For Information:

Agnes Mullady

One Corporate Center

Rye, NY 10580-1422 t 914.921.5100

GABELLI. COM

(914) 921-8371 or 800-GABELLI
DIVIDEND NOTICE
FOR IMMEDIATE RELEASE Rye, New York
January 29, 2013
The Gabelli Equity Income Fund will pay the following monthly distributions:

Share Class Cusip Distribution Rate Record Date Ex-Dividend, Payment

Per Share & Reinvestment Date

Class AAA-Fund 444 36239T202 $0.03 January 28, 2013 January 29, 2013 (GABEX - Nasdaq)
Class A-Fund 1157 36239T707 $0.03 January 28, 2013 January 29, 2013 (GCAEX - Nasdaq)
Class C-Fund 1159 36239T889 $0.03 January 28, 2013 January 29, 2013
(GCCEX - Nasdaq)
Class I-Fund 1559 36239T848 $0.03 January 28, 2013 January 29, 2013

(GCIEX - Nasdaq)

The source of the distribution is net investment income, capital gains, and return of capital. Based on current earnings on a book basis, approximately $0.024 per share is from net investment income, $0.001 per share is from capital gains, and $0.005 per share is a return of capital.
The final determination of the proportion of capital gains, ordinary income, and non-taxable return of capital, if any, distributed in 2013 will be made after year end. All taxable shareholders will receive written notification regarding the components and tax treatment for all 2013 distributions in early 2014 via Form 1099-DIV.
The Gabelli Equity Income Fund is managed by Gabelli Funds, LLC and distributed by G.distributors, LLC, subsidiaries of GAMCO Investors, Inc. (NYSE :GBL).
Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing.
For a prospectus, current performance, and additional information, visit our website at www.gabelli.comor call 800-GABELLI.

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