<DOCUMENT>
<TYPE>EX-99.L
<SEQUENCE>2
<FILENAME>y26698mexv99wl.txt
<DESCRIPTION>EX-99.L: OPINION AND CONSENT OF WILLKIE FARR & GALLAGHER LLP
<TEXT>
<PAGE>
                  [WILLKIE FARR & GALLAGHER LLP LETTERHEAD]

November 7, 2006

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

Ladies and Gentlemen:

We have acted as counsel to The Gabelli Equity Trust Inc. (the "Fund"), a
corporation organized under the laws of the State of Maryland, in connection
with the preparation of Amendment No. 40 (the "Amendment") to a Registration
Statement on Form N-2 to be filed pursuant to Rule 462(b) of the Securities Act
of 1933, as amended.  The Amendment relates to the offer and sale of 1,000,000
shares of the Fund's Series F Cumulative Preferred Stock, with a par value of
$0.001 and a liquidation preference of $25 (the "Shares").  Unless otherwise
defined herein, capitalized terms used herein shall have the meanings assigned
to them in the Amendment.

We have examined copies of the Articles of Incorporation and By-Laws of the
Fund, and any amendments thereto, the form of Articles Supplementary relating
to the Shares, the Registration Statement on Form N-2 with respect to the
Shares (Securities Act Registration File No. 333-137298, Investment Company Act
File No. 811-04700), the Amendment in substantially the form to be filed with
the Securities and Exchange Commission, all resolutions adopted by the Fund's
Board of Directors (the "Board") and its designated pricing committee relating
to the classification, designation and authorization of the sale and issuance
of the Shares (the "Resolutions"), and other records and documents that we have
deemed necessary for the purpose of this opinion.  We have also examined such
other documents, papers, statutes and authorities as we have deemed necessary
to form a basis for the opinion hereinafter expressed.  We have assumed that
the Fund has no "Principal Shareholder" as defined in Article VIII of the
Fund's Articles of Incorporation and have relied upon a certificate of the
Secretary of the Fund to the effect that the Fund has no knowledge of any such
Principal Shareholder.

In our examination of material, we have assumed the genuineness of all
signatures and the conformity to original documents of all copies submitted to
us.  As to various questions of fact material to our opinion, we have relied on
statements and certificates of officers and representatives of the Fund and
others.  As to matters governed by the laws of the State of Maryland, we have
relied on the opinion of Venable LLP.

Based on and subject to the foregoing, we are of the opinion that the issuance
of the Shares has been duly authorized and, when and if delivered against
payment therefor in accordance with the Resolutions, the Shares will be validly
issued, fully paid and nonassessable.

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The Gabelli Equity Trust Inc.
November 7, 2006
Page 2


We hereby consent to the filing of this opinion as an exhibit to the Amendment
and to the reference to us in the Prospectus included as part of the Amendment.

Very truly yours,

/s/ Willkie Farr & Gallagher LLP
--------------------------------
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</DOCUMENT>
