DIVIDEND NOTICE
The Gabelli Equity Income Fund

FOR IMMEDIATE RELEASE
Rye, NY
November 28, 2006
For information contact:
Bruce N. Alpert
Ph: (914) 921-5105 or 1-800-GABELLI


  The Gabelli Equity Income Fund announced the following distributions :

Share Class Net Inv.
Income
Short Term
Cap. Gain
Long Term
Cap. Gain
Total
Class AAA - Fund 444
(GABEX - Nasdaq)
$0.06 $0.11 $0.34 $0.51
Class A - Fund 1157
(GCAEX - Nasdaq)
$0.06 $0.11 $0.34 $0.51
Class B - Fund 1158
(GCBEX - Nasdaq)
$0.06 $0.11 $0.34 $0.51
Class C - Fund 1159
(GCCEX - Nasdaq)
$0.06 $0.11 $0.34 $0.51

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).