Such distributions are payable on November 28, 2006 to shareholders of record on November 27, 2006. The ex-dividend, payment and reinvestment date is November 28, 2006.

Distributions from net investment income and short-term capital gains are taxable as ordinary income for federal tax purposes and the distribution from long-term capital gains is designated as a capital gain dividend. Amounts may be re-designated after year-end.

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).