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 10580-1422
(914) 921-5070
under the
Investment Company Act of 1940
Investment Company Act File No. 811-04700
The undersigned registered closed-end investment company hereby notifies the Securities and
Exchange Commission (the “Commission”) that it intends to redeem securities of which it is the
issuer, as set forth below in accordance with the requirements of Rule 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’s staff fewer than 30 days prior to the date set for the
redemption.
(1) Title of the class of securities of The Gabelli Equity Trust Inc. (the “Fund”) to be redeemed:
Series E Auction Rate Cumulative Preferred Stock, par value $0.001 per share, liquidation
preference of $25,000 per share (the “Series E Preferred Shares”).
(2) The date on which the securities are to be called or redeemed:
November 21, 2008.
(3) The applicable provisions of the governing instrument pursuant to which the securities are to
be called or redeemed:
The Series E Preferred Shares are to be redeemed pursuant to Article I, Section 3(a)(i) of the
Fund’s Articles Supplementary Creating And Fixing The Rights of Series E Auction Rate Preferred
Stock, the form of which was filed with the Securities and Exchange Commission on October 1, 2003
as Exhibit 2(a)(v) 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 10% (200 shares) of its outstanding Series E 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 E Preferred Shares by lottery among each participant account.
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