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.
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2006
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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, 100 F Street, NE, Washington, DC
20549. 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, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 90.6%
FINANCIAL SERVICES -- 8.4%
7,000 Allianz AG .................... $ 1,168,787
550,000 American Express Co. .......... 28,902,500
110,000 Ameriprise Financial Inc. ..... 4,956,600
30,000 Argonaut Group Inc.+ .......... 1,066,500
95,000 Aviva plc ..................... 1,319,605
90,000 Banco Santander Central
Hispano SA, ADR .............. 1,314,900
15,000 Bank of America Corp. ......... 683,100
100,000 Bank of Ireland ............... 1,860,200
75,000 Bank of New York Co. Inc. ..... 2,703,000
275,000 Bankgesellschaft Berlin AG+ ... 1,649,640
260 Berkshire Hathaway Inc.,
Cl. A+ ....................... 23,491,000
7,500 Calamos Asset Management Inc.,
Cl. A ........................ 280,500
125,000 Citigroup Inc. ................ 5,903,750
185,000 Commerzbank AG, ADR ........... 7,352,178
22,000 Credit Suisse Group ........... 1,234,457
152,000 Deutsche Bank AG .............. 17,364,480
20,000 Dun and Bradstreet Corp.+ ..... 1,533,600
20,000 H&R Block Inc. ................ 433,000
65,000 Irish Life & Permanent plc .... 1,559,660
60,000 Janus Capital Group Inc. ...... 1,390,200
55,000 JPMorgan Chase & Co. .......... 2,290,200
70,000 Leucadia National Corp. ....... 4,176,200
45,000 Mediobanca SpA ................ 965,244
100,000 Mellon Financial Corp. ........ 3,560,000
189,000 Midland Co. ................... 6,611,220
60,000 Moody's Corp. ................. 4,287,600
128,750 Nikko Cordial Corp. ........... 2,133,071
145,000 Phoenix Companies Inc. ........ 2,363,500
2,500 Prudential Financial Inc. ..... 189,525
80,000 Shizuoka Bank Ltd. ............ 807,477
3,000 St. Paul Travelers
Companies Inc. ............... 125,370
50,000 Standard Chartered plc ........ 1,243,984
80,000 State Street Corp. ............ 4,834,400
20,000 SunTrust Banks Inc. ........... 1,455,200
75,000 T. Rowe Price Group Inc. ...... 5,865,750
5,000 The Allstate Corp. ............ 260,550
45,000 The Charles Schwab Corp. ...... 774,450
20,000 UBS AG ........................ 2,196,909
70,000 Waddell & Reed Financial Inc.,
Cl. A ........................ 1,617,000
53,000 Westpac Banking Corp. ......... 903,796
--------------
152,829,103
--------------
FOOD AND BEVERAGE -- 7.9%
85,000 Ajinomoto Co. Inc. ............ 907,774
25,000 Anheuser-Busch Companies Inc. . 1,069,250
34,000 ARIAKE JAPAN Co. Ltd. ......... 1,013,934
98,000 Cadbury Schweppes plc ......... 973,921
60,000 Cadbury Schweppes plc, ADR .... 2,400,000
100,000 Campbell Soup Co. ............. 3,240,000
MARKET
SHARES VALUE*
------ ------
80,000 Coca-Cola Co. ................. $ 3,349,600
20,000 Coca-Cola Enterprises Inc. .... 406,800
40,000 Coca-Cola Hellenic
Bottling Co. SA .............. 1,242,880
95,000 Corn Products
International Inc. ........... 2,809,150
60,000 Del Monte Foods Co. ........... 711,600
10,108 Denny's Corp.+ ................ 48,114
80,000 Diageo plc .................... 1,259,968
224,000 Diageo plc, ADR ............... 14,208,320
85,000 Flowers Foods Inc. ............ 2,524,500
35,000 Fomento Economico Mexicano
SA de CV, ADR ................ 3,208,100
165,000 General Mills Inc. ............ 8,362,200
200,000 Groupe Danone ................. 24,503,745
500,000 Grupo Bimbo SA de CV, Cl. A ... 1,643,118
145,000 H.J. Heinz Co. ................ 5,498,400
20,000 Hain Celestial Group Inc.+ .... 523,800
145,000 Kellogg Co. ................... 6,385,800
75,000 Kerry Group plc, Cl. A ........ 1,827,315
12,100 LVMH Moet Hennessy Louis
