UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-04700
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The Gabelli Equity Trust Inc.
--------------------------------------------
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, NY 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, NY 10580-1422
--------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2005
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 92.9%
FOOD AND BEVERAGE -- 8.0%
85,000 Ajinomoto Co. Inc. ...........$ 1,036,837
30,000 Cadbury Schweppes plc, ADR ... 1,221,000
90,000 Campbell Soup Co. ............ 2,611,800
45,000 Coca-Cola Co. ................ 1,875,150
5,000 Coca-Cola Enterprises Inc. ... 102,600
40,000 Coca-Cola Hellenic
Bottling Co. SA ............ 1,005,924
100,000 Corn Products
International Inc. ......... 2,599,000
60,000 Del Monte Foods Co.+ ......... 651,000
10,108 Denny's Corp.+ ............... 48,013
100,000 Diageo plc ................... 1,409,754
224,000 Diageo plc, ADR .............. 12,745,600
200,000 Dreyer's Grand Ice Cream
Holdings Inc., Cl. A ....... 16,154,000
60,000 Flowers Foods Inc. ........... 1,692,600
30,000 Fomento Economico Mexicano
SA de CV, ADR .............. 1,606,500
150,000 General Mills Inc. ........... 7,372,500
40,000 Groupe Danone ................ 3,979,622
500,000 Grupo Bimbo SA de CV, Cl. A .. 1,339,152
20,000 Hain Celestial Group Inc.+ ... 372,800
130,000 Heinz (H.J.) Co. ............. 4,789,200
27,000 Hershey Foods Corp. .......... 1,632,420
210,000 Kellogg Co. .................. 9,086,700
75,000 Kerry Group plc, Cl. A ....... 1,806,323
12,100 LVMH Moet Hennessy
Louis Vuitton SA ........... 905,034
2,500 Nestle SA .................... 684,022
550,000 PepsiAmericas Inc. ........... 12,463,000
370,000 PepsiCo Inc. ................. 19,621,100
6,750 Pernod-Ricard ................ 942,373
60,000 Ralcorp Holdings Inc. ........ 2,841,000
80,000 Sara Lee Corp. ............... 1,772,800
2,000 Smucker (J.M.) Co. ........... 100,600
112,270 Tootsie Roll Industries Inc. . 3,368,100
170,000 Wrigley (Wm.) Jr. Co. ........ 11,146,900
--------------
128,983,424
--------------
FINANCIAL SERVICES -- 7.6%
7,000 Allianz AG ................... 888,804
10,000 Allstate Corp. ............... 540,600
550,000 American Express Co. ......... 28,253,500
34,000 Argonaut Group Inc.+ ......... 721,480
95,000 Aviva plc .................... 1,139,992
90,000 Banco Santander Central
Hispano SA, ADR ............ 1,094,400
110,000 Bank of Ireland .............. 1,732,497
77,000 Bank of New York Co. Inc. .... 2,236,850
275,000 Bankgesellschaft Berlin AG+ .. 951,804
260 Berkshire Hathaway Inc., Cl. A+ 22,620,000
MARKET
SHARES VALUE*
------ ------
7,500 Calamos Asset Management Inc.,
Cl. A ......................$ 201,900
15,000 Citigroup Inc. ............... 674,100
185,000 Commerzbank AG, ADR+ ......... 4,022,473
140,000 Compagnia Assicuratrice
Unipol SpA ................. 612,499
154,000 Deutsche Bank AG, ADR ........ 13,274,800
20,000 Dun and Bradstreet Corp.+ .... 1,229,000
10,000 H&R Block Inc. ............... 505,800
23,000 Hibernia Corp., Cl. A ........ 736,230
90,000 Irish Life & Permanent plc ... 1,598,330
200,000 Janus Capital Group Inc. ..... 2,790,000
45,000 JPMorgan Chase & Co. ......... 1,557,000
130,000 Kinnevik Investment AB, Cl. B 1,236,406
78,000 Leucadia National Corp. ...... 2,679,300
95,000 Lloyds TSB Group plc ......... 858,136
100,000 Mellon Financial Corp. ....... 2,854,000
189,300 Midland Co. .................. 5,964,843
30,000 Moody's Corp. ................ 2,425,800
257,500 Nikko Cordial Corp. .......... 1,287,140
