GABELLI EQUITY TRUST INC — Director's Dealing 2007

Mar 1, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GABELLI EQUITY TRUST INC (GAB)
CIK: 0000794685
Period of Report: 2007-02-27

Reporting Person: GABELLI MARIO J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-27	Common Stock, Par Value $0.001	S	9100	$10.05	Disposed	851935	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, Par Value $0.001	985321	Direct

Footnotes

F1: Mr. Gabelli has less than a 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.