The Gabelli Equity Trust Inc.
Schedule of Investments — September 30, 2020 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS — 98.1% | ||||||||
Food and Beverage — 11.7% | ||||||||
3,000 | Ajinomoto Co. Inc. | $ | 61,414 | |||||
98,300 | Brown-Forman Corp., Cl. A | 6,751,244 | ||||||
49,300 | Brown-Forman Corp., Cl. B | 3,713,276 | ||||||
36,800 | Campbell Soup Co. | 1,780,016 | ||||||
65,000 | Chr. Hansen Holding A/S | 7,224,838 | ||||||
15,000 | Coca-Cola European Partners plc | 582,150 | ||||||
260,000 | Conagra Brands Inc. | 9,284,600 | ||||||
28,000 | Constellation Brands Inc., Cl. A | 5,306,280 | ||||||
25,000 | Crimson Wine Group Ltd.† | 123,750 | ||||||
187,500 | Danone SA | 12,139,323 | ||||||
940,000 | Davide Campari-Milano NV | 10,270,556 | ||||||
118,000 | Diageo plc, ADR | 16,243,880 | ||||||
42,383 | Farmer Brothers Co.† | 187,333 | ||||||
80,000 | Flowers Foods Inc. | 1,946,400 | ||||||
77,800 | Fomento Economico Mexicano SAB de CV, ADR | 4,371,582 | ||||||
35,000 | General Mills Inc. | 2,158,800 | ||||||
1,848,400 | Grupo Bimbo SAB de CV, Cl. A | 3,439,078 | ||||||
41,300 | Heineken NV | 3,674,296 | ||||||
10,500 | Ingredion Inc. | 794,640 | ||||||
105,000 | ITO EN Ltd. | 7,476,888 | ||||||
20,000 | Kellogg Co. | 1,291,800 | ||||||
61,500 | Kerry Group plc, Cl. A | 7,895,616 | ||||||
10,000 | Keurig Dr Pepper Inc. | 276,000 | ||||||
9,700 | LVMH Moet Hennessy Louis Vuitton SE | 4,542,308 | ||||||
20,000 | Maple Leaf Foods Inc. | 407,795 | ||||||
60,000 | Molson Coors Beverage Co., Cl. B | 2,013,600 | ||||||
240,000 | Mondelēz International Inc., Cl. A | 13,788,000 | ||||||
14,000 | Morinaga Milk Industry Co. Ltd. | 735,410 | ||||||
41,000 | Nestlé SA | 4,867,206 | ||||||
138,000 | PepsiCo Inc. | 19,126,800 | ||||||
39,200 | Pernod Ricard SA | 6,257,495 | ||||||
31,000 | Post Holdings Inc.† | 2,666,000 | ||||||
41,500 | Remy Cointreau SA | 7,580,753 | ||||||
79,600 | The Coca-Cola Co. | 3,929,852 | ||||||
67,500 | The Hain Celestial Group Inc.† | 2,315,250 | ||||||
22,000 | The J.M. Smucker Co. | 2,541,440 | ||||||
20,000 | The Kraft Heinz Co. | 599,000 | ||||||
141,110 | Tootsie Roll Industries Inc. | 4,360,299 | ||||||
48,000 | Tyson Foods Inc., Cl. A | 2,855,040 | ||||||
335,000 | Yakult Honsha Co. Ltd. | 18,581,994 | ||||||
|
| |||||||
204,162,002 | ||||||||
|
| |||||||
Financial Services — 10.3% | ||||||||
330,000 | American Express Co.(a) | 33,082,500 | ||||||
28,000 | Apollo Global Management Inc. | 1,253,000 | ||||||
16,000 | Argo Group International Holdings Ltd. | 550,880 | ||||||
72,585 | Banco Santander SA, ADR† | 134,282 | ||||||
90,000 | Bank of America Corp. | 2,168,100 | ||||||
111 | Berkshire Hathaway Inc., Cl. A† | 35,520,111 | ||||||
10,000 | Calamos Asset Management Inc., Escrow†(b) | 0 |
Shares | Market Value | |||||||
11,000 | CIT Group Inc. | $ | 194,810 | |||||
120,000 | Citigroup Inc. | 5,173,200 | ||||||
5,000 | Cullen/Frost Bankers Inc. | 319,750 | ||||||
30,000 | Deutsche Bank AG† | 252,000 | ||||||
30,000 | E*TRADE Financial Corp. | 1,501,500 | ||||||
36,000 | GAM Holding AG† | 69,573 | ||||||
12,000 | H&R Block Inc. | 195,480 | ||||||
12,500 | Hannon Armstrong Sustainable Infrastructure Capital Inc., REIT | 528,375 | ||||||
37,000 | Interactive Brokers Group Inc., Cl. A | 1,788,210 | ||||||
70,000 | Janus Henderson Group plc | 1,520,400 | ||||||
88,000 | Jefferies Financial Group Inc. | 1,584,000 | ||||||
46,400 | JPMorgan Chase & Co. | 4,466,928 | ||||||
5,000 | Julius Baer Group Ltd. | 213,181 | ||||||
29,800 | Kinnevik AB, Cl. A | 1,204,531 | ||||||
14,000 | Loews Corp. | 486,500 | ||||||
80,000 | Marsh & McLennan Companies Inc. | 9,176,000 | ||||||
9,000 | Moody’s Corp. | 2,608,650 | ||||||
40,000 | New York Community Bancorp Inc. | 330,800 | ||||||
24,000 | PayPal Holdings Inc.† | 4,728,720 | ||||||
20,000 | Pershing Square Tontine Holdings Ltd., Cl. A† | 453,800 | ||||||
