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<SEC-DOCUMENT>0000950123-09-004086.txt : 20090305
<SEC-HEADER>0000950123-09-004086.hdr.sgml : 20090305
<ACCEPTANCE-DATETIME>20090305160354
ACCESSION NUMBER:		0000950123-09-004086
CONFORMED SUBMISSION TYPE:	N-23C-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090325
FILED AS OF DATE:		20090305
DATE AS OF CHANGE:		20090305
EFFECTIVENESS DATE:		20090305

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:		09658987

	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>y75059cnv23cv2.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">


<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>

</TABLE>





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

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


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

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

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>THE GABELLI EQUITY TRUST INC.</B>
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Investment Company Act File No.&nbsp;811-04700</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: 10pt">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: 10pt"><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: 10pt"><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;March&nbsp;25, 2009.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><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, Sections&nbsp;3(a)(i) and
3(b) of the Fund&#146;s Articles Supplementary Creating And Fixing The Rights Of Series&nbsp;C Auction Rate
Cumulative Preferred Stock.
</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">
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><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 1,800 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>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><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 5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of March&nbsp;2009.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
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    <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
&nbsp;</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 and Principal Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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