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