7,500 | Prosus NV† | 692,043 | ||||||
57,200 | S&P Global Inc. | 20,626,320 | ||||||
4,000 | Sculptor Capital Management Inc. | 46,960 | ||||||
151,100 | State Street Corp. | 8,964,763 | ||||||
103,400 | T. Rowe Price Group Inc. | 13,257,948 | ||||||
202,500 | The Bank of New York Mellon Corp. | 6,953,850 | ||||||
35,000 | The Blackstone Group Inc., Cl. A | 1,827,000 | ||||||
77,000 | The Charles Schwab Corp. | 2,789,710 | ||||||
13,500 | The Goldman Sachs Group Inc. | 2,713,095 | ||||||
17,000 | The PNC Financial Services Group Inc. | 1,868,470 | ||||||
3,000 | TransUnion | 252,390 | ||||||
19,425 | Truist Financial Corp. | 739,121 | ||||||
15,500 | W. R. Berkley Corp. | 947,825 | ||||||
220,000 | Waddell & Reed Financial Inc., Cl. A | 3,267,000 | ||||||
222,000 | Wells Fargo & Co. | 5,219,220 | ||||||
|
| |||||||
179,670,996 | ||||||||
|
| |||||||
Equipment and Supplies — 7.0% | ||||||||
372,000 | AMETEK Inc. | 36,976,800 | ||||||
7,000 | Amphenol Corp., Cl. A | 757,890 | ||||||
4,000 | Ardagh Group SA | 56,200 | ||||||
90,000 | CIRCOR International Inc.† | 2,461,500 | ||||||
303,800 | Donaldson Co. Inc. | 14,102,396 | ||||||
220,000 | Flowserve Corp. | 6,003,800 | ||||||
37,400 | Franklin Electric Co. Inc. | 2,200,242 | ||||||
15,000 | Hubbell Inc. | 2,052,600 | ||||||
183,000 | IDEX Corp. | 33,381,030 | ||||||
100,000 | Mueller Industries Inc. | 2,706,000 | ||||||
272,900 | Mueller Water Products Inc., Cl. A | 2,835,431 | ||||||
8,000 | Sealed Air Corp. | 310,480 | ||||||
24,000 | Tenaris SA, ADR | 236,400 |
1
The Gabelli Equity Trust Inc.
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Equipment and Supplies (Continued) | ||||||||
270,000 | The L.S. Starrett Co., Cl. A† | $ | 796,500 | |||||
80,000 | The Timken Co. | 4,337,600 | ||||||
59,600 | The Weir Group plc | 963,238 | ||||||
121,000 | Watts Water Technologies Inc., Cl. A | 12,118,150 | ||||||
|
| |||||||
122,296,257 | ||||||||
|
| |||||||
Consumer Products — 5.9% | ||||||||
14,100 | Christian Dior SE | 5,779,461 | ||||||
27,000 | Church & Dwight Co. Inc. | 2,530,170 | ||||||
247,000 | Edgewell Personal Care Co.† | 6,886,360 | ||||||
190,000 | Energizer Holdings Inc. | 7,436,600 | ||||||
27,600 | Essity AB, Cl. B† | 933,164 | ||||||
2,100 | Givaudan SA | 9,051,626 | ||||||
85,000 | Hanesbrands Inc. | 1,338,750 | ||||||
23,800 | Harley-Davidson Inc. | 584,052 | ||||||
1,270 | Hermes International | 1,096,216 | ||||||
33,000 | Mattel Inc.† | 386,100 | ||||||
10,500 | National Presto Industries Inc. | 859,530 | ||||||
24,100 | Newell Brands Inc. | 413,556 | ||||||
10,000 | Oil-Dri Corp. of America | 357,700 | ||||||
46,800 | Reckitt Benckiser Group plc | 4,565,382 | ||||||
2,205 | Spectrum Brands Holdings Inc. | 126,038 | ||||||
27,600 | Svenska Cellulosa AB SCA, Cl. B† | 379,214 | ||||||
738,900 | Swedish Match AB | 60,459,467 | ||||||
|
| |||||||
103,183,386 | ||||||||
|
| |||||||
Consumer Services — 5.9% | ||||||||
15,000 | eBay Inc. | 781,500 | ||||||
53,000 | GCI Liberty Inc., Cl. A† | 4,343,880 | ||||||
43,000 | IAC/InterActiveCorp.† | 5,150,540 | ||||||
12,000 | Liberty TripAdvisor Holdings Inc., Cl. A† | 20,760 | ||||||
50,000 | Matthews International Corp., Cl. A | 1,118,000 | ||||||
343,000 | Qurate Retail Inc., Cl. A | 2,462,740 | ||||||
1,625,000 | Rollins Inc. | 88,058,750 | ||||||
4,000 | WW International Inc.† | 75,480 | ||||||
|
| |||||||
102,011,650 | ||||||||
|
| |||||||
Health Care — 5.4% | ||||||||
2,100 | ABIOMED Inc.† | 581,826 | ||||||
500 | ACADIA Pharmaceuticals Inc.† | 20,625 | ||||||
10,411 | Acorda Therapeutics Inc.† | 5,362 | ||||||
2,000 | Aerie Pharmaceuticals Inc.† | 23,540 | ||||||
16,200 | Alcon Inc.† | 922,590 | ||||||
4,000 | Alimera Sciences Inc.† | 19,440 | ||||||
2,000 | Alkermes plc† | 33,140 | ||||||
7,000 | AmerisourceBergen Corp. | 678,440 | ||||||
25,000 | Amgen Inc. | 6,354,000 | ||||||
1,000 | AngioDynamics Inc.† | 12,060 | ||||||
