SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                         RULE 23C-2 NOTICE OF INTENTION
                              TO REDEEM SECURITIES

                                       OF

                          THE GABELLI EQUITY TRUST INC
                              One Corporate Center
                            Rye, New York 10580-1434
                                 (914) 921-5100

                                    under the

                         Investment Company Act of 1940

                    Investment Company Act File No. 811-4700

                                  ------------

(1)     TITLE OF THE CLASS OF SECURITIES OF THE GABELLI  EQUITY TRUST INC. (THE
"FUND") TO BE REDEEMED:

         7.25% Cumulative Preferred Stock, par value of $0.001 per share,
liquidation preference of $25 per share ("Preferred Stock").

(2)     THE DATE ON WHICH THE SECURITIES ARE TO BE CALLED OR REDEEMED:

         June 17, 2003.

(3)     THE APPLICABLE PROVISIONS OF THE GOVERNING INSTRUMENT PURSUANT TO WHICH
THE SECURITIES ARE TO BE CALLED OR REDEEMED:

         The shares of Preferred Stock are to be redeemed pursuant to Article
II, paragraphs 3(b) of the Fund's Articles Supplementary creating and fixing
the rights of the Preferred Stock, the form of which was filed with the
Securities and Exchange Commission on April 7, 1998 as Exhibit (a)2 to the
Fund's Registration Statement on Form N-2.

(4)     THE  PRINCIPAL  AMOUNT OR NUMBER OF SHARES AND THE BASIS UPON WHICH THE
SECURITIES TO BE REDEEMED ARE TO BE SELECTED:

         The Fund intends to redeem all remaining (5,367,900) shares of the
outstanding shares of Preferred Stock.


                                    SIGNATURE

           Pursuant to the requirement of Rule 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 16th day of May 2003.

                                THE GABELLI EQUITY TRUST INC.


                                By:  /s/ Bruce N. Alpert
                                     ---------------------
                                Name:    Bruce N. Alpert
                                Title:   Vice President and Treasurer