DIVIDEND NOTICE
The Gabelli Equity Income Fund

FOR IMMEDIATE RELEASE
Rye, NY
January 29, 2007
For information contact:
Agnes Mullady
Ph: (914) 921-8371 or 1-800-GABELLI


  The Gabelli Equity Income Fund will pay the following monthly distributions:

Share Class Dividend
(per share)
Record Date Ex-Dividend, Payment and
Reinvestment Date
Class AAA - Fund 444
(GABEX - Nasdaq)
$0.03 January 26, 2007 January 29, 2007
Class A - Fund 1157
(GCAEX - Nasdaq)
$0.03 January 26, 2007 January 29, 2007
Class B - Fund 1158
(GCBEX - Nasdaq)
$0.03 January 26, 2007 January 29, 2007
Class C - Fund 1159
(GCCEX - Nasdaq)
$0.03 January 26, 2007 January 29, 2007

The source of the distribution is net investment income and capital gains. Based on current earnings on a book basis, approximately $0.0149 per share is from net investment income and $0.0151 per share is from capital gains.

The Gabelli Equity Income Fund is managed by Gabelli Funds, LLC and distributed by Gabelli & Company, Inc., subsidiaries of GAMCO Investors, Inc. (NYSE:GBL)