October 6, 2003


Securities and Exchange Commission
Division of Investment Management
450 Fifth Street, N.W.
Washington, D.C. 20549

                        Re: The Gabelli Equity Trust Inc. (811-4700)
                            Investment Company Act Rule 23c-2 Notification

Dear Sir or Madam:

         In accordance with Rule 23c-2 promulgated under the Investment Company
Act of 1940, as amended (the "1940 Act"), The Gabelli Equity Trust Inc. (the
"Fund") is hereby providing notice of its intention to call or redeem all or a
portion of its 5.875% Series D Cumulative Preferred Stock, par value $.001 per
share (the "Series D Preferred"), on the date determined in accordance with the
mandatory redemption provisions of Article II paragraph 4 of the Articles
Supplementary creating and fixing the rights of the Series D Preferred (the
"Articles Supplementary").

         The date on which any Series D Preferred will be mandatorily called or
redeemed pursuant to Article II paragraph 4 of the Articles Supplementary will
be no more than 30 days after a failure by the Fund to maintain the asset
coverage required of it under the 1940 Act or meet the basic asset maintenance
amount tests required of it by the rating agencies that rate the Fund's
preferred shares at its request (each a "Coverage Test" and collectively the
"Coverage Tests") that was not cured on or prior to the applicable cure date (a
"Coverage Test Failure").

         The amount of Series D Preferred to be called or redeemed upon the
occurrence of a Coverage Test Failure will be an amount determined by the Fund's
Board of Directors that is (when aggregated with any other preferred shares of
the Fund then being called or redeemed) the lesser of (i) the minimum amount of
preferred shares, including the Series D Preferred, the redemption of which, if
deemed to have occurred immediately prior to the opening of business on the
relevant cure date, would result in the Fund meeting each applicable Coverage
Test or (ii) the maximum amount of preferred shares, including the Series D
Preferred, that can be redeemed out of the Fund's available funds.

         In addition, in the event of a Coverage Test Failure the Fund may, but
is not obligated to, mandatorily call or redeem pursuant to Article II paragraph
4 of the Articles Supplementary an additional amount of preferred shares,
including the Series D Preferred, in order that immediately following such
redemption the Fund would have asset coverage with respect to its remaining
preferred stock outstanding of 220% asset coverage under the 1940 Act and 110%
of the asset maintenance amount required under any other Coverage Test.

         In the event that less than all of the Series D Preferred shares then
outstanding are to be called or redeemed in connection with a Coverage Test
Failure by the Fund, the Series D Preferred to be so called or redeemed will be
selected proportionally from among the holders of the Series D Preferred on the
basis of shares held, by lot or by such other method as the Fund shall deem fair
and equitable.

                               Very truly yours,

                               THE GABELLI EQUITY TRUST INC.


                               By: /s/ Gus A. Coutsorous
                               Name:  Gus A. Coutsorous
                               Title: Vice President and Treasurer