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June 30, 2023
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04700
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)
John C. Ball
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
Date of reporting period: June 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission
to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of
1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection,
and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A
registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. § 3507.
| Item 1. | Reports to Stockholders. |
| (a) | The Report to Shareholders
is attached herewith. |
The
Gabelli Equity Trust Inc.
Semiannual
Report — June 30, 2023
To
Our Stockholders,
For
the six months ended June 30, 2023, the net asset value (NAV) total return of The Gabelli Equity Trust Inc. (the Fund) was 10.6%, compared
with total returns of 16.9% and 4.9% for the Standard & Poor’s (S&P) 500 Index and the Dow Jones Industrial Average, respectively.
The total return for the Fund’s publicly traded shares was 11.8%. The Fund’s NAV per share was $5.30, while the price of
the publicly traded shares closed at $5.80 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.
Enclosed
are the financial statements, including the schedule of investments, as of June 30, 2023.
Investment
Objective and Strategy (Unaudited)
The
Fund’s primary investment objective is to achieve long term growth of capital by investing primarily in a portfolio of equity securities
consisting of common stock, preferred stock, convertible or exchangeable securities, and warrants and rights to purchase such securities
selected by the Investment Adviser. Income is a secondary investment objective. Under normal market conditions, the Fund will invest
at least 80% of the value of its total assets in equity securities.
Performance
Discussion (Unaudited)
Ten
year interest rates at their highest since the 2007-08 Great Financial Crisis provided an unexpected backdrop for the Nasdaq 100 to have
its best first half ever (+40%). After tightening financial conditions deflated many of the market’s darlings in 2022, growth has
trounced value so far in 2023. Perhaps as unexpectedly, the market is as concentrated and narrow as immediately after COVID. Having evolved
from the FANG+ to the Magnificent Seven (M7) – Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla – these market
leaders aggregated to 27% of the S&P 500 and accounted for two-thirds of its return. Indeed, an equal weighted version of the S&P
500 is up only 6% this year. We see several explanations for this seeming growth paradox: (a) although short term rates remain near cycle
highs they are not extreme in their historical context and their trajectory is almost certainly lower as illustrated by the inverted
yield curve; (b) fortress balance sheets and robust cash flows make the M7 excellent safe havens; and (c) AI’s coming out party
has been viewed as a net positive for nearly every M7 member while banking sector stress that has weighed on a key component of most
value benchmarks.
As
permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual
shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports
will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted
and provided with a website link to access the report. If you already elected to receive sharehold-er reports electronically, you will
not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please
contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to
info@gabelli.com. |
The
overall market multiple of 20x 2023 earnings has risen two turns this year but remains below its recent highs. Of course, several large
growth companies skew this metric. The good news is that we continue to find value in certain less flashy sectors. Even better, the market
seems to agree. Market breadth improved as the second quarter progressed. Smaller capitalization stocks and cyclicals in particular have
started to perform well. As the odds of a near-term severe recession diminish, we would expect this trend to continue.
Top
contributors to the Fund’s performance during the period ended June 30, 2023 included: American Express Co. (2.4% of total investments
as of June 30, 2023), together with its subsidiaries, provides charge and credit payment card products, and travel related services worldwide;
Rollins Inc. (2.4%), through its subsidiaries, provides pest and wildlife control services to residential and commercial customers in
the United States and internationally; and AMETEK Inc. (2.7%) which manufactures and sells electronic instruments and electromechanical
devices in North America, Europe, Asia, and South America. It operates in two segments, Electronic Instruments (EIG) and Electromechanical
(EMG).
Some
of the weaker performing stocks during the period were: Deere & Co. (2.7%) which manufactures and distributes various equipment worldwide.
The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry,
and Financial Services; IDEX Corp. (1.4%), together with its subsidiaries, provides applied solutions worldwide. The company operates
through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified
Products (FSDP); and ConocoPhillips (0.9%), which explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied
natural gas (LNG), and natural gas liquids in the United States and internationally.
Thank
you for your investment in The Gabelli Equity Trust.
We
appreciate your confidence and trust.
The
views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of
this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not
intended to be a forecast of future events and are no guarantee of future results. |
Comparative
Results
Average
Annual Returns through June 30, 2023 (a) (Unaudited)
| |
Six
Months | | |
| 1
Year | | |
5
year | | |
10
year | | |
15
year | | |
20
year | | |
25
year | | |
Since
Inception
(8/21/86) | |
The
Gabelli Equity Trust Inc. (GAB) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
NAV
Total Return (b) | |
| 10.64 | % | |
| 21.83 | % | |
| 8.40 | % | |
| 9.70 | % | |
| 9.48 | % | |
| 10.49 | % | |
| 8.71 | % | |
| 11.04 | % |
Investment
Total Return (c) | |
| 11.83 | | |
| 6.06 | | |
| 10.10 | | |
| 10.01 | | |
| 9.40 | | |
| 10.36 | | |
| 9.11 | | |
| 10.57 | |
S&P
500 Index | |
| 16.89 | | |
| 19.59 | | |
| 12.31 | | |
| 12.86 | | |
| 10.88 | | |
| 10.04 | | |
| 7.61 | | |
| 10.49 | (d) |
Dow
Jones Industrial Average | |
| 4.94 | | |
| 14.23 | | |
| 9.58 | | |
| 11.24 | | |
| 10.37 | | |
| 9.56 | | |
| 7.99 | | |
| 10.07 | (d) |
| (a) | Performance
returns for periods of less than one year are not annualized. Returns represent past performance
and do not guarantee future results. Investment returns and the principal value of an investment
will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset
value changes versus funds that do not employ leverage. When shares are sold, they may be
worth more or less than their original cost. Current performance may be lower or higher than
the performance data presented. Visit www.gabelli. com for performance information as of
the most recent month end. The S&P 500 Index is an unmanaged indicator of stock market
performance. The Dow Jones Industrial Average is an unmanaged index of 30 large capitalization
stocks. Dividends are considered reinvested. You cannot invest directly in an index. |
| (b) | Total
returns and average annual returns reflect changes in the NAV per share, reinvestment of
distributions at NAV on the ex-dividend date, adjustments for rights offerings, spin-offs,
and taxes paid on undistributed long term capital gains and are net of expenses. Since inception
return is based on an initial NAV of $9.34. |
| (c) | Total
returns and average annual returns reflect changes in closing market values on the NYSE,
reinvestment of distributions, and adjustments for rights offerings, spin-offs, and taxes
paid on undistributed long term capital gains. Since inception return is based on an initial
offering price of $10.00. |
| (d) | From
August 31, 1986, the date closest to the Fund’s inception for which data are available. |
Investors
should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.
Summary
of Portfolio Holdings (Unaudited)
The
following table presents portfolio holdings as a percent of total investments as of June 30, 2023:
The
Gabelli Equity Trust Inc.
Financial Services | |
| 11.3 | % |
Food and Beverage | |
| 11.2 | % |
Equipment and Supplies | |
| 8.1 | % |
Diversified Industrial | |
| 6.4 | % |
Health Care | |
| 5.1 | % |
Automotive: Parts and Accessories | |
| 5.1 | % |
Energy and Utilities | |
| 4.2 | % |
Business Services | |
| 4.2 | % |
Entertainment | |
| 4.2 | % |
Machinery | |
| 4.1 | % |
Consumer Services | |
| 3.0 | % |
Electronics | |
| 3.0 | % |
Retail | |
| 2.8 | % |
Environmental Services | |
| 2.8 | % |
Consumer Products | |
| 2.3 | % |
Computer Software and Services | |
| 2.1 | % |
Aerospace and Defense | |
| 2.1 | % |
Cable and Satellite | |
| 1.9 | % |
Building and Construction | |
| 1.8 | % |
Broadcasting | |
| 1.6 | % |
Hotels and Gaming | |
| 1.6 | % |
Specialty
Chemicals | |
| 1.3 | % |
Aviation:
Parts and Services | |
| 1.3 | % |
Telecommunications | |
| 1.2 | % |
Real
Estate | |
| 1.0 | % |
Transportation | |
| 0.9 | % |
Agriculture | |
| 0.9 | % |
Metals
and Mining | |
| 0.8 | % |
U.S.
Government Obligations | |
| 0.8 | % |
Automotive | |
| 0.8 | % |
Communications
Equipment | |
| 0.6 | % |
Wireless
Communications | |
| 0.5 | % |
Manufactured
Housing and Recreational Vehicles | |
| 0.4 | % |
Publishing | |
| 0.3 | % |
Closed-End
Funds | |
| 0.2 | % |
Semiconductors | |
| 0.1 | % |
Computer
Hardware | |
| 0.0 | %* |
| |
| 100.0 | % |
| * | Amount
represents less than 0.05%. |
The
Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters
of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI
(800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied
at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained
by calling 800-SEC-0330.
Proxy
Voting
The
Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year.
A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities
is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate
Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.
The
Gabelli Equity Trust Inc.
Schedule
of Investments — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS — 98.8% | |
| | | |
| | |
| | | |
Financial
Services — 11.3% | |
| | | |
| | |
| 19,500 | | |
Aegon
NV | |
$ | 94,669
| | |
$ | 98,519 | |
| 250 | | |
Affiliated
Managers Group Inc. | |
| 38,704 | | |
| 37,473 | |
| 10,800 | | |
Ally
Financial Inc. | |
| 313,923 | | |
| 291,708 | |
| 276,400 | | |
American
Express Co. | |
| 29,047,273 | | |
| 48,148,880 | |
| 19,500 | | |
Apollo
Global Management Inc. | |
| 548,902 | | |
| 1,497,795 | |
| 8,000 | | |
Argo
Group International Holdings Ltd. | |
| 164,422 | | |
| 236,880 | |
| 60,000 | | |
Avation
plc† | |
| 89,538 | | |
| 93,726 | |
| 6,500 | | |
Axis
Capital Holdings Ltd. | |
| 330,370 | | |
| 349,895 | |
| 28,400 | | |
Banco
Bilbao Vizcaya Argentaria SA | |
| 153,124 | | |
| 217,922 | |
| 75,000 | | |
Banco
Santander SA, ADR | |
| 545,875 | | |
| 278,250 | |
| 60,000 | | |
Bank
of America Corp. | |
| 2,079,979 | | |
| 1,721,400 | |
| 34,000 | | |
Barclays
plc | |
| 63,080 | | |
| 66,229 | |
| 101 | | |
Berkshire
Hathaway Inc., Cl. A† | |
| 967,115 | | |
| 52,298,810 | |
| 3,250 | | |
Berkshire
Hathaway Inc., Cl. B† | |
| 983,429 | | |
| 1,108,250 | |
| 44,500 | | |
Blackstone
Inc. | |
| 3,315,633 | | |
| 4,137,165 | |
| 125,000 | | |
Blue
Owl Capital Inc. | |
| 1,308,971 | | |
| 1,456,250 | |
| 1,750 | | |
Brookfield
Asset Management Ltd., Cl. A | |
| 64,326 | | |
| 57,103 | |
| 7,000 | | |
Brookfield
Corp. | |
| 289,405 | | |
| 235,550 | |
| 3,820 | | |
Capital
One Financial Corp. | |
| 360,491 | | |
| 417,793 | |
| 87,500 | | |
Cipher
Mining Inc.† | |
| 71,455 | | |
| 250,250 | |
| 135,770 | | |
Citigroup
Inc. | |
| 8,039,822 | | |
| 6,250,851 | |
| 13,000 | | |
Commerzbank
AG | |
| 130,210 | | |
| 143,984 | |
| 23,000 | | |
Compass
Diversified Holdings | |
| 476,284 | | |
| 498,870 | |
| 11,245 | | |
Credit
Agricole SA | |
| 121,978 | | |
| 133,405 | |
| 5,000 | | |
Cullen/Frost
Bankers Inc. | |
| 361,440 | | |
| 537,650 | |
| 153,600 | | |
Dah
Sing Banking Group Ltd. | |
| 149,990 | | |
| 114,279 | |
| 105,500 | | |
Dah
Sing Financial Holdings Ltd. | |
| 302,281 | | |
| 263,615 | |
| 52,900 | | |
Daiwa
Securities Group Inc. | |
| 236,978 | | |
| 271,401 | |
| 30,000 | | |
Deutsche
Bank AG | |
| 221,322 | | |
| 315,900 | |
| 1,066 | | |
Diamond
Hill Investment Group Inc. | |
| 191,575 | | |
| 182,606 | |
| 67,560 | | |
DigitalBridge
Group Inc. | |
| 760,232 | | |
| 993,808 | |
| 488 | | |
E-L
Financial Corp. Ltd. | |
| 368,293 | | |
| 341,278 | |
| 2,400 | | |
EXOR
NV | |
| 172,506 | | |
| 213,910 | |
| 5,000 | | |
Federated
Hermes Inc. | |
| 164,350 | | |
| 179,250 | |
| 4,700 | | |
First
American Financial Corp. | |
| 266,458 | | |
| 267,994 | |
| 172 | | |
First
Citizens BancShares Inc., Cl. A | |
| 150,791 | | |
| 220,753 | |
| 15,600 | | |
Flushing
Financial Corp. | |
| 303,549 | | |
| 191,724 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| 8,000 | | |
Franklin
Resources Inc. | |
$ | 263,734 | | |
$ | 213,680 | |
| 100,000 | | |
GAM
Holding AG† | |
| 138,062 | | |
| 60,332 | |
| 5,500 | | |
Icahn
Enterprises LP | |
| 196,287 | | |
| 159,665 | |
| 18,600 | | |
ING
Groep NV | |
| 184,496 | | |
| 250,416 | |
| 48,021 | | |
Interactive
Brokers Group Inc., Cl. A | |
| 2,231,225 | | |
| 3,989,104 | |
| 74,000 | | |
Janus
Henderson Group plc | |
| 2,230,151 | | |
| 2,016,500 | |
| 12,800 | | |
Japan
Post Bank Co. Ltd. | |
| 102,308 | | |
| 99,707 | |
| 88,000 | | |
Jefferies
Financial Group Inc. | |
| 1,339,598 | | |
| 2,918,960 | |
| 35,400 | | |
JPMorgan
Chase & Co. | |
| 2,419,542 | | |
| 5,148,576 | |
| 5,000 | | |
Julius
Baer Group Ltd. | |
| 237,290 | | |
| 314,731 | |
| 29,800 | | |
Kinnevik
AB, Cl. A† | |
| 494,015 | | |
| 461,975 | |
| 14,000 | | |
Loews
Corp. | |
| 558,454 | | |
| 831,320 | |
| 64,000 | | |
Marsh
& McLennan Companies Inc. | |
| 3,134,146 | | |
| 12,037,120 | |
| 3,000 | | |
Moelis
& Co., Cl. A | |
| 118,282 | | |
| 136,020 | |
| 9,250 | | |
Moody’s
Corp. | |
| 465,741 | | |
| 3,216,410 | |
| 24,000 | | |
Morgan
Stanley | |
| 1,041,469 | | |
| 2,049,600 | |
| 240 | | |
MSCI
Inc. | |
| 99,453 | | |
| 112,630 | |
| 76,535 | | |
NatWest
Group plc | |
| 179,936 | | |
| 234,056 | |
| 115,500 | | |
New
York Community Bancorp Inc. | |
| 952,236 | | |
| 1,298,220 | |
| 9,120 | | |
NN
Group NV | |
| 383,787 | | |
| 337,464 | |
| 32,000 | | |
Polar
Capital Holdings plc | |
| 252,896 | | |
| 209,702 | |
| 6,000 | | |
Prosus
NV | |
| 487,266 | | |
| 439,383 | |
| 55,000 | | |
S&P
Global Inc. | |
| 13,136,755 | | |
| 22,048,950 | |
| 60,000 | | |
Sculptor
Capital Management Inc. | |
| 600,732 | | |
| 529,800 | |
| 12,050 | | |
Shinhan
Financial Group Co. Ltd., ADR | |
| 357,513 | | |
| 314,023 | |
| 1,100 | | |
Silvercrest
Asset Management Group Inc., Cl. A | |
| 21,087 | | |
| 22,275 | |
| 2,600 | | |
Societe
Generale SA | |
| 52,934 | | |
| 67,523 | |
| 45,000 | | |
Standard
Chartered plc | |
| 279,978 | | |
| 390,335 | |
| 115,400 | | |
State
Street Corp. | |
| 6,110,734 | | |
| 8,444,972 | |
| 30,000 | | |
StoneCo
Ltd., Cl. A† | |
| 349,175 | | |
| 382,200 | |
| 84,700 | | |
T.
Rowe Price Group Inc. | |
| 7,214,548 | | |
| 9,488,094 | |
| 150,800 | | |
The
Bank of New York Mellon Corp. | |
| 5,267,052 | | |
| 6,713,616 | |
| 30,000 | | |
The
Charles Schwab Corp. | |
| 1,957,650 | | |
| 1,700,400 | |
| 9,100 | | |
The
Goldman Sachs Group Inc. | |
| 2,210,738 | | |
| 2,935,114 | |
| 42,500 | | |
The
Westaim Corp.† | |
| 80,053 | | |
| 115,493 | |
| 17,000 | | |
Truist
Financial Corp. | |
| 280,578 | | |
| 515,950 | |
| 11,100 | | |
TrustCo
Bank Corp. NY | |
| 369,406 | | |
| 317,571 | |
| 14,800 | | |
UniCredit
SpA | |
| 199,742 | | |
| 343,425 | |
| 25,000 | | |
W.
R. Berkley Corp. | |
| 1,387,272 | | |
| 1,489,000 | |
| 1,900 | | |
Webster
Financial Corp. | |
| 90,377 | | |
| 71,725 | |
| 208,500 | | |
Wells
Fargo & Co. | |
| 7,861,678 | | |
| 8,898,780 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Financial
Services (Continued) | |
| | | |
| | |
| 20,448 | | |
Westwood
Holdings Group Inc. | |
$ | 270,878
| | |
$ | 253,555 | |
| | | |
| |
| 118,857,997 | | |
| 225,699,498 | |
| | | |
Food
and Beverage — 11.2% | |
| | | |
| | |
| 3,000 | | |
Ajinomoto
Co. Inc. | |
| 52,866 | | |
| 119,006 | |
| 2,100 | | |
Anheuser-Busch
InBev SA/NV | |
| 148,084 | | |
| 118,769 | |
| 30,000 | | |
BellRing
Brands Inc.† | |
| 841,981 | | |
| 1,098,000 | |
| 94,300 | | |
Brown-Forman
Corp., Cl. A | |
| 1,314,353 | | |
| 6,419,001 | |
| 49,300 | | |
Brown-Forman
Corp., Cl. B | |
| 1,130,138 | | |
| 3,292,254 | |
| 32,500 | | |
Campbell
Soup Co. | |
| 1,187,547 | | |
| 1,485,575 | |
| 14,000 | | |
Chr.
