The Gabelli Small Cap Growth Fund announced year-end distributions payable December 20, 2006 to shareholders of record on December 19, 2006. The ex-dividend, payment and reinvestment date is December 20, 2006:

		Source of Distribution (per share)
Fund #		Total	Net Investment Income	Short Term Capital Gains	Long Term Capital Gains
443	Gabelli Small Cap Growth Fund Class AAA (GABSX)	$ 2.45	---	---	$ 2.45
1160	Class A (GCASX)	$ 2.45	---	---	$ 2.45
1161	Class B (GCBSX)	$ 2.45	---	---	$ 2.45
1162	Class C (GCCSX)	$ 2.45	---	---	$ 2.45

The Gabelli Small Cap Growth Fund is an open-end, diversified management investment company, which seeks a high level of appreciation by investing primarily in small capitalization equity securities.

The Gabelli Funds are distributed by Gabelli & Company, Inc., a subsidiary of GAMCO Investors, Inc (GBL:NYSE)., 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).