Notice by Closed-end Investment Companies of Intention to Call or Redeem Their Own Securities (n-23c-2)
December 30 2021 - 4:31PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
NOTIFICATION OF REDEMPTION OF SECURITIES PURSUANT
TO
RULE 23c-2 UNDER THE INVESTMENT COMPANY ACT OF 1940
Investment Company Act File No. 811-04700
_____________________
THE GABELLI EQUITY TRUST INC.
(Name of Registrant)
_____________________
One Corporate Center
Rye, New York 10580-1422
(Address of Principal Executive Offices)
Registrant's Telephone Number, including Area Code:
(914) 921-5070
_____________________
The undersigned registered closed-end investment company
hereby notifies the Securities and Exchange 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 (the "Act"), and states that it is
filing this notice with the Commission at least 30 days prior to the date set for the redemption.
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(1)
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Title of the class of securities of The Gabelli Equity Trust Inc. (the "Fund") to be redeemed:
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5.45% Series J Cumulative Preferred Stock, par value $0.001 per share,
liquidation preference of $25.00 per share (the "Series J Preferred Stock") (CUSIP #: 362397853).
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(2)
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The date on which the securities are to be called or redeemed:
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The Series J Preferred Stock will be redeemed on January 31, 2022 (the
"Redemption Date").
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(3)
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The applicable provisions of the governing instrument pursuant to which the securities are to be called or redeemed:
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The shares of the Series J Preferred Stock are to be redeemed pursuant
to Article II, Sections 4(b) and 4(c) of the Fund's Articles Supplementary creating and fixing the rights of 5.45% Series J Cumulative
Preferred Stock, a copy of which was filed with the Securities and Exchange Commission on March 29, 2016 as Exhibit 99(a)(xxi) to Post-Effective
Amendment No. 3 to the Fund's Registration Statement on Form N-2.
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(4)
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The principal amount or number of shares and the basis upon which the securities to be redeemed are to be selected:
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The Fund intends to redeem 100% (3,200,000 shares) of its outstanding
Series J Preferred Stock. Holders of the Series J Preferred Stock will receive $25.132465 per share for each share of Series J Preferred
Stock redeemed (the "Redemption Price"), which consists of the liquidation preference of $25.00 per share together with accumulated
and unpaid dividends and distributions of $0.132465 per share through the Redemption Date. All shares of Series J Preferred Stock are held
in book-entry form through the Depository Trust Company ("DTC"), and such shares being redeemed will be redeemed in accordance
with the procedures of DTC. Payment by the Fund of the Redemption Price will be made to Computershare Trust Company, N.A., as paying
agent for this redemption.
SIGNATURE
Pursuant to the requirement of
Rule 23c-2 of the Investment Company Act of 1940, the Fund has duly caused this Notification of Redemption of Securities to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Rye, and the State of New York, on the 30th day
of December, 2021.
The Gabelli Equity Trust Inc.
/s/ John C. Ball
By: John C. Ball
Title: Treasurer and Principal Financial
and Accounting Officer
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