS AND GAMING -- 3.2%
110,000 Aztar Corp.+ ................. 2,915,000
100,000 Boca Resorts Inc., Cl. A+ .... 1,857,000
250,000 Caesars Entertainment Inc.+ .. 4,175,000
200,000 Gaylord Entertainment Co.+ ... 6,200,000
55,000 Greek Organization of Football
Prognostics SA ............. 1,064,274
16,000 GTECH Holdings Corp. ......... 405,120
2,525,000 Hilton Group plc ............. 12,645,099
650,000 Hilton Hotels Corp. .......... 12,246,000
20,000 Mandalay Resort Group ........ 1,373,000
70,000 MGM Mirage+ .................. 3,475,500
40,000 Starwood Hotels & Resorts
Worldwide Inc. ............. 1,856,800
--------------
48,212,793
--------------
HEALTH CARE -- 3.0%
10,000 Abbott Laboratories .......... 423,600
55,000 Amgen Inc.+ .................. 3,117,400
35,146 AstraZeneca plc, Stockholm ... 1,453,112
29,000 Biogen Idec Inc.+ ............ 1,773,930
145,000 Bristol-Myers Squibb Co. ..... 3,432,150
75,036 GlaxoSmithKline plc .......... 1,617,166
4,000 GlaxoSmithKline plc, ADR ..... 174,920
18,000 Henry Schein Inc.+ ........... 1,121,580
1,500 Hospira Inc.+ ................ 45,900
16,000 INAMED Corp.+ ................ 762,720
47,000 Invitrogen Corp.+ ............ 2,584,530
18,750 IVAX Corp.+ .................. 359,062
80,000 Merck & Co. Inc. ............. 2,640,000
2,000 Nobel Biocare Holding AG ..... 310,323
41,000 Novartis AG .................. 1,910,947
108,000 Novartis AG, Registered ...... 5,040,360
120,000 Pfizer Inc. .................. 3,672,000
18,100 Roche Holding AG ............. 1,869,865
31,808 Sanofi-Aventis ............... 2,307,115
100,000 Schering-Plough Corp. ........ 1,906,000
40,000 Smith & Nephew plc ........... 367,703
3,750 Straumann Holding AG ......... 795,828
60,000 Sybron Dental
Specialties Inc.+ .......... 1,781,400
10,000 Synthes Inc. ................. 1,089,133
23,000 Takeda Pharmaceutical Co. Ltd. 1,043,415
200 William Demant Holding A/S+ .. 8,829
100,000 Wyeth ........................ 3,740,000
--------------
45,348,988
--------------
MARKET
SHARES VALUE*
------ ------
EQUIPMENT AND SUPPLIES -- 2.7%
235,000 AMETEK Inc. ..................$ 7,125,200
2,000 Amphenol Corp., Cl. A+ ....... 68,520
95,000 CIRCOR International Inc. .... 1,852,500
220,000 Donaldson Co. Inc. ........... 6,245,800
80,000 Fedders Corp. ................ 327,200
115,000 Flowserve Corp.+ ............. 2,780,700
26,000 Franklin Electric Co. Inc. ... 1,029,600
100,000 Gerber Scientific Inc.+ ...... 659,000
70,000 GrafTech International Ltd.+ . 976,500
262,500 IDEX Corp. ................... 8,914,500
20,000 Ingersoll-Rand Co., Cl. A .... 1,359,400
60,000 Lufkin Industries Inc. ....... 2,233,200
1,000 Manitowoc Co. Inc. ........... 35,460
1,000 Sealed Air Corp.+ ............ 46,350
230,000 Watts Water Technologies
Inc., Cl. A ................ 6,175,500
100,000 Weir Group plc ............... 509,844
--------------
40,339,274
--------------
AVIATION: PARTS AND SERVICES -- 1.9%
204,640 Curtiss-Wright Corp., Cl. B .. 11,071,024
120,400 Fairchild Corp., Cl. A+ ...... 479,192
260,000 GenCorp Inc. ................. 3,523,000
90,000 Precision Castparts Corp. .... 5,404,500
84,000 Sequa Corp., Cl. A+ .......... 4,385,640
74,600 Sequa Corp., Cl. B+ .......... 4,027,654
--------------
28,891,010
--------------
RETAIL -- 1.9%
170,000 Albertson's Inc. ............. 4,068,100
290,000 AutoNation Inc.+ ............. 4,953,200
33,750 Coldwater Creek Inc.+ ........ 704,363
