FOR IMMEDIATE RELEASE
Rye, New York
Sept 27, 1999

The Gabelli Equity Income Fund (GABEX-Nasdaq) will distribute a quarterly dividend from net investment income of $0.06 per share payable Sept 24, 1999 to shareholders of record of June 25, 1999. The ex-dividend, payment and reinvestment date is Sept 27, 1999.

The Gabelli Equity Income Fund is a no-load, 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 Alpert at 914-921-5105 or 1-800-GABELLI (1-800-422-3554).