Vuitton SA ................... 1,186,275
2,500 Nestle SA ..................... 742,147
480,000 PepsiAmericas Inc. ............ 11,736,000
350,000 PepsiCo Inc. .................. 20,226,500
6,750 Pernod-Ricard SA .............. 1,293,263
68,200 Ralcorp Holdings Inc.+ ........ 2,595,010
90,000 Sara Lee Corp. ................ 1,609,200
45,000 The Hershey Co. ............... 2,350,350
2,000 The J.M. Smucker Co. .......... 79,400
115,360 Tootsie Roll Industries Inc. .. 3,376,587
170,000 Wm. Wrigley Jr. Co. ........... 10,880,000
--------------
144,193,021
--------------
ENERGY AND UTILITIES -- 7.5%
70,000 AES Corp.+ .................... 1,194,200
10,000 AGL Resources Inc. ............ 360,500
120,000 Allegheny Energy Inc.+ ........ 4,062,000
70,000 Apache Corp. .................. 4,585,700
247,000 BP plc, ADR ................... 17,028,180
385,000 Burlington Resources Inc. ..... 35,385,350
115,000 CH Energy Group Inc. .......... 5,520,000
40,000 Cinergy Corp. ................. 1,816,400
85,000 CMS Energy Corp.+ ............. 1,100,750
45,000 ConocoPhillips ................ 2,841,750
8,000 Constellation Energy Group .... 437,680
60,000 DPL Inc. ...................... 1,620,000
14,000 DTE Energy Co. ................ 561,260
250,000 Duke Energy Corp. ............. 7,287,500
110,000 Duquesne Light Holdings Inc. .. 1,815,000
270,000 El Paso Corp. ................. 3,253,500
367,000 El Paso Electric Co.+ ......... 6,987,680
50,000 Energy East Corp. ............. 1,215,000
80,000 Eni SpA ....................... 2,276,352
4
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES (CONTINUED)
80,000 Exxon Mobil Corp. ............. $ 4,868,800
20,000 FPL Group Inc. ................ 802,800
70,000 Halliburton Co. ............... 5,111,400
19,999 Kerr-McGee Corp. .............. 1,909,504
10,000 Marathon Oil Corp. ............ 761,700
3,794 Mirant Corp.+ ................. 94,850
10,000 NiSource Inc. ................. 202,200
300,000 Northeast Utilities ........... 5,859,000
10,000 Oceaneering
International Inc.+ .......... 573,000
2,000 PetroChina Co. Ltd., ADR ...... 209,900
23,000 Petroleo Brasileiro SA, ADR ... 1,993,410
100,000 Progress Energy Inc., CVO+ .... 33,000
60,000 Saipem SpA .................... 1,388,061
60,000 SJW Corp. ..................... 1,611,000
20,000 Southwest Gas Corp. ........... 559,000
8,157 Total SA ...................... 2,151,990
92,000 TXU Corp. ..................... 4,117,920
290,000 Westar Energy Inc. ............ 6,034,900
--------------
137,631,237
--------------
TELECOMMUNICATIONS -- 6.5%
5,000 ALLTEL Corp. .................. 323,750
480,000 AT&T Inc. ..................... 12,979,200
260,000 BCE Inc. ...................... 6,255,600
30,000 Brasil Telecom
Participacoes SA, ADR ........ 1,088,700
1,760,000 BT Group plc .................. 6,788,400
4,440,836 Cable & Wireless Jamaica Ltd.+ 81,539
860,000 Cincinnati Bell Inc.+ ......... 3,887,200
70,000 Citizens Communications Co. ... 928,900
170,000 Commonwealth Telephone
Enterprises Inc. ............. 5,856,500
110,000 Compania de Telecomunicaciones
de Chile SA, ADR ............. 983,400
170,000 Deutsche Telekom AG, ADR ...... 2,859,400
15,000 Embratel Participacoes
SA, ADR+ ..................... 165,900
5,000 France Telecom SA, ADR ........ 112,400
100,000 KPN NV ........................ 1,127,027
900,000 Qwest Communications
International Inc.+ .......... 6,120,000
532,387 Sprint Nextel Corp. ........... 13,756,880
186,554 Tele Norte Leste
Participacoes SA, ADR ........ 3,111,721
48,000 Telecom Argentina SA,
Cl. B, ADR+ .................. 649,920
1,488,075 Telecom Italia SpA ............ 4,341,526
254,800 Telefonica SA, ADR ............ 11,967,956
62,000 Telefonos de Mexico SA
de CV, Cl. L, ADR ............ 1,393,760