145,000 Phoenix Companies Inc. ....... 1,853,100
2,500 Prudential Financial Inc. .... 143,500
46,002 RAS SpA ...................... 1,082,323
60,000 Riggs National Corp. ......... 1,145,400
45,000 Schwab (Charles) Corp. ....... 472,950
80,000 State Street Corp. ........... 3,497,600
20,000 SunTrust Banks Inc. .......... 1,441,400
78,500 T. Rowe Price Group Inc. ..... 4,661,330
23,000 UBS AG ....................... 1,942,226
60,000 Waddell & Reed Financial
Inc., Cl. A ................ 1,184,400
--------------
122,111,913
--------------
ENERGY AND UTILITIES -- 7.1%
70,000 AES Corp.+ ................... 1,146,600
10,000 AGL Resources Inc. ........... 349,300
120,000 Allegheny Energy Inc.+ ....... 2,479,200
70,000 Apache Corp. ................. 4,286,100
247,000 BP plc, ADR .................. 15,412,800
275,000 Burlington Resources Inc. .... 13,769,250
115,000 CH Energy Group Inc. ......... 5,255,500
20,000 Cinergy Corp. ................ 810,400
100,000 CMS Energy Corp.+ ............ 1,304,000
100,000 ConocoPhillips ............... 10,784,000
8,000 Constellation Energy Group ... 413,600
26,000 DPL Inc. ..................... 650,000
15,000 DTE Energy Co. ............... 682,200
295,000 Duke Energy Corp. ............ 8,262,950
108,800 Duquesne Light Holdings Inc. . 1,949,696
210,000 El Paso Corp. ................ 2,221,800
370,000 El Paso Electric Co.+ ........ 7,030,000
50,000 Energy East Corp. ............ 1,311,000
80,000 Eni SpA ...................... 2,077,182
80,000 Exxon Mobil Corp. ............ 4,768,000
4
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES (CONTINUED)
20,000 FPL Group Inc. ...............$ 803,000
70,000 Halliburton Co. .............. 3,027,500
35,000 Kerr-McGee Corp. ............. 2,741,550
150,000 Mirant Corp.+ ................ 42,750
12,270 NiSource Inc. ................ 279,633
300,000 Northeast Utilities .......... 5,781,000
200 PetroChina Co. Ltd., ADR ..... 12,644
23,000 Petroleo Brasileiro SA, ADR .. 1,016,140
100,000 Progress Energy Inc., CVO+ ... 13,000
30,000 SJW Corp. .................... 1,053,900
20,000 Southwest Gas Corp. .......... 483,200
8,657 Total SA ..................... 2,025,574
83,000 TXU Corp. .................... 6,609,290
255,000 Westar Energy Inc. ........... 5,518,200
--------------
114,370,959
--------------
PUBLISHING -- 6.6%
20,000 Dow Jones & Co. Inc. ......... 747,400
248,266 Independent News & Media plc . 817,437
20,000 Knight-Ridder Inc. ........... 1,345,000
5,000 McClatchy Co., Cl. A ......... 370,800
100,000 McGraw-Hill Companies Inc. ... 8,725,000
338,000 Media General Inc., Cl. A .... 20,905,300
124,000 Meredith Corp. ............... 5,797,000
117,500 New York Times Co., Cl. A .... 4,298,150
1,744,800 News Corp., Cl. A ............ 29,522,016
20,000 News Corp., Cl. B ............ 352,200
60,000 News Corp., Cl. B, CDI ....... 1,056,046
80,000 Pearson plc .................. 975,111
200,000 Penton Media Inc.+ ........... 33,000
400,000 PRIMEDIA Inc.+ ............... 1,740,000
90,000 Pulitzer Inc. ................ 5,735,700
175,000 Reader's Digest
Association Inc. ........... 3,029,250
261,319 SCMP Group Ltd. .............. 116,429
145,000 Scripps (E.W.) Co., Cl. A .... 7,068,750
66,585 Seat Pagine Gialle SpA ....... 27,750
80,000 Thomas Nelson Inc. ........... 1,892,000
280,000 Tribune Co. .................. 11,163,600
1,000 VNU NV ....................... 29,167
--------------
105,747,106
--------------
TELECOMMUNICATIONS -- 6.4%
10,000 ALLTEL Corp. ................. 548,500
280,000 AT&T Corp. ................... 5,250,000
90,540 ATX Communications Inc.+ ..... 1,856