Hansen Holding A/S | |
| 729,895 | | |
| 971,701 | |
| 95,000 | | |
ChromaDex
Corp.† | |
| 175,980 | | |
| 149,150 | |
| 15,000 | | |
Coca-Cola
Europacific Partners plc | |
| 275,289 | | |
| 966,450 | |
| 50,000 | | |
Conagra
Brands Inc. | |
| 1,308,467 | | |
| 1,686,000 | |
| 26,200 | | |
Constellation
Brands Inc., Cl. A | |
| 328,606 | | |
| 6,448,606 | |
| 25,000 | | |
Crimson
Wine Group Ltd.† | |
| 128,738 | | |
| 167,500 | |
| 190,500 | | |
Danone
SA | |
| 9,255,449 | | |
| 11,670,024 | |
| 845,000 | | |
Davide
Campari-Milano NV | |
| 2,990,662 | | |
| 11,700,992 | |
| 4,250 | | |
Diageo
plc | |
| 191,897 | | |
| 182,381 | |
| 144,000 | | |
Diageo
plc, ADR | |
| 19,571,401 | | |
| 24,981,120 | |
| 98,083 | | |
Farmer
Brothers Co.† | |
| 519,252 | | |
| 271,690 | |
| 90,000 | | |
Flowers
Foods Inc. | |
| 490,089 | | |
| 2,239,200 | |
| 84,500 | | |
Fomento
Economico Mexicano SAB de CV, ADR | |
| 3,760,379 | | |
| 9,365,980 | |
| 15,000 | | |
General
Mills Inc. | |
| 923,210 | | |
| 1,150,500 | |
| 20,000 | | |
Glanbia
plc | |
| 326,308 | | |
| 298,989 | |
| 1,848,400 | | |
Grupo
Bimbo SAB de CV, Cl. A | |
| 2,624,249 | | |
| 9,928,252 | |
| 43,050 | | |
Heineken
NV | |
| 2,136,464 | | |
| 4,424,215 | |
| 9,000 | | |
Ingredion
Inc. | |
| 473,076 | | |
| 953,550 | |
| 105,000 | | |
ITO
EN Ltd. | |
| 2,422,898 | | |
| 2,888,146 | |
| 57,200 | | |
Kerry
Group plc, Cl. A | |
| 658,341 | | |
| 5,526,993 | |
| 2,000 | | |
Kerry
Group plc, Cl. A | |
| 194,664 | | |
| 195,063 | |
| 1,800 | | |
Laurent-Perrier | |
| 175,155 | | |
| 253,377 | |
| 9,550 | | |
LVMH
Moet Hennessy Louis Vuitton SE | |
| 437,476 | | |
| 8,993,288 | |
| 45,000 | | |
Maple
Leaf Foods Inc. | |
| 858,016 | | |
| 879,109 | |
| 40,000 | | |
Molson
Coors Beverage Co., Cl. B | |
| 2,406,127 | | |
| 2,633,600 | |
| 221,000 | | |
Mondelēz
International Inc., Cl. A | |
| 10,130,855 | | |
| 16,119,740 | |
| 14,000 | | |
Morinaga
Milk Industry Co. Ltd. | |
| 299,202 | | |
| 457,757 | |
| 41,000 | | |
Nestlé
SA | |
| 1,791,828 | | |
| 4,928,887 | |
| 21,000 | | |
Nomad
Foods Ltd.† | |
| 508,188 | | |
| 367,920 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| 124,000 | | |
PepsiCo
Inc. | |
$ | 12,323,071 | | |
$ | 22,967,280 | |
| 39,200 | | |
Pernod
Ricard SA | |
| 3,228,300 | | |
| 8,657,668 | |
| 40,000 | | |
Post
Holdings Inc.† | |
| 2,665,878 | | |
| 3,466,000 | |
| 40,000 | | |
Remy
Cointreau SA | |
| 2,538,713 | | |
| 6,414,074 | |
| 3,400 | | |
The
Boston Beer Co. Inc., Cl. A† | |
| 1,114,736 | | |
| 1,048,696 | |
| 70,000 | | |
The
Coca-Cola Co. | |
| 2,582,913 | | |
| 4,215,400 | |
| 27,000 | | |
The
J.M. Smucker Co. | |
| 2,954,399 | | |
| 3,987,090 | |
| 156,000 | | |
The
Kraft Heinz Co. | |
| 5,791,020 | | |
| 5,538,000 | |
| 42,230 | | |
Tootsie
Roll Industries Inc. | |
| 838,145 | | |
| 1,495,364 | |
| 14,000 | | |
TreeHouse
Foods Inc.† | |
| 501,807 | | |
| 705,320 | |
| 40,000 | | |
Tyson
Foods Inc., Cl. A | |
| 709,960 | | |
| 2,041,600 | |
| 332,000 | | |
Yakult
Honsha Co. Ltd. | |
| 9,486,445 | | |
| 20,949,167 | |
| | | |
| |
| 115,502,517 | | |
| 224,818,444 | |
| | | |
Equipment
and Supplies — 8.1% | |
| 330,500 | | |
AMETEK
Inc. | |
| 18,284,910 | | |
| 53,501,340 | |
| 14,000 | | |
Amphenol
Corp., Cl. A | |
| 12,928 | | |
| 1,189,300 | |
| 25,000 | | |
Ardagh
Group SA † | |
| 445,738 | | |
| 235,000 | |
| 8,000 | | |
Ardagh
Metal Packaging SA | |
| 48,761 | | |
| 30,080 | |
| 80,000 | | |
CIRCOR
International Inc.† | |
| 1,490,386 | | |
| 4,516,000 | |
| 2,800 | | |
Crown
Holdings Inc. | |
| 260,503 | | |
| 243,236 | |
| 1,395 | | |
Danaher
Corp. | |
| 355,890 | | |
| 334,800 | |
| 294,000 | | |
Donaldson
Co. Inc. | |
| 9,085,910 | | |
| 18,377,940 | |
| 22,000 | | |
DS
Smith plc | |
| 120,583 | | |
| 75,941 | |
| 163,300 | | |
Flowserve
Corp. | |
| 7,064,019 | | |
| 6,066,595 | |
| 36,700 | | |
Franklin
Electric Co. Inc. | |
| 207,660 | | |
| 3,776,430 | |
| 15,500 | | |
Hubbell
Inc. | |
| 2,073,690 | | |
| 5,139,180 | |
| 127,200 | | |
IDEX
Corp. | |
| 17,030,129 | | |
| 27,381,072 | |
| 30,000 | | |
Ilika
plc† | |
| 54,736 | | |
| 14,859 | |
| 15,525 | | |
Kimball
Electronics Inc.† | |
| 300,998 | | |
| 428,956 | |
| 94,000 | | |
Mueller
Industries Inc. | |
| 2,496,472 | | |
| 8,204,320 | |
| 49,000 | | |
Mueller
Water Products Inc., Cl. A | |
| 451,040 | | |
| 795,270 | |
| 8,000 | | |
Sealed
Air Corp. | |
| 128,172 | | |
| 320,000 | |
| 20,000 | | |
Tenaris
SA, ADR | |
| 781,922 | | |
| 599,000 | |
| 270,000 | | |
The
L.S. Starrett Co., Cl. A† | |
| 864,760 | | |
| 2,821,500 | |
| 80,000 | | |
The
Timken Co. | |
| 3,018,718 | | |
| 7,322,400 | |
| 59,600 | | |
The
Weir Group plc | |
| 250,790 | | |
| 1,329,151 | |
| 103,500 | | |
Watts
Water Technologies Inc., Cl. A | |
| 5,206,912 | | |
| 19,016,055 | |
| | | |
| |
| 70,035,627 | | |
| 161,718,425 | |
| | | |
Diversified
Industrial — 6.3% | |
| 4,000 | | |
Agilent
Technologies Inc. | |
| 487,614 | | |
| 481,000 | |
| 418,844 | | |
Ampco-Pittsburgh
Corp.† | |
| 1,032,959 | | |
| 1,331,924 | |
| 42,006 | | |
AZZ
Inc. | |
| 1,539,055 | | |
| 1,825,581 | |
| 159,100 | | |
Crane
Co. | |
| 5,878,741 | | |
| 14,178,992 | |
| 155,100 | | |
Crane
NXT Co. | |
| 3,128,010 | | |
| 8,753,844 | |
| 4,999 | | |
Esab
Corp. | |
| 181,779 | | |
| 332,633 | |
| 28,875 | | |
General
Electric Co. | |
| 1,299,139 | | |
| 3,171,919 | |
| 123,000 | | |
Greif
Inc., Cl. A | |
| 2,654,989 | | |
| 8,473,470 | |
| 11,600 | | |
Greif
Inc., Cl. B | |
| 704,365 | | |
| 896,100 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Diversified
Industrial (Continued) | |
| | | |
| | |
| 65,000 | | |
Griffon
Corp. | |
$ | 1,244,044
| | |
$ | 2,619,500 | |
| 147,000 | | |
Honeywell
International Inc. | |
| 20,412,666 | | |
| 30,502,500 | |
| 29,119 | | |
Ingersoll
Rand Inc. | |
| 256,089 | | |
| 1,903,218 | |
| 87,000 | | |
ITT
Inc. | |
| 2,378,078 | | |
| 8,109,270 | |
| 35,000 | | |
Kennametal
Inc. | |
| 891,874 | | |
| 993,650 | |
| 50,000 | | |
Myers
Industries Inc. | |
| 818,952 | | |
| 971,500 | |
| 30,000 | | |
nVent
Electric plc | |
| 327,658 | | |
| 1,550,100 | |
| 100,000 | | |
Park-Ohio
Holdings Corp. | |
| 1,371,930 | | |
| 1,900,000 | |
| 9,454 | | |
Proto
Labs Inc.† | |
| 403,600 | | |
| 330,512 | |
| 1,600 | | |
Rheinmetall
AG | |
| 147,910 | | |
| 437,877 | |
| 500 | | |
Roper
Technologies Inc. | |
| 137,938 | | |
| 240,400 | |
| 1,850 | | |
Siemens
AG | |
| 299,694 | | |
| 307,935 | |
| 400,000 | | |
Steel
Partners Holdings LP† | |
| 2,668,313 | | |
| 19,000,000 | |
| 11,000 | | |
Sulzer
AG | |
| 628,325 | | |
| 945,087 | |
| 83,000 | | |
Textron
Inc. | |
| 4,174,622 | | |
| 5,613,290 | |
| 3,100 | | |
The
Eastern Co. | |
| 72,599 | | |
| 56,079 | |
| 100,000 | | |
Toray
Industries Inc. | |
| 771,663 | | |
| 554,697 | |
| 33,000 | | |
Trane
Technologies plc | |
| 883,123 | | |
| 6,311,580 | |
| 27,000 | | |
Tredegar
Corp. | |
| 385,199 | | |
| 180,090 | |
| 90,000 | | |
Trinity
Industries Inc. | |
| 1,492,760 | | |
| 2,313,900 | |
| 4,000 | | |
Valmont
Industries Inc. | |
| 937,592 | | |
| 1,164,200 | |
| | | |
| |
| 57,611,280 | | |
| 125,450,848 | |
| | | |
Health
Care — 5.1% | |
| 1,000 | | |
10X
Genomics Inc., Cl. A† | |
| 35,020 | | |
| 55,840 | |
| 8,500 | | |
2seventy
bio Inc.† | |
| 264,041 | | |
| 86,020 | |
| 3,500 | | |
Abbott
Laboratories | |
| 377,902 | | |
| 381,570 | |
| 2,650 | | |
AbbVie
Inc. | |
| 339,804 | | |
| 357,034 | |
| 5,000 | | |
ACADIA
Pharmaceuticals Inc.† | |
| 112,749 | | |
| 119,750 | |
| 16,200 | | |
Alcon
Inc. | |
| 574,003 | | |
| 1,330,182 | |
| 500 | | |
Align
Technology Inc.† | |
| 91,347 | | |
| 176,820 | |
| 4,000 | | |
Alimera
Sciences Inc.† | |
| 18,900 | | |
| 11,680 | |
| 6,500 | | |
AmerisourceBergen
Corp. | |
| 502,055 | | |
| 1,250,795 | |
| 25,000 | | |
Amgen
Inc. | |
| 2,544,386 | | |
| 5,550,500 | |
| 2,764 | | |
Anika
Therapeutics Inc.† | |
| 95,074 | | |
| 71,809 | |
| 1,000 | | |
Avantor
Inc.† | |
| 38,935 | | |
| 20,540 | |
| 76,309 | | |
Axogen
Inc.† | |
| 906,417 | | |
| 696,701 | |
| 12,000 | | |
Bausch
+ Lomb Corp.† | |
| 201,680 | | |
| 240,840 | |
| 14,000 | | |
Baxter
International Inc. | |
| 476,337 | | |
| 637,840 | |
| 1,000 | | |
Becton
Dickinson & Co. | |
| 249,810 | | |
| 264,010 | |
| 6,800 | | |
Biogen
Inc.† | |
| 1,919,733 | | |
| 1,936,980 | |
| 3,600 | | |
BioMarin
Pharmaceutical Inc.† | |
| 276,516 | | |
| 312,048 | |
| 1,300 | | |
Bio-Rad
Laboratories Inc., Cl. A† | |
| 502,806 | | |
| 492,856 | |
| 16,000 | | |
Bluebird
Bio Inc.† | |
| 229,264 | | |
| 52,640 | |
| 115,000 | | |
Boston
Scientific Corp.† | |
| 3,158,338 | | |
| 6,220,350 | |
| 99,500 | | |
Bristol-Myers
Squibb Co. | |
| 5,729,829 | | |
| 6,363,025 | |
| 5,000 | | |
CareDx
Inc.† | |
| 61,285 | | |
| 42,500 | |
Shares | | |
| |
Cost | | |
Market Value | |
| 400 | | |
Charles
River Laboratories International Inc.† | |
$ | 90,346 | | |
$ | 84,100 | |
| 11,500 | | |
Cutera
Inc.† | |
| 350,153 | | |
| 173,995 | |
| 6,000 | | |
CVS
Group plc | |
| 176,432 | | |
| 150,800 | |
| 242,000 | | |
Demant
A/S† | |
| 2,208,367 | | |
| 10,231,846 | |
| 2,280 | | |
Edwards
Lifesciences Corp.† | |
| 221,725 | | |
| 215,072 | |
| 19,103 | | |
Electromed
Inc.† | |
| 195,305 | | |
| 204,593 | |
| 300 | | |
Elevance
Health Inc. | |
| 132,783 | | |
| 133,287 | |
| 820 | | |
Eli
Lilly & Co. | |
| 293,550 | | |
| 384,564 | |
| 80 | | |
Embecta
Corp. | |
| 2,523 | | |
| 1,728 | |
| 3,967 | | |
Enovis
Corp.† | |
| 174,584 | | |
| 254,364 | |
| 11,990 | | |
Exact
Sciences Corp.† | |
| 585,225 | | |
| 1,125,861 | |
| 3,100 | | |
Fresenius
SE & Co. KGaA | |
| 148,756 | | |
| 85,820 | |
| 9,000 | | |
GE HealthCare
Technologies Inc. | |
| 321,446 | | |
| 731,160 | |
| 1,390 | | |
Gerresheimer
AG | |
| 150,196 | | |
| 156,379 | |
| 2,000 | | |
Gilead
Sciences Inc. | |
| 117,968 | | |
| 154,140 | |
| 11,701 | | |
Glaukos
Corp.† | |
| 534,807 | | |
| 833,228 | |
| 2,275 | | |
Guardant
Health Inc.† | |
| 62,267 | | |
| 81,445 | |
| 30,000 | | |
Haleon
plc | |
| 119,029 | | |
| 122,777 | |
| 2,300 | | |
HCA
Healthcare Inc. | |
| 407,735 | | |
| 698,004 | |
| 73,000 | | |
Henry
Schein Inc.† | |
| 2,625,252 | | |
| 5,920,300 | |
| 1,400 | | |
Hologic
Inc.† | |
| 96,586 | | |
| 113,358 | |
| 200 | | |
Illumina
Inc.† | |
| 97,768 | | |
| 37,498 | |
| 7,300 | | |
Incyte
Corp.† | |
| 550,732 | | |
| 454,425 | |
| 9,360 | | |
Indivior
plc† | |
| 28,408 | | |
| 216,704 | |
| 1,374 | | |
Inogen
Inc.† | |
| 38,790 | | |
| 15,870 | |
| 3,000 | | |
Integer
Holdings Corp.† | |
| 195,538 | | |
| 265,830 | |
| 3,000 | | |
Intellia
Therapeutics Inc.† | |
| 146,885 | | |
| 122,340 | |
| 6,000 | | |
Intercept
Pharmaceuticals Inc.† | |
| 126,410 | | |
| 66,360 | |
| 555 | | |
Intuitive
Surgical Inc.† | |
| 141,888 | | |
| 189,777 | |
| 1,200 | | |
iRhythm
Technologies Inc.† | |
| 117,120 | | |
| 125,184 | |
| 24,100 | | |
Johnson
& Johnson | |
| 2,602,908 | | |
| 3,989,032 | |
| 400 | | |
Laboratory
Corp. of America Holdings | |
| 98,884 | | |
| 96,532 | |
| 5,800 | | |
Medmix
AG | |
| 279,788 | | |
| 153,254 | |
| 700 | | |
Medpace
Holdings Inc.† | |
| 112,500 | | |
| 168,119 | |
| 93,500 | | |
Merck
& Co. Inc. | |
| 5,568,206 | | |
| 10,788,965 | |
| 200 | | |
Moderna
Inc.† | |
| 32,559 | | |
| 24,300 | |
| 1,000 | | |
Natera
Inc.† | |
| 29,020 | | |
| 48,660 | |
| 1,000 | | |
Neogen
Corp.† | |
| 25,775 | | |
| 21,750 | |
| 5,000 | | |
NeoGenomics
Inc.† | |
| 162,931 | | |
| 80,350 | |
| 121,203 | | |
Neuronetics
Inc.† | |
| 790,396 | | |
| 260,586 | |
| 4,000 | | |
Nevro
Corp.† | |
| 208,964 | | |
| 101,680 | |
| 1,275 | | |
Novartis
AG | |
| 120,657 | | |
| 128,205 | |
| 77,500 | | |
Novartis
AG, ADR | |
| 4,149,162 | | |
| 7,820,525 | |
| 7,900 | | |
NuVasive
Inc.† | |
| 386,807 | | |
| 328,561 | |
| 71,000 | | |
Option
Care Health Inc.† | |
| 713,694 | | |
| 2,306,790 | |
| 5,000 | | |
OraSure
Technologies Inc.† | |
| 45,095 | | |
| 25,050 | |
| 130 | | |
Organon
& Co. | |
| 3,913 | | |
| 2,705 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Health
Care (Continued) | |
| | | |
| | |
| 28,000 | | |
Perrigo
Co. plc | |
$ | 1,089,333
| | |
$ | 950,600 | |
| 2,000 | | |
Pfizer
Inc. | |
| 92,795 | | |
| 73,360 | |
| 1,200 | | |
PhenomeX
Inc.† | |
| 87,233 | | |
| 588 | |
| 1,500 | | |
QIAGEN
NV† | |
| 74,706 | | |
| 67,545 | |
| 500 | | |
Quest
Diagnostics Inc. | |
| 62,573 | | |
| 70,280 | |
| 5,500 | | |
QuidelOrtho
Corp.† | |
| 490,159 | | |
| 455,730 | |
| 300 | | |
Repligen
Corp.† | |
| 63,897 | | |
| 42,438 | |
| 390 | | |
Replimune
Group Inc.† | |
| 5,858 | | |
| 9,056 | |
| 600 | | |
Revvity
Inc. | |
| 85,929 | | |
| 71,274 | |
| 1,200 | | |
Roche
Holding AG, Genusschein | |
| 404,375 | | |
| 366,683 | |
| 2,100 | | |
Sanofi | |
| 205,102 | | |
| 225,027 | |
| 1,000 | | |
Siemens
Healthineers AG | |
| 70,181 | | |
| 56,590 | |
| 26,200 | | |
SmileDirectClub
Inc.† | |
| 50,295 | | |
| 13,886 | |
| 3,000 | | |
Takeda
Pharmaceutical Co. Ltd. | |
| 110,240 | | |
| 94,120 | |
| 7,000 | | |
Tandem
Diabetes Care Inc.† | |
| 241,685 | | |
| 171,780 | |
| 3,000 | | |
Teva
Pharmaceutical Industries Ltd., ADR † | |
| 32,895 | | |
| 22,590 | |
| 3,300 | | |
The
Cigna Group | |
| 545,356 | | |
| 925,980 | |
| 15,700 | | |
Tristel
plc | |
| 120,482 | | |
| 70,783 | |
| 30,990 | | |
UnitedHealth
Group Inc. | |
| 8,673,170 | | |
| 14,895,034 | |
| 11,996 | | |
Valeritas
Holdings Inc.† (a) | |
| 56,778 | | |
| 0 | |
| 5,760 | | |
Vericel
Corp.† | |
| 162,788 | | |
| 216,403 | |
| 300 | | |
Vertex
Pharmaceuticals Inc.† | |
| 65,986 | | |
| 105,573 | |
| 6,000 | | |
Viatris
Inc. | |
| 92,340 | | |
| 59,880 | |
| 4,000 | | |
Waters
Corp.† | |
| 285,470 | | |
| 1,066,160 | |
| 16,600 | | |
Zimmer
Biomet Holdings Inc. | |
| 1,945,889 | | |
| 2,416,960 | |
| 20,060 | | |
Zimvie
Inc.† | |
| 178,532 | | |
| 225,274 | |
| 15,420 | | |
Zoetis
Inc. | |
| 817,602 | | |
| 2,655,478 | |
| 608 | | |
Zosano
Pharma Corp.† (a) | |
| 87,212 | | |
| 0 | |
| | | |
| |
| 60,694,925 | | |
| 101,697,275 | |
| | | |
Automotive:
Parts and Accessories — 5.1% | |
| 4,500 | | |
Aptiv
plc† | |
| 240,960 | | |
| 459,405 | |
| 2,500 | | |
Atmus
Filtration Technologies Inc.† | |
| 48,750 | | |
| 54,900 | |
| 88,600 | | |
BorgWarner
Inc. | |
| 3,877,521 | | |
| 4,333,426 | |
| 315,400 | | |
Dana
Inc. | |
| 4,231,268 | | |
| 5,361,800 | |
| 212,604 | | |
Garrett
Motion Inc.† | |
| 1,634,221 | | |
| 1,609,412 | |
| 207,500 | | |
Genuine
Parts Co. | |
| 16,417,282 | | |
| 35,115,225 | |
| 295,000 | | |
Modine
Manufacturing Co.† | |
| 3,659,924 | | |
| 9,740,900 | |
| 41,700 | | |
O’Reilly
Automotive Inc.† | |
| 18,668,865 | | |
| 39,836,010 | |
| 105,000 | | |
Standard
Motor Products Inc. | |
| 1,181,521 | | |
| 3,939,600 | |
| 27,000 | | |
Strattec
Security Corp.† | |
| 1,111,090 | | |
| 491,400 | |
Shares |
|
| | |
Cost | | |
Market
Value | |
| 110,000 | | |
Superior
Industries International Inc.† | |
$ | 392,203 | | |
$ | 396,000 | |
| | | |
| |
| 51,463,605 | | |
| 101,338,078 | |
|
| | |
Energy
and Utilities — 4.2% | |
| | |
| |
| 47,000 | | |
APA Corp. | |
| 1,703,490 | | |
| 1,605,990 | |
| 24,000 | | |
Avangrid Inc. | |
| 1,023,840 | | |
| 904,320 | |
| 63,000 | | |
Baker Hughes Co. | |
| 1,840,577 | | |
| 1,991,430 | |
| 21,000 | | |
BP plc, ADR | |
| 836,584 | | |
| 741,090 | |
| 16,000 | | |
CMS Energy Corp. | |
| 82,230 | | |
| 940,000 | |
| 174,100 | | |
ConocoPhillips | |
| 8,724,374 | | |
| 18,038,501 | |
| 98,400 | | |
Enbridge Inc. | |
| 2,488,608 | | |
| 3,655,560 | |
| 76,000 | | |
Energy Transfer LP | |
| 887,564 | | |
| 965,200 | |
| 73,700 | | |
Enterprise Products Partners
LP | |
| 1,178,398 | | |
| 1,941,995 | |
| 1,500 | | |
Eos Energy Enterprises Inc.† | |
| 36,629 | | |
| 6,510 | |
| 45,000 | | |
Evergy Inc. | |
| 2,586,323 | | |
| 2,628,900 | |
| 31,500 | | |
Eversource Energy | |
| 2,033,747 | | |
| 2,233,980 | |
| 44,000 | | |
Exxon Mobil Corp. | |
| 2,018,690 | | |
| 4,719,000 | |
| 237,000 | | |
Halliburton Co. | |
| 6,698,762 | | |
| 7,818,630 | |
| 35,000 | | |
Kinder Morgan Inc. | |
| 359,044 | | |
| 602,700 | |
| 4,000 | | |
Marathon Oil Corp. | |
| 111,366 | | |
| 92,080 | |
| 8,000 | | |
Marathon Petroleum Corp. | |
| 402,325 | | |
| 932,800 | |