310,000 Telephone & Data Systems Inc. . 12,226,400
390,000 Telephone & Data Systems Inc.,
Special ...................... 14,722,500
MARKET
SHARES VALUE*
------ ------
30,000 TELUS Corp., ADR .............. $ 1,178,296
190,000 Verizon Communications Inc. ... 6,471,400
--------------
119,378,275
--------------
DIVERSIFIED INDUSTRIAL -- 5.8%
160,000 Acuity Brands Inc. ............ 6,400,000
55,000 Amano Corp. ................... 957,944
195,000 Ampco-Pittsburgh Corp. ........ 3,900,000
25,000 Bouygues SA ................... 1,328,498
200,000 Cooper Industries Ltd., Cl. A . 17,380,000
270,000 Crane Co. ..................... 11,072,700
100,500 CRH plc ....................... 3,507,598
230,000 Greif Inc., Cl. A ............. 15,736,600
5,000 Greif Inc., Cl. B ............. 315,800
405,500 Honeywell International Inc. .. 17,343,235
260,000 ITT Industries Inc. ........... 14,617,200
125,000 Lamson & Sessions Co.+ ........ 3,478,750
101,000 Park-Ohio Holdings Corp.+ ..... 2,015,960
4,000 Sulzer AG ..................... 2,729,260
30,000 Technip SA .................... 2,030,466
50,000 Trinity Industries Inc. ....... 2,719,500
--------------
105,533,511
--------------
ENTERTAINMENT -- 5.4%
32,000 Canal+ Group .................. 315,664
2,002 Chestnut Hill Ventures+ (a) ... 42,991
220,000 Discovery Holding Co., Cl. A+ . 3,300,000
1,600 DreamWorks Animation SKG Inc.,
Cl. A+ ....................... 42,320
110,000 EMI Group plc ................. 483,521
80,000 EMI Group plc, ADR ............ 702,144
640,000 Gemstar-TV Guide
International Inc.+ .......... 1,977,600
680,000 Grupo Televisa SA, ADR ........ 13,532,000
2,200,000 Liberty Media Corp., Cl. A+ ... 18,062,000
125 Live Nation Inc.+ ............. 2,480
17,500 Oriental Land Co. Ltd. ........ 1,015,505
160,000 Publishing & Broadcasting Ltd. 1,981,614
1,629,500 Rank Group plc ................ 6,384,145
12,000 Regal Entertainment Group,
Cl. A ........................ 225,720
80,000 Six Flags Inc.+ ............... 814,400
260,000 The Walt Disney Co. ........... 7,251,400
810,000 Time Warner Inc. .............. 13,599,900
19,750 Triple Crown Media Inc.+ ...... 116,525
450,000 Viacom Inc., Cl. A+ ........... 17,442,000
33,900 Vivendi Universal SA .......... 1,164,262
320,000 Vivendi Universal SA, ADR ..... 10,944,000
--------------
99,400,191
--------------
PUBLISHING -- 5.0%
50,000 Dow Jones & Co. Inc. .......... 1,965,000
348,266 Independent News & Media plc .. 1,126,869
18,000 Knight-Ridder Inc. ............ 1,137,780
5,000 McClatchy Co., Cl. A .......... 244,250
5
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
PUBLISHING (CONTINUED)
200,000 McGraw-Hill Companies Inc. .... $ 11,524,000
330,000 Media General Inc., Cl. A ..... 15,384,600
124,000 Meredith Corp. ................ 6,917,960
75,000 New York Times Co., Cl. A ..... 1,898,250
1,744,800 News Corp., Cl. A ............. 28,981,128
20,000 News Corp., Cl. B ............. 351,200
200,000 Penton Media Inc.+ ............ 126,000
390,000 PRIMEDIA Inc.+ ................ 807,300
170,000 Reader's Digest
Association Inc. ............. 2,507,500
261,319 SCMP Group Ltd. ............... 93,459
66,585 Seat Pagine Gialle SpA+ ....... 31,833
150,000 The E.W. Scripps Co., Cl. A ... 6,706,500
80,000 Thomas Nelson Inc. ............ 2,340,000
315,000 Tribune Co. ................... 8,640,450
--------------
90,784,079
--------------
HEALTH CARE -- 4.6%
10,000 Abbott Laboratories ........... 424,700
133,700 Abgenix Inc.+ ................. 3,008,250
7,024 Allergan Inc. ................. 762,077
52,000 Amgen Inc.+ ................... 3,783,000
19,146 AstraZeneca plc ............... 963,630
27,000 Biogen Idec Inc.+ ............. 1,271,700
140,000 Bristol-Myers Squibb Co. ...... 3,445,400
400,000 Chiron Corp.+ ................. 18,324,000
