The Gabelli Funds listed below announced year-end distributions. The distributions are payable December 27, 2000 to shareholders of record on December 26, 2000. The ex-dividend, payment and reinvestment date is December 27, 2000. For Gabelli Westwood Funds the ex-dividend, payment and reinvestment date is December 20, 2000.

Source of Distribution (per share) Reinvest. Price   Total Net Investment Income Short Term Capital Gains Long Term Capital Gains Gabelli Funds Global Telecom Fund Class A (36239X609) $2.800 $0.650 $0.360 $1.790 $ 17.31 Class B (36239X708) $2.751 $0.601 $0.360 $1.790 $ 17.29 Class C (36239X807) $2.756 $0.606 $0.360 $1.790 $ 17.28 Value Fund Class B (36240H205) $1.753 ----- $0.584 $1.169 $ 15.71 Class C (36240H304) $1.753 ----- $0.584 $1.169 $ 15.71 International Growth Fund Class C (36239U407) $0.754 ----- ----- $0.754 $ 18.00 Global Growth Fund Class A (36239X799) $1.590 ----- ----- $1.590 $ 20.06 Class B (36239X815) $1.590 ----- ----- $1.590 $ 19.99 Class C (36239X823) $1.590 ----- ----- $1.590 $ 19.93 Global Opportunity Fund Class A (36239X831) $1.369 $0.329 $0.465 $0.575 $ 13.97 Class B (36239X849) $1.332 $0.292 $0.465 $0.575 $ 13.98   Gabelli Westwood Funds Balanced Fund Class A (WEBCX) $1.170 $0.070 $0.201 $0.899 $ 11.23 Equity Fund Class A (WEECX) $1.309 --- $0.180 $1.129 $ 9.59 Mighty Mites sm Class A (361979826) $2.526 $0.066 $1.830 $0.630 $ 10.66

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).