| 50,000 | | |
National Fuel Gas Co. | |
| 2,762,945 | | |
| 2,568,000 | |
| 32,500 | | |
New Fortress Energy Inc. | |
| 1,130,902 | | |
| 870,350 | |
| 89,900 | | |
NextEra Energy Inc. | |
| 4,813,219 | | |
| 6,670,580 | |
| 67,900 | | |
NextEra Energy Partners LP | |
| 3,338,890 | | |
| 3,981,656 | |
| 4,000 | | |
Niko Resources Ltd.† | |
| 55,327 | | |
| 0 | |
| 43,000 | | |
Occidental Petroleum Corp. | |
| 2,631,746 | | |
| 2,528,400 | |
| 95,000 | | |
Oceaneering International
Inc.† | |
| 1,295,905 | | |
| 1,776,500 | |
| 90,000 | | |
PG&E Corp.† | |
| 836,271 | | |
| 1,555,200 | |
| 17,000 | | |
Phillips 66 | |
| 1,460,452 | | |
| 1,621,460 | |
| 25,000 | | |
Portland General Electric
Co. | |
| 1,229,817 | | |
| 1,170,750 | |
| 70,000 | | |
RPC Inc. | |
| 491,876 | | |
| 500,500 | |
| 97,500 | | |
Schlumberger NV | |
| 4,351,338 | | |
| 4,789,200 | |
| 49,000 | | |
Southwest Gas Holdings Inc. | |
| 2,735,635 | | |
| 3,118,850 | |
| 106,000 | | |
The AES Corp. | |
| 1,303,577 | | |
| 2,197,380 | |
| 34,000 | | |
UGI Corp. | |
| 1,299,380 | | |
| 916,980 | |
| 22,856 | | |
Vitesse Energy Inc. | |
| 245,352 | | |
| 511,975 | |
| 3,300 | | |
Weatherford
International plc† | |
| 179,287 | | |
| 219,186 | |
| | | |
| |
| 63,174,470 | | |
| 84,815,653 | |
| | |
Business
Services — 4.2% | |
|
| | |
|
| |
| 10,000 | | |
Allegion
plc | |
| 290,192 | | |
| 1,200,200 | |
| 425,000 | | |
Clear
Channel Outdoor Holdings Inc.† | |
| 946,148 | | |
| 582,250 | |
| 90,000 | | |
Diebold
Nixdorf Inc.† | |
| 398,004 | | |
| 4,770 | |
| 3,000 | | |
Edenred | |
| 38,786 | | |
| 200,803 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Business
Services (Continued) | |
| | | |
| | |
| 16,000 | | |
Jardine
Matheson Holdings Ltd. | |
$ | 534,478
| | |
$ | 810,400 | |
| 11,000 | | |
Lamar
Advertising Co., Cl. A, REIT | |
| 871,529 | | |
| 1,091,750 | |
| 152,730 | | |
Mastercard
Inc., Cl. A | |
| 27,723,568 | | |
| 60,068,709 | |
| 114,000 | | |
Network
International Holdings plc† | |
| 446,318 | | |
| 555,376 | |
| 85,000 | | |
Paysafe
Ltd.† | |
| 1,908,918 | | |
| 857,650 | |
| 10,000 | | |
Pitney
Bowes Inc. | |
| 35,949 | | |
| 35,400 | |
| 10,000 | | |
Rentokil
Initial plc, ADR | |
| 277,844 | | |
| 390,100 | |
| 155,000 | | |
Resideo
Technologies Inc.† | |
| 2,057,886 | | |
| 2,737,300 | |
| 131,389 | | |
Steel
Connect Inc.† | |
| 769,069 | | |
| 1,101,037 | |
| 17,000 | | |
The
Brink’s Co. | |
| 1,038,612 | | |
| 1,153,110 | |
| 202,000 | | |
The
Interpublic Group of Companies Inc. | |
| 4,359,828 | | |
| 7,793,160 | |
| 10,000 | | |
United
Parcel Service Inc., Cl. B | |
| 1,602,525 | | |
| 1,792,500 | |
| 13,500 | | |
Visa
Inc., Cl. A | |
| 324,203 | | |
| 3,205,980 | |
| 25,000 | | |
Willdan
Group Inc.† | |
| 680,568 | | |
| 479,000 | |
| 5,200 | | |
Worldline
SA† | |
| 317,741 | | |
| 190,087 | |
| | | |
| |
| 44,622,166 | | |
| 84,249,582 | |
| | | |
Entertainment
— 4.2% | |
| | | |
| | |
| 11,300 | | |
Activision
Blizzard Inc.† | |
| 863,811 | | |
| 952,590 | |
| 19,358 | | |
Charter
Communications Inc., Cl. A† | |
| 6,491,123 | | |
| 7,111,549 | |
| 1,000 | | |
Electronic
Arts Inc. | |
| 127,110 | | |
| 129,700 | |
| 90,000 | | |
Genting
Singapore Ltd. | |
| 74,910 | | |
| 62,555 | |
| 1,142,000 | | |
Grupo
Televisa SAB, ADR | |
| 11,959,756 | | |
| 5,858,460 | |
| 11,000 | | |
International
Game Technology plc | |
| 241,545 | | |
| 350,790 | |
| 115,000 | | |
Liberty
Media Corp.- Liberty Braves, Cl. A† | |
| 3,255,637 | | |
| 4,705,800 | |
| 171,708 | | |
Liberty
Media Corp.- Liberty Braves, Cl. C† | |
| 3,963,203 | | |
| 6,803,071 | |
| 10,000 | | |
Lions
Gate Entertainment Corp., Cl. B† | |
| 124,601 | | |
| 83,500 | |
| 151,974 | | |
Madison
Square Garden Entertainment Corp.† | |
| 3,751,280 | | |
| 5,109,366 | |
| 97,417 | | |
Madison
Square Garden Sports Corp. | |
| 8,642,034 | | |
| 18,319,267 | |
| 2,170 | | |
Netflix
Inc.† | |
| 785,637 | | |
| 955,863 | |
| 401,000 | | |
Paramount
Global, Cl. A | |
| 13,982,431 | | |
| 7,442,560 | |
| 31,000 | | |
Paramount
Global, Cl. B | |
| 894,411 | | |
| 493,210 | |
| 153,974 | | |
Sphere
Entertainment Co.† | |
| 3,178,584 | | |
| 4,217,348 | |
| 10,000 | | |
Take-Two
Interactive Software Inc.† | |
| 1,230,873 | | |
| 1,471,600 | |
| 40,000 | | |
TBS
Holdings Inc. | |
| 796,181 | | |
| 726,844 | |
| 90,860 | | |
The
Walt Disney Co.† | |
| 10,171,180 | | |
| 8,111,981 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| 60,000 | | |
Universal
Entertainment Corp.† | |
$ | 763,928 | | |
$ | 1,015,004 | |
| 11,000 | | |
Universal
Music Group NV | |
| 237,439 | | |
| 244,265 | |
| 647,000 | | |
Vivendi
SE | |
| 8,084,036 | | |
| 5,934,690 | |
| 271,447 | | |
Warner
Bros Discovery Inc.† | |
| 6,135,288 | | |
| 3,403,945 | |
| 1,700 | | |
Xilam
Animation SA† | |
| 98,540 | | |
| 48,973 | |
| | | |
| |
| 85,853,538 | | |
| 83,552,931 | |
| | | |
Machinery
— 4.1% | |
| | | |
| | |
| 25,000 | | |
Astec
Industries Inc. | |
| 856,158 | | |
| 1,136,000 | |
| 12,800 | | |
Caterpillar
Inc. | |
| 86,323 | | |
| 3,149,440 | |
| 369,010 | | |
CNH
Industrial NV | |
| 4,114,642 | | |
| 5,313,744 | |
| 133,600 | | |
Deere
& Co. | |
| 13,835,018 | | |
| 54,133,384 | |
| 14,291 | | |
Intevac
Inc.† | |
| 102,179 | | |
| 53,591 | |
| 6,688 | | |
Regal
Rexnord Corp. | |
| 315,782 | | |
| 1,029,283 | |
| 147,000 | | |
Xylem
Inc. | |
| 11,247,002 | | |
| 16,555,140 | |
| | | |
| |
| 30,557,104 | | |
| 81,370,582 | |
| | | |
Consumer
Services — 3.0% | |
| | | |
| | |
| 16,650 | | |
Amazon.com
Inc.† | |
| 2,320,814 | | |
| 2,170,494 | |
| 383,500 | | |
Bollore
SE | |
| 2,224,470 | | |
| 2,389,493 | |
| 2,000 | | |
DHL
Group | |
| 101,199 | | |
| 97,619 | |
| 11,000 | | |
eBay
Inc. | |
| 266,292 | | |
| 491,590 | |
| 36,200 | | |
IAC
Inc.† | |
| 1,815,331 | | |
| 2,273,360 | |
| 58,900 | | |
Matthews
International Corp., Cl. A | |
| 1,639,867 | | |
| 2,510,318 | |
| 1,134,500 | | |
Rollins
Inc. | |
| 19,710,767 | | |
| 48,590,635 | |
| 4,000 | | |
Travel
+ Leisure Co. | |
| 130,024 | | |
| 161,360 | |
| 510,000 | | |
Vroom
Inc.† | |
| 755,629 | | |
| 734,400 | |
| | | |
| |
| 28,964,393 | | |
| 59,419,269 | |
| | | |
Electronics
— 3.0% | |
| | | |
| | |
| 46,000 | | |
Arlo
Technologies Inc.† | |
| 225,625 | | |
| 501,860 | |
| 40,300 | | |
Bel
Fuse Inc., Cl. A | |
| 520,616 | | |
| 2,348,684 | |
| 62,991 | | |
Bel
Fuse Inc., Cl. B | |
| 861,749 | | |
| 3,616,313 | |
| 2,000 | | |
CTS
Corp. | |
| 72,180 | | |
| 85,260 | |
| 115,000 | | |
Flex
Ltd.† | |
| 2,047,511 | | |
| 3,178,600 | |
| 4,000 | | |
Hitachi
Ltd., ADR | |
| 287,076 | | |
| 497,880 | |
| 56,500 | | |
Intel
Corp. | |
| 1,704,404 | | |
| 1,889,360 | |
| 34,473 | | |
Koninklijke
Philips NV† | |
| 177,837 | | |
| 747,719 | |
| 1,300 | | |
Mettler-Toledo
International Inc.† | |
| 195,442 | | |
| 1,705,132 | |
| 270,000 | | |
Mirion
Technologies Inc.† | |
| 2,510,898 | | |
| 2,281,500 | |
| 80,000 | | |
Plug
Power Inc.† | |
| 1,096,876 | | |
| 831,200 | |
| 28,000 | | |
Sony
Group Corp., ADR | |
| 2,212,490 | | |
| 2,521,120 | |
| 40,000 | | |
TE
Connectivity Ltd. | |
| 1,721,147 | | |
| 5,606,400 | |
| 182,200 | | |
Texas
Instruments Inc. | |
| 15,661,966 | | |
| 32,799,644 | |
| 770 | | |
Thermo
Fisher Scientific Inc. | |
| 440,380 | | |
| 401,748 | |
| 1,000 | | |
Universal
Display Corp. | |
| 145,615 | | |
| 144,130 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Electronics
(Continued) | |
| | | |
| | |
| 5,000 | | |
Vishay
Precision Group Inc.† | |
$ | 161,687 | | |
$ | 185,750 | |
| | | |
| |
| 30,043,499 | | |
| 59,342,300 | |
| | | |
Environmental
Services — 2.8% | |
| | | |
| | |
| 4,000 | | |
Clean
Harbors Inc.† | |
| 361,049 | | |
| 657,720 | |
| 25,000 | | |
Darling
Ingredients Inc.† | |
| 1,636,214 | | |
| 1,594,750 | |
| 30,000 | | |
Pentair
plc | |
| 699,891 | | |
| 1,938,000 | |
| 211,000 | | |
Republic
Services Inc. | |
| 16,716,612 | | |
| 32,318,870 | |
| 15,620 | | |
Veolia
Environnement SA | |
| 434,070 | | |
| 493,440 | |
| 105,600 | | |
Waste
Management Inc. | |
| 9,828,377 | | |
| 18,313,152 | |
| 29,500 | | |
Zurn
Elkay Water Solutions Corp. | |
| 309,795 | | |
| 793,255 | |
| | | |
| |
| 29,986,008 | | |
| 56,109,187 | |
| | | |
Retail
— 2.7% | |
| | | |
| | |
| 56,000 | | |
AutoNation
Inc.† | |
| 2,645,314 | | |
| 9,218,160 | |
| 2,500 | | |
Beacon
Roofing Supply Inc.† | |
| 148,153 | | |
| 207,450 | |
| 6,500 | | |
Casey’s
General Stores Inc. | |
| 859,691 | | |
| 1,585,220 | |
| 70 | | |
Chipotle
Mexican Grill Inc.† | |
| 106,108 | | |
| 149,730 | |
| 12,000 | | |
Copart
Inc.† | |
| 710,425 | | |
| 1,094,520 | |
| 33,390 | | |
Costco
Wholesale Corp. | |
| 5,029,577 | | |
| 17,976,508 | |
| 93,900 | | |
CVS
Health Corp. | |
| 7,540,805 | | |
| 6,491,307 | |
| 17,000 | | |
Lowe’s
Companies Inc. | |
| 2,280,444 | | |
| 3,836,900 | |
| 125,000 | | |
Macy’s
Inc. | |
| 2,153,689 | | |
| 2,006,250 | |
| 1,100 | | |
NIKE
Inc., Cl. B | |
| 124,509 | | |
| 121,407 | |
| 1,500 | | |
Petco
Health & Wellness Co. Inc.† | |
| 27,610 | | |
| 13,350 | |
| 110,767 | | |
PetIQ
Inc.† | |
| 1,439,609 | | |
| 1,680,336 | |
| 15,000 | | |
Pets
at Home Group plc | |
| 88,846 | | |
| 71,742 | |
| 125,000 | | |
Qurate
Retail Inc., Cl. A† | |
| 1,264,897 | | |
| 123,725 | |
| 35,000 | | |
Sally
Beauty Holdings Inc.† | |
| 312,896 | | |
| 432,250 | |
| 12,000 | | |
Shake
Shack Inc., Cl. A† | |
| 552,921 | | |
| 932,640 | |
| 1,350 | | |
Starbucks
Corp. | |
| 132,413 | | |
| 133,731 | |
| 117,000 | | |
The
Wendy’s Co. | |
| 2,522,141 | | |
| 2,544,750 | |
| 50,000 | | |
Walgreens
Boots Alliance Inc. | |
| 2,112,111 | | |
| 1,424,500 | |
| 30,000 | | |
Walmart
Inc. | |
| 1,519,821 | | |
| 4,715,400 | |
| | | |
| |
| 31,571,980 | | |
| 54,759,876 | |
| | | |
Consumer
Products — 2.3% | |
| | | |
| | |
| 34,180 | | |
American
Outdoor Brands Inc.† | |
| 542,332 | | |
| 296,682 | |
| 13,100 | | |
Christian
Dior SE | |
| 469,197 | | |
| 11,621,607 | |
| 27,000 | | |
Church
& Dwight Co. Inc. | |
| 468,406 | | |
| 2,706,210 | |
| 194,000 | | |
Edgewell
Personal Care Co. | |
| 8,665,144 | | |
| 8,014,140 | |
| 73,000 | | |
Energizer
Holdings Inc. | |
| 2,747,157 | | |
| 2,451,340 | |
| 35,500 | | |
Essity
AB, Cl. B | |
| 541,915 | | |
| 944,990 | |
| 2,100 | | |
Givaudan
SA | |
| 725,396 | | |
| 6,956,595 | |
| 80,000 | | |
Hanesbrands
Inc. | |
| 719,339 | | |
| 363,200 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| 23,800 | | |
Harley-Davidson
Inc. | |
$ | 1,105,662 | | |
$ | 837,998 | |
| 1,270 | | |
Hermes
International | |
| 444,999 | | |
| 2,757,790 | |
| 1,035 | | |
HNI
Corp. | |
| 27,055 | | |
| 29,166 | |
| 4,000 | | |
Johnson
Outdoors Inc., Cl. A | |
| 311,030 | | |
| 245,800 | |
| 25,000 | | |
Mattel
Inc.† | |
| 348,023 | | |
| 488,500 | |
| 13,000 | | |
National
Presto Industries Inc. | |
| 700,676 | | |
| 951,600 | |
| 13,000 | | |
Oil-Dri
Corp. of America | |
| 263,054 | | |
| 766,870 | |
| 49,900 | | |
Reckitt
Benckiser Group plc | |
| 1,661,674 | | |
| 3,746,612 | |
| 7,000 | | |
Spectrum
Brands Holdings Inc. | |
| 421,713 | | |
| 546,350 | |
| 27,600 | | |
Svenska
Cellulosa AB SCA, Cl. B | |
| 73,685 | | |
| 351,738 | |
| 4,050 | | |
The
Estee Lauder Companies Inc., Cl. A | |
| 974,295 | | |
| 795,339 | |
| 4,280 | | |
Unilever
plc | |
| 250,170 | | |
| 222,724 | |
| 7,200 | | |
Zalando
SE† | |
| 566,840 | | |
| 207,101 | |
| | | |
| |
| 22,027,762 | | |
| 45,302,352 | |
| | | |
Computer
Software and Services — 2.1% | |
| | | |
| | |
| 10,000 | | |
3D Systems
Corp.† | |
| 132,800 | | |
| 99,300 | |
| 455 | | |
Adobe
Inc.† | |
| 215,389 | | |
| 222,490 | |
| 1,000 | | |
Akamai
Technologies Inc.† | |
| 78,920 | | |
| 89,870 | |
| 1,000 | | |
Alibaba
Group Holding Ltd., ADR† | |
| 148,497 | | |
| 83,350 | |
| 18,000 | | |
Alphabet
Inc., Cl. A† | |
| 2,085,803 | | |
| 2,154,600 | |
| 85,600 | | |
Alphabet
Inc., Cl. C† | |
| 9,362,182 | | |
| 10,355,032 | |
| 4,400 | | |
Atos
SE† | |
| 224,199 | | |
| 62,801 | |
| 11,000 | | |
Avid
Technology Inc.† | |
| 261,320 | | |
| 280,500 | |
| 1,500 | | |
Backblaze
Inc., Cl. A† | |
| 7,050 | | |
| 6,495 | |
| 5,000 | | |
Check
Point Software Technologies Ltd.† | |
| 585,233 | | |
| 628,100 | |
| 300 | | |
Cloudflare
Inc., Cl. A† | |
| 17,860 | | |
| 19,611 | |
| 670 | | |
CrowdStrike
Holdings Inc., Cl. A† | |
| 120,765 | | |
| 98,403 | |
| 16,900 | | |
Fiserv
Inc.† | |
| 1,152,720 | | |
| 2,131,935 | |
| 2,000 | | |
Fortinet
Inc.† | |
| 102,749 | | |
| 151,180 | |
| 90,000 | | |
Hewlett
Packard Enterprise Co. | |
| 1,282,160 | | |
| 1,512,000 | |
| 46,000 | | |
I3 Verticals
Inc., Cl. A† | |
| 986,847 | | |
| 1,051,560 | |
| 270 | | |
Intuit
Inc. | |
| 107,508 | | |
| 123,711 | |
| 29,659 | | |
Kyndryl
Holdings Inc.† | |
| 366,375 | | |
| 393,872 | |
| 27,750 | | |
Meta
Platforms Inc., Cl. A† | |
| 5,230,159 | | |
| 7,963,695 | |
| 4,000 | | |
Micron
Technology Inc. | |
| 296,575 | | |
| 252,440 | |
| 4,870 | | |
Microsoft
Corp. | |
| 1,092,506 | | |
| 1,658,430 | |
| 9,000 | | |
MKS
Instruments Inc. | |
| 928,312 | | |
| 972,900 | |
| 25,000 | | |
Movella
Holdings Inc.† | |
| 41,375 | | |
| 53,250 | |
| 32,400 | | |
N-able
Inc.† | |
| 390,120 | | |
| 466,884 | |
| 670 | | |
NVIDIA
Corp. | |
| 89,642 | | |
| 283,423 | |
| 140,000 | | |
Oxford
Metrics plc | |
| 173,766 | | |
| 208,026 | |
| 50,000 | | |
PAR
Technology Corp.† | |
| 1,766,763 | | |
| 1,646,500 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Computer Software and Services (Continued) | |
| 20,000 | | |
Playtech
plc† | |
$ | 142,862
| | |
$ | 149,860 | |
| 4,700 | | |
PSI
Software AG | |
| 156,151 | | |
| 168,476 | |
| 18,000 | | |
Rockwell
Automation Inc. | |
| 746,291 | | |
| 5,930,100 | |
| 700 | | |
Salesforce
Inc.† | |
| 154,875 | | |
| 147,882 | |
| 1,800 | | |
SAP
SE, ADR | |
| 231,651 | | |
| 246,258 | |
| 365 | | |
ServiceNow
Inc.† | |
| 192,703 | | |
| 205,119 | |
| 540 | | |
Snowflake
Inc., Cl. A† | |
| 140,266 | | |
| 95,029 | |
| 21,000 | | |
SolarWinds
Corp.† | |
| 400,502 | | |
| 215,460 | |
| 800 | | |
Splunk
Inc.† | |
| 77,110 | | |
| 84,872 | |
| 2,600 | | |
Temenos
AG | |
| 254,388 | | |
| 206,652 | |
| 7,500 | | |
Unity
Software Inc.† | |
| 419,970 | | |
| 325,650 | |
| 400 | | |
Veeva
Systems Inc., Cl. A† | |
| 107,315 | | |
| 79,092 | |
| 88,000 | | |
Vimeo
Inc.† | |
| 931,042 | | |
| 362,560 | |
| 7,700 | | |
VMware
Inc., Cl. A† | |
| 902,738 | | |
| 1,106,413 | |
| | | |
| |
| 32,105,459 | | |
| 42,293,781 | |
| | | |
Aerospace
and Defense — 2.1% | |
| | | |
| | |
| 127,500 | | |
Aerojet
Rocketdyne Holdings Inc.† | |
| 5,707,452 | | |
| 6,995,925 | |
| 15,000 | | |
Avio
SpA† | |
| 205,934 | | |
| 152,714 | |
| 90,000 | | |
FTAI
Aviation Ltd. | |
| 1,726,978 | | |
| 2,849,400 | |
| 14,000 | | |
Howmet
Aerospace Inc. | |
| 223,451 | | |
| 693,840 | |
| 500 | | |
IQVIA
Holdings Inc.† | |
| 109,178 | | |
| 112,385 | |
| 45,400 | | |
Kaman
Corp. | |
| 1,335,447 | | |
| 1,104,582 | |
| 4,000 | | |
Kratos
Defense & Security Solutions Inc.† | |
| 77,881 | | |
| 57,360 | |
| 12,000 | | |
L3Harris
Technologies Inc. | |
| 1,059,343 | | |
| 2,349,240 | |
| 17,600 | | |
Northrop
Grumman Corp. | |
| 2,287,676 | | |
| 8,022,080 | |
| 3,915,666 | | |
Rolls-Royce
Holdings plc† | |
| 8,000,876 | | |
| 7,511,559 | |
| 1,500 | | |
Thales
SA | |
| 138,991 | | |
| 224,569 | |
| 55,500 | | |
The
Boeing Co.† | |
| 10,480,400 | | |
| 11,719,380 | |
| | | |
| |
| 31,353,607 | | |
| 41,793,034 | |
| | | |
Cable
and Satellite — 1.9% | |
| | | |
| | |
| 46,000 | | |
AMC
Networks Inc., Cl. A† | |
| 1,820,312 | | |
| 549,700 | |
| 215,980 | | |
Comcast
Corp., Cl. A | |
| 8,336,604 | | |
| 8,973,969 | |
| 200,000 | | |
DISH
Network Corp., Cl. A† | |
| 1,962,326 | | |
| 1,318,000 | |
| 100,641 | | |
EchoStar
Corp., Cl. A† | |
| 2,042,684 | | |
| 1,745,115 | |
| 130,045 | | |
Liberty
Global plc, Cl. A† | |
| 2,399,660 | | |
| 2,192,559 | |
| 335,064 | | |
Liberty
Global plc, Cl. C† | |
| 8,999,526 | | |
| 5,954,087 | |
| 85,000 | | |
Liberty
Latin America Ltd., Cl. A† | |
| 1,122,095 | | |
| 743,750 | |
| 377,500 | | |
Rogers
Communications Inc., Cl. B | |
| 10,117,452 | | |
| 17,229,100 | |
| | | |
| |
| 36,800,659 | | |
| 38,706,280 | |
| | | |
Building