280,000 BCE Inc. ..................... 6,997,200
30,000 Brasil Telecom
Participacoes SA, ADR ...... 979,500
1,760,000 BT Group plc ................. 6,834,851
4,440,836 Cable & Wireless Jamaica Ltd.+ 113,082
MARKET
SHARES VALUE*
------ ------
10,000 CenturyTel Inc. ..............$ 328,400
950,000 Cincinnati Bell Inc.+ ........ 4,037,500
95,000 Citizens Communications Co. .. 1,229,300
220,000 Commonwealth Telephone
Enterprises Inc.+ .......... 10,370,800
110,000 Compania de Telecomunicaciones
de Chile SA, ADR ........... 1,225,400
170,000 Deutsche Telekom AG, ADR+ .... 3,393,200
15,000 Embratel Participacoes
SA, ADR+ ................... 122,250
5,000 France Telecom SA, ADR ....... 149,350
233 KDDI Corp. ................... 1,153,809
100,000 KPN NV ....................... 894,443
1,000,000 Qwest Communications
International Inc.+ ........ 3,700,000
407,845 Rogers Communications Inc.,
Cl. B, New York ............ 11,109,698
9,655 Rogers Communications Inc.,
Cl. B, Toronto ............. 262,825
140,000 SBC Communications Inc. ...... 3,316,600
450,000 Sprint Corp. ................. 10,237,500
186,554 Tele Norte Leste Participacoes
SA, ADR+ ................... 2,885,990
50,000 Telecom Argentina SA,
Cl. B, ADR+ ................ 613,000
1,720,480 Telecom Italia SpA ........... 6,523,475
253,000 Telefonica SA, ADR ........... 13,148,410
17,595 Telefonica SA, BDR ........... 306,430
32,000 Telefonos de Mexico SA de CV,
Cl. L, ADR ................. 1,104,960
2,500 TELUS Corp. .................. 80,371
52,500 TELUS Corp., ADR ............. 1,687,585
135,000 Verizon Communications Inc. .. 4,792,500
--------------
103,398,785
--------------
ENTERTAINMENT -- 6.4%
160,000 Canal Plus, ADR .............. 264,000
110,000 EMI Group plc ................ 491,099
80,000 EMI Group plc, ADR ........... 714,272
50,000 GC Companies Inc.+ ........... 43,000
500,000 Gemstar-TV Guide
International Inc.+ ........ 2,175,000
174,000 Grupo Televisa SA, ADR ....... 10,231,200
2,210,000 Liberty Media Corp.,
Cl. A+ ..................... 22,917,700
160,000 Publishing &
Broadcasting Ltd. .......... 1,901,716
14,000 Regal Entertainment Group,
Cl. A ...................... 294,420
170,000 Six Flags Inc.+ .............. 700,400
260,000 The Walt Disney Co. .......... 7,469,800
800,000 Time Warner Inc.+ ............ 14,040,000
835,000 Viacom Inc., Cl. A ........... 29,258,400
43,900 Vivendi Universal SA+ ........ 1,344,720
330,000 Vivendi Universal SA, ADR+ ... 10,098,000
--------------
101,943,727
--------------
5
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
DIVERSIFIED INDUSTRIAL -- 5.6%
170,000 Acuity Brands Inc. ...........$ 4,590,000
195,000 Ampco-Pittsburgh Corp. ....... 2,638,350
25,000 Bouygues SA .................. 991,017
160,000 Cooper Industries Ltd., Cl. A 11,443,200
250,000 Crane Co. .................... 7,197,500
100,500 CRH plc ...................... 2,634,212
110,000 GATX Corp. ................... 3,650,900
234,000 Greif Inc., Cl. A ............ 16,305,120
5,000 Greif Inc., Cl. B ............ 322,000
410,000 Honeywell International Inc. . 15,256,100
120,000 ITT Industries Inc. .......... 10,828,800
390,000 Lamson & Sessions Co.+ ....... 3,880,500
98,000 Park-Ohio Holdings Corp.+ .... 1,836,520
4,000 Sulzer AG .................... 1,722,336
7,500 Technip SA ................... 1,254,164
100,000 Thomas Industries Inc. ....... 3,964,000
50,000 Trinity Industries Inc. ...... 1,408,500
--------------
89,923,219
--------------
CABLE AND SATELLITE -- 4.5%
1,500,000 Cablevision Systems Corp.,
Cl. A+ ..................... 42,075,000
20,000 Charter Communications Inc.,
