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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950123-06-006840.txt : 20060523
<SEC-HEADER>0000950123-06-006840.hdr.sgml : 20060523
<ACCEPTANCE-DATETIME>20060523165751
ACCESSION NUMBER:		0000950123-06-006840
CONFORMED SUBMISSION TYPE:	N-23C-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060626
FILED AS OF DATE:		20060523
DATE AS OF CHANGE:		20060523
EFFECTIVENESS DATE:		20060523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI EQUITY TRUST INC
		CENTRAL INDEX KEY:			0000794685
		IRS NUMBER:				222736509
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-23C-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	817-00171
		FILM NUMBER:		06861957

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-23C-2
<SEQUENCE>1
<FILENAME>y21678nv23cv2.htm
<DESCRIPTION>NOTICE OF INTENTION
<TEXT>
<HTML>
<HEAD>
<TITLE>NOTICE OF INTENTION</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt">SECURITIES AND EXCHANGE COMMISSION
</DIV>

<DIV align="center" style="font-size: 12pt">WASHINGTON, DC 20549
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt">RULE 23C-2 NOTICE OF INTENTION<BR>
TO REDEEM SECURITIES
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt">OF
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt">THE GABELLI EQUITY TRUST INC.
</DIV>

<DIV align="center" style="font-size: 12pt">One Corporate Center<br>
Rye, New York 10580-1422<br>
(914)&nbsp;921-5070</DIV>



<DIV align="center" style="font-size: 12pt; margin-top: 12pt">under the
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt">Investment Company Act of 1940
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt">Investment Company Act File No.&nbsp;811-4700
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title of the class of securities of The Gabelli Equity Trust Inc. (the &#147;Fund&#148;) to be redeemed:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20% Tax Advantaged Series&nbsp;B Cumulative Preferred Stock, par value of $.001 per share,
liquidation preference of $25.00 per share (the &#147;Series&nbsp;B Preferred Stock&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The date on which the securities are to be called or redeemed:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June&nbsp;26, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable provisions of the governing instrument pursuant to which the securities are to
be called or redeemed:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of Series&nbsp;B Preferred Stock are to be redeemed pursuant to Article&nbsp;II, Sections
3(b) and 3(c) of the Fund&#146;s Articles Supplementary creating and fixing the rights of the Series&nbsp;B
Preferred Stock, the form of which was filed with the Securities and Exchange Commission on June
11, 2001 as Exhibit (a)3 to the Fund&#146;s Registration Statement on Form N-2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal amount or number of shares and the basis upon which the securities to be redeemed
are to be selected:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to redeem 25% (1,650,000 shares) of its outstanding shares of Series&nbsp;B
Preferred Stock. The redemption will be made pro rata, subject to rounding to the nearest whole
share, from each Preferred Shareholder in accordance with the respective number of shares held by
each Preferred Shareholder on the redemption date of June&nbsp;26, 2006.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SIGNATURE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirement of Rule&nbsp;23c-2 of the Investment Company Act of 1940, the Fund has
duly caused this Notice of Intention to Redeem Securities to be signed on its behalf by the
undersigned, duly authorized in the State of Maryland, on this 23<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> day of May&nbsp;2006.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE GABELLI EQUITY TRUST INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Bruce N. Alpert</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Bruce N. Alpert&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>One Corporate Center<br>
Rye, NY 10580-1422<br>
Tel. (914)&nbsp;921-5070<br>
Fax (914)&nbsp;921-5118<br></B>
<I>www.gabelli.com</I><B><br></B>
<I>info@gabelli.com</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 14pt">The Gabelli Equity Trust Inc.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">THE GABELLI EQUITY TRUST INC.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">NOTICE OF REDEMPTION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">7.20% TAX ADVANTAGED SERIES B CUMULATIVE PREFERRED STOCK
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CUSIP # 362397408
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This notice hereby states that The Gabelli Equity Trust Inc. (the &#147;Fund&#148;) will redeem 25%
(1,650,000 shares) of its then outstanding shares of 7.20% Tax Advantaged Series&nbsp;B Cumulative
Preferred Stock, par value $.001 per share (the &#147;Series&nbsp;B Preferred Stock&#148;), on Monday, June&nbsp;26,
2006 (the &#147;Redemption Date&#148;). The Series&nbsp;B Preferred Stock will be redeemed pursuant to and in
accordance with Article&nbsp;II, Sections 3(b) and 3(c) of the Fund&#146;s Articles Supplementary for its
Series&nbsp;B Preferred Stock. All of such shares are to be redeemed from CUSIP # 362397408.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of the Series&nbsp;B Preferred Stock (the &#147;Preferred Shareholders&#148;) will receive
$25.00 per share (the &#147;Redemption Price&#148;) for each share of Series&nbsp;B Preferred Stock redeemed,
which is equal to the liquidation preference of the Series&nbsp;B Preferred Stock. Preferred
Shareholders of record on June&nbsp;19, 2006 will also receive the quarterly dividend of $0.45 per share
of Series&nbsp;B Preferred Stock on the payable date of June&nbsp;26, 2006. Since the Redemption Date and
the payable date for the quarterly dividend are both June&nbsp;26, 2006, no accumulated but unpaid
dividends will be included as a component of the Redemption Price. Dividends on the Series&nbsp;B
Preferred Stock to be redeemed will cease to accrue on the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The redemption will be made pro rata from each Preferred Shareholder in accordance with the
respective number of shares held by each Preferred Shareholder on the Redemption Date. If the
calculation of the number of shares of Series&nbsp;B Preferred Stock to be redeemed results in
fractional shares, the number of shares will be rounded up if the fraction is 0.50 or higher and
rounded down if the fraction is lower than 0.50.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of the Redemption Price will be made upon presentation and surrender of certificates
representing the Series&nbsp;B Preferred Stock to Computershare Trust Company, N.A. during usual
business hours at the addresses noted and in the manner specified in the Letter of Transmittal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">May&nbsp;23, 2006
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE GABELLI EQUITY TRUST INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">Bruce N. Alpert
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title: President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="right" style="font-size: 7pt; margin-top: 12pt">GAB PrB Notice June&nbsp;2006
</DIV>



