The Gabelli Westwood Funds listed below announced year end distributions. The distributions are payable December 20, 2002 to shareholders of record on December 19, 2002. The ex-dividend and reinvestment date is December 20, 2002.

	Source of Distribution (per share)
	Total	Net Investment Income	Short Term Capital Gains	Long Term Capital Gains	Reinvest. Price
Balanced Fund - Class AAA (WEBAX)	$0.0595	$0.0595	---	---	$ 10.08
Balanced Fund - Class A (WEBCX)	$0.0529	$0.0529	---	---	$ 10.05
Balanced Fund - Class B	$0.0423	$0.0423	---	---	$ 10.06
Balanced Fund - Class C	$0.0279	$0.0279	---	---	$ 10.07
Equity Fund - Class AAA (WESWX)	$0.0835	$0.0835	---	---	$ 7.49
Equity Fund - Class A (WEECX)	$0.0621	$0.0621	---	---	$ 7.47
Equity Fund - Class B	$0.0406	$0.0406	---	---	$ 7.46
Equity Fund - Class C	$0.0884	$0.0884	---	---	$ 7.43
Realty Fund Class AAA (WESRX)	$0.1016	$0.1016	---	---	$ 9.85
Realty Fund Class A	$0.0957	$0.0957	---	---	$ 9.86
Realty Fund Class B	$0.0906	$0.0906	---	---	$ 9.88
Realty Fund Class C	$0.0255	$0.0255	---	---	$ 10.16
Mighty Mites sm Class AAA (WEMMX)	$0.0849	$0.0359	$0.0062	$0.0428	$ 11.42
Mighty Mites sm Class A	$0.1071	$0.0581	$0.0062	$0.0428	$ 11.48
Mighty Mites sm Class B	$0.0490	---	$0.0062	$0.0428	$ 11.39
Mighty Mites sm Class C	$0.0490	---	$0.0062	$0.0428	$ 11.34

The Gabelli Westwood 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).