65,036 GlaxoSmithKline plc ........... 1,700,561
4,000 GlaxoSmithKline plc, ADR ...... 209,240
30,000 Henry Schein Inc.+ ............ 1,435,800
38,300 Hisamitsu Pharmaceutical
Co. Inc. ..................... 956,687
10,000 Hospira Inc.+ ................. 394,600
40,000 Invitrogen Corp.+ ............. 2,805,200
100,000 Merck & Co. Inc. .............. 3,523,000
2,000 Nobel Biocare Holding AG ...... 445,288
39,000 Novartis AG ................... 2,168,910
105,000 Novartis AG, ADR .............. 5,821,200
310,000 Pfizer Inc. ................... 7,725,200
18,100 Roche Holding AG .............. 2,694,903
23,808 Sanofi-Aventis ................ 2,264,873
9,600 Schering AG ................... 998,066
100,000 Schering-Plough Corp. ......... 1,899,000
80,000 Smith & Nephew plc ............ 710,252
5,250 Straumann Holding AG .......... 1,196,065
50,000 Sybron Dental
Specialties Inc.+ ............ 2,062,000
10,000 Synthes Inc. .................. 1,096,920
23,000 Takeda Pharmaceutical Co. Ltd. 1,311,215
82,000 William Demant Holding A/S+ ... 5,433,109
100,000 Wyeth ......................... 4,852,000
--------------
83,686,846
--------------
CABLE AND SATELLITE -- 4.5%
1,610,000 Cablevision Systems Corp.,
Cl. A+ ....................... 42,987,000
320,000 Comcast Corp., Cl. A+ ......... 8,371,200
MARKET
SHARES VALUE*
------ ------
85,000 Comcast Corp., Cl. A, Special+ $ 2,220,200
153,444 DIRECTV Group Inc.+ ........... 2,516,482
55,000 EchoStar Communications Corp.,
Cl. A+ ....................... 1,642,850
156,770 Liberty Global Inc., Cl. A+ ... 3,209,082
150,000 Liberty Global Inc., Cl. C+ ... 2,962,500
395,345 Rogers Communications Inc.,
Cl. B, New York .............. 15,082,412
9,655 Rogers Communications Inc.,
Cl. B, Toronto ............... 368,309
80,000 Shaw Communications Inc.,
Cl. B, New York .............. 1,912,800
20,000 Shaw Communications Inc.,
Cl. B, Toronto ............... 476,945
--------------
81,749,780
--------------
CONSUMER PRODUCTS -- 4.1%
30,000 Altadis SA .................... 1,345,161
65,000 Avon Products Inc. ............ 2,026,050
43,000 Christian Dior SA ............. 4,291,246
15,000 Church & Dwight Co. Inc. ...... 553,800
33,000 Clorox Co. .................... 1,975,050
10,000 Colgate-Palmolive Co. ......... 571,000
90,000 Compagnie Financiere
Richemont AG, Cl. A .......... 4,314,808
115,000 Energizer Holdings Inc.+ ...... 6,095,000
30,000 Fortune Brands Inc. ........... 2,418,900
30,000 Gallaher Group plc ............ 437,827
232,000 Gallaher Group plc, ADR ....... 13,490,800
2,000 Givaudan SA ................... 1,537,222
40,000 Harley-Davidson Inc. .......... 2,075,200
50,000 Lenox Group Inc.+ ............. 655,000
15,000 Matsushita Electric
Industrial Co. Ltd., ADR ..... 332,100
15,000 Mattel Inc. ................... 271,950
27,000 National Presto
Industries Inc. .............. 1,327,590
269,750 Procter & Gamble Co. .......... 15,542,995
60,000 Reckitt Benckiser plc ......... 2,111,993
7,500 Swatch Group AG, Cl. B ........ 1,259,349
890,000 Swedish Match AB .............. 12,169,866
--------------
74,802,907
--------------
HOTELS AND GAMING -- 3.2%
115,000 Aztar Corp.+ .................. 4,828,850
190,000 Gaylord Entertainment Co.+ .... 8,622,200
55,000 Greek Organization of Football
Prognostics SA ............... 2,102,208
19,000 GTECH Holdings Corp. .......... 646,950
6,000 Harrah's Entertainment Inc. ... 467,760
550,000 Hilton Hotels Corp. ........... 14,003,000
10,000 Kerzner International Ltd.+ ... 778,200
2,675,000 Ladbrokes plc ................. 18,079,033
6,000 Las Vegas Sands Corp.+ ........ 339,960
118,000 MGM Mirage+ ................... 5,084,620
6
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
HOTELS AND GAMING (CONTINUED)
38,000 Starwood Hotels & Resorts
Worldwide Inc. ............... $ 2,573,740