1,800 | Anika Therapeutics Inc.† | 63,702 | ||||||
10,901 | Aptinyx Inc.† | 36,845 | ||||||
44,992 | Axogen Inc.† | 523,257 |
Shares | Market Value | |||||||
2,596 | Axovant Gene Therapies Ltd.† | $ | 11,994 | |||||
13,000 | Baxter International Inc. | 1,045,460 | ||||||
1,000 | Becton, Dickinson and Co. | 232,680 | ||||||
7,000 | Biogen Inc.† | 1,985,760 | ||||||
1,000 | BioMarin Pharmaceutical Inc.† | 76,080 | ||||||
14,595 | BioTelemetry Inc.† | 665,240 | ||||||
170,000 | Boston Scientific Corp.† | 6,495,700 | ||||||
147,000 | Bristol Myers Squibb Co. | 8,862,630 | ||||||
2,000 | Cantel Medical Corp. | 87,880 | ||||||
13,000 | Cigna Corp. | 2,202,330 | ||||||
30,400 | Clovis Oncology Inc.† | 177,232 | ||||||
167,823 | ConforMIS Inc.† | 140,552 | ||||||
2,500 | Cortexyme Inc.† | 125,000 | ||||||
34,800 | Covetrus Inc.† | 849,120 | ||||||
17,900 | Cutera Inc.† | 339,563 | ||||||
6,000 | CytomX Therapeutics Inc.† | 39,900 | ||||||
244,000 | Demant A/S† | 7,665,948 | ||||||
1,500 | Editas Medicine Inc.† | 42,090 | ||||||
2,000 | ElectroCore Inc.† | 3,460 | ||||||
3,308 | Electromed Inc.† | 34,436 | ||||||
17,200 | Endo International plc† | 56,760 | ||||||
3,000 | Evolus Inc.† | 11,730 | ||||||
4,000 | Exact Sciences Corp.† | 407,800 | ||||||
2,000 | G1 Therapeutics Inc.† | 23,100 | ||||||
1,399 | GenMark Diagnostics Inc.† | 19,866 | ||||||
1,000 | Glaukos Corp.† | 49,520 | ||||||
4,000 | Globus Medical Inc., Cl. A† | 198,080 | ||||||
6,000 | Gritstone Oncology Inc.† | 15,900 | ||||||
61,000 | Henry Schein Inc.† | 3,585,580 | ||||||
4,796 | ICU Medical Inc.† | 876,517 | ||||||
6,000 | Incyte Corp.† | 538,440 | ||||||
46,800 | Indivior plc† | 70,655 | ||||||
8,900 | Inogen Inc.† | 258,100 | ||||||
2,000 | Intellia Therapeutics Inc.† | 39,760 | ||||||
8,000 | Intersect ENT Inc.† | 130,480 | ||||||
15,000 | IRIDEX Corp.† | 29,400 | ||||||
35,000 | Johnson & Johnson | 5,210,800 | ||||||
7,000 | Jounce Therapeutics Inc.† | 57,120 | ||||||
10,000 | La Jolla Pharmaceutical Co.† | 40,300 | ||||||
12,569 | Lannett Co. Inc.† | 76,797 | ||||||
1,833 | Larimar Therapeutics Inc.† | 27,807 | ||||||
500 | LivaNova plc† | 22,605 | ||||||
10,500 | Mallinckrodt plc† | 10,220 | ||||||
6,750 | Marinus Pharmaceuticals Inc.† | 86,738 | ||||||
95,200 | Merck & Co. Inc. | 7,896,840 | ||||||
4,500 | Meridian Bioscience Inc.† | 76,410 | ||||||
6,000 | Mylan NV† | 88,980 | ||||||
5,500 | Myriad Genetics Inc.† | 71,720 | ||||||
17,559 | Nabriva Therapeutics plc† | 9,359 | ||||||
6,000 | Nektar Therapeutics† | 99,540 | ||||||
55,845 | Neuronetics Inc.† | 271,407 | ||||||
83,000 | Novartis AG, ADR | 7,217,680 |
2
The Gabelli Equity Trust Inc.
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS (Continued) | ||||||||
Health Care (Continued) | ||||||||
6,900 | NuVasive Inc.† | $ | 335,133 | |||||
4,000 | Odonate Therapeutics Inc.† | 53,720 | ||||||
224,544 | Option Care Health Inc.† | 3,002,153 | ||||||
5,000 | Orthofix Medical Inc.† | 155,700 | ||||||
5,000 | Owens & Minor Inc. | 125,550 | ||||||
8,500 | Puma Biotechnology Inc.† | 85,765 | ||||||
1,000 | Quidel Corp.† | 219,380 | ||||||
1,432 | Retrophin Inc.† | 26,435 | ||||||
27,064 | ReWalk Robotics Ltd.† | 29,229 | ||||||
26,121 | Rockwell Medical Inc.† | 27,949 | ||||||
3,000 | Sangamo Therapeutics Inc.† | 28,350 | ||||||
956 | SeaSpine Holdings Corp.† | 13,671 | ||||||
55,701 | SmileDirectClub Inc.† | 650,588 | ||||||
1,000 | Smith & Nephew plc, ADR | 39,100 | ||||||
5,615 | Tactile Systems Technology Inc.† | 205,453 | ||||||
8,000 | Teva Pharmaceutical Industries Ltd., ADR† | 72,080 | ||||||
1,000 | United Therapeutics Corp.† | 101,000 | ||||||
45,000 | UnitedHealth Group Inc. | 14,029,650 | ||||||
11,996 | Valeritas Holdings Inc.†(b) | 240 | ||||||
16,842 | Vericel Corp.† | 312,082 | ||||||
4,000 | Waters Corp.† | 782,720 | ||||||
11,500 | Zimmer Biomet Holdings Inc. | 1,565,610 | ||||||
