The Gabelli Westwood Funds announced quarterly dividends from net investment income. The payment, ex-dividend and reinvestment date is June 21, 2004 to shareholders of record on June 18, 2004.

Fund Name	Distribution (per share)
The Gabelli Westwood Balanced Fund
Class AAA (WEBAX)	$0.0490
Class A (WEBCX)	$0.0423
Class B (WBCBX)	$0.0284
Class C (WBCCX)	$0.0289
The Gabelli Westwood Realty Fund
Class AAA (WESRX)	$0.1359
Class A	$0.1250
Class B	$0.1131
Class C	$0.1116

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).