--------------
57,526,521
--------------
EQUIPMENT AND SUPPLIES -- 3.1%
188,000 AMETEK Inc. ................... 8,452,480
2,000 Amphenol Corp., Cl. A ......... 104,360
94,000 CIRCOR International Inc. ..... 2,744,800
208,000 Donaldson Co. Inc. ............ 7,028,320
75,000 Fedders Corp. ................. 114,000
110,000 Flowserve Corp.+ .............. 6,417,400
24,000 Franklin Electric Co. Inc. .... 1,311,600
100,000 Gerber Scientific Inc.+ ....... 1,034,000
85,000 GrafTech International Ltd.+ .. 518,500
220,000 IDEX Corp. .................... 11,477,400
40,000 Ingersoll-Rand Co. Ltd., Cl. A 1,671,600
106,000 Lufkin Industries Inc. ........ 5,876,640
1,000 Manitowoc Co. Inc. ............ 91,150
11,000 Mueller Industries Inc. ....... 392,590
1,000 Sealed Air Corp. .............. 57,870
230,000 Watts Water Technologies Inc.,
Cl. A ........................ 8,358,200
100,000 Weir Group plc ................ 760,116
--------------
56,411,026
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 2.9%
60,000 BorgWarner Inc. ............... 3,602,400
200,000 CLARCOR Inc. .................. 7,120,000
500,000 Dana Corp. .................... 755,000
80,500 Earl Scheib Inc.+ ............. 293,825
350,000 Genuine Parts Co. ............. 15,340,500
140,000 Johnson Controls Inc. ......... 10,630,200
116,000 Midas Inc.+ ................... 2,536,920
330,000 Modine Manufacturing Co. ...... 9,735,000
180,000 Proliance International Inc.+ . 982,800
165,000 Standard Motor Products Inc. .. 1,465,200
30,000 Superior Industries
International Inc. ........... 580,800
--------------
53,042,645
--------------
AVIATION: PARTS AND SERVICES -- 2.4%
198,000 Curtiss-Wright Corp. .......... 13,107,600
200,100 Fairchild Corp., Cl. A+ ....... 520,260
200,000 GenCorp Inc.+ ................. 4,110,000
180,000 Precision Castparts Corp. ..... 10,692,000
84,000 Sequa Corp., Cl. A+ ........... 8,215,200
74,600 Sequa Corp., Cl. B+ ........... 7,286,182
--------------
43,931,242
--------------
WIRELESS COMMUNICATIONS -- 2.0%
210,000 America Movil SA de CV,
Cl. L, ADR ................... 7,194,600
600,000 Nextel Partners Inc., Cl. A+ .. 16,992,000
1,500 NTT DoCoMo Inc. ............... 2,217,502
MARKET
SHARES VALUE*
------ ------
3,340 Tele Norte Celular
Participacoes SA, ADR ........ $ 35,271
8,350 Telemig Celular
Participacoes SA, ADR ........ 397,961
32,165 Tim Participacoes SA, ADR ..... 1,191,070
100,000 United States Cellular Corp.+ . 5,936,000
270 Vivo Participacoes SA+ ........ 1,560
174,123 Vivo Participacoes SA, ADR .... 745,246
5,845 Vivo Participacoes SA, Pfd.+ .. 24,930
90,000 Vodafone Group plc, ADR ....... 1,881,000
--------------
36,617,140
--------------
COMMUNICATIONS EQUIPMENT -- 1.8%
48,000 Agere Systems Inc.+ ........... 721,920
25,000 Andrew Corp.+ ................. 307,000
490,000 Corning Inc.+ ................. 13,185,900
180,000 Lucent Technologies Inc.+ ..... 549,000
110,000 Motorola Inc. ................. 2,520,100
160,000 Nortel Networks Corp.+ ........ 488,000
308,000 Thomas & Betts Corp.+ ......... 15,825,040
--------------
33,596,960
--------------
AGRICULTURE -- 1.7%
940,000 Archer-Daniels-Midland Co. .... 31,631,000
5,000 Delta & Pine Land Co. ......... 150,800
10,000 Mosaic Co.+ ................... 143,500
--------------
31,925,300
--------------
AEROSPACE -- 1.3%
105,000 Boeing Co. .................... 8,182,650
13,000 Lockheed Martin Corp. ......... 976,690
105,000 Northrop Grumman Corp. ........ 7,170,450
1,000,000 Rolls-Royce Group plc+ ........ 7,957,329
53,800,000 Rolls-Royce Group plc, Cl. B .. 95,342
--------------
24,382,461
--------------
CONSUMER SERVICES -- 1.3%
230,000 IAC/InterActiveCorp+ .......... 6,778,100
820,000 Rollins Inc. .................. 16,596,800
--------------
23,374,900
--------------
