DIVIDEND NOTICE
The Gabelli Equity Income Fund

FOR IMMEDIATE RELEASE
Rye, New York
September 28, 2005


    The Gabelli Equity Income Fund - Class AAA (Fund #444) shares (GABEX - Nasdaq) announced a monthly distribution of $0.03 per share payable on September 28, 2005 to shareholders of record on September 27, 2005. The ex-dividend, payment and reinvestment date is September 28, 2005. Class A (Fund #1157) (GCAEX - Nasdaq), Class B (Fund #1158) (GCBEX - Nasdaq) and Class C (Fund #1159) (GCCEX - Nasdaq) shares are making similar distributions. Currently, for accounting purposes, approximately 32.0% of the distribution is from capital gains. Such amount may be redesignated for tax purposes after year end 2005.

    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 GAMCO Investors, 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).