<PAGE> PAGE 1
000 B000000 09/30/98
000 C000000 0000796229
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE GABELLI WESTWOOD FUNDS
001 B000000 811-4719
001 C000000 9149215100
002 A000000 ONE CORPORATE CENTER
002 B000000 RYE
002 C000000 NY
002 D010000 10580
002 D020000 1434
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 GABELLI WESTWOOD EQUITY FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C020300 GABELLI WESTWOOD INTERMEDIATE BOND FUND
007 C030300 N
007 C010400 4
007 C020400 GABELLI WESTWOOD BALANCED FUND
007 C030400 N
007 C010500 5
007 C020500 GABELLI WESTWOOD SMALLCAP EQUITY FUND
007 C030500 N
007 C010600 6
007 C020600 GABELLI WESTWOOD REALTY FUND
007 C030600 N
007 C010700 7
007 C020700 GABELLI WESTWOOD MIGHTY MITES FUND
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 GABELLI ADVISERS INC.
008 B00AA01 A
008 C00AA01 801-47568
008 D01AA01 RYE
008 D02AA01 NY
008 D03AA01 10580
<PAGE> PAGE 2
008 D04AA01 1434
008 A00AA02 WESTWOOD MANAGEMENT CORPORATION
008 B00AA02 S
008 C00AA02 801-04719
008 D01AA02 DALLAS
008 D02AA02 TX
008 D03AA02 75201
010 A00AA01 GABELLI ADVISERS INC.
010 B00AA01 801-47568
010 C01AA01 RYE
010 C02AA01 NY
010 C03AA01 10580
010 C04AA01 1434
010 A00AA02 BISYS FUND SERVICES
010 B00AA02 8-000000
010 C01AA02 COLUMBUS
010 C02AA02 OH
010 C03AA02 43219
011 A00AA01 GABELLI & COMPANY, INC.
011 B00AA01 8-21373
011 C01AA01 RYE
011 C02AA01 NY
011 C03AA01 10580
011 C04AA01 1434
012 A00AA01 BOSTON FINANCIAL DATA SERVICES INC.
012 B00AA01 85-05003
012 C01AA01 NORTH QUINCY
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 SOUTHWEST SECURITIES
014 B00AA01 8-000000
014 A00AA02 GABELLI & COMPANY, INC.
014 B00AA02 8-21373
014 A00AA03 KEELEY INVESTMENT CORP.
014 B00AA03 8-20353
014 A00AA04 IFG NETWORK SECURITIES
014 B00AA04 8-37937
015 A00AA01 BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 16
019 C00AA00 GABELLIGRP
<PAGE> PAGE 3
020 A000001 MONTGOMERY SECURITIES
020 B000001 94-1701676
020 C000001 116
020 A000002 LEHMAN BROTHERS, INC.
020 B000002 13-2518466
020 C000002 72
020 A000003 DONALDSON, LUFKIN & JENRETTE SECURITIES
020 B000003 13-2741729
020 C000003 67
020 A000004 JEFFRIES & CO.
020 B000004 95-2622900
020 C000004 52
020 A000005 FIRST BOSTON CORP.
020 B000005 13-5659485
020 C000005 41
020 A000006 MERRILL LYNCH INTERNATIONAL
020 B000006 13-5674085
020 C000006 33
020 A000007 ALEX BROWN
020 B000007 52-1319768
020 C000007 30
020 A000008 SALOMON SMITH BARNEY
020 B000008 13-1912900
020 C000008 30
020 A000009 BEAR STEARNS & CO., INC.
020 B000009 13-3299429
020 C000009 28
020 A000010 GOLDMAN SACHS & COMPANY
020 B000010 13-5108880
020 C000010 22
021 000000 740
022 A000001 G.X. CLARKE
022 B000001 13-2969143
022 C000001 42476
022 D000001 42490
022 A000002 BEAR STEARNS & CO., INC.
022 B000002 13-3299429
022 C000002 47555
022 D000002 9047
022 A000003 FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003 13768
022 D000003 18671
022 A000004 BANK OF NEW YORK
022 B000004 13-5160382
022 C000004 30042
022 D000004 0
022 A000005 MERRILL LYNCH INTERNATIONAL
022 B000005 13-5674085
022 C000005 10801
022 D000005 8616
<PAGE> PAGE 4
022 A000006 GOLDMAN SACHS & COMPANY
022 B000006 13-5108880
022 C000006 12030
022 D000006 5024
022 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES
022 B000007 13-2741729
022 C000007 10677
022 D000007 5222
022 A000008 STATE STREET BANK & TRUST CO.
022 B000008 04-1867445
022 C000008 9646
022 D000008 0
022 A000009 FIRST UNION
022 B000009 56-1252143
022 C000009 4501
022 D000009 4941
022 A000010 HERZOG, HEINE, GEDULD, INC.
022 B000010 13-1955436
022 C000010 5231
022 D000010 3920
023 C000000 225568
023 D000000 119339
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
049 00AA00 N
050 00AA00 N
<PAGE> PAGE 5
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 100
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE CO.