MACHINERY -- 1.2%
20,000 Caterpillar Inc. .............. 1,436,200
255,000 Deere & Co. ................... 20,157,750
--------------
21,593,950
--------------
SPECIALTY CHEMICALS -- 1.1%
5,400 Ciba Specialty
Chemicals AG, ADR ............ 160,380
20,000 E.I. du Pont de
Nemours and Co. .............. 844,200
325,000 Ferro Corp. ................... 6,500,000
30,000 H.B. Fuller Co. ............... 1,540,200
200,000 Hercules Inc.+ ................ 2,760,000
232,300 Omnova Solutions Inc.+ ........ 1,421,676
7
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
SPECIALTY CHEMICALS (CONTINUED)
300,000 Sensient Technologies Corp. ... $ 5,415,000
10,000 Syngenta AG, ADR .............. 281,100
190,000 Tokai Carbon Co. Ltd. ......... 1,194,562
4,033 Tronox Inc., Cl. B+ ........... 68,514
--------------
20,185,632
--------------
ENVIRONMENTAL SERVICES -- 1.1%
65,000 Republic Services Inc. ........ 2,763,150
490,000 Waste Management Inc. ......... 17,297,000
--------------
20,060,150
--------------
RETAIL -- 1.1%
280,000 Albertson's Inc. .............. 7,187,600
230,000 AutoNation Inc.+ .............. 4,956,500
51,000 Coldwater Creek Inc.+ ......... 1,417,800
25,000 Costco Wholesale Corp. ........ 1,354,000
50,000 Matsumotokiyoshi Co. Ltd. ..... 1,431,606
30,000 Next plc ...................... 860,017
44,800 Seven & I Holdings Co. Ltd. ... 1,773,730
20,000 Woolworths Ltd. ............... 269,608
--------------
19,250,861
--------------
REAL ESTATE -- 1.0%
70,000 Cheung Kong (Holdings) Ltd. ... 742,027
98,000 Florida East Coast
Industries Inc. .............. 5,282,200
55,000 Griffin Land & Nurseries Inc.+ 1,705,000
165,000 St. Joe Co. ................... 10,368,600
--------------
18,097,827
--------------
BROADCASTING -- 1.0%
422,500 CBS Corp., Cl. A .............. 10,182,250
1,000 Clear Channel
Communications Inc. .......... 29,010
2,000 Cogeco Inc. ................... 48,208
16,666 Corus Entertainment Inc.,
Cl. B ........................ 510,890
120,000 Gray Television Inc. .......... 1,008,000
27,500 Gray Television Inc., Cl. A ... 221,650
75,000 Lin TV Corp., Cl. A+ .......... 675,000
120,000 Mediaset SpA .................. 1,413,510
30,000 Modern Times Group, Cl. B+ .... 1,409,771
7,800 Nippon Television
Network Corp. ................ 1,145,149
100,000 Paxson Communications Corp.+ .. 94,000
100,000 Television Broadcasts Ltd. .... 567,072
110,000 Young Broadcasting Inc.,
Cl. A+ ....................... 374,000
--------------
17,678,510
--------------
METALS AND MINING -- 0.9%
33,000 Anglo American plc ............ 1,271,678
89,148 Barrick Gold Corp. ............ 2,428,392
72,500 Harmony Gold Mining Co. Ltd.+ . 1,175,898
35,000 Harmony Gold Mining Co. Ltd.,
ADR+ ......................... 555,800
MARKET
SHARES VALUE*
------ ------
75,000 Ivanhoe Mines Ltd.+ ........... $ 722,250
130,000 Newmont Mining Corp. .......... 6,745,700
110,000 Novelis Inc. .................. 2,262,700
50,000 Xstrata plc ................... 1,618,396
--------------
16,780,814
--------------
ELECTRONICS -- 0.7%
10,000 Advanced Micro Devices Inc.+ .. 331,600
3,000 Hitachi Ltd., ADR ............. 212,430
5,720 Keyence Corp. ................. 1,487,103
20,000 Molex Inc., Cl. A ............. 594,400
7,500 NEC Corp., ADR ................ 52,800
9,500 Rohm Co. Ltd. ................. 1,004,885
38,000 Royal Philips Electronics
NV, ADR ...................... 1,278,700
265,000 Texas Instruments Inc. ........ 8,604,550
--------------
13,566,468
--------------
AUTOMOTIVE -- 0.7%
330,000 Navistar International Corp.+ . 9,101,400
43,000 PACCAR Inc. ................... 3,030,640
--------------
12,132,040
--------------
BUSINESS SERVICES -- 0.6%
7,050 Acco Brands Corp.+ ............ 156,510
60,000 ANC Rental Corp.+ ............. 6
15,000 Canon Inc. .................... 992,778