22,000 Ito-Yokado Co. Ltd. .......... 754,525
30,000 Matsumotokiyoshi Co. Ltd. .... 758,064
323,500 Neiman Marcus Group Inc.,
Cl. B ...................... 17,226,375
--------------
28,464,627
--------------
CONSUMER SERVICES -- 1.8%
460,000 IAC/InterActiveCorp+ ......... 10,129,200
40,000 Loewen Group Inc.+ ........... 0
677,600 Rollins Inc. ................. 16,458,904
--------------
26,588,104
--------------
AEROSPACE -- 1.7%
110,000 Boeing Co. ................... 5,678,200
75,000 Lockheed Martin Corp. ........ 4,183,500
255,000 Northrop Grumman Corp. ....... 13,599,150
120,000 Titan Corp.+ ................. 1,676,400
--------------
25,137,250
--------------
AUTOMOTIVE -- 1.6%
15,000 Ford Motor Co. ............... 210,750
140,000 General Motors Corp. ......... 5,947,200
7
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
AUTOMOTIVE (CONTINUED)
385,000 Navistar International
Corp.+ .....................$ 14,318,150
45,000 PACCAR Inc. .................. 3,110,400
--------------
23,586,500
--------------
MACHINERY -- 1.4%
10,000 Caterpillar Inc. ............. 804,500
320,000 Deere & Co. .................. 20,656,000
--------------
21,460,500
--------------
SPECIALTY CHEMICALS -- 1.3%
5,400 Ciba Specialty Chemicals, ADR 168,372
20,000 E.I. du Pont de Nemours
and Co. .................... 856,000
330,000 Ferro Corp. .................. 7,197,300
40,000 Fuller (H.B.) Co. ............ 1,096,000
120,000 Hercules Inc.+ ............... 1,710,000
10,000 IMC Global Inc.+ ............. 173,900
232,300 Omnova Solutions Inc.+ ....... 1,400,769
300,000 Sensient Technologies Corp. .. 6,492,000
10,000 Syngenta AG, ADR ............. 190,900
--------------
19,285,241
--------------
COMMUNICATIONS EQUIPMENT -- 1.3%
120,000 Agere Systems Inc., Cl. B+ ... 122,400
75,000 Andrew Corp.+ ................ 918,000
550,000 Corning Inc.+ ................ 6,094,000
130,000 Lucent Technologies Inc.+ .... 412,100
114,000 Motorola Inc. ................ 2,056,560
100,000 Nortel Networks Corp.+ ....... 340,000
44,000 Scientific-Atlanta Inc. ...... 1,140,480
300,000 Thomas & Betts Corp.+ ........ 8,046,000
--------------
19,129,540
--------------
AGRICULTURE -- 1.1%
1,000,000 Archer-Daniels-Midland Co. ... 16,980,000
5,000 Delta & Pine Land Co. ........ 133,750
5,000 Terra Industries Inc.+ ....... 43,300
--------------
17,157,050
--------------
REAL ESTATE -- 1.1%
70,000 Cheung Kong (Holdings) Ltd. .. 599,188
100,000 Florida East Coast
Industries Inc. ............ 3,755,000
55,000 Griffin Land & Nurseries Inc.+ 1,320,000
240,000 St. Joe Co. .................. 11,464,800
--------------
17,138,988
--------------
BROADCASTING -- 1.1%
16,666 Corus Entertainment
Inc., Cl. B ................ 309,471
120,000 Gray Television Inc. ......... 1,428,000
27,500 Gray Television Inc., Cl. A . 306,350
200,000 Liberty Corp. ................ 7,948,000
20,000 Lin TV Corp., Cl. A+ ......... 389,600
165,000 Mediaset SpA ................. 1,873,067
MARKET
SHARES VALUE*
------ ------
5,200 Nippon Television Network
Corp. ......................$ 786,027
40,375 NRJ Group .................... 802,335
140,000 Paxson Communications Corp.+ . 189,000
14,375 RTL Group .................... 858,590
100,000 Television Broadcasts Ltd. ... 447,548
140,000 Young Broadcasting Inc.,
Cl. A+ ..................... 1,521,800
--------------
16,859,788
--------------
ENVIRONMENTAL SERVICES -- 0.9%
