DIVIDEND NOTICE
THE GABELLI WESTWOOD FUNDS

FOR IMMEDIATE RELEASE
Rye, New York
September 22, 2003

The Gabelli Westwood Funds announced quarterly dividends from net investment income. The payment, ex-dividend and reinvestment date is September 22, 2003 to shareholders of record on September 19, 2003.

Fund Name Distribution
(per share)
The Gabelli Westwood Balanced Fund  
Class AAA (WEBAX)
 $0.0554
Class A (WEBCX)
 $0.0489
Class B (WBCBX)
 $0.0366
Class C (WBCCX)
 $0.0433
The Gabelli Westwood Realty Fund  
Class AAA (WESRX)
 $0.1002
Class A
 $0.0947
Class B
 $0.0780
Class C
$0.0932

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).