29,000 | Zoetis Inc. | 4,795,730 | ||||||
8,688 | Zomedica Pharmaceuticals Corp.† | 957 | ||||||
21,297 | Zosano Pharma Corp.† | 34,501 | ||||||
|
| |||||||
94,626,639 | ||||||||
|
| |||||||
Entertainment — 4.8% | ||||||||
20,658 | Charter Communications Inc., Cl. A† | 12,897,616 | ||||||
41,600 | Discovery Inc., Cl. A† | 905,632 | ||||||
295,800 | Discovery Inc., Cl. C† | 5,797,680 | ||||||
422,000 | Dover Motorsports Inc. | 595,020 | ||||||
90,000 | Genting Singapore Ltd. | 44,174 | ||||||
558,000 | Grupo Televisa SAB, ADR† | 3,448,440 | ||||||
21,500 | Liberty Media Corp.- | 448,920 | ||||||
90,708 | Liberty Media Corp.- | 1,905,775 | ||||||
28,545 | Lions Gate Entertainment Corp., Cl. B† | 248,912 | ||||||
3,000 | Live Nation Entertainment Inc.† | 161,640 | ||||||
98,367 | Madison Square Garden Entertainment Corp.† | 6,737,156 | ||||||
92,867 | Madison Square Garden Sports Corp.† | 13,974,626 | ||||||
8,000 | Take-Two Interactive Software Inc.† | 1,321,760 | ||||||
40,000 | TBS Holdings Inc. | 684,967 | ||||||
100,000 | The Walt Disney Co. | 12,408,000 | ||||||
60,000 | Universal Entertainment Corp.† | 1,092,874 | ||||||
438,081 | ViacomCBS Inc., Cl. A | 13,269,473 | ||||||
30,000 | ViacomCBS Inc., Cl. B | 840,300 | ||||||
240,000 | Vivendi SA | 6,697,072 | ||||||
|
| |||||||
83,480,037 | ||||||||
|
|
Shares | Market | |||||||
Diversified Industrial — 4.7% | ||||||||
254,906 | Ampco-Pittsburgh Corp.† | $ | 889,621 | |||||
37,306 | AZZ Inc. | 1,272,881 | ||||||
50,000 | Colfax Corp.† | 1,568,000 | ||||||
150,100 | Crane Co. | 7,524,513 | ||||||
220,000 | General Electric Co. | 1,370,600 | ||||||
127,000 | Greif Inc., Cl. A | 4,598,670 | ||||||
12,000 | Greif Inc., Cl. B | 473,760 | ||||||
68,000 | Griffon Corp. | 1,328,720 | ||||||
197,000 | Honeywell International Inc. | 32,428,170 | ||||||
29,119 | Ingersoll Rand Inc.† | 1,036,636 | ||||||
3,500 | IntriCon Corp.† | 42,630 | ||||||
90,000 | ITT Inc. | 5,314,500 | ||||||
11,000 | Jardine Strategic Holdings Ltd. | 217,910 | ||||||
35,000 | Kennametal Inc. | 1,012,900 | ||||||
50,000 | Myers Industries Inc. | 661,500 | ||||||
30,000 | nVent Electric plc | 530,700 | ||||||
85,000 | Park-Ohio Holdings Corp. | 1,365,950 | ||||||
30,000 | Rexnord Corp. | 895,200 | ||||||
500 | Roper Technologies Inc. | 197,555 | ||||||
96,700 | ServiceMaster Global Holdings Inc.† | 3,856,396 | ||||||
515,000 | Steel Partners Holdings LP† | 3,179,559 | ||||||
12,000 | Sulzer AG | 964,768 | ||||||
87,600 | Textron Inc. | 3,161,484 | ||||||
100,000 | Toray Industries Inc. | 454,464 | ||||||
43,000 | Trane Technologies plc | 5,213,750 | ||||||
12,000 | Tredegar Corp. | 178,440 | ||||||
90,000 | Trinity Industries Inc. | 1,755,000 | ||||||
|
| |||||||
81,494,277 | ||||||||
|
| |||||||
Business Services — 4.6% | ||||||||
11,000 | Allegion plc | 1,088,010 | ||||||
500,035 | Clear Channel Outdoor Holdings Inc.† | 500,035 | ||||||
200,000 | Diebold Nixdorf Inc.† | 1,528,000 | ||||||
3,000 | Edenred | 135,067 | ||||||
160,000 | G4S plc† | 413,533 | ||||||
16,000 | Jardine Matheson Holdings Ltd. | 634,880 | ||||||
55,000 | KAR Auction Services Inc. | 792,000 | ||||||
192,102 | Macquarie Infrastructure Corp. | 5,165,623 | ||||||
171,500 | Mastercard Inc., Cl. A | 57,996,155 | ||||||
185,000 | Resideo Technologies Inc.† | 2,035,000 | ||||||
1,337,900 | Steel Connect Inc.† | 725,677 | ||||||
220,000 | The Interpublic Group of Companies Inc. | 3,667,400 | ||||||
10,000 | United Parcel Service Inc., Cl. B | 1,666,300 | ||||||
10,000 | Vectrus Inc.† | 380,000 | ||||||
12,800 | Visa Inc., Cl. A | 2,559,616 | ||||||
|
| |||||||
79,287,296 | ||||||||
|
| |||||||
Automotive: Parts and Accessories — 3.4% | ||||||||
15,000 | Aptiv plc | 1,375,200 | ||||||
89,600 | BorgWarner Inc. | 3,471,104 | ||||||
274,900 | Dana Inc. | 3,386,768 | ||||||
26,000 | Garrett Motion Inc.† | 89,700 |
3
The Gabelli Equity Trust Inc.