65,000 Republic Services Inc. ....... 1,934,400
400,000 Waste Management Inc. ........ 10,936,000
--------------
12,870,400
--------------
ELECTRONICS -- 0.8%
3,000 Hitachi Ltd., ADR ............ 181,050
3,000 Keyence Corp. ................ 630,949
20,000 Molex Inc., Cl. A ............ 526,200
7,500 NEC Corp., ADR ............... 44,925
9,500 Rohm Co. Ltd. ................ 955,042
38,800 Royal Philips Electronics
NV, ADR .................... 888,908
45,000 Sony Corp., ADR .............. 1,547,550
270,000 Texas Instruments Inc. ....... 5,745,600
14,400 Tokyo Electron Ltd. .......... 701,611
--------------
11,221,835
--------------
BUSINESS SERVICES -- 0.7%
60,000 ANC Rental Corp.+ ............ 6
150,000 Cendant Corp. ................ 3,240,000
1,000 CheckFree Corp.+ ............. 27,670
212,500 Group 4 Securicor plc+ ....... 446,057
98,000 Landauer Inc. ................ 4,599,140
70,000 Nashua Corp.+ ................ 773,500
25,000 Secom Co. Ltd. ............... 868,756
--------------
9,955,129
--------------
METALS AND MINING -- 0.6%
72,500 Harmony Gold Mining Co. Ltd. . 986,448
35,000 Harmony Gold Mining Co.
Ltd., ADR .................. 476,700
130,000 Newmont Mining Corp. ......... 5,918,900
50,000 Placer Dome Inc. ............. 994,000
--------------
8,376,048
--------------
MANUFACTURED HOUSING AND
RECREATIONAL VEHICLES -- 0.2%
50,000 Champion Enterprises Inc.+ ... 514,500
50,000 Fleetwood Enterprises Inc.+ .. 759,000
32,222 Huttig Building Products Inc.+ 291,609
15,000 Martin Marietta Materials Inc. 679,050
10,000 Nobility Homes Inc. .......... 234,000
80,000 Sekisui House Ltd. ........... 763,599
6,000 Skyline Corp. ................ 240,300
1,000 Southern Energy Homes Inc.+ .. 4,420
--------------
3,486,478
--------------
8
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
CLOSED-END FUNDS -- 0.2%
77,333 Central Europe and Russia
Fund Inc. ..................$ 1,826,605
70,000 New Germany Fund Inc. ........ 527,800
36,806 Royce Value Trust Inc. ....... 661,404
--------------
3,015,809
--------------
PAPER AND FOREST PRODUCTS -- 0.2%
125,000 Pactiv Corp.+ ................ 2,906,250
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.2%
70,000 Catellus Development Corp. ... 1,855,700
16,656 Rayonier Inc. ................ 753,517
--------------
2,609,217
--------------
TRANSPORTATION -- 0.1%
100,000 AMR Corp.+ ................... 733,000
15,000 Grupo TMM SA, Cl. A, ADR+ .... 35,550
--------------
768,550
--------------
COMPUTER SOFTWARE AND SERVICES -- 0.0%
60,000 EMC Corp.+ ................... 692,400
25,256 Telecom Italia Media SpA+ .... 8,281
--------------
700,681
--------------
TOTAL COMMON STOCKS .......... 1,389,282,484
--------------
PREFERRED STOCKS -- 1.9%
PUBLISHING -- 1.6%
770,000 News Corp. Ltd., Pfd., ADR ... 24,124,100
--------------
AEROSPACE -- 0.1%
13,500 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B .... 1,768,500
--------------
TELECOMMUNICATIONS -- 0.1%
26,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B .... 1,092,000
9,400 Citizens Communications Co.,
5.000% Cv. Pfd. ............ 545,059
--------------
1,637,059
--------------
BROADCASTING -- 0.1%
90 Gray Television Inc.,
8.000% Cv. Pfd., Ser. C (a) 918,000
--------------
AVIATION: PARTS AND SERVICES -- 0.0%
3,000 Sequa Corp.,
$5.00 Cv. Pfd. ............. 289,500
--------------
WIRELESS COMMUNICATIONS -- 0.0%
10,760,547 Telesp Celular
Participacoes SA, Pfd.+ .... 26,309