080 C00AA00 17700
081 A00AA00 Y
081 B00AA00 26
082 A00AA00 N
082 B00AA00 0
<PAGE> PAGE 6
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 11235
028 A020100 0
028 A030100 0
028 A040100 8598
028 B010100 8407
028 B020100 0
028 B030100 0
028 B040100 5395
028 C010100 8008
028 C020100 0
028 C030100 0
028 C040100 5987
028 D010100 9219
028 D020100 0
028 D030100 0
028 D040100 8546
028 E010100 6199
028 E020100 0
028 E030100 0
028 E040100 10106
028 F010100 4552
028 F020100 0
028 F030100 0
028 F040100 6128
028 G010100 47620
028 G020100 0
028 G030100 0
028 G040100 44760
028 H000100 618
029 000100 Y
030 A000100 13
030 B000100 4.00
030 C000100 0.00
<PAGE> PAGE 7
031 A000100 2
031 B000100 0
032 000100 11
033 000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 447
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 1.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
<PAGE> PAGE 8
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
<PAGE> PAGE 9
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 172090
071 B000100 127947
071 C000100 165816
071 D000100 77
072 A000100 12
072 B000100 704
072 C000100 3181
072 D000100 0
072 E000100 0
072 F000100 1759
072 G000100 0
072 H000100 0
072 I000100 215
072 J000100 10
072 K000100 0
072 L000100 41
072 M000100 0
072 N000100 71
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 18
072 S000100 33
072 T000100 447
072 U000100 0
072 V000100 0
072 W000100 6
072 X000100 2600
072 Y000100 0
072 Z000100 1285
072AA000100 4550
072BB000100 0
072CC010100 0
072CC020100 9210
072DD010100 1017
072DD020100 10
072EE000100 5836
073 A010100 0.0600
073 A020100 0.0600
073 B000100 0.3700
073 C000100 0.0000
074 A000100 4068
<PAGE> PAGE 10
074 B000100 0
074 C000100 5949
074 D000100 5132
074 E000100 1679
074 F000100 163799
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 1746
074 K000100 0
074 L000100 436
074 M000100 0
074 N000100 182809
074 O000100 4657
074 P000100 146
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 147
074 S000100 0
074 T000100 177859
074 U010100 19518
074 U020100 275
074 V010100 8.99
074 V020100 8.97
074 W000100 0.0000
074 X000100 8910
074 Y000100 0
075 A000100 0
075 B000100 176052
076 000100 0.00
028 A010300 296
028 A020300 23
028 A030300 0
028 A040300 160
028 B010300 178
028 B020300 22
028 B030300 0
028 B040300 22
028 C010300 85
028 C020300 22
028 C030300 0
028 C040300 64
028 D010300 376
028 D020300 21
028 D030300 0
028 D040300 109
028 E010300 604
028 E020300 22
028 E030300 0
<PAGE> PAGE 11
028 E040300 239
028 F010300 659
028 F020300 24
028 F030300 0
028 F040300 555
028 G010300 2198
028 G020300 134
028 G030300 0
028 G040300 1149
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 16
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.600
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
<PAGE> PAGE 12
048 J020300 0.000
048 K010300 0
048 K020300 0.000
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 54.1
062 N000300 2.7
062 O000300 0.0
062 P000300 29.6
062 Q000300 11.5
062 R000300 0.0
063 A000300 0
063 B000300 7.6
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
<PAGE> PAGE 13
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 15622
071 B000300 14126
071 C000300 6101
071 D000300 232
072 A000300 12
072 B000300 419
072 C000300 1
072 D000300 0
072 E000300 0
072 F000300 39
072 G000300 0
072 H000300 0
072 I000300 10
072 J000300 3
072 K000300 0
072 L000300 2
072 M000300 0
072 N000300 13
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 45
072 S000300 1
072 T000300 16
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 130
072 Y000300 65
072 Z000300 355
072AA000300 128
072BB000300 0
<PAGE> PAGE 14
072CC010300 161
072CC020300 0
072DD010300 355
072DD020300 0
072EE000300 0
073 A010300 0.5700
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 104
074 B000300 0
074 C000300 0
074 D000300 7461
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 93
074 K000300 15
074 L000300 114
074 M000300 0
074 N000300 7787
074 O000300 106
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 63
074 S000300 0
074 T000300 7618
074 U010300 709
074 U020300 0
074 V010300 10.74
074 V020300 0.00
074 W000300 0.0000
074 X000300 497
074 Y000300 0
075 A000300 0
075 B000300 6505
076 000300 0.00
028 A010400 9103
028 A020400 0
028 A030400 0
028 A040400 2154
028 B010400 6931
028 B020400 0
028 B030400 0
028 B040400 2612
028 C010400 8463
<PAGE> PAGE 15
028 C020400 732
028 C030400 0
028 C040400 3773
028 D010400 7209
028 D020400 0
028 D030400 0
028 D040400 4396
028 E010400 6764
028 E020400 0
028 E030400 0
028 E040400 4253
028 F010400 3265
028 F020400 689
028 F030400 0
028 F040400 4260
028 G010400 41735
028 G020400 1421
028 G030400 0
028 G040400 21448
028 H000400 1809
029 000400 Y
030 A000400 53
030 B000400 4.00