100,000 Cendant Corp. ................. 1,735,000
1,000 CheckFree Corp.+ .............. 50,500
15,000 Clear Channel Outdoor
Holdings Inc., Cl. A+ ........ 351,750
186,554 Contax Participacoes SA, ADR .. 233,771
212,500 Group 4 Securicor plc ......... 698,709
95,000 Landauer Inc. ................. 4,770,900
72,500 Nashua Corp.+ ................. 616,250
25,000 Secom Co. Ltd. ................ 1,278,675
--------------
10,884,849
--------------
TRANSPORTATION -- 0.4%
100,000 AMR Corp.+ .................... 2,705,000
110,000 GATX Corp. .................... 4,541,900
15,000 Grupo TMM SA, Cl. A, ADR+ ..... 73,800
--------------
7,320,700
--------------
CLOSED-END FUNDS -- 0.4%
107,785 Central Europe and Russia
Fund Inc. .................... 5,241,585
70,000 New Germany Fund Inc. ......... 906,500
31,500 Royce Value Trust Inc. ........ 657,720
--------------
6,805,805
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.3%
100,000 Arden Realty Inc. ............. 4,513,000
6,000 Camden Property Trust ......... 432,300
2,000 Equity Residential ............ 93,580
8
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
REAL ESTATE INVESTMENT TRUSTS (CONTINUED)
2,187 Prosperity REIT+ .............. $ 599
24,984 Rayonier Inc. ................. 1,139,020
--------------
6,178,499
--------------
COMPUTER SOFTWARE AND SERVICES -- 0.3%
146 CA Inc. ....................... 3,973
10,000 Check Point Software
Technologies Ltd.+ ........... 200,200
830 NIWS Co. HQ Ltd. .............. 966,100
24,100 Square Enix Co. Ltd. .......... 622,464
25,256 Telecom Italia Media SpA+ ..... 13,635
110,000 Yahoo! Inc.+ .................. 3,548,600
--------------
5,354,972
--------------
MANUFACTURED HOUSING AND RECREATIONAL VEHICLES -- 0.2%
70,000 Champion Enterprises Inc.+ .... 1,047,200
50,000 Fleetwood Enterprises Inc.+ ... 558,500
32,222 Huttig Building Products Inc.+ 299,987
13,000 Martin Marietta Materials Inc. 1,391,390
10,000 Nobility Homes Inc. ........... 247,600
22,000 Skyline Corp. ................. 910,360
4,600 Southern Energy Homes Inc.+ ... 27,416
--------------
4,482,453
--------------
PAPER AND FOREST PRODUCTS -- 0.2%
115,000 Pactiv Corp.+ ................. 2,822,100
--------------
TOTAL COMMON STOCKS ........... 1,653,992,775
--------------
CONVERTIBLE PREFERRED STOCKS -- 0.2%
AEROSPACE -- 0.1%
13,500 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B ...... 1,819,125
--------------
TELECOMMUNICATIONS -- 0.1%
26,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B ...... 1,124,500
--------------
BROADCASTING -- 0.0%
90 Gray Television Inc.,
8.000% Cv. Pfd.,
Ser. C (a)(c)(d) ............. 900,000
--------------
AVIATION: PARTS AND SERVICES -- 0.0%
3,200 Sequa Corp., $5.00 Cv. Pfd. ... 412,000
--------------
TOTAL CONVERTIBLE
PREFERRED STOCKS ............. 4,255,625
--------------
PRINCIPAL MARKET
AMOUNT VALUE*
--------- ------
CONVERTIBLE CORPORATE BONDS -- 0.2%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.1%
$ 500,000 Pep Boys - Manny, Moe & Jack, Cv.,
4.250%, 06/01/07 ............. $ 490,625
1,000,000 Standard Motor Products Inc.,
Sub. Deb. Cv., 6.750%,
07/15/09 ..................... 850,000
--------------
1,340,625
--------------
AEROSPACE -- 0.1%
669,000 Kaman Corp., Sub. Deb. Cv.,
6.000%, 03/15/12 ............. 724,192
--------------
CABLE AND SATELLITE -- 0.0%
500,000 Charter Communications Inc., Cv.,
4.750%, 06/01/06 ............. 497,500
--------------
TOTAL CONVERTIBLE
CORPORATE BONDS .............. 2,562,317
--------------
SHARES
------
WARRANTS -- 0.0%
ENERGY AND UTILITIES -- 0.0%
12,183 Mirant Corp., Ser. A,
expire 01/03/11+ ............. 124,267
--------------
PRINCIPAL
AMOUNT
--------
U.S. GOVERNMENT &
AGENCY OBLIGATIONS -- 0.1%
FEDERAL HOME LOAN BANK -- 0.0%
$ 500,000 3.060%, 04/13/06 ............ 500,000
