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: GABELLI MARIO J (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-10-26	Common Stock	P	112246	$7	Acquired	897963.2733	Direct
2005-10-26	Common Stock	P	4670	$7	Acquired	37358	Indirect
2005-10-26	Common Stock	P	90738	$7	Acquired	725898	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-10-26	Common Stock Purchase Rights	$7	X	785722	Disposed	2005-10-26	Common Stock (112246)	Direct
2005-10-26	Common Stock Purchase Rights	$7	X	32690	Disposed	2005-10-26	Common Stock (4670)	Indirect
2005-10-26	Common Stock Purchase Rights	$7	X	635162	Disposed	2005-10-26	Common Stock (90738)	Indirect

Footnotes

F1: Mr. Gabelli has less than 100% interest in this entity. The securities reported reflect the total amount of securities beneficially owned by this entity, which is greater than Mr. Gabelli's indirect pecuniary interest. Mr. Gabelli hereby disclaims beneficial ownership of the shares by this entity which are in excess of his indirect pecuniary interest.

F2: The reporting person acquired 785,722 common stock purchase rights as a result of a result of a pro rata distribution of such rights on September 21, 2005.

F3: The family partnership of the reporting person acquired 32,690 common stock purchase rights as a result of a pro rata distribution of such rights on September 21, 2005.

F4: GGCP Inc., acquired 635,162 common stock purchase rights as a result of a pro rata distribution of such rights on September 21, 2005.