030 C000400 0.00
031 A000400 7
031 B000400 0
032 000400 46
033 000400 0
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 343
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.750
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
<PAGE> PAGE 16
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 Y
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
<PAGE> PAGE 17
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 149970
071 B000400 89147
071 C000400 115560
071 D000400 77
072 A000400 12
072 B000400 2933
072 C000400 1392
072 D000400 0
072 E000400 0
072 F000400 906
072 G000400 0
072 H000400 0
072 I000400 98
072 J000400 9
072 K000400 0
072 L000400 31
072 M000400 0
072 N000400 53
<PAGE> PAGE 18
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 19
072 S000400 30
072 T000400 343
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 1489
072 Y000400 0
072 Z000400 2836
072AA000400 1192
072BB000400 0
072CC010400 0
072CC020400 2657
072DD010400 2450
072DD020400 322
072EE000400 4599
073 A010400 0.2600
073 A020400 0.2200
073 B000400 0.5600
073 C000400 0.0000
074 A000400 3401
074 B000400 0
074 C000400 2213
074 D000400 54450
074 E000400 1107
074 F000400 82372
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 1418
074 K000400 0
074 L000400 1069
074 M000400 0
074 N000400 146030
074 O000400 3021
074 P000400 88
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 114
074 S000400 0
074 T000400 142807
074 U010400 11674
074 U020400 1331
074 V010400 10.98
074 V020400 10.96
074 W000400 0.0000
<PAGE> PAGE 19
074 X000400 4653
074 Y000400 0
075 A000400 0
075 B000400 120902
076 000400 0.00
028 A010500 13006
028 A020500 0
028 A030500 0
028 A040500 12225
028 B010500 956
028 B020500 0
028 B030500 0
028 B040500 728
028 C010500 429
028 C020500 0
028 C030500 0
028 C040500 381
028 D010500 1186
028 D020500 0
028 D030500 0
028 D040500 328
028 E010500 553
028 E020500 0
028 E030500 0
028 E040500 543
028 F010500 449
028 F020500 0
028 F030500 0
028 F040500 317
028 G010500 16579
028 G020500 0
028 G030500 0
028 G040500 14522
028 H000500 0
029 000500 N
030 A000500 0
030 B000500 0.00
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 30
<PAGE> PAGE 20
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 1.000
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
<PAGE> PAGE 21
066 A000500 Y
066 B000500 Y
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 27258
071 B000500 21741
071 C000500 10853
071 D000500 200
<PAGE> PAGE 22
072 A000500 12
072 B000500 0
072 C000500 91
072 D000500 0
072 E000500 0
072 F000500 119
072 G000500 0
072 H000500 0
072 I000500 15
072 J000500 9
072 K000500 0
072 L000500 2
072 M000500 0
072 N000500 18
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 23
072 S000500 1
072 T000500 30
072 U000500 2
072 V000500 0
072 W000500 6
072 X000500 225
072 Y000500 46
072 Z000500 -88
072AA000500 3
072BB000500 0
072CC010500 0
072CC020500 2467
072DD010500 55
072DD020500 0
072EE000500 481
073 A010500 0.0800
073 A020500 0.0000
073 B000500 0.7400
073 C000500 0.0000
074 A000500 412
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 11357
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 182
074 K000500 0
074 L000500 2
074 M000500 10
074 N000500 11963
<PAGE> PAGE 23
074 O000500 232
074 P000500 11
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 26
074 S000500 0
074 T000500 11694
074 U010500 1046
074 U020500 0
074 V010500 11.18
074 V020500 0.00
074 W000500 0.0000
074 X000500 924
074 Y000500 0
075 A000500 0
075 B000500 11912
076 000500 0.00
028 A010600 180
028 A020600 0
028 A030600 0
028 A040600 214
028 B010600 122
028 B020600 0
028 B030600 0
028 B040600 98
028 C010600 32
028 C020600 13
028 C030600 0
028 C040600 116
028 D010600 48
028 D020600 0
028 D030600 0
028 D040600 157
028 E010600 38
028 E020600 0
028 E030600 0
028 E040600 11
028 F010600 53
028 F020600 12
028 F030600 0
028 F040600 196
028 G010600 473
028 G020600 25
028 G030600 0
028 G040600 792
028 H000600 0
029 000600 N
030 A000600 0
030 B000600 0.00
<PAGE> PAGE 24
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 0
033 000600 0
042 A000600 0
042 B000600 0
042 C000600 100
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 5
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 1.000
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
<PAGE> PAGE 25
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 Y
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 Y
070 M020600 N
<PAGE> PAGE 26
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 4844
071 B000600 2754
071 C000600 1934
071 D000600 142
072 A000600 12
072 B000600 0
072 C000600 110
072 D000600 0
072 E000600 0
072 F000600 20
072 G000600 0
072 H000600 0
072 I000600 5
072 J000600 11
072 K000600 0
072 L000600 1
