DIVIDEND NOTICE
THE GABELLI WESTWOOD FUNDS

FOR IMMEDIATE RELEASE
Rye, New York
March 20, 2003

The Gabelli Westwood Funds announced quarterly dividends from net investment income. The payment, ex-dividend and reinvestment date is March 20, 2003 to shareholders of record on March 19, 2003.

Fund Name Distribution
(per share)
The Gabelli Westwood Balanced Fund  
Class AAA (WEBAX)
 $ 0.0545
Class A (WEBCX)
 $ 0.0487
Class B
 $ 0.0377
Class C
$ 0.0377
The Gabelli Westwood Realty Fund  
Class AAA (WESRX)
 $ 0.1409
Class A
 $ 0.0490
Class B
 None
Class C
$ 0.1216

The Gabelli Westwood Funds are managed by Gabelli Advisers, Inc. and distributed by Gabelli & Company, Inc., subsidiaries of Gabelli Asset Management Inc., 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).