GABELLI EQUITY TRUST INC — Director's Dealing 2005

Oct 28, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GABELLI EQUITY TRUST INC (GAB)
CIK: 0000794685
Period of Report: 2005-10-26

Reporting Person: CONN JAMES P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-10-26	Common Stock	P	4371	$7	Acquired	35615.134	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-10-26	Common Stock Purchase Rights	$7	X	30597	Disposed	2005-10-26	Common Stock (4371)	Direct

Footnotes

F1: The reporting person acquired 30,597 common stock purchase rights as a result of a pro rata distribution of such rights on September 21, 2005