072 M000600 0
072 N000600 12
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 16
072 S000600 0
072 T000600 5
072 U000600 2
072 V000600 0
072 W000600 4
072 X000600 76
072 Y000600 46
072 Z000600 80
072AA000600 0
072BB000600 4
072CC010600 0
072CC020600 345
072DD010600 70
072DD020600 0
072EE000600 40
073 A010600 0.3300
073 A020600 0.0000
073 B000600 0.2400
073 C000600 0.0000
<PAGE> PAGE 27
074 A000600 73
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 1739
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 5
074 L000600 10
074 M000600 9
074 N000600 1836
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 21
074 S000600 0
074 T000600 1815
074 U010600 215
074 U020600 0
074 V010600 8.43
074 V020600 0.00
074 W000600 0.0000
074 X000600 180
074 Y000600 0
075 A000600 0
075 B000600 2056
076 000600 0.00
028 A010700 0
028 A020700 0
028 A030700 0
028 A040700 0
028 B010700 1627
028 B020700 0
028 B030700 0
028 B040700 59
028 C010700 1677
028 C020700 0
028 C030700 0
028 C040700 956
028 D010700 2630
028 D020700 0
028 D030700 0
028 D040700 246
028 E010700 318
028 E020700 0
<PAGE> PAGE 28
028 E030700 0
028 E040700 34
028 F010700 345
028 F020700 0
028 F030700 0
028 F040700 224
028 G010700 6597
028 G020700 0
028 G030700 0
028 G040700 1519
028 H000700 0
029 000700 N
030 A000700 0
030 B000700 0.00
030 C000700 0.00
031 A000700 0
031 B000700 0
032 000700 0
033 000700 0
042 A000700 0
042 B000700 0
042 C000700 100
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 3
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 1.000
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
<PAGE> PAGE 29
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
055 A000700 N
055 B000700 N
056 000700 N
057 000700 N
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 B000700 Y
066 C000700 N
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 Y
070 F020700 N
<PAGE> PAGE 30
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 2956
071 B000700 225
071 C000700 1244
071 D000700 18
072 A000700 5
072 B000700 39
072 C000700 6
072 D000700 0
072 E000700 0
072 F000700 13
072 G000700 0
072 H000700 0
072 I000700 3
072 J000700 2
072 K000700 0
072 L000700 1
072 M000700 0
072 N000700 15
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 15
072 S000700 0
072 T000700 3
072 U000700 4
072 V000700 0
072 W000700 0
<PAGE> PAGE 31
072 X000700 56
072 Y000700 31
072 Z000700 20
072AA000700 1
072BB000700 0
072CC010700 0
072CC020700 260
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 11
074 B000700 0
074 C000700 2402
074 D000700 0
074 E000700 0
074 F000700 2472
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 35
074 K000700 18
074 L000700 1
074 M000700 47
074 N000700 4986
074 O000700 124
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 24
074 S000700 0
074 T000700 4838
074 U010700 499
074 U020700 0
074 V010700 9.70
074 V020700 0.00
074 W000700 0.0000
074 X000700 549
074 Y000700 0
075 A000700 0
075 B000700 3235
076 000700 0.00
SIGNATURE TROY STATCZAR
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> GABELLI WESTWOOD EQUITY FUND RETAIL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 165137001
<INVESTMENTS-AT-VALUE> 176559297
<RECEIVABLES> 2181763
<ASSETS-OTHER> 4068244
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 182809304
<PAYABLE-FOR-SECURITIES> 4657338
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 292719
<TOTAL-LIABILITIES> 4950057
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 161765193
<SHARES-COMMON-STOCK> 19518254<F1>
<SHARES-COMMON-PRIOR> 13445123<F1>
<ACCUMULATED-NII-CURRENT> 941080
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3730678
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11422296
<NET-ASSETS> 177859247
<DIVIDEND-INCOME> 3180647
<INTEREST-INCOME> 704084
<OTHER-INCOME> 0
<EXPENSES-NET> 2600223
<NET-INVESTMENT-INCOME> 1284508
<REALIZED-GAINS-CURRENT> 4550079
<APPREC-INCREASE-CURRENT> (9210035)
<NET-CHANGE-FROM-OPS> (3375448)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1016825<F1>
<DISTRIBUTIONS-OF-GAINS> 5772109<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 12764712<F1>
<NUMBER-OF-SHARES-REDEEMED> 7434151<F1>
<SHARES-REINVESTED> 742570<F1>
<NET-CHANGE-IN-ASSETS> 45824710
<ACCUMULATED-NII-PRIOR> 683192
<ACCUMULATED-GAINS-PRIOR> 5016270
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1759265
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2632758
<AVERAGE-NET-ASSETS> 173310999<F1>
<PER-SHARE-NAV-BEGIN> 9.57<F1>
<PER-SHARE-NII> 0.06<F1>
<PER-SHARE-GAIN-APPREC> (0.21)<F1>
<PER-SHARE-DIVIDEND> 0.06<F1>
<PER-SHARE-DISTRIBUTIONS> 0.37<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 8.99<F1>
