The Gabelli Woodland Small Cap Value 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 (a)	Short Term Capital Gains (a)	Long Term Capital Gains
840	Gabelli Woodland Small Cap Value Fund Class AAA (GWSVX)	$3.233	$0.061	$0.414	$2.758
1330	Class A	$3.194	$0.022	$0.414	$2.758
1331	Class B	$3.172	---	$0.414	$2.758
1332	Class C	$3.172	---	$0.414	$2.758
(a) Taxable as ordinary income. The percentage of qualified dividend income subject to the 15% maximum tax rate for individuals will be determined after year-end.

The Gabelli Woodland Small Cap Value Fund is an open-end, non-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).