Gabelli Equity Income Fund Reaffirms $1.20 Distribution Policy and Announces Conversion of C1 Class

The Board of Directors (the “Board”) of The Gabelli Equity Income Fund (the “Fund”) reaffirmed the Fund’s annual distribution rate of $1.20 per share. This represents $0.10 per share monthly.

After the close of business on May 28, 2024 (the “Effective Date”) or, with respect to shares held in “street name” through intermediaries having a pre-existing contractual agreement requiring additional time, as soon as practicable thereafter, the Fund will convert Class C1 shares (ticker: GCCEX) into Class C shares (ticker: GEICX). If Class C1 shares are not redeemed prior to the Effective Date, each shareholder owning Class C1 shares of the Fund will own Class C shares of the Fund equal to the aggregate value of the shareholder’s Class C1 shares.

The Gabelli Equity Income Fund is managed by Gabelli Funds, LLC and distributed by G.distributors, LLC, subsidiaries of GAMCO Investors, Inc. (OTCQX: GAMI).

You should not draw any conclusions about the Fund’s investment performance from the amount of the past distributions. The Fund’s distribution policy is subject to modification or termination by the Board at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund. The Fund’s distributions may be comprised of net investment income, capital gains, and paid in capital.

Investors should carefully consider the investment objectives, risks, sales charges, and expenses of the Fund before investing. The prospectus and summary prospectus contain information about these and other matters and should be read carefully before investing. To obtain a prospectus or summary prospectus, please visit our website at www.gabelli.com or call 800-GABELLI (800-422-3554).

Investor Relations Contact:Jason Swirbul(914) [e-mail]