<EXPENSE-RATIO> 1.45<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>RETAIL CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> GABELLI WESTWOOD EQUITY FUND SERVICE CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 165137001
<INVESTMENTS-AT-VALUE> 176559297
<RECEIVABLES> 2181763
<ASSETS-OTHER> 4068244
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 182809304
<PAYABLE-FOR-SECURITIES> 4657338
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 292719
<TOTAL-LIABILITIES> 4950057
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 161765193
<SHARES-COMMON-STOCK> 275220<F1>
<SHARES-COMMON-PRIOR> 348798<F1>
<ACCUMULATED-NII-CURRENT> 941080
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3730678
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11422296
<NET-ASSETS> 177859247
<DIVIDEND-INCOME> 3180647
<INTEREST-INCOME> 704084
<OTHER-INCOME> 0
<EXPENSES-NET> 2600223
<NET-INVESTMENT-INCOME> 1284508
<REALIZED-GAINS-CURRENT> 4550079
<APPREC-INCREASE-CURRENT> (9210035)
<NET-CHANGE-FROM-OPS> (3375448)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9795<F1>
<DISTRIBUTIONS-OF-GAINS> 63562<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 272855<F1>
<NUMBER-OF-SHARES-REDEEMED> 354511<F1>
<SHARES-REINVESTED> 8078<F1>
<NET-CHANGE-IN-ASSETS> 45824710
<ACCUMULATED-NII-PRIOR> 683192
<ACCUMULATED-GAINS-PRIOR> 5016270
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1759265
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2632758
<AVERAGE-NET-ASSETS> 2740751<F1>
<PER-SHARE-NAV-BEGIN> 9.57<F1>
<PER-SHARE-NII> 0.08<F1>
<PER-SHARE-GAIN-APPREC> (0.25)<F1>
<PER-SHARE-DIVIDEND> 0.06<F1>
<PER-SHARE-DISTRIBUTIONS> 0.37<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 8.97<F1>
<EXPENSE-RATIO> 1.70<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>SERVICE CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> GABELLI WESTWOOD INTERMEDIATE BOND FUND RETAIL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 7221989
<INVESTMENTS-AT-VALUE> 7461192
<RECEIVABLES> 221751
<ASSETS-OTHER> 103679
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7786622
<PAYABLE-FOR-SECURITIES> 105899
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62795
<TOTAL-LIABILITIES> 168694
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7738511
<SHARES-COMMON-STOCK> 709439
<SHARES-COMMON-PRIOR> 574529
<ACCUMULATED-NII-CURRENT> 51
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 359837
<ACCUM-APPREC-OR-DEPREC> 239203
<NET-ASSETS> 7617928
<DIVIDEND-INCOME> 1358
<INTEREST-INCOME> 418445
<OTHER-INCOME> 0
<EXPENSES-NET> 65004
<NET-INVESTMENT-INCOME> 354799
<REALIZED-GAINS-CURRENT> 128342
<APPREC-INCREASE-CURRENT> 160804
<NET-CHANGE-FROM-OPS> 643945
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 354799
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 323824
<NUMBER-OF-SHARES-REDEEMED> 211584
<SHARES-REINVESTED> 22670
<NET-CHANGE-IN-ASSETS> 1706094
<ACCUMULATED-NII-PRIOR> 51
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 488179
<GROSS-ADVISORY-FEES> 39002
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135569
<AVERAGE-NET-ASSETS> 6505033
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> 0.57
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.74
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> GABELLI WESTWOOD BALANCED FUND RETAIL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 132028502
<INVESTMENTS-AT-VALUE> 140141544
<RECEIVABLES> 2486551
<ASSETS-OTHER> 3401467
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146029562
<PAYABLE-FOR-SECURITIES> 3020548
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202394
<TOTAL-LIABILITIES> 3222942
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133932664
<SHARES-COMMON-STOCK> 11674171<F1>
<SHARES-COMMON-PRIOR> 5833362<F1>
<ACCUMULATED-NII-CURRENT> 105135
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 655779
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8113042
<NET-ASSETS> 142806620
<DIVIDEND-INCOME> 1392018
<INTEREST-INCOME> 2933342
<OTHER-INCOME> 0
<EXPENSES-NET> 1489165
<NET-INVESTMENT-INCOME> 2836195
<REALIZED-GAINS-CURRENT> 1192217
<APPREC-INCREASE-CURRENT> (2657020)
<NET-CHANGE-FROM-OPS> 1371392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2450244<F1>
<DISTRIBUTIONS-OF-GAINS> 3804112<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 7583810<F1>
<NUMBER-OF-SHARES-REDEEMED> 2292678<F1>
<SHARES-REINVESTED> 549677<F1>
<NET-CHANGE-IN-ASSETS> 61328576
<ACCUMULATED-NII-PRIOR> 46195
<ACCUMULATED-GAINS-PRIOR> 4056856
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 905501
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1520900
<AVERAGE-NET-ASSETS> 104372074<F1>
<PER-SHARE-NAV-BEGIN> 11.49<F1>
<PER-SHARE-NII> 0.26<F1>
<PER-SHARE-GAIN-APPREC> 0.05<F1>
<PER-SHARE-DIVIDEND> 0.26<F1>