and Construction — 1.8% | |
| | | |
| | |
| 26,500 | | |
Arcosa
Inc. | |
| 472,599 | | |
| 2,007,905 | |
| 4,500 | | |
Ashtead
Group plc | |
| 210,601 | | |
| 311,125 | |
| 18,000 | | |
Assa
Abloy AB, Cl. B | |
| 310,378 | | |
| 432,253 | |
| 26,800 | | |
Canfor
Corp.† | |
| 525,015 | | |
| 481,075 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| 4,000 | | |
Cie
de Saint-Gobain | |
$ | 188,831 | | |
$ | 243,250 | |
| 44,500 | | |
Fortune
Brands Innovations Inc. | |
| 1,708,997 | | |
| 3,201,775 | |
| 32,025 | | |
Gencor
Industries Inc.† | |
| 360,407 | | |
| 498,950 | |
| 3,000 | | |
H&E
Equipment Services Inc. | |
| 113,500 | | |
| 137,250 | |
| 52,600 | | |
Herc
Holdings Inc. | |
| 1,645,783 | | |
| 7,198,310 | |
| 35,200 | | |
Ibstock
plc | |
| 100,002 | | |
| 62,541 | |
| 220,000 | | |
Johnson
Controls International plc | |
| 9,731,570 | | |
| 14,990,800 | |
| 14,000 | | |
KBR
Inc. | |
| 511,635 | | |
| 910,840 | |
| 22,000 | | |
Knife
River Corp.† | |
| 805,487 | | |
| 957,000 | |
| 40,500 | | |
Masterbrand
Inc.† | |
| 267,270 | | |
| 471,015 | |
| 20,000 | | |
PGT
Innovations Inc.† | |
| 286,174 | | |
| 583,000 | |
| 12,000 | | |
Sika
AG | |
| 1,556,815 | | |
| 3,428,188 | |
| 3,000 | | |
Vulcan
Materials Co. | |
| 484,932 | | |
| 676,320 | |
| | | |
| |
| 19,279,996 | | |
| 36,591,597 | |
| | | |
Broadcasting
— 1.6% | |
| | | |
| | |
| 2,000 | | |
Cogeco
Inc. | |
| 39,014 | | |
| 84,348 | |
| 24,000 | | |
Corus
Entertainment Inc., OTC, Cl. B | |
| 42,622 | | |
| 23,928 | |
| 108,000 | | |
Fox
Corp., Cl. A | |
| 4,487,400 | | |
| 3,672,000 | |
| 60,000 | | |
Fox
Corp., Cl. B | |
| 2,430,974 | | |
| 1,913,400 | |
| 16,000 | | |
Gray
Television Inc. | |
| 14,422 | | |
| 126,080 | |
| 19,250 | | |
Liberty
Broadband Corp., Cl. A† | |
| 608,060 | | |
| 1,534,802 | |
| 82,672 | | |
Liberty
Broadband Corp., Cl. C† | |
| 5,533,633 | | |
| 6,622,854 | |
| 31,750 | | |
Liberty
Media Corp.- Liberty Formula One, Cl. A† | |
| 918,328 | | |
| 2,146,935 | |
| 34,750 | | |
Liberty
Media Corp.- Liberty Formula One, Cl. C† | |
| 931,888 | | |
| 2,615,980 | |
| 55,000 | | |
Liberty
Media Corp.- Liberty SiriusXM, Cl. A† | |
| 1,482,902 | | |
| 1,804,550 | |
| 163,449 | | |
Liberty
Media Corp.- Liberty SiriusXM, Cl. C† | |
| 4,585,612 | | |
| 5,349,686 | |
| 23,000 | | |
Nexstar
Media Group Inc. | |
| 1,984,655 | | |
| 3,830,650 | |
| 80,000 | | |
Sinclair
Inc. | |
| 2,191,309 | | |
| 1,105,600 | |
| 98,000 | | |
TEGNA
Inc. | |
| 1,557,462 | | |
| 1,591,520 | |
| 80,000 | | |
Television
Broadcasts Ltd.† | |
| 264,436 | | |
| 50,026 | |
| | | |
| |
| 27,072,717 | | |
| 32,472,359 | |
| | | |
Hotels
and Gaming — 1.6% | |
| | | |
| | |
| 16,000 | | |
Accor
SA | |
| 549,282 | | |
| 593,962 | |
| 109,000 | | |
Bally’s
Corp.† | |
| 2,453,511 | | |
| 1,696,040 | |
| 18,000 | | |
Better
Collective A/S† | |
| 309,195 | | |
| 372,172 | |
| 27,300 | | |
Caesars
Entertainment Inc.† | |
| 1,328,546 | | |
| 1,391,481 | |
| 80,500 | | |
Entain
plc | |
| 1,554,749 | | |
| 1,300,429 | |
| 2,500 | | |
Flutter
Entertainment plc† | |
| 307,666 | | |
| 501,650 | |
| 26,000 | | |
Gambling.com
Group Ltd.† | |
| 225,410 | | |
| 266,240 | |
| 11,000 | | |
GAN
Ltd.† | |
| 39,930 | | |
| 18,040 | |
| 58,500 | | |
Genius
Sports Ltd.† | |
| 262,335 | | |
| 362,115 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Hotels
and Gaming (Continued) | |
| | | |
| | |
| 7,000 | | |
Hyatt
Hotels Corp., Cl. A | |
$ | 230,351
| | |
$ | 802,060 | |
| 14,500 | | |
Las
Vegas Sands Corp.† | |
| 483,109 | | |
| 841,000 | |
| 4,138,500 | | |
Mandarin
Oriental International Ltd.† | |
| 7,250,243 | | |
| 6,828,525 | |
| 9,000 | | |
Marriott
International Inc., Cl. A | |
| 737,802 | | |
| 1,653,210 | |
| 70,000 | | |
MGM
China Holdings Ltd.† | |
| 137,917 | | |
| 81,649 | |
| 80,000 | | |
MGM
Resorts International | |
| 2,238,918 | | |
| 3,513,600 | |
| 6,000 | | |
Penn
Entertainment Inc.† | |
| 171,720 | | |
| 144,180 | |
| 25,000 | | |
PlayAGS
Inc.† | |
| 169,647 | | |
| 141,250 | |
| 109,800 | | |
Ryman
Hospitality Properties Inc., REIT | |
| 4,812,750 | | |
| 10,202,616 | |
| 200,000 | | |
The
Hongkong & Shanghai Hotels Ltd.† | |
| 155,450 | | |
| 176,110 | |
| 4,000 | | |
Wyndham
Hotels & Resorts Inc. | |
| 152,872 | | |
| 274,280 | |
| 7,400 | | |
Wynn
Resorts Ltd. | |
| 571,572 | | |
| 781,514 | |
| | | |
| |
| 24,142,975 | | |
| 31,942,123 | |
| | | |
Specialty
Chemicals — 1.3% | |
| | | |
| | |
| 11,000 | | |
AdvanSix
Inc. | |
| 134,544 | | |
| 384,780 | |
| 2,500 | | |
DSM-Firmenich
AG | |
| 376,521 | | |
| 269,035 | |
| 127,000 | | |
DuPont
de Nemours Inc. | |
| 6,762,017 | | |
| 9,072,880 | |
| 25,000 | | |
FMC
Corp. | |
| 2,180,722 | | |
| 2,608,500 | |
| 15,000 | | |
H.B.
Fuller Co. | |
| 626,362 | | |
| 1,072,650 | |
| 43,000 | | |
International
Flavors & Fragrances Inc. | |
| 4,936,881 | | |
| 3,422,370 | |
| 2,800 | | |
Johnson
Matthey plc | |
| 100,869 | | |
| 62,088 | |
| 16,100 | | |
Rogers
Corp.† | |
| 2,005,449 | | |
| 2,607,073 | |
| 99,900 | | |
Sensient
Technologies Corp. | |
| 4,983,432 | | |
| 7,105,887 | |
| 13,000 | | |
SGL
Carbon SE † | |
| 60,439 | | |
| 119,372 | |
| 2,000 | | |
The
Chemours Co. | |
| 22,594 | | |
| 73,780 | |
| 580 | | |
The
Sherwin-Williams Co. | |
| 144,909 | | |
| 154,001 | |
| 12,500 | | |
Treatt
plc | |
| 131,964 | | |
| 99,219 | |
| | | |
| |
| 22,466,703 | | |
| 27,051,635 | |
| | | |
Aviation:
Parts and Services — 1.3% | |
| | | |
| | |
| 50,000 | | |
Astronics
Corp.† | |
| 487,138 | | |
| 993,000 | |
| 134,400 | | |
Curtiss-Wright
Corp. | |
| 10,577,173 | | |
| 24,683,904 | |
| 4,000 | | |
John
Bean Technologies Corp. | |
| 425,811 | | |
| 485,200 | |
| | | |
| |
| 11,490,122 | | |
| 26,162,104 | |
| | | |
Telecommunications
— 1.2% | |
| | | |
| | |
| 105,000 | | |
America
Movil SAB de CV, ADR† | |
| 735,232 | | |
| 2,272,200 | |
| 8,200 | | |
AT&T
Inc. | |
| 148,158 | | |
| 130,790 | |
| 55,400 | | |
BCE
Inc. | |
| 1,851,178 | | |
| 2,525,686 | |
| 834,200 | | |
BT Group
plc, Cl. A | |
| 3,378,527 | | |
| 1,296,217 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| 7,040,836 | | |
Cable
& Wireless Jamaica Ltd.†(a) | |
$ | 128,658 | | |
$ | 52,967 | |
| 6,000 | | |
Cisco
Systems Inc. | |
| 283,739 | | |
| 310,440 | |
| 30,000 | | |
Comtech
Telecommunications Corp. | |
| 481,082 | | |
| 274,200 | |
| 21,000 | | |
Deutsche
Telekom AG | |
| 382,724 | | |
| 457,754 | |
| 125,000 | | |
Deutsche
Telekom AG, ADR | |
| 2,029,153 | | |
| 2,731,250 | |
| 53,000 | | |
GCI
Liberty Inc., Escrow† | |
| 0 | | |
| 2 | |
| 36,000 | | |
Hellenic
Telecommunications Organization SA | |
| 452,922 | | |
| 617,139 | |
| 15,000 | | |
Hellenic
Telecommunications Organization SA, ADR | |
| 91,063 | | |
| 128,250 | |
| 264,732 | | |
Koninklijke
KPN NV | |
| 448,166 | | |
| 944,334 | |
| 230,000 | | |
Lumen
Technologies Inc. | |
| 762,488 | | |
| 519,800 | |
| 1,100,000 | | |
NII
Holdings Inc., Escrow† | |
| 374,000 | | |
| 385,000 | |
| 16,000 | | |
Oi SA,
ADR† | |
| 6,333 | | |
| 19 | |
| 4,267 | | |
Oi SA,
ADR† | |
| 118,939 | | |
| 16 | |
| 21,000 | | |
Telecom
Argentina SA, ADR | |
| 127,554 | | |
| 127,890 | |
| 400,000 | | |
Telecom
Italia SpA† | |
| 1,522,339 | | |
| 112,524 | |
| 70,000 | | |
Telefonica
Brasil SA, ADR | |
| 726,827 | | |
| 639,100 | |
| 320,000 | | |
Telefonica
SA, ADR | |
| 3,840,952 | | |
| 1,289,600 | |
| 385,000 | | |
Telephone
and Data Systems Inc. | |
| 15,042,670 | | |
| 3,168,550 | |
| 50,000 | | |
TELUS
Corp. | |
| 233,734 | | |
| 973,014 | |
| 46,075 | | |
TIM
SA, ADR | |
| 352,294 | | |
| 704,487 | |
| 3,040 | | |
VEON
Ltd., ADR† | |
| 133,023 | | |
| 62,138 | |
| 96,000 | | |
Verizon
Communications Inc. | |
| 4,149,234 | | |
| 3,570,240 | |
| 174,000 | | |
Vodafone
Group plc | |
| 300,315 | | |
| 163,459 | |
| 85,000 | | |
Vodafone
Group plc, ADR | |
| 1,254,339 | | |
| 803,250 | |
| | | |
| |
| 39,355,643 | | |
| 24,260,316 | |
| | | |
Real
Estate — 1.0% | |
| | | |
| | |
| 49,999 | | |
Blackstone
Mortgage Trust Inc., Cl. A, REIT | |
| 965,381 | | |
| 1,040,479 | |
| 8,000 | | |
Bresler
& Reiner Inc.† | |
| 162 | | |
| 160 | |
| 10,267 | | |
Gaming
and Leisure Properties Inc., REIT | |
| 168,322 | | |
| 497,539 | |
| 17,000 | | |
Rayonier
Inc., REIT | |
| 267,896 | | |
| 533,800 | |
| 60,000 | | |
Seritage
Growth Properties, Cl. A, REIT† | |
| 658,216 | | |
| 535,200 | |
| 7,250 | | |
Simon
Property Group Inc., REIT | |
| 819,370 | | |
| 837,230 | |
| 10,000 | | |
Tejon
Ranch Co.† | |
| 191,825 | | |
| 172,100 | |
| 318,000 | | |
The
St. Joe Co. | |
| 6,187,444 | | |
| 15,372,120 | |
| 27,415 | | |
VICI
Properties Inc., REIT | |
| 300,917 | | |
| 861,654 | |
| 9,000 | | |
Weyerhaeuser
Co., REIT | |
| 223,925 | | |
| 301,590 | |
| | | |
| |
| 9,783,458 | | |
| 20,151,872 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Transportation — 0.9% | |
| | | |
| | |
| 330,000 | | |
FTAI
Infrastructure Inc. | |
$ | 973,256
| | |
$ | 1,217,700 | |
| 130,200 | | |
GATX Corp. | |
| 5,170,606 | | |
| 16,761,948 | |
| 500 | | |
Union Pacific Corp. | |
| 116,608 | | |
| 102,310 | |
| | | |
| |
| 6,260,470 | | |
| 18,081,958 | |
| | | |
Agriculture — 0.9% | |
| | | |
| | |
| 168,000 | | |
Archer-Daniels-Midland Co. | |
| 8,023,591 | | |
| 12,694,080 | |
| 45,000 | | |
Philip Morris International
Inc. | |
| 4,564,428 | | |
| 4,392,900 | |
| 7,000 | | |
The Mosaic Co. | |
| 375,270 | | |
| 245,000 | |
| | | |
| |
| 12,963,289 | | |
| 17,331,980 | |
| | | |
Metals
and Mining — 0.8% | |
| | | |
| | |
| 37,400 | | |
Agnico Eagle Mines Ltd. | |
| 1,530,570 | | |
| 1,869,252 | |
| 200 | | |
Alliance Resource Partners
LP | |
| 1,289 | | |
| 3,698 | |
| 41,000 | | |
Barrick Gold Corp. | |
| 1,200,480 | | |
| 694,130 | |
| 30,000 | | |
Cleveland-Cliffs Inc.† | |
| 296,432 | | |
| 502,800 | |
| 127,500 | | |
Freeport-McMoRan Inc. | |
| 4,057,453 | | |
| 5,100,000 | |
| 25,239 | | |
Livent Corp.† | |
| 250,592 | | |
| 692,306 | |
| 4,000 | | |
Materion Corp. | |
| 90,720 | | |
| 456,800 | |
| 50,000 | | |
New Hope Corp. Ltd. | |
| 67,580 | | |
| 161,541 | |
| 135,000 | | |
Newmont Corp. | |
| 5,489,648 | | |
| 5,759,100 | |
| 60,000 | | |
TimkenSteel Corp.† | |
| 799,507 | | |
| 1,294,200 | |
| 10,000 | | |
Vale SA, ADR | |
| 81,899 | | |
| 134,200 | |
| | | |
| |
| 13,866,170 | | |
| 16,668,027 | |
| | | |
Automotive — 0.8% | |
| | | |
| | |
| 21,400 | | |
Daimler Truck Holding AG | |
| 663,519 | | |
| 770,605 | |
| 58,500 | | |
General Motors Co. | |
| 3,054,734 | | |
| 2,255,760 | |
| 76,000 | | |
Iveco Group NV† | |
| 556,721 | | |
| 684,348 | |
| 3,550 | | |
Mercedes-Benz Group AG | |
| 268,318 | | |
| 285,380 | |
| 104,000 | | |
PACCAR Inc. | |
| 1,452,697 | | |
| 8,699,600 | |
| 40,000 | | |
Piaggio & C SpA | |
| 110,176 | | |
| 165,862 | |
| 35,000 | | |
Stellantis NV | |
| 463,264 | | |
| 613,900 | |
| 860 | | |
Tesla Inc.† | |
| 221,512 | | |
| 225,122 | |
| 8,000 | | |
The Shyft Group Inc. | |
| 150,218 | | |
| 176,480 | |
| 2,250 | | |
Toyota Motor Corp., ADR | |
| 313,308 | | |
| 361,688 | |
| 49,000 | | |
Traton SE | |
| 952,316 | | |
| 1,047,989 | |
| | | |
| |
| 8,206,783 | | |
| 15,286,734 | |
| | | |
Communications
Equipment — 0.6% | |
| | | |
| | |
| 9,440 | | |
Apple Inc. | |
| 1,214,897 | | |
| 1,831,077 | |
| 3,250 | | |
Arista Networks Inc.† | |
| 390,163 | | |
| 526,695 | |
| 238,000 | | |
Corning Inc. | |
| 6,692,116 | | |
| 8,339,520 | |
| 441,269 | | |
Edgio Inc.† | |
| 666,307 | | |
| 297,415 | |
| 2,500 | | |
Motorola Solutions Inc. | |
| 641,300 | | |
| 733,200 | |
| 4,500 | | |
QUALCOMM Inc. | |
| 586,738 | | |
| 535,680 | |
| 30,000 | | |
Telesat Corp.† | |
| 415,062 | | |
| 282,600 | |
| | | |
| |
| 10,606,583 | | |
| 12,546,187 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
Wireless
Communications — 0.5% | |
| | | |
| | |
| 20,000 | | |
Anterix
Inc.† | |
$ | 741,006 | | |
$ | 633,800 | |
| 105,000 | | |
Millicom
International Cellular SA, SDR† | |
| 2,834,475 | | |
| 1,604,885 | |
| 105,000 | | |
Operadora
De Sites Mexicanos SAB de CV | |
| 125,620 | | |
| 99,498 | |
| 38,000 | | |
T-Mobile
US Inc.† | |
| 4,075,158 | | |
| 5,278,200 | |
| 120,000 | | |
United
States Cellular Corp.† | |
| 4,925,114 | | |
| 2,115,600 | |
| | | |
| |
| 12,701,373 | | |
| 9,731,983 | |
| | | |
Manufactured
Housing and Recreational Vehicles — 0.4% | |
| | | |
| | |
| 1,520 | | |
Cavco
Industries Inc.† | |
| 276,606 | | |
| 448,400 | |
| 13,314 | | |
Legacy
Housing Corp.† | |
| 194,875 | | |
| 308,752 | |
| 5,000 | | |
Martin
Marietta Materials Inc. | |
| 106,125 | | |
| 2,308,450 | |
| 40,013 | | |
Nobility
Homes Inc. | |
| 610,132 | | |
| 1,198,389 | |
| 43,700 | | |
Skyline
Champion Corp.† | |
| 436,290 | | |
| 2,860,165 | |
| 2,500 | | |
The
AZEK Co. Inc.† | |
| 44,100 | | |
| 75,725 | |
| | | |
| |
| 1,668,128 | | |
| 7,199,881 | |
| | | |
Publishing
— 0.3% | |
| | | |
| | |
| 1,400 | | |
Graham
Holdings Co., Cl. B | |
| 698,214 | | |
| 800,072 | |
| 105,000 | | |
News
Corp., Cl. A | |
| 1,640,478 | | |
| 2,047,500 | |
| 92,000 | | |
News
Corp., Cl. B | |
| 1,234,607 | | |
| 1,814,240 | |
| 70,000 | | |
The
E.W. Scripps Co., Cl. A† | |
| 831,325 | | |
| 640,500 | |
| | | |
| |
| 4,404,624 | | |
| 5,302,312 | |
| | | |
Semiconductors
— 0.1% | |
| | | |
| | |
| 8,000 | | |
Advanced
Micro Devices Inc.† | |
| 670,145 | | |
| 911,280 | |
| 40,000 | | |
Alphawave
IP Group plc† | |
| 97,870 | | |
| 72,847 | |
| 2,000 | | |
Applied
Materials Inc. | |
| 204,943 | | |
| 289,080 | |
| 225 | | |
ASML
Holding NV | |
| 100,399 | | |
| 163,069 | |
| 1,200 | | |
Axcelis
Technologies Inc.† | |
| 46,181 | | |
| 219,996 | |
| 1,500 | | |
Azenta
Inc.† | |
| 79,561 | | |
| 70,020 | |
| 200 | | |
Lam
Research Corp. | |
| 93,001 | | |
| 128,572 | |
| 1,200 | | |
Lattice
Semiconductor Corp.† | |
| 68,076 | | |
| 115,284 | |
| 3,000 | | |
nLight
Inc.† | |
| 34,710 | | |
| 46,260 | |
| 2,200 | | |
NXP
Semiconductors NV | |
| 404,020 | | |
| 450,296 | |
| 10,157 | | |
SkyWater
Technology Inc.† | |
| 85,982 | | |
| 95,679 | |
| 3,000 | | |
Taiwan
Semiconductor Manufacturing Co. Ltd., ADR | |
| 238,544 | | |
| 302,760 | |
| | | |
| |
| 2,123,432 | | |
| 2,865,143 | |
| | | |
Computer
Hardware — 0.0% | |
| | | |
| | |
| 11,000 | | |
Dell
Technologies Inc., Cl. C | |
| 490,099 | | |
| 595,210 | |
| 5,500 | | |
HP Inc. | |
| 153,885 | | |
| 168,905 | |
| 3,000 | | |
NETGEAR
Inc.† | |
| 59,115 | | |
| 42,480 | |
| | | |
| |
| 703,099 | | |
| 806,595 | |
| | | |
TOTAL
COMMON STOCKS | |
| 1,168,322,161 | | |
| 1,976,890,201 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
CLOSED-END
FUNDS — 0.2% | |
| | | |
| | |
| 245,000 | | |
Altaba
Inc., Escrow† | |
$ | 16,660 | | |
$ | 573,300 | |
| 4,285 | | |
Royce
Global Value Trust Inc. | |
| 37,280 | | |
| 39,593 | |
| 46,158 | | |
Royce
Value Trust Inc. | |
| 614,496 | | |
| 636,981 | |
| 90,000 | | |
SuRo
Capital Corp.† | |
| 430,846 | | |
| 287,550 | |
| 97,000 | | |
The
Central Europe, Russia, and Turkey Fund Inc. | |
| 2,727,365 | | |
| 878,820 | |
| 159,000 | | |
The
New Germany Fund Inc. | |
| 2,156,154 | | |
| 1,427,820 | |
| | | |
| |
| 5,982,801 | | |
| 3,844,064 | |
| | | |
TOTAL
CLOSED-END FUNDS | |
| 5,982,801 | | |
| 3,844,064 | |
| | | |
| |
| | | |
| | |
| | | |
PREFERRED
STOCKS — 0.2% | |
| | | |
| | |
| | | |
Retail —
0.1% | |
| | | |
| | |
| 64,750 | | |
Qurate
Retail Inc., 8.000%, 03/15/31 | |
| 3,397,408 | | |
| 2,429,420 | |
| | | |
| |
| | | |
| | |
| | | |
Diversified
Industrial — 0.1% | |
| | | |
| | |
| 78,500 | | |
Steel
Partners Holdings LP, Ser. A, 6.000%, 02/07/26 | |
| 1,825,125 | | |
| 1,829,050 | |
| | | |
| |
| | | |
| | |
| | | |
TOTAL
PREFERRED STOCKS | |
| 5,222,533 | | |
| 4,258,470 | |
| | | |
| |
| | | |
| | |
| | | |
WARRANTS —
0.0% | |
| | | |
| | |
| | | |
Diversified
Industrial — 0.0% | |
| | | |
| | |
| 379,000 | | |
Ampco-Pittsburgh
Corp., expire 08/01/25† | |
| 258,897 | | |
| 185,710 | |
| | | |
| |
| | | |
| | |
| | | |
Energy
and Utilities — 0.0% | |
| | | |
| | |
| 2,504 | | |
Occidental
Petroleum Corp., expire 08/03/27† | |
| 12,395 | | |
| 93,449 | |
| | | |
| |
| | | |
| | |
| | | |
TOTAL
WARRANTS | |
| 271,292 | | |
| 279,159 | |
Principal
Amount | | |
| |
| | |
| |
| | | |
U.S.
