<DOCUMENT>
<TYPE>EX-99.11.B
<SEQUENCE>4
<FILENAME>y10046exv99w11wb.txt
<DESCRIPTION>OPINION AND CONSENT OF VENABLE LLP
<TEXT>
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                                                                   Exhibit 11(b)

                                  June 20, 2005


Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, New York  10019-6099

          Re:  The Gabelli Equity Trust Inc.

Ladies and Gentlemen:

            We have acted as special Maryland counsel to The Gabelli Equity
Trust Inc., a Maryland corporation (the "Company"), in connection with its
acquisition of substantially all of the assets of Sterling Capital Corporation,
a New York corporation (the "Sterling Capital"), in exchange for Common Stock
shares (the "Shares"), par value $.001 per share, of the Company and the
assumption by the Company of Stated Liabilities of Sterling Capital pursuant to
an Agreement and Plan of Reorganization (the "Agreement"), dated as of May 23,
2005, among the Company, Sterling Capital and Gabelli Funds, LLC (solely for
purposes of Section 5(b) of the Agreement). Capitalized terms used herein have
the same meanings ascribed to them in the Agreement unless defined otherwise
herein.

            We have examined the Company's Registration Statement on Form N-14
substantially in the form in which it is to become effective (the "Registration
Statement"), the Company's Charter and Bylaws, and the Agreement. We have
further examined and relied on a certificate of the Maryland State Department of
Assessments and Taxation to the effect that the Company is duly incorporated and
existing under the laws of the State of Maryland and is in good standing and
duly authorized to transact business in the State of Maryland.

            We have also examined and relied on such corporate records of the
Company and other documents and certificates with respect to factual matters as
we have deemed necessary to render the opinion expressed herein. We have
assumed, without independent verification, the genuineness of all signatures on
documents submitted to us, the authenticity of all documents submitted to us as
originals, and the conformity with originals of all documents submitted to us as
copies. We have further assumed that the Agreement constitutes the legal, valid
and binding obligation of Sterling Capital, enforceable against Sterling Capital
in accordance with its terms.

            Based upon the foregoing, we are of the opinion that:

            1. The Company is a corporation validly existing and in good
standing under the laws of the State of Maryland; and
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Willkie Farr & Gallagher LLP
June 20, 2005
Page 2

            2. The Shares to be issued pursuant to the Agreement have been duly
authorized, and, when issued in accordance with the Agreement and for the
consideration set forth therein will be validly issued, fully paid and
nonassessable under the laws of the State of Maryland.

            This letter expresses our opinion with respect to the Maryland
General Corporation Law governing matters such as the authorization and issuance
of stock. It does not extend to the securities or "blue sky" laws of Maryland,
to federal securities laws or to other laws.

            You may rely on this opinion in rendering your opinion to the
Company that is to be filed as an exhibit to the Registration Statement. We
consent to the filing of this opinion as an exhibit to the Registration
Statement. We do not thereby admit that we are "experts" as that term is used in
the Securities Act of 1933 and the regulations thereunder. This opinion may not
be relied on by any other person or for any other purpose without our prior
written consent. This opinion is rendered as of the date hereof. We assume no
obligation to supplement or update this opinion if any applicable laws change
after the date hereof or if we become aware of any facts that might change the
opinion expressed herein after the date hereof. This opinion is limited to the
matters specifically set forth herein, and no other opinion shall be inferred
beyond the matters expressly stated.

                                    Very truly yours,

                                    /s/ Venable LLP

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