Cl. A+ ..................... 32,000
350,000 Comcast Corp., Cl. A+ ........ 11,823,000
85,000 Comcast Corp., Cl. A, Special+ 2,839,000
153,444 DIRECTV Group Inc.+ .......... 2,212,663
50,000 EchoStar Communications
Corp., Cl. A ............... 1,462,500
130,000 Liberty Media International
Inc., Cl. A+ ............... 5,686,200
50,000 Loral Space &
Communications Ltd.+ ....... 11,000
80,000 Shaw Communications Inc.,
Cl. B, New York ............ 1,630,400
20,000 Shaw Communications Inc.,
Cl. B, Toronto ............. 405,720
461,472 UnitedGlobalCom Inc.,
Cl. A+ ..................... 4,365,525
--------------
72,543,008
--------------
CONSUMER PRODUCTS -- 4.3%
60,000 Altadis SA ................... 2,453,884
43,000 Christian Dior SA ............ 3,135,411
15,000 Church & Dwight Co. Inc. ..... 532,050
30,000 Clorox Co. ................... 1,889,700
3,000 Colgate-Palmolive Co. ........ 156,510
90,000 Compagnie Financiere
Richemont AG,
Cl. A ...................... 2,825,551
50,000 Department 56 Inc.+ .......... 873,000
34,000 Energizer Holdings Inc.+ ..... 2,033,200
35,000 Fortune Brands Inc. .......... 2,822,050
30,000 Gallaher Group plc ........... 428,029
234,000 Gallaher Group plc, ADR ...... 13,335,660
125,000 Gillette Co. ................. 6,310,000
2,000 Givaudan SA .................. 1,284,227
MARKET
SHARES VALUE*
------ ------
44,000 Harley-Davidson Inc. .........$ 2,541,440
15,000 Matsushita Electric Industrial
Co. Ltd., ADR .............. 220,800
100,000 Mattel Inc. .................. 2,135,000
60,000 Maytag Corp. ................. 838,200
45,000 National Presto
Industries Inc. ............ 1,813,500
200,000 Procter & Gamble Co. ......... 10,600,000
2,000 Reckitt Benckiser plc ........ 63,571
10,000 Swatch Group AG, Cl. B ....... 1,374,524
890,000 Swedish Match AB ............. 10,887,582
--------------
68,553,889
--------------
WIRELESS COMMUNICATIONS -- 3.6%
85,000 America Movil SA de CV,
Cl. L, ADR ................. 4,386,000
70,000 Nextel Communications Inc.,
Cl. A+ ..................... 1,989,400
1,500 NTT DoCoMo Inc. .............. 2,517,952
2,760,000 O2 plc+ ...................... 6,219,737
24,787 Tele Centro Oeste Celular
Participacoes SA, ADR ...... 245,639
1,920 Tele Leste Celular Participacoes
SA, ADR+ ................... 16,358
3,340 Tele Norte Celular Participacoes
SA, ADR .................... 22,378
96,876 Telecom Italia Mobile SpA .... 648,620
90,000 Telefonica Moviles SA ........ 1,066,331
8,350 Telemig Celular Participacoes
SA, ADR .................... 241,733
400,000 Telephone & Data Systems Inc. 32,640,000
90,217 Telesp Celular Participacoes
SA, ADR+ ................... 539,498
32,165 Tim Participacoes SA, ADR .... 482,797
50,000 United States Cellular Corp.+ 2,281,500
553,888 Vodafone Group plc ........... 1,470,628
100,000 Vodafone Group plc, ADR ...... 2,656,000
--------------
57,424,571
--------------
HEALTH CARE -- 3.4%
10,000 Abbott Laboratories .......... 466,200
52,000 Amgen Inc.+ .................. 3,026,920
19,146 AstraZeneca plc, Stockholm ... 756,807
27,000 Biogen Idec Inc.+ ............ 931,770
145,000 Bristol-Myers Squibb Co. ..... 3,691,700
65,036 GlaxoSmithKline plc .......... 1,490,799
4,000 GlaxoSmithKline plc, ADR ..... 183,680
34,000 Henry Schein Inc.+ ........... 1,218,560
1,500 Hospira Inc.+ ................ 48,405
16,000 INAMED Corp.+ ................ 1,118,080
47,000 Invitrogen Corp.+ ............ 3,252,400
18,750 IVAX Corp.+ .................. 370,688
100,000 Merck & Co. Inc. ............. 3,237,000
2,000 Nobel Biocare Holding AG ..... 420,969
41,000 Novartis AG .................. 1,912,796
