GABELLI EQUITY TRUST INC — Director's Dealing 2011

May 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GABELLI EQUITY TRUST INC (GAB)
CIK: 0000794685
Period of Report: 2011-03-30

Reporting Person: BANK OF AMERICA CORP /DE/ (10% Owner)
Reporting Person: MERRILL LYNCH, PIERCE, FENNER & SMITH INC. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-30	Common Stock	P	1841	$6.17	Acquired	1841	Indirect
2011-03-30	Common Stock	S	1841	$6.12	Disposed	0	Indirect