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS (Continued) | ||||||||
Automotive: Parts and Accessories (Continued) | ||||||||
230,500 | Genuine Parts Co. | $ | 21,936,685 | |||||
285,000 | Modine Manufacturing Co.† | 1,781,250 | ||||||
47,000 | O’Reilly Automotive Inc.† | 21,670,760 | ||||||
105,000 | Standard Motor Products Inc. | 4,688,250 | ||||||
132,000 | Superior Industries International Inc.† | 165,000 | ||||||
|
| |||||||
58,564,717 | ||||||||
|
| |||||||
Machinery — 3.3% | ||||||||
25,000 | Astec Industries Inc. | 1,356,250 | ||||||
12,800 | Caterpillar Inc. | 1,909,120 | ||||||
285,010 | CNH Industrial NV† | 2,228,778 | ||||||
158,000 | Deere & Co.(a) | 35,017,540 | ||||||
208,000 | Xylem Inc. | 17,496,960 | ||||||
|
| |||||||
58,008,648 | ||||||||
|
| |||||||
Cable and Satellite — 2.9% | ||||||||
60,000 | Altice USA Inc., Cl. A† | 1,560,000 | ||||||
205,900 | AMC Networks Inc., Cl. A† | 5,087,789 | ||||||
200 | Cable One Inc. | 377,086 | ||||||
219,000 | Comcast Corp., Cl. A | 10,130,940 | ||||||
127,642 | DISH Network Corp., Cl. A† | 3,705,447 | ||||||
52,933 | EchoStar Corp., Cl. A† | 1,317,502 | ||||||
145,605 | Liberty Global plc, Cl. A† | 3,059,161 | ||||||
259,064 | Liberty Global plc, Cl. C† | 5,319,879 | ||||||
21,712 | Liberty Latin America Ltd., Cl. A† | 179,124 | ||||||
51,662 | Liberty Latin America Ltd., Cl. C† | 420,529 | ||||||
4,000 | Naspers Ltd., Cl. N | 706,866 | ||||||
384,800 | Rogers Communications Inc., Cl. B | 15,257,320 | ||||||
160,000 | Shaw Communications Inc., Cl. B | 2,920,000 | ||||||
|
| |||||||
50,041,643 | ||||||||
|
| |||||||
Electronics — 2.4% | ||||||||
41,591 | Bel Fuse Inc., Cl. A | 463,740 | ||||||
4,000 | Hitachi Ltd., ADR | 271,280 | ||||||
50,000 | Intel Corp. | 2,589,000 | ||||||
33,000 | Koninklijke Philips NV† | 1,555,950 | ||||||
2,400 | Mettler-Toledo International Inc.† | 2,317,800 | ||||||
25,000 | Sony Corp., ADR | 1,918,750 | ||||||
40,000 | TE Connectivity Ltd. | 3,909,600 | ||||||
205,000 | Texas Instruments Inc. | 29,271,950 | ||||||
|
| |||||||
42,298,070 | ||||||||
|
| |||||||
Energy and Utilities — 2.3% | ||||||||
33,000 | Apache Corp. | 312,510 | ||||||
71,000 | Avangrid Inc. | 3,582,660 | ||||||
60,000 | Baker Hughes Co. | 797,400 | ||||||
42,000 | BP plc, ADR | 733,320 | ||||||
16,000 | CMS Energy Corp. | 982,560 | ||||||
172,000 | ConocoPhillips | 5,648,480 | ||||||
98,400 | Enbridge Inc. | 2,873,280 | ||||||
55,000 | Energy Transfer LP | 298,100 | ||||||
20,000 | Evergy Inc. | 1,016,400 |
Shares | Market | |||||||
22,000 | Eversource Energy | $ | 1,838,100 | |||||
46,000 | Exxon Mobil Corp. | 1,579,180 | ||||||
320,000 | Halliburton Co. | 3,856,000 | ||||||
4,000 | Marathon Oil Corp. | 16,360 | ||||||
8,000 | Marathon Petroleum Corp. | 234,720 | ||||||
52,000 | National Fuel Gas Co. | 2,110,680 | ||||||
12,000 | NextEra Energy Inc. | 3,330,720 | ||||||
61,000 | NextEra Energy Partners LP | 3,657,560 | ||||||
1,000 | Niko Resources Ltd., OTC† | 1 | ||||||
3,000 | Niko Resources Ltd., Toronto†(b) | 3 | ||||||
20,034 | Occidental Petroleum Corp. | 200,540 | ||||||
30,000 | Oceaneering International Inc.† | 105,600 | ||||||
95,000 | PG&E Corp.† | 892,050 | ||||||
40,000 | Phillips 66 | 2,073,600 | ||||||
7,500 | PNM Resources Inc. | 309,975 | ||||||
75,180 | RPC Inc.† | 198,475 | ||||||
60,000 | Schlumberger NV | 933,600 | ||||||
20,000 | Southwest Gas Holdings Inc. | 1,262,000 | ||||||
110,000 | The AES Corp. | 1,992,100 | ||||||
|
| |||||||
40,835,974 | ||||||||
|
| |||||||
Environmental Services — 2.3% | ||||||||
10,000 | GFL Environmental Inc. | 212,600 | ||||||
30,000 | Pentair plc | 1,373,100 | ||||||
233,000 | Republic Services Inc. | 21,750,550 | ||||||
140,600 | Waste Management Inc. | 15,911,702 | ||||||
|
| |||||||
39,247,952 | ||||||||
|
| |||||||
Retail — 2.2% | ||||||||
60,000 | AutoNation Inc.† | 3,175,800 | ||||||
5,000 | Casey’s General Stores Inc. | 888,250 | ||||||
37,400 | Costco Wholesale Corp. | 13,277,000 | ||||||
91,488 | CVS Health Corp. | 5,342,899 | ||||||
9,000 | Hertz Global Holdings Inc.† | 9,990 | ||||||
35,000 | Lowe’s Companies Inc. | 5,805,100 | ||||||
148,000 | Macy’s Inc. | 843,600 | ||||||
16,000 | Movado Group Inc. | 159,040 | ||||||
33,508 | PetIQ Inc.† | 1,103,083 | ||||||
1,279 | PetMed Express Inc. | 40,442 | ||||||
30,600 | Sally Beauty Holdings Inc.† | 265,914 | ||||||
18,300 | Shake Shack Inc., Cl. A† | 1,179,984 | ||||||
10,000 | The Cheesecake Factory Inc. | 277,400 | ||||||
5,000 | Vroom Inc.† | 258,900 | ||||||
54,000 | Walgreens Boots Alliance Inc. | 1,939,680 | ||||||
30,000 | Walmart Inc. | 4,197,300 | ||||||
|
| |||||||
38,764,382 | ||||||||
|
| |||||||
Broadcasting — 2.1% | ||||||||
2,000 | Cogeco Inc. | 132,252 | ||||||
24,000 | Corus Entertainment Inc., OTC, Cl. B | 52,320 | ||||||
90,000 | Entercom Communications Corp., Cl. A | 144,900 | ||||||
159,400 | Fox Corp., Cl. A | 4,436,102 | ||||||
102,333 | Fox Corp., Cl. B | 2,862,254 |
4
The Gabelli Equity Trust Inc.
