The Gabelli Westwood Funds announced year-end distributions. The payment, ex-dividend and reinvestment date is December 20, 2004 to shareholders of record on December 17, 2004.

		Source of Distribution (per share)
Fund #		Total	Net Investment Income (a)	Short Term Capital Gains (a)	Long Term Capital Gains	Reinvest. Price
QUARTERLY DISTRIBUTION
708	Balanced Fund - Class AAA (WEBAX)	$0.0626	$0.0626	---	---	$ 11.91
709	Balanced Fund - Class A (WEBCX)	$0.0334	$0.0334	---	---	$ 11.90
1112	Balanced Fund - Class B (WBCBX)	None	---	---	---	N / A
1113	Balanced Fund - Class C (WBCCX)	None	---	---	---	N / A
465	Realty Fund Class AAA (WESRX)	$0.806	$0.076	---	$0.730	$ 15.04
1120	Realty Fund Class A	$0.817	$0.087	---	$0.730	$ 15.26
1121	Realty Fund Class B	$0.730	---	---	$0.730	$ 15.32
1122	Realty Fund Class C	$0.737	$0.007	---	$0.730	$ 15.68
ANNUAL DISTRIBUTION
704	Equity Fund - Class AAA (WESWX)	$0.0955	$0.0955	---	---	$ 9.86
705	Equity Fund - Class A (WEECX)	$0.0443	$0.0443	---	---	$ 9.86
1110	Equity Fund - Class B	None	---	---	---	N / A
1111	Equity Fund - Class C	$0.0307	$0.0307	---	---	$ 9.82
706	Intermediate Bond Fund Class AAA (WEIBX)	$0.0946	---	$0.0039	$0.0907	$ 11.05
1123	Intermediate Bond Fund Class A	$0.0946	---	$0.0039	$0.0907	$ 11.04
1124	Intermediate Bond Fund Class B	$0.0946	---	$0.0039	$0.0907	$ 11.04
1125	Intermediate Bond Fund Class C	$0.0946	---	$0.0039	$0.0907	$ 11.00
460	Mighty Mites sm Class AAA (WEMMX)	$1.285	---	$0.435	$0.850	$ 15.17
1117	Mighty Mites sm Class A (WMMAX)	$1.285	---	$0.435	$0.850	$ 15.17
1118	Mighty Mites sm Class B (WMMBX)	$1.285	---	$0.435	$0.850	$ 14.87
1119	Mighty Mites sm Class C (WMMCX)	$1.285	---	$0.435	$0.850	$ 14.81
464	SmallCap Equity - All Classes	None	---	---	---	N / A
(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).