DIVIDEND NOTICE
The Gabelli Equity Income Fund

FOR IMMEDIATE RELEASE
Rye, New York
February 25, 2004

    The Gabelli Equity Income Fund - Class AAA shares (GABEX-Nasdaq) announced a monthly dividend from net investment income of $0.03 per share payable on February 25, 2004 to shareholders of record on February 24, 2004. The ex-dividend, payment and reinvestment date is February 25, 2004. Class A, Class B and Class C shares are making similar distributions.

    The Gabelli Equity Income Fund is an open-end, diversified management investment company which seeks a high level of total return by investing primarily in income producing equity securities.

    The Gabelli Funds are distributed by Gabelli & Company, Inc., a subsidiary of Gabelli Asset Management Inc., which is a publicly traded NYSE listed company.

    For further information call Bruce N. Alpert at 914-921-5105 or 1-800-GABELLI (1-800-422-3554).