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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<NET-CHANGE-IN-ASSETS> 4829757
<ACCUMULATED-NII-PRIOR> 47186
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<AVERAGE-NET-ASSETS> 9904890
<PER-SHARE-NAV-BEGIN> 14.48
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 1.20
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<PER-SHARE-DISTRIBUTIONS> 0.74
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.82
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> WESTWOOD REALTY FUND RETAIL CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 2406832
<INVESTMENTS-AT-VALUE> 2414966
<RECEIVABLES> 299013
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<OTHER-ITEMS-ASSETS> 67957
<TOTAL-ASSETS> 2781936
<PAYABLE-FOR-SECURITIES> 274177
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10991
<TOTAL-LIABILITIES> 285168
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2487548
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<OVERDISTRIBUTION-NII> 873
<ACCUMULATED-NET-GAINS> 1959
<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
The GABELLI Westwood SmallCap 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.
Trade Date 2/23/98
Issue Amersco, Inc.
Shares 2,800
Price $30
Amount $84,000
Spread
Amount 1.440
Spread % 4.80%
Fund's %
of issue 0.06%
% of issue for
all Westwood
Funds 0.92%
Broker Southwest Securities
Issues within
90 Days 3
Reason (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 requirement s are presented in the table above.
Reason Key
(1) Does not exceed 125% of the mean offering spread of 3
'comparable issues underwritten in the last 90 days.
(2) Does not exceed 110% of the underwriting spread of 3
'comparable issues underwritten in the last 90 days.
'ie: If 3 comparable issues are not available within 90 days a one year
'window is used
