The Gabelli Westwood Funds announced quarterly and annual distributions. The payment, ex-dividend and reinvestment date is December 22, 2003 to shareholders of record on December 19, 2003.

	Source of Distribution (per share)
	Total	Net Investment Income (a)	Short Term Capital Gains (a)	Long Term Capital Gains	Reinvest. Price
QUARTERLY DISTRIBUTION
Balanced Fund - Class AAA (WEBAX)	$0.063	$0.063	---	---	$ 11.09
Balanced Fund - Class A (WEBCX)	$0.0565	$0.0565	---	---	$ 11.06
Balanced Fund - Class B (WBCBX)	$0.0427	$0.0427	---	---	$ 11.06
Balanced Fund - Class C (WBCCX)	$0.0425	$0.0425	---	---	$ 11.07
Realty Fund Class AAA (WESRX)	$0.1797	$0.1797	---	---	$ 12.72
Realty Fund Class A	$0.1740	$0.1740	---	---	$ 12.86
Realty Fund Class B	$0.1561	$0.1561	---	---	$ 12.92
Realty Fund Class C	$0.1550	$0.1550	---	---	$ 13.22
ANNUAL DISTRIBUTION
Equity Fund - Class AAA (WESWX)	$0.1076	$0.1076	---	---	$ 8.77
Equity Fund - Class A (WEECX)	$0.0930	$0.0930	---	---	$ 8.75
Equity Fund - Class B	$0.0685	$0.0685	---	---	$ 8.71
Equity Fund - Class C	---	---	---	---	$ 8.74
Intermediate Bond Fund Class AAA (WEIBX)	$0.01336	---	---	$0.01336	$ 11.18
Intermediate Bond Fund Class A	$0.01336	---	---	$0.01336	$ 11.18
Intermediate Bond Fund Class B	$0.01336	---	---	$0.01336	$ 11.17
Intermediate Bond Fund Class C	$0.01336	---	---	$0.01336	$ 11.17
Mighty Mites sm Class AAA (WEMMX)	$0.158	---	$0.076	$0.082	$ 14.09
Mighty Mites sm Class A	$0.158	---	$0.076	$0.082	$ 14.12
Mighty Mites sm Class B	$0.158	---	$0.076	$0.082	$ 13.94
Mighty Mites sm Class C	$0.158	---	$0.076	$0.082	$ 13.89
(a) Taxable as ordinary income. The percentage of qualifying income subject to the 15% maximum tax rate for individuals will be determined after year-end.

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).