<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>8
<FILENAME>s476039.txt
<DESCRIPTION>EX 99(D)(I)(C) SPECIMEN SHARE CERT D
<TEXT>
CERTIFICATE NUMBER
                                                                NUMBER OF SHARES


       1                                                               3,000,000

                         THE GABELLI EQUITY TRUST INC.
                            a Maryland corporation
                   __% Series D Cumulative Preferred Stock
                           $.001 Par Value Per Share
                    $25.00 Liquidation Preference Per Share

                                   Cusip No.

         This certifies that Cede & Co. is the owner of 3,000,000 fully paid
and non-assessable Shares of ___% Series D Cumulative Preferred Stock, par
value $.001 per share, liquidation preference $25.00 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

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.


THIS CERTIFICATE IS TRANSFERABLE IN BOSTON, MASSACHUSETTS AND NEW YORK, NEW YORK


<PAGE>
                                 TRANSFER FORM


         FOR VALUE RECEIVED, ____________________________ hereby sells,
assigns and transfers _______ Shares of Series D 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 D 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 D 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.


<PAGE>



         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>