105,000 Novartis AG, ADR ............. 4,911,900
6
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
HEALTH CARE (CONTINUED)
275,000 Pfizer Inc. ..................$ 7,224,250
18,100 Roche Holding AG ............. 1,940,069
31,808 Sanofi-Aventis ............... 2,682,176
100,000 Schering-Plough Corp. ........ 1,815,000
80,000 Smith & Nephew plc ........... 752,121
4,250 Straumann Holding AG ......... 920,321
60,000 Sybron Dental
Specialties Inc.+ .......... 2,154,000
10,000 Synthes Inc. ................. 1,111,994
23,000 Takeda Pharmaceutical Co. Ltd. 1,096,055
80,900 William Demant Holding A/S+ .. 4,039,862
100,000 Wyeth ........................ 4,218,000
--------------
54,992,522
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 3.3%
60,000 BorgWarner Inc. .............. 2,920,800
100,000 CLARCOR Inc. ................. 5,196,000
400,000 Dana Corp. ................... 5,116,000
300,000 Genuine Parts Co. ............ 13,047,000
130,000 Johnson Controls Inc. ........ 7,248,800
116,000 Midas Inc.+ .................. 2,648,280
331,500 Modine Manufacturing Co. ..... 9,722,895
80,500 Scheib (Earl) Inc.+ .......... 263,637
160,000 Standard Motor Products Inc. . 1,872,000
20,000 Superior Industries
International Inc. ......... 528,200
27,000 TI Automotive Ltd.+ (a) ...... 0
105,000 TransPro Inc.+ ............... 682,500
183,000 TRW Automotive
Holdings Corp.+ ............ 3,555,690
--------------
52,801,802
--------------
HOTELS AND GAMING -- 3.3%
115,000 Aztar Corp.+ ................. 3,284,400
50,000 Caesars Entertainment Inc.+ .. 989,500
200,000 Gaylord Entertainment Co.+ ... 8,080,000
55,000 Greek Organization of Football
Prognostics SA ............. 1,602,738
16,000 GTECH Holdings Corp. ......... 376,480
2,525,000 Hilton Group plc ............. 14,362,580
610,000 Hilton Hotels Corp. .......... 13,633,500
10,200 Kerzner International Ltd.+ .. 624,546
40,000 Mandalay Resort Group ........ 2,819,600
65,000 MGM Mirage+ .................. 4,603,300
38,000 Starwood Hotels & Resorts
Worldwide Inc. ............. 2,281,140
--------------
52,657,784
--------------
EQUIPMENT AND SUPPLIES -- 2.9%
225,000 AMETEK Inc. .................. 9,056,250
2,000 Amphenol Corp., Cl. A ........ 74,080
94,000 CIRCOR International Inc. .... 2,317,100
215,000 Donaldson Co. Inc. ........... 6,940,200
MARKET
SHARES VALUE*
------ ------
75,000 Fedders Corp. ................$ 208,500
115,000 Flowserve Corp.+ ............. 2,975,050
24,000 Franklin Electric Co. Inc. ... 905,520
100,000 Gerber Scientific Inc.+ ...... 728,000
70,000 GrafTech International Ltd.+ . 398,300
250,000 IDEX Corp. ................... 10,087,500
20,000 Ingersoll-Rand Co. Ltd., Cl. A 1,593,000
54,000 Lufkin Industries Inc. ....... 2,607,660
1,000 Manitowoc Co. Inc. ........... 40,390
11,000 Mueller Industries Inc. ...... 309,650
1,000 Sealed Air Corp.+ ............ 51,940
230,000 Watts Water Technologies
Inc., Cl. A ................ 7,500,300
100,000 Weir Group plc ............... 606,610
--------------
46,400,050
--------------
RETAIL -- 2.5%
180,000 Albertson's Inc. ............. 3,717,000
230,000 AutoNation Inc.+ ............. 4,356,200
43,500 Coldwater Creek Inc.+ ........ 803,880
3,000 Costco Wholesale Corp. ....... 132,540
22,000 Ito-Yokado Co. Ltd. .......... 878,113
38,000 Matsumotokiyoshi Co. Ltd. .... 1,126,923
323,500 Neiman Marcus Group
Inc., Cl. B ................ 29,195,875
--------------
40,210,531
--------------
AVIATION: PARTS AND SERVICES -- 2.0%
202,000 Curtiss-Wright Corp., Cl. B .. 11,392,800
125,000 Fairchild Corp., Cl. A+ ...... 387,500
220,000 GenCorp Inc. ................. 4,400,000
