<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>s386275.txt
<DESCRIPTION>EXHIBIT A(4)
<TEXT>
CERTIFICATE NUMBER                                            NUMBER OF SHARES
------------------                                            ----------------

                       THE GABELLI EQUITY TRUST INC.
                           a Maryland corporation
              Series C Auction Rate Cumulative Preferred Stock
                         $.001 Par Value Per Share
                  $25,000 Liquidation Preference Per Share

                            Cusip No.362397 50 7

         This certifies that _______________ is the owner of __________
fully paid and non-assessable Shares of Series C Auction Rate Cumulative
Preferred Stock, par value $.001 per share, liquidation preference $25,000
per share, of The Gabelli Equity Trust Inc. (the "Fund") transferable only
on the books of the Fund by the holder thereof in person or by duly
authorized attorney upon surrender of this Certificate properly endorsed.
This Certificate is not valid unless countersigned by the transfer agent
and registrar.

         IN WITNESS WHEREOF, the Fund has caused this Certificate to be
signed by its duly authorized officers and its Seal to be hereunto affixed
this______________ day of _____________________ A.D. 2002.


----------------------------,
As Transfer Agent and Registrar             THE GABELLI EQUITY TRUST INC.


By:_________________________                By:___________________________
     Authorized Signature                      Name:  Bruce Alpert
                                               Title: Treasurer and Vice
                                                      President

                                            Attest:_________________________
                                                   Name:
                                                   Title:



                               TRANSFER FORM


         FOR VALUE RECEIVED, ____________________________ hereby sells,
assigns and transfers unto _______________ Shares of Series C Auction Rate
Cumulative Preferred Stock represented by this Certificate, and does hereby
irrevocably constitute and appoint ___________________________ attorney to
transfer said Shares on the books of the within named Fund with full power
of substitution in the premises.


Dated: _____________________, _______


In presence of:


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



         Shares of Series C Auction Rate Cumulative Preferred Stock
evidenced by this Certificate may be sold, transferred or otherwise
disposed of only pursuant to the provisions of the Fund's Articles
Supplementary Creating and Fixing the Rights of the Series C Auction Rate
Cumulative Preferred Stock, a copy of which may be obtained at the office
of the State Department of Assessments and Taxation of Maryland.

         The Fund will furnish information about the restrictions on
transferability to any stockholder upon request and without charge. Any
such request should be addressed to the Secretary of the Fund.

         The Fund will furnish to any stockholder on request and without
charge a full statement of the designations, and any preferences,
conversion and other rights, voting powers, restrictions, limitations as to
dividends, qualifications, and terms and conditions of redemption of the
stock of each class authorized to be issued, the differences in the
relative rights and preferences between shares of any series of any
authorized preferred or special class to the extent they have been set, and
the authority of the Board of Directors to classify unissued shares and to
set the relative rights and preference thereof and of any subsequent series
of such preferred or special classes. Any such request should be addressed
to the Secretary of the Fund.

         Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation
("DTC"), to Issuer or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co.
or in such other name as is requested by an authorized representative of
DTC (and any payment is made to Cede & Co. or to such other entity as is
requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.





</TEXT>
</DOCUMENT>
