The Gabelli Funds listed below announced year end distributions. The distributions are payable December 20, 1999 to shareholders of record on December 17, 1999. The ex-dividend and reinvestment date is December 20, 1999.

	Source of Distribution (per share)
	Total	Net Investment Income	Short Term Capital Gains	Long Term Capital Gains
Gabelli Small Cap Growth Fund(GABSX)	$2.462	---	$0.141	$2.321
Gabelli Equity Income Fund (GABEX)	$2.207	$0.064	$0.217	$1.926

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

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