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<SEC-DOCUMENT>0000950123-08-013525.txt : 20081027
<SEC-HEADER>0000950123-08-013525.hdr.sgml : 20081027
<ACCEPTANCE-DATETIME>20081027115947
ACCESSION NUMBER:		0000950123-08-013525
CONFORMED SUBMISSION TYPE:	N-23C-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081119
FILED AS OF DATE:		20081027
DATE AS OF CHANGE:		20081027
EFFECTIVENESS DATE:		20081027

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:		081141679

	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>y72126bnv23cv2.htm
<DESCRIPTION>N-23C-2
<TEXT>
<HTML>
<HEAD>
<TITLE>N-23C-2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<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: 6pt">RULE 23C-2 NOTICE OF INTENTION<BR>
TO REDEEM SECURITIES

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">OF

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE GABELLI EQUITY TRUST INC.

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">One Corporate Center<BR>
Rye, New York 10580-1422<BR>
(914)&nbsp;921-5070

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">under the

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Investment Company Act of 1940

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Investment Company Act File No.&nbsp;811-04700

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><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: 6pt">The undersigned registered closed-end investment company hereby notifies the Securities and
Exchange Commission (the &#147;Commission&#148;) that it intends to redeem securities of which it is the
issuer, as set forth below in accordance with the requirements of Rule&nbsp;23c-2 under the Investment
Company Act of 1940, and states that it is filing this notice with the Commission pursuant to
permission granted by the Commission&#146;s staff fewer than 30&nbsp;days prior to the date set for the
redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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;Series&nbsp;C Auction Rate Cumulative Preferred Stock, par value $0.001 per share, liquidation
preference of $25,000 per share (the &#147;Series&nbsp;C Preferred Shares&#148;).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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;November&nbsp;19, 2008.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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 Series&nbsp;C Preferred Shares are to be redeemed pursuant to Article&nbsp;I, Section&nbsp;3(a)(i) of the
Fund&#146;s Articles Supplementary Creating And Fixing The Rights of Series&nbsp;C Auction Rate Cumulative
Preferred Stock, the form of which was filed with the Securities and Exchange Commission on June
27, 2002 as Exhibit&nbsp;2(a)(iv) to the Fund&#146;s Registration Statement on Form N-2.
</DIV>

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

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<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="left" style="font-size: 10pt; margin-top: 6pt"><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 10% (520 shares) of its outstanding Series&nbsp;C Preferred Shares at
the redemption price of $25,000 per share, which equals the liquidation preference of $25,000 per
share. The Depository Trust Company will determine the allocations of this partial redemption of
the outstanding Series&nbsp;C Preferred Shares by lottery among each participant account.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;<I>Remainder of Page Left Blank</I>&#093;

</DIV>

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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!--TOC-->
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<!-- link1 "SIGNATURE" -->


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><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 on this 27<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of October&nbsp;2008.
</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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
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    <TD width="13%">&nbsp;</TD>
</TR>
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<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"><!-- Blank Space -->
    <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:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bruce N. Alpert
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
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 and Principal Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


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

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</DOCUMENT>
</SEC-DOCUMENT>
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