An approximate expression for the frequency- and wave-vector-dependent random-phase-approximation longitudinal dielectric function at 0 \ifmmode^\circ\else\textdegree\fi{}K, for a model, two-band semimetal, is derived. In the vicinity of electron and hole pockets, energy bands are assumed to be parabolic and ellipsoidal; the small-pocket approximation as well as the tight-binding approximation have been used for derivations. Contributions to the total polarizability due to interband (insulatorlike) transitions, intravalley (metal-like) transitions, and intervalley transitions, which are specific for a semimetal, have been given in a closed analytic form. The ellipsoidal symmetry of the carrier pockets does not destroy the isotropy of the Thomas-Fermi screening, whereas an anisotropy of interband polarizability does. Carrier transitions between different electron and hole valleys are shown to lead to small contributions to the total dielectric function, which are logarithmically sloped and rather localized in the $\stackrel{\ensuremath{\rightarrow}}{\mathrm{q}}\ensuremath{\rightarrow}0$ space. The multipocket plasma frequency in the $\stackrel{\ensuremath{\rightarrow}}{\mathrm{q}}$ limit is anisotropic. A semiheuristic formula for the static dielectric matrix has also been derived with the aid of the generalized sum rule for oscillator strengths. Problems of inverting the dielectric matrix are reviewed.