GOVERNMENT OBLIGATIONS — 0.8% | |
$ | 16,520,000 | | |
U.S.
Treasury Bills, 5.098% to 5.309%††, 09/07/23 to 12/21/23 | |
| 16,289,520 | | |
| 16,291,549 | |
| | | |
| |
| | | |
| | |
TOTAL
INVESTMENTS — 100.0% | |
$ | 1,196,088,307 | | |
| 2,001,563,443 | |
| |
| | | |
| | |
Other
Assets and Liabilities (Net) | |
| | | |
| 7,166,925 | |
| |
| | | |
| | |
PREFERRED
STOCK
(11,321,087 preferred shares outstanding) | |
| | | |
| (424,349,675 | ) |
| |
| | | |
| | |
NET
ASSETS — COMMON STOCK (299,215,307 common shares outstanding) | |
| | | |
$ | 1,584,380,693 | |
| |
| | | |
| | |
NET
ASSET VALUE PER COMMON SHARE ($1,584,380,693 ÷ 299,215,307 shares outstanding) |
|
|
|
|
|
$ |
5.30 |
|
| (a) | 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 |
| REIT | Real
Estate Investment Trust |
| SDR | Swedish
Depositary Receipt |
Geographic
Diversification | |
% of Total
Investments | | |
Market
Value | |
North
America | |
| 85.4 | % | |
$ | 1,709,386,150 | |
Europe | |
| 11.1 | | |
| 222,126,154 | |
Japan
| |
| 1.5 | | |
| 30,556,536 | |
Latin
America | |
| 1.5 | | |
| 30,233,692 | |
Asia/Pacific
| |
| 0.5 | | |
| 9,260,911 | |
Total
Investments | |
| 100.0 | % | |
$ | 2,001,563,443 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Statement
of Assets and Liabilities
June
30,2023 (Unaudited)
Assets: | |
| | |
Investments,
at value (cost $1,196,088,307) | |
$ | 2,001,563,443 | |
Cash | |
| 3,556,676 | |
Foreign
currency, at value (cost $19,472) | |
| 19,451 | |
Receivable
for investments sold | |
| 2,933,686 | |
Dividends
and interest receivable | |
| 3,538,440 | |
Deferred
offering expense | |
| 336,443 | |
Prepaid
expenses | |
| 42,198 | |
Total
Assets | |
| 2,011,990,337 | |
Liabilities: | |
| | |
Distributions
payable | |
| 277,162 | |
Payable
for investments purchased | |
| 556,461 | |
Payable
for investment advisory fees | |
| 1,988,126 | |
Payable
for payroll expenses | |
| 103,741 | |
Payable
for accounting fees | |
| 7,500 | |
Series
M Cumulative Preferred Stock, callable and mandatory redemption 03/26/27 (See Notes 2 and 6) | |
| 68,550,000 | |
Other
accrued expenses | |
| 326,979 | |
Total
Liabilities | |
| 71,809,969 | |
Cumulative
Preferred Stock, $0.001 par value: | |
| | |
Series
C (Auction Rate, $25,000 liquidation value per share, 5,200 shares authorized with 2,492 shares issued and outstanding) | |
| 62,300,000 | |
Series
E (Auction Rate, $25,000 liquidation value per share, 2,000 shares authorized with 1,108 shares issued and outstanding) | |
| 27,700,000 | |
Series
G (5.000%, $25 liquidation value per share, 12,000,000 shares authorized with 2,585,862 shares issued and outstanding) | |
| 64,646,550 | |
Series
H (5.000%, $25 liquidation value per share, 8,000,000 shares authorized with 4,116,414 shares issued and outstanding) | |
| 102,910,350 | |
Series
K (5.000%, $25 liquidation value per share, 4,000,000 shares authorized with 3,929,711 shares issued and outstanding) | |
| 98,242,775 | |
Total
Preferred Stock | |
| 355,799,675 | |
Net
Assets Attributable to Common Stockholders | |
$ | 1,584,380,693 | |
| |
| | |
Net
Assets Attributable to Common Stockholders Consist of: | |
| | |
Paid-in
capital | |
$ | 792,334,770 | |
Total
distributable earnings | |
| 792,045,923 | |
Net
Assets | |
$ | 1,584,380,693 | |
| |
| | |
Net
Asset Value per Common Share: | |
| | |
($1,584,380,693
÷ 299,215,307 shares outstanding at $0.001 par value;) | |
$ | 5.30 | |
Statement
of Operations
For
the six months ended June 30, 2023 (Unaudited)
Investment
Income: | |
| | |
Dividends
(net of foreign withholding taxes of $619,258) | |
$ | 16,315,214 | |
Interest | |
| 1,202,169 | |
Total
Investment Income | |
| 17,517,383 | |
Expenses: | |
| | |
Investment
advisory fees | |
| 9,795,590 | |
Interest
expense on preferred stock | |
| 1,456,688 | |
Stockholder
communications expenses | |
| 290,179 | |
Custodian
fees | |
| 138,609 | |
Payroll
expenses | |
| 117,771 | |
Directors’
fees | |
| 102,399 | |
Legal
and audit fees | |
| 85,910 | |
Shareholder
services fees | |
| 72,398 | |
Accounting
fees | |
| 22,500 | |
Shelf
offering expense | |
| 11,615 | |
Interest
expense | |
| 10 | |
Miscellaneous
expenses | |
| 289,670 | |
Total
Expenses | |
| 12,383,339 | |
Less: | |
| | |
Advisory
fee reduction on unsupervised assets (See Note 3) | |
| (8,168 | ) |
Expenses
paid indirectly by broker (See Note 5) | |
| (7,874 | ) |
Custodian
fee credits | |
| (1,710 | ) |
Total
Reductions and Credits | |
| (17,752 | ) |
Net
Expenses | |
| 12,365,587 | |
Net
Investment Income | |
| 5,151,796 | |
| |
| | |
Net
Realized and Unrealized Gain/(Loss) on Investments in Securities and Foreign Currency: | |
| | |
Net
realized gain on investments in securities | |
| 12,915,486 | |
Net
realized loss on foreign currency transactions | |
| (52,032 | ) |
Net
realized gain on investments in securities and foreign currency transactions | |
| 12,863,454 | |
Net
change in unrealized appreciation/depreciation: | |
| | |
on
investments in securities | |
| 144,545,890 | |
on
foreign currency translations | |
| 14,532 | |
Net
change in unrealized appreciation/depreciation on investments in securities and foreign currency translations | |
| 144,560,422 | |
Net
Realized and Unrealized Gain/(Loss) on Investments in Securities and Foreign Currency | |
| 157,423,876 | |
Net
Increase in Net Assets Resulting from Operations | |
| 162,575,672 | |
Total
Distributions to Preferred Stockholders | |
| (10,407,144 | ) |
Net
Increase in Net Assets Attributable to Common Stockholders Resulting from Operations | |
$ | 152,168,528 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Statement
of Changes in Net Assets Attributable to Common Stockholders
| |
Six
Months Ended
June 30,
2023
(Unaudited) | | |
Year
Ended
December 31,
2022 | |
Operations: | |
| | | |
| | |
Net
investment income | |
$ | 5,151,796 | | |
$ | 7,428,571 | |
Net
realized gain on investments in securities and foreign currency transactions | |
| 12,863,454 | | |
| 90,014,389 | |
Net
change in unrealized appreciation/depreciation on investments in securities and foreign currency translations | |
| 144,560,422 | | |
| (296,535,384 | ) |
Net
Increase/(Decrease) in Net Assets Resulting from Operations | |
| 162,575,672 | | |
| (199,092,424 | ) |
| |
| | | |
| | |
Distributions
to Preferred Stockholders from Accumulated Earnings | |
| (10,407,144 | )* | |
| (16,470,074 | ) |
| |
| | | |
| | |
Net
Increase/(Decrease) in Net Assets Attributable to Common Stockholders Resulting from Operations | |
| 152,168,528 | | |
| (215,562,498 | ) |
| |
| | | |
| | |
Distributions
to Common Stockholders: | |
| | | |
| | |
Accumulated
earnings | |
| (5,942,630 | )* | |
| (85,165,639 | ) |
Return
of capital | |
| (83,196,817 | )* | |
| (90,830,921 | ) |
Total
Distributions to Common Stockholders | |
| (89,139,447 | ) | |
| (175,996,560 | ) |
| |
| | | |
| | |
Fund
Share Transactions: | |
| | | |
| | |
Net
increase in net assets from common shares issued upon reinvestment of distributions | |
| 15,086,804 | | |
| 26,642,626 | |
Net
increase in net assets from repurchase of preferred shares | |
| 71,834 | | |
| 563,949 | |
Offering
costs for common shares charged to paid-in capital | |
| — | | |
| (102,616 | ) |
Net
Increase in Net Assets from Fund Share Transactions | |
| 15,158,638 | | |
| 27,103,959 | |
| |
| | | |
| | |
Net
Increase/(Decrease) in Net Assets Attributable to Common Stockholders | |
| 78,187,719 | | |
| (364,455,099 | ) |
| |
| | | |
| | |
Net
Assets Attributable to Common Stockholders: | |
| | | |
| | |
Beginning
of year | |
| 1,506,192,974 | | |
| 1,870,648,073 | |
End
of period | |
$ | 1,584,380,693 | | |
$ | 1,506,192,974 | |
| * | Based
on year to date book income. Amounts are subject to change and recharacterization at year
end. |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Statement
of Cash Flows
June
30, 2023 (Unaudited)
Net
increase in net assets attributable to common stockholders resulting from operations | |
$ | 152,168,528 | |
| |
| | |
Adjustments
to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities: | |
| | |
Purchase
of long term investment securities | |
| (59,644,967 | ) |
Proceeds
from sales of long term investment securities | |
| 87,353,395 | |
Net
sales of short term investment securities | |
| 57,263,364 | |
Net
realized gain on investments | |
| (12,915,486 | ) |
Net
change in unrealized appreciation on investments | |
| (144,545,890 | ) |
Net
amortization of discount | |
| (1,202,017 | ) |
Decrease
in receivable for investments sold | |
| 2,666,139 | |
Decrease
in dividends and interest receivable | |
| 444,782 | |
Decrease
in deferred offering expense | |
| 11,614 | |
Increase
in prepaid expenses | |
| (18,071 | ) |
Decrease
in payable for investments purchased | |
| (3,638,344 | ) |
Increase
in payable for investment advisory fees | |
| 404,139 | |
Increase
in payable for payroll expenses | |
| 41,031 | |
Decrease
in payable for accounting fees | |
| (3,750 | ) |
Decrease
in other accrued expenses | |
| (12,537 | ) |
Net
cash provided by operating activities | |
| 78,371,930 | |
| |
| | |
Net
decrease in net assets resulting from financing activities: | |
| | |
Redemption
of Series G 5.000% Cumulative Preferred Stock | |
| (413,300 | ) |
Redemption
of Series H 5.000% Cumulative Preferred Stock | |
| (284,975 | ) |
Distributions
to common stockholders | |
| (89,132,407 | ) |
Proceeds
from repurchase of preferred shares | |
| (61,423 | ) |
Net
increase in net assets from common shares issued upon reinvestment of distributions | |
| 15,086,804 | |
Net
cash used in financing activities | |
| (74,805,301 | ) |
Net
increase in cash | |
| 3,566,629 | |
Cash
(including foreign currency): | |
| | |
Beginning
of year | |
| 9,498 | |
End
of period | |
$ | 3,576,127 | |
| |
| | |
Supplemental
disclosure of cash flow information: | |
| | |
Interest
paid on bank overdrafts | |
$ | 10 | |
Increase
in net assets from common shares issued upon reinvestment of distributions | |
| 15,086,804 | |
The
following table provides a reconciliation of cash and foreign currency reported within the Statement of Assets and Liabilities that sum
to the total of the same amount above at June 30, 2023:
Cash | |
$ | 3,556,676 | |
Foreign
currency, at value | |
| 19,451 | |
| |
$ | 3,576,127 | |
See
accompanying notes to financial statements
The
Gabelli Equity Trust Inc.
