GABELLI EQUITY TRUST INC — Director's Dealing 2005

Nov 4, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GABELLI EQUITY TRUST INC (GAB)
CIK: 0000794685
Period of Report: 2005-11-02

Reporting Person: GABELLI MARIO J (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-02	Common Stock	P	50000	$7	Acquired	947963.2733	Direct
2005-11-02	Common Stock	P	116751	$7	Acquired	842649	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	37358	Indirect

Footnotes

F1: Represents shares received in the oversubscription in connection with the Issuer's rights offering.

F2: Mr. Gabelli has less that 100% interest in this entity. The securities reported reflect the total amount of securities beneficially owned by this entity, which is greater that Mr. Gabelli's indirect pecuniary interest. Mr. Gabelli hereby disclaims beneficial ownership of the shares by this entity which are in excess of his indriect pecuniary interest.