--------------
U.S. TREASURY NOTES -- 0.1%
300,000 4.625%, 05/15/06 ............ 301,050
300,000 3.500%, 11/15/06 ............ 297,563
--------------
598,613
--------------
TOTAL U.S. GOVERNMENT &
AGENCY OBLIGATIONS .......... 1,098,613
--------------
SHORT-TERM OBLIGATIONS -- 8.9%
REPURCHASE AGREEMENTS -- 8.6%
157,947,000 Barclays Capital Inc., 4.400%,
dated 03/31/06, due 04/03/06,
proceeds at maturity,
$158,004,914 (b) ............. 157,947,000
--------------
U.S. GOVERNMENT OBLIGATIONS -- 0.3%
5,000,000 U.S. Treasury Bill,
4.655%++, 04/20/06 ........... 4,987,927
--------------
TOTAL SHORT-TERM
OBLIGATIONS .................. 162,934,927
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $1,457,064,477) ................... $1,824,968,524
==============
9
THE GABELLI EQUITY TRUST INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
--------------
For Federal tax purposes:
Aggregate cost ................... $1,457,064,477
==============
Gross unrealized appreciation .... $ 444,943,068
Gross unrealized depreciation .... (77,039,021)
--------------
Net unrealized appreciation
(depreciation) ................. $ 367,904,047
==============
--------------
(a) Security fair valued under procedures established by the Board of
Directors. At March 31, 2006, the market value of fair valued securities
amounted to $942,991 or 0.05% of total investments.
(b) Collateralized by U.S. Treasury Bill and U.S. Treasury Bond, 4.578% and
7.875%, due 06/01/06 and 02/15/21, market value $689,520 and
$161,480,806, respectively.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. This security may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At March
31, 2006, the market value of the Rule 144A security amounted to
$900,000 or 0.05% of total investments.
(d) At March 31, 2006, the Fund held an investment in restricted and
illiquid security amounting to $900,000 or 0.05% of net assets, which
was valued under methods approved by the Board as follows:
03/31/06
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
------ ------ ----------- ----------- --------------
90 Gray Television Inc.,
8.000% Cv. Pfd., Ser. C ..... 04/23/02 $900,000 $10,000.0000
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
CVO Contingent Value Obligation
* Portfolio securities are valued at the last quoted sale price or closing
values. If these are unavailable, then the average of the closing bid
and asked prices is used. If there is no asked price, the security is
valued at the closing bid price on that day. Debt instruments are valued
at the average of the closing bid and asked prices. If the security
matures in 60 days or less and is not credit-impaired, it is valued at
amortized cost. All securities and assets for which market quotations
are not readily available or any security that the Board determines does
not reflect its fair market value are valued in good faith under
procedures established by the Board.
% OF
MARKET MARKET
VALUE VALUE
------ --------------
GEOGRAPHIC DIVERSIFICATION
North America ................ 80.0% $1,460,874,039
Europe ....................... 15.1 276,199,644
Latin America ................ 3.2 57,579,577
Japan ........................ 1.3 23,816,089
Asia/Pacific ................. 0.3 4,767,477
South Africa ................. 0.1 1,731,698
------- --------------
Total Investments ............ 100.0% $1,824,968,524
======= ==============
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 1, 2006
----------------------------------------------------------------------------
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
Date May 1, 2006
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady, Principal Financial Officer &
Treasurer
Date May 1, 2006
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.