Financial
Highlights
Selected
data for a common share outstanding throughout each period:
| |
Six
Months Ended | | |
| |
| |
June 30,
2023 | | |
Year
Ended December 31, | |
| |
(Unaudited) | | |
2022 | | |
2021 | | |
2020 | | |
2019 | | |
2018 | |
Operating
Performance: | |
| | |
| | |
| | |
| | |
| | |
| |
Net
asset value, beginning of year | |
$ | 5.08 | | |
$ | 6.41 | | |
$ | 5.86 | | |
$ | 5.88 | | |
$ | 5.25 | | |
$ | 6.47 | |
Net
investment income | |
| 0.02 | | |
| 0.03 | | |
| 0.04 | | |
| 0.04 | | |
| 0.06 | | |
| 0.07 | |
Net
realized and unrealized gain/(loss) on investments in securities, futures contracts, and foreign currency transactions | |
| 0.54 | | |
| (0.71 | ) | |
| 1.31 | | |
| 0.60 | | |
| 1.26 | | |
| (0.57 | ) |
Total
from investment operations | |
| 0.56 | | |
| (0.68 | ) | |
| 1.35 | | |
| 0.64 | | |
| 1.32 | | |
| (0.50 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Distributions
to Preferred Stockholders: (a) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
investment income | |
| (0.01 | )* | |
| (0.00 | )(b) | |
| (0.01 | ) | |
| (0.01 | ) | |
| (0.01 | ) | |
| (0.01 | ) |
Net
realized gain | |
| (0.03 | )* | |
| (0.06 | ) | |
| (0.06 | ) | |
| (0.06 | ) | |
| (0.07 | ) | |
| (0.07 | ) |
Total
distributions to preferred stockholders | |
| (0.04 | ) | |
| (0.06 | ) | |
| (0.07 | ) | |
| (0.07 | ) | |
| (0.08 | ) | |
| (0.08 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Increase/(Decrease) in Net Assets Attributable to Common Stockholders Resulting from Operations | |
| 0.52 | | |
| (0.74 | ) | |
| 1.28 | | |
| 0.57 | | |
| 1.24 | | |
| (0.58 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Distributions
to Common Stockholders: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
investment income | |
| (0.01 | )* | |
| (0.02 | ) | |
| (0.03 | ) | |
| (0.04 | ) | |
| (0.05 | ) | |
| (0.06 | ) |
Net
realized gain | |
| (0.01 | )* | |
| (0.27 | ) | |
| (0.42 | ) | |
| (0.29 | ) | |
| (0.50 | ) | |
| (0.54 | ) |
Return
of capital | |
| (0.28 | )* | |
| (0.31 | ) | |
| (0.18 | ) | |
| (0.27 | ) | |
| (0.05 | ) | |
| (0.04 | ) |
Total
distributions to common stockholders | |
| (0.30 | ) | |
| (0.60 | ) | |
| (0.63 | ) | |
| (0.60 | ) | |
| (0.60 | ) | |
| (0.64 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fund
Share Transactions: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Increase/(decrease)
in net asset value from common share transactions | |
| — | | |
| — | | |
| (0.10 | ) | |
| 0.00 | (b) | |
| 0.00 | (b) | |
| — | |
Increase
in net asset value from common shares issued upon reinvestment of distributions | |
| 0.00 | (b) | |
| 0.01 | | |
| 0.00 | (b) | |
| — | | |
| — | | |
| — | |
Increase
in net asset value from repurchase of preferred shares | |
| 0.00 | (b) | |
| 0.00 | (b) | |
| — | | |
| 0.01 | | |
| — | | |
| — | |
Offering
costs and adjustment to offering costs for preferred shares charged to paid-in capital | |
| — | | |
| — | | |
| (0.00 | )(b) | |
| — | | |
| (0.01 | ) | |
| — | |
Offering
costs and adjustment to offering costs for common shares charged to paid-in capital | |
| — | | |
| (0.00 | )(b) | |
| — | | |
| — | | |
| — | | |
| — | |
Total
Fund share transactions | |
| 0.00 | (b) | |
| 0.01 | | |
| (0.10 | ) | |
| 0.01 | | |
| (0.01 | ) | |
| (0.00 | )(b) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Asset Value Attributable to Common Stockholders, End of Period | |
$ | 5.30 | | |
$ | 5.08 | | |
$ | 6.41 | | |
$ | 5.86 | | |
$ | 5.88 | | |
$ | 5.25 | |
NAV
total return † | |
| 10.64 | % | |
| (11.17 | )% | |
| 22.31 | % | |
| 13.25 | % | |
| 24.03 | % | |
| (10.17 | )% |
Market
value, end of period | |
$ | 5.80 | | |
$ | 5.48 | | |
$ | 7.19 | | |
$ | 6.27 | | |
$ | 6.09 | | |
$ | 5.10 | |
Investment
total return †† | |
| 11.83 | % | |
| (15.60 | )% | |
| 28.83 | % | |
| 16.59 | % | |
| 32.19 | % | |
| (8.43 | )% |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Ratios
to Average Net Assets and Supplemental Data: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
assets including liquidation value of preferred shares, end of period (in 000’s) | |
$ | 2,008,731 | | |
$ | 1,931,241 | | |
$ | 2,382,135 | | |
$ | 1,977,843 | | |
$ | 1,966,007 | | |
$ | 1,743,519 | |
Net
assets attributable to common shares,end of period (in 000’s) | |
$ | 1,584,381 | | |
$ | 1,506,193 | | |
$ | 1,870,648 | | |
$ | 1,534,206 | | |
$ | 1,512,190 | | |
$ | 1,330,606 | |
Ratio
of net investment income to average net assets attributable to common shares before preferred distributions | |
| 0.67 | %(c) | |
| 0.46 | % | |
| 0.57 | % | |
| 0.81 | % | |
| 1.01 | % | |
| 1.07 | % |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Financial
Highlights (Continued)
Selected
data for a common share outstanding throughout each period:
| |
Six
Months Ended | | |
| |
| |
June 30,
2023 | | |
Year
Ended December 31, | |
| |
(Unaudited) | | |
2022 | | |
2021 | | |
2020 | | |
2019 | | |
2018 | |
Ratio
of operating expenses to average net assets attributable to common shares:before fee reductions (d)(e) | |
| 1.61 | %(c) | |
| 1.58 | % | |
| 1.37 | % | |
| 1.48 | % | |
| 1.33 | %(f) | |
| 1.37 | % |
Ratio
of operating expenses to average net assets attributable to common shares: net of fee reductions, if any (d)(g) | |
| 1.61 | %(c) | |
| 1.52 | % | |
| 1.37 | % | |
| 1.48 | % | |
| 1.33 | %(f) | |
| 1.27 | % |
Portfolio
turnover rate | |
| 3 | % | |
| 9 | % | |
| 12 | % | |
| 13 | % | |
| 11 | % | |
| 17 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cumulative
Preferred Stock: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Auction
Rate Series C Preferred | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation
value, end of period (in 000’s) | |
$ | 62,300 | | |
$ | 62,300 | | |
$ | 62,300 | | |
$ | 62,300 | | |
$ | 72,000 | | |
$ | 72,000 | |
Total
shares outstanding (in 000’s) | |
| 2 | | |
| 2 | | |
| 2 | | |
| 2 | | |
| 3 | | |
| 3 | |
Liquidation
preference per share | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | |
Liquidation
value (h) | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | |
Asset
coverage per share (i) | |
$ | 118,342 | | |
$ | 113,590 | | |
$ | 116,432 | | |
$ | 111,456 | | |
$ | 108,305 | | |
$ | 105,562 | |
5.875%
Series D Preferred (j) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation
value, end of period (in 000’s) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 59,097 | |
Total
shares outstanding (in 000’s) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,364 | |
Liquidation
preference per share | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 25.00 | |
Average
market value (k) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 25.62 | |
Asset
coverage per share (i) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 105.56 | |
Auction
Rate Series E Preferred | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation
value, end of period (in 000’s) | |
$ | 27,700 | | |
$ | 27,700 | | |
$ | 27,700 | | |
$ | 27,700 | | |
$ | 28,000 | | |
$ | 28,000 | |
Total
shares outstanding (in 000’s) | |
| 1 | | |
| 1 | | |
| 1 | | |
| 1 | | |
| 1 | | |
| 1 | |
Liquidation
preference per share | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | |
Liquidation
value (h) | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | |
Asset
coverage per share (i) | |
$ | 118,342 | | |
$ | 113,590 | | |
$ | 116,432 | | |
$ | 111,456 | | |
$ | 108,305 | | |
$ | 105,562 | |
5.000%
Series G Preferred | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation
value, end of period (in 000’s) | |
$ | 64,647 | | |
$ | 65,060 | | |
$ | 69,491 | | |
$ | 69,491 | | |
$ | 69,495 | | |
$ | 69,495 | |
Total
shares outstanding (in 000’s) | |
| 2,586 | | |
| 2,602 | | |
| 2,780 | | |
| 2,780 | | |
| 2,780 | | |
| 2,780 | |
Liquidation
preference per share | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | |
Average
market value (k) | |
$ | 22.59 | | |
$ | 23.59 | | |
$ | 25.66 | | |
$ | 25.25 | | |
$ | 24.57 | | |
$ | 23.92 | |
Asset
coverage per share (i) | |
$ | 118.34 | | |
$ | 113.59 | | |
$ | 116.43 | | |
$ | 111.46 | | |
$ | 108.30 | | |
$ | 105.56 | |
5.000%Series
H Preferred | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation
value, end of period (in 000’s) | |
$ | 102,910 | | |
$ | 103,195 | | |
$ | 104,322 | | |
$ | 104,322 | | |
$ | 104,322 | | |
$ | 104,322 | |
Total
shares outstanding (in 000’s) | |
| 4,116 | | |
| 4,128 | | |
| 4,173 | | |
| 4,173 | | |
| 4,173 | | |
| 4,173 | |
Liquidation
preference per share | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | |
Average
market value (k) | |
$ | 22.64 | | |
$ | 23.58 | | |
$ | 25.55 | | |
$ | 25.30 | | |
$ | 24.68 | | |
$ | 24.18 | |
Asset
coverage per share (i) | |
$ | 118.34 | | |
$ | 113.59 | | |
$ | 116.43 | | |
$ | 111.46 | | |
$ | 108.30 | | |
$ | 105.56 | |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Financial
Highlights (Continued)
Selected
data for a common share outstanding throughout each period:
| |
Six
Months Ended | | |
| |
| |
June 30,
2023 | | |
Year
Ended December 31, | |
| |
(Unaudited) | | |
2022 | | |
2021 | | |
2020 | | |
2019 | | |
2018 | |
5.450%
Series J Preferred (l) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation value, end of period (in
000’s) | |
| — | | |
| — | | |
$ | 80,000 | | |
$ | 80,000 | | |
$ | 80,000 | | |
$ | 80,000 | |
Total shares outstanding (in
000’s) | |
| — | | |
| — | | |
| 3,200 | | |
| 3,200 | | |
| 3,200 | | |
| 3,200 | |
Liquidation preference per share | |
| — | | |
| — | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | |
Average
market value (k) | |
| — | | |
| — | | |
$ | 26.03 | | |
$ | 26.00 | | |
$ | 25.98 | | |
$ | 25.14 | |
Asset
coverage per share (i) | |
| — | | |
| — | | |
$ | 116.43 | | |
$ | 111.46 | | |
$ | 108.30 | | |
$ | 105.56 | |
5.000% Series
K Preferred | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation value, end of period (in 000’s) | |
$ | 98,243 | | |
$ | 98,243 | | |
$ | 99,825 | | |
$ | 99,825 | | |
$ | 100,000 | | |
| — | |
Total shares outstanding (in
000’s) | |
| 3,930 | | |
| 3,930 | | |
| 3,993 | | |
| 3,993 | | |
| 4,000 | | |
| — | |
Liquidation preference per share | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
| — | |
Average
market value (k) | |
$ | 22.77 | | |
$ | 23.70 | | |
$ | 26.40 | | |
$ | 25.86 | | |
$ | 25.24 | | |
| — | |
Asset
coverage per share (i) | |
$ | 118.34 | | |
$ | 113.59 | | |
$ | 116.43 | | |
$ | 111.46 | | |
$ | 108.30 | | |
| — | |
4.250% Series M Cumulative
Preferred Shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation value, end of period (in 000’s) | |
$ | 68,550 | | |
$ | 68,550 | | |
$ | 67,850 | | |
| — | | |
| — | | |
| — | |
Total shares outstanding (in
000’s) | |
| 686 | | |
| 686 | | |
| 679 | | |
| — | | |
| — | | |
| — | |
Liquidation preference per share | |
$ | 100.00 | | |
$ | 100.00 | | |
$ | 100.00 | | |
| — | | |
| — | | |
| — | |
Average
market value (k) | |
$ | 100.00 | | |
$ | 100.00 | | |
$ | 100.00 | | |
| — | | |
| — | | |
| — | |
Asset
coverage per share (i) | |
$ | 473.37 | | |
$ | 113.59 | | |
$ | 116.43 | | |
| — | | |
| — | | |
| — | |
Asset
Coverage (m) | |
| 473 | % | |
| 454 | % | |
| 466 | % | |
| 446 | % | |
| 433 | % | |
| 422 | % |
† | Based
on net asset value per share, adjusted for reinvestment of distributions at net asset value
on the ex-dividend dates and adjustments for the rights offering. Total return for a period
of less than one year is not annualized. |
†† | Based
on market value per share, adjusted for reinvestment of distributions at prices determined
under the Fund’s dividend reinvestment plan. Total return for a period of less than
one year is not annualized. |
* | Based
on year to date book income. Amounts are subject to change and recharacterization at year
end. |
(a) | Calculated
based on average common shares outstanding on the record dates throughout the periods. |
(b) | Amount
represents less than $0.005 per share. |
(c) | Annualized. |
(d) | The
Fund received credits from a designated broker who agreed to pay certain Fund operating expenses.
For all years presented there was no impact on the expense ratios. |
(e) | Ratio
of operating expenses to average net assets including liquidation value of preferred shares
before fee reductions for the six months ended June 30, 2023 and the years ended December
31, 2022, 2021, 2020, 2019, and 2018 would have been 1.26%, 1.24%, 1.10%, 1.10%, 1.03%, and
1.09%, respectively. |
(f) | In
2019, due to failed auctions relating to previous fiscal years, the Fund reversed accumulated
auction fees. The 2019 ratio of operating expenses to average net assets attributable to
common shares and the ratio of operating expenses to average net assets including liquidation
value of preferred shares, excluding the reversal of auction agent fees, were 1.39% and 1.08%,
respectively. |
(g) | Ratio
of operating expenses to average net assets including liquidation value of preferred shares
net of fee reductions for the six months ended June 30, 2023 and the years ended December
31, 2022, 2021, 2020, 2019, and 2018 would have been 1.22%, 1.20%, 1.10%, 1.10%, 1.03%, and
1.01%, respectively. |
(h) | Since
February 2008, the weekly auctions have failed. Holders that have submitted orders have not
been able to sell any or all of their shares in the auction. |
(i) | Asset
coverage per share is calculated by combining all series of preferred stock. |
(j) | The
Fund redeemed and retired all of the 2,363,860 shares of Series D Preferred Stock on December
26, 2019. |
(k) | Based
on weekly prices. |
(l) | The
Fund redeemed and retired all of the 3,200,000 shares of Series J Preferred Stock on January
31, 2022. |
(m) | Asset
coverage is calculated by combining all series of preferred stock. |
See
accompanying notes to financial statements.
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited)
1.
Organization. The Gabelli Equity Trust Inc. (the Fund) was incorporated on May 20, 1986 in Maryland. The Fund is a diversified closed-end
management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund commenced investment
operations on August 21, 1986.
The
Fund’s primary objective is long term growth of capital with income as a secondary objective. The Fund will invest at least 80%
of its assets in equity securities under normal market conditions (the 80% Policy). The 80% Policy may be changed without stockholder
approval. The Fund will provide stockholders with notice at least sixty days prior to the implementation of any changes in the 80% Policy.
2.
Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance,
which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions
in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial statements.
The
global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations,
regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact
the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve
its investment objectives.
Security
Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter
market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing
price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued
at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued
at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available
price or, if the Board of Directors (the Board) so determines, by such other method as the Board shall determine in good faith to reflect
its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the
broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).
Portfolio
securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant
market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close
of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market
quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on
such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities’
fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally
using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the
applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by
quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one
or more dealers in the instrument in question by the Adviser.
Securities
and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies
and procedures may include, but are not limited to: analysis and review
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited) (Continued)
of
available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar
securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities
at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.
The
inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described
in the hierarchy below:
|
● |
Level 1 — quoted prices
in active markets for identical securities; |
|
|
|
|
● |
Level 2 — other significant
observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and |
|
|
|
|
● |
Level 3 — significant
unobservable inputs (including the Board’s determinations as to the fair value of investments). |
A
financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in
the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and
other financial instruments by inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
| |
Valuation
Inputs | | |
| |
| |
Level
1 Quoted Prices | | |
Level
2 Other Significant Observable Inputs | | |
Level
3 Significant
Unobservable Inputs (a) | | |
Total Market
Value at 06/30/23 | |
INVESTMENTS
IN SECURITIES: | |
| | | |
| | | |
| | | |
| | |
ASSETS
(Market Value): | |
| | | |
| | | |
| | | |
| | |
Common
Stocks: | |
| | | |
| | | |
| | | |
| | |
Energy
and Utilities | |
$ | 84,815,653 | | |
$ | 0 | | |
| — | | |
$ | 84,815,653 | |
Equipment
and Supplies | |
| 161,483,425 | | |
| 235,000 | | |
| — | | |
| 161,718,425 | |
Health
Care | |
| 101,697,275 | | |
| — | | |
$ | 0 | | |
| 101,697,275 | |
Real
Estate | |
| 20,151,712 | | |
| 160 | | |
| — | | |
| 20,151,872 | |
Telecommunications | |
| 23,822,347 | | |
| 385,002 | | |
| 52,967 | | |
| 24,260,316 | |
Other
Industries (b) | |
| 1,584,246,660 | | |
| — | | |
| — | | |
| 1,584,246,660 | |
Total
Common Stocks | |
| 1,976,217,072 | | |
| 620,162 | | |
| 52,967 | | |
| 1,976,890,201 | |
Closed-End
Funds | |
| 3,270,764 | | |
| 573,300 | | |
| — | | |
| 3,844,064 | |
Preferred
Stocks (b) | |
| 4,258,470 | | |
| — | | |
| — | | |
| 4,258,470 | |
Warrants
(b) | |
| 279,159 | | |
| — | | |
| — | | |
| 279,159 | |
U.S.
Government Obligations | |
| — | | |
| 16,291,549 | | |
| — | | |
| 16,291,549 | |
TOTAL
INVESTMENTS IN SECURITIES – ASSETS | |
$ | 1,984,025,465 | | |
$ | 17,485,011 | | |
$ | 52,967 | | |
$ | 2,001,563,443 | |
| (a) | The
inputs for these securities are not readily available and are derived based on the judgment
of the Adviser according to procedures approved by the Board. |
| (b) | Please
refer to the Schedule of Investments for the industry classifications of these portfolio
holdings. |
During
the six months ended June 30, 2023 the Fund had no material transfers into or out of Level 3.
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited) (Continued)
Additional
Information to Evaluate Qualitative Information.
General.
The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to
value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized
pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred
equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading
systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction
prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another
pricing service or from a broker/dealer that trades that security or similar securities.
Fair
Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations.
Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several
days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider
include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of
valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply.
A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level
3 securities are frequently monitored to determine if fair valuation measures continue to apply.
The Adviser
reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting
the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.
Derivative
Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments
for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value
of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction
is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures,
or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses
may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets
is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or, in the event of default, the
Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The
creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions
involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies.
The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.
Collateral
requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded
derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations
of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose
will be reported separately in the Statement of Assets and Liabilities.
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited) (Continued)
The
Fund’s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement,
the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement
of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset
may vary by jurisdiction.
The
Fund’s derivative contracts held at June 30, 2023, if any, are not accounted for as hedging instruments under GAAP and are disclosed
in the Schedule of Investments together with the related counterparty.
Futures
Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio
securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to
deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as
the “initial margin.” Subsequent payments (variation margin) are made or received by the Fund each day, depending on the
daily fluctuations in the value of the contract, and are included in unrealized appreciation/depreciation on futures contracts. The
Fund recognizes a realized gain or loss when the contract is closed.
There
are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments.
In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
As of June 30, 2023, the Fund had no open positions in futures contracts.
Limitations
on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the Fund may
engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions,
and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations
of the Commodity Futures Trading Commission (CFTC). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (CEA),
the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. The
Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition,
certain trading restrictions are now applicable to the Fund which permit the Fund to engage in commodity interest transactions that include
(i) “bona fide hedging” transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to
the percentage of the Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided
that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount
of initial margin deposits on the Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed
5% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any
such transactions, or (b) the aggregate net notional value of the Fund’s commodity interest transactions would not exceed 100%
of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any
such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures,
options, and certain types of swaps (including securities futures, broad based stock index futures, and financial futures contracts).
As a result, in the future the Fund will be more limited in its ability to use these instruments than in the past, and these limitations
may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund’s performance.
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited) (Continued)
Series
M Cumulative Preferred Stock. For financial reporting purposes only, the liquidation value of preferred stock that has a mandatory
call date is classified as a liability within the Statement of Assets and Liabilities and the dividends paid on this preferred stock
are included as a component of “Interest expense on preferred stock” within the Statement of Operations. Offering costs are
amortized over the life of the preferred stock.
Investments
in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that
would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the
Acquired Funds) in accordance with the 1940 Act and related rules. Stockholders in the Fund would bear the pro rata portion of the periodic
expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2023, the Fund’s pro
rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.
Foreign
Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and
other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities,
income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and
losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized
appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting
from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities
transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of
the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates
between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.
Foreign
Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves
special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies,
the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic
developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities
of comparable U.S. issuers.
Foreign
Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which
may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules
and regulations that exist in the markets in which it invests.
Restricted
Securities. The Fund may invest up to 10% of its net assets in securities for which the markets are restricted. Restricted securities
include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often
requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities
eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower
than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors
under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued
liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their
liquidity. At June 30, 2023, the Fund held no restricted securities.
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited) (Continued)
Securities
Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on
investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount)
is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method
or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends
from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.
Custodian
Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are
used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement
of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn,
the Fund is charged an overdraft fee of 110% of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, if any, would
be included in the Statement of Operations.
Distributions
to Stockholders. Distributions to common stockholders are recorded on the ex-dividend date. Distributions to stockholders are
based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital
gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment
securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made
by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency
transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent,
adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact
on the NAV of the Fund.
Under
the Fund’s current common share distribution policy, the Fund declares and pays quarterly distributions from net investment income,
capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Pursuant to this policy,
distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current
earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should
not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund’s
distribution level, taking into consideration the Fund’s NAV and the financial market environment. The Fund’s distribution
policy is subject to modification by the Board at any time.
Distributions
to stockholders of the Fund’s Series C Auction Rate Cumulative Preferred Stock, Series E Auction Rate Cumulative Preferred Stock,
5.000% Series G Cumulative Preferred Stock, 5.000% Series H Cumulative Preferred Stock, 5.000% Series K Cumulative Preferred Stock, and
4.25% Series M Cumulative Preferred Stock (Preferred Stock) are recorded on a daily basis and are determined as described in Note 6.
The
tax character of distributions paid during the year ended December 31, 2022 was as follows:
| |
Common | | |
Preferred | |
Distributions
paid from: | |
| | | |
| | |
Ordinary
income (inclusive of short term capital gains) | |
$ | 4,308,481 | | |
$ | 833,212 | |
Net
long term capital gains | |
| 80,857,158 | | |
| 15,636,862 | |
Return
of capital | |
| 90,830,921 | | |
| — | |
Total
distributions paid | |
$ | 175,996,560 | | |
$ | 16,470,074 | |
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited) (Continued)
Provision
for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal
Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated
investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore,
no provision for federal income taxes is required.
The
following summarizes the tax cost of investments and derivatives and the related net unrealized appreciation at June 30, 2023:
| |
| | |
Gross
Unrealized | | |
Gross
Unrealized | | |
Net
Unrealized | |
| |
Cost | | |
Appreciation | | |
Depreciation | | |
Appreciation | |
Investments
| |
$ | 1,211,483,309 | | |
$ | 890,036,474 | | |
$ | (99,956,340 | ) | |
$ | 790,080,134 | |
The
Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine
whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related
interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed
not to meet the more-likely-than-not threshold. During the six months ended June 30, 2023, the Fund did not incur any income tax, interest,
or penalties. As of June 30, 2023, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s
net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject
to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion
are necessary.
3.
Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement)
with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis
to 1.00% of the value of the Fund’s average weekly net assets including the liquidation value of preferred stock. In accordance
with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration
of all aspects of the Fund’s business and affairs.
The
Adviser has agreed to reduce the management fee on the incremental assets attributable to the Series C and Series E Preferred Stock (C
and E Preferred Stock) if the total return of the NAV of the common shares of the Fund, including distributions and advisory fee subject
to reduction, does not exceed the stated dividend rate of the C and E Preferred Stock for the year. The Fund’s total return on
the NAV of the common shares is monitored on a monthly basis to assess whether the total return on the NAV of the common shares exceeds
the stated dividend rate of the C and E Preferred Stock for the period. During the six months ended June 30, 2023, the Fund’s total
return on the NAV of the common shares exceeded the dividend rate of the outstanding C and E Preferred Stock.
4.
Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2023, other than short term securities
and U.S. Government obligations, aggregated $60,471,384 and $87,364,280, respectively. Purchases and sales of U.S. Government obligations
for the six months ended June 30, 2023, aggregated $111,046,872 and $168,310,236, respectively.
5.Transactions
with Affiliates and Other Arrangements. During the six months ended June 30, 2023, the Fund paid $3,959 in brokerage commissions
on security trades to G.research, LLC, an affiliate of the Adviser.
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited) (Continued)
During
the six months ended June 30, 2023, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses.
The amount of such expenses paid through this directed brokerage arrangement during this period was $7,874.
The
cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser.
Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV.
The Fund reimburses the Adviser for this service. During the six months ended June 30, 2023, the Fund accrued $22,500 in accounting fees
in the Statement of Operations.
As
per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser
(although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the six months ended
June 30, 2023, the Fund accrued $117,771 in payroll expenses in the Statement of Operations.
The
Fund pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and
Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are
directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.
6.
