The Gabelli Equity Income Fund (GABEX-Nasdaq) will distribute a quarterly dividend from net investment income of $0.04 per share payable September 28, 1998 to shareholders of record of September 25, 1998. The ex-dividend, payment and reinvestment date is September 28, 1998.

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.

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