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The Gabelli Equity Income Fund
One Corporate Center
Rye, New York 10580-1422

Information as of Sep 30, 2009
unless otherwise noted.

The Gabelli Equity Income Fund - Objective

The Gabelli Equity Income Fund will seek to achieve its investment objective through a combination of capital appreciation and current income by investing primarily in income producing equity securities including securities convertible into common stock. In making stock selections, the Fund's Adviser looks for securities that have a better yield than the average of the Standard and Poor's 500 Stock Index, as well as capital gains potential.

Principal Investment Strategies:
The Fund will seek to achieve its investment objective through a combination of capital appreciation and current income by investing primarily in income producing equity securities including securities convertible into common stock. In making stock selections, the Fund's Adviser looks for securities that have a better yield than the average of the Standard and Poor's 500 Stock Index, as well as capital gains potential.

The Fund may appeal to you if:

you are a long-term investor

you are seeking income as well as growth of capital

You may not want to invest in the Fund if:

you are conservative in your investment approach

you seek stability of principal more than growth of capital

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund.

Investors should consider the investment objectives, risks, sales charges and expense of the fund carefully before investing. The prospectus contains more complete information about this and other matters. The prospectus should be read carefully before investing.
You can obtain a free prospectus by calling Gabelli & Company, Inc. at 1-800-GABELLI (1-800-422-3554), or contacting your financial representative or by visiting http://www.gabelli.com.

Distributed by Gabelli & Company, Inc. One Corporate Center, Rye, NY 10580.