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS (Continued) | ||||||||
Broadcasting (Continued) | ||||||||
16,000 | Gray Television Inc.† | $ | 220,320 | |||||
19,250 | Liberty Broadband Corp., Cl. A† | 2,729,843 | ||||||
62,192 | Liberty Broadband Corp., Cl. C† | 8,885,371 | ||||||
62,651 | Liberty Media Corp.- | 2,099,435 | ||||||
48,250 | Liberty Media Corp.- | 1,750,028 | ||||||
75,000 | Liberty Media Corp.- | 2,487,750 | ||||||
188,604 | Liberty Media Corp.- | 6,239,020 | ||||||
267,600 | MSG Networks Inc., Cl. A† | 2,560,932 | ||||||
19,000 | Nexstar Media Group Inc., Cl. A | 1,708,670 | ||||||
10,000 | Sinclair Broadcast Group Inc., Cl. A | 192,300 | ||||||
60,000 | TEGNA Inc. | 705,000 | ||||||
80,000 | Television Broadcasts Ltd. | 69,574 | ||||||
|
| |||||||
37,276,071 | ||||||||
|
| |||||||
Specialty Chemicals — 2.1% | ||||||||
11,000 | AdvanSix Inc.† | 141,680 | ||||||
4,000 | Air Products and Chemicals Inc. | 1,191,440 | ||||||
8,000 | Ashland Global Holdings Inc. | 567,360 | ||||||
190,000 | DuPont de Nemours Inc. | 10,541,200 | ||||||
458,500 | Ferro Corp.† | 5,685,400 | ||||||
10,000 | FMC Corp. | 1,059,100 | ||||||
116,000 | GCP Applied Technologies Inc.† | 2,430,200 | ||||||
15,000 | H.B. Fuller Co. | 686,700 | ||||||
54,000 | International Flavors & Fragrances Inc. | 6,612,300 | ||||||
134,900 | Sensient Technologies Corp. | 7,789,126 | ||||||
13,000 | SGL Carbon SE† | 48,012 | ||||||
2,000 | The Chemours Co. | 41,820 | ||||||
|
| |||||||
36,794,338 | ||||||||
|
| |||||||
Telecommunications — 2.0% | ||||||||
64,000 | AT&T Inc. | 1,824,640 | ||||||
55,400 | BCE Inc. | 2,297,438 | ||||||
914,200 | BT Group plc, Cl. A | 1,160,533 | ||||||
7,040,836 | Cable & Wireless Jamaica Ltd.†(b) | 57,649 | ||||||
37,000 | Cincinnati Bell Inc.† | 555,000 | ||||||
21,000 | Deutsche Telekom AG | 351,843 | ||||||
125,000 | Deutsche Telekom AG, ADR | 2,106,250 | ||||||
36,000 | Hellenic Telecommunications Organization SA | 519,586 | ||||||
15,000 | Hellenic Telecommunications Organization SA, ADR | 109,494 | ||||||
264,732 | Koninklijke KPN NV | 622,946 | ||||||
76,000 | Loral Space & Communications Inc. | 1,390,800 | ||||||
1,100,000 | NII Holdings Inc., Escrow† | 2,387,000 | ||||||
16,000 | Oi SA, ADR† | 6,160 | ||||||
4,267 | Oi SA, Cl. C, ADR† | 6,187 | ||||||
21,000 | Telecom Argentina SA, ADR | 137,340 | ||||||
535,000 | Telecom Italia SpA | 214,524 |
Shares | Market | |||||||
70,000 | Telefonica Brasil SA, ADR | $ | 536,900 | |||||
560,739 | Telefonica SA, ADR | 1,928,942 | ||||||
530,000 | Telephone and Data Systems Inc. | 9,773,200 | ||||||
105,000 | Telesites SAB de CV† | 94,878 | ||||||
50,000 | TELUS Corp. | 879,802 | ||||||
129,000 | Verizon Communications Inc. | 7,674,210 | ||||||
24,000 | Vodafone Group plc, ADR | 322,080 | ||||||
|
| |||||||
34,957,402 | ||||||||
|
| |||||||
Aerospace and Defense — 1.8% | ||||||||
286,800 | Aerojet Rocketdyne Holdings Inc.† | 11,440,452 | ||||||
14,000 | Howmet Aerospace Inc. | 234,080 | ||||||
30,800 | Kaman Corp. | 1,200,276 | ||||||
1,000 | Kratos Defense & Security Solutions Inc.† | 19,280 | ||||||
13,000 | L3Harris Technologies Inc. | 2,207,920 | ||||||
17,500 | Northrop Grumman Corp. | 5,521,075 | ||||||
12,000 | Raytheon Technologies Corp. | 690,480 | ||||||
1,099,000 | Rolls-Royce Holdings plc | 1,843,531 | ||||||
50,000 | The Boeing Co. | 8,263,000 | ||||||
|
| |||||||
31,420,094 | ||||||||
|
| |||||||
Building and Construction — 1.7% | ||||||||
27,000 | Arcosa Inc. | 1,190,430 | ||||||
18,000 | Assa Abloy AB, Cl. B | 422,271 | ||||||
73,000 | Fortune Brands Home & Security Inc. | 6,315,960 | ||||||
193,123 | Herc Holdings Inc.† | 7,649,602 | ||||||
267,528 | Johnson Controls International plc | 10,928,519 | ||||||
20,000 | PGT Innovations Inc.† | 350,400 | ||||||
12,000 | Sika AG | 2,948,374 | ||||||