--------------
TOTAL PREFERRED STOCKS ....... 28,763,468
--------------
PRINCIPAL MARKET
AMOUNT VALUE*
--------- ------
CORPORATE BONDS -- 0.2%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.1%
$ 1,000,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 ...........$ 990,000
--------------
CABLE AND SATELLITE -- 0.1%
1,000,000 Charter Communications Inc., Cv.,
4.750%, 06/01/06 ........... 860,000
--------------
AVIATION: PARTS AND SERVICES -- 0.0%
803,000 Kaman Corp., Sub. Deb. Cv.,
6.000%, 03/15/12 ........... 780,917
--------------
TOTAL CORPORATE BONDS ........ 2,630,917
--------------
SHARES
------
WARRANTS -- 0.0%
FOOD AND BEVERAGE -- 0.0%
62,463 Denny's Corp., expires
01/07/05+ .................. 0
--------------
PRINCIPAL
AMOUNT
--------
U.S. GOVERNMENT OBLIGATIONS -- 0.1%
$ 1,500,000 U.S. Treasury Bill,
1.700%, 12/23/04 ++ ........ 1,494,305
--------------
REPURCHASE AGREEMENTS -- 4.6%
68,832,000 Agreement with State Street
Bank and Trust Co., 1.650%,
dated 09/30/04, due 10/01/04,
proceeds at maturity,
$68,835,155 (b) ............ 68,832,000
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $1,233,352,684) .................. 1,491,003,174
OTHER ASSETS IN EXCESS OF LIABILITIES .... 2,970,748
--------------
PREFERRED STOCK
(9,556,900 preferred shares outstanding) (418,742,500)
--------------
NET ASSETS -- COMMON STOCK
(139,214,947 common shares outstanding) $1,075,231,422
==============
NET ASSET VALUE PER COMMON SHARE
($1,075,231,422 / 139,214,947
shares outstanding) .................... $7.72
=====
9
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
For Federal tax purposes:
Aggregate cost .................$(1,233,352,684)
===============
Gross unrealized appreciation ..$ 333,137,952
Gross unrealized depreciation .. (75,487,462)
--------------
Net unrealized appreciation
(depreciation) ...............$ 257,650,490
===============
--------------
(a) Security fair valued under procedures established by the Board of
Directors. At September 30, 2004, the market value of fair valued
securities amounted to $918.000 or 0.1% of total investments.
(b) Collateralized by U.S. Treasury Note, 1.625%, due 03/31/05, market value
$70,213,103.
(c) Bond in default.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
BDR - Brazilian Depository Receipt.
CVO - Contingent Value Obligation.
RNC - Non-Convertible Savings Shares.
SAILS - Stock Appreciation Income Linked Securities.
USD - U.S. Dollars.
W/I - When Issued.
* Portfolio securities are valued at the last quoted sale price or closing
values. If this is 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
United States ................. 80.6% $1,201,055,254
Europe ........................ 13.2 197,246,706
Asia/Pacific .................. 1.9 28,191,349
Latin America ................. 1.7 25,458,409
Canada ........................ 1.4 21,090,201
Japan ......................... 1.1 16,498,107
South Africa .................. 0.1 1,463,148
------ --------------
Total Investments ............. 100.0% $1,491,003,174
====== ==============
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 has materially affected, or is 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 26, 2004
----------------------------------------------------------------------------
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 26, 2004
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.