The Gabelli Equity Series Funds announced annual per share distributions payable December 22, 2003 to shareholders of record on December 19, 2003. The ex-dividend, payment and reinvestment date is December 22, 2003.

	Source of Distribution (per share)
	Total	Net Investment Income	Short Term Capital Gains (a)	Long Term Capital Gains	Reinvest. Price
Gabelli Small Cap Growth Fund (GABSX)	$0.172	---	$0.0888	$0.0832	$ 24.17
Gabelli Woodland Small Cap Value - Class AAA (GWSVX)	$0.0328	---	$0.0328	---	$ 11.88
Gabelli Woodland Small Cap Value Class A	$0.0328	---	$0.0328	---	$ 11.88
Gabelli Woodland Small Cap Value Class B	$0.0328	---	$0.0328	---	$ 11.90
Gabelli Woodland Small Cap Value Class C	$0.0328	---	$0.0328	---	$ 11.83
(a) Taxable as ordinary income. The percentage of qualifying income subject to the 15% maximum tax rate for individuals will be determined after year-end.

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