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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950123-06-014808.txt : 20061205
<SEC-HEADER>0000950123-06-014808.hdr.sgml : 20061205
<ACCEPTANCE-DATETIME>20061204211109
ACCESSION NUMBER:		0000950123-06-014808
CONFORMED SUBMISSION TYPE:	N-23C-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070108
FILED AS OF DATE:		20061205
DATE AS OF CHANGE:		20061204
EFFECTIVENESS DATE:		20061205

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:		061255822

	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>y27788nv23cv2.htm
<DESCRIPTION>N-23C-2
<TEXT>
<HTML>
<HEAD>
<TITLE>N-23C-2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, DC 20549
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">RULE 23C-2 NOTICE OF INTENTION<BR>
TO REDEEM SECURITIES
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE GABELLI EQUITY TRUST INC.<BR>
One Corporate Center<BR>
Rye, New York 10580-1422<BR>
(914)&nbsp;921-5070
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">under the</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Investment Company Act of 1940</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Investment Company Act File No.&nbsp;811-4700</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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;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;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;January&nbsp;8, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(3)&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;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 all remaining (4,950,000) shares of the outstanding Series&nbsp;B
Preferred Stock.
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of December&nbsp;2006.
</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">THE GABELLI EQUITY TRUST INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bruce N. Alpert</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bruce N. Alpert</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;2&nbsp;
</DIV>



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


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