The Gabelli Equity Income Fund (GABEX-Nasdaq) will distribute a quarterly dividend from net investment income of $0.12 per share payable June 28, 2000 to shareholders of record on June 27, 2000. The ex-dividend, payment and reinvestment date is June 28, 2000.

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 N. Alpert at 914-921-5105 or 1-800-GABELLI (1-800-422-3554).