YEAR-END DIVIDEND NOTICE
Gabelli Small Cap Growth Fund

FOR IMMEDIATE RELEASE
Rye, New York
December 20, 2006


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).