Capital. The Fund’s Articles of Incorporation, as amended, permit the Fund to issue 337,024,900 shares of common stock
(par value $0.001) and authorizes the Board to increase its authorized shares from time to time. The Board has authorized the
repurchase of its shares on the open market when the shares are trading on the NYSE at a discount of 10% or more (or such other
percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2023 and
the year ended December 31, 2022, the Fund did not repurchase any shares of its common stock in the open market.
Transactions
in shares of common stock were as follows:
| |
Six
Months Ended
June 30,
2023 | | |
Year
Ended
December
31, | |
| |
(Unaudited) | | |
2022 | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | |
Net
increase in net assets from common shares issued upon reinvestment of distributions | |
| 2,806,480 | | |
$ | 15,086,804 | | |
| 4,612,791 | | |
$ | 26,642,626 | |
The
Fund has an effective shelf registration authorizing the offering of additional common or preferred stock.
The
Fund’s Articles of Incorporation, as amended, authorize the issuance of up to 18,000,000 shares of $0.001 par value Preferred Stock.
The Preferred Stock is senior to the common stock and results in the financial leveraging of the common stock. Such leveraging tends
to magnify both the risks and opportunities to common stockholders. Dividends on shares of the Preferred Stock are cumulative. The Fund
is required by the 1940 Act and by the Fund’s Articles Supplementary to meet certain asset coverage tests with respect to the Preferred
Stock. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or
in full, the Series C, Series E, Series G, Series H, Series K, and Series M Preferred Stock at redemption prices of $25,000, $25,000,
$25, $25, $25, and $100, respectively, per share plus an amount
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited) (Continued)
equal
to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure
to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common stockholders and
could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner
unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains
available to common stockholders.
On
December 17, 2021, January 31, 2022, and March 28, 2022, the Fund issued 678,500 shares, 5,000 shares, and 2,000 shares, respectively,
of 4.25% Series M Cumulative Preferred Shares, receiving combined net proceeds of $67,745,574, after the deduction of combined offering
expenses of $804,426. The Series M Preferred Shares have a liquidation value of $100 per share, and are callable at the Fund’s
option at any time on or after March 26, 2027.
On
January 31, 2022, the Fund redeemed and retired all Series J Preferred at the redemption price of $25.132465 per Series J Preferred,
which was equal to the liquidation preference of $25.00 per share plus $0.132465 per share representing accumulated and unpaid dividends
to the Redemption Date.
For
Series C and Series E Preferred Stock, the dividend rates, as set by the auction process that is generally held every seven days, are
expected to vary with short term interest rates. Since February 2008, the number of shares of Series C and Series E Preferred Stock subject
to bid orders by potential holders has been less than the number of shares of Series C and Series E Preferred Stock subject to sell orders.
Holders that have submitted sell orders have not been able to sell any or all of the Series C and Series E Preferred Stock for which
they have submitted sell orders. Therefore, the weekly auctions have failed, and the dividend rate has been the maximum rate. For Series
C and Series E Preferred Stock, the maximum auction rate is 175% of the “AA” Financial Composite Commercial Paper Rate. Existing
Series C and Series E stockholders may submit an order to hold, bid, or sell such shares on each auction date, or trade their shares
in the secondary market.
The
Fund may redeem at any time, in whole or in part, the Series C, Series E, Series G, and Series H Preferred Stock and may redeem the Series
K Preferred and Series M Preferred at any time after December 10, 2024 and March 26, 2027, respectively, at their respective liquidation
prices plus any accrued and unpaid dividends. In addition, the Board has authorized the repurchase of the Series G, Series H, and Series
K Preferred Stock in the open market at a price less than the $25 liquidation value per share. During the six months ended June 30, 2023
and the year ended December 31, 2022, the Fund repurchased 16,532 and 177,227 Series G Preferred, and 11,399 and 45,060 Series H Preferred,
at discounts of 10.8% and 5.5%, and 10.1% and 10.9%, respectively, from their liquidation preferences of $25 per share. During the year
ended December 31, 2022, the Fund repurchased 63,289 Series K Preferred at a discount of 12.9% from its liquidation preference of $25
per share.
The
Fund has the authority to purchase its auction rate Series C and Series E Preferred Stock through negotiated private transactions. The
Fund is not obligated to purchase any dollar amount or number of auction rate Preferred Stock, and the timing and amount of any auction
rate Preferred Stock purchased will depend on market conditions, share price, capital availability, and other factors. The Fund is neither
soliciting holders to sell these shares nor recommending that holders offer them to the Fund. Any offers can be accepted or rejected,
at the Fund’s discretion.
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited) (Continued)
The
following table summarizes Cumulative Preferred Stock information:
Series | |
Issue
Date | |
Authorized | | |
Number
of Shares Outstanding at 6/30/2023 | | |
Net
Proceeds | | |
2023
Dividend
Rate Range | |
Dividend
Rate at 6/30/2023 | | |
Accrued
Dividends at 6/30/2023 | |
C
Auction Rate | |
June 27,
2002 | |
| 5,200 | | |
| 2,492 | | |
$ | 128,246,557 | | |
7.514% to 8.881% | |
| 8.881 | % | |
$ | 45,389 | |
E
Auction Rate | |
October 7, 2003 | |
| 2,000 | | |
| 1,108 | | |
| 49,350,009 | | |
7.566% to 8.951% | |
| 8.951 | % | |
| 6,727 | |
G
5.000% | |
August 1, 2012 | |
| 12,000,000 | | |
| 2,585,862 | | |
| 69,407,417 | | |
Fixed Rate | |
| 5.000 | % | |
| 44,893 | |
H
5.000% | |
September 28, 2012 | |
| 8,000,000 | | |
| 4,116,414 | | |
| 100,865,695 | | |
Fixed Rate | |
| 5.000 | % | |
| 71,465 | |
K
5.000% | |
December 16, 2019 | |
| 4,000,000 | | |
| 3,929,711 | | |
| 96,525,000 | | |
Fixed Rate | |
| 5.000 | % | |
| 68,224 | |
M
4.250% | |
Various | |
| — | | |
| 685,500 | | |
| 67,745,574 | | |
Fixed Rate | |
| 4.250 | % | |
| 40,464 | |
The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the
Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single
class also have the right currently to elect two Directors and, under certain circumstances, are entitled to elect a majority of the
Board of Directors. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares
of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred
stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the
conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of
the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required
to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.
7.
Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under
these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed
the Fund’s existing contracts and expects the risk of loss to be remote.
8.
Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial
statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
The
Gabelli Equity Trust Inc.
Notes
to Financial Statements (Unaudited) (Continued)
Certifications
The Fund’s
Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of June 20, 2023, he was not aware of any violation
by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which contains certifications
by the Fund’s principal executive officer and principal financial officer that relate to the Fund’s disclosure in such reports
and that are required by Rule 30a-2(a) under the 1940 Act.
Shareholder
Meeting – May 22, 2023 – Final Results
The
Fund’s Annual Meeting of Stockholders was held virtually on May 22, 2023. At that meeting, common and preferred stockholders, voting
together as a single class, re-elected Frank J. Fahrenkopf, Jr. and Salvatore J. Zizza as Directors of the Fund, with 176,924,641 votes
and 177,502,116 votes cast in favor of these Directors, and 34,750,371 and 34,172,896 votes withheld for these Directors, respectively;
and elected Laura Linehan as a Director of the Fund with 177,477,629 votes cast in favor of this Director and 34,197,383 votes withheld
for this Director.
In
addition, preferred shareholders, voting as a separate class, re-elected Kuni Nakamura as a Director of the Fund, with 7,288,088 votes
cast in favor of this Director and 191,085 votes withheld for this Director.
Mario
J. Gabelli, Elizabeth C. Bogan, James P. Conn, Michael J. Ferrantino, Leslie F. Foley, William F. Heitmann, and Agnes Mullady continue
to serve in their capacities as Directors of the Fund.
We
thank you for your participation and appreciate your continued support.
The
Gabelli Equity Trust Inc.
Board
Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)
Section
15(c) of the Investment Company Act of 1940, as amended (the 1940 Act), contemplates that the Board of Directors (the Board) of The Gabelli
Equity Trust Inc. (the Fund), including a majority of the Directors who have no direct or indirect interest in the investment advisory
agreement and are not “interested persons” of the Fund, as defined in the 1940 Act (the Independent Board Members), are required
annually to review and re-approve the terms of the Fund’s existing investment advisory agreement and approve any newly proposed
terms therein. In this regard, the Board reviewed and re-approved, during the most recent six month period covered by this report, the
Investment Advisory Agreement (the Advisory Agreement) with Gabelli Funds, LLC (the Adviser) for the Fund.
More
specifically, at a meeting held on May 16, 2023, the Board, including the Independent Board Members, considered the factors and reached
the conclusions described below relating to the selection of the Adviser and the re-approval of the Advisory Agreement.
Nature,
Extent, and Quality of Services. The Independent Board Members considered information regarding the portfolio managers, the depth
of the analyst pool available to the Adviser and the portfolio managers, the nature, quality, and extent of administrative and shareholder
services supervised or provided by the Adviser, including portfolio management, supervision of Fund operations and compliance and regulatory
filings and disclosures to shareholders, general oversight of other service providers, review of Fund legal issues, assisting the Independent
Board Members in their capacity as directors, and other services, and the absence of significant service problems reported to the Board.
The Independent Board Members concluded that the services are extensive in nature and that the Adviser consistently delivered a high
level of service.
Investment
Performance of the Fund and Adviser. The Independent Board Members considered short term and long term investment performance for
the Fund over various periods of time as compared with relevant equity indices and the performance of other closed-end funds included
in the Lipper peer category. The Board noted that the Fund’s total return performance for the one, three, five, and ten year periods
ended March 31, 2023 was above the average and the median for a select group of peers and for the Fund’s Lipper peer group category.
The Independent Board Members concluded that the Adviser was delivering satisfactory performance results consistent with the investment
strategies being pursued by the Fund and disclosed to investors.
Costs
of Services and Profits Realized by the Adviser.
(a)
Costs of Services to Fund: Fees and Expenses. The Independent Board Members considered the Fund’s advisory fee rate and expense
ratio relative to industry averages for the Fund’s peer group category and the advisory fees charged by the Adviser and its affiliates
to other fund and non-fund clients. The Independent Board Members considered the Adviser’s fee structure as compared with that
of the Adviser’s affiliate, GAMCO, for services provided to institutional and high net worth accounts and in connection with subadvisory
arrangements, noting that the service level for GAMCO accounts and subadvisory relationships is materially different from the services
provided by the Adviser to its registered funds and investors in such funds, which is reflected in the difference in fee structure. The
Independent Board Members noted that the mix of services under the Advisory Agreement is more extensive than those under the advisory
agreements for non-fund clients. The Independent Board Members noted that the other non-advisory expenses paid by the Fund are above
the average and median for the Fund’s Broadridge peer group category and above the average and equal to the median for a select
group of peers, and that management and gross advisory fees and total expenses were above the
The
Gabelli Equity Trust Inc.
Board
Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)
average
and median of the peer group range and a select group of peers. They took note of the fact that the use of leverage impacts comparative
expenses to peer funds, not all of which utilize leverage. The Independent Board Members were aware that the Adviser waives its fee on
the incremental liquidation value of the Fund’s Series C and Series E Preferred Stock during the Fund’s fiscal year if the
NAV total return of the common stock, including distributions and advisory fee subject to reduction for that year, does not exceed the
stated dividend rates for the Series C and Series E Preferred Stock, as applicable, for the year, and that the comparative “total
expense ratio” and “other expense” information reflected these waivers, if applicable. The Independent Board Members
concluded that the advisory fee is not excessive based upon the qualifications, experience, reputation, and performance of the Adviser
and the other factors considered.
(b)
Profitability and Costs of Services to Adviser. The Independent Board Members considered the Adviser’s overall profitability
and costs. The Independent Board Members referred to the Board Materials for the pro forma income statements for the Adviser and the
Fund for the period ended December 31, 2022. They noted the pro forma estimates of the Adviser’s profitability and costs attributable
to the Fund. The Independent Board Members also considered whether the amount of profit is a fair entrepreneurial profit for the management
of the Fund and noted that the Adviser has continued to increase its resources devoted to Fund matters, including portfolio management
resources, in response to regulatory requirements and new or enhanced Fund policies and procedures. The Independent Board Members concluded
that the profitability to the Adviser of managing the Fund was not excessive.
Extent
of Economies of Scale as Fund Grows. The Independent Board Members considered whether there have been economies of scale with respect
to the management of the Fund and whether the Fund has appropriately benefited from any economies of scale. The Independent Board Members
noted that, although the ability of the Fund to realize economies of scale through growth is more limited than for an open-end fund,
economies of scale may develop for certain funds as their assets increase and their fund level expenses decline as a percentage of assets,
but that fund level economies of scale may not necessarily result in Adviser level economies of scale. The Board Members were aware that
economies can be shared through an adviser’s investment in its fund advisory business and noted the Adviser’s increase in
personnel and resources devoted to the Fund Complex in recent years, which could benefit the Fund.
Whether
Fee Levels Reflect Economies of Scale. The Independent Board Members also considered whether the advisory fee rate is reasonable
in relation to the asset size of the Fund and any economies of scale that may exist, and concluded that the Fund’s current fee
schedule (without breakpoints) was considered reasonable, particularly in light of the Fund’s performance over time.
Other
Relevant Considerations.
(a)
Adviser Personnel and Methods. The Independent Board Members considered the size, education, and experience of the Adviser’s
staff, the Adviser’s fundamental research capabilities, and the Adviser’s approach to recruiting, training, and retaining
portfolio managers and other research and management personnel and concluded that, in each of these areas, the Adviser was structured
in such a way to support the high level of services being provided to the Fund.
(b)
Other Benefits to the Adviser. The Independent Board Members also considered the character and amount of other incidental benefits
received by the Adviser and its affiliates from their association with the Fund. The
The
Gabelli Equity Trust Inc.
Board
Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)
Independent
Board Members considered the brokerage commissions paid to an affiliate of the Adviser. The Independent Board Members concluded that
potential “fall-out” benefits that the Adviser and its affiliates may receive, such as brokerage commissions paid to an affiliated
broker, greater name recognition, or increased ability to obtain research services, appear to be reasonable and may in some cases benefit
the Fund.
Conclusions
In considering the Advisory Agreement, the Independent Board Members did not identify any factor as all important or all controlling,
and instead considered these factors collectively in light of the Fund’s surrounding circumstances. Based on this review, it was
the judgment of the Independent Board Members that shareholders had received satisfactory absolute and relative performance over time
consistent with the investment strategies being pursued by the Fund at reasonable fees and, therefore, continuation of the Advisory Agreement
was in the best interests of the Fund and its shareholders. As a part of its decision making process, the Independent Board Members noted
that the Adviser has managed the Fund since its inception, and the Independent Board Members believe that a long term relationship with
a capable, conscientious adviser is in the best interests of the Fund. The Independent Board Members considered, generally, that shareholders
invested in the Fund knowing that the Adviser managed the Fund and knowing its investment advisory fee. As such, the Independent Board
Members considered, in particular, whether the Adviser managed the Fund in accordance with its investment objectives and policies as
disclosed to shareholders. The Independent Board Members concluded that the Fund was managed by the Adviser in a manner consistent with
its investment objectives and policies. The Independent Board Members also confirmed that they were satisfied with the information provided
by the Adviser, that it included all information the Independent Board Members believed was necessary to evaluate the terms of the Advisory
Agreement, and that the Independent Board Members were satisfied that any questions they had were appropriately addressed. On the basis
of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend
continuation of the Advisory Agreement to the full Board.
Based
on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined
that the Fund’s advisory fee was fair and reasonable with respect to the nature and quality of services provided and in light of
the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation
of the Fund’s Advisory Agreement.
THE
GABELLI EQUITY TRUST INC.
AND
YOUR PERSONAL PRIVACY
Who
are we?
The
Gabelli Equity Trust Inc. is a closed-end management investment company registered with the Securities and Exchange Commission under
the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly
held company that has subsidiaries that provide investment advisory services for a variety of clients.
What
kind of non-public information do we collect about you if you become a fund shareholder?
When
you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer agent in
order, for example, to participate in our dividend reinvestment plan.
| ● | Information
you give us on your application form. This could include your name, address, telephone
number, social security number, bank account number, and other information. |
| ● | Information
about your transactions with us. This would include information about the shares that
you buy or sell; it may also include information about whether you sell or exercise rights
that we have issued from time to time. If we hire someone else to provide services —
like a transfer agent — we will also have information about the transactions that you
conduct through them. |
What
information do we disclose and to whom do we disclose it?
We
do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our
service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits,
you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations,
Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.
What
do we do to protect your personal information?
We
restrict access to non-public personal information about you to the people who need to know that information in order to provide services
to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic,
and procedural safeguards to keep your personal information confidential.
THE
GABELLI EQUITY TRUST INC.
One
Corporate Center
Rye,
NY 10580-1422
Portfolio
Management Team Biographies
| | Mario
J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer -
Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer
- Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc. He is also Executive
Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham
University and holds an MBA degree from Columbia Business School and Honorary Doctorates
from Fordham University and Roger Williams University. |
| | Christopher
J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director
and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition,
he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the
Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political
Economy from Williams College and holds an MBA degree with honors from Columbia Business
School. |
| | Kevin
V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the
consumer sector. Currently he is a Managing Director and Co-Chief Investment Officer for
GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of
Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Dreyer received
a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School. |
| | Howard
F. Ward, CFA, joined Gabelli Funds in 1995 and currently serves as GAMCO’s Chief
Investment Officer of Growth Equities as well as a Gabelli Funds, LLC portfolio manager for
several funds within the Fund Complex. Prior to joining Gabelli, Mr. Ward served as Managing
Director and Lead Portfolio Manager for several Scudder mutual funds. He also was an Investment
Officer in the Institutional Investment Department with Brown Brothers, Harriman & Co.
Mr. Ward received his BA in Economics from Northwestern University. |
| | Robert
D. Leininger, CFA, joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently,
he was a partner and portfolio manager at Rorer Asset Management before rejoining GAMCO in
2010 where he currently serves as a portfolio manager of Gabelli Funds, LLC. Mr. Leininger
is a magna cum laude graduate of Amherst College with a degree in Economics and holds an
MBA degree from the Wharton School at the University of Pennsylvania. |
| | Daniel
M. Miller currently serves as a portfolio manager of Gabelli Funds, LLC and is also a
Managing Director of GAMCO Investors, Inc. Mr. Miller joined the Firm in 2002 and graduated
magna cum laude with a degree in Finance from the University of Miami in Coral Gables, Florida. |
| | Ian
Lapey joined Gabelli in October 2018 as a portfolio manager. Prior to joining Gabelli,
Mr. Lapey was a research analyst and partner at Moerus Capital Management LLC. Prior to joining
Moerus, he was a partner, research analyst, and a portfolio manager at Third Avenue Management.
Mr. Lapey holds an MBA degree in Finance and Statistics from the Stern School of Business
at New York University. He also holds a Master’s degree in Accounting from Northeastern
University and a BA in Economics from Williams College. |
| | Ashish
Sinha joined GAMCO UK in 2012 as a research analyst. Prior to joining the Firm, Mr. Sinha
was a research analyst at Morgan Stanley in London for seven years and has covered European
Technology, Mid-Caps and Business Services. He also worked in planning and strategy at Birla
Sun Life Insurance in India. Currently Mr. Sinha is a portfolio manager of Gabelli Funds,
LLC and an Assistant Vice President of GAMCO Asset Management UK. Mr. Sinha has a BSBA degree
from the Institute of Management Studies and an MB from IIFT. |
| | Gustavo
Pifano joined the Firm in 2008 and is based in London. He serves as an assistant vice
president of research and covers the industrial and consumer sectors with a focus on small-cap
stocks. Gustavo is a member of the risk management group and responsible for the Firm’s
UK compliance oversight and AML reporting functions. Gustavo holds a BBA in Finance from
University of Miami and an MBA degree from University of Oxford Said Business School. |
| | Hendi
Susanto joined Gabelli in 2007 as the lead technology research analyst. He spent his
early career in supply chain management consulting and operations in the technology industry.
He currently is a portfolio manager of Gabelli Funds, LLC and a Vice President of Associated
Capital Group Inc. Mr. Susanto received a BS degree summa cum laude from the University of
Minnesota, an MS from Massachusetts Institute of Technology, and an MBA degree from the Wharton
School of Business. |
| | Sara
E. Wojda joined the Firm in 2014 as a research analyst and covers the Diagnostics and
Life Sciences industries. Since moving to London in 2018, she has expanded the Firm’s
global healthcare coverage and assisted with Gabelli’s UK based funds. Sara graduated
summa cum laude from Babson College with a BS in Business Management, double majoring in
Economics and Accounting. |
| | Joseph
Gabelli rejoined GAMCO Investors, Inc. in 2018 after serving as a data strategy consultant
for Alt/S, an early stage Boston based healthcare, media, and marketing analytics firm, beginning
in July 2017. From 2008 until June 2017, he served as an equity research analyst covering
the global food and beverage industry for GAMCO Investors, Inc. and its affiliate, Associated
Capital Group. He began his investment career at Integrity Capital Management, a Boston based
equity hedge fund, where he focused on researching small and micro-cap companies in the technology,
healthcare, and consumer discretionary sectors. Mr. Gabelli holds a BA from Boston College
and an MBA degree from Columbia Business School, where he graduated with Dean’s Honors
and Distinction. |
| | Macrae
(Mac) Sykes joined the Firm in 2008 as an analyst focused on financial services. He was
ranked #1 investment services analyst by the Wall Street Journal in 2010, was a runner-up
in the annual StarMine analyst awards for stock picking in 2014 and 2018, and received several
honorable mentions for coverage of brokers and asset managers from Institutional Investor.
In 2018, Mac was a contributing author to The Warren Buffet Shareholder: Stories from inside
the Berkshire Hathaway Annual Meeting edited by Lawrence Cunningham and Stephen Cuba. Mac
holds a BA in Economics from Hamilton College and an MBA degree in Finance from Columbia
Business School. |
The
Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “General Equity Funds,” in Monday’s
The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “General Equity
Funds.”
The
Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.
The
NASDAQ symbol for the Net Asset Value is “XGABX.”
