The Gabelli Funds listed below announced year end distributions. The distributions are payable December 20, 2002 to shareholders of record on December 19, 2002. The ex-dividend, payment and reinvestment date is December 20, 2002.

	Source of Distribution (per share)
	Total	Net Investment Income	Short Term Capital Gains	Long Term Capital Gains	Reinvest. Price
Gabelli Small Cap Growth Fund (GABSX)	$0.255	$0.003	$0.009	$0.243	$ 18.03
Gabelli Equity Income Fund (GABEX)	$0.070	$0.070	---	---	$ 13.11

The Gabelli Funds are managed by Gabelli Funds, LLC and distributed by Gabelli & Company, Inc.

For further information call Bruce Alpert at 914-921-5105 or 1-800-GABELLI (1-800-422-3554).