<PER-SHARE-DISTRIBUTIONS> 0.56<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 10.98<F1>
<EXPENSE-RATIO> 1.17<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>RETAIL CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> GABELLI WESTWOOD BALANCED FUND SERVICE CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 132028502
<INVESTMENTS-AT-VALUE> 140141544
<RECEIVABLES> 2486551
<ASSETS-OTHER> 3401467
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146029562
<PAYABLE-FOR-SECURITIES> 3020548
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202394
<TOTAL-LIABILITIES> 3222942
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133932664
<SHARES-COMMON-STOCK> 1331261<F1>
<SHARES-COMMON-PRIOR> 1260223<F1>
<ACCUMULATED-NII-CURRENT> 105135
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 655779
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8113042
<NET-ASSETS> 142806620
<DIVIDEND-INCOME> 1392018
<INTEREST-INCOME> 2933342
<OTHER-INCOME> 0
<EXPENSES-NET> 1489165
<NET-INVESTMENT-INCOME> 2836195
<REALIZED-GAINS-CURRENT> 1192217
<APPREC-INCREASE-CURRENT> (2657020)
<NET-CHANGE-FROM-OPS> 1371392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 321577<F1>
<DISTRIBUTIONS-OF-GAINS> 795071<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 499396<F1>
<NUMBER-OF-SHARES-REDEEMED> 519210<F1>
<SHARES-REINVESTED> 90852<F1>
<NET-CHANGE-IN-ASSETS> 61328576
<ACCUMULATED-NII-PRIOR> 46195
<ACCUMULATED-GAINS-PRIOR> 4056856
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 905501
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1520900
<AVERAGE-NET-ASSETS> 16529686<F1>
<PER-SHARE-NAV-BEGIN> 11.46<F1>
<PER-SHARE-NII> 0.26<F1>
<PER-SHARE-GAIN-APPREC> 0.02<F1>
<PER-SHARE-DIVIDEND> 0.22<F1>
<PER-SHARE-DISTRIBUTIONS> 0.56<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 10.96<F1>
<EXPENSE-RATIO> 1.42<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>SERVICE CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> GABELLI WESTWOOD SMALLCAP EQUITY FUND RETAIL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 12466053
<INVESTMENTS-AT-VALUE> 11356833
<RECEIVABLES> 183228
<ASSETS-OTHER> 423213
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11963274
<PAYABLE-FOR-SECURITIES> 232359
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37386
<TOTAL-LIABILITIES> 269745
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12928803
<SHARES-COMMON-STOCK> 1046077
<SHARES-COMMON-PRIOR> 590203
<ACCUMULATED-NII-CURRENT> 5729
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 131783
<ACCUM-APPREC-OR-DEPREC> (1109220)
<NET-ASSETS> 11693529
<DIVIDEND-INCOME> 90681
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 178896
<NET-INVESTMENT-INCOME> (88215)
<REALIZED-GAINS-CURRENT> 3145
<APPREC-INCREASE-CURRENT> (2467027)
<NET-CHANGE-FROM-OPS> (2552097)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 55075
<DISTRIBUTIONS-OF-GAINS> 481130
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1575803
<NUMBER-OF-SHARES-REDEEMED> 1162861
<SHARES-REINVESTED> 42932
<NET-CHANGE-IN-ASSETS> 3147550
<ACCUMULATED-NII-PRIOR> 47186
<ACCUMULATED-GAINS-PRIOR> 344055
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 119031
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 251416
<AVERAGE-NET-ASSETS> 11911882
<PER-SHARE-NAV-BEGIN> 14.48
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> (2.39)
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 0.74
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.18
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> GABELLI WESTWOOD REALTY FUND RETAIL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 2084381
<INVESTMENTS-AT-VALUE> 1739228
<RECEIVABLES> 15322
<ASSETS-OTHER> 81497
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1836047
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21315
<TOTAL-LIABILITIES> 21315
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2191963
<SHARES-COMMON-STOCK> 215231
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11473
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 43551
<ACCUM-APPREC-OR-DEPREC> (345153)
<NET-ASSETS> 1814732
<DIVIDEND-INCOME> 110404
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 30771
<NET-INVESTMENT-INCOME> 79633
<REALIZED-GAINS-CURRENT> (3949)
<APPREC-INCREASE-CURRENT> (345153)
<NET-CHANGE-FROM-OPS> (269469)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 69760
<DISTRIBUTIONS-OF-GAINS> 39769
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 401821
<NUMBER-OF-SHARES-REDEEMED> 196766
<SHARES-REINVESTED> 10176
<NET-CHANGE-IN-ASSETS> 1814732
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20515
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 81203
<AVERAGE-NET-ASSETS> 2056421
