<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>miles99.txt
<DESCRIPTION>EXHIBIT 99 (L)
<TEXT>
                                                                 Exhibit 99(l)


                     [Letterhead of Miles & Stockbridge]

October 1, 2003


The Gabelli Equity Trust Inc.
One Corporate Center
Rye, New York 10580-1422


Ladies and Gentlemen:

We have acted as special Maryland counsel to The Gabelli Equity Trust Inc., a
Maryland corporation (the "Company"), in connection with the registration of
(i) 3,000,000 shares of the Company's Series D Cumulative Preferred Stock,
liquidation preference $25 per share, $0.001 par value per share (the "Series
D Preferred Shares") and (ii) 2,000 shares of the Company's Series E Auction
Rate Cumulative Preferred Stock, liquidation preference $25,000 per share,
$0.001 par value per share (the "Series E Preferred Shares") on its
Registration Statement on Form N-2, (the "Registration Statement") filed by
the Company with the Securities and Exchange Commission under the Securities
Act of 1933 and the Investment Company Act of 1940.

We have examined the Registration Statement, including the exhibits thereto,
and such other documents, corporate records, laws and regulations, as we have
deemed necessary for the purposes of giving the opinions set forth in this
opinion letter. We have relied as to certain factual matters on information
obtained from public officials, officers of the Company and other sources
believed by us to be responsible. Based upon that examination and subject to
the assumptions and qualifications set forth herein, we are of the opinion
that:

     1. The Company is a duly incorporated and validly existing under the laws
     of the State of Maryland.

     2. The Series D Preferred Shares and the Series E Preferred Shares have
     been duly authorized by the Company's Board of Directors, and when such
     shares have been issued and sold as contemplated by the Registration
     Statement and consideration therefor received by the Company, such shares
     will be legally issued, fully paid and nonassessable.

We express no opinion with respect to the laws of, or the effect or
applicability of the laws of, any jurisdiction other than the laws of the
State of Maryland.

We hereby consent to the filing of this opinion letter with the Registration
Statement as Exhibit 99 (l) thereto. In giving our consent, we do not thereby
admit that we are in the category of persons whose consent is required under
Section 7 of the Securities Act or the rules and regulations of the Securities
and Exchange Commission thereunder. The opinion expressed herein is limited to
the matters set forth in this letter and no other opinion should be inferred
beyond the matters expressly stated.


Very truly yours,

Miles & Stockbridge P.C.


By:  /s/ John B. Frisch
     -----------------------
     Principal

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