<P align="center" style="font-size: 10pt">
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>One Corporate Center<br>
Rye, NY 10580-1422<br>
Tel. (914)&nbsp;921-5070<br>
Fax (914)&nbsp;921-5118<br></B>
<I>www.gabelli.com</I><B><br></B>
<I>info@gabelli.com</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 14pt">The Gabelli Equity Trust Inc.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<br>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>For information:</B><br>
Carter Austin<br>
(914)&nbsp;921-5070</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRESS RELEASE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FOR IMMEDIATE RELEASE<br>
Rye, New York<br>
May&nbsp;23, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<br>
NYSE &#151; GAB Pr B<br>
CUSIP &#151; 362397408</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE GABELLI EQUITY TRUST INC. TO REDEEM<BR>
25% OF ITS 7.20% TAX ADVANTAGED SERIES B CUMULATIVE PREFERRED STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rye, NY </B>&#151; The Gabelli Equity Trust Inc. (NYSE &#151; GAB) (the &#147;Fund&#148;), as authorized by the
Board of Directors, will redeem 25% (1,650,000 Shares) of its outstanding 7.20% Tax Advantaged
Series&nbsp;B Cumulative Preferred Stock (the &#147;Preferred Shares&#148;). The redemption date is June&nbsp;26, 2006
and the redemption price is $25.00 per Preferred Share, which is equal to the liquidation
preference of the Preferred Shares. Preferred Shareholders of record on June&nbsp;19, 2006 will receive
the quarterly dividend of $0.45 per Preferred Share on the payable date of June&nbsp;26, 2006. Since
the redemption date and the payable date for the quarterly dividend are both June&nbsp;26, 2006, no
accumulated but unpaid dividends will be included as a component of the redemption price. The
Preferred Shares are callable at any time at the liquidation preference of $25.00 per share plus
accrued dividends following the expiration of the five-year call protection on June&nbsp;20, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The redemption will be made pro rata from each Preferred Shareholder based on the respective
number of Preferred Shares held by each such holder on the redemption date. From and after the
redemption date, the Preferred Shares to be redeemed will no longer be deemed outstanding,
dividends will cease to accrue and all the rights of the Preferred Shareholders with respect to the
Preferred Shares to be redeemed will cease, except the right to receive the redemption price.
Shareholders of record will be mailed a redemption notice and letter of transmittal shortly. The
redemption price will be paid only to shareholders of record who complete and sign the letter of
transmittal and submit certificates for the number of Preferred Shares being redeemed. The paying
agent for this redemption is Computershare Trust Company, N.A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has also authorized the Fund to issue additional preferred stock in the future. The
actual amount of capital to be raised, the dividend rate and the timing of any new offering will be
determined at a later date. This announcement does not constitute an offering of any securities,
which will be made only by means of a prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Shares, which trade on the New York Stock Exchange under the symbol &#147;GAB Pr B&#148;,
are rated &#145;Aaa&#146; by Moody&#146;s Investor Services and have an annual dividend rate of $1.80 per share.
The Preferred Shares pay distributions quarterly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company
with $1.9&nbsp;billion in total assets whose primary investment objective is long-term growth of
capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
(NYSE:GBL), which is a publicly traded NYSE listed company.
</DIV>


<P align="center" style="font-size: 10pt">
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