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> (1.37)
<PER-SHARE-DIVIDEND> 0.33
<PER-SHARE-DISTRIBUTIONS> 0.24
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.43
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> GABELLI WESTWOOD MIGHTY MITES FUND RETAIL CLASS
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> MAY-11-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 5133479
<INVESTMENTS-AT-VALUE> 4873678
<RECEIVABLES> 54663
<ASSETS-OTHER> 57861
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4986202
<PAYABLE-FOR-SECURITIES> 123441
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24374
<TOTAL-LIABILITIES> 147815
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5072407
<SHARES-COMMON-STOCK> 498593
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 24826
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 955
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (259801)
<NET-ASSETS> 4838387
<DIVIDEND-INCOME> 6450
<INTEREST-INCOME> 38856
<OTHER-INCOME> 0
<EXPENSES-NET> 25134
<NET-INVESTMENT-INCOME> 20172
<REALIZED-GAINS-CURRENT> 955
<APPREC-INCREASE-CURRENT> (259801)
<NET-CHANGE-FROM-OPS> (238674)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 649926
<NUMBER-OF-SHARES-REDEEMED> 151333
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4838387
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12543
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 56593
<AVERAGE-NET-ASSETS> 3235478
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (0.34)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.70
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Directors of
The Gabelli Westwood Funds
In planning and performing our audit of the financial
statements of The Gabelli Westwood Funds: The Gabelli
Westwood Equity Fund, The Gabelli Westwood Balanced Fund,
The Gabelli Westwood Intermediate Bond Fund, The Gabelli
Westwood SmallCap Equity Fund, The Gabelli Westwood
Realty Fund, and The Gabelli Westwood Mighty Mites Fund
for the year ended September 30, 1998, for the period from
commencement of operations on May 11, 1998 through
September 30, 1998 for The Gabelli Westwood Mighty Mites
Fund, (collectively the "Funds"), we considered its
internal control, including controls for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgements by management are
required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is subject
to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation
of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in
relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However,
we noted no
matters involving internal control and its operation, including
controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1998.
This report is intended solely for the information and use of
management and the Board of Directors of The Gabelli Westwood
Funds and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
November 11, 1998
To the Shareholders and Board of Directors
The Gabelli Westwood Funds
THE GABELLI WESTWOOD FUNDS
Section 10f-3 Transactions
The following securities were purchased pursuant to Rule 10f-3 and
All requirements of the Affiliated Underwriting Procedures of the
Fund. A folder documenting such compliance for each transaction
Is available for inspection by Board Members.
Total
Trade Fund's WW Funds
Date Issue Shares % of Issue Allotment
Southwest Securities:
Realty Fund
5/6/98 Amresco Capital Trust 1,100 0.01% 8,600
SmallCap Fund
5/6/98 Amresco Capital Trust 7,500 0.08% 8,600
5/20/98 Carreker-Antinori Inc. 2,000 0.04% 2,000
Gabelli:
Realty Fund
4/29/98 Ziff-Davis Inc. 200 0.00% 200
SmallCap Fund
6/19/98 Transportation Components 6,400 0.13% 6,400
% of Issue
For all Spread Spread
Westwood Funds Price Amount Amount % Broker
Southwest Securities:
Realty Fund
0.10% $15.00 $16,500 $0.940 6.27% Prudential Bache
SmallCap Fund
0.10% $15.00 $112,500 $0.940 6.27% Prudential Bache
0.04% $11.00 $22,000 $0.770 7.00% BA Robertson Stevens
Gabelli:
Realty Fund
0.00% $15.50 $3,100 $0.780 5.03% Morgan Stanley
SmallCap Fund
0.13% $8.00 $51,200 $0.340 4.25% Bear Stearns
Issues Within
90 Days Reason
Southwest Securities:
Realty Fund
3 (1),(2)
SmallCap Fund
3 (1),(2)
3 (1),(2)
Gabelli:
Realty Fund
3 (1),(2)
SmallCap Fund
3 (1),(2)
The purchases listed above meet the following requirements
of 10f-3
...Part of an issue registered under the Securities
Act of 1933.
...Purchased at not more than the offering price.
...Offered pursuant to a firm commitment underwriting.
...The issuer has been in continuous operation for at
least 3 years.
All other requirements are presented in the table above.
Reasons:
(1) Does not exceed 125% of the mean offering spread of three
Comparable issues underwritten in the last 90 days.