|
| |||||||
29,805,556 | ||||||||
|
| |||||||
Computer Software and Services — 1.5% | ||||||||
6,350 | Alphabet Inc., Cl. C† | 9,331,960 | ||||||
5,400 | Check Point Software Technologies Ltd.† | 649,836 | ||||||
11,000 | Facebook Inc., Cl. A† | 2,880,900 | ||||||
12,120 | Fiserv Inc.† | 1,248,966 | ||||||
55,000 | GTY Technology Holdings Inc.† | 145,750 | ||||||
200,000 | Hewlett Packard Enterprise Co. | 1,874,000 | ||||||
40,000 | Match Group Inc.† | 4,426,000 | ||||||
19,000 | Rockwell Automation Inc. | 4,192,920 | ||||||
35,000 | SVMK Inc.† | 773,850 | ||||||
|
| |||||||
25,524,182 | ||||||||
|
| |||||||
Hotels and Gaming — 1.3% | ||||||||
16,000 | Accor SA† | 450,223 | ||||||
41,557 | GVC Holdings plc† | 522,291 | ||||||
8,000 | Hyatt Hotels Corp., Cl. A | 426,960 | ||||||
18,000 | Las Vegas Sands Corp. | 839,880 | ||||||
4,458,500 | Mandarin Oriental International Ltd.† | 8,025,300 | ||||||
13,500 | Marriott International Inc., Cl. A | 1,249,830 | ||||||
70,000 | MGM China Holdings Ltd. | 86,799 | ||||||
56,900 | MGM Growth Properties LLC, Cl. A, REIT | 1,592,062 |
5
The Gabelli Equity Trust Inc.
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS (Continued) | ||||||||
Hotels and Gaming (Continued) | ||||||||
89,000 | MGM Resorts International | $ | 1,935,750 | |||||
7,560 | Penn National Gaming Inc.† | 549,612 | ||||||
127,800 | Ryman Hospitality Properties Inc., REIT | 4,703,040 | ||||||
200,000 | The Hongkong & Shanghai Hotels Ltd. | 155,354 | ||||||
450,000 | William Hill plc | 1,614,235 | ||||||
4,000 | Wyndham Destinations Inc. | 123,040 | ||||||
4,000 | Wyndham Hotels & Resorts Inc. | 202,000 | ||||||
6,000 | Wynn Resorts Ltd. | 430,860 | ||||||
|
| |||||||
22,907,236 | ||||||||
|
| |||||||
Aviation: Parts and Services — 1.2% | ||||||||
194,000 | Curtiss-Wright Corp. | 18,092,440 | ||||||
997,242 | Signature Aviation plc | 3,074,158 | ||||||
|
| |||||||
21,166,598 | ||||||||
|
| |||||||
Automotive — 1.0% | ||||||||
20,000 | Fiat Chrysler Automobiles NV† | 244,400 | ||||||
64,000 | General Motors Co. | 1,893,760 | ||||||
216,500 | Navistar International Corp.† | 9,426,410 | ||||||
70,000 | PACCAR Inc. | 5,969,600 | ||||||
8,000 | The Shyft Group Inc. | 151,040 | ||||||
|
| |||||||
17,685,210 | ||||||||
|
| |||||||
Metals and Mining — 0.9% | ||||||||
37,400 | Agnico Eagle Mines Ltd. | 2,977,414 | ||||||
50,000 | Barrick Gold Corp. | 1,405,500 | ||||||
30,000 | Cleveland-Cliffs Inc. | 192,600 | ||||||
95,000 | Freeport-McMoRan Inc. | 1,485,800 | ||||||
20,053 | Livent Corp.† | 179,875 | ||||||
4,300 | Materion Corp. | 223,729 | ||||||
50,000 | New Hope Corp. Ltd. | 46,019 | ||||||
143,600 | Newmont Corp. | 9,111,420 | ||||||
120,000 | TimkenSteel Corp.† | 426,000 | ||||||
100,000 | Turquoise Hill Resources Ltd.† | 84,340 | ||||||
10,000 | Vale SA, ADR | 105,800 | ||||||
|
| |||||||
16,238,497 | ||||||||
|
| |||||||
Wireless Communications — 0.7% | ||||||||
105,000 | America Movil SAB de CV, Cl. L, ADR | 1,311,450 | ||||||
77,000 | Millicom International Cellular SA, SDR | 2,343,742 | ||||||
75,000 | NTT DOCOMO Inc. | 2,762,765 | ||||||
46,075 | TIM Participacoes SA, ADR | 531,245 | ||||||
24,507 | T-Mobile US Inc.† | 2,802,621 | ||||||
104,600 | United States Cellular Corp.† | 3,088,838 | ||||||
|
| |||||||
12,840,661 | ||||||||
|
| |||||||
Real Estate — 0.7% | ||||||||
8,000 | Bresler & Reiner Inc.† | 188 | ||||||
10,160 | Gaming and Leisure Properties Inc., REIT | 375,209 | ||||||
56,000 | Griffin Industrial Realty Inc. | 2,993,200 | ||||||
29,000 | Rayonier Inc., REIT | 766,760 | ||||||
325,803 | The St. Joe Co.† | 6,721,316 |
Shares | Market | |||||||
15,000 | Weyerhaeuser Co., REIT | $ | 427,800 | |||||
|
| |||||||
11,284,473 | ||||||||
|
| |||||||
Agriculture — 0.5% | ||||||||
196,000 | Archer-Daniels-Midland Co. | 9,112,040 | ||||||