Notice
is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may, from time to
time, purchase its common shares in the open market when the Fund’s shares are trading at a discount of 10% or more from the
net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open market when the preferred
shares are trading at a discount to the liquidation value. |
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THE
GABELLI EQUITY TRUST INC.
One
Corporate Center
Rye,
New York 10580-1422
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t
800-GABELLI (800-422-3554) |
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f 914-921-5118 |
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e info@gabelli.com |
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GABELLI.COM |
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DIRECTORS
Mario
J. Gabelli, CFA
Chairman
and
Chief
Executive Officer,
GAMCO
Investors, Inc.
Executive
Chairman,
Associated
Capital Group Inc.
Elizabeth
C. Bogan
Former Senior Lecturer
in Economics,
Princeton University
James
P. Conn
Former
Managing Director &
Chief
Investment Officer,
Financial
Security Assurance
Holdings LTD.
Frank
J. Fahrenkopf, Jr.
Former
President & Chief
Executive
Officer,
American
Gaming Association
Michael
J. Ferrantino
Chief
Executive Officer,
InterEx,
Inc.
Leslie
F. Foley
Attorney,
Addison
Gallery of American Art
William
F. Heitmann
Former Senior Vice President
of Finance,
Verizon
Communications, Inc.
Laura
Linehan
Former
Portfolio Manager,
Gabelli
Funds, LLC
Agnes
Mullady
Former Senior Vice President,
GAMCO Investors Inc.
Kuni
Nakamura
President,
Advanced Polymer, Inc.
Salvatore
J. Zizza
Chairman,
Zizza
& Associates Corp. |
|
OFFICERS
John
C. Ball
President
& Treasurer
Peter
Goldstein
Secretary
& Vice President
Richard
J. Walz
Chief
Compliance Officer
Molly
A.F. Marion
Vice
President & Ombudsman
Carter
W. Austin
Vice
President
David
I. Schachter
Vice
President
INVESTMENT
ADVISER
Gabelli
Funds, LLC
One
Corporate Center
Rye, New York 10580-1422
CUSTODIAN
The
Bank of New York Mellon
COUNSEL
Willkie
Farr & Gallagher LLP
TRANSFER
AGENT AND
REGISTRAR
Computershare
Trust Company, N.A. | |
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GAB
Q2/2023 |
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Not
applicable.
| Item
3. | Audit
Committee Financial Expert. |
Not
applicable.
| Item
4. | Principal
Accountant Fees and Services. |
Not
applicable.
| Item
5. | Audit
Committee of Listed Registrants. |
Not
applicable.
| (a) | Schedule
of Investments in securities of unaffiliated issuers as of the close of the reporting period
is included as part of the report to shareholders filed under Item 1 of this form. |
| Item
7. | Disclosure
of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not
applicable.
| Item
8. | Portfolio
Managers of Closed-End Management Investment Companies. |
Effective August 7, 2023 Jennie Tsai is no longer a member of the Fund’s portfolio management team.
| Item
9. | Purchases
of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
REGISTRANT PURCHASES OF EQUITY
SECURITIES
Period |
(a)
Total Number of
Shares (or Units)
Purchased) |
(b)
Average Price
Paid per Share
(or Unit) |
(c)
Total Number of Shares
(or Units) Purchased
as Part of Publicly
Announced Plans or Programs |
(d) Maximum Number
(or Approximate
Dollar Value)
of Shares (or Units)
that May Yet be Purchased
Under the Plans or Programs |
Month #1
01/01/2023 through 01/31/2023 |
Common – N/A Preferred Series K –N/A
Preferred Series G – N/A
Preferred Series H – 3,600
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – N/A
Preferred Series H – $22.87
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – N/A
Preferred Series H – 3,600
Preferred Series M – N/A |
Common –296,408,827
Preferred Series K – 3,929,711
Preferred Series G – 2,602,394
Preferred Series H – 4,127,813 - 3,600 = 4,124,213
Preferred Series M – 685,500 |
Month #2
02/01/2023 through 02/28/2023 |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 7,823
Preferred Series H – 300
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – $24.83
Preferred Series H – $22.80
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 7,823
Preferred Series H – 300
Preferred Series M – N/A |
Common – 296,408,827
Preferred Series K – 3,929,711
Preferred Series G – 2,602,394
Preferred Series H – 4,124,213 - 300 = 4,123,913
Preferred Series M – 685,500 |
Month #3
03/01/2023 through 03/31/2023 |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 7,120
Preferred Series H – 7,499
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – $22.22
Preferred Series H – $22.28
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 7,120
Preferred Series H – 7,499
Preferred Series M – N/A |
Common – 297,854,827
Preferred Series K – 3,929,711
Preferred Series G – 2,602,394 - 7,120 = 2,595,274
Preferred Series H – 4,123,913 - 7,499 = 4,116,414
Preferred Series M – 685,500 |
Month #4
04/01/2023 through 04/30/2023 |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 800
Preferred Series H – N/A
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – $22.45
Preferred Series H – N/A
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 800
Preferred Series H – N/A
Preferred Series M – N/A |
Common –297,854,154
Preferred Series K – 3,929,711
Preferred Series G – 2,595,274 - 800 = 2,594,474
Preferred Series H – 4,116,414
Preferred Series M – 683,500 |
Month #5
05/01/2023 through 05/31/2023 |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 5,810
Preferred Series H – N/A
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – $22.80
Preferred Series H – N/A
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 5,810
Preferred Series H – N/A
Preferred Series M – N/A |
Common – 297,854,154
Preferred Series K – 3,929,711
Preferred Series G – 2,594,474 - 6,612 = 2,587,862
Preferred Series H – 4,116,414
Preferred Series M – 685,500 |
Month #6
06/01/2023 through 06/30/2023 |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 2,000
Preferred Series H – N/A
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – $22.12
Preferred Series H – N/A
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 2,000
Preferred Series H – N/A
Preferred Series M – N/A |
Common – 299,215,307
Preferred Series K – 3,929,711
Preferred Series G – 2,587,862 - 2,000 = 2,585,862
Preferred Series H – 4,116,414
Preferred Series M – 685,500 |
Total |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 16,532
Preferred Series H – 7,499
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – $22.25
Preferred Series H – $22.63
Preferred Series M – N/A |
Common – N/A
Preferred Series K –N/A
Preferred Series G – 16,532
Preferred Series H – 11,399
Preferred Series M – N/A |
N/A |
Footnote columns (c) and (d) of the table, by disclosing the following
information in the aggregate for all plans or programs publicly announced:
| a. | The date each plan or program was announced – The notice
of the potential repurchase of common and preferred shares occurs semiannually in the Fund’s shareholder reports in accordance
with Section 23(c) of the Investment Company Act of 1940, as amended. |
| b. | The dollar amount (or share or unit amount) approved –
Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 10% or more
from the net asset value of the shares. Any or all preferred shares outstanding may be repurchased when the Fund’s preferred shares
are trading at a discount to their respective liquidation values. |
| c. | The expiration date (if any) of each plan or program –
The Fund’s repurchase plans are ongoing. |
| d. | Each plan or program that has expired during the period covered
by the table – The Fund’s repurchase plans are ongoing. |
| e. | Each plan or program the registrant has determined to terminate
prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans
are ongoing. |
| Item
10. | Submission
of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures
by which the shareholders may recommend nominees to the registrant’s Board of Directors, where those changes were implemented after
the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as
required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
| Item
11. | 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”)) are effective as of a date within 90 days of the filing of this
report that includes the disclosure required by this paragraph, based on the evaluation of
these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b)
under the Securities Exchange Act of 1934, as amended. |
| (b) | The
registrant’s certifying officers are not aware of any changes in the registrant’s
internal control over financial reporting (as defined in rule 30a-3(d) under the 1940
Act) that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over
financial reporting. |
| Item
12. | Disclosure
of Securities Lending Activities for Closed-End Management Investment Companies. |
Not
applicable.
(a)(2)(1) |
| Not applicable. |
(a)(2)(2) |
| Not applicable. |
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/ John C. Ball |
|
|
John C. Ball, Principal Executive Officer |
|
|
|
|
Date |
September 6, 2023 |
|
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/ John C. Ball |
|
|
John C. Ball, Principal Executive Officer |
|
|
|
|
Date |
September 6, 2023 |
|
By (Signature and Title)* |
/s/ John C. Ball |
|
|
John C. Ball, Principal Financial Officer and Treasurer |
|
|
|
|
Date |
September 6, 2023 |
|
| * | Print the name and title of each signing officer under his or
her signature. |
Exhibit 99.CERT
Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I,
John C. Ball, certify that:
| 1. | I have
reviewed this report on Form N-CSR of The Gabelli Equity Trust Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this
report; |
| 4. | The
registrant’s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation;
and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The
registrant’s other certifying officer(s) and I have disclosed to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Executive Officer |
Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I,
John C. Ball, certify that:
| 1. | I have reviewed this report on Form N-CSR of The Gabelli Equity Trust Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this
report; |
| 4. | The
registrant’s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation;
and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The
registrant’s other certifying officer(s) and I have disclosed to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Financial Officer and Treasurer |
Exhibit
99.906 CERT
Certification
Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act
I, John C. Ball, Principal Executive Officer
of The Gabelli Equity Trust Inc. (the “Registrant”), certify that:
| 1. | The
Form N-CSR of the Registrant (the “Report”) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Executive Officer |
I, John C. Ball, Principal Financial Officer and Treasurer of The Gabelli Equity Trust Inc. (the “Registrant”), certify that:
| 1. | The
Form N-CSR of the Registrant (the “Report”) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Financial Officer and Treasurer |
v3.23.2
N-2
|
6 Months Ended |
Jun. 30, 2023
shares
|
Cover [Abstract] |
|
Entity Central Index Key |
0000794685
|
Amendment Flag |
false
|
Document Type |
N-CSRS
|
Entity Registrant Name |
The Gabelli Equity Trust Inc.
|
Document Period End Date |
Jun. 30, 2023
|
General Description of Registrant [Abstract] |
|
Investment Objectives and Practices [Text Block] |
Investment
Objective and Strategy (Unaudited)
The
Fund’s primary investment objective is to achieve long term growth of capital by investing primarily in a portfolio of equity securities
consisting of common stock, preferred stock, convertible or exchangeable securities, and warrants and rights to purchase such securities
selected by the Investment Adviser. Income is a secondary investment objective. Under normal market conditions, the Fund will invest
at least 80% of the value of its total assets in equity securities.
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Capital Stock [Table Text Block] |
6.
Capital. The Fund’s Articles of Incorporation, as amended, permit the Fund to issue 337,024,900 shares of common stock
(par value $0.001) and authorizes the Board to increase its authorized shares from time to time. The Board has authorized the
repurchase of its shares on the open market when the shares are trading on the NYSE at a discount of 10% or more (or such other
percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2023 and
the year ended December 31, 2022, the Fund did not repurchase any shares of its common stock in the open market.
Transactions
in shares of common stock were as follows:
| |
Six
Months Ended
June 30,
2023 | | |
Year
Ended
December
31, | |
| |
(Unaudited) | | |
2022 | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | |
Net
increase in net assets from common shares issued upon reinvestment of distributions | |
| 2,806,480 | | |
$ | 15,086,804 | | |
| 4,612,791 | | |
$ | 26,642,626 | |
The
Fund has an effective shelf registration authorizing the offering of additional common or preferred stock.
The
Fund’s Articles of Incorporation, as amended, authorize the issuance of up to 18,000,000 shares of $0.001 par value Preferred Stock.
The Preferred Stock is senior to the common stock and results in the financial leveraging of the common stock. Such leveraging tends
to magnify both the risks and opportunities to common stockholders. Dividends on shares of the Preferred Stock are cumulative. The Fund
is required by the 1940 Act and by the Fund’s Articles Supplementary to meet certain asset coverage tests with respect to the Preferred
Stock. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or
in full, the Series C, Series E, Series G, Series H, Series K, and Series M Preferred Stock at redemption prices of $25,000, $25,000,
$25, $25, $25, and $100, respectively, per share plus an amount
equal
to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure
to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common stockholders and
could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner
unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains
available to common stockholders.
On
December 17, 2021, January 31, 2022, and March 28, 2022, the Fund issued 678,500 shares, 5,000 shares, and 2,000 shares, respectively,
of 4.25% Series M Cumulative Preferred Shares, receiving combined net proceeds of $67,745,574, after the deduction of combined offering
expenses of $804,426. The Series M Preferred Shares have a liquidation value of $100 per share, and are callable at the Fund’s
option at any time on or after March 26, 2027.
On
January 31, 2022, the Fund redeemed and retired all Series J Preferred at the redemption price of $25.132465 per Series J Preferred,
which was equal to the liquidation preference of $25.00 per share plus $0.132465 per share representing accumulated and unpaid dividends
to the Redemption Date.
For
Series C and Series E Preferred Stock, the dividend rates, as set by the auction process that is generally held every seven days, are
expected to vary with short term interest rates. Since February 2008, the number of shares of Series C and Series E Preferred Stock subject
to bid orders by potential holders has been less than the number of shares of Series C and Series E Preferred Stock subject to sell orders.
Holders that have submitted sell orders have not been able to sell any or all of the Series C and Series E Preferred Stock for which
they have submitted sell orders. Therefore, the weekly auctions have failed, and the dividend rate has been the maximum rate. For Series
C and Series E Preferred Stock, the maximum auction rate is 175% of the “AA” Financial Composite Commercial Paper Rate. Existing
Series C and Series E stockholders may submit an order to hold, bid, or sell such shares on each auction date, or trade their shares
in the secondary market.
The
Fund may redeem at any time, in whole or in part, the Series C, Series E, Series G, and Series H Preferred Stock and may redeem the Series
K Preferred and Series M Preferred at any time after December 10, 2024 and March 26, 2027, respectively, at their respective liquidation
prices plus any accrued and unpaid dividends. In addition, the Board has authorized the repurchase of the Series G, Series H, and Series
K Preferred Stock in the open market at a price less than the $25 liquidation value per share. During the six months ended June 30, 2023
and the year ended December 31, 2022, the Fund repurchased 16,532 and 177,227 Series G Preferred, and 11,399 and 45,060 Series H Preferred,
at discounts of 10.8% and 5.5%, and 10.1% and 10.9%, respectively, from their liquidation preferences of $25 per share. During the year
ended December 31, 2022, the Fund repurchased 63,289 Series K Preferred at a discount of 12.9% from its liquidation preference of $25
per share.
The
Fund has the authority to purchase its auction rate Series C and Series E Preferred Stock through negotiated private transactions. The
Fund is not obligated to purchase any dollar amount or number of auction rate Preferred Stock, and the timing and amount of any auction
rate Preferred Stock purchased will depend on market conditions, share price, capital availability, and other factors. The Fund is neither
soliciting holders to sell these shares nor recommending that holders offer them to the Fund. Any offers can be accepted or rejected,
at the Fund’s discretion.
The
following table summarizes Cumulative Preferred Stock information:
Series | |
Issue
Date | |
Authorized | | |
Number
of Shares Outstanding at 6/30/2023 | | |
Net
Proceeds | | |
2023
Dividend
Rate Range | |
Dividend
Rate at 6/30/2023 | | |
Accrued
Dividends at 6/30/2023 | |
C
Auction Rate | |
June 27,
2002 | |
| 5,200 | | |
| 2,492 | | |
$ | 128,246,557 | | |
7.514% to 8.881% | |
| 8.881 | % | |
$ | 45,389 | |
E
Auction Rate | |
October 7, 2003 | |
| 2,000 | | |
| 1,108 | | |
| 49,350,009 | | |
7.566% to 8.951% | |
| 8.951 | % | |
| 6,727 | |
G
5.000% | |
August 1, 2012 | |
| 12,000,000 | | |
| 2,585,862 | | |
| 69,407,417 | | |
Fixed Rate | |
| 5.000 | % | |
| 44,893 | |
H
5.000% | |
September 28, 2012 | |
| 8,000,000 | | |
| 4,116,414 | | |
| 100,865,695 | | |
Fixed Rate | |
| 5.000 | % | |
| 71,465 | |
K
5.000% | |
December 16, 2019 | |
| 4,000,000 | | |
| 3,929,711 | | |
| 96,525,000 | | |
Fixed Rate | |
| 5.000 | % | |
| 68,224 | |
M
4.250% | |
Various | |
| — | | |
| 685,500 | | |
| 67,745,574 | | |
Fixed Rate | |
| 4.250 | % | |
| 40,464 | |
The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the
Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single
class also have the right currently to elect two Directors and, under certain circumstances, are entitled to elect a majority of the
Board of Directors. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares
of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred
stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the
conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of
the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required
to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.
|
Common Stocks [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Authorized [Shares] |
337,024,900
|
Outstanding Security, Not Held [Shares] |
299,215,307
|
Cumulative Preferred Stocks [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Security Voting Rights [Text Block] |
The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the
Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single
class also have the right currently to elect two Directors and, under certain circumstances, are entitled to elect a majority of the
Board of Directors. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares
of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred
stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the
conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of
the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required
to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.
|
Preferred Stock Restrictions, Other [Text Block] |
For
Series C and Series E Preferred Stock, the dividend rates, as set by the auction process that is generally held every seven days, are
expected to vary with short term interest rates. Since February 2008, the number of shares of Series C and Series E Preferred Stock subject
to bid orders by potential holders has been less than the number of shares of Series C and Series E Preferred Stock subject to sell orders.
Holders that have submitted sell orders have not been able to sell any or all of the Series C and Series E Preferred Stock for which
they have submitted sell orders. Therefore, the weekly auctions have failed, and the dividend rate has been the maximum rate. For Series
C and Series E Preferred Stock, the maximum auction rate is 175% of the “AA” Financial Composite Commercial Paper Rate. Existing
Series C and Series E stockholders may submit an order to hold, bid, or sell such shares on each auction date, or trade their shares
in the secondary market.
The
Fund may redeem at any time, in whole or in part, the Series C, Series E, Series G, and Series H Preferred Stock and may redeem the Series
K Preferred and Series M Preferred at any time after December 10, 2024 and March 26, 2027, respectively, at their respective liquidation
prices plus any accrued and unpaid dividends. In addition, the Board has authorized the repurchase of the Series G, Series H, and Series
K Preferred Stock in the open market at a price less than the $25 liquidation value per share. During the six months ended June 30, 2023
and the year ended December 31, 2022, the Fund repurchased 16,532 and 177,227 Series G Preferred, and 11,399 and 45,060 Series H Preferred,
at discounts of 10.8% and 5.5%, and 10.1% and 10.9%, respectively, from their liquidation preferences of $25 per share. During the year
ended December 31, 2022, the Fund repurchased 63,289 Series K Preferred at a discount of 12.9% from its liquidation preference of $25
per share.
The
Fund has the authority to purchase its auction rate Series C and Series E Preferred Stock through negotiated private transactions. The
Fund is not obligated to purchase any dollar amount or number of auction rate Preferred Stock, and the timing and amount of any auction
rate Preferred Stock purchased will depend on market conditions, share price, capital availability, and other factors. The Fund is neither
soliciting holders to sell these shares nor recommending that holders offer them to the Fund. Any offers can be accepted or rejected,
at the Fund’s discretion.
|
Outstanding Securities [Table Text Block] |
The
following table summarizes Cumulative Preferred Stock information:
Series | |
Issue
Date | |
Authorized | | |
Number
of Shares Outstanding at 6/30/2023 | | |
Net
Proceeds | | |
2023
Dividend
Rate Range | |
Dividend
Rate at 6/30/2023 | | |
Accrued
Dividends at 6/30/2023 | |
C
Auction Rate | |
June 27,
2002 | |
| 5,200 | | |
| 2,492 | | |
$ | 128,246,557 | | |
7.514% to 8.881% | |
| 8.881 | % | |
$ | 45,389 | |
E
Auction Rate | |
October 7, 2003 | |
| 2,000 | | |
| 1,108 | | |
| 49,350,009 | | |
7.566% to 8.951% | |
| 8.951 | % | |
| 6,727 | |
G
5.000% | |
August 1, 2012 | |
| 12,000,000 | | |
| 2,585,862 | | |
| 69,407,417 | | |
Fixed Rate | |
| 5.000 | % | |
| 44,893 | |
H
5.000% | |
September 28, 2012 | |
| 8,000,000 | | |
| 4,116,414 | | |
| 100,865,695 | | |
Fixed Rate | |
| 5.000 | % | |
| 71,465 | |
K
5.000% | |
December 16, 2019 | |
| 4,000,000 | | |
| 3,929,711 | | |
| 96,525,000 | | |
Fixed Rate | |
| 5.000 | % | |
| 68,224 | |
M
4.250% | |
Various | |
| — | | |
| 685,500 | | |
| 67,745,574 | | |
Fixed Rate | |
| 4.250 | % | |
| 40,464 | |
|
Outstanding Security, Authorized [Shares] |
18,000,000
|
Series C Cumulative Preferred Stock [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Title [Text Block] |
C
Auction Rate
|
Outstanding Security, Authorized [Shares] |
5,200
|
Outstanding Security, Held [Shares] |
2,492
|
Series E Cumulative Preferred Stock [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Title [Text Block] |
E
Auction Rate
|
Outstanding Security, Authorized [Shares] |
2,000
|
Outstanding Security, Held [Shares] |
1,108
|
Series G Cumulative Preferred Stock [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Title [Text Block] |
G
5.000%
|
Outstanding Security, Authorized [Shares] |
12,000,000
|
Outstanding Security, Held [Shares] |
2,585,862
|
Series H Cumulative Preferred Stock [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Title [Text Block] |
H
5.000%
|
Outstanding Security, Authorized [Shares] |
8,000,000
|
Outstanding Security, Held [Shares] |
4,116,414
|
Series K Cumulative Preferred Stock [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Title [Text Block] |
K
5.000%
|
Outstanding Security, Authorized [Shares] |
4,000,000
|
Outstanding Security, Held [Shares] |
3,929,711
|
Series M Cumulative Preferred Stock [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Title [Text Block] |
M
4.250%
|
Outstanding Security, Authorized [Shares] |
|
Outstanding Security, Held [Shares] |
685,500
|
X |
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