90,000 Precision Castparts Corp. .... 6,930,900
84,000 Sequa Corp., Cl. A+ .......... 4,355,400
74,600 Sequa Corp., Cl. B+ .......... 3,916,500
--------------
31,383,100
--------------
CONSUMER SERVICES -- 1.7%
460,000 IAC/InterActiveCorp+ ......... 10,244,200
926,400 Rollins Inc. ................. 17,231,040
--------------
27,475,240
--------------
AGRICULTURE -- 1.6%
1,000,000 Archer-Daniels-Midland Co. ... 24,580,000
5,000 Delta & Pine Land Co. ........ 135,000
10,000 Mosaic Co.+ .................. 170,600
--------------
24,885,600
--------------
MACHINERY -- 1.4%
10,000 Caterpillar Inc. ............. 914,400
320,000 Deere & Co. .................. 21,481,600
--------------
22,396,000
--------------
7
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
AEROSPACE -- 1.4%
110,000 Boeing Co. ...................$ 6,430,600
45,000 Lockheed Martin Corp. ........ 2,747,700
190,000 Northrop Grumman Corp. ....... 10,256,200
75,000 Titan Corp.+ ................. 1,362,000
15,000 United Defense Industries Inc. 1,101,300
--------------
21,897,800
--------------
COMMUNICATIONS EQUIPMENT -- 1.3%
350,000 Agere Systems Inc., Cl. B+ ... 497,000
60,000 Andrew Corp.+ ................ 702,600
550,000 Corning Inc.+ ................ 6,121,500
130,000 Lucent Technologies Inc.+ .... 357,500
110,000 Motorola Inc. ................ 1,646,700
100,000 Nortel Networks Corp.+ ....... 273,000
44,000 Scientific-Atlanta Inc. ...... 1,241,680
300,000 Thomas & Betts Corp.+ ........ 9,690,000
--------------
20,529,980
--------------
SPECIALTY CHEMICALS -- 1.1%
5,400 Ciba Specialty Chemicals
AG, ADR .................... 174,636
20,000 E.I. du Pont de
Nemours and Co. ............ 1,024,800
330,000 Ferro Corp. .................. 6,210,600
40,000 Fuller (H.B.) Co. ............ 1,160,000
120,000 Hercules Inc.+ ............... 1,738,800
232,300 Omnova Solutions Inc.+ ....... 1,247,451
300,000 Sensient Technologies Corp. .. 6,468,000
10,000 Syngenta AG, ADR+ ............ 210,000
--------------
18,234,287
--------------
REAL ESTATE -- 1.1%
70,000 Cheung Kong (Holdings) Ltd. .. 621,518
100,000 Florida East Coast
Industries Inc. ............ 4,248,000
55,000 Griffin Land & Nurseries Inc.+ 1,430,000
177,000 St. Joe Co. .................. 11,912,100
--------------
18,211,618
--------------
AUTOMOTIVE -- 1.1%
85,000 General Motors Corp. ......... 2,498,150
335,000 Navistar International Corp.+ 12,194,000
43,000 PACCAR Inc. .................. 3,112,770
--------------
17,804,920
--------------
BROADCASTING -- 1.1%
2,000 Cogeco Inc. .................. 38,439
16,666 Corus Entertainment
Inc., Cl. B ................ 402,976
120,000 Gray Television Inc. ......... 1,736,400
27,500 Gray Television Inc., Cl. A .. 359,563
200,000 Liberty Corp. ................ 8,110,000
35,000 Lin TV Corp., Cl. A+ ......... 592,550
165,000 Mediaset SpA ................. 2,374,162
30,000 Modern Times Group, Cl. B+ ... 907,947
6,800 Nippon Television
Network Corp. .............. 1,062,837
MARKET
SHARES VALUE*
------ ------
129,000 Paxson Communications
Corp.+ .....................$ 89,010
100,000 Television Broadcasts Ltd. ... 503,882
115,500 Young Broadcasting Inc.,
Cl. A+ ..................... 997,920
--------------
17,175,686
--------------
ENVIRONMENTAL SERVICES -- 0.9%
65,000 Republic Services Inc. ....... 2,176,200
400,000 Waste Management Inc. ........ 11,540,000
--------------
13,716,200
--------------
ELECTRONICS -- 0.8%
3,000 Hitachi Ltd., ADR ............ 186,390
4,500 Keyence Corp. ................ 1,042,432
20,000 Molex Inc., Cl. A ............ 472,000
7,500 NEC Corp., ADR ............... 45,150