(2) Does not exceed 110% of the underwriting spread of three
Comparable issues underwritten in the last 90 days.
Underwriters of Ziff-Davis, Inc. Number of Shares
U.S. Underwriters:
Morgan Stanley & Co. Incorporated 7,722,000
Merrill Lynch, Pierce, Fenner & Smith
Incorporated 2,808,000
Goldman, Sachs & Co. 2,106,000
Donaldson, Lufkin & Jenrette Securities
Corporation 1,404,000
BT Alex Brown Incorporated 440,000
A.G. Edwards & Sons, Inc. 440,000
Furman Selz LLC 440,000
Hambrecht & Quist LLC 440,000
Lazard Freres & Co. LLC 440,000
Smith Barney Inc. 440,000
Wasserstein Perella Securities, Inc. 440,000
Blaylock & Partners, L.P. 220,000
Chatsworth Securities LLC 220,000
Cowen & Company 220,000
Dominick & Dominick, Incorporated 220,000
First of Michigan Corporation 220,000
Gabelli & Company, Inc. 220,000
Janney Montgomery Scott Inc. 220,000
Edward D. Jones & Co., L.P. 220,000
McDonald & Company Securities, Inc. 220,000
Needham & Company, Inc. 220,000
The Nikko Securities Co. 220,000
Nomura Securities International, Inc. 220,000
Muriel Siebert & Co., Inc. 220,000
Stephens Inc. 220,000
Utendahl Capital Partners, L.P. 220,000
The Williams Capital Group, L.P. 220,000
Subtotal 20,640,000
International Underwriters:
Morgan Stanley & Co. International Limited 2,288,000
Merrill Lynch International 832,000
Goldman Sachs International 624,000
Donaldson, Lufkin & Jenrette International 416,000
Credit Lyonnais Securities 200,000
Daiwa Europe Limited 200,000
Nikko Europe Plc 200,000
Nomura International plc 200,000
Westdeutsche Landesbank Girozentrate 200,000
Subtotal 5,160,000
Total 25,800,000
Underwriters of Transportation Components, Inc.No. of Shares
Bear, Stearns & Co. Inc. 1,622,250
BT Alex Brown Incorporated 1,622,250
Sanders Morris Mundy Inc. 360,500
CIBC Oppenheimer Corp. 90,000
Donaldson, Lufkin & Jenrette Securities
Corporation 90,000
A.G. Edwards & Sons, Inc. 90,000
Furman Selz LLC 90,000
Goldman, Sachs & Co. 90,000
Merrill Lynch, Pierce, Fenner & Smith
Incorporated 90,000
NationsBanc Montgomery Securities LLC 90,000
Schroder & Co. Inc. 90,000
Smith Barney Inc. 90,000
Wasserstein Perella Securities, Inc. 90,000
Axiom Capital Management, Inc. 45,000
William Blair & Company LLC 45,000
Blackford Securities Corp. 45,000
Gabelli & Company, Inc. 45,000
Harris Webb & Garrison, Inc. 45,000
Hoefer & Arnett, Incorporated 45,000
Ladenburg, Thalmann & Co. Inc. 45,000
Northeast Securities, Inc. 45,000
The Robinson-Humphrey Company, LLC 45,000
Stephens Inc. 45,000
M.J. Whitman, Inc. 45,000
Total 5,000,000
Underwriters of Amresco Capital Trust Number of Shares
Prudential Securities Incorporated 1,155,000
Credit Suisse First Boston 1,155,000
ABN AMRO Incorporated 1,155,000
J.C. Bradford & Co. 1,155,000
NationsBanc Montgomery Securities LLC 1,155,000
Piper Jaffray Inc. 1,155,000
Bear, Stearns & Co. Inc. 180,000
BT Alex Brown Incorporated 180,000
CIBC Oppenheimer Corp. 180,000
Credit Lyonnais Securities (USA) Inc. 180,000
Donaldson, Lufkin & Jenrette Securities
Corporation 180,000
Lehman Brothers Inc. 180,000
Morgan Stanley & Co. Incorporated 180,000
PaineWebber Incorporated 180,000
Advest, Inc. 90,000
EVEREN Securities, Inc. 90,000
Jefferies & Company, Inc. 90,000
McDonald & Company Securities, Inc. 90,000
The Robinson-Humphrey Company, LLC 90,000
Southwest Securities, Inc. 90,000
Stifel, Nicolaus & Company, Incorporated 90,000
Total 9,000,000
Underwriters of Carreker-Antinori Number of Shares
BancAmerica Robertson Stephens 2,020,000
Hambrecht & Quist LLC 1,240,000
Lehman Brothers Inc. 1,240,000
Cowen & Company 100,000
Needham & Company, Inc. 100,000
Raymond James & Associates, Inc. 100,000
Sands Brothers & Co., Ltd. 100,000
Southwest Securities, Inc. 100,000
H.C. Wainwright & Co., Inc. 100,000
Total 5,100,000