10,000 | The Mosaic Co. | 182,700 | ||||||
|
| |||||||
9,294,740 | ||||||||
|
| |||||||
Communications Equipment — 0.5% | ||||||||
7,000 | Apple Inc. | 810,670 | ||||||
240,000 | Corning Inc. | 7,778,400 | ||||||
|
| |||||||
8,589,070 | ||||||||
|
| |||||||
Transportation — 0.5% | ||||||||
131,200 | GATX Corp. | 8,364,000 | ||||||
|
| |||||||
Publishing — 0.3% | ||||||||
1,300 | Graham Holdings Co., Cl. B | 525,343 | ||||||
102,000 | Meredith Corp. | 1,338,240 | ||||||
105,000 | News Corp., Cl. A | 1,472,100 | ||||||
90,600 | News Corp., Cl. B | 1,266,588 | ||||||
70,000 | The E.W. Scripps Co., Cl. A | 800,800 | ||||||
|
| |||||||
5,403,071 | ||||||||
|
| |||||||
Manufactured Housing and Recreational Vehicles — 0.2% |
| |||||||
5,000 | Martin Marietta Materials Inc. | 1,176,800 | ||||||
31,000 | Nobility Homes Inc. | 713,000 | ||||||
42,000 | Skyline Champion Corp.† | 1,124,340 | ||||||
|
| |||||||
3,014,140 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,710,539,265 | |||||||
|
| |||||||
CLOSED-END FUNDS — 0.6% | ||||||||
245,000 | Altaba Inc., Escrow† | 5,549,250 | ||||||
4,285 | Royce Global Value Trust Inc. | 52,620 | ||||||
45,000 | Royce Value Trust Inc. | 568,800 | ||||||
96,964 | The Central Europe, Russia, and Turkey Fund Inc. | 1,904,373 | ||||||
159,600 | The New Germany Fund Inc. | 2,694,048 | ||||||
|
| |||||||
TOTAL CLOSED-END FUNDS | 10,769,091 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.1% | ||||||||
Consumer Services — 0.1% | ||||||||
16,790 | Qurate Retail Inc., | 1,653,815 | ||||||
|
|
6
The Gabelli Equity Trust Inc.
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
��
Shares | Market | |||||||
CONVERTIBLE PREFERRED STOCKS — 0.1% | ||||||||
Telecommunications — 0.1% | ||||||||
21,000 | Cincinnati Bell Inc., | $ | 1,018,500 | |||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Entertainment — 0.0% | ||||||||
139,123 | Media General Inc., CVR†(b) | 0 | ||||||
|
| |||||||
Health Care — 0.0% | ||||||||
1,500 | Bristol Myers Squibb Co., CVR† | 3,375 | ||||||
|
| |||||||
TOTAL RIGHTS | 3,375 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Diversified Industrial — 0.0% | ||||||||
179,000 | Ampco-Pittsburgh Corp., expire 08/01/25† | 66,230 | ||||||
|
| |||||||
Energy and Utilities — 0.0% | ||||||||
2,504 | Occidental Petroleum Corp., expire 08/03/27† | 7,512 | ||||||
|
| |||||||
Financial Services — 0.0% | ||||||||
2,222 | Pershing Square Tontine Holdings Ltd., expire 07/24/21† | 15,932 | ||||||
|
| |||||||
TOTAL WARRANTS | 89,674 | |||||||
|
|
Principal Amount | Market | |||||||
U.S. GOVERNMENT OBLIGATIONS — 1.1% | ||||||||
$19,870,000 | U.S. Treasury Bills, | $ | 19,865,699 | |||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | $ | 1,743,939,419 | ||||||
|
|
(a) | Securities, or a portion thereof, with a value of $51,078,200 were pledged as collateral for futures contracts. | |||
(b) | 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 | |||
CVR | Contingent Value Right | |||
REIT | Real Estate Investment Trust | |||
SDR | Swedish Depositary Receipt |
Geographic Diversification | % of Total Investments | Market | ||||
North America | 82.8% | $ | 1,444,102,706 | |||
Europe | 13.8 | 241,211,442 | ||||
Japan | 2.0 | 34,040,805 | ||||
Latin America | 0.8 | 14,684,389 | ||||
Asia/Pacific | 0.5 | 9,193,211 | ||||
South Africa | 0.1 | 706,866 | ||||
|
|
| ||||
Total Investments | 100.0% | $ | 1,743,939,419 | |||
|
|
|
As of September 30, 2020, futures contracts outstanding were as follows:
Description | Long/Short | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation | ||||||||||||||||
S&P 500 Futures (E-Mini) | Short | 130 | 12/18/20 | $ | 21,788,000 | $ | 884,000 | $ | 884,000 | |||||||||||||
|
| |||||||||||||||||||||
TOTAL FUTURES | $ | 884,000 | ||||||||||||||||||||
|
|
7