9,500 Rohm Co. Ltd. ................ 916,954
38,000 Royal Philips Electronics
NV, ADR .................... 1,045,760
45,000 Sony Corp., ADR .............. 1,800,900
270,000 Texas Instruments Inc. ....... 6,882,300
14,400 Tokyo Electron Ltd. .......... 820,517
--------------
13,212,403
--------------
BUSINESS SERVICES -- 0.6%
60,000 ANC Rental Corp.+ ............ 60
150,000 Cendant Corp. ................ 3,081,000
1,000 CheckFree Corp.+ ............. 40,760
212,500 Group 4 Securicor plc+ ....... 550,154
96,000 Landauer Inc. ................ 4,563,840
70,000 Nashua Corp.+ ................ 609,000
7,500 PHH Corp.+ ................... 164,025
25,000 Secom Co. Ltd. ............... 1,039,821
--------------
10,048,660
--------------
METALS AND MINING -- 0.4%
72,500 Harmony Gold Mining Co. Ltd. . 576,834
35,000 Harmony Gold Mining Co.
Ltd., ADR .................. 273,000
2,000 Ivanhoe Mines Ltd., New York+ 14,940
125,000 Newmont Mining Corp. ......... 5,281,250
50,000 Placer Dome Inc. ............. 811,000
--------------
6,957,024
--------------
MANUFACTURED HOUSING AND
RECREATIONAL VEHICLES -- 0.2%
50,000 Champion Enterprises Inc.+ ... 470,000
45,000 Fleetwood Enterprises Inc.+ .. 391,500
32,222 Huttig Building Products Inc.+ 352,186
14,000 Martin Marietta Materials Inc. 782,880
10,000 Nobility Homes Inc. .......... 209,000
80,000 Sekisui House Ltd. ........... 854,239
20,000 Skyline Corp. ................ 769,800
1,000 Southern Energy Homes Inc.+ .. 5,500
--------------
3,835,105
--------------
8
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
CLOSED-END FUNDS -- 0.2%
75,000 Central Europe and
Russia Fund Inc. ...........$ 2,265,750
70,000 New Germany Fund Inc. ........ 639,800
32,000 Royce Value Trust Inc. ....... 607,360
--------------
3,512,910
--------------
PAPER AND FOREST PRODUCTS -- 0.2%
120,000 Pactiv Corp.+ ................ 2,802,000
--------------
TRANSPORTATION -- 0.1%
100,000 AMR Corp.+ ................... 1,070,000
15,000 Grupo TMM SA, Cl. A, ADR+ .... 45,900
--------------
1,115,900
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.1%
10,000 Catellus Development Corp. ... 266,500
16,656 Rayonier Inc. ................ 824,972
--------------
1,091,472
--------------
COMPUTER SOFTWARE AND SERVICES -- 0.1%
146 Computer Associates
International Inc. ......... 3,957
25,256 Telecom Italia Media SpA+ .... 14,110
30,000 Yahoo! Inc.+ ................. 1,017,000
--------------
1,035,067
--------------
TOTAL COMMON STOCKS .......... 1,489,384,262
--------------
PREFERRED STOCKS -- 0.3%
AEROSPACE -- 0.1%
13,500 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B .... 1,755,000
--------------
TELECOMMUNICATIONS -- 0.1%
26,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B .... 1,107,600
--------------
BROADCASTING -- 0.1%
90 Gray Television Inc.,
8.000% Cv. Pfd.,
Ser. C (a)(c)(d) ........... 909,000
--------------
AVIATION: PARTS AND SERVICES -- 0.0%
3,100 Sequa Corp.,
$5.00 Cv. Pfd. ............. 289,850
--------------
WIRELESS COMMUNICATIONS -- 0.0%
14,613,537 Telesp Celular
Participacoes SA, Pfd.+ .... 34,919
--------------
TOTAL PREFERRED STOCKS ....... 4,096,369
--------------
PRINCIPAL MARKET
AMOUNT VALUE*
--------- ------
CORPORATE BONDS -- 0.1%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.1%
$ 1,000,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 ...........$ 930,000
--------------
CABLE AND SATELLITE -- 0.0%
800,000 Charter Communications Inc., Cv.,
4.750%, 06/01/06 ........... 762,000
--------------
AVIATION: PARTS AND SERVICES -- 0.0%
736,000 Kaman Corp., Sub. Deb. Cv.,
