<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>9
<FILENAME>s452072a.txt
<DESCRIPTION>EX99(D)(I)(D)SPECIMEN SHARE CERT E
<TEXT>
CERTIFICATE NUMBER                                              NUMBER OF SHARES
       1                                                                   2,000

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

                                   Cusip No.

       This certifies that Cede & Co. is the owner of 2,000 fully paid and
non-assessable Shares of Series E 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.

     Upon request, and without charge, the Fund will furnish a full statement
of the designations and any preferences, conversion and other rights, voting
powers, restrictions, limitation as to dividends, qualifications, and terms
and conditions of redemption of the securities represented by this
Certificate.

         IN WITNESS WHEREOF, the Fund has caused this Certificate to be signed
by its duly authorized officers this day of September, 2003.


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


By:_________________________                       By:__________________________
     Authorized Signature                           Name:    Bruce Alpert
                                                   Title:   President

                                                   Attest:______________________
                                                   Name:    James McKee
                                                   Title:   Secretary


<PAGE>
THE CORPORATION WILL FURNISH TO ANY STOCKHOLDER UPON REQUEST AND WITHOUT
CHARGE A FULL STATEMENT OF THE DESIGNATIONS, PREFERENCES, LIMITATIONS AND
RELATIVE RIGHTS OF THE SHARES OF EACH CLASS OF STOCK AUTHORIZED TO BE ISSUED
AND, WITH RESPECT TO THE CLASSES OF STOCK WHICH MAY BE ISSUED INA SERIES, THE
VARIATIONS IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE SHARES OF EACH
SUCH SERIES, SO FAR AS THE SAME HAVE BEEN FIXED AND DETERMINED, AND THE
AUTHORITY OF THE BOARD OF DIRECTORS TO FIX AND DETERMINE THE RELATIVE RIGHTS
AND PREFERENCES OF SUBSEQUENT SERIES. SUCH REQUEST MAY BE MADE TO THE
SECRETARY OF THE CORPORATION AT ITS PRINCIPAL OFFICE.


SERIES E AUCTION RATE CUMULATIVE PREFERRED SHARES MAY BE TRANSFERRED ONLY (A)
PURSUANT TO AN ORDER PLACED IN AN AUCTION, (B) TO OR THROUGH A BROKER-DEALER
OR (C) TO THE FUND OR ANY AFFILIATE. NOTWITHSTANDING THE FOREGOING, A TRANSFER
OTHER THAN PURSUANT TO AN AUCTION WILL NOT BE EFFECTIVE UNLESS THE SELLING
EXISTING HOLDER OR THE AGENT MEMBER OF SUCH EXISTING HOLDER (IN THE CASE OF AN
EXISTING HOLDER WHOSE SHARES ARE LISTED IN ITS OWN NAME ON THE BOOKS OF THE
AUCTION AGENT), OR THE BROKER-DEALER OR AGENT MEMBER OF SUCH BROKER-DEALER (IN
THE CASE OF A TRANSFER BETWEEN PERSONS HOLDING SHARES THROUGH DIFFERENT
BROKER-DEALERS), ADVISES THE AUCTION AGENT OF SUCH TRANSFER.
<PAGE>





 TRANSFER FORM


         FOR VALUE RECEIVED, ____________________________ hereby sells,
assigns and transfers _______ Shares of Series E Auction Rate Cumulative
Preferred Stock represented by this Certificate unto _______________ , 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 E 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 E 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 Fund 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>