6.000%, 03/15/12 ........... 727,720
--------------
TOTAL CORPORATE BONDS ........ 2,419,720
--------------
SHARES
------
RIGHTS -- 0.0%
TELECOMMUNICATIONS -- 0.0%
19,015 Embratel Participacoes SA+ ... 0
--------------
PRINCIPAL
AMOUNT
--------
U.S. GOVERNMENT OBLIGATIONS -- 0.3%
$ 5,000,000 U.S. Treasury Bill,
2.619%++, 05/19/05 ......... 4,982,854
--------------
REPURCHASE AGREEMENTS -- 6.4%
101,976,000 Barclays, 2.500%, dated 03/31/05,
due 04/01/05, proceeds
at maturity,
$101,983,082 (b) ........... 101,976,000
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $1,298,433,381) ..................$1,602,859,205
==============
--------------
For Federal tax purposes:
Aggregate cost ..................$1,298,433,381
==============
Gross unrealized appreciation ...$ 368,824,077
Gross unrealized depreciation ... (64,398,253)
--------------
Net unrealized appreciation
(depreciation) ...............$ 304,425,824
==============
9
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
--------------
(a) Security fair valued under procedures established by the Board of
Directors. At March 31, 2005, the market value of fair valued
securities amounted to $909,000 or 0.06% of total investments.
(b) Collateralized by U.S. Treasury Bonds, 7.250%, due 08/15/22, market
value $104,015,520.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
At March 31, 2005, the market value of Rule 144A securities amounted to
$909,000 or 0.06% of total investments.
(d) At March 31, 2005, the Fund held investments in restricted and illiquid
securities that were valued under methods approved by the Board, as
follows:
3/31/2005
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
------ ------ --------- ----------- --------------
90 Gray Television Inc.,
8.000%, Cv. Pfd. ........... 04/23/02 $900,000 $10,100.000
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
BDR - Brazilian Depository Receipt.
CVO - Contingent Value Obligation.
CDI - Chess Depositary Interest
* Portfolio securities are valued at the last quoted sale price or
closing values. If these are unavailable, then the average of the
closing bid and asked prices is used. If there is no asked price, the
security is valued at the closing bid price on that day. Debt
instruments are valued at the average of the closing bid and asked
prices. If the security matures in 60 days or less and is not
credit-impaired, it is valued at amortized cost. All securities and
assets for which market quotations are not readily available or any
security that the Board determines does not reflect its fair market
value are valued in good faith under procedures established by the
Board.
% OF
MARKET MARKET
VALUE VALUE
------ -------
GEOGRAPHIC DIVERSIFICATION
United States ................... 82.8% $1,327,779,391
Europe .......................... 13.9 223,473,578
Latin America ................... 1.8 29,469,942
Japan ........................... 1.1 17,086,869
Asia/Pacific .................... 0.3 4,199,591
South Africa .................... 0.1 849,834
------ --------------
Total Investments ............... 100.0% $1,602,859,205
====== ==============
10
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably likely
to materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Equity Trust Inc.
---------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date May 25, 2005
---------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-----------------------------------------------------
Bruce N. Alpert, Principal Executive Officer and
Principal Financial Officer
Date May 25, 2005
--------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.